And covid continues to peak across the country, once again shutting new york city Public Schools down. With vaccines on the way but still not quite ready, we speak to 23andme ceo Anne Wojcicki. Could their research on genes and covid give us more clues on how to fight it faster . All of those stories in a moment, but first, u. S. Stocks dropping as fresh resections put in place to limit the spread of covid19 overshadowed positive news about Vaccine Development. Our Abigail Doolittle has more. Abigail, generally the markets were quieter today, but then it fell off late in the day. Abigail yeah, truly a sleeper for much of the day. Very small, fluctuating moves. Cyclical rotation trying to take over. Then new york city headlines crossed on top of the mta news around the subway. Earlier today, you had these two negative headlines. Of course the second one being that schools are shutting tomorrow until at least after thanksgiving on the 3 , sevenday rolling Positivity Rate here in new york city, at least according to the mayors office. It looks like the governor may have had a different number. In any case, schools are shutting. And i believe in addition, Governor Cuomo earlier was talking about the possibility of the orange designation at some point in the near future if that 3 rate really is hit. That would mean the likes of restaurants and gyms close. So, initially stocks wavered and then you can see a pretty decent selloff at the end of the day. The worst day for the dow. We usually do not look at the dow, but this was the index that was really hit the most in about three weeks. So investors really taking this virus news seriously. The first time i can remember over the last couple weeks if not months where it seemed there was a connection between investors and a somewhat bleak reality here. As for the day on the stayathome trade, earlier during that sleepy trading, the stayathome trade was not doing much. But at the end of the day, take a look at zoom and pelton. Both of those had been down. Right when the new york city news came out they shot higher. Zoom having their best day. On the possibility that there could be a more serious lockdown and people would be spending more time indoors. Interesting, take a look at amazon and apple. Especially amazon, they finished down. That does not make a lot of sense. But the true stayathome stocks, zoom and peleton, a nice rally on that new York City School closure news. Emily interesting. Wonder if apple has something to do with them reducing fees for developers in the app store. We are going to talk about that in a moment. I do want to quickly hit nvidia. Shares down after the Company Reported results. But results exceeding expectations. What are you seeing . Abigail options suggested this stock would move in a big way, more than 5 up or down after the earnings came out. That has clearly not happened. It has been fluctuating around about more now down than it has been at any other point during the session. They put up a solid quarter. They beat earnings and sales estimates. Adjusted earnings by 13 . They put up more than 4. 7 billion in revenue, beating by 6. 9 . That is great. The forecast was also terrific in terms of pc and data center demand. The gaming unit was good. This could be a case of too far, too fast. The stock was up more than 130 on the year, so investors may have wanted even more of a beat. But we have to wait for the call and let investors sift through a little more. Where we have true certainty, i know you know, tesla up for a second day. It is really incredible. The stock was basically already in a bull market, but up 19 in two days. When you make a move of 20 in any time period, that is generally a bull market move. So basically a bull market move on top of a bull market. The company is being included in the s p 500 on december 21. It means index funds have to buy the stock. Buy it, they are. So are some other investors out there in the world. This positive momentum may continue for tesla on that inclusion on for the s p 500. December 21 emily always nice to hear about tesla to spice things up. Bloombergs Abigail Doolittle, thank you so much. I want to talk about apple now, cutting App Store Fees in half for the vast majority of developers. In its biggest changed to the revenue structure since they launched the service in 2008. For more, i want to bring in bloombergs mark gurman, who covers apple. This is pretty dramatic. It impacts the vast majority of developers out there. How Many Developers are we talking about, and what does this mean for them in terms of materially boosting their revenue . Mark thank you for having me. Like you said, this is the biggest change to the App Store Fee structure since the store launched about 12 years ago. This applies to developers who offer paid apps and in App Purchases and subscriptions. The data we are seeing is it comes to about 98 of developers and it accounts for overall App Store Revenues for apple. Emily that said, some of the biggest critics out there, epic, spotify, are still not happy about this. In fact, they say it underscores the arbitrary nature that they see apples App Store Fees involve. An epic spokesperson saying this would be something to celebrate were it not a calculated move by apple to divide app creators and preserve their monopoly on stores and payments, again breaking the promise of treating all developers equally. A spokesperson from spotify saying the latest move proves their policies are arbitrary and capricious. We hope that arbitrators will ignore apples windowdressing and act with urgency to protect Consumer Choice and ensure fair competition. What do you make