Slowest increase since going back to march. Breaking down all the action is our markets correspondent abigail doolittle. It really seems like a lot of the travel and leisure stocks are outperforming yet, the s p, not quite at 3000. At 25,000. Quite it was an interesting day all day long. A lot of people scratching their heads as to whether we had this rally without any major headlines. Up to percent, probably something to do with the weak dollar and reopening optimism. You are pointing out those travel and leisure stocks doing quite well. We also had the dow transportation average doing quite well. A huge bullish divergence. The transportation stocks are supporting the idea that traders and investors are thinking the economy will be reopening. Some of the stayathome tech stocks leading the way. On nasdaq closing down biotech weakness. Right now, this very interesting tension on the year between another pocket of those stayathome stocks, the faang index. The transportation index down quite a bit on the year. Today was a step in that direction with the nasdaq closing down slightly and the transportation closing up. Taylor the markets are generally trading on hopes of a vaccine. What does that mean now for some of the biotech stocks, which are providing a lot of that hope and optimism on which a lot of the markets are trading . The biotech markets overall open higher. But as the day went on, they started to go down slightly and actually closed down by 2 . The idea that you have all of these companies can eating around a virus vaccine. We had merck saying it will take at least 18 months to get a vaccine. 16 , not justdown on that but also some of their executives have apparently started to sell shares on the big rally. Coming toh index just back to earth a little bit with the idea that a vaccine may take a bit longer. , the vaccine out there for ebola, that took five years. Typically, it takes 10 years. A month seems unrealistic. Scientists out there pressuring biotech on the day. The last time i checked, surprisingly, companies that had recently gone public, as measured in one case by the renaissance ipo etf, that has been outperforming. What does that mean for some of the sentiments . Abigail the renaissance ipo index putting up a record high not so long ago. Today, down, but you have some highgrowth unproven Companies Trading at record highs. Again, today, a down a day. That speaks to the fomo piece of this rally. You can see that index at a record high. Overall, tends to be bearish. The nasdaq today i believe was saying something along the lines of, if everything goes well with the opening, there could be ipos set for this year. There could be a bit of a reversal. Taylor we will leave it there because that segues nicely into our next guest. The nasdaq coming out and saying that they do see improving prospects for ipos. Nasdaq president Nelson Griggs told bloomberg tv that he is starting to see new deals pop up. The exchange has hosted about 15 ipos for midmarch. We are joined by greg becker, the ceo of Silicon Valley bank. What do you think is the sentiment for ipos. Where do you see some of that activity starting to pick up . Greg breaking it down into two different areas. One is think about the Technology Side and the other one is health care. Noted, has, as you done pretty well. Our Investment Bank explicitly focuses on health care and has seen some great ipos with some great aftermarket activity. They have a good pipeline for the balance of the year. We are optimistic that that market will continue to do well. The Technology Side, that is a market that has needed to see the overall market remain stable period of time before you see these Technology Ipos get traction or interest out there. There is still a lot of money in canprivate markets that prompt these companies up. The market has to be more stable, more consistent for the Technology Companies to really want to go out in the market. The ipo process, you have to do perhaps more private fundraising. You also have to go on road shows. Are you able to do that over skype or zoom, or will there be a backlog . It is a good question. I think there is a lot of things that people assume before we went to the shelterinplace and work from home that we did not think would happen. Thing,t is not the same it is better than what people expected. The same is true for ipos. Because there has been so few in the Technology Side, i will have to go back and look at the health care area. Talking to our team, they have said you can get ipos done, you can get with investors on these roadshows. While it is not identical, it is better than people expected. That is why you were able to have roughly 18 Health Care Ipos so far this year and many have happened while we have been sheltering in place. Seen theow i view range of companies you are involved with, the integration of technology and health care . Has this pandemic is sped up that process, and is it permanent . Are a lot of negative things that have happened from the pandemic and we cant look past that. But innovation tends to thrive in difficult circumstances. Of the true with all technology we are utilizing to engage with each other, engage with clients, all built fundamentally on innovation. I would say that all of those things have accelerated. Same is true in health care or health tech. The fact that you cannot as easily visit your doctor, so more doctors are using telemedicine to engage with clients. I believe personally that has been accelerated two or three or four years