and yesterday was great. three biggest days in the history of the stock market. it wants to rebound so badly but we have to get rid of the virus. i am going to sign this. it is a great honor. $6.2 trillion. we cannot chicken out at this point. thank you all. [applause]

>> we are watching president trump sign that stimulus bill. it to trillion dollar package. $2 trillion is actual money. steven mnuchin says that injection will happen as fast as he can do it. here we are. trillion stimulus bill. we have about $6 trillion of a cushion to help cushion this blow.

i want to bring in emily chang. emily: the president signing that $2 trillion stimulus bill. this is something that markets have been waiting for, investors have been waiting for. every day americans are waiting for another big day when it comes to the number of cases. italy reporting almost 1000 deaths in just 24 hours. the u.s. now has more cases than any other country in the world. you have been covering the whipsaw in the markets. a very down day today. what happens. we ended the day down. you have to give it the context of the entire week. you had the biggest one gate --

one day gain on tuesday. some of that got unraveled today. there was a sense that even with the rebound, we have not seen the bottom in the markets. in the economy. we have not seen the peak in the number of coronavirus cases. you had some investors say they did not want to get exposed to this market heading into a weekend where they might be locked into trade that they don't want to be in. thank you so much. get to another ceo we have been following, the ceo and cofounder of slack. home where from his he is sheltering in place. you sent out a massive tweet storm a couple of days ago and gave us a window into what a wild ride this has been for you as a ceo.

toody knows what is going happen next. we have seen the market go up and down leading up to this. i am sure you must have some sort of operating assumption of what the macroeconomic picture looks like from here. what are you operating on? to be back.at it has been a long time. i have been spending a lot of time with other ceos. no one knows what to think. what do you do when people cannot travel. figuring out the long term business impacted be tough. we have experienced an indoor miss surge in existing customers. brand-new customers signing up.

the rate we are sustaining right now is not sustainable. the long-term impact is difficult to say. emily: you have found it so many different companies. that be enough to support and lift the tech ecosystem? >> that is a tougher one to know. it will not be evenly distributed. there are a handful of companies that are seeing an increase in their build -- business. companies where they thought they had plenty of cash on hand but their revenue was zero.

there will be a lot of companies that struggle. brand-new startups will be more responsive to the environment. they will have more flexibility. there will be some negative economic consequences. some bankruptcies. it is difficult to predict at this point how we bounce back and in what way we bounce back. one thing that is clear right oversimplifying when we call what is happening working from home. plenty of people have worked from home for a long time. right now you have spouses arguing over who gets the kitchen table. a three-year-old running around. there is no babysitter. you can't get a haircut. it is a very different environment. there is an in norma's amount of uncertainty.

human beings hate uncertainty. emily: let's talk about human beings. you got really personal toward the end. you talked about the adrenaline you ran on of the first couple of weeks. now that is starting to wear off. you are locked inside. people are more scared. why did you decide to get so personal? it is important. i know a lot of companies have been handling this. it is charitable toward employees.

i look at the way we operate and i say this is everything i wanted to accomplish. there is none of this behavior that exists at every company. to get to the point where employees are not feeling like work is stress. will not serve anyone. there is a really high degree of coordination.

emily: you added 9000 new users. you will see belt-tightening. >> the anticipation is that number will level off. there is a permanent step up.

it is impossible to model the economic impact we will see down the road. saw people laid off from hotel jobs two weeks ago. the short-term impact is clear. you can't just turn the lights back on and everybody is back in the same job. i can't predict what will happen. some are calling on ceos to take a 90 day no layoffs pledge. is that something you would take? >> sure. we are also hiring. but we are a software company. we will not be affected by this.

emily: president trump is talking about people returning to work as soon as easter. and yet you have all of these health experts disagreeing. what is your take on his response and how he has handled this outbreak so far? would you feel comfortable sending your teams back to work? >> no. we have 15 offices in 10 countries around the world. we have no expectation that we will be back in the middle of april.

the absolute minimum is another eight weeks. i think most people are planning for six months. do you think the president is misguided and this recommendation? >> i think he is willfully optimistic. emily: speaking of workflow, you have announced that slack will now be able to integrate with microsoft teams. that is your biggest competitor. people communicating on slack will be able to communicate with those using microsoft products. we have a large number of customers.

