Various governors about how and when to reopen the economy. Jobless claims we are expecting would bring the total over the last four weeks to 22 . Economists say that 20 employment at the peak is a realistic scenario for the united states. Sarah ponczek, talk to us about the rally today and how big a parnas tech have to play . Sarah tech really has played a very large part in the rally. You mentioned the s p up 3 . Your techheavy nasdaq, up 4. 3 . Google, microsoft, all of them at more than 4 . Yesterday, we saw the s p fall 1 while the techheavy nasdaq rose 1 . That is a discrepancy we have not seen in the history of the benchmarks. Aureen moore, tech is seen as safe haven play. You can look at these discrepancies to see how important not just tech but really these large mega cap names have been playing in the rally. Equal weighted version of the nasdaq. Amazon, microsoft, still down 7 on the year. Cap, where they really do rule the game, now less than half a percentage point away from being unchanged on the year. Emily where to next for the stock market now that some key resistance levels have been broken . Sarah the nasdaq plunged really quickly its 50 day moving average. On the s p 500, it punched through the retracement level. Pointing to that 50day moving average, about 1. 5 away. This large debate over this over whether this of aprily or the start market. That this is shortterm and tactical. It does not mean there will not be more volatility to, but why the change, he says, is because beennderlying momentum has so strong. Recognizing the momentum we have seen in big cap tech. Morganjamie dimon of jp saying reopening potentially by summer. What did Bank Earnings tell us today and what can the rest of the market tell us . Is a lot of uncertainty over when the economy will actually reopen. That has been a problem because it has been very difficult to get a sense of what companies have been facing. What that impact will be on their profits. Banks did kick up earnings today. They from bank of america, goldman sachs, citigroup tomorrow. Loan loss provisions, how much cash banks are setting aside to protect against bad loans and defaults. About 8. 3et aside billion, more than double what some analysts had expected. Roughly 12 billion, which is more than most expected, so it does show you but the banks are prepared, they do expect it to be pretty rough. Thank you for giving us that run down. Than 22,000, that is the number of startups employees that have been laid off so far during the pandemic. The Venture Capital firms that are funding them have raised a record 21 billion so far in the First Quarter of this year, compared to 51 billion in all, last year. I talked to someone from Kleiner Perkins about how long he thinks this will last. First and foremost, it is a health pandemic. Thee is a high level of around when we will open up again. In our world, earlystage Venture Capital startups, really the name of the game is cash. Cash is king. In a period of uncertainty, you really want to preserve the cash on your Balance Sheet and make it last as long as possible. Emily what are you telling your Portfolio Companies to do right now, whether it is about conserving cash, capital, and how long are they supposed to prepare for life to be like this . We have gone through board meetings, zoom calls, really triaging. Facing headwinds. Those that are seeing acceleration. Certain companies are going and doing layoffs. Companies are higher freezing. And then companies are still hiring. The companies are really dependent on what business they are in. Some companies are really thriving, companies that work from home or provide some sort of entertainment. Other sets, travel and other types of entertainment come in person, those are these that need to take more drastic measures and lay people because their business has been really hurt. Yelp, 25 . How much more widespread do you think the layoffs will be across the tech ecosystem, and how deep will the cuts be . Mamoon we are encouraging our ifpanies to do one layoff they have to, and do it now. I expect most of that to happen right now, as we speak in the next few weeks. Then i think we will see a lull in layoffs. It is jarring enough to do one layoff. To do multiple layoffs, it is not the way to go. Layoffs right now, then i would say have a break. Depending on how fast we reopen or not, we may see another wave later this year. For now, i would say we are reaching the end of the decision to do layoffs. Emily meanwhile, some business are skyrocketing. Slack is one of those examples. I am curious, how much of the new behaviors we are seeing now zoom. How does that impact sort of where you might want to place your bets . Mamoon i think we have been fortunate, the beneficiary of work from home, the movement as investors in slack and other a companylike sigma, that allows people to make designs in the browser collaboratively. Luma, an like asynchronous platform. Really, these are current behaviors that i think, it may not be what you do 100 of the time, but maybe 80 of the time. May resort to we zoom with meetings in person, and now we do them remotely. 700 Million Dollars fund, how are you going to be putting that money to work . During the financial crisis, we saw doubling down on favorite companies. For kleiner do that or look more opportunities . Mamoon our mantra is always look early for history making companies. Invest in new companies, new founders. If you think about 2009, that era produced over, slack, airbnb, and square in just a 12 month period. Ubers after finding the and slacks of 2020. Enoughwill there be money . 