Reported a good quarter, but the Third Quarter guidance not needing the mark. Att stopped plunging 15 , the lows, down 18 . Its worst day since 2002. Another big story, we have been talking about silver. The spotlight today gold crossing above 1900 per ounce earlier. That haven asset, also you could say a derivative of fed liquidity on the others. Painting a risk out picture for all of this, we have the yen up for a second day. Dollaryen up 1 . That tells you investors are going into the yen, which is a true haven currency. Lots of pressures gritting this risk off picture. David it is not just the dollaryen. The u. S. Dollar is down overall. It is weakening. Is that right . Abigail yes. It has been down five of the last six days. One update was up ever so slightly. From a technical perspective it has been breaking down. A weak dollar is what happens when the fed pumps a lot of liquidity, easy money into the system. The fact you have the dollar week could suggest some traders may not like that because if you have a strong u. S. Economy and a strong u. S. , the dollar should be strong. You have a real tension. A weak dollar does help commodities and it has been helping stops up until recently. Thank you sodavid much to Abigail Doolittle for that report on the markets. We are watching President Trump as he continues to make a pivot on his position with respect to the coronavirus. Yesterday he announced he will not give a live speech in jacksonville at the convention that was so important to him. We will do amp Convention Speech in a different form but we will not do a big crowded convention. It is not the right time for that. I care deeply about the people of florida and everywhere else in this country and the world. I do not want to do anything to upset it. Trump that was president speaking yesterday. We welcome jeanne zaino, our bloomberg political contributor and a professor of political college. T iona this is a big move for the president. He had fought for this. He decided to go to florida because he wanted to have a Big Convention and now he is giving up altogether. What is going on . Jeanne the writing was on the wall, you had aids convinced him , you had apprehensive donors, you had members of the gop from congress who said they would not show up. They were going to have trouble getting guests. Then you had talk of social distancing, wearing masks, and the president and his team did not want to repeat of what they saw in tulsa. All of those things combined. The pandemic numbers in florida having increased in the last several weeks. The writing was on the wall the president had to make this move, which is something he had resisted. He fought the governor of north do it inon trying to North Carolina in a way that was socially distanced and safe. He moved into jacksonville and yesterday he was forced to reverse course. It was the right move, but for the president it is devastating because they wanted to use this to turn this campaign around. Now he is struggling to figure how to do that, drowning under numbersvastating poll out of florida and elsewhere. David a quinnipiac poll has him well behind joe biden. It is not just in florida, but also several of the border states. He is also behind in texas according to some polls. Jeanne that was shocking. The put up . Poll had himpiac down 13 points to biden. There is no way for the president to win the election if he loses florida, particularly if it is 8 or 9 . Then you move to a state like pennsylvania. You have biden up 11, minnesota 13, michigan nine, these are all devastating numbers for trump. The big fear was texas, where it is within the margin of error but the quinnipiac poll had joe biden up 1 . The president may hold that off. If you imagine their team has to keep a place like texas, they will not have what it takes to do what they wanted to do, which is bring along a state like minnesota or new mexico. Those are long gone. He is fighting for states like texas. That will be tough for the president to pull this through if that is what this has come down to. They are looking for a time and a place to turn this thing around. What with his big rally off the table, he is back to these pandemic daily briefings and they are putting out ads, but they are struggling to figure out how to get momentum. David was still a ways to go to the election. A lot could change. He did not want to count out President Trump. He has shown us that time and again. What can he do . We are watching what seems like a meltdown on the republican side just to get a proposal forward. Forget an agreement with democrats. They cannot get their act together for proposal. How will that reflect on President Trump . Jeanne you cannot count him out. We are only in july. Early voting starts in five to six weeks. It is becoming the time when the numbers start to dig in. We have unemployment up. We now have people facing evictions across the country. If the republicans cannot get their act together and pass some kind of relief for people. These are things the president will have to push for, and this is all happening at a time when you have places like the cook political report, normally conservative in their forecasting, saying republicans are in serious danger of losing the senate. They will lose more numbers in the house if the polls hold up, they could lose the white house, now it looks like they could lose the senate. These are numbers that are devastating for republicans struggling for a way to turn the ship around. In many of the states, whether it is colorado, arizona, or maine, the senators look like they will not be able to hold these seats. What was a good map for republicans has become frustrating for them. David give them a little help. If they came