if you are one of these people who pays attention to technical levels, this is a day you want to pay attention to. the russell and dow jones closing above that key level at 61.8%. enthusiasm that can be found if you buy into those signals. the big camtek tech names, microsoft, apple, amazon, facebook, down or flat on the day. most of the gate -- most of the gains in the market coming from financial names. some of the consumer staples 3%, 4% onup about 2%, the day. a lot of those middleweight names like tractor supply, ge, helping to lead us higher.

scarlet: we also are looking at the nasdaq 100, which is now closing up about half of 1%. really interesting that you brought up that whole idea of the technical levels. predental --ack prudential's quincy crosby. hold one we managed to and close above that average. at eu read into that -- how do you read into that? >> it is almost as if everyone has become a technician. when you can close above these resistance levels and if we can add to this, what it suggests is that the trajectory of the market is positive, at least for

the short term. the reason why so many have been focused on whether or not the market could close above 3000. we all abide by this because it has been hugging it for so long. every day, closer, then consolidate. by the way, the expectations were that it would be those big tech names that would actually 3000 the concrete of the level at closing above it. romaine: we did close today on sincep 500 at the highest march 4. a lot of folks have wanted to see us retest those march levels before they run toward those highs we saw in february. are a lot of those who look at the valuation russell

2000 trading like twentysomething times earnings. there could be a pullback if we don't get some confirmation of corporate profitability and fundamentals. are you concerned that those types of metrics will not match the price action over the past few days? is clearly, profits are not going to be, shall is -- shall i say, correlated. it is an issue of guidance. one company after another just did not bother with any guidance. apple was in that camp. if we begin to hear positive guidance, a little bit more of an opening for the consumer, rations, anything that can help market. monday, and as we all know, it

is about therapeutics and a vaccine. take a look when any biotech company comes out with a report on phase i or the beginning of phase one the market of lots. that is why it is so important that we can get through the summer sick. without ah the summer second wave. if we do, i think the market quasi-normalcy was a normal see sooner rather than later. scarlet: the euro got above $1.10. the euro is closer to some sort of regional stimulus plan. is this reason enough to buy into european assets?

take a look at being out of this. look at the--take a look at the autos. into 2021, and is going to be quicker than that. some of the countries under tremendous pressure. saying, if market is you don't get this right, you will see a repeat and perhaps a breakdown of the european union. i do think this will be a tremendous catalyst. the other aspect, if you have china beginning to turn the corner, demand will pick up for some of the german industrial names. germany is a stronger partner

for china than, for example, the u.s. romaine: are you a little bit worried about some of the geopolitical risks with china and the u.s.? you had the unresolved business with brexit and of course a big u.s. election in november? quincy: of course. it is amazing that the market is doing well give it some of the headlines with china. he would have expected gold to be up today. you would have expected japanese yen to have gained today. think, ift issue, i we see a tiananmen square-like scenario unfolding in hong kong. then the question is, what does the u.s. do? aboutw, we are talking sanctions.

you are looking at 24/7 news. it is not something that can be covered up. then you have to ask what our response will be. scarlet: good contrast to what we have seen in the past. quincy crosby, thank you so much. that does it for "the closing bell." "what'd you miss?" is up next. we will be following the first man to launch into space from u.s. soil in decades. nasa says the rocket is being fueled as we speak. this is bloomberg. ♪

romaine: broadcasting live from new york tower viewers worldwide, i am romaine bostick and this is "what'd you miss?" scarlet: the indexes powered above, the s&p 500 closed its 200 day moving average, increasing optimism that we have seen the worst of the economic pain as several parts of the u.s. reopened. we are keeping an ion what is going on in florida because all systems are a go. at capethe launchpad canaveral in florida. time,3 p.m. eastern spacex will attempt to launch two astronauts into space. they will be heading to the international space station. we will be following the historic flight live and take you to with it -- take you to it

when it begins. romaine: the u.s. has certified longerng kong is no politically separate from china. us, friedman chair in china studies. let's start off with the announcement we heard earlier from the u.s. secretary of state, mike pompeo. what are the immediate implications of this designation that pompeo has laid out right now. ofthere is a number immediate ramifications. the first and arguably most important is that this puts into of how hong kong will be treated under u.s. law, which means that financially and economically for hong kong, this will be a different city moving forward. i think it is important to note that this announcement is really

