Efforts to stem the bleeding. Quarantine, will people be flocking to netflix . Massachusetts becoming the latest u. S. State to declare a state of emergency along with new york, california, and more. Italy remains in a nationwide lockdown. U. S. Stocks rally on hopes the Trump Administration will institute stimulus measures. To get all the latest on where the market closed, we are joined by abigail doolittle. Better than yesterday. Abigail it was. Also a wild day. Day, the indexhe closed up about half a percent. When we dig into technology, the tech index had a monster rally. But that comes after yesterday. Yesterday, this index plunged. Since 2008. Y tons of uncertainty as to the true impact and fallout will be. Some relief perhaps around the idea that you have that potential stimulus. It is hard to know what will help when the problem is unknown. We just do not know the true extent of the impact. Psychologically, it helps. We take a look at some of the individual movers, apple up in a big way. We also have microsoft up 6. 8 . Yesterdays losers turning into some of todays big stocks. Even with the massive selloff, the new york faang index still overextended. Lets take a look at a great chart. This chart we were presenting before the selloff, saying something has got to give. The index still above the 200 day moving average, suggesting more downside could be ahead. Attention tog our the latest coronavirus situation. 150alifornia, over confirmed cases and two deaths. Bloomberg has learned that two people who attended the rsa security conference late last month have also contracted the disease. The grand princess cruise ship is now docked at the port of oakland after days circling the waters off San Francisco. Haveast 21 people on board tested positive. We saw the ship passing by our office yesterday. Pullede there as they into port and started efforts to unload these passengers. Started to unload passengers and are very securely trying to ensure in small batches, they are bringing people who have been exposed to the coronavirus or have confirmed cases, off the ship. Include the 1000 or so american residence for american citizens on the boat. Some of them will be sent to texas. Beyond that, there are plans to create charter flights, sent some individuals to canada, send some back to europe. In the actual crew will go into the pacific ocean. All of this will span two or three days as officials meticulously try to unload the ship. Emily do we know how many people they have been able to test . Do we know if anyone else has tested positive . One part of this process, they want to go through the details and ensure that no one else is spreading this illness before maybe creating panic or wanting to engage with the media. Right now, little detail other than the fact that they have started the process . Emily how else is the state and city of San Francisco combating this . I understand they are opening up rvs to some of the Homeless Community that need to be quarantined . Kartikay there is a report that there are 30 rvs in San Francisco being used to quarantine Homeless Individuals who have nowhere else to go but a homeless encampment to ensure they are in a clean shelter while they go through the 14 day incubation process. They may not need hospitalization. They do need to be secure in away from other individuals. These rvs are being used as a method to keep them safe and secure. Emily kartikay mehrotra, thank you so much. Coming up, President Trumps plans to try and jumpstart the economy. Formercussion with a commerce secretary, Carlos Gutierrez, is next. This is bloomberg. Emily President Trump says his administration will provide assistance to cruise lines and airlines where the coronavirus has been devastating to business. In a meeting with insurance executives, the president had this to say. Pres. Trump we will be helping them through this patch. Emily the president did not provide details of what that help involved. He says he plans to announce substantial measures today. The president told republican senators today that he wants a payroll tax holiday through the november election. Lets get to washington to discuss with bloomberg editor alex wayne. We dont have anything on paper. The News Conference the president promised yesterday has not been scheduled here. We have a Coronavirus Briefing at 5 30 p. M. That is usually led by the Vice President. The president may crash that briefing but we do not know yet. Emily the president has made statements that he will have a substantial plan here. What is on the table in terms of things he could unveil . Alex they are talking about doing something for paid sick leave. I think the government is going to do something to extend some sort of paid leave to people who are infected and those sorts of jobs. We think they probably need to work with congress on that but there are people in the people in the administration who say they dont, they can to that on their own. He has also asked for this payroll tax holiday. Democrats in the house are not real keen on this idea. They do not think a tax cut is the right thing to do to combat the economic fallout from the coronavirus. They would rather do things like paid sick leave and unemployment insurance. Situationis a fluid across the United States. Not necessarily california that actually has the most confirmed cases. New york and washington possibly have more. You have lawmakers very concerned. What are the dividing lines going to be between lawmakers . On capitol hill, some of the classic dividing lines between democrats and republicans on taxing and spending. I think both sides of theyll want to do something to tackle the economic fallout. Airlines are struggling, the tourism and travel industry is struggling. They want to get ahead of it, but they are in disagreement about how to do it. Democrats traditionally want to spend money to fight recession sort any kind of economic slowdown. Republicans turned to tax cuts first. Each side disagrees on the efficacy of the other sides approach. It will probably have to be some spending, some