Basically kind of bouncing around. There is a lot of concern as to where this rally can go based on the fundamentals with the economy and corporate earnings. Caroline the economy, corporate earnings, this is exactly what Bloomberg Intelligences Gina Martin Adams has been talking about. The second phase of the recovery will be slower, choppy or. We have real earnings progress to underpin some of these numbers. Today, we got a little bit more betterthanexpected Consumer Confidence data. Taylor driving valuations on the s p 500. One of the first times in a very long time where the s p trading at a valuation is higher than the stocks index. Typically, those chipmakers have been so overvalued. Refocusing back here just on the u. S. Is really led that market higher. Romaine when we talk about risk assets, we look at some of the havens. Gold at one point today traded above 1800. Having one of its best quarters ever. Treasuries have been kind of range bound over the last couple of months. Yeartodate, 20 gains if you are invested in the long bonds. Definitely a flight to some of the havens. Taylor i want to pose that question to brian nick. Talk to us about some of the underlying nervousness we are seeing. Gold up 1800 per ounce. Dollar showing its strength. Despite the optimistic tone, you have this feeling that treasuries nonperforming, dollar is outperforming, gold is outperforming. What do you make of some of that underlying nervousness . There is no question that some of what drives gold upwards is panic or nerves. I think the baton has been passed from panic, which is starting to subside will really has subsided from the Financial Market in terms of liquidity, functionality. What drives gold in perpetuity, what drove it from around 2010 to 2015, a sense that Interest Rates were low and were going to stay that way. That is really the message on steroids. The fed has done a much more thorough job of communicating the idea that it is not going to be raising rates. Back in june of 2009, the market expected the fed would raise rates in six months. This time around, the market is pricing in basically a negative fend funds rate to 2022. If youre faced with that as sort of a safe haven treasury investment, gold does not look like such an alternative. At 2011,lso look back over the last nine years, you. Et a 0 return moree printing a lot treasuries, issuing a lot more treasuries than we ever were before. Other countries are doing a huge fiscal expansion. There is still i think not enough supply of this paper to satisfy the growing demand from investors. Thoseg as that is strong, safe havens will be probably overvalued. Relative topensive their own history. Romaine fed ex earnings did cross the wire. Four q revenue coming in above analyst estimates of 16. 3. Adjusted eps beating the estimate of 153. Beating expectations. A lobar. These numbers are well below what the Company Earned and reported a year ago. In did come caroline revenue, 17. 4 billion, it is a heat, but just shy of 17. 8 this time last year. We will see how the shares continue to rally in after hours trade. That does it for the closing bell. Whatd you miss . Is next where we will be looking at ubers potential purchase of food delivery competitor postmates. This is bloomberg. Caroline from bloombergs World Headquarters in new york, i am caroline hyde. Romaine this is whatd you miss . Caroline was it rebalancing or just risk on . , 3500 is where we sit at the end of the trading day, and of the trading quarter, and of the trading halfyear. The best quarter since 1998. Uber is in talks to put this to purchase postmates. And, keep the virus in check. Fed chair powell highlights how crucial curbing the virus is not just for peoples health, but the economy as well. We are of course awaiting a spacex rocket launch, the falcon 9, just in a few minutes. We have a picture live already, one minute, 40 seconds, counting you down. We are going to be watching all things to do with this particular launch. Romaine this is a relatively routine launch for spacex now. The last one that we saw, that was when they sent actually people. The First Manned Mission out into space. We will keep an eye on this. Obviously, this is down at Cape Canaveral in florida. Us of a certain age, we remember these launches, whether they are manned or unmanned, being done by the government themselves. Of private companies, whether it is elon musk with spacex, or other rocket withnies, Virgin Galactic richard branson. Caroline elon musk, always one for a bit of a joke. Falcon 9s first stage on the just send instructions space landing ship. Space vehicle three from Cape Canaveral. We can hear the countdown now. Three seconds to go as we watch this particular launch. Left off. Go, falcon. Caroline there you have it. Gps of course delivering positioning, navigation services. Gps three will help ring higher power and more accurate signals that are harder to jam. In this munications age, which is perhaps what we are more focused on rather than the space race. Absolutely majestic. Of course, after this thing separates from the engine, that reusable rocket will eventually have to fall back down to earth. Basically a platform in the ocean. Not fall but basically be guided down in a controllable manner. In the old days, they would just explode and you cannot reuse them. This is also a way to save money thoseose folks that send very interesting satellites into space. In san francisco, focusing a lot on elon musk, focusing a lot on the space race. It is a lot about making these things more economical. Taylor a lot of the focus recently has been the amazing transformation of the partnership just a few weeks ago, we were talking about spacex in partnership with nasa, launching the first human crew into orbit. Before that, it was from