the beginning rather than the ad of anything and we have series of developments to watch to see what specific approach the u.s. will take, how beijing will respond, and how that impacts the people of hong kong. talk us through the actions that they have. china warned they would retaliate if the u.s. put sanctions on hong kong. sanctions is arguably the easier of the choices the u.s. could make because that gives it a scalpel approach rather than the broadsword. kong's trade status would be more of a broad brush approach. sanctions were in the works before the announcement of secretary mike pao today and i would expect we should see that as a minimum the question is how much further with the

administration escalate from there. there is some legislation tracking its way through congress which would give some additional powers of sanctioning individuals and entities were violating, or at least allowing beijing to violate his requirements. this is increasingly an all front effort by the u.s. to push back. romaine: you have been tracking the politics of china for years now. in your mind, do you think there is anything that could derail or prevent xi jinping from moving forward with this agenda that he clearly has with regards to the relationship between china and hong kong? jude: if our general framework had and that increased u.s. pressure generally over the past year or two is likely to derail

a more nationalist or hard-line approach, that would have been wrong every time. xihave seen that with the administration, this is a group of hardliners. especially on core political issues, they do not look favorably on what they consider to be outside meddling there is almost no possibility that beijing does not move forward with the legislation. key thing is what is in the legislation and how will this be applied and implemented 'an -- and implemented? scarlet: in the meantime, protesters and hong kong have taken to the streets, but they have not gotten as close as in the past to the legislative building. how much do you think the street protests, the angry generates and the police brutality and response it gets will determine

what choice the u.s. makes when it comes to imposing sanctions ?r punishing chinese officials jude: i think there is a discussion going on within the chinese administration to calibrate in a way that does not severely impact the people of hong kong. i think they will be trying to adopt a first do no harm approach. things are very out of whack and out of kilter. there are multiple moving parts. the possibility of strategic wonders is really high on all sides. theing, washington, and protesters from hong kong. season here in the united states. there is a subsidiary set of considerations that are political and make this all the more volatile.

really: do you anticipate any sort of meaningful shift in tone by the u.s.? right now it seems like this is one of the few issues where democrats and republicans seem to have some degree of agreement. jude: that is kind of the conventional wisdom, that the one issue of bipartisan consensus in the u.s. is with china. that does not really tell you anything about the differing approaches to the china issue. we have seen the republican cards hear from key members of congress like marco rubio, josh holly. we have not really seen the quote unquote democratic response to china. i think that is likely because no one wants to get out ahead of their skis when a biden

presidency would define that. it is a difficult equation to get right when you have so much shift and churn to proceed. etteine: that is jude blanch with the center for strategic and international studies. coming up, we want to turn our eyes to what is going on in florida. the spacex rocket is preparing to launch what is going to be the first manned launch from u.s. soil into space. the u.s. ended the space shuttle program and while back. it is also significant because it will be the first launch for me private company. there is some concern here about the weather and whether that launch is going to take lace or

not. we will be back in a moment. this is bloomberg. ♪

scarlet: we have just heard that nasa has called off the rocket launch that was set to take off at 4:30 p.m. it would have been the first state mission -- first space mission from u.s. soil to take nasa astronauts into space in decades. the next times to launch our saturday and sunday, failing that. i looked at the weather at least for new york and it looks like it would be cloudy over the weekend. there are a lot of question

marks over what happens next. romaine: a lot of anticipation for this. the president making a trip down there to witness this. this is historic on a lot of levels. fact that you have a private company. spacex effectively building this rocket and preparing these folks to go out to the space station. dana hull, a reporter, is joining us now to talk about it. we wanted to have you want to witness what was going to be an historic event. can you maybe give us a little context into why this is important?

>> this would have been the first time an american astronaut had flown from american soil on a spacecraft built by a privately owned american company. the next opportunity is saturday afternoon. the first time that american astronauts have flown from american soil since the space shuttle program ended nine years ago. just this huge, incredible milestone for elon musk and spacex. 18 years after being founded, this was the first time they were going to attempt to fly human beings. want to go into the idea that this was a private spaceshipunching this , or eventually it will on saturday. contract byranted a nasa, so was boeing, but it appears spacex was able to get

farther along. dana: nasa was very deliberate when they first awarded the contract's that they wanted to have competition. both boeing and spacex were awarded the contracts. test was int december. it did not go so well. crewed craft to the space station and he did not dock because of a software ledge. it is really just kind of an extraordinary story in itself because it shows that spacex is no longer this little tiny startup, it is becoming quite a powerhouse.

