Romaine we will get back to david in just a moment. Taylor to jump over to riggs. Taylor attack, the big movers. Wanted to take a look at interday of the s p 500. Pretty volatile. Earnings around, so if you dont mind, i will jump to the end of my segment here where we were taking a look. Amazon saying that they are 26 ng net sales up yearoveryear and just a little bit higher than the estimates of of a 73 and three quarters billion dollars. Secondquarter net sales a here, versusy estimates of about 78 billion. They are saying that they see the crisis, demonstrating adaptability and durability. Amazon First Quarter net sales just above estimates. Sales rising about 0. 25 . In theally interested cloud service. That is where we saw a lot of strength with microsoft and alphabet. Strength within that cloud business. Very curious as Amazon Web Services is the leader. I will leave you all with that note. We will finish that later. Amazon coming out. That is going to be the key driver here as we wrap up the close. Scarlet there been few companies as essential as amazon. You saw that with amazon shares rallying into the close, closing at eight record high. Cash flow numbers for amazon. According to dow jones, free to 23. 4 increased billion. The net sales number coming in a little bit shy of estimates, at least on the low end. As we are looking for, 78 billion for the period. Amazon making some comments when it comes to the overall coronavirus period and how challenging it has been. Come obviously, they were able to demonstrate adaptability and durability. Challenges including a lot of labor unrest, second guesses as to how they were conducting their business and treating their workers. Amazon a lot of eyes on and gilead sciences. Versussted eps at 168 176 on the estimate side. The revenue number is up 5. 1 . They drug that could potentially be a treatment for covid19. Gilead saying it is taking steps to expand its capability. Also saying that r d expenses primarily duease to the drug. They will maintain the dividend of . 68 per share. Scarlet we also have some earnings. Looking at visa not providing a full year outlook, not surprising given the lack of clarity on how consumers are spending when a lot of them are still stuck at home. 5. 9ndquarter net revenue, dollars. A drop of about 2. 5 from the previous quarter, the First Quarter. Eps, 1. 38,er compared with 1. 31 a year earlier. Let me just come in with a new number. 1. 39 compares with the estimate of 1. 35. Quarter, 1. 39nd versus 1. 35. Lets bring back david from an cora investors to give us a little more context here. You hear about amazon and visa on the consumer side, then gilead sciences. Is now the time to be looking at these Health Care Companies that have got a lot of interest . You are picking winners and losers when you dont know what is going to happen, but the narrative is compelling, isnt it . David in health care, i am very glad that heading into the coronavirus selloff, i was overweight health care. I continue to be. At this point in time, i am not looking materially add to health care. If you look at the filings, biotech names like amgen, johnson johnson, companies high freey mode of cash flow generation, low leverage on the balance sheets. At this point, given how Many Health Care stocks. The fangs are starting to get priced for protection. Do i want to be chasing them rally. His median stock romaine david, really appreciate you being with us today and being patient as we rattle romaine broadcasting live from new york to our viewers worldwide, i am Romaine Bostick alongside scarlet fu. This is whatd you miss . Scarlet we are looking at losses for the s p, dow, and nasdaq. A slew of 4 billion in covid19 costs affecting that guidance. Visa shares moving a little bit here in after hours. This is after it says its Business Model is resilient. Epsical Second Quarter beating the consensus estimate. 2 ,sborder volumes about slightly lower than what analysts had been looking for, which was 2. 9 . Romaine gilead earnings did come across the wire. The estimate was for 157. The company is taking steps to expand the manufacturing production of the main drug in trials right now that is being hailed as a potential treatment for covid19. Been in the news prior to the outbreak. It had seen some of the sales of its main drugs drop. Genvoya fell 19 . That was a trajectory for a lot of main drugs. They are putting a lot of expenses into remdesivir. We want to go from what is happening in the equity markets, what is happening with corporate profits, to talk a little bit more about the economy around the world. Stephen englander, global head of fx research. I want to start off first with the ecb this morning. A little bit of an aboutface from christine lagarde. Spoke the market by not necessarily being as hawkish as other Central Bank President had been. Today, chief sounded more in line with what we had been hearing. They disappointed a bit. The market was looking for some expansion on their portfolios, buying both Government Debt that did not come. They tried to offset it by making lending attractive. Generally what you are seeing is the fed and Congress Kind of behaving as if they want to do more than is needed. It not hurt the euro, but it did hurt other asset markets. Scarlet we saw european banks in particular. What exactly is the ecb holding off for . As if they want to hold their fire and wait for the right moment to unleash their firepower. Moven we think they will next month. Courterman constitutional is going to rule on certain programs of their legality. The, it is not clear that ecb itself, and the government and counsel, is convinced you have to through the kitchen sink in. Obviously, when you look at the fiscal authorities, they are nowhere close to having the kind of fiscal stimulus they were looking for. Romaine i want to get your thoughts on the fed yesterday. Not so much what they did, but what they did not do. Goingin the u. S. Possibly negative for