The markets are telling. Abigail, are you there . Abigail we are looking at the s p 500 down 3. 5 after the worst quarter of the s p 500 going back to 2008. The russell 2000 down 5 . Last quarter the worst quarter ever. The stop selling we have seen this year on the coronavirus crisis, human tragedy is continuing right into the Second Quarter. It seems today to be a combination of technical factors and key support levels broken late yesterday so the sellers remain in control. Plus the fears around the virus as it is hitting the u. S. , the peak ahead in terms of what the fallout could be through the human tragedy weighing on wall street today. David exactly. It is not lost to me that President Trump came out yesterday after the markets had closed and said this would be tough for the next two or three weeks. He said it would be one of the most difficult things the United States has ever faced. How much of the Market Reaction does not have anything to do with the economy, it is the virus itself. The virus does get a vote in the markets. Abigail i think youre right about that from a sentiment standpoint and also the standpoint that new york is the epicenter and the heart of the Financial Markets in the u. S. Certainly a toll of anxiety, fear of the unknown. We are in an unprecedented period. Nobody knows what is next. In terms of the petite potentially 2 in terms of the away,otentially two weeks nobody knows. It does take a psychological toll in terms of the Economic Impact and data that could be on the minds of traders. David take us across asset. What is going on with bonds . Last time i checked it was truly risk off. Abigail it is a risk off day. We have the yen higher at this point. In premarket began have been flat but that tells as investors are seeking safety from a sector standpoint. All 11 sectors are down more than 1 . The best sector down 1. 3 . The worst sectors real estate, down 7. 3 . There are lots of news that april could be a terrible month for landlords. The New York Times added an article had an article out saying 40 of new yorkers may not pay rent. This is weighing on the real estate sector and apartment reits in particular on the fears that if the apartment rates in particular on the fears that some of these Companies May have problems paying loans. Some are saying this Health Care Crisis could turn into a real estate crisis. We are seeing that with the real estate sector down 7 on the day. Overall, very much a risk off picture with stops down and bonds and again higher. And bonds and the yen higher. David at the same time, it appears dollar is stronger apart from the yen, which would indicate people are flooding dollars again for safety. Abigail i would agree with you on that. The dollar has been troubling. The dollar index, which is a composite against the major currencies in the world, it had been well above 100 at levels not seen for quite some time. That signals uncertainty. The higher the dollar goes, it signals investors and traders are looking for safety. They are seeking the haven of the u. S. Dollar. That pressures risk assets such as commodities. Oils big tumble came when the dollar was at recent highs. Back in 2008, there was a period of time when both the dollar and the yen climbed. I am talking about the yen itself. That was the degree of the haven bid. Investors and traders were out of stocks and commodities to such a degree they were buying up the dollars and buying up yen. Some talking about the liquidity cash. The dash for seeing dollar strength. Stocks are at session lows. The russell 2000 down 5. 3 after dropping more than 30 last quarter. Thetodate down 35 and s p 500 at session lows, down 3. 7 , close to taking out other key technical levels. I should mention the real estate sector has already taken out the equipment of the s p 500 key support levels. It may suggest more weakness ahead. David thank you so much to Abigail Doolittle for that report. Now for bloomberg first word news we go to mark crumpton. Mark thank you. China has been lying about the extent of the coronavirus outbreak in that country. Bloomberg has learned that is the conclusion of the u. S. Intelligence community and a classified report to the white house. The report found china has been under reporting total cases and the number of deaths. The outbreak began in chinas Hubei Province in late 2019 but the country has publicly reported only about 82,000 cases and 3300 deaths. That is according to data compiled by Johns Hopkins university. The uns General Assembly is weighing have to respond to the coronavirus pandemic. Twoers have been sent resolutions for consideration. The most widely back calls for International Cooperation by sharing information. The other, sponsored by russia calls for implementing protectionist measures. Because the global body is not holding meetings, the resolution is defeated even if one country objects. Germany has extended its nationwide lockdown until april 19. The governor is asking germans to avoid contact with people outside their own households to contain the spread of the coronavirus. Germany has about 73,000 virus cases, the third highest in europe. Spain reported its deadliest date yet. There were another 864 fatalities from the coronavirus. The total debts have now risen past 9000. The number of confirmed cases in spain is now above 102,000. 