Lets get some deeper knowledge into what is going on with scarlet fu. Scarlett we saw indexes fall to their lows right around the time apple made the announcement. We know there was talk about the increased number of cases across certain parts of the United States. Apple says it will shut down 11 Stores Across florida, north carolina, south carolina, and arizona because of increased cases. That probably dragged down some of the other indexes. Financials are the laggards right now in advance of the feds stress tests. The central bank will consider the virus impact to guide whether banks can pay dividends. Small caps were hoping to lead on the way up, now helping to lead on the downside, although we are making a bit of a comeback. Through the 42 level but could not hold on. One thing i could not keep my eye on of is wirecard, the train wreck of the week. The stock rounded off a twoday 75 plunge in germany. Short covering could be limiting the losses as investors brace for default. Able to release their annual report because 2. 1 billion dollars in cash is unaccounted for. We head into the weekend, one thing to keep in mind, there may be a case of not wanting to be too long heading into the weekend. Trader wrote, investors will be focused on the president s campaign rally, specifically what would be the optics of a packed arena with or without masks in a part of the country where the number of Coronavirus Infections is starting to increase. Vonnie thank you, scarlet fu. Speakinghair has been we were listening a couple of days this week on capitol hill. Today he is honoring juneteenth, talking about the downturn worsening in inequality. On thisop billing friday, which is of course juneteenth. Coronavirus slump has worsened economic inequality that has long existed in america, creating more suffering for low income americans and minorities. For more, lets bring in Alicia Levine of bank of new york mellon. What do you make of the amount of the talk of inequality, and what can be done . The stock market is an alltime highs and does not seem to be going anywhere. Alicia nice to talk to you again. The issue of the downturn is problematic. Even as the market moves ever higher, we know the real Unemployment Rate in the u. S. Is probably close to 25 Million People when you take in all of those categories of those working parttime, employed but not working. It is true that minority communities have always felt the pain more in times of downturn. I think it is great that Corporate America appears to be some ofd to righting that as the economy recovers. It does feel like business is taking a role here, which is great. Vonnie what about the leadership of technology and Growth Stocks . Does not continue indefinitely . Alicia the thing about the Growth Stocks, the five large cap techs have outperformed the rest of the s p by 30 percent year to date. That is the largest disconnect ever in markets. Stocks are now 12 of the market, which is enormous. It was not even the case in 1999. It is not entirely built on air because these Business Models have changed and have benefited from the lockdown. If you think about where growth goes after this, lets get past the recovery phase. What is the steadystate after that . A loan growth world in a low growth real economy world. The assets that to the best are the Growth Stocks. That is what these stocks are reflecting. They have runway into the future. Vonnie what are you doing about treasuries, as the typical portfolio gone by the wayside . Alicia i dont think so. Even though yields are historically low, you still get protections from volatility. We saw that last week when the market sold off 7 . You have gotten protection from treasuries. Bonds areh historically expensive, you need them from protection from your other risk assets as a hedge. We think its important that you have some exposure to treasuries. You will get the protection, even though yields are so low. Vonnie do you anticipate any kind of a vshape recovery . If not, what should one do for the rest of the summer . Alicia thank you for that question because our team just put out our new model for the quarter. Optimistic in the Second Quarter and more optimistic in the Third Quarter that we could get a vshape recovery. That is our most likely scenario. There is clearly risk to the downside for other scenarios playing out. But we think there is a lot of evidence that the consumer and the individual has an appetite to reengage with the economy much more than we thought would have been possible three months ago. There is less likely to be shutdowns, even though the news today about apple shutting some stores there will be spikes here in there, it is unavoidable. We are living with the pandemic, the way that sweden lived with a pandemic. There will be news from time to time that threatens that narrative. Ultimately, for the most part, in the short term, for the next six months, you will get that vshape recovery only because the fall was so deep and terrible, the data will be better the next six months, and we will be flattered by the fact that we dropped so low. Vonnie thank you for joining us, Alicia Levine. I want to reiterate some of the headlines coming out of the powell event. Speaking with Loretta Mester through a Video Conference about building a resilient workforce in the era of covid19 with a acus on youngstown, ohio, year after the gm plant was closed there. Really focusing on inequality, low income workers and minorities, paying