the veteran affairs department is important for us right now. a lot of them are also microsoft customers. we are committed to an open ecosystem. it is important for customers who get their daily work done. emily: speaking about the wreckage we will see from this, softbank has been feeling the

pain. they will be doing a big asset sale. do you think they will sell slack shares? >> i cannot speculate. they were an early believer a what we are trying to accomplish. i want to do this for the next 25 years. i think there is a growing number of shareholders buying into the vision. i know your team is doing a good job of prepping you on these weird questions is the outbreak continues.

your partner tweeted that your night job is poop patrol. i have totally terrified that someone is going to around into this broadcast and interrupt us. how has working from home change your job. >> it might be a little bit different for you given your job. we are encouraging people not to be terrified of their children show up in the room. we had a great moment.

at that point i had not been able to get my hands on that. i had to do it from our laundry room. what is the most important thing going on right now? we cut right to the point. she did not skip a beat. the reaction was heartwarming. people took screenshots of that and thank her for normalizing this.

it is a pretty serious challenge. we all appreciate how you are navigating that challenge. thank you so much. coming out, talking about apple. apple is releasing new screening tools. this is bloomberg. ♪

emily: apple has joined other tech giants and launching screening tools for covid-19. tell us exactly how these new tools work. >> apple released a new differentn to view symptoms of covid-19. to be able to in what you are feeling and what you are not. should you self-isolate? or do you need to do something more dire and call your physician or go to a hospital? .t is very intuitive emily: talk to us about apple's efforts. suppliersbeen tapping

to manufacture masks. they have been helping health workers. >> they have basically done everything in their power. they have donated over 10 million masks. they probably have more agreements on the global supply chain than any other company in the world. have given their whole marketing footprint to the .ffort they are essentially doing everything. 2-1 donation matching for their

employees. they have donated $15 million to the effort. apple has been leading in terms of store closures. you broke the story that they are considering reopening doors in the second half of april. we are also hearing that the next iphone could be delayed. what does all of this mean for apple's bottom line? what does apple look like when everyone starts going back to work? they plan to reopen the stores on a case-by-case basis, region by region across the world. i don't believe stores in the u.s. will be the first to open. i believe there will be a couple of locations outside of the u.s.

believe the iphone delay reports are accurate. i would not read too much into that. everything should be a-ok. my understanding is their supply chain is almost back to normal. it could take a few weeks. emily: thank you so much. more after this break. ♪

emily: welcome back. president trump has signed a massive $2 trillion stimulus package into law. investors were feeling pretty optimistic. but it was a down day for the markets. bill de blasio has been giving a press conference while we have been on air. new york city remains ground zero for the most coronavirus cases in the country. he said he is working on a rent freeze with the state of new york. coming up, we will take you to the white house. we will be talking about in-home testing kits. do they work? bloomberg ♪

welcome back to bloomberg technology. the u.s. has become the first country in the world to surpass 100,000 cases of the coronavirus. meantime, testing capacity continues to lag. my next guest is the ceo of a company that released in-home testing kits last friday but then quickly retracted them. carbon and cofounder of health medical joints me now. tell us exactly what happened there. you release to these kits and then pulled them off the market.

>> thank you so much for bringing this to light. basically, our goal was to do early aggressive testing. there has been a lot of news about the lack of equipment for health care workers, including personal protective equipment like n95 masks. the idea was, let's conserve mass,those supplies of allow patients to have at home collection which they receive a test kit. they collect their own sample, securely put it in the mail, send it back off for analysis. we felt like that would preserve our supplies, increase the testing supply for the country as well. as you mentioned, testing is limited. and, do it in a very safe way, similar to what germany has done. germany, there's early aggressive testing so you can identify who has the virus and who doesn't. we followed the fda's guidance

on that. and by friday had actually distributed in a small number of those tests mostly to our existing patients. and then, the fda eight saturday night -- late saturday night updated its guidance, at which point we had to stop distributing those tests. and had to communicate to those patients they could now come into one of our clinics where we were doing testing to get in-clinic tests do one. as the fda changed their guidance, we have to change along with them. emily: so, are you still working on in-home testing kits and then do you expect to have refreshed kits, revamped kits on the market soon? caesar: yeah, we fully believe in this model for the reasons i mentioned before. it is critical, and frankly, the