romaine: when we talk about costs, a big part of this i approve -- i presume from nasa's perspective is that it can rely on spacex and private companies y too this, to be the ferr take astronauts into space. dana: the space shuttle was very expensive. you cannot really reuse it. designed its craft to be rapidly reusable. now, nasa has been paying russia millions of dollars for seats on the soyuz. -- spacex's eventual goal is to fly tourists. it is certainly cheaper than the

shuttle was. scarlet: that is the long-term goal. we be looking for on saturday when it comes to the next attempt? will it be identical as today. what you saw today was a pretty good dress rehearsal for what to expect. when millions of people kind of gather around to watch the livestream of a launch, there is a lot of focus on the engines firing, the rocket lifts off come a countdown. but keep in mind that there is a lot of other things that has to happen. isminutes after the launch when the dragon spacecraft carrying the astronauts basically leaves the rocket booster and heads off toward the space station. that separation moment is key. the rocket goes

under the most stress, is really key. and they will attempt to land the rocket on the drone ship. they don't even dock to the station until 19 hours later. the left off itself is probably the most dramatic moment but it is not a successful mission until they dock to the station. then they have to go back. how does the dragon craft leave the station, come back into the safely atmosphere, and splashdown in the atlantic ocean? scarlet: well said. and hull, covering spacex letting us know what the stakes are for the rocket launch. it unfortunately was postponed. it was supposed to take off today but will attempt to take off on saturday. get you a check of the latest business flash headlines.

we want to start with boeing. job cuts are getting underway. boeing is notifying almost 5800 workers in the u.s. that their positions will be eliminated. the ceo said that he collapse inflamed because of the pandemic means less demand for jetline's overall. is in the final stretch before it exits the biggest utility bankruptcy in u.s. history. today, a judge in california hears from company. a committee representing wildfire victims wants to make sure they get the full value of a settlement. was blamed fort starting the fires. the world's most valuable startup is still growing at a pretty good clip. tiktok,ese parent of

bytedance that is your business flash update. ♪ staying connected your way is easier than ever.

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and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. romaine: we were awaiting the launch of that spacex rocket but nasa scrubbing it because of the weather in florida. they will attempt to launch this rocket a little later in the week. we want to welcome in the silicon valley space center co-founder sean casey. we look at these pictures. most people will say, the weather does not look bad. what is it that the astronauts and scientists have to contend with to make sure that rocket can get into space safely?

>> there usually just a couple of criteria. activities that are within five to 10 miles of the launch site. that includes lightning and freezing temperatures. this launch was scrubbed because of electric field intensity, usually a precursor to lightning. the launch was scrubbed just before we started the liquid oxygen load. we already had rp1 on the vehicle, and liquid oxygen is the oxidizer. the last thing you want is a lightning strike with a fully loaded vehicle. that is why they canceled today's mission. scarlet: we had seen headlines , do theyhis afternoon have to undo everything or redo everything. just put a cover on it and be

ready to go on saturday. sean: this is the unique thing about the falcon nine, that it is fueled right for launch. withinone started just 30 minutes. to offload the fuel. that it is safe to approach the vehicle. romaine: when we talk about the historic nature, you have to go back to the 50's, the creation of nasa, the space race. nasa at this point appears to most of the development of the physical aspect of getting folks into space to private companies. are we pretty much committed to this as a nation that the future

of u.s. spaceflight, space involvement, is going to be driven by the private technology that these companies provide? sean: i like to look at it in terms of risk and what private companies no. we had 50 years of nasa contracts where it was hard to assess the risk. going to low-earth orbit, we did the shuttle,, for there is a lot of industry knowledge about what is required to do this. i think for those programs where investors can assess risk, that is kind of a foundation of putting your money forward in a private company as an investment like what you see in spacex, blue origin. there will be those programs that are inherently risky, where

nasa will have to absorb the risk. i expect those will be cost-plus programs. for these programs, this is a that isst contract, and because there is some aspects where the risk is only private companies can accept that risk. scarlet: it is my understanding that it moves nasa closer to putting the first woman or next man on the moon in 2024, the artemis program. walk us through what has to happen before that can take place. sean: the first thing we need to do is have a human rated vehicle certified by nasa, like what we are seeing today, with the spacex vehicle, and will we will

see later on this year with the boeing vehicles. a different program from the commercial crew, which is the nasa lunar effort. has releaseda companies,o three and each of them have a different approach of going to space. for the spacex program, they are planning on using their new starship vehicle, which is still under the development stage. certifiedhave to be for human spaceflight and they will have to go through a certification process similar to the falcon nine. there are a lot of oil stones. today, about 20 separate milestones for human certification.