a commercial crew to more of a packaging crew. Really interesting to talk about spacex in regards to the company it has become, part of elon musks brilliant mind that we have continued to talk about. But going forward, what the future of the space race talks about. Nasa and the public partnering up with some of these private enterprises here. Spacex, whenic and we talk about publicprivate partnerships, of course that is different from what we are looking at now. Romaine im curious as to whether you see a little bit competition here. A lot of the launches we have seen have primarily been spacex rockets. We have not yet seen a sizable presence from blue origin, although they have been involved in some launches. Or Virgin Galactic, which appears to be focusing a little bit more on manned face manned space travel and i guess what could be called recreational space travel. It will be interesting to see how this plays out. We have also seen space agencies and other countries, happened to this private market facilitating a different and potentially more affordable way. Taylor i was just going to talk about what romain was mentioning. Commercial space travel is not that far off. I am shocked. Astronaut,ng to an ,bout how realistic is it commercial space travel, tourism, saying it is actually not that far off. It could happen in the next decade or so. Romaine did he talk about what that is . Whenever i hear about those idea isissions, the that they go into a sub orbit or go into outer space . Taylor you have to fork up a lot of money. Put together some of our file every some of our salaries and we will get there. Be anot sure if it would loop around the moon, a loop around the planet. Caroline remember, this has , 2004,long time coming the first Space Tickets for Virgin Galactic. Im pretty sure some of them might have thought they had done it by now. Huge technological issues. The first and second stage is where they separate the second stage. Getting these pictures, being up there in reality. Romaine this is absolutely brilliant, absolutely fascinating. When you think about this rocket, it is not just the satellites. Communications. A lot of the stuff is a lot to help with farmers tracking climate change. Obviously some longerterm missions with regards to resources. There is sort of a practical with all combination of these launches, what nasa, areex, and other Companies Working towards now. Caroline putting satellites in space to ensure communication. Ruling like we do they, putting huawei on risk list. Notably, on a day like that, you then have to wonder what will happen to these rural communities, which huawei has considered as a National Security threat, keeping equipment to be able to get access to wifi, to the internet. What then of access . Maybe the future is satellites. Putting satellites into interspace. Thing, wehe other talk about musk and what his ambitions are, he has talked about getting something mars. That nasa anding the previous president had talked about having some toition for you go back george w. Bush, also an ambition of the obama administration. Atting men to mars will be herculean task. But the technology we are seeing on the screen now will help with that mission. Joining us, dana hull, the reporter who covers this for bloomberg. Where exactly are we in elon musks vision with elon musk and what he wants to accomplish longterm with this company . I am sure if we have not sure if we have dana yet. We talk about the launches, hed he not only wants to shoot for the moon, but mars and maybe beyond. Argue some ofd the shortsellers argued against him. We believe that conversation for another day. Caroline, you have been doing a great job narrating us through the past 10 minutes or so. Andtioning navigation timing services. It will bring higher power, more accurate signals, which are harder to jama. I will go back to the comments earlier about some more i wonder if we are seeing it land . The conversations about publicprivate partnership. Caroline the falcon 9, first stage, just read the instructions drone ship in the atlantic. There is the reusable part of the rocket landing safely back. Course is a company not really run by elon musk. Ceo,nded it over to the lynn shotwell. We are seeing pictures now of the reusable part of the rocket, the focus on recycling went it comes to the space race. Safely seen it land back in the atlantic ocean. Very much so. Spacex was designed from the getgo to make spaceflight affordable and reusable. They have now captured the first stage on land and at sea countless times. Honestly, i have lost track. The customer here was the u. S. Military. Spacex has now flown astronauts to the space station for nasa. It launches satellites from any commercial operators. And it has quite a Good Relationship with the u. S. Military. Gpslaunch today was for satellites for the air force. It goes to show that they kind of play in all sectors of the launch market. Romaine in 2004, it was moving toward a model where they would rely on private businesses. Spacex, blueh origin. Some of the military contractors like lockheed. , what is universe here sort of the longerterm goal . What are we trying to do here other than just send satellites up into orbit . What is spacexs ultimate goal . Quitecex was founded explicitly to make life multiplanetary. The revenue stream comes from launches. Toy will use that revenue ultimately colonize mars. Nasa, they are launching their own satellites to have a spacebased internet system up and running, and i think they will start Offering Service to rural customers in the northern u. S. And canada later this summer. Everyone thinks of spacex as this rocket company, with a ceo who wants to go to mars. A big part of their Value Proposition is to be an Internet Provider as well. Where