This is not hitting the economy. The fact that you have Stocks Holding in tells you some traders believe that right now the civil unrest is unlikely to hit the corporate profit outlook we are always talking about. However, if there is an unfortunate effect from covid19 because of the proximity of protesters, that could be in uncertainty. The other Factor Holding stops around flat is the fact we have the financials that move into the cyclical sectors once again happening. The stayathome sector trades off. What is amazing is the 10 year yield had been down a little bit earlier, right now about flat. Investors are not worried about this fundamental picture we are seeing, the social unrest youre talking about. Lets see whether or not that changes. David pick up something you mentioned to me earlier. How much of this is a weakening dollar . Abigail all of this is the dollar. That is a mark of quantitative printinge money that jay powell spoke about not that when theo dollar makes risk assets denominated much cheaper, this has been a trick we see many times in the previous round of quantitative easing. When the dollar goes down, stocks go up, commodities go up to a lesser degree. If you do not have this support of the Federal Reserve from a Monetary Policy standpoint, putting aside the Credit Facilities and all of the other stimulus, you would not have this rally. You have investors looking more closely at the fundamentals. Market traders think the fed still has their back. David . David they have no reason to believe otherwise. Thank you so much to Abigail Doolittle that report. Upwe said, 2020 is shaping to be something of euro crisis. Most recent something of a deer of crisis. A year of crisis. I spoke with jay clayton about what that due to the market, the sec, and what it was doing to his Enforcement Effort to claims about the coronavirus. The claims that look suspect are clearly speculative were fraudulent. Areteam is out there, they shutting down Trading Companies that would do that. We need to be. People are counting on us to ,ook at those kind of claims quickly assess whether they have validity, and then, where appropriate, shut down trading so we can find out if tales of come are true. That is my job. I cannot thank the women or men of the Enforcement Division enough. Trading suspensions is into the 20s. I recently had a call with my International Colleagues, my International Colleagues gave our Enforcement Division goldstar of quick action in identifying these types of scams. And shutting them down. That is a frontline, immediate job we have. In terms of disclosure and loans , what i have said to companies is this be consistent. If youre communicating with the marketplace, that communication ought to be consistent with whatever youre telling the government about your need for support. By and large, companies are doing that. It is important for trust that if you are telling the government you need money, youre are telling your investors you need money. David what about some of the issues you are working on before the pandemic . Revisions to proxy rules. To those continue apace or did you have to put those to one side . Jay we have not put our policymaking agenda to the side. When you talk about organizations being affected in different ways by the constraints of social distancing and the health and safety , we areions we live by a very lucky organization. We can operate terribly effectively in a remote capacity and we have been doing so. Men in those policymaking divisions are committed to improving our markets and monetizing our markets. Proxy rules, where they stand . They are expected to be finished in this fiscal year. I am so pleased with the rigor our staff has applied to all of the comments we have received, and we are scheduled to finish them during the fiscal year. People want to know about the sec fiscal year. By the end of this period. David how do you feel about bringing people back to work . You said until july 15. Do you think that is realistic . Jay i think it is realistic because we are able to function. Every organization is different. Im not making choices for other organizations, but this organization functions very well in a virtual environment. There are a number of functions we have that would improve with people on site, there are some functions where you do need people. We live in a country were to process is important. We have people bringing actions against we have people we are bringing actions against, and if they want the benefit of being interviewed facetoface or close toe to be in a facetoface environment as possible, we need to provide it. We believe in due process. Those types of things you have to do. By and large, you can operate effectively remotely, and what i want to do is as things get back to normal, i hope they do, bring people back in those areas that are most acutely affected by remote working, and go from there. Keeping health and safety in front of mind at all times. , giventhe luxury of that the way we work. I know others do not. That is how i am looking at it here. Clayton, theas jay chairman of the sec. Coming up, we will talk with brian brooks, the new acting comptroller of currency about the bank he regulates. That is coming up on balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Time for bloomberg first word news. We turn to karina mitchell. Karina some democratic governors are not buying President Trumps threat to deploy the military. Illinois governor says he does not believe the president the president has told governors and mayors they need to dominate the streets. Joe biden is slamming President Trumps response to days of national protest, saying he is fanning the flames of hate. The Presumptive Democratic nominee spoke at Philadelphia City hall earlier today. President is more interested in power than principal and also called on congress to wait for the november election to begin to addressed in equity and Economic Opportunity and criminal justice that disproportionately affect africanamericans. Meanwhile the eu Top Executive and british Prime MinisterBoris Johnson will meet later this in the stallks brexit negotiations. There is little hope they will reach a breakthrough on a future trade deal. 31y left the eu on january citizens tourging prepare to live restrictions the number of new coronavirus case is continuing to decline, italians will be allowed to travel freely across the country after almost three months of confinement to their home region. