The other thing they are focused on is unemployment. The stimulus in europe and we wait to see what happens in the u. S. Alix the latest on twitter was gold or tesla reaches 2000. I covered gold back in the day and the coverage was google or gold at 2000. You dont want to miss this. His insight on u. S. And european equities as well as tesla. What you do before earnings . U. S. China tensions flaring up again. The u. S. Secretary of state mike pompeo spoke about the issue in remarks in copenhagen earlier today. We are setting clear expectations for how the Chinese Communist parties going to behave. When they dont, youre going to take actions that protect the american people. Alix joining us for more is kevin. What happens now . Are pushing back and they are saying in a statement from chinas foreign ministry, china condemns such an unjustified move which will sabotage chinau. S. Relations. Toy urge the United States withdraw its erroneous decision. Otherwise china will make necessary reactions. I do want to note that this is part of a broader bipartisan u. S. Shift in strategy for how they are dealing with the chinese. Yesterday there were indictments against two alleged chinese hackers who act and, according to the department of justice, and trying to get covid19 research. John, who leads the department of Justices National security division. I asked him why they are doing this. He says what the communist party is doing is allowing them to continue their criminal activity instead of acting like a normal government what, which is shutting down their intrusions. They are on call for the benefit of this date. I think of it as a onetwo punch. The indictments came yesterday, the consulate closing shortly thereafter in used in. Francine thank you so much. China we areabout joined by george magnus, author flags. Of red thank you for coming on. Weve been talking about ip theft from china for quite some time. Have things suddenly gotten bad . What is the u. S. Need to put a stop to it for political reasons . Alix i dont know george i dont know. I think there is clearly a story here. Something im not privy to. It is coming a day after the indictment of these two people on hacking grounds for ip theft rounds. Grounds. To do allegedly with coronavirus vaccine. I cant cooperate that corroborate that. I suspect these things may be related, but i think we have to wait to see what comes out of this. Yeah, i mean, it looks like an exceptional move to the u. S. Administration. You dont normally do these things unless you have good grounds and unless there is something concrete to base it on. I guess i didnt understand why u. S. Markets did not seem to blanket all. That . Er what you made of george just my hunch here is that to a degree i think markets speaking,e relatively sinoeverybody else elations. Relations. As long as this has the feel im not trying to understate this, because it is serious so long as it has the feel of kids throwing bricks at each other in the playground without im justetting hurt, using that as an example to illustrate that there is a certain degree to which i think markets will rush this off as as beingbrush this off aggravated banter between two aggrieved parties. There is always the possibility that something crops up, which is taken much more seriously. I would say where we have seen markets really blank is when when there hasis been some demonstration of the deployment of financial leverage. Against individuals and institutions associated with the suppression. Or that to happen in hong kong, there is no way that markets could ignore that. That would be a serious development. I think this is par for the course, is my hunch. Francine what does it mean for the 10year of president xi . Is crackdown on encore on hong kong. What does it tell us that could indicate to the markets how they should view this new china . George my view is i dont think it really tells us very much that we didnt already know, which is that barring some kind of revolt or serious pushback within the top echelons of the communist party in china, xi jinping is ensconced in his position. Remember, a couple of ational Peoples Congress goat term limits were removed. Hes already got the power to stay chairman of the communist party and head of the military commission for life. He could be president for an awfully long time, if not for as long as he lives. There is always the possibility that rising pushback against china abroad, particularly in the west and across belt and road countries, but more significantly pushback by important, wellplaced people inside china. We wouldnt necessarily know about that at all. It is a bit like if people remember the cold war with the ussr. He had an army of terminology just whose job it was to interpret body language and whether people were standing up for sitting down at conferences, where they were situated on parades to indicate whether the president or chairman of the party was in favor or not. We are going to have to watch this. It looks at the moment as of china as of china is in the process of losing its most important external relationship, if it is not lost already. He will have to see what happens we will have to see what happens after the elections in november. That is a serious development. It is not necessarily that he is guaranteed the position for life. Alix it is also not just the u. S. Dominic raab saying that he will work with allies to hold the cyber attackers to account. Also saying they are concerned by the evidence china did engage in