tribute to juneteenth. He says it is not lost on me that we are meeting on juneteenth amid a renewed reckoning of racial injustice. He says the spread of the virus has created hardship and suffering. Be path ahead will challenging, but he does on the american people, particularly during the dedication we are hearing today. Now lets get to some of the rest of the news this afternoon. Mark President Trump says the biggest risks to his reelection effort is mailin voting. In an interview, the president said it is rife with fraud that could cost him a win. Hascoronavirus pandemic upended the 2020 election, raising concerns about how voting will take place. During that interview, he warned other Republican Senate candidates that if they dont support him, they will lose. More signs new york is recovering from the pandemic. Governor andrew cuomo said today would be his final daily briefing. Seven daysn updates a week for more than three months. He says less than 1 of new york residents are infected with the virus. He added, we are controlling the virus better than any state in the country and any nation on the globe. New york city is expected to enter its second phase of reopening on the day. The uks showing signs from emerging from the coronavirus outbreak. The government today lowered its other level by one rank. Officials say the virus is no longer spreading exponentially after almost three months of lockdown. The new level allows for some relaxation of social distancing measures, something that hot online been happening with the opening of nonessential shops. In australia, Prime MinisterScott Morrison is morning of a cyber attack. Health the government and Education Services and various industries have been targeted. He did not reveal the source of the attacks but blame them on what he described as statebased actors. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Vonnie this is Bloomberg Markets. Im vonnie quinn. Time for the latest Bloomberg Business flash. American airlines trying to raise 2 billion from a job on sale. The company is sounding out investors at an 11 yield. The debt may be backed by assets such as airports and gates. The Worlds Largest wealth manager is telling rich clients to leave stock bubbles today traders. Aging director says that is where hobbyists goes. Wirecardy, the ceo of as quit after disclosing shortfall of 2 billion. Two asian banks who were said to be holding the money said they had no relationship with wirecard. Ved today. Bit of a uturn, planning to reopen most of its locations july 15. They expect every major city to allow audiences back in time for the premiere of disneys mula n. The ceo says the company is spending millions on protocols for cleaning and will require customers to wear masks. It did say previously that that was not necessary. Amc is up 1 now. New york city on track to enter the second phase of reopening monday which includes the reopening of dining but outdoors at city restaurants. Even as cities began to reopen, International Restaurant tour and chef of red rooster, Marcus Samuelsson says the Hospitality Industry is in crisis and will be for a long time. Thank you for joining us. Obviously, you are a huge employer in the Hospitality Industry. And in the last months, we have seen huge vulnerabilities in this industry. How do you imagine the reopening will affect your industry, will it help to have Outdoor Dining at the least . Marcus it has been a tough couple of months for all of us in the industry, but today is a big day. Were opening red rooster creamery. This is our to go shop, take out and delivery. We had a line out the door. We are fortunate because we have a lot of space, we have an outdoor patio where people can order, sit outside, very casual. Anyone that has outdoor facilities can open and be quite successful. Its a combination of technology, great product, and outdoor access, keeping it super safe and clean. Vonnie do you expect things and umbrellas, and that is the sort of thing that will save the industry, or will restaurants have to wait until Indoor Dining is allowed . Everyhat is restaurant is different. We are fortunate here to have a lot of space, so we can do that. Exactly what you are saying, we built benches, we ordered umbrellas. It works out well for us. Every location cannot do that. Is very strong, very resilient. We are going through a very difficult time but we will come back. We will also innovate. All of us are innovators in a way. I cannot wait to see what the new connectivity products will be. In tough times, innovation always goes up. Vonnie Restaurant Owners are saying it is the younger crowd that is more likely to come back. Backcan you do to bring families, people with older relatives who may be a bit more reticent . Marcus im going to show you our audience up front. Everyone today wants to get back out there in a safe way. Our audience is very mixed. Of course, it is young, but it is diverse. I have to jump in. We can almost smell everything coming from the kitchen. As you can see the outdoor patio, it is really. Bout creating a space an vonnie looks like people are standing in line, desperate to get back in for some well cooked food. You have obviously employed so many people, not just in the Hospitality Industry but musicians, you allow for the cultivation of entertainers working in your restaurant that can do other things on the side. How do you imagine employment will be affected as people are getting Unemployment Insurance