faster than would have happened if it were not for the pandemic. I think of all of the things we will experience as an economy, as a society. I think technology and telemedicine and all of those things will be key beneficiaries. Taylor today, the floor of the nyse reopened. What do you think of that and how does that translate into some of your plans for a reopening . Obviously, watching the New York Stock Exchange reopened under these difficult circumstances is one more thing people can point to as hope as people are getting back to normal, whatever the new normal will be. Clearly, that will be the litmus test whenever we get back to the new normal. Reopening wephased are going to go through over the six a lot of companies and ceos have talked about, a lot of interesting things going on. Employees that want to come back to work. They literally either dont have the technology, they have roommates and i just want to come back to work. I can use zoom, other technology we have been empowered with. In fact, i am not going to come back to work until there is a vaccine. We, like all companies, have to come back with a flexible plan that allows for all those things to be true. Letting people come back at the right time, having the right protections in place, the right testing, all of those things have to happen. Taylor we are all sort of having those conversations as well. Thank you to greg becker, Silicon Valley bank. Coming up, more efforts in the fight against misinformation. This time, the who is involved. We will hear about their collaboration. This is bloomberg. Rg. Taylor fighting coronavirus misinformation remains on many Big Tech Companies to do list. A firm is working with the World Health Organization to provide Accurate Information when they answer questions into the yext answers bar. Joining us is founder and ceo howard lerman. Talk to us about what that yext answer bar aims to do. Howard what we have aimed to do is put the official answers out there. We have partnered with the World Health Organization. It is a lot different than search, whichte uses links to send people to websites. We use advanced natural language processing to understand a users question and give them the official answer directly. Now you can go to news websites, questions about data, and giving people official information from the World Health Organization is paramount. Taylor it is interesting that you are working with who because they were under some criticism early on. Are they did they come to you seeking to get Accurate Information . Our fifth pros Bono Partnership in the public sector. The u. S. State Department Also launched an answer bar. We said, any organization that wants to put the official answer out there, we will allow them to have access to our technology. It does not matter if it is the state department, the World Health Organization come or even if it is the chinese. We will give it to the chinese government. Taylor from a Business Model perspective, how do you turn that into potential Revenue Opportunities . What avenues do you see . It is incumbent on any company during a time of crisis to use their platform for good. We said, the first thing we will do is keep our employees safe. Platformwill use our for good and put our technology to work to help save the world. The way we can do that is by combating information, combating all the fake news out there about whether treatments are safe, and really leave it to authorities to put out the official information. What has happened over the past 10 years is that the interaction within humans and computers has changed. That people would type in a keyword and get blue links and web results. Now, they ask now they have an expectation that when they visit the who, the Health Departments website, when they ask a question, they can get an answer. We have given these organizations their own google so they can be the suppliers of contents, fact, and control it. Islor your customers, it hotel chains, restaurants, customers along those lines. What types of businesses are requesting your services most at this moment . See broad demand across industries. Some industries are doing great. Financial services. We announced a deal with vanguard. They are now live. Health care is obviously an industry that has exploded. People have more questions than ever about health care. Industries like hospitality. We work with a lot of hospitality companies. People still have questions about, for example, how hotel chains are cleaning their rooms, how restaurants are cleaning their spaces. For the next 90 days, a company can get a 90 day trial. It is our strategy to land with answers and upsell as we expand our platform. It is not totally different from a traditional freemium model. Taylor i want to ask you, what is your current work from home situation look like and what does a reopening for your Company Look Like . Do you imagine a work from home workforce forever . Howard i think of the video of the newscaster giving the speech or whatever and his kids run in and the wife follows them. It sort of went viral. I am here, live on bloomberg news, i look at my fouryearold, twoyearold pounding on my window, trying to come into my office, knowing full well they will begin trouble if they do. I have a relaxed avenue relaxed attitude, revised attitude. Toby from shop if i said they will permanently working from home. I think the days of, especially in tech, going every day to an office might be over. That is utilizing a lot of the social capital that has