Bostick. The to us about what drove numbers down again today . It seems they are waiting on a stimulus package from the senate. Romaine that is really where all eyes are right now. You saw the market rally in the premarket but all of those gains faded and we ended up down on the day because of the negotiations that have been going on in washington. We had a vote to advance that bill in the senate. That failed to get the 60 votes needed. You saw the market sort of sell off as a result. Mitch mcconnell said that it could be friday before this bill even makes it out of the senate. It still has to go to the house and to President Trumps desk. From there, you still have to get that cash to people. The more time it takes to get this out of congress, the more you will see these market gyrations. The market wants to know who will be helped and how much they will be helped by. Fory it was an awful Day Financial stocks. Romaine this is all about the concern that there is a credit crisis. We have had revolving debt drawn down by corporations. That is not usually a good sign. You typically do not want to see that, definitely not that much, that fast. There are concerns that we are headed to a recession, and pretty much everyone we talked to think that we are, how long can some of the Midcap Companies survive, how long can some of the Smallcap Companies survive . If they cant, what does this mean for their debt . You saw the s p financials down about 7 on the day. The Kbw Bank Index and the Regional Bank index, down more than 8 on the day. They are trading at the lowest levels we have seen in about eight years. Emily in the tech sector, a rally in chip stocks. Maybe that makes sense because of the work from home, the distancelearning. Talk about what is driving that . Romaine the nibbling around the edges seems to be happening in the tech space. The Philadelphia Semiconductor index at one point was up more than 5 . Investorstechnology, saw this as a good sign because it basically assured them that these companies have the liquidity. A lot of these other companies have the ability to get this sort of cash cushion. One benefit for a lot of these chip stocks is that they dont have the kind of debt we see in other sectors like energy, financials, the material it a lot of these companies have relatively low leverage relative to their peers and a lot of people think that once we start to see a little bit more of a rebound in consumption, whether it is from all of the folks working at home and the data and tech needs that requires, that they will benefit when we get an upswing, whenever that may,. Emily i want to bring in jay jacobs, senior vice president. Talk about how you are navigating this. There is really no precedent for what we are going through. Nobody knows how this will play out, so how do you take it day by day, if you will . Every situation will be unique to investors. We are having our investors look to three things. Theres play to sell in a portfolio. This is not been the case in years past. We are telling people to dollar cost average. Dont try to time this market. Volatility is impossible for even the most seasoned investors time accurately. And to look for areas of the market that they have sold off more aggressively. There are some real valuations out there that are attractive now. Emily meantime, Hedge Fund Manager bill ackman was on bloomberg earlier and sounds fairly optimistic. Obviously a volatile market. We can put a hedge on the future. I think the most likely event is we are a long lonely investor, we believe in a country, the country is getting to the right place on this issue. Emily so, talk a little bit about whether you share that sense of optimism. Markets will return at some point but nobody knows how long this will last. The timeframe is the most concerning thing. People do not know how long they will be staying at home. They dont know how long these companies will be staying afloat with emergency credit. The u. S. Economy is incredibly resilient. It has tons of capital. This will rebound. And that can be a real advantage. We had spoken to a lot of investors who were nervous heading into 2020, keeping more cash on the sidelines. If they are looking to invest now, these are pretty attractive valuations if they dont think they need that money in the next 5, 7 years. Time is a real asset if you have cash right now and a real risk if you need cash in the short term. Great point. Is a you have to understand that there is a lot of concern in the market about how deep this recession may be and how long it could go on. For those folks who may be our a little bit nervous about putting cash to work or are thinking of selling out of positions, what is the main selling point you give them to expose themselves to that particular risk at this moment . For longterm investors can stomach the risk, we see this as a transformational period in the economy. He attractive valuations for things like video games, social media, ecommerce. All of these themes have only accelerated in the past few months. People are at home playing games with their kids on their playstation 4. You have baby boomers and the silent generation learning how to buy things on amazon, and facetiming and using twitter. This is a real disruptive moment in technology where more people using these techniques to get through their everyday lives and the Companies Involved are selling at a discount. This is a real Inflection Point that investors, if they can, should take a close look at. Romaine the Global Financial crisis, one of the outcomes was it gave rise to new technology platforms, whether you talk about the sharing economy comedy gig economy. Envision that could be some of these more knology technologyps more sort of leaps that we could make . Jay i think we will be set back on the path. The shift from brickandmortar retail to ecommerce. Only 10 of