Years before resigning to join the trump justice department. He was forced out after his refusal from investigating russian meddling in the 2016 election. That is our first word news. Im Mark Crumpton. Vonnie it is 1 00 p. M. In new york, 6 00 p. M. In london, and 1 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. Here are the top stories we are following from around the world. Schools across the United States prepare for students to return in some form in the fall. Ill be speaking with authority else goes in garcia, the president of the National Education association, representing 3 million Public Education professionals. We will also be speaking with 2u inc. s chip pot check. Position be taking a on how to stop the administration from enforcing those visa rules that would Bar International students. Also discussing the ramifications of colleges going online. Shares of ncino surging today, 71. The ipo was priced at 31. I will speak with the companys ceo about its phenomenal trading debut. That is all coming up in the next 30 minutes. Lets have a look at the markets. Banks stealing the show today and its has been a mixed performance. 1. 6 bw bank index is down effectively on wells fargos performance, which saw some concern. Jpmorgan said we are not doing so badly. Jpm is pretty neutral in the days trade. Citi is higher. Crude oil is right now. 40 a barrel right now. Los angelesicts in and san diego say schools will be online only. Earlier, we caught up with Donna Shalala about her districts schools will be opening. Its impossible to open up in florida. We just got a National Study that said a quarter of all the teachers into United States are in the high risk category. So we are not just talking about the kids. We are talking about the staff, the teachers, and their risk if we open up too soon. Lily Eskelsen Garcia is the president of the National Education association. Representing more than 3 Million People across the United States. She joins us from washington. Need inPublic Schools order to actually reopen and have children come in person in the fall . Lily we were pretty appalled at the trump Economic Advisor who basically said, this is so easy, what is so hard . That are very frustrated people in the administration dont understand that this is very complicated. We are talking about children and the people who serve them. It will not be easy, it will not be cheap for any business to do this, it would be the same. We have 52 million schoolchildren. We need daily disinfectants, e,rning Health Checks, and pp masks, gloves. We are going to need the school nurse. While we are trying to get all of that done, we are under an problem because the funding for our Public Schools has fallen off a cliff. Tax revenue is falling because of the epidemic. , you are being told probably will not have as many teachers and support staff as you thought you would have. So we have to distance kids, disinfect, buy the equipment, do regular Health Checks and screenings to make sure sick folks are not in the building infecting others. And we are supposed to do it with less money than we had last year before the pandemic. Whyre mystified as to donald trump who said i dont have the right to tell people to wear a face mask, but he has the right and authority to tell all Public Schools to open all , allings for all students day, or else i will take your federal funding away . The federal funding is for special ed and school lunch. So he will hurt our students if we dont do something risky . You can tell people are already ignoring donald trump and betsy devos. Questionable how much they could do unilaterally anyway. Sand that line in the your members will just not go back to work . Is the think the line same for teachers as it is for parents. We need to make sure the School Buildings have tried everything they can to mitigate the risks in a pandemic. How ironic that the president was talking about, denmark, germany, australia, they opened their schools, and they did it very carefully. Kind of the bottom line from the cdc and every Infectious Disease open uponal, you do not your economy, schools while you are surging in infection rates. Twor suggestion is at least weeks where you have a constant decline, so you know the infections are fewer and fewer. Very few communities have reached that or will reach that anytime soon. That is number one. While we are waiting for that, we are planning. These rooms,infect have new protocols for the kids, how do we distance them . Hybrid probably be a virtual and in person shift. This is temporary but it is an emergency. People are dying out there. If we dont do this right, children will be infected, they will in fact the adults in ect the adults around them. Vonnie this is what parents are grappling with. Even if schools open on a socially distance basis or on a few days a week basis, should they send them back . How much federal funding would you need, what did be spent on specifically . We have been asking, and we did get a wonderful bill passed in the house, the heroes act. Earmark about wld go straight to your school districts. Alliance share of that money is to keep from laying off teachers. We will need all hands on deck. The teachers, the bus drivers, the school nurses, just when we need everybody, that is the main objective. Also for the ppe, the masks, all of thes forops, hotspots for wifi those kids that may not have an option of virtual learning, it we have to have a hybrid model. The kids in the poorest communities dont have wifi in their home. It would cover a lot of ground and services for our students. We are looking for help. It is sitting on Mitch Mcconnells desk, he is on vacation. We need action. The states and locals dont have