due and said what we do to turn this around, what are the possibilities for President Trump . You cannot count him out. You assume he will come back. How does he do that . Jeanne he Must Immediately make a deal to figure out how to help people facing eviction, how people still struggling and will continue to struggle with unemployment. He has to focus like a laser beam on the economy. That is what he has to do. What is he doing . We saw him with a tweet about suburban housewives. He should not be saying that in 2020, the way joe biden is going to destroy their neighborhoods, that is not the direction to go in. He has to focus on the economy, that is where he still wins. That is what they have to do, but that is in uphill battle. Infrastructure makes a lot of sense if he can get the democrats to agree with him, but it will be increasingly hard to make those deals with the democrats. That is where he has to focus and he has to address the pandemic and taken more seriously than he has. David he has a tall order in front of him. Thank you so much. That is jeanne zaino from our bloomberg political contributor and a professor of political science. Coming up, the plight of those who are homeless has only gotten worse with the coronavirus. We will welcome someone who has part of an answer. She is Roseanne Haggerty. That is coming up next on balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. It is time for first word news. We go to mark crumpton. At thehe chief scientist World Health Organization estimates 50 to 60 of the global population will need to be immune to the coronavirus for there to be any protective herd immunity affect. During a social media event today, a who official said studies done from some countries hit hard by covid19 show 5 to 10 of people now have antibodies. It has beentries, as high as 20 . Boris johnson is warning the u. K. Will still be dealing with the coronavirus pandemic in mid 2021. He adds his government is preparing for second wave of infections over the winter. The Prime Minister told sky news there will be tough times ahead and said he regards those who oppose vaccinations as nuts. The Government Accountability group which includes the cities of paterson, new jersey, and atlanta are suing President Trump. It is the first of what will likely be several lawsuits challenging the president s executive order seeking to exclude undocumented immigrants from census data used to determine congressional districts. The president believes counting undocumented immigrants ultimately benefits democrats. Launched a formal complaint with United NationsCivil Aviation agency after a passenger plane was intercepted by u. S. Fighter jet and syrian airspace. I ran called the incident a clear violation of international law. Several passengers were injured as the jet dropped in altitude to avoid a collision according to reports and social media posts. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am mark crumpton. This is bloomberg. David . David thank you so much. Over 500,000 americans experience homelessness. That number is expected to grow substantially when the Eviction Moratorium lapses at the end of next week under federal legislation. We welcome someone who has a plan to help with part of that problem. She is Roseanne Haggerty from community solutions. Thank you for being with us. Lets start with the scope of the project. As i understand, there are 1. 5 Million People a year who experience homelessness. More than 500,000 on any given night. Describe the issue of homelessness in the United States today. Roseanne that is correct. Over the course of the year 1. 5 billion men, women, and children , disproportionately men, women, and children of color, black americans and native americans are experiencing this problem. That was prior to covid19. The situation has not gotten any better. Everyone now appreciate something that has been true all along. The Public Health emergency that is homelessness, especially having state accommodation to protect oneself and protect communities from the spread of the virus. In addition, we see new research from Columbia University showing there is a likely increase of 40 in homelessness as the result of the economic crisis. We are speaking as eviction moratoria are being lifted all over the country and as enhanced Unemployment Benefits are coming to an end. Not only is the existing reality shameful and correctable and solvable, but without federal level action we are looking at a wave of new homelessness and enormous suffering for many people. David explained how your approach might help with that problem, community solutions. Involves our work taking a systemic approach to the problem. We work with 81 cities and counties across the country who over a dozen have ended chronicler veteran homelessness. More than 40 are seeing steady reductions. Essentially we have adapted a Public Health approach, adapted ways of solving complex problems from other industries, this voluntary movement took communities involves doing five things differently. Clear shared a measurable population level goal across the community. We see is everybodys business to end homelessness. That kind of rigorous collaboration and clarity about everything adding up to a full solution is essential. Second, communities have to organize themselves in a command center like structure where everyone with the Critical Resources are sitting around the same table going person by here. What has to happen in jacksonville, florida, they will be doing that to keep lowering the number of veterans experiencing homelessness, taking everyone one by one and will be necessary to get them out of homelessness. That is the kind of work going on in all of these communities. Three is