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am karina mitchell. This is bloomberg. David . David thank you so much. Airlines have been particularly hardhit by the pandemic. Not limited to u. S. Airlines. Earlier today our colleague spoke with the ceo of Qatar Airlines about the challenges is airline faces. There are two paths of discussion. One is when we will allow people to come back into the country as soon as it is possible that people will be able to come back, i think it will be very soon. They will have to get tested at the airport and then they will have to go for two weeks quarantine in a hotel. Very similar to what is happening in the u. K. And france and germany and switzerland and singapore and india and bangkok everywhere. This is a requirement and it is a requirement in my country. Come . Ill the tourists this is difficult question answer. The media is giving so much mixed information about this virus that people are uncertain of which way they have to go. I think tourism will rebound as soon as there is a treatment or a vaccine. Askedthis time, have you the government for any assistance . Have you sought financing from banks . Where do you stand . Qatarm proud to say that airways has been using its own funds to continue our operations. We have not been to our government, like most of the airlines around the world have gone for state aid or subsidies. Airlines accuse us of the same thing, and now they are going to ask for safe havens. Equitygoing to ask for because our airline is owned by the government. We are still managing with the credit lines we have in the financing we had in place already. As this may continue for a long time, if it does, we will ask for an injection from our owners, that is the state of qatar. Youne one of the ways wanted to control costs was potentially delaying delivery of some of your aircraft. Have you been in discussions with airbus and boeing about that . Where did those negotiations end up and which planes have you delayed in terms of delivery . Into we are not unique pushing back deliveries of our airplanes and not accepting airplane deliveries. All of the airlines are in the same boat. What is not important is for boeing and airbus to show to their customers that they were not only with them in good times, but they will also be with them in bad times and they should accept the requirements of the airlines to delay delivery of the airplanes until at least 2022. If they do not oblige, they should also know they will permanently lose us as a customer. Simone have negotiations not gone well . Akbar we are negotiating. As usual in qatar airways, we do not put our chips on the table in front of the media whilst we are having delicate negotiations with our suppliers. Simone fair enough. Do you foresee a permanently smaller fleet or as part of the argument that youre going to get back to normal . Travel has rebounded after every upheaval. I think we will start growing, but how quickly we will start to grow is a question i do not think any chief executive then answer. David that was the ceo of cutter airlines earlier today with Bloomberg Television. Coming up next, we will talk to the new acting comptroller of the currency, brian brooks. Power onalance of Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. The office of the comptroller of currency regulates all National Banks and it has a new head. Brian brooks has been named as acting comptroller of the currency. Welcome and congratulations to your new position. We are in a crisis. We have a pandemic, we have an economic downturn, now we have civil unrest. How is that likely to affect the banks you are responsible for . Brian it is going to affect the banks. Let me begin by saying it is a crisis we have to take seriously , and the most current part of the crisis is one of the most tragic things uri have ever experienced in our lives. Nobody could watch the video of the tragic event starting with the death of george floyd in an incredible act of brutality that is set less bark to a tinderbox, and my heart goes out to everybody affected. It is one of the worst things ive seen in my life. Banks will be part of the solution on my watch. I promise you that. Clearly the downturn has affected them, but they are to the Delivery System for rescue eight. We will help. Any sense of have whether some of that Delivery System is in jeopardy and some of the neighborhoods that have been affected with routing and lighting and riding. There are banks in those areas. Are they being affected . Mr. Brooks one of the tragic things is that in these neighborhoods there are not banks. That is part of the problem. Over the last 20 or 30 years, many banks eliminated their branches in low income neighborhoods, in inner cities, and parts of the country we now call banking deserts. That is what has led to some of the underinvestment that has produced the anger and lack of opportunity leading to these protests today. Banks are having their own issues, and we will help them manage through all of that. The real problem is the opposite. It is that there are not enough bank branches, not enough lending and investment in these communities, and that is what is causing this massive eruption you are seeing. David tell me about that. There is the immediate problem of making sure