it. Vonnie what happens if that is not in place by the time schools are meant to reopen . Would you be behind schools that reopen anyway, especially if they are under threat of having their funding cut . What happens in that scenario . Lily i cannot say this enough. Just ignore what donald trump and betsy devos are talking about, or they are making empty threats, and they know it. They are not our boss. They have not figure that out. We are not under threat of for ourur money students, but we are under threat of a pandemic and people dying if we dont do this safely. Parents are not going to want to sacrifice their children. To be complicit in opening an Unsafe School that will endanger the entire community. We dont have to choose that. We can choose to do it right. That is what we are hoping for. Vonnie what are your members saying in terms of childrens Mental Health, social development . As much as everybody would like transmission rates to be at zero before they go back to school, there is a cost for them not going back to school as well. Vonnie we dont believe lily we dont believe there should be a tradeoff between a childs physical and Mental Health and their academic needs. We have to do something that serves that whole child, the same way that they did in denmark, germany, and australia, places that took this seriously from the beginning. It is why distancing and having the protective gear is so important to even think about opening the school. No one said a zero infection rate. We said two weeks this is the cdc two weeks of constant decline so that what you are trying is working and infection rate is much lower in their community. When that blessed day occurs, we want to be ready with something that meets the needs of our Mental Health, physical health, and academic health. Dont let anyone tell you that you have to sacrifice one to get the other. Vonnie are you in conversation with other teachers unions, theyre different decisions on what actions could be taken if the weeks go by and congress does nothing and you are still in the dark on how to proceed . The alternative of congress doing nothing is too devastating to imagine. It really is. Parents, the public, everybody out there, if you have not called your senator yet and said convince Mitch Mcconnell to put this on the floor and do it do it three times a day. We cannot imagine opening up schools without having the equipment and the clean disinfected schools that we will need. It is not just mopping the floor. It is doing it in a specific way. And it is fairly expensive. We have to do it right. But we are working hand in glove with a the strangers, other teacher organizations, parent organizations, special ends groups, civil rights groups. Haveow that communities been devastated by poverty and discrimination are the ones that need the schools open. If you are open going to open , you are putting entire families, communities at risk. We dont want the false choice of saying here is an Unsafe School. It . E keep it closed or open you make it a safe and healthy environment for the kids to come back to. Garcia,lily eskelsen president of the National Education association, thank you for joining us. Much appreciated. Coming up, we will be speaking with the ceo of ncino. It is searching on his first day of trading. 81. 40. A 15 difference in todays trading. This is bloomberg. Vonnie ncino shares opened up for training today at 71 after the initial Public Offering yesterday at 31, which was already above their target. Joining us now is pierre naude. Congratulations on the nasdaq listing. Are you sorry that you may have left money on the table . Thank you for having me. It is clearly an exciting day for all of us. We are focused on transforming in additional transformation. My focus is on the operational side of the company, expanding into banking as fast as we can. This ipo will position us well as we expand overseas in japan, europe, australia. I am just excited for my people. It is a major milestone. But we have to get back to work and help out banks. Vonnie bank of americas securities, keybank, others carry this out for you. There must be a little bit of bitterness that you could have gone public at a higher price point . We have not discussed that. Im watching this developed throughout the day. Oni said, we are so focused the markets, what our customers are doing, how we can help them, especially with covid. Small business lending, we had fantastic success turning our banks into fantastic experiences, getting money into the hands of small business. We are crossing that hurdle now and we can vocus on operations , andxpand both in the u. S. Based on our cloud platform, we can help the Small Community bank, all the way up to the big banks. That is what we are focused on. Vonnie you have raised money now, you are public. You have given us an idea of what you would use it for, expansion, but would you expand in the u. S. , hire more people, look at potential acquisitions . How does that scaling manifest itself . We have been investing to grow internationally over the past number of years. We have an office in london, sydney, australia, melbourne, tokyo, japan. This platform is universal. We run and a platform that gives us over 100 languages and currencies outofthebox. That enables Companies Like us to come outofthebox, build a core competency, and expand globally. In addition to that, we are expanding across divisions. To helpuse these funds us feel that growth and go at a faster pace at the banks. Vonnie what about consolidation . There are plenty of Small Companies that you could may be getting wrapped up into ncino. Any thoughts in that direction . Pierre as we think about the companys innovation spirit, we have