i would imagine a separate 20-30 milestones, because it is not only getting to low-earth orbit, lunaren the transition to orbit and the lunar lander. it is going to be twice if not three times as complicated as what we have gone through for this mission with spacex and boeing. the manned terms of space flights, what is the longer-term ambition here? wiki count over this stuff, but is there sort of a practical reason why we are going back to the moon, why we are looking to go maybe even beyond the moon? sean: i think a lot of those reasons are commercially motivated. asa has just recently started low-earth orbit

commercialization. the international space station is a destination for both governments and companies to operate in a microgravity environment. nasa is looking at a wide variety of companies. that includes the usual suspects. but it also includes blue origin, sierra nevada, and some new entrants that are looking to build either modules that attach to the iss, or free flying modules. those platforms will serve as anchor points for more human operation in low-earth orbit. this is something that comes out of our existing work on the international's to be -- international space station and pushes it into the commercial sector. as for going back to the moon,

there are lots of things, mineralogist's, people out of the oil and gas industry will tell you that you only know a rudimentary number of things about the lunar environment and with the resources are that are embedded within the lunar surface. that is more of a stretch. but it is more important that we back to the moon to proof out those models. scarlet: sean casey, great to get your input here. the disappointing news of course that they have canceled the mission by spacex because of bad weather at cape canaveral in florida. they will attempt to launch the rocket on saturday. this is bloomberg. ♪

>> these are issues that we are obviously studying carefully and we will be discussing. view -- my view is that the focus should be how we best use the tools that we have, guidance, balance sheets, to achieve the goals. ofht now, there is a lot uncertainty about that. we are kind of in a good place in terms of maybe we are near the bottom in terms of economic downturn, and hopefully there will be improvement in coming months. but really, i think, the answer

to your question, the right policy response will depend critically on healthy economy is performing not only right but which path you see it on in the coming months. i think we will get a lot at her about, are over time we seeing what kind of rebound and recovery? forward unclear going -- how do you imagine what it is like on the others. -- on the others. when we came out of the financial crisis, growth was lower. at a think potential growth will be when we come out of this? are we in sort of a de facto treasury-fed accord? you will have trillions of dollars of loans at zero or very low interest rates that will be

crippling as it goes up. will you be stuck keeping rates low even if you don't want to for a very long time? >> it is hard enough to forecast where the economy will be going. forecasting potential output is even harder. obviously, that is your area of concern. we want to make sure that there are businesses today, and households, are able to get through this period, and we don't have lasting damage to the economy. policies view it, the that we are taking, congress has been taking, are to minimize the longer-term damage to the economy. in terms of your second question, the treasury obviously is the issue. enormous amount of debt. but there is also an enormous

demand globally for u.s. treasury securities, especially given all of the movement away from riskier assets. we have not seen any signs recently of -- demand globally. markets have absorbed that increase in supply very effectively. this is not a situation where the federal reserve has been constrained or limited in what we are doing because of what has happened in terms of the issuance of debt. >> one quick follow-up to something you said about a trough. we are opening up again. do you think, barring a second wave of the virus, that we have seen the worst? >> it is hard to say because the data is incomplete. we are going to get an employment report for may to get a bigger picture.

we will get some more data over the next weeks and months that i think will help us understand. based on what we are seeing now, i think we are pretty close. maybe may or june will be the low point. ins is an extreme decline economic activity, enormous hardship, so even if we are starting to see perhaps stabilization and a little bit of a pickup, we are still in a very difficult situation. romaine: we were just listening to new york fed president john williams. bloomberg reporters have learned that multiple companies are in driverlessy a vehicle startup. .mazon is one of them for more, let's bring in spencer, who helps cover amazon

and a lot that goes on. severalms to be one of driverless car ventures that are out there. why would amazon be interested in buying this company as opposed to pursuing a different one? spencer: a big thing is just that zoox has been kind of putting itself on the market, courting a buyer. that is a big factor. primary would be the one. there are some indications that it needs a buyer, needs an investor. a billionsed about dollars and its last valuation $3 between $2 billion and billion. intoet: can you put this context for us? what other investments as amazon made in the space? spencer: amazon has invested in