banks stay up, but there is a longerterm issue you identified that we will have to address in this country. Talk about the Community Reinvestment act. What is that and what is your role . The Community Reinvestment act was a law passed in 1977 to address the problem of banks only preferring their preferred customers which tended to be richer people and whiter people than the world as a whole. The Community Reinvestment act said ranks have a special privilege in our system. They have deposit insurance to prevent depositors from losing money, they have access to the Payment System which the government has created, they have a lot of special benefits. The thinking was in return for those benefits, they need to serve all of their communities, not just the rich people or people in fancy neighborhoods. One of the things we try to do was modernize and reimagine the unity reinvestment act for the 21st century in ways designed specifically to help people expressing so much pain. The most important thing about it is that historically, we only measured Bank Activity around their branches. The irony is as banks started closing branches in poorer neighborhoods, they no longer got measured for their activities and communities were left behind. We are trying to solve for that today. We need to get their activities in a modern environment measured everywhere their customers live. David such great point. Inseminate parts of life, what result you in so many parts of life, the result you get depends on what you are measuring. Country,rts of the that is affecting businesses to pay loans. Youve been speaking of the possible dangers to the banking system. Mr. Brooks im worried about this, and this is a piece of the puzzle that does not get well told. All of us take the human risk of covid19 very seriously, but what we do in the world of policy is we have to balance risks and benefits and understand the consequences of our choices when we do the balancing. What worries me is as we going to the third month in the fourth month of these broad shut down orders, the consequences to peoples lives become significant. What i worry about is when we talk about reopening the economy, we are not talking about money. We are talking about peoples lives. In the banking system, that means businesses that borrowed money so they could start a restaurant or start a shoe repairs shop or a dry cleaner, those businesses have not generated revenue in three or four months. That hurts the banks, because the loans to finance those businesses cannot get repaid. The good news is the banks are bacon healthy and they will be ok. What might not be ok are the Small Business owners in these communities that are trying to make their lives better, to feed their families, and the longer this goes on, there will be a cascade of losses. I have to deal with the losses to the banks, that is my privilege and responsibility to deal with. What i worry about is somebody needs to take responsibility for the lives being ruined by these longterm shutdowns and balance that against the cost benefit. David lets turn to something that is rather technical. You are a lawyer with a background in financial regulations. A rule i have not focused on sounds technical. Explain why this is important and what is going on with your office . Mr. Brooks the valid point made rule speaks to something i think a lot of your viewers will understand intuitively, which is that if i sign a contract with you and the contract is valid and you designed to assign that contract to someone else, the terms of the contract do not change if i promise to pay rent and you sell the contract to someone else, i have to pay that person rent. The amount of rent does not change. The pork in banking law is we irk in bankingu law as we allow institutions to land at the rate in their home state. There was a funny decision out of a court of appeals in new york that said even if a bank makes a loan that is legal when it is made, if the bank sells that loan to somebody else, the Interest Rate can become illegal because that investor is not a bank. That is crazy. If you borrow money at 5 , you borrow money at 5 . If a new investor takes that loan, it should still be 5 . The reason this matters is if banks cannot sell their loans in the market, it means the only credit that will ever be supplied in the country will be Bank Balance Sheet credit, and banks are only so big. The reason we are rich society as we allow credit to come from a lot of different sources. Some from the Bank Balance Sheet and capital market. What the valid point made rule was decide to do is bring more credit into the economy, which i strongly believe in. The Federal Reserve did a famous study titled more credit, less poverty. One of my missions is to educate people that credit is a good thing. Responsibly manage credit is what people need to build lives. I come back, you look at the protests and riots going on in america, part of it is because weve not had equal access to credit and capital. That is where opportunity comes from. David really appreciate you being with us. Once again, congratulations on your new position. Comptroller of the currency brian brooks. Coming up, we will talk about those protests with christina greer. Ons is balance of power Bloomberg Television and radio. You say that customers make their own rules. Lets talk data. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad . Your wireless your rules. Only with Xfinity Mobile. Now thats simple easy awesome. Switch and save up to 400 a year on your wireless bill. Plus get 200 off a new Samsung Galaxy s20 ultra. Sawithout evenon yoleaving your house. Just keep your phone and switch to Xfinity Mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. David this is balance of power on Bloomberg Television and radio. Im david westin. Time now for bloomberg first word news with karina mitchell. Mayor bill de blasio so plans to reopen new york city on june 8 despite the unrest related to the death of george floyd and a curfew that will continue for the rest of the week. Between 200000 and 400,000 people will be returning to work in construction, manufacturing, wholesale, and curbside retail during the first phase of reopening. In tokyo, the government is urging residents to use more caution after seeing a spike in cases. Businesses could be asked to close their doors again if the search continues. Tokyo reported 34 cases today, the most in one day since may 9. Parisians began returning to the citys beloved sidewalk cafes as knockdown restrictions eased today. Officials are allowing outside seating areas with Indoor Seating offlimits until june 22. Tables need to be spaced at least three feet apart. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im karina maitchell. This is bloomberg. David thank you so much. Last night, we saw another night of civil unrest across the country, even after President Trump threatened to send in federal troops if mayors and governors cannot get their arms around it. We welcome in christina greer, political scientist at form cornell university. Thank you for fordham university. Thank you for being with us. Give us your sense of where this civil unrest falls on a spectrum . Christina i think we have definitely reached a boiling point when you look at major cities and smaller cities across the nation. Most people of my generation have not seen anything on this scale. But we have to ask ourselves, what is the root cause . It is not just about george floyd, its about systemic inequality, a segment of the citizenry living under constant fear and police violence, about rampant inequality. 40 million americans filing for unemployment. We know millions more do not have any job prospects. Its about a failure of the federal government to deal with a global pandemic, people dealing with the pain and anguish of over 100,000 americans dead, and knowing that the president and members of his party will not do anything to assist americans who did not look a certain way or live in particular places. Peace that a lot of people want to have, return to, frankly, is not possible until folks understand the extent to which justice has not been served. Are going to make progress, we have to be careful about the various elements of it because they get mashed together. We have the police issue which nobody would deny is an issue. But we also have the broader question of inequality, inequality of income, wealth, educational opportunity, health care, which we saw come to the forefront in this pandemic. Such a disproportionate effect on africanamericans and hispanics. Protests, what should they be protesting for, what can we do concretely, policy measures that would start to address this . Just want to address one thing, that nobody would deny the video. Sadly, many people see nothing wrong with the video. Probably did he something before the Police Officers had to be on his neck. Some people give it, unfortunately, as one less black person in this country. We cannot say that nobody disagrees with that video. Excessive force led to the death of eric garner. Excessive force led to the death of breonna taylor. Sadly, there are a lot of people who think that use of force is justified and glorified because they do not believe black americans belong in this country or should ever have full rights as a citizen. When you are asking with the protests are for, i believe protest politics and electoral politics have to go handinhand. We dont get substantive changes in policy usually until people take to the streets and show our elected leaders just how fed up they are. Once that policy comes into fruition, often times, more protests push it further. We talk about what happened in the 1960s. Many of those uprisings and protests, the end result was the Civil Rights Act of 1964, the Voting Rights act, the immigration act, the housing rights act. A lot of folks want to see change, not just at the federal level the abdication of the hisutive and his powers, lack of understanding of what an executive should be but a lot of people want to see substantive change at their local and state levels. That has nothing to do with partisanship. Some people are disappointed in democratic mayors, how they have abdicated to police departments, assisted in providing them with hyper paramilitary gear that would be used against their own. Esidents we want to see policy changes as to how communities interact with police, how police are trained, to see members of communities, how educators, Health Care Professionals are trained, how allocations and resources are distributed. Kneeling ony, quiet the sidelines of a football field did not yield results for certain individuals. Lots of people had an awakening, but many refuse to see what quiet kneeling would do, so now it has moved beyond it, and it is making peoples lives uncomfortable. The pain of so many protesters is, it will not go away until you recognize the lack of justice and equality in this country. I certainly take your point and agree with it, that in a democracy, the only way that you get a fundamental change is at the ballot box, through policy. Didhe same time, when anyone at the democratic or republican level make a real difference in inequality . 