equities. when we get a chance to bring up another terminal, i'm showing something interesting continuing to catch my attention. i'm wondering if liz ann sonders can answer this for us. as you can see, our yield debt just came to market in june. one of the fastest paces on record. investment grade tightening down to 150 basis points but then when the highly-year-old market starts to get in spread, you're now wide in being back up to about 600 basis points. really carries if you're starting to see small signs of cracks within this credit market where people are realizing they need to be appropriately commenl sated for some of the risk that's going on. romaine: let's pose that question to his ann saunders at charts swab. liz?

liz: i do think spreads are important to watch. we always know there's a tight connection between the credit markets and the equity market. especially high yield vs. equity and i agree that when spreads got as compressed as they did, there was probably not sufficient compensation for those hotelers for the likely risk. we're seeing in it bankruptcies, which have spiked back up. they had a spike in may, leveled off and they're picking back up back to 2009 levels and i do any what happens with spreads and more broadly in the credit markets, as it did in the march time frame will inform what happens in the equity market. equity investors need to have a particularly close eye on the credit markets right now. >> we're seeing about a 50% uptick in terms of your average trading for the nasdaq.

and what are you expecting for next week? as renee was telling us earlier, we're heading towards a shortened week. early data on the labor market only thursday because of the ourth of july holiday weekend. lils: i think when you have a holiday-shortened week, to the extent the week -- weakness we're seeing today persists and you run into a long weekend with traileders and institutions wondering when they want to keep positions on for three days rather than the normal two days. you could potentially see some volatility unless the market set lings down in the early part of the -- settles down into the early part of the week. and then the following season takes on an increased amount of importance. not so much for what will be

reported in the sarbgt but if there's any, and i don't mean reinsurance institution of the -- reinstituting the provision of guidance but any kind of clarity they could provide on what the second half of the year looks like. i think that's the next big phase for the market is earnings season. >> you talk in your noilts about chasing returns. would you say the big run-up, recovery we've seen in the equity market. how much of this could be rebalancing a portfolio? lids -- liz ann: there could be some of that but the other thing is about how individuals are appropriating the -- approaching the market. we're big believers in all the tried and true things around

deversification and periodic rebalancing. but many will rebalance base on the a calendar. they might do it on a quarrel basis or an annual basis but this may be the time of market that you react in terms of let your poet formalo tell when you to do something. we've compressed an entire market psych until a few months' pfment. which gives you an tufrlt to trim into strength and weakness. having timing being the driver in the timing of rebalancing. romaine: for folks trying to do that, we've had a lot of discussion over the last couple of weeks about the reemergence of the retail investors and what impact they may or may not be having on the market. when you look at money on the sidelines and whether it's coming back into the market. are you seeing more

participation broadly amongst retail investors and nevin some of the larger furnleds in getting back into the market or ro people sitting this out? liz ann: obviously there's been a terrell amount of attention on newly ninlted smaller day traders. i won't need -- name any names but apps which isn't necessarily a full picture of what the retail investors are doing. what we've seen is caution from that co-word of smaller investors and the interest has been less on the equity side, more on the bond side. that said, we are seeing new hoes holds -- households become investors and even our data is skewing to a younger demographic so if we step back and try to find the glass half full here, it is, i think, hopeful that we were attracting younger people

to the whole notion of investing. in the last cycle there was an assumption that we were never going to get younger folks interested in investing. it's a homeful sign that that pp of the last cycle -- perspective of the last cycle may not be true but we're not seeing the kind of speculation in bankruptcy stocks or the options market as some of the headlines around other cohorts. taylor: i'm interested in your -- also, his ann, on the lils, ann, on this u.s. dollar. is that just a short-term blip? will we see weakness once again and what does that mean in terms of u.s. stocks vs. the rest of the world. liz ann: we're not anticipating a huge movement but in the near term, the path of least resistance is probably still on

the down side and part of what the fed has done asless end the sort of rampant demand on the dollar. that eases some of the pressure on the upside of the dollar. i think in the near term we're probably looking at a bit more downside but nothing more significant. caroline: liz ann, always great to have on a day like this. have a wonderful weekend, stay safe. that does it for "the closing bell." but "what'd you miss?" is up next. we'll be speaking with huw evans on the future of live events. this is bloomberg. ♪

