emily: welcome to "bloomberg technology." markets ending the day up, though oil seeing big declines as we await a slew of corporate earnings this week, from amazon to apple to alphabet. the whitending by for house briefing which was initially canceled. now it is back on. the white house issuing a strategy to expand testing for

the coronavirus. they say they plan to release enough tests so all 50 states can free at least 2% of their residence. joining us from amazon's home seattle,he mayor of jenny durkin -- jenny durkan. we doubt that seattle was one of the early epicenters but early moves prevented seeing some of the dismal numbers we have seen elsewhere. give us a status update in terms of the testing capacity. mayor durkan: on the good news front, at the height of the outbreak, we had a transmission rate of about three. we were seeing cases rise really quickly. we were able to do our measures pretty quickly, first by having

the tech companies telecommute as well as the cities and larger employers. today, the transmission level is below one, so every person who gets the virus is not even transmitting it to another person. all of the epidemiologists are saying that is where you need to be for a significant period of time. i think probably the worst news is that we are nowhere near the testing capacity that we need in this city to really open up our economy in a meaningful way. capacity on testing a significant level and we will need more contact tracing. what mayor bloomberg is doing in new york literally needs to happen in every major urban area and state if we want to get this right and restart our economy. emily: what is the testing

capacity you would like to see? if the white house is saying they will release enough tests to test 2% of residents in the state of washington, is that enough, and do you believe they can get to that number? we wererkan: comparatively almost down to zero in seattle on our ability to do test. had test responders kits, but like the rest of the nation, we are struggling with our adult senior homes and the number of outbreaks. we were pushing hard to get more people tested and quarantined. i want to see that plan. i have retained a group of medical advisors who are really helping us march through the benchmarks we need to reach if we want to reopen safely. we need to remember, the reason

we are here is because we missed it. we missed the rise of the virus. as a result, the only tool we had to stop it was to shut things down. we cannot afford to do that again in america. when we reopen, we have to have the testing and tracing capacity, or we could end up in a much worse place. emily: i know it is not about us versus them, but in seattle, you are looking at 750 deaths. in new york, you are looking at upwards of 22,000. seattle didhat right then new york did wrong? there is a sense that on the west coast, people listened more to the public health officials whereas on the east coast, they listen to politicians. mayor durkan: i have many friends in new york and i feel

for them, so a to say that anyone did anything wrong. new york is such a dense urban area. weo think i will say what did right and what i think they also did right once they got down to it. we listened to our public health officials and public health researchers. health officials were as blind as we were because we did not have testing. seattle started taking tests to restrict. our researchers were able to tell us how much it had spread in our community and how much we were missing, then they told us how it would grow. our estimate at the beginning on march 1, they believed if we did not take significant measures, we would have over 70,000 positive viruses by mid april.

we knew that, with that and the number of deaths, that would overrun our hospital for sure. we decided we had to take significant action. i give a lot of credit to the researchers here in seattle that are fantastic, working with our public officials, and to governor inslee, the county executive and other mayors. they listened to the science, listened to health care workers, then made the right decisions, which are largely policy decisions but they have to be grounded in science and health. emily: you have been frank in saying that you don't believe the economy is close to being able to reopen safely. we have heard in the bay that they may not allow people to go back to work until september 1. will it be that long? mayor durkan: people have to think of it not as a light switch, but as a dial.

i think it will be a long time before america is back at full strength, and seattle is back at full strength. we will be reopening boards of our economy, reopening businesses, and measuring it to make sure that we do not see the rise in the virus that could overcome our health care system. i think, right now, what i am saying to every business leader, get ready, really be thinking through, how is your operational rules and protocols going to change in our new normal. how do you keep people in the workplace socially distanced? of do you do a whole range operational activities in a different way so that the virus is not transmitted in the workplaces and then the businesses? i think everyone is going through that sector by sector.

how it plays out in any workplace is a little bit different. a meatpacking business is a little different operation than a high-tech company. each sector will have to look at, what is the best approach going forward. and we have to try to facilitate that return and do our part through the testing and contact tracing. that is where we will really getting what we need nationally. as you know, commerce flows interstate, globally. washington cannot go it alone. we have to do this cohesively, together. emily: let's speak about one of the high-tech businesses, and that is amazon. a huge employer in seattle. what have your conversations been like with amazon over the last six weeks?

