mentioned there is some hedging before or around super tuesday. do you see any movement in assets regarding the primaries right now comedy caucus in iowa -- right now, the caucus in iowa, which was a disaster, and new hampshire coming up. that some data showing itl street is convinced that is good for the presidential election. if that is the case, the market certainly is not ascribing any aunts to the possibility of -- ay odds to the possibility of market unfriendly candidate. 0.7%.t: the s&p gaining the nasdaq up 1.1%, adding to its gains in the last 20 minutes or so. the russell up. with therecord highs

exception of the russell. we have mentioned flak, that is finishing the day up 50%. , roku, moving up. you're seeing a lot of bids come in to what some people view as growth stocks. up in 2020,is now on a lower volume today. gx, growthe s stocks, 1.1. great: the ipo's are a opportunity here but cap start down for the second day in a row. let's see how many we can add to the public market this year. belowe: casper closing $10 per share.

investors like the familiar growth stocks. let's dive into the action with our reporter. abigail, get us started. abigail: in the face of those big gains for stocks, i want to take a look at a chart that we have been taking a look at over the past week, relative to the macro picture. the coronavirus strategy what we're looking at on bottom are a lot of the risk assets, crude oil down 15% on fears that demand for china will eat into crude oil demand. that is true also for cop. china is the world's largest user of natural resources. in blue, down 5.7%. the dow transports here in the u.s., which is a bit more sensitive, also down. today, the s&p 500 making a

legitimate gain of 0.8%. periodner over this time remains haven bonds. the 10 year treasury notes up 1.7%. renita: the fear of the deadly coronavirus is soaking more demand for safe havens. golf futures higher, holding onto recent gains. the world health organization issued a warning that the potential for more beyond china is higher. this is as the death toll goes above 900 people. fed are also anticipating chair jay powell's testimony to congress, which will kickoff on tuesday. >> natural gas down 5% on the day, no hitting its lowest level since february of 2016. that is when we hit that big

commodity crisis. once again, down on warmer weather forecast. this is really not a new pattern. really making a steady move these weatherve concerns going into peak season. the bloombergving commodities index lower. that is also at its lowest since february of 2019. today, being driven by those natural gas drops. romaine: still with us is michael, state street global advisors, and bloomberg's luke kawa. michael, let's talk about some of the support this market has. is it a little bit too presumptuous to assume that the fed is going to continue to kind intact withgs

regards to these market rallies? i think investors have learned over 30 years that the fed will be here. the bubble bursting, 9/11, the great recession brought upon by the mortgage crisis, the fourth quarter of 2019. in each instance, the fed has stepped in. last week, the people's bank of china stepped in with a great deal of liquidity. central banks are there to support financial assets, which is one of the things that makes it so difficult. the central bank being there, at what point is this just artificially holding up our market? michael: it is interesting that you see concerns about a bubble,

yet we lack that euphoric moment. i think one of the things we will need to signal a top of the market is that historic moment that has been lacking. we have not seen the capitulation all in to equities. ipo's, big m&a activity. some of the signs are there. examplesla was an earlier in the week or early last week. but there is still a heavy degree of skepticism. until we get that euphoric moment where everybody is in, i think this bull market may still have legs. see eightuke, do you lack of euphoria out there in the sense that people are still skeptical and were still climbing the wall of worry? i would say among

institutional investors, a high degree of skepticism. retail has begun picking up. i agree with michael's point. what is easy to say, there is no way that could be a top because i have seen what a blowoff top looks like. it looks a lot closer to february than anything we saw in the middle of the year in 2018. as romaine was pointing out, microsoft, amazon, those kind of stocks really pulling their weight higher. in terms of all year moves into equities, the kind of charts you see with tesla being more widely shared, we have not reached that level yet. compositeta from the is probably as wide as it has been since the 1990's. what does that mean in terms of what market risks are building

up? is andy'sink this post, showing that the run-up to the nasdaq 100 versus the dot-com bubble was going to surpass that in terms of level. but in terms of pace, we have taken a gradual road to get there. looking at how russell growth has done versus russell value and looking at the pe gap, the pe gap is also the widest since like the 1999 dot-com bubble. along the way, much less expansion on the growth side. that probably means they have much more of a fundamental footing than they had back then. that is not to say they are overvalued right now. we have clearly had much worse divergences in the past. powell: michael, jay

will be speaking tomorrow before the senate, then beginning two days of testimony before congress. what might he say that would cause investors to get nervous, to think there might be some limit to the central bank's support? i don't inspect them to say it, but i think investors will be looking for clues around inflation, the economy, and when we might get the fed to raise rates. i don't see anything, with the yield curve flirting with inversion, being -- economic growth being reasonable but certainly not a breakneck pace. gold, dollar strength, number -- none of it leads you to believe it is on the horizon. if it does signal a rate increase sooner than expected,

that could cause some waves. ne, from michael aro state street global advisors, and our own luke kawa. "what'd you miss?" is up next where we will be looking at how coronavirus could cut off the tech supply chain. this is bloomberg. ♪

romaine: live from bloombergs headquarters in new york, i am romaine bostick.

