, july 31, supporting consumption. you have to support consumption. the bridges longer than the government thought it was going to be in march. maybe it is double the time. that whole needs to be closed. romaine: we are going to continue the conversation, but, caroline, when we talk about this market, this is where the s&p 500 ended 2019, as -- at one point up as much as 5% on the year. right now, it appears it will settle around 3232, erasing all of its losses it had on the year. caroline: quite extraordinary that we have managed to push through pandemics, protests, and still close higher than we have been on the year.

with erasingirting its gains. i we'll then drum again. 50% higheralmost volumes than usual. 21% higher. the commitment to the rally remains. romaine: we did see some precipitate -- dissipation. microsoft and apple. ,oving deeper into the green amazon. taylor: participation from fallen angels, exactly what fed chair jerome powell wanted. the yield options adjusted spread, the sector has been the best performer of all of the high-yield market. since going back since the beginning of the year. deutsche bank saying that the bb

's trading above pre-pandemic levels. i want to take a look at some of those individual movers we are talking about. casino stocks up 7%. bank of america, as you have been mentioning, upgrading alaska and jetblue, saying that the leisure rebound is real. saying that jetblue is a pure play on the recovery. amazon, online shopping has been the biggest winner from this pandemic. atally, we will take a look another chart inside my terminal. caroline, i made this just for you. global stocks have added $20 trillion in market value since bottoming out in late march. the trade the last couple of has been u.s. versus the rest of the world. caroline: i love it.

personalization. i have to talk up the euros at the moment. we were all on the euro stoxx 50, but only by 0.5%. but that into context, the rally, 11%. in terms of where we are of the year. still plenty to iron out in terms of the brexit debate. also saw it in asia. overnight session in korea, that start -- that stock market erased all of its losses for the year. pare those gains into the close. you have seen the enthusiasm and optimism that has been a hallmark in the u.s. going back

to late march. we have seen that increase into europe, into asia. alisha's let's get take. from ny investment management. talk to us about where the next attraction is outside of just equities. we are cna selloff in that we are seeing a selloff -- we are seeing a selloff in on's. -- in bonds. do we stay long and exposed to equities? created a has really situation where they are protecting all asset classes up and down the capital structure. investment grade, and even high-yield is a place where investors can go. we still like gold.

it is a great way of hedging risk assets. the 10-year has broken out from for a fewit was in months, suggesting it is moving higher here. i do think you need to see not get the v you are going to in the third quarter, but you need to see that it does not stall out in the fourth quarter. so there is your v. the issue is, does it stall or keep going? romaine: regards to the steepening of the treasury curve, is there a sense that if we continue to see that command alters the expectations out of the fed? be veryi think it will hard for the fed to put its brakes on the policies until the

all clear signal. whether that comes in the form of a vaccine or a treatment or a full recovery of the u.s. economy, which in the best case scenario is really not until the second half of next year, i don't think the fed will do anything to get in the way of that. so part of become asset prices that it cannot go back here. there is a risk that there is a kind of independence being lost on the fed because it is so necessary to stabilize markets. how much time in normalcy do we need for the fed to step back> -- to step back? caroline: alicia levine, always great to get your take. that does it for "the closing bell."

"what'd you miss?" is next where we will be looking at the race to the white house. ing chief international economist will join us. this is bloomberg. ♪

♪ caroline: from bloomberg's world headquarters in new york, i am caroline hyde. romaine: this is "what'd you miss?" caroline: we are back on track. of its 500 erases all losses for the year. currently at 3,232. the s&p 500 up 1.2%.

nasdaq volumes up unusual trading. congressional democrats proposed a police reform bill as --sident donald trump uses uses police against joe biden. revising merger monday, the potential pairing between gilead sciences and astrazeneca. all that and so much more coming up. romaine: a health pandemic, recession, and of course those protests over the police killing of george floyd have transformed the landscape in the u.s.. we want to welcome james knightley, the ing chief economist recently published a u.s. election scenario. time seven months ago,

we had an economy that was at a very minimum, stable, the incumbent president had the advantage of having a good economy, low employment -- low unemployment, and a lot of things at his back. is there any real sense that will hold that against him in october? james: nothing really sticks right now. i think when you look at the economic performance, you can certainly look at the equity market. 11% year onis up year. presssaw in the conference on friday, saying the covid-19 situation is happening

but i am getting unemployment down. my economic policies are working clearly, he is trying to move on to the front foot. the george floyd situation does create a really challenging situation for him in terms of how do we deal with the story. he is trying to pivot and clearly move back onto the front foot in terms of the economy, in terms of equities. taylor: what is the biggest risk? protests, china trade tensions, or the health pandemic? james: stakes a lot of claim on the labor market and equities as well. seen unemployment come down. economists were all hiding in shame after what happened last friday, giving out incorrect forecasts, shall we say.

