Waiting new tariffs on 3 billion of experts waiting germany, france. The nasdaq is falling. Abigail doolittle has been watching this. Why the sudden drop . Up. Ail reality is catching its has been disbelief for many market watchers as stocks have climbed. The nasdaq just yesterday at an alltime high even as we have had disappointing economic data. And more recently news around the virus hotspots in the u. S. Today the information coming out hitting stocks. The s p 500, the nasdaq down. It is a continuation of the big selloff we had two weeks ago. Volatility showing up in other asset classes. Bonds themselves rallying. It was a true risk off day. Virus fears weighing on stocks but another factor, the nasdaq 100, i was talking about an alltime high, it is amazing how far it has gone, climbing the wall of worry, now a bit of a pause if the bulls are lucky or if it is a steep uptrend, you could keep it parabolic. For physics that cannot hold. You could see potentially a bad decline. Hopefully that doesnt happen. It could mean the virus situation gets worse, but that is a possibility. Tech downres a big with the rest of the markets like apple, google. What stocks did you see that felt the most pain . Abigail apple and microsoft weighed on the markets most. 100, 40 weighting. S p 500, 20 . The big declines came from virus sensitive stocks, travel and leisure taking a hit. The cruise operators along with the gaming stocks really down sharply. The cruise operators on the day, norwegian cruise lines carnival and lines, carnival down. Angel, they were cut to neutral. You can see the sox down 70 on the year. The ability for them to get back into waters as the virus situation worsens. Down as well. From what i have been hearing this is not a second wave. This is the first wave but a big spike. The fears of a second wave could weigh on this sector in general. Seeing that today. You have been following other indicators that are a sign of sentiment. What are you seeing . We have seen a rally for the haven assets. Confirming that possibility sector wise because the new defense this year, hard for me to get my mind around it, the defense is tech including amazon even though it has been at an alltime high. Ofstayathome, the defense tech and Consumer Discretionary still cyclicals, but the sectors that have been starting to do better a number of weeks ago really taking a hit on the 12 ,two weeks, down 8 to and the dow transports index, most sensitive to the virus. That is underperforming on the. Ear nearly in a bear market these new for fears reemerge and take a toll on the market as people worry it could provide an additional it to the economy. Much hank you so additional hit to the economy. Emily thank you so much. Google now tweaking its data policies after being scrutinized for years. It is planning to let new users automatically delete all of their data and notify current users they can as well. Joining us now, derek. How significant are these changes . Think they are very significant. It is interesting google chose to make a big deal about it. They sent an email around to dozens of reporters last night saying make sure you get up early in time for this call. We had a call with several executives. The more you look at this announcement which is them saying new users who sign up for a google account from scratch not sure many how many people are left, their data settings are going to be to add a medically automatically scrub the data google has collected on them after 18 months. But for 18 months google will still target them to ads and help them build new products. This is something we can already do. Anyone can go into their google settings and tell google, stop collecting my data. Google is trying to find new ways that are in between the always on and always off data collection. They are worried more and more people will do the always off option. Giving them a middle ground, google can collect data but sort of speak out to consumers are regulators and say that they are trying to be more privacy conscience. Privacy conscious. Emily how much does it have to do with renewed antitrust scrutiny . We spoke with one chairman from the antitrust subcommittee. Nod to regulators to all of are not keeping this stuff, and you should take a look at that . It is something that as more and more privacy legislation comes in we have dates for when the new privacy law can be enforced by government coming up next week. This does allow google, whether it is targeting consumers or the press or politicians, they can point to the changes they have made and say we are hearing what you have to say and we are making changes. Google is working hard to run its business by choosing less data. They talk about how using special ai technology, they may not need to crunch as much data. They said they needed to in the past. They are working on solving these problems and using less data to run their business. At the end of the day, the Company Relies on data to sell ads and build products. Reporterl right, our who covers alphabet for us. He will continue to follow those changes. Could we be nearing the end of the email era . Slack has a new product that doesnt just allow people to communicate with each other within the same organization but ,ifferent organizations multiple, to collaborate. We will hear from the founders. This is bloomberg. Emily with millions of people around the world still working from home, smack is that with a new product aiming to transform business, virtual business for good. After four years in the making, slack connect allows employees to chat internally and collaborate with external partners, clients and more. On the line, stewart butterfield. Slack has been touted as an email killer and that has not quite happened yet. Is this the hope that this is the nail in the coffin for email . I dont have anything against it. This could be a benefit. This is our answer to the question how could we improve email . We have done a great job with internal communication over the years. You have people around