tax cuts. They will probably get there but i dont ticket will happen soon. Emily will bring you word from the president when we get it. Now, to discuss further economic impacts, i want to bring in secretary Carlos Gutierrez from washington. Secretaryas commerce to president george w. Bush and was ceo and chair of the National Food giant kellogg. First of all, what is your thetion to what we know and statements the president has made so far about his plan . Mr. Gutierrez it is hard to say because we dont know what the plan is. Conceptually, the idea of a stimulus strikes me as solving the wrong problem. It is a good tactic, it may be a good backstop, but we have a medical problem here, not monetary or fiscal or anything else. The only solution in front of us is medical. Are we putting enough resources behind finding a vaccine . Do we understand the virus . Have we ordered enough testing kits. Today, we say, there are a small number of people who have been tested. Our problem is that we have not tested many people. Of all the countries impacted by the virus, we have done the least testing. That worries me. We should get after that. Whether a stimulus can be negotiated, whether it can be targeted at people who need help, perhaps that could be a good idea, but it is not going to solve the problem. I think the president has to stand up and say, we have an issue, lets all stick together and lets get it behind us. But apparently that is just not the language coming out of the white house. Cdcy the head of the saying we are beyond containment in certain states. Just how dire is the crisis . Mr. Gutierrez i think it is very bad because we really dont know. We are sort of in the dark. We know we have a problem but the numbers are not telling us how big the problem is. I give the states a lot of credit where they have declared a state of emergency. We are in a state of emergency and we need to do everything from a medical point of view. Since we have not tested people in several months, there could be cases in every state. There could be cases spreading as we speak. I dont want to alarm anyone. The reality is we have not paid attention to testing and that will get us in trouble. We need to know how big the problem is. Emily what parts of the economy do you think will be hardest hit . There is an entirely new economy, the gig economy, a brandnew group of workers that did not exist before the financial crisis. Mr. Gutierrez service jobs. One of those could be driving an uber. The Large Industries that are going to get hit and continue to get hit badly. Ships, airlines, cruise entertainment. Anywhere that requires the gathering of a lot of people. Conferences are still on calendars but as we get closer, they are just getting canceled. Theproblem is to solve medical issue. We have a very high fiscal deficit. Whatever spending we do is not going to be efficient because it is not the solution to the problem. Over, or it has gone down or under control, that we have enough to be able to get out of this mess. We have to remember, our economy was slowing down before coronavirus. The virus has just made it worse. It is not going to be a total rebound back. I dont see that. You ran kellogg for many years. Should we be worried about food safety . Companies,ez food pharmaceuticals, they dress like coronavirus medics at all times. So i would not look at that specifically. I would be more concerned about people. About gatherings of people. Huge crowds where you just dont know if there are 2, 3, four people. Emily should we be closing all the Public Schools . Mr. Gutierrez i think in areas where we have seen an outbreak, yes. Overreaction, let it be an overreaction. I think it is a lot better than under reacting. I think we should do whatever needs to be done. In this case, it is our Public Servants who have these decisions to make. Secretary, foru, sharing your thoughts. Still ahead, as the virus spreads, more tech employees are staying home. Emily several universities on both u. S. Coasts have suspended or canceled classes in the midst of the coronavirus outbreak. ,his includes uc berkeley harvard, columbia Big Tech Companies like apple, facebook, amazon are encouraging employees to work from home. One company trying to offer a solution is extended reality firm magic leap. Fromceo with ed hammond new york. We have been innovating in that space for eight years. We are building a technology for all day, every day, and everyone. We know the Inflection Point. We identify the space, kind of inclusive ar and vr. Enterprise taking out first, then the consumer following with an Inflection Point in the 2023 timeframe. We see the 5g deployment becoming broader across the consumer space. The Inflection Point starts to happen in the 2023 timeframe. We have now is enterprise customers really starting to drive adoption. We have hundreds of enterprises that are using it for pilots and proof of concept and early deployments across communications. Incredibly important right now as people need to collaborate and communicate but cannot get on planes and go to meetings, or go to conferences. Emily i will never forget magic leaps first demo, checking email in the air, holding the elephant in your hand. We have not seen that yet. How transformative is magic leap technologies really going to be . Usedth the examples you today, you can do today. My team alone, i have multiple employees i have a couple of folks who have gotten rid of all the monitors on their desk, they put on magic leap, and they are working. They have a Conference Call or videoconference going. These use cases are what we are deploying today. They are alive, not just internally, but also customers. Bankingaribas, a large customer, they are using magically fanned a software toled spatial to connect their employees around the world. Their initial intent was really to become more green and reduce the carbon footprint, not getting on planes. With the backdrop of what is going on today, it is helping people collaborate. You talk about coronavirus being a boon to the business, but the Consumer Market is