cyberattacks. I wonder how you understand the interplay . Probably think this is something which is being viewed also in beijing as potentially quite serious. So long as the United States and europe and japan and south korea ,nd socalled members of the loosely speaking, alliance of western economies or western democracies was fractious and divided and they were arguing against each other over trade and so on, this played to xi jinpings benefit in a material way. If it now looks this kind of pushback against china is basically binding the United States, united kingdom, and europe together and certainly the u. K. Has been through a significant change of heart the shortlived golden decade lasted about three years is now in the trashcan. I think the British Government is nailing its colors to the mast of saying, we want to engage with china, want to do commerce, that has to be on different terms and with redlines observed on both sides if there is to be reciprocity in treatment. But also in europe. Not all European Countries are coming around at the same speed. Certainly in russells, paris, berlin,ome degree in merkel is behind the pack in terms of where she is situated, gradually i think europeans see china as a threat to the world order, loosely speaking. Thatlso to the prerogative german and European Countries have without being affected by intrusive or interference by Chinese Companies. To catch upgreat with theo. Thank you very much. That is george magnus, ox of the university oxford. Coming up, the u. S. Is ordering 100 million doses of a vaccine. We are going to talk to dr. Wilbur chen. This is bloomberg. It will probably get worse before it gets better. Something i dont like saying about things, that is the way it is. We are employing Young Americans s and other indoor gatherings. Be safe, the smart. Trumpthat was president and his first Coronavirus Briefing since april. California now surpassing new york the most confirmed covid cases in the nation. And shares of pfizer are rising after the u. S. Ordered 100 million doses of a vaccine. Joining us now is dr. Wilbur chen. He does is a member of larry hogans task force. Thank you very much. A real pleasure. I want to focus on the vaccine potential the u. S. Ordered. On hundred million of these doses from pfizer. They said they could make more than one million doses. We threw a realistic timeline. Dr. Chen i think that is a great question. We have a number of vaccine candidates in the running right now. We are in the final stretches where we are planning on having the efficacy trials in the fall. Some of them are starting up at the end of this month. By fall we should be having phase three. Which means we might have efficacy proven for some of these vaccines, including the pfizer vaccine. Licensure that the might be sometime in winter. Im not sure if that means december, january, or february that is the timeframe i am looking at. Once we have licensure, manufacturers have to make those doses available. We heard about 100 million. We hope those other manufacturers are also going to be successful, bringing many more millions throughout the u. S. Alix what if we cant have a vaccine . There was a report yesterday saying, if you catch covid19 and have mild symptoms you have antibodies but they fade quickly. Are the antibodies that are made by a vaccine different to those . Dr. Chen we hope so. We havent tested that and that is what we will be evaluating come this fall with these efficacy studies. It looks like that natural infection, more symptomatic you are the more antibody response we are seeing. If you have less symptomatic sees you have a much lower antibody response. That is only part of the equation. Scientists also look at the immune response which is those t cells. Those are also important and may in fact be part of that efficacy we will see with either infection or vaccines. Alix dr. Fauci was on an abc affiliate talking about treatments likely to come before a vaccine. Are we about treatments, talking about something that is going to help you if you are on a ventilator . Are we talking treatments like i have it, i want to get the pill and i will feel better. Dr. Chen i think that we dont have treatments available that are oral treatments right now. The ones ive been hearing about ones that are injectable types for hospitalized patients. Or they could be taken orally, but they are mostly for severely ill patients. Nothing like an antibiotic which can be taken as an outpatient that i have seen that will be efficacious. We are seeing improvements with a lot of these drugs that are being evaluated, but again i dont think have a panacea pill. Francine can we keep control of the virus if we have a treatment that works . How much worse will it be then flew if you have a treatment that, for the people who are severely ill they can survive . Dr. Chen thats a good question. Im not sure. Of thent evaluated all different permutations of combination therapies, so we have seen that lowdose of steroids can be helpful. Weve seen that remdesivir can be helpful. Those alone have not shown that we can completely avert hospitalizations for deaths. It does make a significant improvement in those numbers, but it doesnt present a panacea. As we think through the 10th therapies we are looking at, none of them are a cureall that are going to get us completely out of this. Tools in theful as toolbox for doctors to be able to treat patients. Again, i dont see any of this is a cure that will help us avert the disaster this fall and