sales happening online compared to brickandmortar. Automobiles, groceries, those have not really moved online but now i think there is a strong push to do so. People are being forced to really get comfortable with that. The second one is video games. Fourng video games for decades but it is seen as something for teenagers or the generation see, not for adults. If you are a parent stuck on the couch with your kids for the 30th day in a row, you are absolutely going to play an nba game with your kid or a strategy game with your kid. It is a way to have fun on your couch. That trend will only continue to accelerate. You seef that is where the opportunities, where do you think investors should be pulling back . It is not all opportunity when you look across the board. Jay i think there is still a lot of uncertainty. In the materials sector, there is a lot of uncertainty about how much consumption there will be of different commodities. He really want to look at companies that have the cash, have continued cash flow to survive what could be a months long interruption. Unfortunately, that is not a lot of the companies that are heavily indebted. If you look at those companies more on the software side, the ship side, they have cash and they are continuing to make cash flow even in this disruptive environment. More of the physical businesses that are out there right now. Jay jacobs, global x funds vice president. Coming up, we are awaiting this press conference at the white house. We are told that attorney general william barr will be there. We will talk more about what lawmakers are doing right and may be wrong with former house intelligence share mike rogers. This is bloomberg. Emily Health Officials around the world are stressing the importance of social distancing. Closing schools, shutting down work. Bloomberg has learned that President Trump is considering reopening the United States perhaps sooner than some expect despite the rising number of cases. We are waiting for this press conference to start the way out. As far as we understand it, where is the white house and the president s thinking on whether we are ready to reopen again when we seem to be still in the middle of a crisis . That is a difficult question he hasand one that been getting some advice from some rightwing economists in the inner circle that suggests they dont want the cure to be worse than the disease. They dont want the prevention of coronavirus to take the economy worse than it should. On the other hand, he has his Health Advisors like dr. Fauci, who has hammered home the point that we can get the economy back up and running more complete if we keep the curve of infections below what hospitals can handle. Well see how it plays out when the president speaks out shortly. Emily talk to us about the state of play when it comes to this Senate Stimulus bill which has once again failed to advance. Anna the senate bill has failed the procedural vote twice. Republicans and democrats are negotiating to get to a position that is agreeable to both sides. When that happens, they will have to do a procedural vote to basically open debate on the legislation. Meanwhile, House Speaker nancy pelosi, a democrat, has introduced her own bill in the house which we are kind of looking at as a wish list of democratic priorities, because at this point it does not look like the house would go first, but they have presented at least included at least an outline of what would be in the senate bill. Emily i want to welcome in someone who understands the machinations of washington intimately, mike rogers, was a congressman from michigan for 14 years, the former chair of the intelligence committee, and now the chair of 5g action now. I want to start with getting your broadview on the unprecedented human experiment we now find ourselves in the midst of across the United States. A huge Digital Divide between havenots. Nd how are we to pull this off before we are prepared for it . It will certainly overwhelm networks. Nearly one in five teens cant finish their work before this started because of lack of access to either good networks, computer, or Internet Connections at home. Some 25 million americans across the country do not have broadband at home. If you are thinking about telecommuting and the extra need for moving large packets of information back and forth, it is going to strain an already overwhelmed system, which really appropriateg, an and quick build out, why that is so important. This is going to change the way that schools deliver services. See a fundamental difference. Cann areas, where they connect with kids, maybe they dont have to come to school five days a week, or we have plans in place the next go around to be able to turn it on very quickly, where teachers can just engage with technology very quickly, you dont have all the machinations of teachers trying to set it up individually with their classes. I am curious giving your role on the house intelligence committee, from a National Security perspective, how much more vulnerable are we with so many more americans working from home, perhaps government workers not being able to view classified systems, the entire system slowing down, foreign powers possibly trying to exploit us. They are definitely trying to exploit us. We have seen the russians using this as a misinformation campaign. They tried to blame the United States and london. We also saw the chinese getting involved. They were trying to make sure that use their diplomats and other channels to encourage a counter narrative that it did not start in china. And all of that is adding a little bit too i think peoples panic at home. They are getting false information, incorrect information. Real,o highlights, in a important way, if you think about the supply chain for medicine, medical devices, other things we are having a problem with, meeting we have outsourced so much of these critical functions overseas, including china. 