have they given you any indication of when they plan to return employees to headquarters? what is it that the city might be needing from amazon or amazon might be needing from the city? right now, you are seeing a whole bunch of companies evaluate what a return to work looks like. another company headquartered here is zillow. they announced that they will allow their employees to commute through the end of 2020. that will have implications for other workforces in and around zillow. how people reconfigure their workplaces is not going to be just through this year. i think you will see a lot of businesses reassessing how they do their operations. we have been having conversations with amazon, small

businesses, whole range of businesses including a small group here, to be thinking through, how do we do it for big businesses and across sectors. we need for them to be ready to move. when we give the public health guidelines, those will come from the department of health at the state level, probably augmented at the county level. how do they play out at a business to keep people safe? a retail sales establishment will have a whole range of considerations that an online platform does not have. we really have to be thinking not just for today, but tog-term, what does this do change in all of our businesses? we will have to move as many of our business line online as we can in the coming months so we

reduce the amount of contacts we have. this virus is still very dangerous. it communicates by people coming together. every time it comes together, you have a chance of the virus growing again. we have to think about ways that we keep people apart as we reopen this economy. emily: give us a sense of what contact tracing looks like. how many tracers do you plan to hire? do you plan to tap into some of the software that apple and google are developing on obama -- mobile phones? mayor durkan: the contact tracing and washington state, the guidelines will be developed mostly at the state level but will have county and city specifics. i can give you an example. the first known case at the time of someone with coronavirus

within in a city just north of seattle. our public health people did contact tracing. it is very labor-intensive. many people tracing through all the contacts that person had. you need hundreds and thousands of people in states and cities to be able to do this correctly. ideally, we want the virus to have been reduced enough so it is safe for people to come together again. we know that the virus will transmit again because we are still seeing positive cases even in this environment. when people come together, you want to have enough testing to find out when people are sick. then you have the contact tracers sit down with that person and figure out everywhere they have been for the previous two weeks. quicklysee that

explodes to a lot of work. so i think it has to be a hybrid of technology that helps people keep track of that in a smart way, and human beings doing that hard work of interviewing people. i don't think we will be at a place where we can roll out the apps like they have in south korea, china, or other asian countries where the privacy protections have issues for us. i think there is too much around that that we won't be able to resolve to get it done, and we need to get it done rather complete. i think there will be -- rather quickly. be someonere will will have a tablet in their hand, they can sit down, upload it automatically. it could go to a database to look at whether there are hotspots or connections, and we can have the right public health response without invading privacy.

i think we have to get moving on it rather quickly because if we don't do that and we miss it , remember, researchers believe that a majority of cases in washington state came from a single transmission in january. that is just mind blowing, if you think about it. one, two, then we will suddenly be in the same place that new york found itself in, or italy. then, if we shut down, there is more damage again. so we really have to be careful on reopening. emily: we certainly hope that does not happen. it has been admirable the job that seattle has done. jenny durkan, the mayor of seattle, we will look to see how the tracing plans come together. indeed.p --

thank you for sharing your time with us. lightspeed venture partners just raised $4 billion to invest in the tech economy. where will they put that money to work as the world is changing? we will take you to the daily white house briefing scheduled to start at 5:30 p.m. eastern time, in about 15 minutes. this is bloomberg. ♪ ♪

emily: investing in a crisis,

lightspeed venture partners just closed $4 billion to fund early and seed stage companies. joining us, nicole quinn. the world looks very different than what i believe you must have imagined it would look like as you were investing this money. how is that changing your strategy? how do you see now putting this money to work in the midst of a pandemic? nicole: you are right, we raised three funds, $4 billion. we will be investing across early-stage growth and also global growth. something we want to be thinking about from a global perspective. with regards to these times, lightspeed has been around for 20 years.

insights to be able to share with our founders around when we went through this crisis,1, the financial and also going through this now. lpsave a stable group of and we are making sure to continue to invest in generational change companies. emily: talk to us about your thoughts on how much worse this gets before it gets better. we are seeing tech companies laying off employees, struggling with furloughs, struggling with justifying some of the high valuations they initially raised money at. how bad does it get for the tech economy and how many more layoffs do we see? nicole: first and foremost, this is a health pandemic. secondly, we are looking at this from the venture capital tech

perspective, working closely with our companies around that. most importantly, we are helping those companies ensure that they can get through this period. that means having the cash to get through it. i think companies are thinking about whether it is important to play the offensive game or defensive game. companies have to be there for their customers. constantly thinking about the fact that we are in these times of anxiety. gamesive and defensive specifically around crosscutting. encouraging our companies to make sure they have at least two years of runway. they have to make tough decisions at this time.