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 mark crumpton. Bloomberg. Thank you so much. , lets go toying nato. We will speak with u. S. Ambassador to nato, kay bailey hutchinson, someone watching every day for military preparedness issues. Before serving to ambassador to nato, she was the senator from texas for 20 some years. Madam ambassador, thank you for joining us. Thank you for your patience. We have difficulties with the connection sometimes. Give us a sense of military preparedness. We heard about that from the theodore roosevelt. You are not responsible for u. S. Military, but you follow the readiness of our troops and allies at their preparedness. Where did we stand with respect to the coronavirus . Hutchinson we ate a as well as we u. S. Are taking great precautions. They are taking on missions together. Afghanistan, iraq, kosovo, there are number of measures being taken so if there coming into afghanistan there is a 14 day quarantine. If there coming out of afghanistan there is a 14 day quarantine so they will not. Back to where they will go. We are doing that at the military level. I also want to say we see the importance of the defense spending that has happened at nato in the last few years because we have so many assets that are helping in this humanitarian and Health Care Crisis. Vessel,the u. S. Navy the comfort, which is now relieving a lot of what is going to happen in new york. We see it all over our European Alliance as well. Of whative us a sense that is. We know italy has been particularly hardhit. What can nato do to help a country like italy or spain . We are anison information gathering and coordinating effort so that italy is asking for supplies, certain supplies. Turkey today deliver those supplies to italy as well as to spain. The United States is giving a spainamount to italy and and several of our other allies through our supreme allied commander at nato. We do have the capability to transport. , peoplethat in america do not have enough of the equipment, the masks, the protective gear, the ventilators. America is taking care of our own. When we have the capacity built up, which it appears are great entrepreneurs and scientists are doing, then we are going to immediately transfer it out. What is not used in america, the excess go into our alliance and our partnerships. We are coordinating and very active in the defense capabilities that are building these makeshift hospitals to take the excess patients and be able to save peoples lives. We are also going to be working with our entrepreneurial spirit to get more taken care of in america so we can share with our allies as quickly as possible. Hutchinson,sador you and ive talked before that nato had a set of priorities before the coronavirus. How is it fit the existing priorities with the new priority . Amb. Hutchison we have the new priority because it is first and center for all of our countries. We never expected a pandemic that would affect all of us at the same time. We are gearing up and dealing with it. At the same time, we have the foreign ministerial meeting tomorrow. Administers will be on video and we are going to be able to deliver on afghanistan, the information about the Peace Process that america is starting and our nato allies are helping us with and President Trump has asked for more nato help in iraq and we are reducing phase one tomorrow for the Foreign Ministers to discuss, and hopefully they will approve that as well. We are going into phase two beyond iraq so that nato will be able to do more in the middle east. ,e are keeping our core tasks the security tasks we have been assigned to do, but at the same time we are trying to divert all of the assets we can to helping ourselves and our allies in the coronavirus. Like to works it from home as a diplomat . Is it doable . You cannot do military exercises from home, but what about as a diplomat . Can you accomplish what you otherwise might . Amb. Hutchison it is not as good. We have gone down to only one media week in person with our ambassadors. Normally we have four to five a week to go over our missions and what we need to do more. Now we are having one and we are doing Everything Else virtually. Ondo a lot of negotiating the computer, but then we come together one time a week to try to make sure we are all on the same page. Whatis how we have come to we are going to present to the Foreign Ministers tomorrow. A lot of it has been done virtually. Our staff is mostly working from home, probably 60 to 70 are at home, even if we are in the office. I have been in the office every day, and i have been able to work with our staff that is not in the office because we are trying to adhere to the belgian rule, which has given nato an exception. They are saying we have essential duties. We are trying to help them in their efforts to contain the virus for all of us who are in brussels now and throughout belgium. Thank you so much for your time. We hope you stay safe. That is ambassador kay bailey hutchison, u. S. Ambassador to nato. Coming up, we have the miami mayor who has survived the coronavirus. He has a hotspot in miami. That is coming up next on balance of power on Bloomberg Television and radio. David this is balance of power on television and radio. We have been watching the markets closely because they have been tumbling. For a report we go to taylor riggs. Taylor i wanted to take a look at the s p 500. We are now offer second additional day with a 3. 4 drop, having the worst day going back to market since friday, march 20. There has been a lot of debate if the markets had found a volume a bottom or if they think we can hit a lower lower low than the previous tip. I was reading report saying the s p 500 expected to drop below 2000 four we find a bottom. They are one of the strategists calling for a lower low if the markets continue to turn lower. I want to flip up the board and take a look at some of the stocks we have been talking about. As you can see with the 10year gilts, so does go the banking index. Wells fargo Bank Analyst Mike Mayo coming up with a report saying he is coming back estimates for a third time, same levels are below consensus and he does see sobering times ahead. He writes fear has a commanding lead that is bank stock valuations down. He sees opportunity in the next one to two years but there will be significant guidance