1980 andrences between the current time is dramatic in the growth of inequality, and that continues through democratic and republican administrations. Christina that is what im saying. Some of this anguish has nothing to do with partisanship. Much of it does with donald trump and his White Nationalist rhetoric. But you see people feel, no matter who is in power, things are not changing. I think we can be a little more specific and explicit, and we can see policies that have happened under democratic president s and republican president s and see how they played out in many different communities. But we know there are generational wealth conversations that we still have to address. Who is in power . The fact that the g. I. Bill was not distributed properly, fdr made concessions for black women, the 2008 housing crisis and the serrated the little bit of black wealth within certain communities. I think it needs to be a much broader partisan conversation, but on the day today, we can also see there are real distinction between the two parties when it comes to job creation, whether it is criminal justice, whether it is environmental policy, which we know disproportionately affectsx communities,inx putting undue burdens on them, which do not have the resources, eviscerates their Family Wealth or lack there of. Sometimes we have to see the byproducts and the other aspects of how this plays out in communities and keeps this inequity continuing to grow. Always a pleasure to have you with us, as tina greer, Political Science professor from fordham university. Risk seems to be growing around the world. We will be talking about that next. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. Risk not just in the u. S. But around the world increase, and some have spent careers trying to measure that risk. Joining me is the founder and ceo of give me the name. Are you there . Gec advisory. Sorry. Thank you for being here. You understand these risks well. You have a way of thinking about them in longer terms. How does this apply to things like civil unrest across the country, as well as in an economic crisis . Where does that tell us about where we are . I did a book published about six months ago, and i start the book with what i call the 10 megatrends of our Turbulent Times. This came out just before the pandemic started. It is really talking about the bigger megatrends, things that are happening over years. Inme, the pandemic fits in terms of the social unrest we are seeing, the Health Care Challenges, under the rubric of bsg issues, environmental and social governance issues, which had been rising fastly in the u. S. Over the last couple of years but have been around for a while. The social piece is where the pandemic fits well, with the issues coming from the Health Care Challenges of the pandemic fit well. Im talking about Worker Health and safety, employment issues. I am talking about finding the right kinds of vaccines. And the challenges businesses have to keep up with these issues. I would just suggest to businesses that have been keeping up with these social issues, esg issues, i have added a t for technology. Good jobnies that do a of incorporating these issues into their Risk Management and government oversight are the ones that will be more capable of dealing with these kinds of Turbulent Times we have right now. David we hear a lot about esg, esgt, as you style it. I have spoken to investors who say, given the pandemic, those categories are doing better and investors are going there. At the same time, how do we measure it . I spoke with the chair of the sec earlier today about that question. m not sure how you measure if you are an investor, how do you know which companies to invest in . Andrea this is one of the Biggest Challenges of our time. Esg is a potential metric to judge companies by but we have a variety of different esg metrics that different organizations are proposing. Has been happening for decades but i think it is coming to a head. Both companies and investors will start to get closer as to what the metrics are for the most important ones are to look at. Metrics that are relevant for today. When we look at some of the issues taking place at the large Meat Processing factories, manufacturing facilities, how the workers are being treated, how many people get sick. These kinds of metrics can be very granular. We just have to learn from the moste, understand important ones for the purpose of the social piece, environmental peas, governance fees, and technology piece. It will be a while before we get there, but it is good that we are talking about it now, and that the sec is looking at it. From the perspective creating order from the chaos, it is great that they are demanding discipline in terms of what the metrics mean, what the esg f unds are trying to do, what the companies are offering. There is a lot of potential esg washing. David i would like to borrow from your rubric a couple of points that may apply. One of them is global trust is collapsing. You say there is a problem with the collapse in trust. Another is 20th century ethical leadership. As we look around, where should we look for that kind of leadership that we trust at the same time . Is it the public sphere, private sphere . I think the Silver Lining to the very big cloud we have right now is we are seeing in both in the business sector and governance sector. If we just take our own country as an example, i think there are certain governors and local officials, whether he has to do with a pandemic or the civil unrest we have that is actually acting with responsibility, caring for the citizens. World, we across the see certain countries doing way better than others. It always goes back to leadership. That is the Silver Lining that im seeing the that is also happening in the business sector. Companiesominent discussing the issues of inequality, racism at work, saying we need to do more than we ever have on these topics. That is all good but it is in the context of a much darker cloud, which is the darker cloud of trust in leadership has been collapsing for the last 10 years or so. Barometer thatt is a good resource to understand that. I would say that trust factor is something leaders have to earn. If they dont serve their most important stakeholders on a consistent basis, not just in a time of crisis, they will have that trust deficit. We are at a crossroads, and its important for the right kind of leaders to