of that . Mark i think there are two things going on there with the responses from epic and spotify. One, they are not happy that this move does not apply to them. Right . This 15 reduction, or a change from 30 to 15 on the fee is only applicable to those who generated 1 million or less in the prior calendar year. Right . So that would obviously not impact spotify nor epic. At the same time, im not sure what spotify is still completing about. Given that they have actually been circumventing apples App Store Fees for months, if not years. You cannot sign up for spotify inside of their app. They are paying nothing to apple. Epic games, as you know during this lawsuit with apple, they have been paying nothing to apple either. So this is not really something that applies to them, necessarily. In terms of windowdressing that spotify is talking about, this is something i do sort of agree with. Apple is saying this is in response to the covid19 pandemic impacting Small Businesses and small developers. And i know of several developers who have had their revenues fall because of covid19, but i think that regulatory scrutiny and other issues that apple has gotten over its app store practices is a big reason for this change as well. Emily is this going to be enough to appease regulators as the antitrust scrutiny continues . Do you think regulators will see this and say, ok, this makes us feel better, or is it not enough . Mark maybe some. And i think the same voices inside the ears of the regulators and governments, Companies Like you mentioned, epic, basecamp, spotify, they are going to continue harping on this. Because this fee reduction does not change the fact that there are a lot of developers still complaining about their apps being rejected due to inconsistent rules, rejections they disagree with, apple competing with developers on their same platform and not having to pay that 15 to 30 cut to anyone. So this fee reduction will go a long way to buy apple some goodwill, perhaps with some regulators and small App Developers, but i think it does not change the larger story. Emily that said, the folks on apples side, including Many Developers, recognize that apple has created this incredible infrastructure that enables these developers to get out to the wider world. How much of a hit will apple actually take on revenue here, given that this is impacting the vast majority of developers, but those developers do not make more than 1 million a year . Mark i certainly agree with you. Apple obviously provides the app store, and these App Developers would not even exist without the tools they provide. I have seen three estimates so far today on what the impact will be. Ive seen an estimate of apple losing 1. 6 billion in annual revenue. All the estimates come down to apple losing less than 1 of annual revenue. So it is not really going to have a Material Impact on the company as far as i can see. Emily all right. Bloomberg techs mark gurman, thank you was always for breaking it down for us. All right. Coming up, President Trump fires chrisnd security official krebs after contradicting his unfounded claim about election fraud. We will talk about the severity of the allegation, and the security surrounding the election, if it was all rigged, as the president says. That is next. This is bloomberg. Emily Homeland Security official Christopher Krebs publicly contradicted President Trumps unfounded claims about widespread election fraud. Last night, those remarks cost him his job. The president tweeted that he had fired krebs over what he called highly inaccurate comments. Krebs agency had called the 2020 election the most secure ever. To discuess, were joined by kiersten todt. Obviously, this is an important job that chris krebs was doing. Are you worried at all for American Security at this very moment, not having a director of cyber and infrastructure security . Kiersten thank you for being with you, as always. The short answer is no, i am not worried, and that is because of the work that chris krebs has done over the last two years. This agency, this cybersecurity and Infrastructure Security Agency just came into being in 2018. And chris and his team spent two years ensuring the security of this election and future elections, securing infrastructure across the nation. And because of that work, the team in place now is very much prepared to address handling government. We have continuity of operations in government. That is what Good Government does, and that is a testament to the leadership of chris krebs, to his deputy, and the team. So while it is unfortunate, it is an irresponsible act on the part of this president to have fired him, i am not concerned about the security of the nation. Emily the president of course doing this via tweet, again claiming election fraud, and that what chris krebs has said in the past about Election Security is quote, highly inaccurate. Krebs actually responding on twitter as well, saying, i never claimed there was not fraud in the election because that is not our job. It is a Law Enforcement matter. We did provide measures Law Enforcement uses to detect dead voters. Dont buy it and think twice before sharing. You know, what do you think this says at all about the integrity of the election . Kiersten i think based on what we have heard across multiple jurisdictions, we have 10,000 voting jurisdictions in this country. State and local officials from both parties have all come forward to validate the integrity of the election. And there is no reason to doubt all of those voices who were on the ground securing the integrity. And that was one of the key focus points. And it was