we have a long way to go. if you look at some of the cases and some of the states that have opened more quickly than others, there is a pickup. southern california, there are cases really starting to pick up once again. we could see the need for some new lockdowns coming through. over the weekend, the consensus sort of drifting toward the paycheck protection program. but that is going to end later this month. what will happen to those people, if there is not the demand, the social distancing, travel restrictions, the headwinds to growth remain in jobs, it not be that those last that long. caroline: what about the

vulnerability or optimism on the policymaking brought in by trump vis-a-vis presumptive nominee biden. what of his policymaking, or what does it spell for the economy? james: one issue that will be raised, of course, is china. obviously, he is going to be challenging biden on this issue. tohink biden is going clearly have to make a case. he is more likely doing it through the international framework and international partners. iscourse, a big virgins likely to be emphasis on -- a big divergence is likely to be emphasis on tax cuts. also, regulation. donald trump will continue to

push the case for less regulation whereas you would his newjoe biden and will try tont contain the tcech -- you,ne: great to have chiefknightley, ing international economist. coming up, we will look at payment platforms and the role they will play. this is bloomberg. ♪

>> i have been worried about some of the police tactics, and particularly if they are arresting a lot of peaceful protesters, putting them inside together in jail, that is a place where the virus has spread a lot. of a is a little bit sense, that we are moving past coronavirus, but you can't move past coronavirus. people i think are protesting the right things. it is incredibly important, or whether we are doing other things, whatever it is. coronavirusave the in mind to keep it as safe as possible. >> what about schools? is the reopening of schools something that has to be done more quickly than we have done so far? >> we have the full coming up in

the united states. kids have suffered not being in school. it is important that kids get not only education but breakfast and lunch. social interaction with friends. all of that is extremely important. i think it should be much more of a national priority. but school will look a little different this fall. there are ways to reduce the risk like keeping small groups of kids together all day, spacing out the desks a little more, extra cleaning. but we really have to get on that now to be ready in the fall. >> the response of some european schools. reopen the >> i think that typically in the united states we don't have

school over the summer. kids will lose more ground in the summer, unfortunately. will't tell you what happen in other countries. i think they are starting slower in other countries and they will have some experience with what we can learn here. >> i think we have come to appreciate how important this asymptomatic spread is, that has led to big shifts in our ability to respond. that has been hard won knowl edge. us thatit really tells there is a certain scenario we want to avoid. people who are vulnerable, we need to figure out ways to use , do other things to

stay apart from each other to prevent the spread from happening. >> how much do we understand the virus? morph or if -- can it become something else next winter? >> i don't ticket will morph that much but you can have all kinds of dangers with respiratory season and flew happening at the same time. there is a lot of evidence about the impact on so many different symptoms. story today about the brain, blood vessel issues, blood clot issues. it is a very difficult and serious illness for a lot of people. that has made it hard. on the other hand, we have been learning a lot about treatment. thates about antibodies,

if it is too late, it doesn't work, but earlier in the disease, it appears, there can be benefit. that can provide a really important way to help people before they get really sick. sharfstein, the feisty nifty john hopkins school for public health, that -- the vice dean of the john hopkins school for public health, which is funded by michael bloomberg. there are questions about how people will navigate the world paying for things. is from ncr, a company that goes back to the 1800s. a big question everyone wants to know, are we still going to be able to pay with cash?

i would maybe expand a little bit around contactless commerce. usee use cash, do we contactless payment? you have probably interacted with ncr every day, whether going to an atm from jp morgan, wells, bfa, going to a grocery store, walmart, mcdonald's or chick-fil-a, or your local restaurant, or whether you are using digital banking and making a payment. you probably don't even know that ncr is somewhere in that path. when we look at a post covid-19 environment, how do we make commerce safer for the consumer, including how do you make a payment transaction safer than

before? caroline: using antimicrobial coding. dr., havinginto a to use a screen to type yourself and seems unhygienic. tell us some other innovations when it comes to technology so we can all go out there, use technology, but keep ourselves safe. mike: in some cases, you still touch a screen, whether that is station,, gas checkout. introduced an anti-microbiological spread, a wiped that goes over it, lasts 3-6 months depending on the location. it keeps the interaction where you can touch safe.