winter. Were eaking of, you are also on the Governors Task force. Can you give me a sense of how you are rising him to open, what not to open, how to deal with school . Giving himeve been the scientific advice and he has been running with it. He has been a governor that has been readily accepting and eager to hear from scientists about all of the elements the developments. Systems,r local school in my county we have decided we are going to go with virtualonly for the fall semester. Other jurisdictions throughout the state are taking making their decisions even this week or next week. Very soon. Governor iso our looking at all of this information and the trends nationwide that are showing we are seeing an uptick in cases. Thosedriven primarily by younger adults that are probably engaging in social gatherings, going to bars and restaurants, perhaps not adhering the best to masking universally went together. Again, we are trying to message out to the public about the importance of this. Francine dr. Chen, thank you so much for joining us. Coming up, we have plenty more on corporate news. Wirecard chief executive is arrested. That is coming up next. This is bloomberg. Love live from london, im Francine Lacqua. Lets get onto wirecard. We turn to the troubles at wirecard. Former chief executive marcus brown and two other officials were arrested as prosecutors say the company knew about massive losses as early as 2015. Joining us now is karen. Thank you so much for joining us. Exactly what does that mean . Does it mean other people will be implicated because they tried to cover it up . Yes, it means that prosecutors after four weeks of dig down aon really bit of more information. Apparently they have a witness who has implicated the three. For markus braun it is bad news. He was out on bail and now he was rearrested. To zero chanceed of getting bail. Alix what does it mean for any sort of sale for the company. If they want to sale sell assets . I think wirecard filed for bankruptcy. Insolvency administrator and charge who has the tough task of cleaning up the mess and the books. Really showing people who may be interested in buying stuff what is really there, what is worth it. I think there are probably some efforts that are attractive. Arent think the arrests putting a bad shadow at this process. It certainly doesnt help, but it is also not totally making things too complicated for that part of the affair. These companies have auditors, right . Is it time to audit the auditors . If this happened as far back as 2015 . Strand is the other big and discussion. Is a really bad story about auditors. There is a lot of criticism about auditors. They have been regulated by a huge auditor who signed off on the accounts for many years. They have also gone into the offensive and have sent, we have been criminally defrauded ourselves. All of this has to be cleared up and i think tough questions also have to be asked in terms of what existed. Alix such an ugly story. Thank you very much. We are heading into the close of european trading right now. Hey pretty ugly day. Underperformers down by about 1. 3 . The dax holding up relatively well. We are going to break that down as you have Precious Metals flying as there does seem to be some kind of bid into safe haven assets. We will break that down. This is bloomberg. I am live from new york, alix steel with Francine Lacqua in london. This is the european close on bloomberg markets. Stocks finishing up in red european trade. The cac 40 the under performer. The dax lower, but just by. 5 . I wanted to point out the ftse, off by a full percentage point despite the fact that the cable rate is getting hit flat. Switch of the board. Something interesting. If you look at equities, that is risk off. You look at other Asset Classes it might tell a different story. You are getting a bid into the german bond market also into italy with yields lowered by six basis points on the 10 year. The euro staying fairly bid, at one point hitting 1. 16. Those see more risk on. Are we seeing a change . Is the euro becoming a risk safety asset . If gold futures are telling you anything, the answer should be yes. Gold futures up a full 1 . Silver up at 22. Are we seeing a sea change in what constitutes safe haven assets and what does not . Francine european stocks are falling for the first time in four days. Yesterday they were there the highest level since the beginning of march. Some people are saying it is just a bit of profittaking, but overall you can see the renewed u. S. China trade tensions are pulling down significant industries. I am looking at energy down, im looking at travel and leisure, there are concerns tension between the u. S. And china would translate to a bigger trade dispute. The stat i am looking at is melrose industries, down 17 after predicting it would broadly break even in 2020. It did scrap its interim dividend and that put a dampener. It is finishing off 50 lower. Freshnillo gaining, and abb is the other out performer. Getting more than it is now but it is now up some 2 after the automation gear supplier results beat analyst expectations. ,or more on the European Market lets see what the markets are thinking. Katrina dudley joins us now. Katrina has approximately 1. 