>> welcome to world headquarters in new york. i'm caroline hines. >> i'm taylor -- romaine: and i'm romaine bostic. "what'd you miss?"? caroline: covid-19 cases continue to rise. texas and florida halting drinking in bars. arizona reporting a surge in infections, that as the u.s. copes with a worsening coronavirus your and the future of live events. we'll hear from huw evans later this hour on concert in the age of covid and how the community is again uniting far great cause this coming weekend. taylor, take it over in terms of the virus cases surging worldwide. taylor: it's not only what's

moving markets but what was moving us earlier today with a reemergence of that virus task force with the president and vice president. it is a sobering view at some of the data. global cases continuing to rise. we're looking at one of the biggest one-dale increases in new case. here to bring us clarity is bloomberg opinion's max nissan. i'm curious about the sobering data is that you have 50 states making 50 different decisions. backs: -- plaques: yeah, i think that's a huge part of the problem that there was never a sort of co-heernlts national response. to the extent there was, there was that 45 days to stop the spread but those were only guidelines and guidelines that weren't nationally enforced or followed either in shutting down or opening back up and i think

you're starting to see the consequences now of states moving at different speeds and in several dayses quite obviously too fast. romaine: you have a story on the bloomberg terminal featuring some charts making their way around social media. basically that curve that we were flattening at some point as essentially unflattened. i'm curious as to what we're supposed to reached into that. particular when you lay that curve, and i'm talking about here in the u.s., against some of the cumbings in other parts of the world, particularly europe. max: yeah, it's not at all a flattering comparison and i think that one of the major difference -- obviously many things contributing to this gap but one of the biggest ones is we sort of stopped at flattening in curve in many states as opposed to crushing the curve or getting a really sustained and consistent downward trend in differences in the number of cases spreading before opening

broad lip and we just sort of opened in many cases right on the other side or so at the top of the plalto and when you do that when you have a certain amount of spread in a community, it just makes everything harder. it creates more opportunities for the virus to spread and i think that sort of serves was one of the big differentials. many european countries have been able to reopen much more successfully and i think one of the big reasons is they waited to move into phase three openings until they generally had gotten their curves not just flat but way down to the other ide, way down. caroline: we're watching in horror as covid-19 was ravaging countries such as spain. now travels banned going into the effort unfortunately. how long could this last in the

u.s. if we have this disjointed approach with fouly coming out asking people to take personal responsibility. we've seen different people asking everyone to wear masks but very different viewpoints from very different local governments. max: i think it's going to be, unfortunately, a long time, weeks or longer before this gets turned around just because that's how the virus works. there's a fundamental lag in all of these numbers. just looking at infections, you're looking at tests that may have been a few days ago, infections that may have occurred before 1/2. and when you're talking about calls for individual responsibility or upticks in mask usage or closing down bars, that will take quite a long time before it's actually reflected in the data in the number of infections if people actually follow that advice and do better on scansing. there are going to be -- absent

more stringent measures, it will be a pretty slow turnaround, i think. care -- taylor: would national mask wearing do much to help? max: it would depend on the percentage of people who followed it. masks help. they're less effective, for example, than just generally staying six feet away from people but when you do end up in crowded situations, go to stores, they do help. it can hurt and to the extent that people abide by it, it probably would cut the spread over the long run. unfortunately, somehow that's been politicized in the united states. the polite act of wearing a mark. romaine: that's one thing we're good at doing here in the united tates is politize -- things. max, be well. next, we're going to talk about communities banks and how

they're providing a lifeline for a lot of small businesses during this pandemic. the chairman and c.e.o. of the american financial exchange is going to be on talking about this and more. this is bloomberg.