shift literally trying to that interaction away from a device that you don't know to a device that you know, your mobile device. goyou are going to a comment casting -- a kum and go gas station in the midwest, you do all of it on your phone and activate the pump with your mobile device. walmart, self checkout, you could scan your items but you had to type on self checkout. we worked with them very quickly to enable you to not touch the checkout device. you see a little bit of innovation and all of the factors to make sure people are safe. romaine: as a lifelong german --k, i like -- germ ofo but obe, i like that

idea. with regards to smaller, independent businesses, is there ismaller way to do this that affordable? mike: absolutely. i will give you an example at a table service restaurant. they went through this cycle where everything -- where everyone was sheltering in place in they had to go very quickly from serving in a restaurant to all takeaway. we helped a lot of them go online. now, they are welcoming patrons back to the restaurant. how do you go to a restaurant, how do you interact with a menu that maybe 10 other people have touched that day? we have created some technology that leverages what a restaurant might already had. you sit down at a table, use your mobile device, and the menu

comes up. your waitstaff brings you your food or drinks. when you are done, same thing, you pull out your mobile device again and you make the payment. the reception to that is extremely strong. it makes it much more comfortable for people going this mode of covid-19, and feel safe. caroline: it is just up to individuals to keep their own phones and safe metoo. mike hayford of ncr. protests rangehe across the country, a spotlight on racial inequity, we discussed the challenges faced by black entrepreneurs. jessica bo mathews ceo of uncharted power. this is bloomberg. ♪

caroline: let's get you to the first word news. mark: thank you very much. democrats today proposed a far-reaching overhaul of police procedures and accountability, sweeping legislation is a response to the mass protests denouncing the deaths of black americans at the hands of law enforcement. , america floyd experienced a moment of national anguish as we grieve for the black americans killed by police brutality. today, this moment of national anguish is being transformed into a movement of national

action has americans across the country peacefully protest to demand an end to injustice. today, with the justice in policing act, congress is standing those -- standing with those fighting for justice, and taking action. romaine: president trump characterized the democrats as having "gone crazy." the former minneapolis police officer charged with second degree murder in the death of george floyd made his first court appearance today. bail for derek chauvin has been set at $1 million. for kneeling on the neck of george floyd for more than eight minutes. governor cuomo said today that the infection rate in new york fell more than 1.2% on sunday, down nearly 60% from the height

of the outbreak. new york city began the first phase of reopening today. 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'm mark crumpton. this is bloomberg. caroline: thanks so much for that update. protesters continue to march in small towns, large cities across the globe over the weekend in regards to racial injustice. calls for deeper examinations from main street to wall street. our next guest is an entrepreneur that founded her energy and technology company, uncharted power. jessica o. matthews, thank you for joining us. on your twitter handle, it says, "i am a believer in all things inventive, disruptive, and

empowering." does the voice of large corporate america feel inventive to you, disruptive, and will be empowering? amazing that is an question. these things don't necessarily all have to go together. they are not necessarily exclusive either. i do believe that this is a disruptive moment. it is an incredibly encouraging moment. we are now seeing that systems can change. we are seeing that there is direct and explicit changes being made in terms of policing. that peopleseen have very much decided this will not be a fleeting moment. in that way, i do believe this is very empowering. world over, we are finding that people are finding their voice. agency,there is

movement whether you are a company or individual. whether or not it is authentic is a much more dynamic conversation. people, ite for some is intentionally designed to be authentic but i think we are seeing bandwagoning as well. individuals and influencers online who are taking photos in protests and once they have their photo op, walking away. i think we are seeing companies doing the right thing in terms of speaking out, taking a stand, but it will not be authentic and companies until we see an ongoing effort. they will be very much determined by how this movement continues throughout the rest of this year. theine: with regards to corporations and authenticity, we have seen a lot of money pledged so far from walmart,

google, alphabet, nike i think pledged $40 million to a variety of causes. how do you articulate to those companies what the end goal is for them to do with that money? what is the goal that you push for? think that money is useful, it is relevant. bestto be honest, it is at a band-aid. scapegoat,s, it is a something that you say that you are dedicated to, invested in. but when you think about systematic change, something that is ingrained in the way we do things, you can't have a quick fix. sometimes it will take just as long to rebuild that system. what i really encourage corporate leaders to do,