already been built up. They talked about how this is working now because we all know each other. Taylor well said. Unfortunately, we have to leave it there. Thank you for the comments on work from home as well as some of the answers. Coming come out twitter is handling murder allegations made by President Trump on his platforms. And a programming note, you can check out the exclusive interview on Bloomberg Radio and television with new York Federal ReserveBank President john williams. This is bloomberg. The winter were of a woman who died in former the widower of a woman who died in former congressman Joe Scarboroughs office wrote to twitter, asking that the tweet he removed. He argued that the president was sharing the Conspiracy Theory and is largely debunked that the post should be removed. Hereexactly is the tension if you are not familiar . President trump is basically tweeting out this unproven theory that Joe Scarborough actually murdered someone who used to work for him. Not only is obviously scarborough pretty bothered and upset i the accusation, but the widow were the widower of the woman who died is also upset. It has been almost 20 years and now the president of the United States is suggesting that his wife was murdered in an unproven scenario. Situationlly have a where the president is not technically violating any of twitters rules but given his platform and power, is creating a lot of problems for the people he is throwing accusations at. Taylor what has twitter said in response. Kurt twitter has basically said that they will leave these tweets up. They did not say so explicitly, but the tweets do remain so they did not find these violate any of their current rules. What they did say is they are working on some products that might influence this kind of thing in the future. Unlike facebook, twitter has never really combated misinformation. They have simply kind of let that stuff go. Recently, they have started adding some labels to misinformation around covid19 miss info. What they are saying here, it sounds like, is that they may try to expand that project at some point to include other types of misinformation. The fact that they are leaving the tweets up now says to me that they do not see this as a violation of their policy. Stand inhere do they terms of their policies . Do you feel that they have been caught off guard or proactive enough in combating misinformation . And i think Facebook Twitter have probably done a better than expected job when it comes to covid19. I think a big reason is that when it is health information, it is a relatively clear distinction between right and wrong. They can rely on the cdc, the World Health Organization, and really put the responsibility on organizations. Where it becomes a lot trickier is when you have opinions that some people believe are right or wrong. Certainly, in politics, we see that all the time. Aroundng miss info health stuff has been ok for them but not as much on any other friend. Facebook uses fact checkers. Twitter does not even do that. Now, basically everything has been allowed to remain. Taylor a conversation that will certainly continue. Turning up the lights. We will check in to see how brightly government antitrust lights are shining on tech. All of that is next. Kurt this is bloomberg. Staying connected your way is easier than ever. Youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. This is bloomberg technology. The last years on increase sawlighting big tech and an increase highlighting big tech and antitrust. It could make for a long summer for some of these tech giants. Joining us to discuss is Bloomberg IntelligenceSenior Analyst for antitrust litigation jennifer read. Everything changes if you step away. Where are we in the antitrust privacy lawsuits from state attorneys general and the federal agencies we mentioned . Thank you. There is still so much going on. This right despite the disruption it has not stopped the investigations that started last year or maybe before of the Big Tech Companies. We know the department of justice is investigating google and is quite a long way through and the federal trade commission is investigating facebook. We know the state attorneys general are investigating facebook and google and the house is doing a study of Big Tech Companies and antitrust laws and looking at whether the laws can deal with the power of big tech and the digital economy. Taylor in your Smart Research you mentioned ongoing government investigations and hearts of amazon, facebook, apple. I know this is a difficult riskion but who is at most for being found to be liable for antitrust suit . It is a tough question and it is not great all for of them are under and it is not. All four of them are under investigation. The only ones we know for sure our facebook and google. They can make it public if they want to but if they have not, the government will not make it public. While we believe apple and amazon are under investigation, that has not been confirmed. For the risk, i see it is google. Fined threeeen times by the European Commission for violating their monopolization laws. It is called abusive dominance but it is the same as the u. S. Monopolization laws. Just because that conduct by google violated europes laws doesnt mean it violates hours but it gets the regulators partway there. It could violate hours. They have a head start with google. Looking at the findings of the european agencies, i would say google and then facebook. But for different reasons. With facebook i th