when it comes to layoffs, for example, do you think companies will cut more than they need to cut? or do you think they should double down and try to win? nicole: i think there is a that the layoffs are necessary. furloughs so they can keep health benefits. doing smaller cuts is hard for the business and culture. now or when it is needed, and assessing in a few months where it will be. make theseht now to tough decisions but also keep morale and culture strong. person, he has done a really good job here. he recently published last week about how tough it was to let go of 16% of the workforce.

ceo to encourage any read that. there is a new report saying that the companies getting funded now are more established quote unquote startups. that means that early and seed stage companies may suffer through this. that is where i understand your money is directed. ?here do you see opportunities what areas of the economy don't thrive over the next several months? nicole: we are definitely continuing to invest. instructive technology founders who want to build enduring companies with strong fundamentals. ourre making sure to keep eyes and ears open. i think it is a good time to be a founder. there are some terrific

companies to get created. startup.to build a examples,f specific these new collaboration technologies such as zoom and slack. people who want healthy, nutritious foods are turning to companies like daily harvest. they are also using entertainment at home. cameos are there for their customers, offering video shout outs from people like snoop dogg and mandy moore. companies like calm are there to help with anxiety. i don't know if you are anything like me but it is certainly hard to sleep at the moment. emily: sleep is certainly an elusive thing right now. this is also a global opportunity fund.

where do you see putting the money to work regionally as some companies come back online faster than others? nicole: we at lightspeed have had the benefit overeat -- over the years, working with china, india, seeing how other countries are reacting to what is going on. where wethink about invest. a lot of interesting trends such as the new types of work, collaboration technologies, are emerging. india, wherever else is most important. also, it is super important to have that diversity of thought around the table, but also the experiences to help the

decisions be made during these tough times. money --ey'll flood of of money,ood there has been a debate about whether venture capital, that company should be applying for that money. should vc-backed startups be applying for ppp loans? having ae have been lot of conversations around this, and our view -- the companies i am on the board of have not taken ppp loans, but there are a small amount of companies that are thinking about that in our portfolio. on the whole, we have not been encouraging this. but i certainly think we have to take every one on a case-by-case scenario. much forank you so sharing your views.

i want to get to some breaking news. walmart announcing they will have 100 covid testing sites up and running by the end of may. they have since been operating about 20 across 12 states. they are trying to get that up to 100 by the end of next month which they say will enable them to test 20,000 people a week. standing by for the white house briefing. today, the white house unveiling a new plan to increase testing across the country. skepticism about whether the administration can meet that number. we will be taking you to the rose garden as soon as that begins. we are also going to bring you a story about building ventilators from scratch. new york needed ventilators. there were not enough. we'll talk to a company that will one in a month. this is bloomberg. ♪

emily: welcome back to bloomberg technology. the ventilator has been used to treat the most critical of covid patients, but it has been the center of a supply chain storm. not enough ventilators for the patients who need them. that led one new york-based company to try to hack it. they were able to build a new ventilator and under a month and now in operation across new york. take a listen to my interview earlier with the head of the cofounder, scott cohen. scott: we actually were called earlier on by a friend in

amsterdam went italy was under siege. he asked both of us independent of each other if we could help italy. it had become the community at new lab. we developed 700 engineers and entrepreneurs. both of us independent of each other looked it up, thought it was difficult. but as things started coming towards new york, i looked it up again online. i started seeing who was doing what. i emailed marcel and told him i was thinking about working on a ventilator. my design looks interesting, what do you think? agreed, let'sly give it a go. emily: you managed to make a bridge ventilator. this is a ventilator that if you are not in critical enough condition to need a standard ventilator, this machine is like a halfway step to help you breathe. how does it actually work? scott: basically, most hospitals

have a bag -- most people know them, they see them and ambulances if they need to pump air into a patient. they use this bag into a patient by hand. if you think about what a human would do mechanically with their brains to see our how much to treat the patient, a basically built robotic device that does that but also measures volume. we have a circuit board that has sensors on it that can measure airflow. so, we built a robotic device that does a lot of what a ventilator does, but if you think about the higher-end ventilators being used in the very beginning of the critical-care, for all the people in the middle that is trying to stabilize them, this could serve that middle layer which is a pretty big number. emily: you got these engineered for hospitals last week.