5 billion of assets under management. Thank you for joining us. What are the markets focusing on right now . Patchy, we do not know where trade is going, it is all of the focus on stimulus . Katrina the focus is what we had agreed on earlier in the week, which is the European Recovery Fund. This is a significant step forward for europe. We have a combination of loans and grants, which meets the needs of the frugal four. It also gives support to some of the economies, particularly italy and spain, which were hardhit by the covid crisis and the grants there would be made. We think the European Recovery Fund is a big turning point for europe. It is a First Step Towards fiscal integration, and there are other positive parts. We can talk about the green bond and other measures theyve implemented. Howd francine alix do you make that into a strategy call . You bet on green stimulus or do you bet regionally we know italy will be a big beneficiary. How do you think about it . Katrina there are a few ways to do it. You could look to buy Something Like a cheap asset in italy. Unicredit is a banking name we own which traits that a significant discount to book value. Obviously the risk is now reduced that you have these grants. The second part is the green bond. We have listened to various countries, for example greece was saying if they get the money they will spend it on doing things such as renovating buildings to reduce energy consumption, investing in 5g. You are looking for companies that will benefit from doing that. We like to own things like picks and shovels. This time we will own something was is which is a distributor of the picks and shovels. It is an Electrical Equipment to stupider that will benefit as these green bonds are used to upgrade buildings and reduce energy consumption. Francine what can you tell us i know there was so much optimism in the market given the eu Recovery Fund. In terms of the actual transfer gdponey, it is only. 7 of if you do all of the calculations. Do not worried we could have nonperforming loans in italy and other countries as long as we do not have a vaccine . Longerterm, will the markets be looking at this Recovery Fund as a salvo . Katrina in terms of looking at nonperforming loans, we look at the Banking Sector and theres a lot of pressure on the banks to come to a solution in order to not call those loans, to restructure them, to look at ways to push the payment date out. I do not think we will see significant rise in mpl as a result. In terms of the Recovery Fund, it is a small amount of gdp, but in an economy that has not and growing gdp significantly above the 2 rate on a relative basis, it is a significant accelerator to European Growth forecasts. Alix you mentioned unicredit and how you like unicredit. Bloomberg reported today that ecb might ask banks to not give any money out to shareholders for the year to save money to deal with the pandemic. If that is the case, what is the next catalyst for that sector . Katrina the lack of dividends is disappointing in the Banking Sector and it is something weve been paying attention to. We own unicredit for the longterm and we are a longterm investor. We see this as a bank that is going through a significant restructuring program, so a lot of the levers they have to pull are within their own control and are not necessarily determined by the ecb or the regulators. Unicredit we like from that perspective. Alix good to catch up with you. Dray tate for it. Katrina dudley of Franklin Templeton great day for it. Katrina dudley of Franklin Templeton. Joining us is the valuation expert good group. Swath damodaran always good to catch up with you. Austerity, we are still dealing with getting a stimulus in the u. S. The story is why dont you buy value in europe, now the time for value to shine. How you look at that story . Aswath two things in your. If we look at what is happened since two things in europe. Europe the dax is down 6 since february 14. This is tough on infrastructure businesses and Financial Services companies. Europe has a disproportionately large number of those. If there is light at the end of the tunnel, it is that these companies can survive, they can get through to the other side, because that has become a big factor in which companies invest. You can be right about the recovery, but if your company is not around to take advantage of the recovery, you will not make money. What this fund can do is change the perception. , i would beurope watching Southern Europe over to see howo weeks stops a recovering. Alix that brings me to the screen you take when it comes to valuations. Lots of analysts talk about the resiliency of stops in certain set of stops in certain of stocks certain sectors. You have a screen on the resiliency and what makes them important. Aswath it means you can scale your operations down in bad times and scale them up quickly in good times. This is what allowed Tech Companies to have an advantage over their status quo brickandmortar competition. In many ways, this crisis has exaggerated the effect and given a benefit to flexible companies. What it allows them to do is say businesses is not good, we will scale our costs down, but business is good we will jump back in the game. Traditional companies cannot do that. Whether it is investment or dividends of financing this crisis has reemphasized how important it is companies be able to move quickly. Toncine how difficult is it calculate the price of risk given the pandemic and all of the unknowns . Aswath it is not difficult. It just moves all the time. It is difficult to dale it is difficult to nail a number down. What is good today might not be good a week from now. The price of risk for equities in the u. S. Every day since february 14. That number started at 4. 