This trip and get uniting a at creating a united christianmuslim front. Day, howws, 44 hours a 24 hoursrs a day per day, powered by more than 120 journalists in 100 countries. Scarlet live from bloombergs World Headquarters in new york, i am scarlet fu. Joe i am Joe Weisenthal and we are 30 minutes from the close of trading. Scarlet u. S. Stocks remain lower as we head to the close of trading. Oil at 50 per barrel. Joe the question is, what you miss . What did you miss . In a few moments, our life interview with tom steyer as he gives us his scorecard on trump when it comes to climate and energy issues. We recap the week that was. Joe lets look at where the major averages stand. Taylor riggs is standing by. Reporter we are down here. Near the lows of the session, early this morning it seemed to be an untreated day. But heading lower as we head into the close. The russellthat 2000 is down 1 today. It should benefit from the lower corporate taxes suggested earlier this week. Some of the other hopes and dreams that we were going on as President Trump was elected. We are wrapping up his first 100 days. Weyou look at my terminal g, will sit atop performer since we will see the top performers since trump was elected. Nasdaq is the top performer. What im hearing is that there was a lag leading into the election, so a lot of this is plain catch up. Of course, i will note that the s p 500 here in white, perhaps higher on deregulation. Tech and giaioned nts reporting earnings here. First is google, they are finally seeing a surge in clicks from the smartphone ads. I am joking as im walking down the street with my phone in my face, google is benefiting as you click on those ads, and amazon with 20 years of doubledigit growth. Those shares are about 1. 7 . Whatd ya miss . President trump came in with big promises about her but charging the american account about turbocharging the american economy. Bloombergs White House Reporter is with us from capitol hill. Us. Therefor joining is a lot undone in the trump agenda. Many of us can rattle off what he promised to do but didnt. After 100 days, what are some clear areas where he made his mark . It is really and what he has undone from the obama era. That is something the white house has been touting. They signed 13 of this Congressional Review Act laws. It is this littleknown, arcane law signed by bill clinton that allows this administration to undo regulations and rules put in place by the Obama Administration within a certain period fof time. This is things like workplace safety, environmental regulations, clean air, clean water regulations, even regulations on funding for planned parenthood. Things put into place by obama that trump has been able to wip e out with the swipe of a pen. Scarlet he has been very active with thes executive orders. Indicating that they will begin a review of something. There are some executive orders or executive actions that have farreaching consequences. Tell us about those. Unlike regular shoes put in place toward the end of the Obama Administration, there are other relations like the cafe standards, fuel efficiency standards for clean power. These regulations that in stone set in stone by the Obama Administration. But this is the beginning step. It doesnt get them out of the picture immediately, but they are the beginning steps of undoing those. The biggest marks are the deregulation of the government. There are a lot of people on the other side who do not think this is a good thing, but in the business community, this is some thing they have been calling for and asking for, especially around pollution, water, and air standards. While the legislative calendar has stalled or is slow that thethere is more Trump Administration canada do via the stroke of the pen and the cabinet agencies. He has not yet reached the limit of what he can undo. I think he has picked a lot islow hanging fruit, but, it hhs. They are still going through figuring out what can they undo from obamacare. Can they just not enforce it . Enforcementlot of actions that they can still take at the cabinet level. I think we get to the hard part. The stuff that you need, the other riches of government to do that you cannot do legislating alone, that is what comes next in these next 1360 days i nthis in this term. Scarlet in several interviews he noted again and again, look at the rust belt, look at the parts that he did well in. To what extent is to some thing that most president s do . Something that most president s do . Aftere try to bring it up the first 100 days . Is this something he might try to do on the 200th day . I will it other people decide if it is trite or not. He brought up this big map to show the reporters in the middle of the interview. He is someone who is numbers and metric driven. How does he define his success . Poll numbers are election victories . He always gravitates toward some number. He always talks about ratings. I think he will continue looking for numbers, ways, or metrics to show he is the greatest president , the best president , and find the pieces of information that support that case for himself. Thank you so much. Coming up, we will have an exclusive interview with tom steyer, the founder of nextgen climate. He will weigh in on trumps first 100 days and those actions to roll back those rules to protect the environment by President Trump. This is bloomberg. Scarlet whatd ya miss . A newent trump signed executive order that will open oil and gas trilling off the coast of southern california. It has raised a lot of red flags. Steyer, the tom president and founder of nextgen climate. The president signed the executive order revising that rule banning drilling. When you hear of the president like this month using executive review, howder a much do you despair . You must retain some hope that things could say the way that they are. I dont think that we despair. Try the obvious conclusion that what he is trying to do is reopen the coast of california to offshore drilling, which is owned by the people of the state