the world, corporate, but a lot of the external communication which has been a lot of what people are doing at work happens over ,mail, text messages, whatsapp other apps. The challenge we face is one of the quality of collaborations, alsog to channels, but communications happening outside, being out of compliance, whatever Regulatory Environment they are operating in. The thing that is unique here, it was a step forward in User Experience and security and usually you have to choose between those two. Emily this is something you have been working on for two years, before the pandemic and slack has been a winner in the pandemic in terms of the uses you have been seeing. Investors did not seem to love this announcement. Why do you think that is . Think it is something we can draw a useful signal out of because of the overall macro environment. But i think the important thing . Or us is, do customers love it the answer is yes. Even in our own experience we processconvertible debt in a process shared with Goldman Sachs and others. That was transformative to how well we were able to pull it off. We have been in normal kind of mechanics of that bond offering. It was a smooth process. Willee that and customers continue to invent new cases. You have been outspoken on immigration issues. You have the president halting guestworker visas. Slack is actually based in canada. Have you thought about moving to good canada for good . Offices in15 or 16 countries around the world. I think it is a poor decision, bad for business and hurts the economy, bad for society, nothing good to say at all. I hope it is temporary. I believe it will because it is political posturing as opposed to any policymaking that is aimed at the public good. Emily you have been vocal about blackmentum behind the lives Matter Movement and slack has driven for high standards of diversity. Are you seeing things internally that you and slack could be doing better and how are you responding to all of this as a leader . It is an interesting time to be a leader of the we have all of the challenges of business, the pandemic, record unemployment. But this is important because customers,eople, family. That conversation has been elevated in importance. It was always important to our black employees, but maybe did not have the same emotional power or impression with the broader population. There is a lot more we can be doing and should be doing. 2016, we have made real efforts to increase the representation of underrepresented minorities probably, but black people specifically in technical roles. Because of that we bring up the average for the industry. We are ahead, not great numbers. That is where i put the effort in and we have the results. Now we look at the business side , 2 or so instead of the 4 or 5 . We need to make sure this effort is sustained and we are paying attention. Emily meantime we were talking about google and antitrust issues, the european government looking at big tex companies, google, apple, facebook over antitrust concerns. As somebody was build and run a Company Successfully and competed against the big tech giants, do you believe these companies are stifling innovation . I dont know if i am smart enough to say. Maybe if i give you a short enough answer. Competition is important for the functioning of the markets. Sometimes it requires interventions. There are so many jurisdictions, laws and regulations i am happy to leave these to the lawyers and regulators and not have to solve those problems. Butterfield, seo of slack ceo of slack. Always good to have you on the show. Thank you. Emily more on the president s decision to halt guestworker visas for workers coming into the United States. We will talk to our next guest about that. Across Silicon Valley are among the biggest critics of president trumps decision to halt guestworker visas to the United States which are used across Silicon Valley. One executive familiar with the immigrant experience is ilya fushman, from Kleiner Perkins and former executive at dropbox. You are a u. S. Immigrant along with so many folks who work at kleiner, folks who founded and run your portfolio companies. What is your take on the social and Economic Impact, not knowing how long these pieces will be extended . Thank you for having me on to talk about this. It is important. It is personal not just for me but for our firm and it has tremendous impact on our industry and the economy as a whole. I immigrated in the 1990s and became a citizen in 2003. Many of my partners came in on h1b this is. The most recent funds, the number is between 60 and 70 . These are household names like google and slack, also some upcoming companies. These are companies that are helping immigrants and small businesses, building the next generation of Enterprise Software companies. Overall they are 3 million immigrant entrepreneurs in the u. S. That are creating jobs. If you want to look at h1b visas, there are about two american jobs for everyone. Butjust direct job creation the heart of innovation is at stake which is why kleiner others joint 323 businesses signing a letter imploring the president and secretarys to reconsider this to reconsider this. The global stage is quite competitive. These visas offer us the opportunity to capture some of the best talent from across the world that has been educated, that wants to have a tremendous opportunity in life and bring them here to create value not just for america but the rest of the world eventually. Might lose them and never catch up. Emily a number of immigrants have been sharing their stories online. One of the ones that caught my eye was, do u. S. Citizens understand how stressful it is to be an immigrant in this country . How stressful is it . It is stressful. We emigrated multiple times before coming here. Uprooting and making the decision to leave behind family and a life, circle of friends and to take a plunge is an incredible stress in itself. The not knowing what it looks like on the ground is even more stressful. These are folks who