reevaluate the processes developed within the system, even if they were developed at a time when as a general society perspective, we had yet to acknowledge the system exist. anything from how you hire, how you think about promotions, think about your vendors, you work with, you do business with, how you grow. often times, the key issue here is that systemic racism is not an intentional negative thing. we have to take the time to be very comfortable being uncomfortable. it is almost like a full audit. sit down and say, let's look at everything we do, how we operate day in and day out, and the explicit bias most likely throughout organizations. caroline: you are someone who is busy building a business right

here in new york. someone trying to lead a business not only as a female but also a black entrepreneur. we spoke with ursula burns on friday, very powerful statement from her, saying we need to do ceos inith just four the fortune 500 being people of color, let alone female people of color. how do you feel we can build more jessica matthews and more uncharted powers? i guess the reality is that it goes back to what i just mentioned. it rarely is one massive blackle that you hit as a woman trying to build anything in this world. it really is a series of micro obstacles. yous rarely someone saying

are black, you are female, i just don't believe in you, although that does happen it can be more someone simply assuming that i can't be the technical architect because of how i look, and asking to see who the cto is. 2016, raised our series a it was at the time the largest series 8 a black woman had ever raised in history. however, it was the average amount raised by a white male founder that year. it was not just having an idea. i actually had to build out a prototype of my concept, go and work with different companies, generate millions of dollars in revenue, and be a profitable company before i could even raise my series a.

those moments with those opticals simply require the individual to do so much more. when you look at the overall evaluation, you will think, you have not gotten far, but in fact the past was just not that equitable. you will find that many black female founders have done more with so much less. romaine: we will have to leave it there. we appreciate you bringing your voice and perspective and contribute in this program. jessica matthews, founder and ceo of uncharted power. this is bloomberg. ♪

my worry list, top

of my concern list. but i entered this discussion and debate at the start of coronavirus as optimistic, optimistic about maybe coming out of this disruption time in a better position than we entered, and that being that people, companies in particular, paid attention to what we now call the essential workers. we start to understand what an essential worker really is. the guy who delivers food for us, stocks the shelves, etc. i am hoping that, knowing that a lot of black and brown people in the united states work at the lower end of the socioeconomic employment letter, i hope we can use this time of total disruption, pandemic, racial unrest, total imbalance, to reset the conversation about how black and brown people are fit

to the employment letter but also how companies view these quote unquote essential workers, how important they are, how we have to pay them, nurture them, and move them up the ladder. i am hoping it is an opportunity. caroline: how optimistic are you about some of the statements being made by corporations? do you think they feel authentic across-the-board? ursula: many companies, many more than i have seen before are starting to feel uneasy about the state of america. in this space. they are starting to realize that this is fundamentally unsustainable, it is definitely unfair, and wrong. we are starting to go out of balance.

it is really important that the rhetoric in the administration, which is generally negative and definitely demeaning, that that has to be offset by some action, real action, funding groups, changing employment practices, being affirmative to how they address employment needs, being affirmative in hiring black and brown people, being affirmative in progressing them through the companies. without that passion and then drive, i think we will not make progress. i think the companies are realizing more and more that not making progress is not sustainable. it is kind of like it all came together at once. this is not enough to make change but maybe if we get enough crescendo of voices, we can keep it going.

this is not the first time that a black man has been killed by policemen. i am hoping that this time, we don't let this sacrifice of this human go unrequited. it is important that companies stand up to say, we have something to do with this. romaine: what makes this seem different to you that the outcome is going to be different and more positive than may be what it was in the past? ursula: the broad-based coalition that is now starting to speak. littledon't get my optimism as overjoyed optimism. do not get me wrong. i do not believe that what i am hearing today will drive change. we have to stay involved, all of the voices in the streets, in the news media, in corporate america will have to stay people -- stay involved. the only reason i am a little bit more optimistic is that

people are getting a little bit fed up with the current state of play. caroline: that was ursula burns, the former xerox ceo and a member of many boards. chesapeake is said to prepare to file for chapter 11, giving lender's control. we have been hearing that the energy company has been planning bankruptcy and it is being looked now to the lenders. romaine: this company kind of became a victim of its own success in the gas market but that debt load just kind of caught up with it. caroline: we will have plenty more. keeping an eye on the energy stock. alix steel will be thinking about this with great focus tomorrow. let's talk m&a. economies have been starting to