be leading, both in business, government, and of course, in society. David i also want to add about the Technology Side of it, and to ask an overly simplistic question, at this point, is it helping or hurting . At this point, i see both. Andrea it is both a risk and opportunity. The reason i added technology to in our own homes right now, many of us, technology is enabling us in many ways, and is also threatening us in a bunch of ways. Factyberattack issue, the that covid19 has heightened that threat because everyone is working from home, and suddenly we have. More targets for the cyber attackers to target, we really live in a time when esg and Technology Issues are interconnected. I think it is really important for business people, governments, and us individually to think about those things, to protect ourselves, and to take advantage of the opportunities that are presenting themselves right now. You talkother thing about is transparency versus opacity. Connected to technology and social media right now, is more information informing us . Are we building a tower of babel . Information, it is not checked, we have given up on gatekeepers. Does that help us address some of the challenges that you identify . Andrea absolutely not. With the expression, garbage in, garbage out, if you allow all kinds of garbage to come into social media, discourse, the results will not be transparency but opacity. The trend you are talking about that i talk about in my book starts with the idea that reputation risk was an issue that was accelerated by the rise of social media, but it also created this hyper transparency, which is a good thing. With time, we have seen the manipulation of information, misinformation, dark web manipulated videos, audio. We dont know where the borderline is between reality and fake is. We have the rise of hyper transparency on the one side but also super opacity. We dont know which end is up. I agree with you, we are living in a turbulent time. Im the kind of person that would say more information is better, but it has to be good information. That information that creates can even have and terrible physical effects, for example, it false information is unleashed and people attack each other, for example. David thank you so much. Great to have you with us. She is the founder and ceo of gec risk advisory. We have our stock of the hour, vista outdoor. This is balance of power on Bloomberg Television and radio. And radio. David this is balance of power on Bloomberg Television and radio. Im david westin. It is time for our stock of the hour, vista outdoors. I understand it has something to do with guns. Kailey leinz is here. Kailey vista outdoors is an ammunition, guns manufacturer. It is higher for an eighth straight day, up 50 over the past few sessions. Taking part in a broad rally from weapons stocks outperforming as we see these riots taking place across the u. S. The president threatening to deploy large numbers of troops across u. S. Cities. Criminal background check information. Background checks were up 75 last month, doubledigit growth in every state except hawaii. The third highest number in its 22year history. March saw a Record Number of background checks. Phenomenon of people concerned about the pandemic and its social effects, going out and stockpiling guns. Since theee months covid crisis began, more than 6 million guns have been purchased. An analyst noted that these are fearbased purchases amid the social unrest we are seeing, and the select continue for the coming months, especially as we get closer to the election. Whether one agrees with it or not, it makes sense to me, given what we have seen in the pandemic, economic friend, front, it feels like the social fabric is frightening, which makes us nervous, but none of that is spilling over into the equity markets. We expect the markets to be down but they are not. Thisy we are seeing continuation of the main street versus wall street narrative. Stocks are higher for a third day despite the fact that we have these ongoing riots. Really what you are seeing is investors dont seem to think the riots at this point will have a Material Impact on the growth outlook. You are seeing that underscored in the fact not only that stocks are higher today but it is the cyclical growth sector stocks that are outperforming, while you are seeing stocks like tech underperforming today. The nasdaq is in the red. The market is not too concerned about this, even as american gun buyers are. David they seem to be betting on a recovery. Kailey absolutely. The dollar is weaker for four days in a row, the greenback is losing its safe haven appeal as the market is focusing on that more thanarrative, anything at this point. David thank you so much, kailey leinz. That does it for the first hour of balance of power today. The second hour will be on radio. Ill be talking to the mayor of my hometown, flint, michigan. We will also speak to Douglas Holtz eakin. This is bloomberg. Taylor it is 1 00 p. M. In new york, 6 00 p. M. In london, and 1 00 a. M. In hong kong. Welcome to bloomberg markets. Here are the top stories we are following from around the world. New york city mayor bill de blasio still plan to reopen new york city on june 8 despite the current unrest in the city. The s p 500 hovers near its highest level in three months as economies continue to reopen around the world. Facebook employees are becoming increasingly bold in expressing their dismay at Mark Zuckerberg s decision regarding Company Policies tied to the protests. How criticism surrounding the social media giant is affecting facebook. You will also hear from Morgan Stanley us dennis lynch, a fivestar manager who speaks in a rare conversation, telling us where he sees investing opportunities. Lets take a look at some of those investing opportunities starting in the markets. A picture of a little bit of a risk on picture