of california, and which we have spent 50 years trying to make sure that this kind of thing doesnt happen. It was an oil spill off santa barbara, that brought this to the attention of californians and aericans everywhere, time when it is fairly obvious economically and environmentally that we should be moving away from the fossil fuel era, period. To see some of the studying ways to move back to yesterdays industries and ideas is disconcerting, but it is not something he can effectuate on his own. You have been doing this a while yourself. Lets go back to the campaign. You put a lot of money into it. You talked to a lot of people about environment issues. What did you learn from that . How do you get young people involved in politics . Let me give you a synopsis. Registeredfornia, we 807,000 voters. I learned that democracy works. When the people of the United States are engaged and participate in elections, that is the most just system i can think of and it gets you the best answers. From my point of view, when the American People participate and are informed, you get great answers. When they are not, you can get extreme anomalies. The last time i talked to you you are going to cal state students, i asked if you would run for office, you were going coy. Has anything changed for you since the election . Obviously a lot has changed. Thinking about my goal in this from the beginning, it has been what can i do to push the values that i take most seriously . Our organizations motto is to prevent climate disaster, promote prosperity, and protect the fundamental rights of every american. All three of those things are at grave risk, and i will do anything i can do to have as much positive impact to push for the types of values that we think of as basic american values. Could you effect more change from within . Get more people involved . We haver, this year, been working hard to make sure that the grassroots organizing that we did in 2016 continues and that we provide a voice, speaking out for what we would think of as, not just basic american values, but a more prosperous, and healthier american future than we see out of washington, d. C. Choicescareer about any i make will be to further that in the best way i can. We saw a tax plan proposal from the white house. A single piece of paper that the white house would like to achieve. We know of your engagement with the u. S. Economy. What is your sense of the direction we should be going when it comes to tax reform . That wasnt tax reform. That was a tax cut for the rich. If you look at what has happened in 1 the United States since980, working people have not got any of the benefit of the increase productivity of the american economy. What we can see and put his extreme what we could see in 2016 was the anger and uncertainty about, how am i being left out . Why am i being ignored . To see a tax cut to the richest americans and corporations, the taxcut for corporations what does that mean . The bottom line will be bigger, thosee people who own corporations or share in the bottom line will do better. The best paid employees, the top executives, and the owners. What we have seen since 1980, working people in general have not done better, but those people have done better. I look at that tax cut as a disgrace. Is it harder for you to evangelize to a young person on a College Campus or somebody in your position . A business person who has done well and thanks, this taxcut benefits me, that is a good thing. How difficult is it to make that case . I like to think that americans put country first. I know that working people are struggling. They have to be focused on todays issues, wage, health care, school, but for someone who has done really well, who has had a successful career, is not worried about his or her retirement, not to be thinking about other americans or the good of the country, not to think about the safety of our democracy is wrong. I want to talk about how you look at politics on a National Level. You have seen new york preventing the construction of a natural gas pipeline. In california, the socalled sanctuary cities. The government in washington wants to withhold funding from the citys if they dont abide by the laws in place. Do you see increasing tension between state politics and politics at the National Level . Is that inherently a bad thing . Living in california and language and policies and washington, d. C. , the divide is really dramatic. Nothing thatually this congress, this president says that we agree with. The divide is tremendous and the question will be to some extent, what happened to the short run. You were talking about an offshore drilling ban. Then there is the question about what the American People permit. The fact of the matter is, when this congress floated an idea about the Affordable Care act, about taking care away from 14 million americans, and raising seniors,for americans contacted their representatives and said no way. We are a time when information is available. Engage,ity to inform, and organize americans is multiples of what it has ever been. The administration has lost every legal battle. There is also a question of what you can do from the standpoint of the will of the American People. There will be a straightforward argument debate between two different points of view. The tax plan is a perfect example. The Affordable Care act is a perfect example. They will come out with what they have to say. It all seems to be tax cuts for rich people. The American People will get a chance to say, here is how i respond. Scarlet the last question about climate. You will be marching this weekend here in d. C. It is a way to make your voice and perspective known. Do you know who you would go to to talk about that policy . Who are you listening to that you think is directing Climate Policy, or has an open mind about Climate Policy . Is there a conduit for that communication . Absolutely not. I dont take them seriously at all when it comes to climate. Whatever they say, iwatch what they do. I watch who they