next in terms of spacex and the growth, there was another launch canceled on june 26, an entirely different launch. Are we expecting that particular rocket to reenter . Dana the launch manifest often switches around based on things like the weather, rain, just the bandwidth. Been i dont know if there is a scheduled date yet. But it will come back online. I think it is important to remember that spacex launches rockets on a fairly regular basis. So much so that every launch that they do is not always somewhat newsworthy. Rocketstinue to launch for their paying clients. That is the business model. I remember when every launch, people were wondering how things would go. Now, it is quite routine. Another thing that has happened, astronauts on the space station will come back. That will be a huge moment as well. Caroline dana hull, thank you for putting that all into perspective for us. Lets get to the business flash headlines. Yetlix, the Largest Company to pledge American Companies have rushed to show support for africanamericans following the death of george floyd in police custody. An early Coronavirus Vaccine study. The company is one of the front runners in the race. They say more than 90 of those showed immune response. Amazon is targeting military space organizations as potential users of its services. They are pouring billions into new users. One of the pentagons biggest contractors, lockheed martin, already us an amazon customer. Romaine lets turn our attention to uber. The foodalks to buy Delivery Company post mates. This comes as post mates considers going public. Joining us with more, Bloomberg Opinion columnist. Thank you for being with us. Whatus a general sense of uber is looking for with post mates and whether this is remarkably different than what it was reported to be looking at with grubhub earlier . It is not that different. Just taking a step back, the food delivery industry as a whole, they have pursued a strategy that has resulted in passive losses. Uber eats lost more than 300 million for each of the last three quarters. That game is over. There needs to be consolidation, rationalization of pricing. Also, a deal will help them have some cost synergies. Caroline 30 market share in the u. S. Delivery market, we understand, basically a triop oly. Is there going to be regulatory concern about this . I think there will be less concerns. Some analysts were saying that the worries of potential antitrust issues were some of the reasons why ubergrubhub issues were worked out. That does not help the consolidation at all because it is a European Company buying a u. S. Company. The potential combination of uber eats and post mates will be about 30 . The combination of uber eats and grubhub would have been 45 . And theysmaller number will be more likely to have less of an issue from regulators. Herer is the goal consolidation, that you dont want others to emerge and leave you behind in a highly competitive space . Exactly. There are economies of scale here. Grubhub was really big in new york. The more market share you have in these individual cities, you have much more Pricing Power and restaurants have to go to you because users are using a specific site in that city. Caroline we will keep a close eye on the delivery wars. From new york, this is bloomberg. Mark i am a Mark Crumpton with bloombergs first word news. Americas top Infectious Disease doctor says he is quite concerned about the increase of covid19 cases in states like florida, texas, arizona, and california. Dr. Anthony fauci told a Senate Health panel today that some states reopened too early and skipped of that work part of cdc guidelines. Still, dr. Fauci said he was aspirational he hopeful that a Coronavirus Vaccine will be available early next year. Leading republican says that President Trump should start wearing a mask at least some of the time. Tennessee republican Lamar Alexanders comments came as he chaired a hearing of the health, labor, and pensions committee. The president has plenty of admirers. They would follow his lead. It would help end this political debate. The stakes are too high for this political debate about pro trump, antitrump masks to continue. Around here, senators and staff wear masks because we dont want to make each other sick. Mark cdc director Robert Redfield said, it is all critical that we take it is critical that we all take the personal responsibility and embrace the use of face coverings. Lawmakers of both parties called on the Trump Administration to provide more information about intelligence that russians put a bounty on u. S. Troops in afghanistan, with democrats questioning why trump has not responded. The New York Times reported today that officials had evidence of large financial transfers from russian think accounts to a taliban linked account. Secondly, it was reported that the National Security agency disputed the pound the information about the bounties made by other agencies. A montanaeinstated Scholarship Program that allows state tax credits for private schooling. Justices said4, the Montana Supreme Court violated the religious freedom because when religious freedom clause when it struck down the program. Global news, 24 hours a day on air in on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Caroline now, more u. S. Retail companies saw grossi protection in the first half of 2020. Energy filings, oil prices plunged. With Chesapeake Energy the latest to file for chapter 11 protection, we want to really drill down into the state of credit. Marty, your perspective. I guess it is no surprise that we have yet another key player in the energy space filing. How many more will there be . Is it an ongoing path to default . Energy continues to be the focal point for defaults. The market is saying that we will have n