here's a snapshot of how u.s. stocks closed today. technology and consumer discretionary leading stocks to an all-time high. economic fallout. as the pace of the coronavirus outbreaks lows, the disruptions for global technology companies may be just beginning. big oil breakup. when a shareholder group wants to remove the former exxon boss from the board of jp morgan. simon property is buying a rival mall operator for $3.6 in an effort to survive the retail slump. let's turn right now to the coronavirus and get the latest. the death toll climbing to at least 910 people chinese president xi jinping appeared in public for the first time since the death of a prominent physician. let's start with this public , tryingce by xi jinping

to i guess reassure people that things were under control. it is interesting to see him because he had sort of withdrawn. officials, but really not much coming from president xi jinping himself. we saw him at this district in beijing, getting his temperature ofen, getting a mask, sort showing unity in the country and the fact that the government is trying to contain this outbreak. this coming at a time where he has consolidated his powers, essentially making him president for life. if this goes wrong, the blame for fall squarely on him. the blame a lot of has fallen on the local hubeiment of wuhan and province.

scarlet: he sent his deputy to hubei. there is reason to be hopeful that the outbreak could peak soon. shery: researchers saying that we could see the peak this month. the problem is that this is a very contagious disease. the death toll has topped sars now, at least 910 people dead, 40,000 people infected around the world. by the time this in, according calculations, it could be around 500,000 people in wuhan infected. sonali: they are still warning theotspots, but what are dangers here? shery: they have been talking about these new inspection hotspots and some provinces, including ones where we saw

confirmed cases arising. the director general coming out and saying that this is concerning because we have seen these infections of people that have no travel history to china and that this could be just the tip of the iceberg. that super spreader event, we have seen a few places linked to a hotel in singapore and a ski resort in the french alps. scarlet: thank you very much for the update. bloomberg's shery ahn. we know the outbreak is starting to reverberate into the global tech space. some companies are currently reopening factories after having close them. no one really knows how deeply disruptions go. bloomberg'surice redstone. you and your team have tried to get your hands around just how

much of the supply chain this will really hurt. oft are you finding in terms coming to grips with the numbers involved? long theows how factories can stay open for aunt if anyone can be productive? the benchmark people look to is the sars academic -- sars epidemic. so much has changed. consumption of demand has ramped up. coming connector sales. a lot has changed. we know that the coronavirus has eclipsed sars in terms of the number of infections and deaths. a lot of are welcoming back at least some employees for the lunar new year. we received any mail from foxconn and they have told some

workers to not come in. they are clearly worried of the nightmare scenario of an outbreak in one of these manufacturing's facilities. creating majority of the world's iphone. what is the impact we will see flowed over to the big u.s. tech companies? good newsone spot of is that this is sort of a soft period of the year. the holiday shopping season of course is the big time of year for the tech companies. so there is a good chance that even if they do get slowly ramped up, they can make up the shortfall later in the year. we got an email from the chairman of foxconn saying that he was lowering estimates for the year. you see a lot of companies being

cautious in terms of really projecting what this means. foxconn is a great bellwether. there is going to be a hit but no one knows quite happy will be. we have seen some statements out of tesla that they plan to restart production as planned. at the same time, we are hearing that some of these companies are not going to participate in a conference that will take place in spain. can they get back up to business as normal quickly, are they willing to do that, or will this drag out for months? brad: i to get will drag out for the foreseeable future. some indications that it might be speaking. i think all of these companies are looking at it carefully.

it is an important conference for the year. but the safety of your employees, preventing any unnecessary infections, is paramount. a lot of people are looking at this to see how it plays out. i also want to mention a practicality factor where you have workers coming back from their holidays and facing transportation blockades, quarantines. it is simply impossible for them to get back to work. sonali: coming up, climate change is changing wall street. how a shareholder group is trying to push out a member jp morgan's board for ties to big oil. this is bloomberg. ♪

scarlet: a shareholder group trying to push out the most influential investor on the board of jp morgan. investor on the board of jp morgan. one of the reporters who broke the story is here now with the details. tell us who it is and why this particular shareholder group decided to push him out. >> lee raymond is -- raymond is the longest-serving board member not only of jp morgan but of all of the big six banks. he happens to be one of jamie dimon's mentors. he was ceo of exxon. he has a history of skeptical of climate change so climb and activists are putting up this new campaign.