public and public health officials need to know what are the hotspots? maybe not necessarily hospitalized or dying from the virus, but where the hotspots where the virus exists. we continue to work with our laboratory partners to try to get those at home tests out into the market. we are also working with the fda to identify how well do these tests perform. now in the initial set of data we have been able to collect, through the laboratory partner, it seems like the test performs just as well. frankly, in some studies, it's better than the in clinic or commercial tests that are available. we are hopeful that we will get to the point where we can distribute these. so, what do you think is the root of the problem in why

we have not been able to get enough tests? so many people -- my district, for example, is telling me don't feel sick, don't go into get tested because i probably can't get tested. only if i need to go to the e.r. should i go in and expect to potentially be rationed a test. why is it taking so long and when will we reach full testing capacity? caesar: i think the fda is trying to protect consumers from that actors -- bad actors in the marketplace. i have seen offers from, you know, companies outside the united states offering at home testing, almost like you do and not home pregnancy test where the results come right away. the fda i think is trying to make sure consumers, patients and americans are protected from those bad actors. fortunately, we feel like we have been caught in the crossfire. every test that we would do for at home collection would be

ordered by a physician, monitored by a physician. we are doing that today, the telemedicine platform to do visits to check in on these patients. to your question about the recommendation to not even be tested in certain municipalities, i think that is because the testing supply is limited and we don't know when the supplies will actually catch up to demand. the tests we were advocating for, frankly, uses a different supply chain. materials are different. scientifically proven and appropriate. it is one of the reasons we are frustrated with the lack of movement and direction from the fda along these lines. we stand ready, we are actually ready to start distribute in these tests. ordering patients who have received them. making sure they get the appropriate care they need to

keep their communities safe, and frankly, to keep their local healthcare workers safe as well. we are worried about health systems, hospital e.r.'s, intensive care units being inundated with patients. the problem is that most public health officials don't know in their own communities what the true prevalence of diseases -- how many people in your community actually are carrying the virus. we frankly don't know that in widespread testing. emily: so that point, you, carbon health, run a network of urgent care clinics across california. i'm curious what you are seeing at your clinic? are you seeing instances the people coming in who look like they have it but can't get tested? would you say the situation is far worse than 100,000 cases, far worse than we know? caesar: thank you for that question. in california, we have been responsible for actually testing

roughly 3% of all tests done in the entire state. we're fairly small technology driven health care company. when i look at the national numbers, roughly 100,000 testing -- positive for coronavirus with 1500 deaths suggest to me we have not done enough testing in the u.s. the true number is probably north of three times that, so north of 300,000. i'm basing that on the german example, where roughly .4% of people who tested positive died. in the u.s., that number is 1.5%. i'm imagining the true numbers is about four times, the true number of coronavirus is four times what we are seeing. the fact that a small company like ours is growing, that has

the lever of technology -- that is the important differentiator, is that we shouldn't be trading coronavirus like we did -- treating coronavirus like we did the spanish flu where people go into hospitals and clinics and get treatment. in 2020, we've got the lever of technology and the ability to care for people at home and help prevent those people who are sick from spreading it. the fact that -- emily: i understand. caesar: we would love for health officials to work with us to make sure this is extended far beyond what we are doing locally. we have been offering our services for free. to our communities when there is a concern for coronavirus. caesar, thank you so much. wow, upwards of 300,000 cases in

your view. appreciate you sharing that with us. meantime, talking about the president again. what a difference a day makes. yesterday, he said he would not force companies to make ventilators. now, he is ordering companies like gm to make ventilators by presidential memoranda. i want to bring it ed ludlow who has been following this story today. multiple tweets from the president and now this memorandum. tell us where things stand right now. ed: the communication from the white house, basically said that gm has been wasting time. he's using the defense production act which gives the president powers to basically force general motors to take on a contract to produce ventilators, something they were looking at anyway, general motors has responded to the order by the white house to say we have been working around-the-clock with our partners to do this anyway. we know that the plan prior to

this announcement was that gm was going to start manufacturing ventilators in indiana. it already started scaling up hiring workers. they fell 300 workers at the plant were not efficient. they felt they needed 1000 workers, started shifting in early april and scale up to 1000 units. they were working on this. as we reported earlier, there were frustrations on the gm side. alreadytelling us gm secured the supply chain for the ventilators. they already worked with a ventilator partner to get ready. they have been working around-the-clock. gm was waiting for the white house and for the federal government to extend the details on what it was looking for in terms of the ventilators required. they now have this order from the president. emily: so, just to give some color, some of the tweets from the president earlier today. inneral voters must meet the open their stupidly abandoned plant in ohio.

