To the likes of boeing. 3 . Asdaq is down microsoft down half a percent. Several stocks rallying big, mgm resorts up 13 after the onlinestake for gaming portion. Twitter is up as well. They are in the mix to buy tiktoks u. S. Operations. Action overump took the weekend to extend economic aid, diverting disaster money to boost unemployment and payroll taxes for some workers. Executiven what to orders mean for the markets and the population, we are joined by wealthwise financial ceo loreen gilbert. What thoughts come into your head when you see these executive orders that may or may not even go into effect . For investors, it gives us a level of comfort that they will be ongoing support for our economy. We know we are not out of the woods yet. For those millions of people who are unemployed, having that extended unemployment benefit will keep consumers being able to spend. That is positive for the economy. While congress is trying to fight it out on what that stimulus package will look like. Vonnie what will they be able to spend on . It is not clear how much extra aid people are going to get beyond their state Unemployment Insurance allowances, and it may be rather small, and just for things like necessities. But that really help Consumer Spending above a certain water line . Is what we saw in the last round of stimulus that extended Unemployment Benefits. That extended benefits that were even greater than what people are earning, and that allowed them quite a bit of Discretionary Income to spend. This proposed amount is a smaller amount, it is still a healthy amount. What i like about it, it is right in between what the two sides were looking at. Republicans were looking at a 200 a week extension. Democrats wanted something more like 600 a week. Week inn 300 to 400 a extended Unemployment Benefits. Enough to keep things going, as well as the payroll tax cut. That will help employees and employers who are working to have more money in their pocket. That is an extended amount for people to be able to spend. The u. S. ,ow is that americans are good at spending those dollars when they get it in their pockets. Vonnie where are you advising beur clients to may repositioned their money . Loreen we are seeing the makings of a recovery in the works. If you believe we are starting the road to recovery, whether we look at gdp, unemployment, ism factory orders, all of those are turning in the right direction. Its time to start increasing positions and see opportunities in the smaller and midcap area. The focus before, when we had greater concern, was on those Large Companies with strong balance sheets. Now taking some of that risk budget and moving it downward in capitalization to the small and Midsize Companies could have a benefit. We have not seen the same run up in those companies that we had in the largecap growth set her. Russell up 6. 5 over the past year. It is possible there could be thereoom to run, assuming is more room to run in any of these stocks. Is the diversion between inequality in the actual economy, lack of inequality that you see in the market, is that sustainable . I think we have had a very accommodative fed. Surprisingly been able to come together through multiple stimulus packages, even though we are hitting some headwinds right now. I am fully confident they will come to an agreement and there will be more stimulus now, and i think there will be another one after the election. All of that money will help our economy get back on track. Once again, for those investors who want to get ahead of that, who can sustain a longerterm view, i would say to look at that. There are many opportunities you were mentioning in the headlines what was going on even in the gold mining stocks. We are taking a play there as well. As we look at gold continuing to rise on the uncertainty, idea of eventual inflation, looking at gold mining stocks may be a good idea as part of an overall portfolio. You getting the question about the election, not exactly about who will be president , but more about the uncertainty surrounding november, mailin ballot delays, uncertainty in january . Loreen questions we are getting is what does that mean for a folio, what does that mean portfolio, what does that mean investor . No matter who is elected, when i look at the longterm, it looks like we will have to increase income taxes for individuals. Maybe not in the short term depending on who gets elected, but certainly in the long term. As investors think about what that means, there could be opportunities there. As ang at Municipal Bonds way to diversify a portfolio on the conservative end. Look at the idea of taxfree income coming from Municipal Bonds. There could be a Good Opportunity there for people who are concerned about their taxes. Vonnie thank you for joining us today from beautiful laguna beach. , wealthwisert financial president. Lets get to the first word news with Mark Crumpton. Says President Trump democrats have contacted the administration and may be more inclined to negotiate a virus package, but aides say Democratic Leaders have had no contact with the white house since friday. President trump has taken some modest steps to overcome the congressional impasse. He has diverted disaster aid to boost Unemployment Benefits and the spend at the collection of payroll taxes for some workers. In lebanon, the government has resigned over that giant explosion. The blast last week killed more than 150 people and injured thousands. It also led to violent protests. The explosion was caused by several thousand tons of Ammonium Nitrate left at the countrys main port, despite repeated warnings. Violence on the streets of chicago overnight. Hundreds smashed windows, looted stores, and battled police in the magnificent mile shopping district. There was an exchange of gunfire at one point. It is not clear what caused the violence but antipolice graffiti was seen in the area. In portland, oregon, violent protests continued for another night. Demonstrators used a mortar to launch commercial grade fireworks at police. Two officers were injured. To geters also managed inside the Police Union Building and set a fire. Protests have been happening lately for 70 days since george floyd was killed at the hands of police in minneapolis. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Vonnie this is bloomberg markets. Im vonnie quinn. Their gold are up. 7 right now after reporting profit and revenue that beat estimates. It increased its cap Quarterly Cash Dividend by 14 . Earlier we spoke to ceo mark bristow about the most recent quarter. Keep the want to relevance of being a largecap company and the resource space, and you want to continue to resource the gold that you mine. You have to get your head around the importance of copper coming with gold. We have to move to bigger deposits which are then usually deposits that come with gold. It is the same process, very little difference in the technology. We have built a great business in rand gold first, and now the barrack group. We can deliver highquality returns to our shareholders at a time when they need it. About arethe question we going to be seduced by this gold price . The answer is definitely no. I have talked to you many times over the years and you try banday with a straight when talking about the price, make sure you are doing it on a reasonable and sustainable metric. There are people around the world champing at the television saying, ask where he thinks the price of gold is going. It has come up quickly. Where do you think it is going . It is a good question. If you look back to 1972, there have been two gold sparks. 1980 and 2011. They are all sparks. What is important is, if you the at each post rise in gold price, there is a new base formed. What happens when gold prices went up like this is, the paper money is at risk. On top of that, you get a flight to safety. The flight to safety comes off as the Global Economy stabilizes. You dont have to be a Rocket Scientist to understand that all this printing of money will result in damage to those core global currencies. The measure of that is an elevated gold price. We are expecting the gold price to settle at a new base. We will see lots of volatility over the next while. This is an unprecedented global event, it will take some time, certainly more time that we saw in the post2008 financial crisis. At the end of the day, there will be a new base. We will wait to see what that is. In the meantime, sticking with 1200 is the right thing to do. We have allocated our business on a 10year plan at 1200. For us to change the gold price in which we allocate capital, we would take away from those margins. We dont want to do that. Take is opportunities to additional production on the outside of the 10 year plan, and we are looking at those opportunities going forward. That would be my point. The barrack was gold ceo mark bristow. Time for the stock of the hour. According to the detroit free a radio host, the big ten have decided to skip the football season. An announcement is expected tomorrow. Kings theite draft is down 10 . Scarlet fu has more. The midamerican conference canceled their season, and the ivy league and sold it in july. Dan patrick says the pac12 will likely cancel. The sec wants to play. It is are wondering why so patchwork, different states have different rules. Cannot unilaterally decided everything is canceled or that everything will play. Draft kings down as much as 11 . They really had to get creative during the lockdowns. For instance, allow people to bet on google searches or Kim Kardashians tweets. Football makes up one third of draft kings action. Penn national, which is a favorite, is down about 6. 4 . College sports on 10 different channels. Anchors having to talk about sports when there are no sports. We are out to draft kings for any comment. Professional sports, some have returned in modified ways. We saw golf return, we will be speaking with the champion later today. Theset a material for debts companies . It is. The nfl is the big maker along with college football. College basketball was canceled in march, as well as hockey. Point that made the ncaa football is structurally different from professional football, and draft kings has enough cash to get through the fall season without college put all. If anything, the reason to own Companies Like draft kings or penn, states will move pretty quickly to legalize gambling to make up tax shortfalls. Look for some action on that end. Vonnie we will look to you for that. Thank you. Our stock of the hour. Still ahead, robinhood leaves rivals in the dust. The no fee trading app is showing a shift in investing. This is bloomberg. Vonnie this is bloomberg markets. Im vonnie quinn. The dopey trading robinhood is long past its rivals. It is showing their success as more investors trade online, partially as a result of working from home. Here with more is sonali basak. We found out some more information to give us some insight into robinhood. The daily average revenue trades at robinhood. One of the remarkable things we found is that through june, a record month for many platforms, there number came in at 4. 3 million. Compared with td ameritrade, 3. 