knowing by name and in realtime who is experiencing homelessness. It is a data driven process and very much about seeing what is working using data, not only does he everyone is getting what they need, but to spot and fix logjams in the system where things are going off the rails. Also using that data to drive positions around spending, around what Housing Investments are needed, what other kinds of support will create the best benefit for anyone in the community and leverage resources most powerfully. Those are the kind of elements that make up the powerful solution, and we see enormous evidence this is the way forward. David one might think the answer to homelessness is in the name. Give them a home and it is fixed. Is that enough . Do we need to understand why they are homeless . There was a study in 2015 that set a substantial portion of people experiencing homelessness have severe or seen of get Mental Health problems. Roseanne one of the things communities have realized that are part of this movement is the community is doing this work together, bringing the datadriven discipline to the problem. Housing alone and the personal challenges individuals face are not the Biggest Barriers to solving this problem. It is the lack of a coordinated system. Think inclined to analogies from the world of Global Health help to illustrate this. The world had a smallpox vaccine for 150 years, but still had smallpox. It was not until there was a Delivery System that was very precision based, very much about who is exposed and how you get the vaccine to the right person at the right time in the right place. It is the combination of having the solution and appropriate Mental Health or other treatments and the delivery mechanism that can account for everyone across the community. What is exciting as we now see communities have figured this out communities that have figured this out are reducing and ending homelessness for veterans and those were chronically homeless, meeting homeless for a year or more common beginning to expand that work to other populations. David i do not want to let you go without talking about the macarthur competition you are involved in. The macarthur decided they would have a competition to give 100 million to an initiative they think would be transformative over the longer term. You are one of the finalists. Give us a sense of the competition and where you are in the process. Roseanne we are honored and excited by that news this week that we are gapped along with five other organizations doing beingg and vital work considered for this 100 million grant, which macarthur for the second time is going to make to a bold solution to a major social problem. Happens, wef what throughmously excited this rigorous review process that has gone on that the Macarthur Foundation has validated our approach and are evidence that this is a solvable problem that requires a different way of thinking in a different way of working. Frankly, that is the way most problems get solved. It is very helpful to have this issue elevated right now, when the country is facing such a calamity and we are hoping our federal leaders will pull together. Congress passed the heroes act in may. We are waiting for the senate to come forward with something that will match the normandy of the risk that vulnerable americans are facing. We hope the heroes act will actually become part of what the white house signs off on as a next stimulus bill. David as you say, is a great honor to make it that far and we wish you the best of luck. That is Roseanne Haggerty of community solutions. Tonight at 6 00 eastern time we will have wall street week. We will be joined by Larry Summers and katie koch of goldman sachs. Ons is balance of power Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Time for the stock of the hour. Today is intel. It is getting hit hard after announcing it might go out of the business of manufacturing as opposed to designing chips. We welcome kailey leinz. Kailey ugly for intel today. The stock is lower more than 16 at this point despite the fact it Beat Estimates on the top and bottom line, even raised its forecast. What everyone is focusing on is another production delay. The products are these smaller seven nanometer chips, the timing getting shifted back another six months. Now see the chips going on sale at the end of 2022 or early 2023. The reason this is problematic is because this is how they are supposed to be competing. Rivals like amd always already have the chips on the market. They are losing ground in the delay risk is exacerbating that. On the Earnings Call, bob swan discussed the idea intel may move to not even manufacturing its own chips. That idea of outsourcing wouldve been unthinkable until recently. Intel had designed and manufactured its own chips for half a century. That represents a huge shift. I would note the sell side has been quick to react. Seven firms downgraded the stock spirit one analyst said this is the worst Earnings Call they have seen from intel, and whatever credibility intel hat is out the window. The stock has the lowest percentage of buy ratings it has had since 2013. David ouch. Intel is getting hit hard. Those are harsh words. Tech is not having an easy time during the earnings season. Have seen 20 companies within the s p 500 sector. The results have fallen by 1 . This is a story of expectations being so high going into these reports. The sector traits in a multiple of around 30 times earnings. Even meeting expectations, even exceeding them like we saw with microsoft is not enough to make the mark. Expectations so high it is easy to come up short at this point. David thank you so much to kailey leinz for that report on intel having struggles. That tech issu