not really developed yet. I do you get the product to the consumer . Emily starting in the mr. Gutierrez omar starting in the 2023 timeframe, we are starting to see that Inflection Point happened. They are excited actually about our next generation of product which is coming out next year, which is a significant step forward for the industry and for magic leap. That will be half the size and it will double the field of view. We have got magic leap three it from a roadmap perspective. We believe those products get us toward that vision. We are not building a helmet that you have to wear for three minutes at a time but we are not building lenses that dont deliver the value. Some of your competitors. Microsoft building out their own product. Facebook saying they want to do about 5 billion a year in this space. Is it time to maybe look at getting some funding from the ipo market or taking on new investment . Omar i cant speak to those, but we have built a very significant, broad, foundational portfolio. Moat aroundy put a our leadership in the xr space. It makes it difficult for competitors to enter the market. We have got, our Second Generation product, which continues to expand our leadership next year, and the next product right behind it on ae roadmap for us to grab disproportionate share of that market, that is what our investors, figures, and employees are excited about. Chief that was omar khan, product officer of magic leap. One analyst says even netflix isnt safe. This is bloomberg. Emily this is bloomberg technology. As coronavirus fears way on the market, major tech internet stocks continue to feel the heat. Apple, tesla, amazon, all down in the last month. Rebounding from big drops yesterday. One analyst is saying even netflix wont be spared. Our guest joins us now on the phone. Thank you, laura, for calling in. Netflix wont be spared . Why not . You would think with all the people on the couch, they would be spared. Entire countries like italy are quarantined, and a lot of the countries in latin america are based on travel. If they dont have a social safety net, then people are not going to be able to pay their 13 a month netflix the. They will have to disconnect their netflix in order to pay for food because they dont have income but they still have expenses of living. International revenue line is a risk for netflix during the coronavirus emily issue. Of all the big tex companies, tech of all the big companies, which is best positioned to whether it . Laura none of them are. Advertising for Companies Like google and facebook or worse. Googles you ask about, and facebook are the worst position because they have so much advertising, and advertising is slowing right now because travel is 10 of advertising. Travelbased company stop advertising. When you dont get a dollar of advertising, you have 75 you lose 75 margin. So those companies have a lot of downside risk. Also Silicon Valley is doing a very kind thing in that it is going to pay its hourly workers, even though none of them are coming to work. That will hurt the income statement as well for facebook and alphabet. Emily we have a piece about how google is fighting misinformation about the coronavirus on its platform. From one of the first times, google is getting involved in aggressively moderating the ranking system. Surfacing new stories from mainstream organizations when asked about the coronavirus, d prioritizing what could possibly be fake news or misinformation about the coronavirus. The same thing on youtube. Google, who take on after for so long saying the algorithm can do it all, now jumping in there and saying perhaps they cant. Laura facebook is doing this, the trumping ads from campaign on biden as fake news. What is happening is the government is going to no longer allow these platforms to hide behind the fact that they are just an impartial communicator. It will force the platforms to curate the information that is spread over there platforms, which gives them liability if they make a bad call. Nobody is complaining about google today because they are thinking it is getting rid of what is called fake news or news that creates panic, but extending that further structurally for the next year or two, it up it adds a lot of liability to the platform if they curate negatively or against somebodys best wishes. Emily you also cover peloton. You have folks at home with their bikes, but also not going to the gym. Laura i really think peloton is wellpositioned. It has 22 warehouses so plenty of inventory. The boxer made in taiwan. Fitness people the bikes are made in taiwan. These are not going to be the people that run out and go to the gym. My guess is peloton will sell you a bike for 58 a month, plus the subscription fee. That is a logical alternative from the coronavirus because it is targeted at a highend audience and these are fitness people who really dont want to get sick. So bringing their peloton inhouse to their own home is safer for them. Emily laura martin, thanks for calling in today. To the impact of the virus on education. Harvard university has asked students not to return to campus after spring break. Columbia suspending classes for two days after individual linked to the school was exposed to the virus. Classesn will have online starting marched when he third. There are questions around the world from preschool to high school about not just whether to close school but how to keep kids learning in the meantime. Joining me, offering videos to 93 million users globally, good to have you back on the show. Its one thing for universities to do this, when you seemed that most of the students have the equipment to do it. But when you talk about younger children in schools around the world, are we really ready for the students to go online only . They could be going online in a matter of days. The simple answer is, we are not. There are a lot of actors trying to put things together so that we can keep students learning, essentially. The reality is, there are some korea districts in south that have canceled schools nationwide. It will p