downward as we approach those levels. Fold that into what it means for some of the Credit Card Companies we have been following. As you can see, capital one, discover, a lot of these are concerns given it is april 1 and i would argue more pain is ahead. On may 1, consumers are paying not paying their credit cards and not spending, given their supposed to be a drop in consumer confidence. You are getting worries for some of the credit card issuers today. Some of the worst performers. You could look at some defaults down the line. Flipping up the board, i was here with a slew of pmi that came out in asia. Everyone except for taiwan was in contraction territory. Not a good sign for some of the metals, particularly copper. No global growth. Unsure what that means for copper futures. David thanks to taylor riggs. Coming up, he is they have of a bank that deals with 66 million Small Business customers. Ceo ofthe chairman and bank of america will be brian moynihan, the chairman and ceo bank of america, will be on the power, onalance of bloomberg. David this is Bloomberg Television and radio. I am david westin and this is balance of power. New jersey is the state in the union with the secondhighest number of victims of the coronavirus. Earlier today, i talked to its governor, phil murphy of new jersey, about how his state is coping with the coronavirus. Murphy we have not announced the overnight numbers. I do not get them until after this. The numbers are going up. Lives lost. Ecious almost 19,000 positive tests. The positive test number, actually both numbers we expected and warned people, but the positive test numbers cut both ways. On the one hand it is positive test that people have the virus, on the other hand, it gives us a much better sense of the dimensions of this. We keep not just positive but negative testing results, and that gives our epidemiologists and other professionals a better handle on trying to figure out where this is headed trying to stay ahead of it. David one of the things we are all looking at is the rate of increase. You have any sense on whether the rate of increase is diminishing at all . Gov. Murphy the rate of increase on positive test is diminishing. In fairness, that is an imperfect assessment because as much as i want to test everybody , and that was our hope from day one, we do not have the materials to be able to do that, both the specimen collecting materials as well as the protective equipment where health care workers. The rate has been flattening as a percentage. The number of fatalities in broad numbers and percentages. Umped up again one other point that needs to be said is we have been as aggressive as any american state , the most aggressive set of steps we took were a week ago saturday. That is 11 days ago. Some of these testing results we are getting were from specimens that were collected eight to 10 days ago. We will not have a real handle on the impact of the aggressive social distancing for another week or so. David we all know social distancing seems to be the best weapon we have in the arsenal. At the same time, new jersey is the most densely populated state in the nation. What special challenges does that pose for you. Can you monitor the extent to which people are complying and can you enforce it . Gov. Murphy we are the most densely populated state in the nation, which gives us a unique challenge. Challenge. You can imagine the north and central parts of the state, we are part of metro new york so we are living the same reality new york city is and we are all in this together. Compliance based on every objective assessment we have right now is very high. I would not have said that two or three weeks ago, particulate among our young people who felt and still feel they are invincible to some extent. We enforce this aggressively. We have the state police out last night, we obviously have local and county officials. We are finding people, not just host but people who attend any gatherings. We are telling people stay home, stay away from other people, no gatherings. If you violate that, you will pay a big price. That was new Jersey Governor Phil Murphy talking with me earlier today. Coming up, we will talk with brian moynihan, he is the chairman and ceo of bank of america. Millionamerica has 66 individual and Small Business customers. We will talk to him about how his bank is coping and what he is seeing with Small Businesses across the country and will they get relief from the 2 billiondollar package. The 2 trillion package, and what was it like to sit next to president and talk about this . That is coming up next on balance of power on Bloomberg Television and radio. Nowadays you do more from home than ever before. The xfinity my account app puts you in control with Digital Tools to give you the help you need when you need it. Get fast and easy answers with personalized help 24 hours a day, 7 days a week. Change your wifi password to a phrase thats easy to remember. Even troubleshoot your services on your own. Were working to make things a little easier for everyone. Download the xfinity my account app today. David this is balance of power on Bloomberg Television and radio, im david westin. The Banking Industry and the lifeblood of our economy, and bank of america is an important part in that process because it has 66 million customers that are individuals or Small Businesses, so it knows how the economy is going. We are delighted to be joined by brian moynihan, coming to us remotely of course. This is an economic crisis, but i know you would be the first to say, but it is first and crisis. A human can you give us your perspective on the overall crisis we are facing . Brian it is clear, it is a Health Care Crisis. This virus out there that we are all in a war, and everybody in the world has one common enemy, and that is to win the war against