this agile enterprise edition of platform. Underneath, we did two acquisitions last year around ai Machine Learning and automation. As we drive that platform out, i believe the future is all about automation insights, taking the human out of judgment, so you can make scientific decisions in banking, take the bias out. Forward, thoset are the areas that i find intriguing. How can you drive more automation, a touchless banking experience, where you prepopulate fields, you can recommend actions in a responsible way. We are looking to transform banks into this flexible ecosystem with scientific decisions. Vonnie is there an appetite for that . Clearly you have customers, but is there an acrosstheboard appetite for scientific decisions being made without any bias by computers . How do banks ensure that . Pierre here is where it comes to. You will never allow the machine to totally take over. You take your experience, your current portfolio, your underwriting standards, regulations about redlining, and up when you start to see these deviations. We believe we can make that instantaneous at the point of decision. Because it was used across employees across the board, we push those to the front lines. You are looking at this customer. Here is where they are positioned. It will actually drive much better decisionmaking, which is a combination of humans and machine, which is fascinating as we go forward. Vonnie thank you so much and congratulations once again on a successful ipo. The shares are now over 80 each. He ceo of ncino, pierre naude this is bloomberg. Vonnie this is bloomberg markets. It is time for our stock of the hour with scarlet fu. She has been looking at one of the banks not performing so well today, partially because it may be a more consumer facing bank. Attention toay Bank Earnings season because they can give us a raid into how their customer base, customers are faring through this reopening of the economy. Bracingl us they are for a wave of this loan payments. Wells fargo, jpmorgan, and citigroup set aside 28 billion for potential that loans. That cautious outlook is weighing on their share prices. Highlighted wells fargo, it is the worst performer in the kbw bank index. It is consumer facing, does not have the wall street Trading Operations that jpmorgan and citigroup do. This anyst called environment where the strong get stronger. Those that have different businesses can pull those different levers to get them through this environment. Or jpmorgan, trading revenue rose almost 80 , a record. Fixed doubled in that time. Citigroup also surged almost 70 . Investment banking was a bright spot as well as citi collected a lot of fees from companies that rushed to raise cash. Wells does not have the lever to pull. Adjustingw is wells to the low Interest Rate environment . Pierre a lot of people are starting to take out auto loans and home loans, but they dont benefit as much. The Federal Reserve has constrained its asset growth as a result of years of those account scandals. At wellsest margin fargo fell to 2. 25 , lower than expected. Surprising to see its performance has lagged behind. For the quarter, wells fargo reported a 2. 4 billion loss. The first since 2008. Vonnie always great to get your thoughts. Thank you. Coming up next, more bloomberg markets. This is bloomberg. Mark im Mark Crumpton with bloomberg first word news. More than a Million People have been left marooned as heavy flooding worsened in bangladesh. Homes in left their search for Higher Ground as water levels continue to rise in parts of the country. Heavy rainfall and floodwaters from india are primarily to blame. President trump is downplaying a rift with Infectious Disease chief dr. Anthony fauci. He told reporters he gets along with dr. Fauci very well. Over the weekend, white house officials try to discredit faucis work on the coronavirus. Dr. Fauci says he has not spoken with president since early last month. Joe is unveiling his plan to boost clean energy and cut the use of fossil fuels. The democratic presented desk Presumptive Democratic nominee will set up for setting up a clean 100 percent electricity standard by 2025, plus 200 2 trillion of the invested in clean energy over four years. Algreens has damaged from looting and unrest following the death of george floyd in minneapolis cost the company at least 75 million across its stores last quarter. They say the estimate includes damage and lost inventory through may when its fiscal Third Quarter ended. Im Mark Crumpton. This is bloomberg. Amanda live from toronto, im amanda lang. Welcome to bloomberg markets. Vonnie im vonnie quinn in new york. We are joined by our bloomberg and Bnn Bloomberg audiences. Almost 60 universities filing an amicus brief in support of harvard and m. I. T. In a case visa rulesstop new that would Bar International students. At all also be looking Bank Earnings across the board, as we see mixed results from wells, jpmorgan, and citi. And well would be speaking about airlines, plenty of bailouts and uncertainty ahead. Lets take a look at markets as we see a lot going on today, amanda. Amanda some of that uncertainty you reference is weighing on fox today. It has been a mixed picture. We saw a bit of unease in the markets yesterday. When we look at the markets, it is the former leaders. Tech is giving up some ground. Interesting to see energy and materials across that broad s p 500 as places of strength. Financials offer no strength , considering how some are moving sharply lower, they are not doing terribly. Consumer discretionary also week on the day. When we look at financials, it is as we begin to hear from some of the biggest banks. As we have seen in other thetries, canadian banks, setasides for a loss