the fed. Interest on excess reserve. Changed atas not all. I wonder if we should read anything into whether the government whether that portends any sniffing around that 0 negative territory. Steven i dont think so. We thought that they would push it up and explain as a technical move. They did not, obviously. I dont think the fed really thinks that negative rates can help them. It is a question of, what else is there to do . Certainly, in terms of the discussion yesterday, powell was all over credit, expanding the credit facility, doing what it takes to get credit to the parts of the economy that needs it. However briefly he mentioned negative rates, there was not the excitement that there was. Scarlet i am glad you bring up the credit side. A lot of people are worried about the hazard here of the government lunching in with these programs. The fact that the fed would be buying recent fallen angels, the credit, as prompted a flood of money into highend credit, even though the fed has not even begun the program here. Feden the last time the talked about moral hazard was when they decided not to bailout lehman brothers. We know how that worked out. Right now, they need to ensure that the parts of the economy that need it, get it. Right in ok to be 80 the sense that you took care of the banks, took care of highgrade corporates, took care of money market funds, but you left out one segment, high yield or Something Else that everything you have done. Really going into every segment that needs the help. There is time down the road to decide who was imprudent and who was not. But now was not the time to be obsessed with moral hazard issues. ,omaine Stephen Englander great to have you on. Hope to finally see you in person soon. Standard chartered global head of fx research. Coming up next, we will go through all of those earnings that will be hitting the wire. Onve course were waiting apple results as well. Coming up, an interview with facebooks cfo. First quarter revenue beating expectations. We spoke a little earlier with the cfo. This is bloomberg. Scarlet we saw rally today after advertising demand was stronge strong for before the pandemic. They also said is this was steady in the first few weeks of april. Facebook cfo spoke with emily chang a little bit earlier today. Seeinguld say we are weakness in some of the logical categories like travel. Where we are seeing strength is places like gaming, ecommerce. That is to give you some of the flavor. Pretty broadbased across large and small advertisers. I would not say it is concentrated. Emily geographically, are you seeing regions performing better than others . David if you look at our Top Countries by user, everyone has some sort of lockdown measure in effect. Countries. Ad across regions. Vertising we dont have users in china but we do have advertisers in china. We did see that business, more , but we havey q1 seen a bit of a recovery. Some of that masked the verticals. A lot of that is in things like gaming and ecommerce and a lot of those verticals are doing better. 95 of folks that facebook are working at home. What is your timeline for getting back to work, given that there will be some government guidance . David i think we will be more cautious. We are blessed with being able to work from home and being able to operate relatively effectively. 95 of people we are able to shift code, moderate content, stay connected with our business customers. We do have a handful of employees who do have to go in and obviously safety is the focus there. We have to have people in our data centers, for instance. Part of it, we can do our jobs from home. We want to make sure the shared infrastructure is available for people who do need to be going into the office. We do not want to overload public transport and the like. You recently did a deal in india. Will we see more investments like that, and will they be more like investments or partnerships . India is a special market. This is a special company that has brought millions of people into the digital world. Geo is an exceptional effort. India is an important country for us. T has been a driver of growth india is kind of a critical market. We were fortunate to be able to make an investment like this in a troubled economic environment. We look forward to partnering with geo platforms to help Small Business connect with people on whatsapp and drive commerce and payments. Emily it sounds like on the call that mark indicated that you would be doing more of this. Im curious if you can shed any more light on regions or economies in particular that might peak facebooks interest . Payment platforms, and whatsapp across the globe, there are certainly opportunities to do that. This was clearly a very special opportunity, and something warranted by by far the largest investment. Romaine we were just listening to the cfo of facebook. Lets get a quick check on where we stand here with some of the earnings that had crossed the wire. Gilead came in slightly above estimates. The company said they have been spending a lot more, particularly on r d and other expenses, but that is tied specifically to remdesivir, the experimental treatment that they are hoping to get out the door as a possible covid19 treatment. Shares moving lower, dragging down the semiconductor space. Shares had rallied about 60 over the past month on some optimism that people because of all the work from home were buying these external storage drives. Scarlet, that did not necessarily materialize here. In the latest numbers, the a forecast provide that disappoints. Shares down about 8 . Scarlet amazon also disappointing investors, especially considering investors had sent the shares to a record high in trading. They said they may incur a loss this quarter because of 4 billion of spending related to covid19. Getting products to customers and keeping employees safe. Normally, jeff bezos said, we would expect to make normally some 4 billion or more in operating profit. But that would not be the case these are not normal circumstances. Adjusted loss of . 