how many do you have out there in operation? scott: i don't know. we basically sold them to new york city. we are delivering to d.c. they are working with the public and private hospitals to place them in the hospitals. that is their own process. we trained about 24 physicians at metropolitan hospital, our principal clinician who has been advising us since the very beginning of this process. have been doing training in hospitals. bellevue has received some. emily: you have managed to cut down on costs, cut down on supply chain issues. you can make one of these for, i understand it, $3300 where a standard ventilator is $30,000. you also have companies like honeywell helping you supply some of the parts quickly. talk to us about the process of actually putting the pieces

together in a short amount of time. scott: with a lot of factories being closed down around the world, i'd ask my team every single day during the heat of the moment when hospitals were under the gun, hospitals and head of health services saying we may need this tomorrow. i was looking for points of failure. one of the points of failure really is in the supply chain. our motors were going to take too long from asia to get built. but we found a factory in rochester, new york and they have mobilized people. entireneywell, their supply chain of the sensors was pretty much frozen. there were a lot of people like ford and ge ordering a lot of sensors for what was going to come later. we wanted to be responsive now. we leveraged our network, our senators, ceo of honeywell, asia and europe to call the global ceo on a particular day.

i think he woke up to a flurry of email saying new york needs her help. emily: these could be like a miracle in developing countries. i know you have had requests from other governments, other cities. where are the requests coming from where you imagine the machines can go around the world? scott: what we are working on with our advising physicians is developing a device that has as much utility in a new york hospital as it does as a rural hospital in ethiopia. it is the same device for the same price. may be cheaper if we start scaling. if you think about a country like ethiopia, there is 100 million people in the entire country has 400 ventilators. that is not a situation you want to be in if a pandemic like this goes there. we are talking to -- what we recommend to other countries, there's a lot of entrepreneurs and people want to do good and help make this happen, but we

need to be engaged with the civic leaders and health ministry to make things safely deployed and people get trained, make sure there's enough respiratory therapists. emily: you are licensing the design for free? scott: pure, open source. they are putting their data out there and we are inspired by a lot of the hard work done at m.i.t. we are running a managed -- we don't want to put it out there. we want to make sure we approve the manufacturers that are interested in building these. there's certain parts of this tool right now, the device that we are going to control, like the control systems and software. those things that manipulated in a wrong way, it can be a dangerous device. emily: talk to us about what countries you are talking to, other governments. scott: we are talking to the folks in brazil, mexico, colombia, ethiopia, malaysia, south africa. and, it was like we will be talking to folks in india this

week. emily: scott cohen there. a ventilator built in under a month and approved by the fda. coming up, more on bloomberg technology after this quick break. we will also take you to the white house briefing in the rose garden as soon as it begins. the president said it would start 5:30 p.m. eastern time, about seven minutes late now. but when it begins, we will take you there. this is bloomberg. ♪

emily: president trump speaking at the podium now. let's take a quick listen. pres. trump: and to safely get our people back to work.

they want to get back to work and they want to get back to work soon. there's a hunger for getting our country back that is happening and it is happening faster than people would think. ensuring the health of our economy is vital to ensuring the health of our nation. these both work in tandem, they work side-by-side. it's clear that our aggressive strategy to slow the spread has been working at is saving countless lives. for those who are infected, we have taken unprecedented action to ensure they have the highest level of care anywhere in the world. the federal government is built more than 11,000 extra beds, shipped or delivered hundreds of millions of pieces of personal protective equipment, as you know. some of the people here are going to be talking about it. some of our greatest executives, some of the greatest anywhere in the world. distributed over 10,000 ventilators. we now have in a very short

period of time, many have been delivered and hundreds of thousands are being built. frankly, every governor has more ventilators right now than they know what to do with. they are actually shipping them to different locations and we are shipping some to our allies and others throughout the world, because we have ventilators like the job they have done in getting this very complex piece is actually built incredible. you don't hear about ventilators anymore except in a positive way. we have launched the most ambitious testing efforts, likewise, on earth. the united states is now conducting more than 5.4 million tests, nearly double the number tested in any other country. more than twice as much as any other country. think of that. moments ago, i came from a meeting from some of our nation's largest retailers including walmart, walgreens, cvs, rite aid and kroger. we're joined by the leaders of