♪ romaine: welcome back to "what'd

you miss?". let's get a quick check of the latest business flash headlines. microsoft closing all of its physical operations, part of a strategic change. they're going to keep investing in digital storefronts on its website but -- plus stores offered in ex box. and the raper now going to have his own line of clothes for women and kids, kanye west. called easy gap. what else? the news has shares soaring too. it's going to put his upscale combranled in a broader market. and at costco, a little bit of a puzzling and bitter moment out there. the chain has confirmed it's no longer going to sell its famed half-sheet cakes. a multi-pound creation that's been the star of many kids' and adults' birthday parties.

it is related to the coronavirus pandemic. the company citizen it will cut down on personal contact and increase social distancing and that is your business flash update. as someone who has a birthday coming enough about three weeks, this is a little alarming. am i not allowed to celebrate? caroline: this is exactly what we were going to get you. i already had the order. in what we're having to get you as a team is a round cake which apparently the icing taste as bit too waxy. i'm worried about in. taylor: you wonder if it helps social instancing. because when you see that sheet cake it fetes so -- fits so well around your hand. round one is not as enticing. romaine: have you seen those with a sheet of wax paper in

between each slice in caroline: don't worry, i'm going to be baking. all crisis averted. have an individual muffins. romaine: a sheet cake. 15 by 30. like 400 mill meters in britain speak. let's switch gears and we're going to talk about lebron james. there was that big interview that our own jason kelly had with him. lebron james talked about ali growing up and his success in the ring and what he accomplished outside of the ring. lebron and his partner maverick carter spoke with jason kelly in part of that interview done back in february. take a listen. lebron: everybody was so fascinated by how great a boxer he was. i think that was the least thing in his mind. i think every day he was trying to figure out how he could better the world and the people around him and make a change for

the good. i think 80%, 90% of people didn't agree with anything back when he was doing it but he didn't stop. he stayed focused on his mission. that's what we talk about what is your mission? there are going to be people that agree and don't agree at the time. more than likely there are going to be more than half that don't agree but you can't allow that to stop your mission and for ali to do the things he did and the time he did it as well, being african-american during those times, it doesn't -- and the fact that we can see it and it was capture and would we can watch it and see it and read about it, i don't think we deserve it. jason: right. this notion of empowerment, and massive alluded to this at the top of the conversation. you're a leading voice in that you've changed the nba in a lot

of ways. you've changed the dynamic between players and coaches and players and owners. why do you think that happened? what was the moment or was it a natural evolution of who you were? lebron: um, i don't know. i don't look at it like that. i make my decisions based upon me and my career, my family and if it's changed the land scale of something then hopefully for the greater good because i only game to be at to -- great while i'm in it and even better when i live it. hopefully it's bettered the game and inspired the guys after me to continue to make the game the greatest game in the world, anytime. jason: we have seen an evolution and maverick, maybe it's more comfortable for to you talk about lebron's impact there. the nba, by many accounts, has

changed more dramatically by -- than other professional sports, largely driven by the prominence of certain athletes and the athletes' ability to be bigger than the game. why would you think that is? maverick: part of it is the natural evolution of life and the game of basketball and all the people involved. from the late great david stern, magic and larry to all the brands that are involved in basketball and in the nba, now to adam silver, up to players like lebron and new owners. i think it's been mostly a natural evolution but also the people at the top of the sport, the superstars like lebron, people like adam silver being ok with change and pushing the envelope a bit has been a big reason i think -- i think, you know, no player is bigger than the game. the game of basketball is

obviously a global sport. it's big business and the nba goes on, right? lots of plarlingse come and go and the nba keeps going on but i think, to your question, lebron 's point is while he's an nba player, and he's been playing for a long time and got who knows how much longer to play -- is while he's playing to have the greatest impact he can to push it forward to leave it in a better place for the next fleets that are coming in and then it's their job. it's their turn. they have to do it as a player and lebron becomes an owner and whatever he decides to do it he can do it from a different angle. jason: maverick opened up a door as well. do you want to own a team some day? lebron: it would be great. i do want to stay around the game. i love the game of basketball, all it's given to me and if i have a chance to own a team, be