45 in the ofiod versus an adjusted eps . 14 a year ago. All of these companies that rely on people gathering in their venues, spending money among other people come are getting hit really hard. Amazon moving lower in the after hours trade as well. We will be keeping an eye on apple, which will be reporting about four minutes, six minutes from now. Back so,will be we are obviously keeping an eye on apple. A lot of interest here, not only because it will give us the big read on consumer spending, but also on just how one of the Largest Companies in the world, one of the most Interesting Companies in the world, is weathering the crisis. A lot of people want to hear what type of guidance if any they give with regards to the outlook. Scarlet apple shares of course did rise into the close, up 2 . We will be keeping an eye on apple results when they cross, as soon as the cross. This is bloomberg. Save hundreds on your wireless bill without even leaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need starting at just 12 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. Scarlet we are looking at apples results, physical secondquarter revenue beating the contents of estimate of 54. 25 billion. Pushing its buyback and raising its Quarterly Dividend to . 82. Cook saidpple ceo tim the company saw a pickup in the second half of april. ,econd quarter iphone revenue the Company Generated operating cash flow it managed to squeeze some growth out of the fiscal Second Quarter at a time when a lot of investors were looking past all of that and what could come in the months and years ahead. Apple shares moving higher in after hours trading. Romaine the buyback could be the game changer here. The ceo also talked in a statement about how installed vices reached an alltime high. Apple really trying to milk more out of its services. Whether it can expand that user base and get some expanded revenue. Showet it just goes to all that cash to use. Lets bring in Bloomberg Technology host emily chang in san francisco. Emily i did just get off the phone with tim cook and i did want to highlight the point you mentioned from that interview, that he has seen a pickup so far in april. Aviously, these numbers are lot stronger than people expected. Iphone sales were down about 6. 7 from eight year ago. Some analysts saying they could be down 30 . Services and wearables really driving the growth. Surging to a record. Tim cook saying, what are you seeing now and how does that compare to the last few weeks of march . He told me, the last part of march and the first part of april was very depressed. Then a pickup. We are not projecting this quarter due to the lack of certainty and visibility we have got. Apple not giving a forecast right now. He said he believes the pickup in april has been driven by the new products they have been able to release over the past few weeks. Pro,acbook air, the ipad people getting used to the pandemic. Stimulus from the federal government. Romaine did he talk about apples operations, meaning their own people being able to get back to work, whether the factories in china will be back be backbrother will up . And running emily backup and running . Emily they really dont talk about future products. They said they are really excited about their current lineup. My question, will this impact the products we should expect to see later this year . Bloomberg has reported the new phones in september could be pushed out a few weeks. No indication from cook on that. He did say that they have rapidly built the muscle to run the company this way. Not indicating any supreme any extreme supply chain disruptions and indicating they are doing a fairly good job running the company with all of their employees working from home essentially. Impacted very was early on by covid19 because of reliance of what is going on in china. Did apple give any color when it comes to china sales and what is happening over there . Emily they actually broke this quarter down into three quarters. The first third, things were disrupted in china. The second third, where the pandemic was starting to spread around the world. The third third where of course it really took hold in the United States and europe. China, allstores in of them have reopened. The question is, when will stores continue to reopen around the world . He told me, as far as Stores Opening in the United States, by the first half of may, somewhere in that ballpark, some stores in the u. S. Will open. Not a large number. He said we will make a decision city by city, county by county. We will not be the first to reopen probably anywhere. They want to make sure that things are more than safe before they let people back in their stores. Back intolow people their campuses, especially in it could behey said early june, but he does not see them getting to 100 very quickly. They will take their time with this and also be doing temperature checks, health screenings. He said they are considering testing employees for covid19. They are looking into that. But itnot been finalized is something they have been exploring. Romaine emily chang, she hosts Bloomberg Technology which airs right after this program in the u. S. We can see apple still a little bit higher here in appleton in after hours trading. Lets go to the first word news. Mark House Speaker nancy pelosi says up to a trillion dollars is needed to shore up state and local governments for coronavirus costs. She said the best way that americans can support local nurses, bus drivers, and other Frontline Community workers is to make sure they dont lose their jobs to budget cuts. Congress has already approved nearly 3 trillion to confront the healthcare crisis. President trump is praising the way new jersey is handling the coronavirus pandemic. During an Oval Office Meeting with governor phil murphy, the president stopped short of offering aid to the state. He says he k