Far, but the lowest number of daily deaths for some time, Governor Cuomo saying 474 people died in new york in the last 24 hours. We have cases surging in italy, singapore, ireland. Treasuryetary of Steven Mnuchin says most of the u. S. Economy will be open by august. I want to bring in our markets reporters taylor riggs. Taylor, what is driving the rebound in particular today . Taylor markets are breathing a sigh of relief. We are waiting for the 480 4 billion stimulus package to go in front of the house. There will be signs of the flattening of the health curve we have been talking about, as well as earnings. Were getting back some of the fundamentals, and Oil Rebounding after six Straight Days of losses, so mark is taking a sigh of relief. Look at the stocks within the chipmakers. Up almost 6 , having one of its best days, the biggest outperformer. A lot of earnings are underway, so getting back to fundamentals of what is driving this market. Two companies in that soft index i want to highlight, texas instruments, they are reporting better than quarterly results, and they said they would build up future inventory to make sure they are there to take advantage when demand comes back online. As well as intel. They are jumping after analysts raise their price target on the growth of data. This is ahead of their Company Results tomorrow. The start of a broadbased rally across the board, sort of a general risk on sentiment, but you are getting the sense be could get back to fundamentals is driving the tech stocks underneath the hood. Taylor, 2020me, guidance, uber had done the same, but some analysts say lyft may be in a better position then over, which is interesting given uber also has uber eats muscle you would think perhaps not necessarily as exposed to the drop of online demand. What is driving this theory that lyft may be in a better position . Taylor with all of that diversification as well as that business line diversification uber has eight analysts think they could weather the storm better than lyft. Interestingly enough, i heard from an analyst who said the Silver Lining to all of this is lyft did not start to see the negative revenue trends start until march. Wilbur noted on their call on march 19 they had already started to feel the weight uber noted on their call on march 19 they had already started to feel the negative weight. Given that uber operates in north america, this could be a blessing in the sign in disguise saying they could have a cleaner recovery story. They dont have to worry about a lot of the problems in the rising infections you have seen over in some of the Asian Countries and the reinfections, they could be poised here to have a little bit of a cleaner recovery story. A different take on some analysis coming into here about theng that diversity and geographic diversity that could have been a strength before all of this happened. Emily interesting. Uber has been pushing that their diversity will ultimately help them in the long run. Thank you for the update. I want to move on to a capital firm that is backed up biggest names from facebook to airbnb, to spacex. Earlier today, i sat down with the partner who is well known for his contrarian views and asked him on how this pandemic is going to hit the economy, the tech economy more broadly. Take a listen. Measuring closer to years and quarters. It may not be cheaper, but it is pronounced. There are a lot of layoffs. I think impacts will be very, very long. Emily several years . Keith i think the impact could be extreme the loan. For example, post 9 11, the travel industry in the united states, we had a peak. It took until may 2004 for travel to rebound back to its peak. That was almost three years. Emily you are a noted contrarian. We had been speaking to investors looking to lay off folks. What is your advice for Portfolio Companies they may be contemplating this . Keith i dont think there was a one size fits all. Companies have different Balance Sheets. Delivery companies are growing, but most companies are impacted in a negative way. The general advice is to control your own destiny, meaning to breakeven or close to breakeven meaning lower your cost, raising your revenue, or some combination thereof. Number two, have enough resources so that however long this takes, you dont have to raise money under pressure for a very long period of time. So there is more visibility into what is going on. By now, everyone is driving blind because no one can predict when the Health Crisis ends. About Big Companies . Should the government be bailing out Big Companies . Keith the answer varies. The Companies Make miscalculations and miss scenarios, i dont even government should be doling out money to anybody, but there are industries where the government is legally banning you from engaging in business peri in business. Think about an sba down the street. If the government is prohibiting you from maintaining business, i dont think it is the business fault, and the government should take responsibility. Emily [indiscernible] part, no. The most i do think also the airlines kind of new that things like viruses and pandemics are likely. They identify these mysterious risks. I dont think the airlines really were able to focus were really able to forecast. I think it does matter what the company could reasonably plan for versus what the government has said what is the case. They are more sympathetic. There are different options here. Again, i dont think there is one simple answer. Lyft, deeply, affected by the halt in, the halt in transportation. Do you think what are your outlooks for these companies . How bad does it get for them . Keith i think there will be tremendous, longterm effect on travel, especially international the idea ofse pretty much one can travel almost anywhere around the globe. More of a mechanical instead of