this virus. Humanitarian crisis, and there are people who have been hit by a that are sick, and we have to make sure we are taken care of, and we have to take care of the rest of society so we dont get it, when you think ,bout how we pull our resources we have gone into social distancing, the stoxx, the virus and win the war on that. The Economic Impact will be mitigated then, and that is what you can see in the economy before it hit us and that is what we expect to see in the economy after it hits us. Have you reorder your priorities at bank of america . You said if you run a company, you have to reorder your priorities for this particular crisis. A quick look and said at the end of the day, our response has to be teamcentric, protect our team so they can support the customers coming even if they are working from home, and clientcentric, whether it is work from home or consumer customers. The number one issue was, how can you do all the work that we do with this great team working every day across this wonderful in a way but do it that has never been contemplated with 160,000 teammates going from working in the office to working from home. The logistics in that, the ability to distribute calls differently, helping people trade from home, we had 4300 branches that we had to keep open. We are an essential industry as labeled by the federal government that we have to be open, we have to keep the markets open, and we also had to reposition how our traders and teammates in the branches and call centers, operations groups worked at the same time. Had this Massive Movement of hundreds of thousands of people to home, but we had to reposition everybody left to make sure they could operate well. Inid when did it first sink with you that you would have to do something as dramatic as have 150,000 people work from home . Next to theit president , on his right when you went and visited him, but did that drive home to you how large this crisis is that is not going away . Brian we saw a bit of this play out in our foreign operations, Companies Like ourselves have operations in hong kong, china, and the impact in those areas give us a little bit of hint. January, early february, this was out there and not ours. As we went through february and went, her dr. Fauci speak at a conference and went to the white early march, a group of bankers was expected to talk to the president about banking, what we are doing for the customer, things like that. The first thing we did for half the time was to hear from dr. Cdci, dr. Birx, and the talk about the Health Care Crisis, and that is when the president stopped the trouble fromeurope travel europe. At that point, it was almost a linear. , it really settled in on me. We are moving people to work from home, but we said we have to go hard and fast, and quickly alternating shifts to complete work from home. Tollyou saw the human start to build up, the cases with hospitals and deaths, which are horrible. David the best way to fight it is shutting the economy down, which does real damage to the economy at the same time. Lets talk about that, and your advantage to the economy through individuals and Small Businesses. We have this 2 trillion infusion of capital where a lot of Small Businesses can get money fast. Is that going to happen . When will you be flooded with applications . Back up more broadly. If you think about what we saw on our Customer Base as we went through january and february, we saw with our Consumer Spending much faster rate, doubledigit rate versus 2019. The economy is probably going to grow faster than people predicted would be my guess. Then when you went into march, even with the impact in march, we will still see our Consumer Spending in the aggregate in march, and this has cost 3 date it, so year to will be almost double, the high, single digits. That is up more than last year or the or before, so the economy is on a path. But as you watch march play out, it has changed dramatically. What the Federal Reserve did, a lot of liquidity programs and statewide markets, what Congress Passed with its stimulus bill is an effort to keep people employed. We have told our employees they have a job until yearend, which is important, and it is important that we keep people employed, keep cash in the household and keep a baseline economy growing. You helption, how do Small Businesses do that . That is the program that they will implement beginning friday. The key is how we get that , oney out quickly behalf of congress and the president and the administration. Arew set of regulations being processed, and they are starting to publish them. We ask that our customers be patient. My advice to our customers, go back to their bank that they have a relationship with, get this kind of documentation, and those banks we will have millions of customers come to us and put them into the program, and it will be good because they employees. Ir that is what the money is here to do, and cover the overhead, which will help Small Business for this tough time. We are activating thousands of can do and if everyone it in an orderly fashion, it will be good for the u. S. Economy. David in order to get the money out the door, Small Businesses do not often have the ability to keep their employees on plural. Payroll. You might have applications that you would not normally give a loan against, but the government will say, that will turn into a grant if they keep their employees. Do you have faith that you will deploy a lot of cash that way . Brian for the clients, it is a straightforward set of needed documents they have to supply. If they supply those documents, they can get a loan at a calculated amount to be will they pay for the first three and is a the year, government program. It is an and will mentor about progress. Let me go to the other side, because the strength of our Banking System