start making ventilators." "they said they were going to give us 40,000 much-needed ventilators quickly, now they are saying only 6000. they wanted to be top dollar. always a mess with, mary b." ford head of comms responding they are inactive conversation with the administration, seeking guidance tabout getting approval. what exactly are these automakers going to be able to accomplish at the speed in which the president wants them to? ed: on that, the order only mentions general motors. there is no specific mention of ford who know is working with ge on ventilators and looking at its own as well. this is a product that general motors and ford don't make. both have communicated today throughout the day that they have been doing everything they can in terms of shoring up the supply chain.

they have been sharing engineering talent essentially with partners who will make ventilators. they're starting from scratch. analysts one automotive earlier that said when you start production of a new car line, it usually takes two months. this is not a car, it is a ventilator. even last night on fox news, the president was conceding that bonta leaders are a complex thing to build -- thjat ventilators are a complex thing to build and the reason he has not invoked the production act is because ford and gm all are ready setting up. they think they are doing everything they can, they were iterated they are working around-the-clock with their partners to get these ventilators into production. now it all comes under this defense production act. the president's justification seems to be there is no more time for negotiations, they have to get on with it. emily: all right, ed ludlow,

thanks so much for that update. we will continue to follow the tweets, as usual. coming up, more fitness classes going digital as we are all working from home, if we are exercising at all. we will tell you how you can. that is next. this is bloomberg. ♪

emily: if you have time to work out in between working from home and homeschooling your children, well, there is an app for that. joining me now, the ceo and cofounder of future, which is helping folks work out remotely. first of all, talk to us about

how the usage on your platform has changed as a result of the coronavirus outbreak. >> yeah, it has been staggering as people and more and more places go to shelter-in-place. about 25 states have mandated studios to close now. we have seen a surge in people looking for a solution. a 500% surge in people in web traffic. people looking at our offering. a 10x surge recently in sales. a lot of people picking it up. what actually has been really interesting is people who do use future -- we will talk about what it is -- we have seen the average person is actually exercising more. in this kind of time of transition, we have seen a lot of interest. emily: talk to us about how you compared to the competition. obviously, there is peloton. they have been offering free subscriptions as result of the outbreak. you don't have to have the bike. there are other classes you could do.

i did a bodyweight workout with my children which worked out ok. how do you compare? rishi: future is a little different. very simply what we do is pair you one to one with a real human coach. typically, our coaches are world-class trainers. they trained professional athletes. all of our coaches are employees of the company. you become a central focus for that coach. that coach trained you remotely. they will build a new workout plan for you every single week. an apple watch so the coach can see it if you are doing it or not and keep you accountable. they are in touch with you over text messages. it is a very high-tech relationship where you will hear from your coach actively. a lot of fitness, with the fitness landscape has are companies offering you equipment. whether that is in your home or in a concentrated space like a gym or studio. or content -- workouts, what to

do and there is no shortage on youtube. future is a little bit different, but we do is undergoes like that. they keep you accountable to doing it. checking in with you, adapt to your circumstances. as people have been working out in the gym or studio to being stuck at home, our coaches have no problem with that. it is pretty much the normal coach. and they can plan new workouts for you at home and keep you accountable. emily: now, quickly, we were speaking with the ceo of slacker earlier who has been public about how this is impacting their company. curious, are you guys reconsidering hiring? how are you either tightening the belt or making contingency plans as the outbreak continues to unfold? rishi: certainly. i have been in tech for 15 years.