discretionary. Era is over. Just because i decide i want to go somewhere. [indiscernible] will rebound faster. They are going to want to see other places. Maybe they will be more health conscious. They will want to go to national parks. They will want to see relatives. Emily there has been speculation about the core of his being created in a lab, and you made some controversial statements on twitter about this, and you believe that it was likely it was created in a lab. The pentagon said the evidence is inconclusive. The World Health Organization said he came from animals. Is that still your position . And why . Keith my position is there is no doubt that one way or the other, this came from a lab. Created is not exactly the right word. What actually happened is they were a going on in this lab, and by gross negligence for life, some of the experimental animals were sold into wet markets. That is technically against governmental policy, but Chinese Government policy has historically allowed control group animals to be sold back into the wet markets. [indiscernible] there is an account you can follow where they have evidence. Capy they are putting a were restaurants can pay food delivery services. You called that stupidity. We are seeing a trend now were asking apartments to reduce rent. Do you think that this is something that companies should grant or not . Because i think we will see a wave of this over the next few months. Keith we will see a wave of renegotiations, and there is nothing wrong with renegotiations. Demand have worked. There will be less people who need office space. It will increase the demand for the remote worker. Landlords will have to adjust and a landlord may critically decide that i would rather you pay me less, but extend the contracts. And backve to sue you up see if there is any Money Monetary negotiations, amazon set no, but renegotiations are always a good thing. But i rather you pay me . 50 on the dollar versus nothing . . 50 ontake the bankruptcy risk. Crisisernment dictating is basically a term idea. Supply and demand always works, and of the government mandates those, you will get less supply. Lets talk about a company that does food delivery. The biggest headache for them is ashley getting the people to deliver the food. These people need to be paid real money. Theyre putting their health at risk to some extent and working while everyone else is at home. If the government cracks down on these companies, people will make less money. You have to raise prices to the consumer directly. But if you raise prices, in means less supply, less people those people can afford it. It, theple can afford less people place orders and restaurants make less total dollars than they would have. Governmente the interferes with supply and demand, your causing a crisis to the market. Almost everybody with a brain believes that this works. It is an old policy from the 1940s to the 1970s that they have realized this is stupid. We are doing rent control over food. It makes no sense for rent control or for food. Emily keith rabois. Coming up, we will talk to an online bank who found out they could get stimulus checks before you can get them in the mail from the government. We will have the ceo from china next. Were standing by for the Daily White House briefing scheduled to start a half hour from now. When that begins, we will take you to washington. This is bloomberg. Tens of millions of people now unemployed and many millions more than waiting for stimulus checks from the federal government. The online bank time has been running a Pilot Program to get checks to you as quickly then the government can mail them. Joining us to discuss, the ceo, chris britt as well as sonali bostic. Thanks to you. Chris, how is the Program Going on are you learning in terms of new accounts . Hey, emily. Thanks for having me bad. I appreciate it. But we decided to do, chime offers Banking Services for mans of americans. We believe that your bank account should be fast, free, easy. You want to be helpful, so we started taking aggressive action in terms of ppe program. Alsoow program two, but the director consumer. When you receive notifications through the federal reserves system, through the ach receiving your payments on the 16th of the month, when we received the initial notification as early as attempt of the month, five days early, we released those payments to our members. Is wefect of that provided early access to over 1. 1 billion of stimulus payments before they actually arrived in accounts. In so, not surprising, we got a lot of love from many members who were excited about it. Remember cause we because of your member obsessed and we want to be helpful. The net result is we have seen not just a lot of social media, but also hundreds of thousands of signups this past week. Sonali what kind of customers have been accessing this part of the stimulus . What do they need, and what else do they need from the government . Chris well, the first payment came through the governor was trying to be really aggressive in his initiative, so whatever routing and account number they had on file from tax returns, they essentially pushed through payments for anyone who qualified. That is typically for people who make under 75,000. We saw quite a few customers who were eligible to receive these payments, and so, those of the first payment that came through, but we are also trying to see the physical paper checks are now starting to be received with donalds signature or name on it. Seeing those being deposited into our accounts as well starting this week. Emily what is your big take away from these Government Programs . We know the government approved an additional 500 billion stimulus package and another 300 billion for Small Businesses. We can expect that money will evaporate pretty quickly seeing how fast the initial money