an impressive election from the perspective of National Security when you think of all of the threats that we know were and are coming at us. But there is no reason to believe anything other than all of the people that are on the ground, the government officials, state and local governments jurisdictions who have all validated the integrity of this election. Emily krebs had wide bipartisan support. As we head into the next administration, how do you think the biden team should be looking at this, and what should they be doing to plan for their own transition . Kiersten it is a great question because cybersecurity is evolving so much. I was working in the senate in 2001 and worked on the legislation to create the department of Homeland Security. So i have seen its growth and its evolution, through its awkward stages, and where we are now is we have gone through serious progress. The last four years, led by chris from an infrastructure perspective, we have made a lot of progress. And now we have to continue to look forward. And the priorities are the same. We have to look at how we build a safe and secure digital infrastructure. We have to examine how we can deter and prevent nationstate activity and threats against our infrastructure. And we have to work with businesses of all sizes to stay secure and combat cybercrime. So, this administration that is coming, this Biden Administration and the transition team, needs to be looking forward, needs to grow upon the successes of the past. And has to absolutely have a diverse workforce. In its diversity of opinion, perspective, race, gender, culture. Cybersecurity is about Building Solutions and problem solving. And the best way to do that is to ensure we have diversity of voices and represent the new and emerging voices that we are seeing in this space. Emily krebs has been quite humorous about this situation on twitter, saying he will now reintroduce himself to his family, watch sports, and ride bikes. I mean, do you think biden should consider rehiring him for his administration . Kiersten i think president elect biden has a lot of people around him who have worked in government in the past who are from industry. And again, we want to make sure that as we look forward, we are going to bring in a workforce that will take the successes that have been built, take the successes that chris has achieved, and build upon them. I expect president elect biden to look at chris during the transition because that is how Good Government works. We work off of the successes of the past to build forward. Emily at this moment, what do you think the biggest Cyber Threats are that bidens team needs to be worried about . Obviously you know the relationship with china is incredibly frosty, and tensions have escalated. Similar situation with some other countries out there, and certainly the Trump Administration has not done the best job at maintaining our relationship with traditional u. S. Allies. What do you think should be priority number one on the cyber front for bidens team . Kiersten it is a twopronged priority, number one. I think we absolutely have to look at how we are working internationally. We have to get rid of the america first, america only approach, and really reach out and repair the International Relationship that has been hurt over the last four years. And when we look at cybersecurity, we cannot do this on our own. We have to do it in collaboration with likeminded economic nations. We have to build a coalition of the willing to build a safe and secure digital infrastructure. So there is the international piece. And on the domestic side, the current threat right now that is much more serious then i think we continue to acknowledge is ransomware, because that is affecting businesses of all sizes. And when we look at the interdependencies of Global Supply chains, Small Businesses are the most vulnerable. And so, we have to continue the work underway to really help Small Businesses be more secure so that these global value chains can do better work. And with the cyber readiness institute, we have worked closely with chris and his team for helping Small Businesses and i hope that work continues in the coming years. Emily all right. Kiersten todt, managing director at the cyber readiness institute, thank you so much for joining us. Very interesting to see where you see priorities on the road ahead. Want to bring you some breaking news now. The senate is setting up to leave for recess without having voted on Judy Sheltons nomination to the fed board of governors. Her nomination has been left in limbo as the senate prepares to leave for this thanksgiving holiday. Senate Majority Leader Mitch Mcconnell has been facing the absence of two key gop members, but has scheduled no more votes for the week as a result of that. We will continue to follow the prospects for getting President Trumps controversial nominee, judy shelton, confirmed once the Senate Returns november 30. Still ahead, scientists and pharmaceutical companies are on a fastpaced hunt for tools to control the pandemic. Their efforts are paying off. On theh ceo weighs in latest blake latest breakthrough. This is bloomberg. Emily another encouraging breakthrough in the fight against covid19. Pfizer and biontech announcing a vaccine that is 95 effective in Clinical Trials and will now apply for emergency use authorization in the u. S. The biontech ceo spoke earlier with bloomberg from germany. Take a listen. We know that we will submit, or we plan to submit our documents on friday to the fda. We are already in submission. We have a rolling submission to the european regulators. So this is an ongo