i have been through a downturn recession before. our company has the perspective of while demand is surging and there is no relative -- more relevant time then today, we also want to be very careful and keep an eye on the macro economic environment. so, we are simultaneously trying to hire and grow and rise to the occasion in terms of the spike in demand. we also want to manage our resources carefully. we are planning for a variety of scenarios and have a leadership team at it to be very careful at it. we are causally watching for updates. things change day to day. emily: they do. rishi mandal, future cofounder and ceo, thank you for joining us. coming up, we will have more of bloomberg technology after this quick break. ♪

emily: they week ago, the new

york stock exchange announced it was moving to all electric trading as a result of the coronavirus outbreak, but in a conversation earlier today on bloomberg television, the president of the new york stock exchange said there are absolutely no plans to close the trading exchange. take a listen. >> the markets are functioning properly. there's a lot of uncertainty around how the situation will continue to evolve, what the impacts both short-term and long-term on companies, and the impact more broadly. butt of that is uncertain markets are always operating with some degree of uncertainty. it happens to be higher than normal. it is important to recognize they are functioning properly. very different from whether or not we like the prices or whether or not we think the prices are reflective of where the economy is going. it is important to recognize the market does not actually reflect the strength of the economy, it reflects public sentiment about

the strength of the economy. it's reflecting how people are feeling and that is why you are seeing the moves. >> we could see a much wider band of possible outcomes. we are seeing enormous volatility, but that market sentiment you refer to, is that a matter of where we think earnings are going to be or whether these companies will make it or not? stacey: it is reflection of how people are feeling those things. people are not quite sure the impact of their overall personal financial stability will be. what the impact of small businesses will be in the ripple effect that will have the economy. how some of the larger companies that have had dramatic exposure to coronavirus, the effects of the coronavirus, surly how long it will take them to recovery from all of those things. the market is not pricing all of that in but it is pricing and how investors are feeling about that. the situation is evolving so quickly, every day, we learn so much more. it feels to me like he today feels like a week and each week feels like a month. we are really very quickly

evolving, the situation is so rapidly evolving, i do think people are reacting to new information by the minute. david: there have been times when the market is like a circuit breaker, they shut it down and not trade for a while so people can cool their emotions. have you considered the possibility of suspending the market? some big players on wall street have raised the possibility. there is too much panic, let's take a hiatus for a few days. stacey: we are absolutely not considering do that. it is important that we even stop the dialogue around it in my opinion, because the fear that the markets might unexpectedly close is enough to put selling pressure on the close. no one is in a position of power to make that change. no one at the exchange level, the exchanges feel the same way. the treasury feels the same way. the s&p feels the same way. they have all made the public they miss about market leading to remain open. it is because investors need to have access to their money.

it can have an increased effect on panic in the market if you do shut down the market. the reason why we have market wide circuit breakers is because they are a response. they are a well calculated, well studied, and implemented response that we took, and not during the time of stress but in reaction to the 1937 crashed so we would be ready for a scenario should it arise again. we don't really want to use them because we are not usually in that state. we have used them four times in the month to date. that is the mechanism that was agreed, when you had time to think about it and have a rational approach, the decision was you cannot close markets, but let's pause them so investors get 15 minutes to understand what's happening, to take a deep breath, to assess the situation and react appropriately. the circuit breakers have been functioning the way they are intended to function. closing the markets would be the wrong thing. it is not going to change the underlying concerns that is putting pressure on the market itself. it is not going to -- it will

have the likelihood of panting up more selling pressure during the market closure and it denies people of access to their funds when they needed most. certainly, that is not being considered. david: are you happy with the circuit breakers and the way they have worked or do you think it will be time, certainly when we get past this, where we should we visit? have you learned anything from the last couple of weeks that would say we need to rethink some aspect of the circuit breakers? stacey: yes. every time we have a market event, the entry comes together and we analyze it and go through the postmortem process of what did we learn and what do we think we can change so we can further enhance resiliency of markets. staceydavid westin with cunningham. at the white house, the daily coronavirus briefing has started. the president is speaking. you can tune in on your terminal. go to live to catch the

presser. that is it for us for the day. everybody, stay safe. this is bloomberg. ♪

david: a virus takes over the world and shakes the economy to its core. this is bloomberg wall street week. i'm david westin. welcome back. ♪ week, if there was offer a bit of a loop including on wall street week. we missed last week as we made the transition from the wall that was to the world has become. like most of the rest of us, we are pretty much working from home or some other remote location. we will look different in some ways, but our mission is the same. to bring you the best, most inform