8 . It reached 8 on march 23. It is now back to 5. 3 . That is a movie do not see over a decade sometimes and we have seen it in six months. Alix how do you look at the narrative and the market that is like we have the fed buying everything, the ecb buying everything, tons of money from the government, real yield and negative territory, 92 basis points in the u. S. That is why you want to buy stocks, that is why they are bid, is that how you look at it . Aswath i am so tired of the fed did it. It has become the excuse every active investor has given fort when she has underperformed for when here she has underperformed the market. The turnaround that happened march 23, the case of the fed being a backstop, it played its role. The market is much bigger than the fed and centralbank. Collectively the market is much more optimistic about the future. For the market be wrong . Absolutely. Do i trust the market . I would take the market every single day. Alix that is why we turn to you. You will sticking with us. But willmodaran of nyu be sticking with us. We are settled in your. Thee down one point ftse down 1 . The cac 40 off 1. 3 . The dax off. 5 . It was energy, consumer discretionary, and health care that led the way lower. This is bloomberg. Francine live from london, i am Francine Lacqua with alix steel in new york. This is the european close on bloomberg markets. There is a lot going on in the markets so lets get straight to Abigail Doolittle who is looking at our stock of the hour. Abigail that is tesla. What an exciting report. The most anticipated report since netflix. Everybody wants to know whether this stocks huge move on the year,up 275 on the whether or not it is deserved. We know they hit their secondquarter delivery numbers. They beat them. Nearly 91,000s, vehicles delivered versus the estimate of 83,000. Another question is will they put up a cap profit for a Fourth Quarter in a row. Right now they are not model two. If they do that would be an upside surprise. Looking to the future, whether the outlook matches what folks want to see, the strength they have managed to have on a fundamental basis can last. What we know is from an options perspective there is likely to be a huge move. Options pricing and a 15 move up or down after this report. It is hard to see how this stop can go even more parabolic, but if there is a stop that if there is a stock that can do it, it would be tesla. We are seeing tesla market cap swaying. That is nothing compared to amazon. Reporting when that Company Reports next week its market cap could move almost 150 billion. Relative to those fundamentals, we do have deliveries, parceled per year moving in the right direction. They are slated to sell cars sold per year moving in the right direction. They have to do a little bit better to make sure they keep growing in 2020 from 2019. Lets see. Everyone excited about elon musks pay package and the second tranche of his 55 billion bonus being hit. After jeff bezos, his wealth has gone up the most of the billionaires. Alix i am sure he is pretty pumped about that. Still with us is aswath professor ofu finance. Is tesla worth 294 billion . Aswath i dont think so, but i get a lot of heat for saying that. We will be watching the earnings report, but a week from now people will not remember what the earnings and cash flows are. This is a company driven by mood and momentum. The momentum is hot. That can change. Ive seen the stock turn on a dime. Two weeks from now it could be back to 100 billion. That is the reason i would never sell short on tesla. It is asking for trouble. From a valuation perspective, to get to 294 billion from it is have a thread the needle. It is plausible, but it is tough. Francine what is tesla actually valued as . It feels possibly more frothty than a tech company. Aswath you need to combine stories. It is one of these strange mixes. It has to have revenues like a big automobile company, bigger than volkswagen. Margins, more like a tech company. How you pull that off, i do not know. It has to reinvest like no Manufacturing Company has ever had in history, which is incredibly efficient about generating revenues. If theres anybody capable of pulling that off, it is elon musk, but that is what i meant by plausible but difficult to string together the pieces you would need to justify 300 billion valuation. Alix i love the chart that showed amazon, microsoft, tesla, you can see how it matches up with other behemoths. Something they also have them comment is robinhood traders are into them. Microsoft and tesla are the seventh and eighth most traded on the exchange. Amazon is up there. How does that feed into the frenzy from these big tech guys . Aswath when i talked about mood and momentum, that is where traders go. When mood and momentum is strong, traders go there. Robinhood traders can make you go up a lot. They can make you go down a lot. It is not that they have enough money to do it, but that does in training. One of the dangers in teslas you see a huge push and momentum trading. Their mind ande push it down below what it should be. Right now tesla is not in my portfolio, six month from now it could be. That is the kind of company it is. Things can change dramatically overnight. Francine why is there such exuberance from Market Participants . Does it go back to what we are seeing in bond yields . Does the search for yield distort many of these stocks . The only reason for tesla is youre hoping the momentum carries the price up 100 points. Youre basically hoping for price moves. That is