appoint, i watch their executive actions. I have appointed people whose histories are to be the are presented tips of the oil and gas business. Every executive action has been to make it easier to participate for fossil fuel companies to make it better and easier to participate. Yesterday, the secretary of energy was talking about the National Security needs to force states to use coal or nuclear. When you asked me who i want to talk to, the people i want to communicate with our the American People because they are way to the smart not to see that the administration isnt just trying to pick winners and losers, they are trying to make winners out of losers. Great to talk to you again. Back to you in new york. Scarlet a reminder, bloomberg. Com has launched a new vertical dedicated to reporting and coverage of climate change. You can find it all at climatechanged. Com. We will be live from the milkens global conference with tim sloan, steve mnuchin, and Goldman Sachs coo, and david freeman, ceo of the nasdaq. Tech stocks, some are entering uncharted territory. Buy side and sell side, they are all piling in. This is bloomberg. Scarlet whatd ya miss . Technology is on a tear. Facebook, amazon, and alphabet trading at record highs. They are incredibly influential, but at what point are their shares overvalued . Here is a look at the emerging technology. The msci all country informationtechnology index. The blue line is earningspershare. That indicates valuations may be modest for the bulls looking at tech. Joe the tech stocks have done incredibly well. The estimates are also impressive. Scarlet the earnings we got seemed to justify it. Joe we have more coming next week. Summing else coming up next week, depending Something Else coming up next week, depending if you consider sunday next week or the week after. The white line is the spread between 10 year yields on french and german debt. You can see after last sundays vote there was a big collapse in that spread, indicating that french borrowing narrowed. It lines up nicely with the blue line. Le pens odds of victory also plunged after the election. Both are at a low level, but all kinds of developments going on. Some very interesting drama early in the week. Some jeers from some of the workers. Keep an eye on that spread and the betting odds. Scarlet the betting odds seem to correlate closely to the polls. They show quite a wide diversions, that is where the markets are going to keep their perspective. Scarlet will they be proven right this time . Throwingois hollande thrown his support behind macron . He is holding up. The nasdaq could get to a record high. Little change either way. The s p 500 and the dow losing about 0. 2 . From new york, this is bloomberg. Scarlet we are moments away from the closing bell. Whatd you miss . U. S. Markets closing mixed, the nasdaq to head to another record high. I am scarlet fu. Joe i am Joe Weisenthal. If you are tuning in the live on twitter, welcome to our closing bell coverage every day weekly from a 4 00 to 5 00 eastern. Scarlet on the day the indexes may have not had an exciting session, but for the week they are doing well. The dow gaining 1. 9 . Dow it is the best week this year, for the s p, the best since february. Nasdaq at a record high once again no, it just turned red. It has had its best week since february. In terms of the individual names we are focused on here, exxon mobil and chevron reported results. Of 1 ,obil gaining 1 2 outperforming all but one of the bloombergs in a survey. Chevron was a leader in the dow, up 1. 2 , beating analystss estimates. We can see alphabet closing up 3. 7 and intel dropping 3. 5 following yesterdays earning released. Joe lets look at the Government Bond market, sleepy day there as well. Twoyear yields rising modestly. 10 year yields falling modestly. Indiceswith those levels you had mentioned. Scarlet lets move on to currencies, mexican peso gaining as much as 1. 1 versus the dollar. Grow slowernomy than expected in the First Quarter while mexicos economy grew faster than expected, up 6 10 of 1 quarter on quarter, 1. 7 yearoveryear. The pound was the biggest gainer versus the dollar in the month of april. It is at its strongest level since september of 2015. Theresa may indicated she would call snap elections to give her party a larger majority before brexit negotiations begin. It will increase the likelihood of a hard brexit. Ofis probably a reflection shorts against the pound. The bloomberg dollar index. Forget the first 99 days, it does not tell the whole story about how the dollar has fared since trump came to power. 6. 5 , even as he made it clear he did not want a stronger dollar. Since the inauguration, the dollar index has fell 3. 2 . More because of policy setbacks. Front, the commodities looking at oil and gold, not a lot of action. Hughes, rig town, a bit of an uptick there. A little bit of gold buying, which fits with the treasury bond. None of these are particularly dramatic moves. Scarlet those are todays market make minutes. Dive into take a deep the bloomberg. You can find the following charts using the function at the bottom of your screen. We have to go back to the nasdaq mentioned what a great week of the nasdaq had. It is on an incredible run. Looking at it twentyyear chart of the ratio between the nasdaq and s p 500, it spiked like bubble. Ring the dotcom we are getting up there in terms of the extent to which the nasdaq, have those huge tech stocks dominating everything, so dominated by that. We are getting to levels that, outside of the narrow time in 1999 and early 2000, we have not seen anything like this. Even today with most of the indices in the red, nasdaq outperforming thanks to the amazon number yesterday. Everyone is wondering, when will the nasdaq what will get in the way of these tech juggernauts continuing to crush it . Aboutt what is different now versus ben is a lot of tech companies, not only are they profitable, they return cash to shareholders. Joe they are not the young pipeline, they are the veterans of