thefey and -- rivian, electric band maker. the other thing the their years old drone initiative that we still have not seen at any kind of scale or anything when you think about amazon's operation, one of the most expensive thing, that final mile of delivery. anything they can do to automate that is tremendously helpful for them, something they have been investing in and looking at for years now, trying to find a better solution and paying someone to bring a package to your house. romaine: there is a lot of hype a while back. a year or so ago, they poached in executive from intel and there was a lot of talk. the vision for a fully

autonomous vehicle that can be out on public roads safety is -- safely is still years away. to look atu have amazon's long-term outlook. if thisit is years out, has a good technology that nudges that further, they are willing to do it. relatedthat investment revolutionize the warehouse space. of -- a lot of their production is now automated. they would have a long-term plan to embrace automation to bring down delivery costs. andlet: you wonder how ups fedex will respond to this. thank you so much. let's turn to mark crumpton for our first word news. mark: america's top infectious disease expert says he is

hopeful that there will be a vaccine for covid-19 available by the end of the year. cnnanthony fauci also tells that recent instances of social crowding such as a pool party in missouri are, in his words, very troubling. he says that u.s. testing capability is getting at her and that a second wave of coronavirus is not inevitable if people are prudent. that casescials say of coronavirus are slowing. the russian capital has more than 171,000 confirmed coronavirus cases. nearly half of all the infections in the country. local lawd state and enforcement authorities in minnesota are investigating monday's death of a black man, a video of which has sparked nationwide outrage. four minneapolis officers involved in the arrest of

46-year-old george floyd have been fired. the minneapolis mayor announced the firings on twitter saying, "this is the right call." on his facebook page, the mayor apologized to the black community for the police's treatment of floyd. the mayor said, "being black in america should not be a death sentence." protesters filled the intersection tuesday evening at the intersection where floyd died. policerched to a precinct with some protesters damaging windows and spraying graffiti on the building. the death came amid the outrage over the death of ahmaud arbery, was shot in georgia after a white father and son pursued the black man they had spotted jogging in their subdivision. global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries.

i am mark crumpton this is bloomberg. ♪

romaine: welcome back. i am romaine bostick alongside scarlet fu. joining us right now somewhere rv is joe in his weisenthal. what have you been watching? joe: i don't think we need to be driving around in rvs anymore because people are increasingly optimistic that life in return to normal, especially considering the stock could. there is something else interesting of a which is that a lot of the ones that had been winning up until recently, the stay-at-home stocks like ella tom, companies premised on everyone staying inside, they have been down the past few

days. netflix well off its highs. you look at some of the going out stocks, they are seeing huge gains. nation, twoke live huge days in a row. not just this rotation in terms therowth optimism, but return to normal trade is really having a good week. scarlet: you wonder how long this will last and what implications it will have for the price action. the going out stocks do not tend to be big cap companies, so they do not have big weighting in the indexes. if you have a big shift, the gains you will see will be a lot smaller -- stocksing out themselves, they are not huge. but there are some other second

airs that are more substantial, that are also picking up on this overall wave. financials is a big one. they continue to have strong momentum. etf, a popular financial etf. airlines, casino companies, banks. these were the areas of the economy. remember, the story of april was bifurcation. microsoft, facebook, they rebounded superfast, then there were these more cyclical sectors really lacking. if you are still optimistic, this was where there was still potential cheapness in the market. romaine: i can't let you go without getting your thoughts on the tulipmania that is sweeping the bitcoin nation today. joe: there is no easier way to troll bitcoin or stan to mention

tulips -- troll bitcoiners than to mention tulips. theoiners have been hearing tool of comparison for like a decade now. they are so easily triggered by end. today was no exception. a lot of disappointment and anger at the tulip comparison. scarlet: always appreciate a tulip person. joe weisenthal, good to speak with you. that does it for "what'd you miss?" thank you so much for watching. "bloomberg technology" is next. this is bloomberg. ♪

♪ emily: welcome to "bloomberg technology," i am emily chang. spacex's historic launch called off 17 minutes before liftoff due to bad weather. it is set for saturday now. if successful, this would be the a private ever that company has sent humans into space.