those great companies and we also have with us the leaders from the worlds top medical diagnostics company's and suppliers, thermo fisher, labcorp, u.s. cotton, and the american clinical laboratory association. these private-sector leaders, along with others --h as roche, abbott, and have been exceptional partners in an unprecedented to drive to expand the states capabilities and our countries capabilities. the job they have done has been incredible. the testing that has been developed and being developed right now has been truly amazing thing. i want to thank abbott laboratories for the job they have done. i want to thank roche. those two have really stepped

forward. abbott with a five minute test people can take. in five minutes, they will know what the answer is. i would like to ask the executives of these great companies. they have really helped us a lot over the last 45 days. we are talking about 45 days when many of us met and since then, what walmart and the others have done has been shut -- nothing short of amazing. i want them to come forward and say a few words about the company. they are going to make a big contribution to our country. please come forward, please. thank you. >> thank you, mr. president. thank you for all of you for being here today. what we would like to talk about is the progress we made. was marchwe were here 13 and we made tremendous progress.

none of that progress could be made without the 47,000 people at quest diagnostics that are working around the clock. running the tests and delivering the results that we need. as far as results, we have made tremendous progress. we are currently at quest diagnostics testing about 50,000 tests per day. we have been pushed by the task force to bring up that number by the end of may. 100,000 tests per day. these are molecular tests we do today. we have brought up serological testing. we started that this last week. by the end of may, close to 250,000 a day. together,ose numbers it is about 10 million tests to the end of may that we will be doing. we are doing that in a quicker way. reduceearly days, we that to one to two days.

the turnaround time for people in hospital beds is less than 24 hours. we are doing that in the same way we have done with the fda, delivering the quality you all expect. the meaningful improvement with convenient solutions that will be able to swab the visuals more easily. consumerslivers the the ability to choose a test online with a telehealth provider. i would like to offer my colleague the podium as well. mr. president, thank you very much for your leadership and for having us all here today. our scientists and lab technicians are working day and night in order to do as many tests as we possibly can for the american public and to turn those tests around as quickly as possible. wet 45 days ago, we said could do several thousand tests a day. dayan now do 60,000 tests a and we are continuing to expand that capacity every single day. in addition, our scientists

working to make testing more convenient and easier. we have the swabs now that are much smaller than the original ones we launched with. the at-home test. that test right now is for health care workers in the frontline and first responders. we will be rolling that out much more broadly over the coming weeks. we are going to roll it out with absolutely no upfront cost for the individual consumers. at the same time, we are building our capacity for serology testing. we can currently do about 50,000 today and we will be able to do several hundred thousand per day by the middle of may. we are going to be working with the retailers. our colleagues are here today to help them as they expand their testing capabilities across the entire country. a rather large drug development business and we will continue to work with our colleagues in the pharmaceutical and biotechnology industry to

ensure we do everything we possibly can to roll out clinical trials fast so we can get new treatments and potential vaccines. thank you. >> mr. president, thank you, and thank the administration for all the collaboration to enable donald fisher scientific to produce the test kits that companies like labcorp and quest run. we met our original commitments of producing 5 million kits a week and we are up to scaling that to double that in the coming weeks in terms of supporting testing around the world. i would like to thank my 75,000 colleagues around the world for their tireless effort to make that a reality in supporting all of our customers to have the testing necessary to get america back to work.

>> thank you, mr. president. we are the company that is going to produce the swabs to be used in these testing kits. we have about 1200 people at our company and in our cleveland operation, they have pivoted from come as you have said, the q-tip style swabs to a swab that will have a plastic stick with a polyester to so it can be assembled into these kits. our cleveland team has done a wonderful job with this and they are very excited to be able to help in this effort so thank you. >> thank you. i am with cvs health. it was over a month ago we opened up our first drive-through test site. since that time, we have opened large-scale testing facilities across five states in partnership with the

administration and working with the governors of rhode island, massachusetts, connecticut, georgia and michigan. these sites are enabling us to test approximately 1000 individuals a day with our real-time results. you have a capacity to test about 35,000 individuals each week and this afternoon, we announced plans to expand that capacity and further beginning in may. we will install tasting -- testing capabilities and up to 1000 cvs pharmacies. we will be using our drive-through's and parking lot with swab testing. you will see that coming online in may. we also recognize the fact that the virus is disproportionately infecting our minority communities but we are working in partnership with organizations like the national medical association to bring testing and care into the traditionally underserved communities. we are also beginning to implement mobile capabilities