are motivated not just to succeed but also to create impact which is why a lot of immigrants made tremendous founders. The immigrant experience is hard. Imagine restarting your life a in a place youw dont know well and trying to connect with family and friends still abroad. There are many stresses here. We should be making those difficult we should be making those easier. Folks should want to see the land of opportunity. Land ofhe u. S. As a opportunity. Emily you have been investing in unprecedented circumstances, not just health crisis. What kind of new opportunities are you seeing, or how optimistic are you that there will be new moneymaking opportunities coming out of an economy that is in a recession and tens of millions of jobs lost . We live in unprecedented ands with both the job loss the economy today, truly unprecedented and historic. My hope is we can get through this. Early on in the pandemic, we saw some good leadership from Technology Companies whether it is helping hospitals with personal protective equipment or rebuild ventilators. We have seen the pandemic change the nature of how we live our lives and how we work. It has become a constant, clear theme. You have Companies Like slack, sigma, helping people do this better and tapping into new audiences they had not had before like educators which is a benefit to our society and we are seeing companies that become relevant in these times as people deal with stress like modern health, helping people deal with Mental Health stresses as they live through these times. Sometimes you see tailwinds that are bringing to light to people with Companies Like cameo. The way we stay sane is we send cameos every once in a while. We are in a strong Inflection Point now. The world is in a stable state but it has a long time to go. I am optimistic the shift will create new opportunity, certainly around the future of work. I think we will see where the most the more social experiences land. 30 secondsave about left. How different does Silicon Valley look in a year or two . Will companies be leaner and smaller, having to do these layouts and to save for the future . Think companies will have leaner. I think a lot of real estate, office space, travel that has been thought of a core part of work we find might not be necessary. I think these companies will similar to operate they do today. We will see changes in physical in layout in more distributive workforces but ultimately the nature of the work is the same. , thank you fushman for joining us. The owner of the Boston Celtics and cochair of baincapital coming up. G up. 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 15 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. Emily welcome back to bloomberg technology. Twitter and facebook continue to take different stands on president trumps posts. Twitter put a warning label on a post from the president threatening, quote, serious force against protesters in washington, d. C. , but the message on facebook remains untouched. I asked the former ceo what stand he would take. There are many implications that go into this. They arent as easy as, we should do x and move on. The company is doing the best they can. One thing that surprised them thisurprised me was callout to one of the junior executives in the company, not somebody should who should have any expectation that they would should be brought to light as who could be attacked verbally. That was sort of out of control from the white house. Emily you are referring to the president tagging a specific twitter employee in a tweet. Kellyanne conway knowing on the air and going on the air and calling that person out. When that happens, Death Threats and other violent threats immediately follow. I can tell you that is a fact. When political leaders, geopolitical leaders around the world say anything negative about an executive inside the company, there are immediate threats of violence and it is impossible to tell how seriously you should take those. That sort of targeting of a junior executive that should have no exit expectation of that was beyond the pale. Emily twitter is taking more aggressive actions than they have in the past. Do you believe that is the right call . I have strong opinions. Behind closed doors, i tell people what they are. The reality is, it is easy to go on tv and say they should or shouldnt do this. I wont have to face the consequences or implications are Death Threats that go along with that decision. I will never sit here and say they should have done that. It is like being a monday morning quarterback where they go, that was a bad call. We know they didnt get the first down so obviously it didnt work. When you are sitting in that seat, all the other complications that go into the decision, and factors that go into the decision, not having to deal with the implications, are more complicated. They are doing the best they can. Emily maybe i can convince you to share your opinion on facebook. They left the postup unchanged. They are getting backlash. Is that the right call . The idea that they will have that willendent board review content and make decisions about it, that is sort of, that strikes me as a punt. Like, they wont be able to react in real time at all. The company gets to abdicate its responsibility for taking action. If you are going to have an algorithmic timeline where you decide what you will show people, you have to take responsibility for deciding what sort of advertorial decisions you make around that. The notion you can have an independent board comprised of a group of academics that will get together and make decisions in anything close to realtime isnt going to happen. It was obvious by the fact that they cant decide when they were going to get together and have the first meeting. That doesnt strike me as a board that will be able to react four minutes after a post goes up as to whether it should be taken down. Emily what do you make of Mark Zuckerbergs decision that they dont want facebook to be an arbiter of truth, but they do