17bank is planning to lose billion when it comes to the vision fund. Will there be enough new economyities on the grinding to a halt . Mamoon this is a great time to be a founder. There will be more than abundant opportunities to invest in great companies. Newave seen a barrage of Investment Opportunities come across even in the last two weeks. I dont think there is every bad time to start a value company. Emily you are taking over daily management of Kleiner Perkins. I wonder how the coronavirus has changed that or if it is changing any of the plants already in place . Mamoon we have moved very quickly from very quickly to work from home i think, kudos to our Technology Team and our Operations Team that allowed us very rapidly to work from home. I would say it is the beginning of march actually. To do is pretty awesome all hands weekly on mondays, weekly virtual lunches. There is a sense of connection through slack channels. It is important to continue to keep the authentic relationships we all have with each other, in human capacity, to do that now remotely. Kleiner is sort of a storied firm with high highs and low lows. The new kleiner, what does that . Ook like to you have a mission and set up values and ethos that we live by, which revolves around being one team, one dream. To makem is to be is history. We want to serve those founders and aumility, empathy, strong moral compass. We also want to win and be part of those historymaking companies. Emily you said three years ago that hiring a woman partner would be a priority. Still has not happened. I know there are some women principles at the firm what is the hold up . When will we see this happen . Mamoon we have some incredible principles. We are constantly on the lookout. Mammon hamid, partner at Kleiner Perkins. Coming up, we will be talking about a new potential for a vaccine going into phase one Clinical Trials. We will talk to the guy known as the father of dna vaccines about the progress and any issues so far. We will take you to the rose garden as soon as the Coronavirus Task force briefing begins. The biotech firm in novi is second to test his covid19 candidate on humans. Trials started next week. We spoke to dr. David weiner about how the trials going so far. David there are no issues. Are two dose groups, a one milligram and two milligram. One milligram is being done now and then we will go to the two milligrams. Emily you are known as the father of dna vaccines. Why do you think the dna approach is the right approach . David the approaches such as we are using and some other groups are using its really have significant advantages. It took us about 10 weeks to get into the clinic. A lot of animals along the way. It has a very reproducible manufactory temperaturestable. It is simple. It is nonlife, nonreplicating. It does not spread from one individual to another. Of conceptualount safety advantages, manufacturing advantages, and production advantages. So, there are significant advantages over this type of approach to the approaches we have used before. Emily Johnson Johnson just told us today that they are on in 2020. A vaccine talk to us about how different vaccine approaches compare . Different from them and others as well . David traditional vaccines have been based on two technologies. Live and nonlife approaches. Are measles, mumps, the grow in bodies and produce immune responses. Recombitant, a product that uses a genetically attenuated piece of the virus that creates a response because it encodes the spike protein. You have any separate category, protein vaccines, pieces of nonlife, which produce different responses like antibodies. Finally, nucleic acid. And dna approaches. Those have similarities and differences. They have more consistent manufacturing, similar processes. The rna is newer. Lipidequire nanoparticles. The dna requires delivery into the skin the nucleic acid are actually produced inside our body. Dna onlyuce the locally in the arm. Systements to the immune a very appropriately folded and customized antigen. That each person does their own vaccine. It has the conceptual safety of a nonlive but the immune advantage of a live, and a platform to deliver it over and over. Emily how far are we realistically from a vaccine . We are hearing early next year. Is that the soonest . David i think that is when we will get to a licensed vaccine. I think what you are going to see after the phase one, as groups move into the phase two and trials, i think you will see that dana see that data sooner than if you moved away licensed vaccine. If we use an example of another vaccine developed during an outbreak, the ebola vaccine, whats that got through a small trial and showed it had some efficacy against infection, it was then deployed rapidly. We kind of had an idea that it was affect if and we were using it as a tool while it was moving toward that licensure. Other situations like emergency use. So realistically, in the , theoptimistic scenario most likely timeframe we could see a licensed vaccine. Avid i think you will see licensed vaccine in about a year or so, but i think you will see these products come along and start to give us indications of efficacy significantly before that. Those would then be tools we can use to start protecting our health care workers, firstline responders, people that work in environments that put them at higher risk as we develop them. I think there is an important stage of how we roll them out. That could be toward the end of this year. Emily ok. What is the collaboration like with other scientists . I understand a lot of scientists are working together around the world very quickly and that is unusual in unprecedented. Isid i think collaboration a very important part of science. Scientists have been jumping in to collaborate on this. The team that is. Uilt around funding you have the groups that are all university he kansas city. You have Laval University in canada. More and more groups are joining the team to provide more expertise. Animal challenges, development. In theeally all of us vaccine field against the virus. David interesting that a vaccine could be ready for those who need it before the end of the year. Coming up, we will be talking about softbank, forecasting record losses for the year. Also, we will take you to the rose