and the processes, the industry, one of our trade groups, the industry has funded more than 400 in the first month. We still have way more than our required amount of capital. It is an interesting thing that the Banking Industry has been able to step up because it the strength and supply to even large businesses, while the government is coming into help for the Small Businesses, which are the hardest to get money to. 2000 nine the, banks were in constant communication with government authorities. Is that going on now . What conversations are you having with the federal government . Brian it depends on the issues, but in terms of the treasury program, they sought our opinion on how to make sure to get the money out in an orderly fashion. We are heavily involved in that, on some of the liquidity and how working, all different parts of the architecture, whether the fed or the treasury, talking about what is going on in the markets on a given day and where liquidity and actions are needed. The fed is talking to us about what we are seeing in the others, and occ and regulators, what are you seeing from clients or hearing out there . You want an instant transmission mechanism. A lot of the data is lagging by definition. It has to be put together and reported. David all of us are trying to live day to day, week to week and get through this crisis. But some economists are talking about the demand restructure, the permanent reduction of consumption due to this crisis. Is there a risk of that . How large . Of the day,e end one of the things that is great, if you think about the throughput of the u. S. Economy, with the amount of stimulus and the amount of fiscal support that is coming, the amount of monetary support, if you look at theomist, 25 down in Second Quarter and working away 20heer amount of dollars, trillion dollars a year, it is overwhelmed by the amount of support coming to markets. That is geared to help get us on the other side of this faster. I think if we mitigate the [inaudible]crisis, it people readjust down to the Second Quarter, guessing what will happen this week, there will be a deeper downdraft. What we will see is a reversion back to the economy. Analyst gets back to the same sign it almost gets back to , whiche side next year is a pretty fast turnaround. That is a pretty core belief, because you are not changing anything fundamentally about the Business Cycle or what is going on. If you get by this virus, it works. If you look at china, the data and theng stronger, fact that they are on the other side of this situation, and we are seeing when i talked to we aremercial clients, seeing goods and shipments coming out of china and seeing factories start up in some places that were most affected, seeing people go about in shop and shop. When the consumer feels comfortable going out and going to restaurants and going to shop at a store and do things like that, that will come when the healthcare crisis is solved. There are tremendously talented people in a Great Health Care system, the best in the world, working on that every day. Whatever time that is, you know that it is a matter of how fast we can get there. David as chairman and ceo of bank of america, how do you plan for how we get to the other side of this . You must be thinking already about the best way to position yourself to come out on the other side. You said you will people of your employees through 2020 at least, so how keep all of your employees through 2020 at least. Brian on the teammates side, we have said, all of you have jobs. Dont worry about that. Help us serve our clients. We provided backup childcare for people so they could not only because the Childcare Centers closed down, people either had to come to work or work from needed, so we was gave them 100 a day to hire anybody they could to take care to help. The minimum wage went up to 20 an hour across our platforms. We told our summer kids, 1800 kids, you all have jobs. Dont worry about it. We will pay you for 10 weeks and figure out exactly how you will conduct that work. Our permanent employees all have jobs. We hired 200 plus people during the month of march to keep filling up our Client Service capabilities, and we have reached several thousand teammates to help others who are affected by the disease. We took the highrisk people off right away. The we are making sure our teammates have financial security, job security, wage security, and health security. Behind that with the clients, same thing. If you are affected by this for aand you need this payment, call us up. Clients have already taken advantage of the ability to defer payments. They will catch back up, but the idea is if they are suffering from unemployment on the consumer side we have done that, on the commercial side, we talked about Government Programs and what we have done overall. Comes from the quality of the enterprise we have. Then it comes to the question of community. We did 100 million in charitable giving. Businesses announced the 10 Million Program for their operating expenses, minus the 250 million capital investments. These local institutions will work with the hardest borrowers to work through the process, so we are doing that. If you think about that in society in terms of charity, supporting Small Businesses, or what we are doing for our teammates, our job is to push our company from this and that is how we have to do it. David all planning for a day when we do not have to be worried about coronavirus. Thank you, brian. We appreciate it. Brian moynihan, chairman and ceo of bank of america. Coming up, we will talk with the governor of alaska about what alaska is doing for the coronavirus and how use he is responding. This is balance of power on bloomberg tv and radio. Bloomberg tv and radio. This is balance of television and radio, im david westin. The governor today and a new