8 million. E trade was more than quadruple that. Muchf those brokers are older than robin hood, which is only seven years old now. Vonnie exactly. Others are still asking for fees, but most of them are not anymore. Have dropped to zero in a lot of places. The media has been talking about robin hood a lot. Day tradingis phenomenon the robinhood phenomenon, and there is a lot of controversy around it. How much is this affecting markets . A significant amount of them are going to robinhood. All these traders can be as much as 25 of market trades. By definition, that is a significant amount of the market. Numbers, isy these also leading the way. Vonnie we have some transparency. We can see them now. But we dont have full transparency yet. Sonali very important point. They are disclosing more information. They have not committed to month, butarts every they have taken away access to Critical Data that the market has been looking at. We used to know a lot of where their charters were heading stock buy stock, and we used robin track to track that. That information is no longer available. I was speaking to Bloomberg Intelligence earlier. That disclosure was a great marketing value to robinhood, and that could impact q3 figures. Lets see if robinhood can keep up this interest without that disclosure of stock by stock trades that has perhaps created some of this herd mentality. Vonnie what is the thinking as soon as there is some kind of resolution to the pandemic . Million new funded accounts were added in 2020, half of those being firsttime customers. Does it keep those customers . Dont know what they believe will happen in the future, but one of their competitors, Interactive Brokers , i spoke to them about a month back. They believe volumes will stay elevated but not likely to stay as elevated as we have seen at the beginning of the crisis with his flush of new traders entering the market. Vonnie we were talking about Online Gaming companies. On. T now, not a lot to bet if, when sports comes back, they will have an outlet. If new Gaming Companies opening acquiring a new skill, but maybe not something they hang onto for the long haul. Sonali a lot of this activity started before the covid locked down darted. You already saw volume increases at the beginning of the year when zero fee commissions started to take hold at these online brokers. Some of it is attributed to the covid19 spread, lockdowns, lack of gambling on other sports, but a lot of this is also attributed to zero fees, more people going online. Vonnie great story. Robinhood the long past rivals. Oil rises. Saudi aramco recovers their fees. We will take a look at the oil giant next. Quick look at the markets. Pretty differentiated markets. Led by nike, 1 raytheon. Is up. 2 . , mgm resorts, up 12 . Also, the cruise and Entertainment Companies are bouncing back today. Live nation is up more than 8 . It did put on its first live concert i believe in jamaica. The 10 year 56 basis points. Stay tuned. More markets next. Mark im Mark Crumpton with bloomberg first word news. Covid19 doesnt seem to follow the seasonal pattern that some other viruses do. That is according to the world health organization. The Agencies Health emergency chief says, unlike other respiratory viruses like the flu that spread mainly in the winter, the coronavirus pandemic is picking up steam in the summer. This virus has demonstrated no seasonal pattern so far. What it has clearly demonstrated is, you take the pressure off the virus, the virus bounces back. A second wave, second spike, you can call it a flareup anything you like. Take the pressure off this virus, the virus will bounce back. Is urginge who countries even where covid19 appears to be under control such as those in europe, to maintain measures to slow the spread. The weather is being rolled out as a factor in fridays done the crash of an indian passenger plane. The jet skidded off the runway and careens down a slope, breaking into three pieces. Visibility conditions were within safe ranges and pilots were briefed about them before the crash. The crash killed at least 18 people and hurt more than 100. In hong kong, it is the highest profile case yet against democracy activists under the new security law. Police have arrested security. Ycoon jimmy lai he is accused of colluding with a foreign country to endanger national security. China is retaliating for the u. S. Decision to sanction officials in hong kong. Beijing says it will sanction 11 americans. Prime minister Boris Johnson wants to tighten the countries asylum laws. Small boats are crossing the English Channel from france. The president also wants to work on the gangs responsible for transporting migrants across the channel. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Amanda im amanda lang in toronto. Welcome to bloomberg markets. Vonnie im vonnie quinn in new york. We are joined by our bloomberg and Bnn Bloomberg audiences. Here are the top stories we are following from around the world. Saudi aramco aims to keep it 75 billion dividend, as occidental is near zero. We will speak to hate sherman, tectonic financial ceo. Hotels speak to the jll and hospitality ceo on her outlook for the recovery of the hotel industry. China hits back at u. S. Actions. 11 americans, including marco rubio and ted cruz, sanctioned, after the u. S. Places sanctions on 11 chinese officials. We will discuss the backandforth later on in the hour. Amanda the ongoing talks around stimulus and the tension between china and the u. S. Perhaps preoccupying investors but it appears across broad markets, energy is the focus in a positive way. We have seen a selloff getting markets to an alltime high. The nasdaq is the week spot. We are not seeing big momentum in any one direction across the broad s p 500. Energy, industrials, materials are the powerhouses higher. Tech and health care are the weak spots. Crude at 42 a barrel. We heard from saudi aramco today. It is what they said about demand that may be spurring enthusiasm. Even as we see the told the price has taken on many of these big energy companies, saudi aramco signaling that demand may be returned to precovid levels. That has some feeling enthusiastic. Take sherman is the ceo of tectonic advisors. Saudi aramco has some very saudispecific things about the way that it works, how it pays the dividend, but i want to start with the demand picture. Oil around 42. Do you s