reopen and companies are feeling more confident. taylor: it is a good thing they are feeling more confident because, so far, 2020 has been a quiet year. for april and may alone, only $100 million that only 100 dollars of deals combined. $15 billion of transactions have been terminated due to the virus. theorgan cohead of m&a says m&a market is starting to show green shoots recovery. jim, are you starting to see some green shoots of recovery in the m&a market? jim: it is a great question, one that i think is top of mind for many folks in the m&a market. i think that we are starting to see some green shoots at the outset of the covid-19 crisis. any company's singular focus was

on employee, customer health and safety liquidity, and navigating the crisis. m&a wasways, i think the furthest thing from their minds. at the moment, it appears that the economy has started to heal. and it is on the right path. i think we are seeing the same thing you are seeing and hearing the same thing you are hearing, that many management and boards are feeling more confident today. the investment-grade credit forets have been open business. we have seen an uptick in conversations around m&a, both in the number of conversations and the seriousness. in terms of who may act first, i think the company -- the companies best positioned to be the first movers are those with fortress-like balance sheets,

stock that they are willing and able to use, and a track record of delivering on past m&a promises. romaine: with regards to some potential for cross-border m&a, there was talk this morning about a potential deal between astrazeneca and gilead. do you think there will be enough dental risk appetite pursue these deals given some of the geopolitical and regulatory issues going on out there? it is still early, but i do think there will be more risk appetite. a number of the conversations we have had around m&a have been with asian and european multinationals considering acquisition of u.s. companies. the geopolitical risk and the complicated regulatory environment, those are not new things. those have been with us for a

while. companies outside of the u.s., they are further along in the process, and they see the long-term value proposition of investing in the u.s.. many believe investment in the u.s. is likely to in seat -- likely to exceed growth at home. romaine: good to get your thoughts here on any potential rebound we could get in m&a. coming up, joe weisenthal is going to come out of the woods, join the show. this is bloomberg. ♪

withne: time to check in joe weisenthal, joining us from austin, texas. this is quite a day for the market. the s&p 500 erasing its losses for the year. the nasdaq had a record high. a lot of the stocks that seem to

be leading this rally higher, some of them seem to be a little questionable. joe: a little questionable is a very generous way to put it. here are some moves today that caught my eye. declared bankruptcy a year ago, up. j.c. penney, which declared bankruptcy, up 196%. nicola tradesed at a $20 million market cap. obviously a reference to tesla. they make electric trucks but don't have anything for sale yet. one of the craziest days. the degree to which people are fully embracing risk. today was one of the most quintessential days i have seen of that trade that i can november. taylor: -- that i can remember.

taylor: i have not heard that term before. i want to talk about the airlines. their was known for balance sheet. how big of a boost have we seen with airlines? just because it has been so beaten up? joe: everything that has been extremely beaten up is doing extremely well. another 8%. a course, things are opening little bit better than expected. look at brazilian stocks. here is a country and market that has gotten incredibly hard by the market. up 5.6%.brazil etf, caroline: i love your tweet, saying basically it feels like a five-year market cycle compressed into two months. who is doing the buying? do we get a sense it is retail, etf's?

joe: is kind of a mix. there is a story of the robin hood traders. managers have been very bearish. hedge funders caught offside by this. you have to think there are some that are trying to play catch-up. extraordinary what we are seeing. up 22% inicola now after-hours trading. breakout your robin hood account. is there anything necessarily wrong with this? at the end of the day, people get to make decisions about what stocks they think have potential. i guess if enough people buy into it and they are willing to hold onto it, what is the harm? joe: that is right. the question is, does the economic recovery happened to justify it? so far, the reopening has gone

better than expected. the spending has been better than expected. but there is still a huge gap between where we are now in the real economy, which is going in the right direction, and something that resembles a robust economy. i think investors are really banking on a lot of things to get it right. we own a member the pessimism of late march and early april, when the whole country, the economy, everything was so intensely negative. we come off that a little bit. you see people returning to normal faster than expected. it is not surprising i guess in retrospect that we have such a hard snapback. caroline: the joy of trying to call the future with citigroup saying maybe you are not factoring in all of the potential risks. joe weisenthal, we thank you.

that is all from "what'd you miss?" technology"omberg is next. romaine: this is bloomberg. ♪

♪ emily: welcome to "bloomberg technology." i am emily chang. stocks going into the green. the nasdaq 100 hitting a record high. democrats meantime proposing a sweeping police reform bill amid nationwide protests continue a across the country about racial inequality. this has big brands large and small continue to respond in kind. amazon splashing a black lives matter banner