sonali: so you have been to a ton of things involving shareholders and jp morgan, and activists always bother jamie dimon. why will this time be different? >> activists have been targeting amy for a long time. -- targeting jamie for a long time. investors, analysts haven't really paid attention because he does not really like the spotlight the way jamie dimon does. that they are pivoting their focus to him shows that they might be onto something. this group, majority action, in the past, they have succeeded in getting iss, the biggest proxy advisor, to join in on some of their campaigns. romaine: one interesting dynamic in this is the longevity.

he is basically one of the longest-serving directors of any corporation out there actively serving. jamie dimon is one of the longest-serving ceos in the finance industry and maybe across industries. is there a sense that there needs to be a changing of the guard? people, if they look at the stock, shareholders would say these are -- this is a company that is doing just fine under the current leadership. there been questions about are we at peak profitability, how much further can this go? the guy whomond is probably would have big influence into jamie dimon's successor would be. >> it is up to the board and the raymond is one of the people who make that decision. scarlet: how do people say i will play out?

-- say it will play out? if they are influenced by this. scarlet: michelle davis, thank you. let's get you a check the latest business flash headlines. toox has posted its offer $24 per share in cash and stocks. hp had argued that xerox's bid at undervalued the company. one of the early investors in facebook is down to his last $2 million in shares. most of hisunloaded remaining stake. at one point, he controlled 45 million shares facebook. let's turn to another story. michael lovitz, the big super

agent out there. cruise, kevin tom costner, all the stars. you know who he is representing now? carlos ghosn. scarlet: as long as you make money off of it. i don't see it as a risk. toaine: ghosn struck a deal potentially work on some sort of hollywood project for life. hulu,t: on netflix, amazon? to come will he be able to hollywood? scarlet: it is streaming so we can watch it in lebanon. sonali: might as well control the story instead of let someone else take it away from you. romaine: coming up a structural feature designed to simplify refinancing and bring efficiencies to the market.

from new york, this is bloomberg. ♪

with i am mark crumpton bloomberg's first word news. usually bustling streets and transit ports look more like a ghost town as the death toll for the coronavirus rises to at least 910. canada's finance minister now says the virus will have an impact on that country's economy. donald trump says the united go -- is "in good shape "in good shape." the justice department would not

confirm if there is an investigation into joe biden and his son hunter. attorney general barr spoke to reporters a day after lindsey graham told cbs that the justice department had a way to get information gathered in ukraine by the president's personal lawyer, rudy giuliani. the attorney general said he told senator graham that any such information must be vetted. agendas ine a lot of the ukraine, a lot of crosscurrents. from take anything we see the ukraine at face value. we have established an intake process in the field. mark: the fbi's deputy director did not answer when asked if joe biden or hunter biden were under investigation. two killed in an exchange of

gunfire at a walmart store in eastern arkansas today. authorities have not released the names of the people shot or the circumstances. another shooting took place at an oklahoma walmart earlier this month. three people were killed in that incident. global news 24 hours a day on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. romaine: los angeles-based startup is trying to revolutionize the way companies find themselves. wall street might not be so eager to adopt the technology. here to break it down is lisa lee. let's start out with this most recent auction. basically a refinancing, margin reset. i saw in the re--- in the reporting, they shaved something

like 40 basis points on average by using this auction process. >> they do save about $400,000 to $500,000. why wouldn't everyone come every cielo manager to this, every equity investors do this? it is still very much a relationship business, it is very complex and very slow-moving. for a long time, they used fax machines with the rest of the world was using the internet. maybe this one segment, you could automate it, make it what if when the next time you want a bank to something more complicated, do you want to destroy that relationship? it is a technology that is on setting and very curious about

it. sonali: we are still talking about a startup based in los angeles, king of the debt markets have been born there. startst can we see this to take off? >> it will take a little bit of time. thatave to have a cielo decides to, at the very first, put this into the conversation. they can just snap their finger and say, we will do this. you can say, can we do a regular ce -- clo or this online cielo? it is very appealing because it makes sense. just to reduce the spread on the bond, you don't necessarily need to have a bank do all the work,

nor the lawyers or rating agencies rerate the bonds. wallmeans, a lot of the street dealmakers, but they have a little bit of breathing room to counter back. scarlet: you can definitely see how it would go once it gets into motion. all of these people that have something at stake right now, whether the bankers, lawyers, rating agencies, are they coming up with any responses how they would slow things down or get involved with this new way? lisa: already i am talking to some who are saying, there might be interesting thoughts about just refinancing a cielo in a simple way. also, for the banks, there is a way of flying back some of the money. they get some basis points on doing the trade for the online.