now, but that will run out . Marcus we have to do it in stages in terms of, we are trying to bring back as many people as we can. Eventually, we will be adding the music component. A full reopening may not be until next march, but we are doing it bit by bit. It is important to have food, connectivity that people want. Theelieve in our project, delivery, the pickup components. The more people that come through, we can add on. No doubt, this is one of the lifetime,imes in my but we have to change our model. We are now serving outside on this grassy field. We never thought we would have to do that. Innovation comes in challenging times. We will navigate our way through. Vonnie you have a huge history with sweden. Obviously, they help you win those james beard awards. Sweden has been a bit controversial in how they are handling the coronavirus, but there are things that would have made it easier, such as Health Something thet u. S. Had embraced. What are your thoughts around the systemic difficulties in the United States . Marcus it is definitely a big moment for america to look at its core issues with health care, unemployment. You cannot build a system at the same time as you are under his pandemic. Sweden took a very different path from the rest of the world. That is going to be argued in a post discussion about that. But what sweden does have is a working health care system, unemployment system, and that is exactly what america needs. You think about this pandemic, it really shows which countries are prepared to deal with Something Like this. Black and brown communities, marginalized communities are being hit twice as much, and it is being linked to not have great access to health care. We have to learn from this time. The richest country in the world, we have to take care of each other. Vonnie i want to point out to everyone, with the help of audible, you have also done a lot of work to support kitchens in miami, for example, newark, and other places, along with shadowjose andres. Talk about the black lives matter movement. It is something that you always been active in. Marcus first of all, i want to give a shout out to world central kitchen and chef andres. You are right, we have partnered with audible, michael b. Jordan. Weday, we serve 100 reached a goal of serving 300,000 people. People from all backgrounds can come together and really step up. Of african origin, thereblack, an immigrant, muchpandemic that is bigger than covid, and that is the pandemic of racism. Havingoud that we are this Big Conversation in america right now. 2000 cities in america are demonstrating, protesting peacefully. Citizens around the world of marginalized people are being inspired by this. It is clear that on the day of juneteenth, the liberation of texas slaves, we can think about american history, its history with slavery. We as people have to do better, look forward, but also learn about our past, and make sure it doesnt happen again. Marcus samuelsson, thank you for joining us today, for showing us all around your kitchen. Marcus thank you so much for having me. See you soon. Marcus samuelsson, perhaps best known for the red rooster, but with a huge history in cooking and employment as well. This is bloomberg. Vonnie this is Bloomberg Markets. We saw a turnaround midsession, and that is deepening. The s p 500 is now down have it set. The dow is down. 7 . Even the nasdaq is down now. 2 . Whichquadruple witching means we could have spikes throughout the day but there was also the news from apple that it would close some stores after having said it would reopen. Stores in florida, north and south carolina, arizona will be closed because of covid19 spiking in those states. That is definitely not helping things, particularly the nasdaq. Apple is down. 8 . The Developers Conference on monday, so this may not hold. Amc is higher because they are now saying patrons will need to wear masks indoors and is argeting the disney mulan premiered to open across the country. This is bloomberg. Y. This is bloomberg. [ sigh ] not gonna happen. Thats it. Im calling kohler about their walkin bath. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Ask about saving up to 1500 on your installation. Mark im Mark Crumpton with bloomberg first word news. President trump is not ending up on giving giving up on ending daca. The president tweeted that the administration will be submitting enhanced papers to the Supreme Court shortly. The court ruled yesterday the administration violated federal law when it ended the program. Governmentid the failed to consider the hardship on daca recipients. Texas republican senator john cornyn is introducing legislation to make juneteenth a federal holiday, increasing the chance the measure can make it through congress. Juneteenth was first celebrated in texas to commemorate when slaves learned about emancipation. Senator cornyn says making juneteenth a National Holiday is an opportunity to reflect on history. In florida, the coronavirus pandemic is showing no signs of slowing down. Officials reported more than 3800 cases today, a jump of 4. 4 from the day earlier and the biggest spike since the outbreak began. Florida has had nearly 3100 deaths, one of several states experiencing a surge in infections. Apple is temporarily shutting u. S. Storesof its again after cases of covid19 spiked in some areas across the country. Closures will impact 11 Stores Across florida, arizona, north and south carolina. Apple closed all o