5g, we are in this debate now, do we allow china to control more of 5g than not in the world. If you look at the problems we have just had, the imports to be able to control some of this on secure networks, i cannot tell you how important it is to get the 5g buildout right for secure networks, meaning we keep countries like the chinese out of this network, and keep our supply chains, if you believe in health safety, National Security, we will have to look at how we source those products and we better have the capability here at home. Hearingeantime, we are stories about ransomware criminals hitting test centers, hitting hospitals. What should we do about that . Should the u. S. Activate Cyber Command here . Mike i hope they are already on it. The department of justice already shut down a site that was advertising you had a coronavirus you could buy. Every bad actor in the world will try to take advantage. More people will be online longer at home during the day than ever before because of telecommuting, kids around, people are not working at all. All of that activity is up. Bad guys know it and they will try to target these folks anyway they can. Imagine this confluence being developed of adversarial countries trying to put out false narratives. Then you have bad guys laying over top of it that you have solutions or things for sale. Cyber criminals trying to penetrate your personal computer to try to get back to where you work. All of that is happening today. Doesld argue that not only the department of justice need to continue to step up, our National Security agency needs to be unleashed to go after these folks. Emily meantime, give us a view on what the intelligence committee, what might be happening behind the scenes as the president contemplates when to reopen the country. Obviously, this is painful right now economically, painful for children, for students at home, but obviously it is being done in the interest of our health and keeping people alive. As the president debates this choice, what is going on behind the scenes . Let me tell you what i hope is happening. Issues about contractors, do they have the ability to continue to work in the Intelligence Mission set, in defense of the United States mission set. I hope they are doing continuity of Service Across the intelligence community. Remember, those countries have some bad actors who are deployed around the world to do bad things. We have u. S. Personnel deployed around the world to stop bad actors from doing bad things. We need to make sure we can continue to get the right kind of intelligence information to our policymakers to make sure they are not only keeping track of what is going on domestically, unfortunately, that list is alive and well. Former congressman mike rogers, good to have you on the show. Coming up, the press conference at the white house. This is bloomberg. Emily welcome back to bloomberg technology. Blasiok mayor bill de speaking now about the latest on the coronavirus situation. The mayor saying there are 12,339 confirmed cases of covid19 in new york city as well as 99 deaths. We will continue listening in and bring you more highlights from that. Meantime, i want to bring in our Bloomberg News reporter, mark bergen, who covers alphabet. Itsle finally unveiled muchanticipated nationwide website that the president had promised, but it seems to have nothing to do with testing. As far as i can tell, this website is pretty basic. It is fairly barebones information. They told me that the cdc questionnaire that could link out to further testing is coming soon. The other part of google is doing triage. They have four different sites in california but certainly not nationwide. Emily you can check it out at google. Com. Mark bergen, who covers alphabet for us, thank you very much. We will be right back and will take you to that Coronavirus Press conference at the white house. This is bloomberg. Good morning oh no, here comes the neighbor probably to brag about how amazing his Xfinity Customer Service is. Im mike, im so busy. Good thing xfinity has twohour appointment windows. They have night and weekend appointments too. Hes here. Bill . Karolyn . Nope no, just a couple of rocks. Download the my account app to manage your appointments making todays Xfinity Customer Service simple, easy, awesome. Ill pass. Emily welcome back to bloomberg technology. We are going to be going to the white house momentarily to bring you the president s Daily Briefing on the coronavirus. We are told attorney general william barr will be there today, so we will be listening and for that and bring you to the white house as soon as that press conference begins. It is scheduled to start momentarily. Meantime, i want to talk about the state of schooling and Online Learning across the country. Millions of students have now been out of school for about a week. In five students do not have access to the internet or even a computer so it is not so easy for everyone. I want to bring in saul khan, ceo of khan academy, a Vital Organization that is helping parents but not as helpful if you dont have the technology to make it work. Thank you so much for coming back. Hadad you on before schools closed and now we are in the middle of this, so you are seeing this happen in real time. What are the sort of pain points you have discovered so far as now tens of millions of kids are at home trying to learn something while their parents are also working at home . Beenyeah, what we get has on sony levels for everybody. Number one is a large fraction of students who dont have Internet Connectivity at home this whole crisis has shown it is not a nice to have, it is a must have. Not just to access things Like Khan Academy but also have a social connection. We have been talking to a lot of telecom players, Tech Companies, philanthro