it is not a complete disintermediation. some of the traders gain a little bit of money. somei: there might be willingness of the banks to help on. some banks to start to embrace electronic trading and bond markets. do you think that some banks will be the first movers? thinking, you just cannot fight to knology. let me go in there, work with it, try to be the go to guy instead of fighting back there is going to be a push and tug. it is not just because they started at they will straightforward. scarlet: fantastic read from ina lee on some disruption the market. when you look at the calendar,

the federal reserve is certainly in focus this week. they're going to be -- congress will be hosting jay powell on tuesday and wednesday, set to deliver his semiannual testimony. the estimated cost will likely be one of the top issues he will be questioned on. for more, let's bring in dana peterson, citigroup economist. we want to go around the world with you course we need to start with the federal reserve because so many eyes are on it. goal to get out of two days of testimony with as little attention as possible? i think his main goal is to educate on the status of the u.s. economy, what the key risks are going to be. on the one hand, the u.s.

economy is doing very well. we had the very strong employment report in terms of payrolls. very low unemployment. housing is picking up. also, the ism's have been stronger. on the other hand, external news has not so favorable. romaine: talk a little bit about that external news. the last time we heard from powell, he specifically talked about how a lot of the focus from the fed was on these external factors. he's going to get asked a lot of questions tomorrow about coronavirus and the outbreak how do you think the fed can react to some of the potential economic fallout? the fed has reacted in the

past week environment. with the coronavirus, we downgraded our china forecast for 2020. asian economies are downgraded. europe is going to be probably impacted. for the u.s., we believe the effect will be pretty minor but it will be through the supply chains and tourism. if you want to think of the fed is the world central bank that perhaps the fed should do something. powell is very much focused on the domestic economy and the external environment can spillover into the u.s. i think the message is so far, so good. we are watching these developments externally and we will actively need to. hint athe started to europe. we have to strip that merkel will take an of role -- we have just reported that merkel will

take an active role in appointing her successor. dana: it depends whether there will be coalition government. germany's economy is very central to europe. if you can see coordination and cooperation, that hopefully germany could sick together and be that core european politics. scarlet: christine lagarde, the president of the ecb, will be speaking at european parliament. so far, she has been fairly cautious about what she has telegraphed. at some point, do you think she will start to go out on a limb and little bit more to push governments to start spending more and really taking some of the burden off monetary authority. think she has been

sending that message that monetary policy alone is not enough. policyperiod of monetary -- it is much better if you have fiscal policy coming alongside. message probably going to remain core and she will be watching some other developments before she branches out on her own, i believe. romaine: that is dana peterson, citigroup global economist. breaking news. 6.5 million shares set to be offered up morgan shanley -- morgan stanley. the shares closed around $40 per ,hare coming up on this program the final. democratic candidates make their case in new hampshire but they don't have the state to themselves. my president trump decided to

hold his own rally -- why the trump decided to hold his own rally in the granite state. this is bloomberg. ♪

scarlet: new hampshire heads to the polls tomorrow for the first in the nation primary. democratic presidential candidates are trying to move on from the iowa caucus debacle. charlie pellett the stage for us with this report. >> we are going on to nick hampshire -- on to new hampshire victorious. charlie: people in new hampshire like to say, i will pick, we picked presidents. the numbers seem to back up that plan -- that claim. last 174 of the

primaries, the winner went on to be president. this year, some say maybe the results should come with an asterisk. bernie sanders is from vermont, elizabeth warren is from massachusetts. joe biden advocates point out that politicians from neighboring states have always done well in new hampshire. >> he calls himself a democratic-socialist. we are already seeing what donald trump is going to do with that. charlie: as of last month, sanders had spent $3.6 million on tv and radio ads in new hampshire. warren and biden were not even close. on ads int $5 million iowa. perhaps he is kevin ollie long-held belief that in new hampshire you win votes in

person. >> progressives, moderates, independents, forward thinking republicans. charlie: the race could be decided by voters who are not registered democrats. almost 40% are likely to be independence. three quarters of them went for bernie sanders. toaine: let's get out manchester, new hampshire. ofin cirilli with a preview what to expect. by twoi am joined bloomberg contributor's. i was in upstate new hampshire. i was covering bernie sanders. based on the polls and crowds, this feels like is to lose. >> bernie sanders won by 20

points in 2016. they know him so well there is so much energy bernie sanders. for bernie sanders, it is about making sure he beats expectation. >> the expectation is that buttigieg finishes at least second. kevin: he surprised everybody in iowa. stillk everybody underestimates him he was one of the candidates who seem to be moving up. amy klobuchar could surprise a few people. it couldows up third, shakeup the race. kevin: yesterday, i was with senator klobuchar talking about her mentor paul wellstone, jenny more moderate appeal. moderate does not mean necessarily more blue-collar, does it? jeanne: no.