Economic Stabilization plan will help some of the economic effects from this crisis. We are joined by mike dunlevy, the governor of alaska. Thank you for joining us. Give us a sense of where alaska is, how many incidents to you have, and how are you faring with this disease . Question. Vy good so far, alaska has tested 4603 individuals. We have 133 positive cases in alaska. ,e have had nine hospitalized still hospitalized in the state of alaska, and unfortunately we have had three deaths related to alaskans. Are a small state population wise, 730 thousand people, so we want to keep our numbers as low as possible. We have a lot of isolated communities appear, sometimes hundreds of miles from the nearest road. Many of those communities have a large native American Population that were impacted by the spanish flu of 1918, so we are doing everything we can to keep this virus out of our communities, standing up our Health Care Like the other states are as quickly as possible, and we have travel restrictions, and are asking alaskans not to be within six feet of others. If they can do that and still work, if they can do that and recreate, that is fine. We are a big state with a lot of space, but we are asking folks to not get closer than six feet, wife every surface there is, and we have had the highest spike in unemployment claims here in some time. Prior to the virus, a day before we shut down, our Economic Indicators were going pretty well. We had record low unemployment, record investment of billions of dollars, the lowest foreclosure in 50 years things were going really well, and like the rest of the world was turned upside down. David we all have to take this we do,y seriously, and day in and day out. It is not hard to think about what comes out the other side, because one way or another, we will get through this. I know you are using an Economic Stabilization plan. Is that helping individuals get through the other side . Very goodvy question. There are a couple parts of this disaster. One is the health side that we are confronting first and foremost, standing up our Health Care System to be able to deal with this virus, but we call it 1a 1 is stabilizing the economy 1b is stabilizing the economy. It is keeping the balance between the worker and the businesses. The hospitality industry, restaurants, bars, hotels, other Small Businesses have been hurt by this. Our plan is to replace that income through the businesses, through loans that would be zero and make sure, the businesses retain that relationship with the business and the workers. Make sureure to the business has money, enough capital to pay rent, and the hope is sooner than later, im not sure when it will be, but sooner than later, we open up its economy more and more, get people back to work, and get this thing going again. David finally, governor, alaska is dependent in part on energy. We have seen what is happening in the Energy Industry is that a double whammy for your state . To beunlevy it is going a problem, no doubt about it. The sole thing happened on the same day. Saw oil start to go down rapidly and steep, so now it is 20 brent is 24 a barrel, but there is talk about going even lower because of the lack of the demand from the virus. Alaska throughout its history has gone through a lot of earthquakes, volcanoes, dramatic oil price changes, but we are pretty tough, a pretty tough crew appear, and we are working our way through this. In the end, it will be difficult in the beginning, but we will come out of this stronger than we believe. David we all wish you well. Our thanks to governor mike dunlevy of the state of alaska. Ofs is bloomberg Balance Power on Bloomberg Television and radio. Berg television and radio. This is bloomberg balance of power. Im david westin. Time for first word news with mark crumpton. Mark there are new signs today that a nationwide lockdown in italy might be working. Europes hardest hit country has 727 new coronavirus deaths in the last 24 hours. That is down more than 100 from the day before and the lowest number in six days. Italy has had more than 110,000 current terms coronavirus cases. The time governor will keep his nationwide lockdown in place until at least april 13. China has been lying about the extent of the coronavirus outbreak in that country. Bloomberg has learned that the conclusion of the u. S. Intelligence community and a class of fiber boards to the white house. The report found china has been under reporting total cases and the number of deaths a Russian Military plane loaded with medical equipment is on its way to the United States. Called the offer of help very nice. About 2800 it has cases of the coronavirus, but some believe russia is not being honest about the statistics. Global news, 24 hours a day, on air and at quicktake on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton, this is bloomberg. David, back to you. David coming up, we will talk with the attorney general of the state of louisiana, signing a letter trying to crack down on price gouging by online retailers. This is bloomberg. Ing by online retailers. This is bloomberg. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Im vonnie vonnie quinn. Welcome to bloomberg markets. The are your top stories we are following. U. S. Stocks start the Second Quarter in the red. Investors bracing for a longer economic shutdown as President Trump warns of a painful. For theul period epidemic. And u. S. Data shows manufacturing and employment the climbing to levels not seen since the financial crisis. Later, i will be speaking with the ceo of digital colony. He is slated to succeed tom barrack is the ceo of Colony Capital in july. Ofs get a quick check markets right now. We are seeing the s p 500 on the decline today. Than 4 now, and we spent most of the session down 3
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