what drives trades. That is why tech stocks move a lot, whether it is amazon, tesla, even facebook and google. That is when it tracks trading. I am not surprised momentum finds these companies. Momentum alone cannot sustain the price. It can carry them only so far. Alix lets talk about momentum in relation to the microsoft and amazon of the world. How much of a risk is that in those types of stocks . Aswath that is more substantive, especially microsoft. Microsoft is a money machine. It makes profits like no other company other than apple. When you are investing in microsoft, it is a very different type of story than the tesla story because there is more on the ground. Valuek at the base way of you can draw that you do not have with some of these younger companies. Described Tech Companies as aging in dog years. Microsoft is an old company in dogeared terms. It is a company that has been able to find growth when people had given up on it. Excitementt of the of microsoft is its reincarnation story. Maybe it has found a way back. That would be reaching, but i think there is more substance investing in microsoft than with tesla. Francine if you look at some of these big faang companies, what is the Regulatory Risk . Im thinking about facebook. I do not have amazon is one of them they could actually be broken up by regulators . Aswath im not sure amazon or facebook can be broken up. Thisicrosoft in 2000 is an ecosystem youre getting into. They could break up Instagram Whatsapp from facebook . There is a Regulatory Risk. I think the Regulatory Risk comes from pricing considerations and whether there would be restrictions on ads on the social media platforms. I think that risk is real. With amazon i think the risk is has 70t because it people who want to take it down. Politicians. Hoping amazon will fall. , that investing in amazon is the biggest worry. Any other company that can take on amazon and when longterm, but the government can end up becoming amazons biggest enemy. Alix if you are looking at the market, what is the biggest thing that is overpriced, the biggest red flag, the name you say no way, i am not touching that . Aswath collectively, all of the Health Care Companies presumably have a backseat. I sell the whole group short there arebecause successful moneymakers because of the vaccine. We are in the middle of a crisis created by the virus. [indiscernible] it doesnt mean there will not be a winner, but collectively they might all be winners. If there is a group i would pick on, it is that group collectively. Francine thank you so much for joining us. Aswath damodaran of new york university. Coming up on bloomberg tv and radio, bill ackman. If you look the share price, it is still gaining. That interview at 6 00 in london, 1 00 in new york. This is bloomberg. Francine is a busy day in europe and the u. S. What i am watching will be microsoft. We could be looking at Quarterly Results after the closing bell that will crush it when it comes to the Cloud Computing business. A huge tailwind for the company. All Analysts Bullish on it. A nice run. How much can they deliver is what i am paying attention to. Francine every time you have a big company in the u. S. Report, whatever they do will have an impact on european stocks at the open tomorrow. Ill be watching that and also watching some of the earnings in europe tomorrow. We have roche, daimler, unilever, and we were just talking in the break about daimler. There was a report earlier today from manager magazine saying daimler might put up took might cut up to 30,000 jobs worldwide. That is quite a lot. They say that is speculation for the moment but certainly there will be an extra layer of interest when they report earnings tomorrow. Alix especially as any of those Companies Come and here in the u. S. They receive eight and they the sa time. To lay o people at a busy day, a fun day. Thank you, fran, for joining me. That wraps it up for fran and myself. Coming up on balance of power, he will talk to ohio senator rob portman about his effort to get a stimulus deal done. Breaking that down. In the market, it is a soft session in the u. S. But we are in the green versus european equities, and it down 1 . You have some of the Health Care Stocks outperforming. The energy getting hit in the u. S. In other Asset Classes youre getting a bit in the bond market premuch everywhere you look. The euro catching a nice bid. Is the euro the new safe haven . Gold up 1 . Silver 22 an ounce. Have not seen that in years. This is bloomberg. 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, you 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. 5g is now included with all new data options. Switch and save hundreds. Xfinity mobile. David from new york to our tv and radio ordinances worldwide, this is balance of power where the world of politics meets a world of business. We will start with Abigail Doolittle. Abigail stocks are doing pretty not premuch nothing. The s p 500 up. 2 . If the index does close up, it will be the fourth update in a row. That would be encouraging. We are seeing weakness for the stayathome stocks. The faang stocks down. 3 . Not a huge move. When we are seeing bigger moves, we have u. S. China tensions flaring backup. One of the china stock etfs in the u. S. , basically Chinese Companies listed in the u. S. , that index is down 2. 1 . That is the only area where we are seeing tensions. It is amazing to see markets look past the developments. If it had
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