it is smart of her i think to be bringing up wellstone because that connection is important here. approach,deology, an a way that people think she is trying to make the case that biden has gone down. if she can come in for the third, that is good for her. rick: everybody has lanes of their party. there is a lane in the publican party and multiple lanes in the democratic party. bybuchar seems pitched left-hander right of her. it is hard to beat out the voters associated with buttigieg , so why not go after those peeling off of biden. about we have forgotten elizabeth warren. what happened? jeanne: i think she has a lot to

lose here if she does not perform. rick: she is stuck in the wrong lane. she is in bernie's lane and he is not going to put up with that. .e is her biggest problem kevin: i disagree. i think the biggest problem is the crowd stretching around the block at president trump's rally. question think a big for democrats. turnout and energy. you look at people sleeping out overnight. i don't know anybody who would sleep out overnight. kevin: last thoughts, and he upsets you are predicting? jeanne: i think it is unusual because i did not think we will see the winnowing we usually see

but if this with warrant does not get forth, there will be questions. and --he can tie bernie in third. scarlet: take you for that and the panel's thoughts from manchester. of course, we will have special coverage of the new hampshire primary tomorrow night beginning at 7:00 p.m. eastern time. romaine: who is running? buttigieg. a former mayor of south bend, indiana. scarlet: mayor pete. i grew up 100 miles away in the greatest city in the world, chicago, illinois. thelet: he is a favorite of hollywood kingmakers. kevin costner, sharon stone,

jennifer aniston, david geffen, all of them are in support of pete buttigieg. sonali: by the way, that is above the support he has already gotten from silicon valley, people like reed hastings. wall street likes him, too. they are pete killed it -- mayor pete killed it right after the debates. calling him, my man. scarlet: they don't think he is necessarily going to win the nomination this year. it is more of a long-term investment. romaine: this is a fascinating conversation about pete buttigieg, the former mayor of the town with 100,000 people the shares rallied about -- with about 100,000 people. these shares rallied earlier in the day, slack.

slack releasing a statement saying that ibm has been its customer for years but has expanded its use of the chat app over time. it said it is not updating financial guidance for the fiscal year. gloom coming off the road, giving back about half the gains it had made. scarlet: still up overall. sonali: ken griffin last week saying what a success slack was when it direct listed last week. romaine: from new york, this is bloomberg. ♪

romaine: rival mall operators are combining in an effort to fight back against the slump we have been seeing in retail.

joining us more, sally. we have one wall operator who mm, another.oing, and they are combining to create some sort of voltron. bit dohe moment, it is a moste, survival of the able to adapt. they have been under pressure because a lot of the anchor stores have been dropping like flies. bankruptcies of sears, toys "r" us. in the face of this challenge, they are joining forces and trying to comply. they need to do something. we had this 3.6 billion deal. sonali: what happens when a recession hits? simon, iou look at

think they are trying to use mallr ball that use their for more than just shopping. apartments. romaine: people live in these things? >> you just live upstairs. romaine: you can go downstairs and get a cinnabon. operatorsthese mall always kind of catered to more upscale retail shoppers. >> they are higher end. taubman, anyone from new jersey here? they own very high-class -- think the malls were open on sundays? >> they are not and they still make money. >> they have stores like louis

vuitton, cartier. gives them access to investment. scarlet: sally, thank you so much. that does it for "what'd you miss?" this is bloomberg. ♪ when it comes to using data,

everyone is different. which is why xfinity mobile created a different kind of wireless network. one that saves you money by letting you design your own data - giving you more choice and control compared to other top wireless carriers. now you can choose unlimited, shared data, or mix lines of each and switch any line, anytime. no one else lets you do that. design your own data with xfinity mobile. it's wireless reimagined. simple. easy. awesome. [ fast-paced drumming ]

to bloombergme markets. riggs in san francisco with paul allen in sydney. coming up in the next hour, a morbid reminder of the death toll as the coronavirus outbreak surpasses that of sars. howill get a picture, plus it is all affecting markets. plus, remember the equifax breach that exposed the personal data of hundred 45 million americans. the depart