went. You know, where do you think these Government Programs are succeeding, and where the falling short. Falling short . Chris there is no question that how aggressive the government is trying to do to get to money to consumers. This should be applauded. But it has brought to life the fact that mailing paper checks inpeople is so ridiculous 2020. You will probably see a continued push to facilitate all payments electronically. We are encouraging our members to signup for accounts, go to the irs website. Received a not check, plugin your routing number and back account into chime. You dont want to wait another 15 to 20 weeks to get a paper check. For a lot of people, it may take many more weeks before they received paper. We are doing a lot to promote that. We have a ton of campaigns going to get people excited. Away 1 million this month. If a chime member tweets the also more for people on the front line doing, you will be entered into a sweepstakes. We have seen interesting moves by big banks. Wells fargo and citigroup causing Overdraft Fees. You build your business on the premise of doing a lot of things that big banks dont do. What has this entire crisis told you about the Banking System that is not getting to consumers . What should be different . Chris the Banking System is so heavily relying on seeds. Everyone is doing their best in a difficult time. Banks came out and said they have 10 billion in profits and whatto give out in loans is essentially no risk. The same on the consumer side. Our core values is around being human, meaning having your back and providing products that will help you in ways. The question is, why do chart Overdraft Fees in the first place . To take the members account negative for up to 500 and we dont charge a fee. There are ways to Design Services that could be way more aligned with consumer interests. Chime ceo chris britt, thank you for joining us as well as sonali bostic. We will be following you to see how the delivery of the 1200 checks goes. More bloomberg technology. We will be back after a quick break. This is bloomberg. We are standing by for the Daily White House briefing. As soon as that begins, we will take you there, scheduled to begin in 15 minutes. We will be looking for any clues on further progress on plans to reopen the economy. Treasury secretary Steven Mnuchin has said he believes the economy will be almost fully reopen by august. Meantime, there has been back and forth between House Speaker nancy pelosi and leader mcconnell. Pelosi saying she believes the next amount of stimulation be going to state and local government partly to mcconnell saying those governments should be working to bankruptcy instead. We will be following the backandforth there. Also, we will be talking about sandal, the First Virtual nfl draft begins tomorrow, but will it come off without a hitch or a hack . We will tell you about that next car 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. Its more than just fast. It keeps all your devices running smoothly. With builtin security that protects your kids. No matter what theyre up to. It protects your info. And gives you 24 7 peace of mind. That if its connected, its protected. Even that that petcamera thingy. [ whines ] can your internet do that . Xfinity xfi can because its. Simple, easy, awesome. [ barking ] welcome back to bloomberg technology. The first nfl draft will happen virtually starting tomorrow and will go on for the next three days. How will it change drafts in the future . Everybody asking those questions. Will it come off without a hitch . Joining me now, fanduel ceo matt king. I know you have been preparing for this for a few weeks. You have added some new activities to make this exciting for fans. Talk to us about how much activity you are expecting tomorrow, and what you are looking out for. The draft is going to be a huge event this year. It is always a big event, but obviously this year it will be bigger given the fact that there are so few other sports on. Increaseoking for an in Sports Betting, more than 10x playing an people fantasy game or betting on the draft, given the interest this year. Emily that said, because it is outline it means it might be more vulnerable to Cyber Security threats. How concerned are you that hackers could try to derail this any number of ways . Matthew hackers try to derail businesses every day. It is just something that you need to get used to. And so we look at it from the perspective of we know the nfl is doing everything they can to create a safe event that has full integrity. And it is something we are very used to in terms of managing potential cybersecurity issues. But the draft, it will be a big headline event, but the reality is people are trying to do bad stuff every day and you just have to defend against it every day. Emily speaking of, this could have an impact on how drafts happen all year, and perhaps how drafts are performed over the longerterm. How are you thinking about that, in terms of how this goes over the next three days could last beyond the next three days . Matthew the reality is everybody in the sports world is trying to plan for every eventuality these days. You are testing the limits of what people are willing to do virtually. So i think you will see bettery, over time, a and better ability for people to produce entertaining events virtually. I think you will see i am sure growing pains in the first draft, but i think over time they will get better and better. But the reality is a lot of us are seeing spikes in the draft themselves, whether people are in person for that happening or doing it virtually, i think the excitement stays the same. You recentlyme, said revenue from march 16 through april 12 was down just 8 yearoveryear. Some might have expected those numbers to be worse. What was making up for the shortfall . Was it casin