garden. The president just tweeting that the Daily Press Conference will begin at about 5 45 eastern time, about 20 minutes from now. This is bloomberg. Emily you are looking at a live shot of the rose garden. The president just tweeting that the Daily Press Conference will start about 20 minutes from now. 5 45 p. M. Eastern time. We will be looking at a sign from the president of how it is going with governors. Also, we will talk softbank. Emily welcome back to bloomberg technology. Lose 17expected to billion this year. Senior us now is our executive editor for bloomberg technology. Steepe the losses so , the pandemic or other things . They talk about a deteriorating market environment. Grab, realber, like weikely work ework, those investments are not operating. Also the endemic problems at the vision fund. Capital beingch expended on companies, then some infighting among investors. Are working at ,ross purposes to others engaging in subterfuge to get others in trouble, and masayoshi leadershiprting much. So you have a combination of about market environment and accompany that invested a lot in startups and was caught flatfooted by the downturn. Fund made someon famously bad bets. What about the other bets in the portfolio . Some are not bad. They have koreas Largest Online retailer, another company and latin america, but other bets have gone poorly. Oneweb, stands out is whose goals have been to put satellites in the sky to create a highspeed internet network. That is a competitive market. Spacex, competing with amazon come traditional aerospace. It is a highcost and strict regulatory environment. Oneweb has declared bankruptcy. Traditional some strengths, but these investments have gone poorly. Emily talk about Elliott Management, the activist that has taken a big stake in the company. What is the latest . Paul singer and Elliott Management have taken a big stake in softbank, running their activist playbook. Softbank is historically the largest shareholder in alibaba,. 6 stake emily all right, looks like we lost brad stone. I want to get to johnson , theyn, the cfo earlier also have covid19 vaccine candidates. They told us that is on track for early next year. Take a listen to our interview with the cfo of Johnson Johnson about the. Things the outlook. Things continue to progress with the vaccine. We were able to identify lead candidate with two backups. We are doing clinical research. Hope to be first in human by september, which should lead to a readout of data in late ofember, with the hope producing one billion vaccines early next year. We are ramping up Manufacturing Capabilities across the globe to ensure we can handle that demand , so things are very much on track. How are you able to ramp up so quickly . My understanding is vaccines take years. We are able to rely on a platform in a number of other vaccine trials, so hiv, sica. The zika virus. We were able to use the same platform, which has a higher yield, enabling us to ramp up to high volumes. It gives us a great degree of competence in terms of safety. Fairpoint. You said it would be sold at cost. Can you give me an update . Is that for this pandemic or forever . Thats right. We will provide this cost during the emergency. Seeking to recapture manufacturing and distribution costs. Isrealize the pandemic something where Johnson Johnson can use its expertise and Financial Stability to make this available, so that is our plan right now. When wedoes that mean returned to normal and people still have the vaccine . Right now, we have put out the statement that Johnson Johnson does not intend to make a profit on this particular vaccine during the pandemic. That is where we are focused. We are responsible with our pricing. We just came out with our transparency report. We will act responsibly. We want to make sure we get through the Clinical Trials and have a vaccine that is widely across the globe to prevent further impact from the pandemic. Human, i appreciate that. Your Health Products versus medical devices. You saw a drop in revenue because of covid in the First Quarter. Yourur ability to grow products enough to offset medical devices . I would say are consumer and be inceutical units will line with expectations we had in january and we issued guidance for 2020. You saw some frontloading in the First Quarter as consumer products, tylenol, listerine, bandaids, a little pantry loading. In pharmaceuticals, you saw the pbms change their cycles from 30day to 90day scripts. Offset entirely the medical device impact we expect to see in the second and third quarter. We anticipate recovery of elective surgeries in the third and Fourth Quarter. Then the recovery for Fourth Quarter for elective surgeries, does that imply a v shaped recovery . Somewhat back to normal with an improvement to capacity from hospital systems. We have had a chance to speak with ceos. One thing they are struggling with are the financial challenges of being unable to perform elective surgery. That is important to their financial equation. , butare being responsible many hospitals outside the hotspots are not seeing that activity come through their hospital, so they are underutilized at this time. Emily the cfo of Johnson Johnson with alix steel. Coming up, amazon may be hiring at warehouses, but firing employees for speaking out about working conditions. We will talk about that. That is coming up. This is bloomberg. Amazon is firing three employees who have spoken out about working conditions. Bring in our reporter who covers amazon. Employees,ons, three all speaking out about safety and workplace conditions. Talk to us about who they are and what happened. Two employees worked at headquarters in seattle. Part of employees pushing the company to do more about climate change. Their support to warehouse workers around the u. S. Advocating for better working conditions. At a warehouse in minnesota was terminated last week. All three had been speaking out, saying amazon is