with when to do that and as businesses are restarting their workforce, we will also be looking to assist them as they begin to come back to a normal operation. finally as my other colleagues, i want to thank my cvs colleagues. they have done a phenomenal job in terms of helping people in many different ways all across communities in the country and they are part of this army of andth care professionals first-line supervisors and workers that are doing terrific things to bring our country together. for that, we owe them a huge amount of gratitude. thank you. >> thank you, mr. president. i appreciate the invitation to be here today. it was 45 days ago when we were here. i want to start off thanking the

over 200,000 walgreen team members who are in stores every day all across america taking care of our patients and our customers. giving them essential daily needs. the prescriptions that they need and even covid testing while we are here. we also announced we will be expanding testing him abilities across all states including puerto rico. we will be able to triple the volume we do know in partnership with our lab partners and we are excited to be able to do that. we're really excited with the public-private partnership we have because that is what is enabling us to do this and we look forward to working with the additional states to get these sites up and running as fast as possible as a pharmacist, what to say one quick thing. i'm really proud to be part of this profession. not just walgreens pharmacists and pharmacy employees but all of them. youare really doing what should be doing and what you went to school for, to help patients and helping them understand the problems that we

are facing. pharmacy is right here in it with everyone together in the community and we look forward to be part of the testing, serology and eventually treatment, when the vaccine does come. thank you for the opportunity. >> thank you, mr. president. we appreciate all you are doing to get america back to work and doing it safely. i represent kroger. our not only of half a million associates that are doing everything every day to keep customers safe and our associates safe -- one of the things we were able to do was provide the basic practices we are doing. it is the things that all of us can learn from on how to get america back working. ,e also announced earlier today continue to accelerate our

practice on testing. we are actively engaged in six states. the next couple of weeks, we will take that to 12. the number of states continues to grow faster than that. and wer, we will win, will solve this problem and move on. thank you again. >> thank you. i am a walmart associate and i would like to start by thanking our associates for everything we are doing in our stores, sam's club, they abuse in centers. they have an inspiring and continue to have a can-do attitude. ago, as did5 days everyone else. we have been operating sites for a while now. week, 45. of next by the end of may, 100. we also a few weeks ago, vice president pence and i were in addition recent center in

virginia. he was kind enough to thank our associates there which was much appreciated. the president and vice president were talking about surgical gowns. those so irmally buy was not sure if we could do that. i would like to thank the apparel team for partnering with us. anhave been able to secure additional 2.5 million surgical gown. by the end of may, an additional 6 billion available to help so thank you for the opportunity to serve and to be here. >> thank you. thanks to the team for getting this great operation up and running for the benefit of the country. i am with right aid. we are currently operating 40% of the current test sites in 25 locations across each state. emily: you are listening to

various retail company ceos talk about their testing efforts. we heard from the ceo of walmart, cvs, labcorp, quest diagnostics -- outlining additional testing capacity that is coming in the u.s. a lot of bring in our bloomberg government reporter emily wilkins. we spoke to the seattle mayor earlier in the show who said there were times where testing capacity in seattle was basically zero. now you have the president saying they are aiming to get to stateacity in any given and they have the cooperation of all these different companies, but is this really achievable especially given the challenges they have faced so far? emily w.: at this point, we are not seeing testing being scaled up. it was back in mid-march when president trump first talked about having drive-through testing in walmart, in cvs, in walgreens. right now is when we are started

to hear about it being ramped up. it did take a while to get into place. this is something that many private groups, public groups are trying to figure out how to increase testing. it seems like it is something that is going to continue to take time to get to the point where most americans are going to be able to be tested. meantime, we have about 30 seconds left. you are seeing some states like florida and ohio taking steps towards easing restrictions, yet the mayor of seattle told us she doesn't think the economy is anywhere close to reopening. how does this play out? emily w.: i think there's a lot of gray area when you talk about reopening the states. what exactly does that mean? some states are saying ok, parks can open up, restaurants can open up but 25% capacity. some people say a full reopening of the economy is everything going back to normal. what we will see for the next couple of months is try to get that incrementalism right.

how far can we go to keep people safe, but also to let the economy open? emily c.: emily wilkins. you can continue to listen to that briefing on live . more bloomberg television after this break. ♪

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♪ haidi: very good morning. i'm haidi stroud-watts in sydney. here are your top stories this hour. u.s. stocks rise as economies around the world move towards a restart. the s&p 500 climbing to its highest close since march 10 on the talk of using lockdowns. crude slumped after the biggest oil etf said it would sell out of the june wti futures position as the global glut