part of a team, that would be amazing. we shall see. carolyn: -- caroline: you can catch his full interview tonight at 7:00 p.m. eastern. we know that the c.e.o. was leading a town hall earlier today. listen to what he said. >> the policies we're implementing today are designed to address the reality and the challenges that our country is facing and how these challenges were showing up across our platform, our commufrpblte. i am committed to making sure that facebook remains a place where people can use their volleys to discuss important issues because i really believe that we make more progress together when we can hear each other's perspectives. but i also stand against hate or anything that incites violence or suppresses voting. we're committed to removing that

contents too, no matter where it comes from. caroline: that was mark zuckerberg earlier today. facebook took a tumble in friday's trading. for its approach to tackling hate speech and misinformation. twitter also dropped they were dropping back from that particular platform. we welcome rich greenfield to discuss light spread partnerings. your take on this move, however how important, these thoughts on advertisers pulling back and joining the so-called boycott of facebook? >> first after -- off, you have to realize what actually happened. with unilever, they're only pulling their u.s. ads and 09% of what they spend is oversales. so the financial impact of this is actually relatively modest. you're probably talking $

million for verizon, maybe $12 impact, $13 million in the back half of the year for unilever. this is not about the dollars. this is about signaling to the streak -- street. just remember, if a handful of advertisers pull their ads from facebook, facebook has $75 billion-plus of revenue and eight million advertisers. so people that are advertises are not really the unilevels, it's the millions and millions of small businesses all around the world. that i have don't have a lot of choices. they just don't go shift their avepleds to signal chat and other platforms as easily. i think it sounds a lot worse than it actually. is what really surprised me is anyone is pulling -- pulling their ads from twitter because of that because twitter took the

leadership position and thing many wayles forced facebook to get to the conclusion they're at now. romaine: yeah, obviously a big chunk of their money from advertising. we know advertisers are always going to gravitate to where the most eyeballs are. how does the social precious of wanting to have better content or less inflammatory content square "fact that some of the most incendiary content is what draws the most eyeballs? >> there's always going to be that tension and twitter has tried to provide alternative view points so even if you follow -- you're liberal, you're going to get a little bit of a conservative viewpoint through the algorithm and the reverse. the fear is you hear more and more echo chambers based only what you're interested in.

the reality is twitter has tried to take a real leadership position in making it clear what is unacceptable. laboring, even hiding in some cases frankly, we were shocked that facebook came out a few weeks ago following the president's tweets. we thought facebook would follow what tutor was doing and i am glad they are finally doing it today. it was surprising it took so much pressure from advertisers and public discussed with facebook to get them to shift their opinion. i think this is a lot better. i'm just surprised it took them this time to actually shift, literally do a 180 in terms of their viewpoint on this issue. taylor: it's interesting that you and some of the other analysts, particularly on some of the analyst calls, have alluded to the point that advertisers don't have a choice. i keep hearing if you want to get eyeballs, facebook and facebook's platforms are pretty

much the only place where you can advertise to get that reach. am i accurate and thinking there really is no other place to advertise except facebook? rich: facebook and google are dominant players. go back a few years, we probably were talking about with this group, probably how a bunch of advertisers pulled their ads from youtube. the overwhelming majority of those major advertisers are now advertising on youtube again. most of the stuff ends up being temporary. these platforms are so big. this is where the consumer eyeballs are at. advertisers follow eyeballs so it is hard to avoid these platforms, even for the big companies. get down to the smaller, local businesses around the world, they don't have places to go. a lot of these people were not doing advertising on tv before. they can just shift their dollars easily. i wouldn't call it a monopoly. i think that is where you were sort of headed. facebook and google are really

two dominant companies here. this will clearly help snapchat a little bit. some of what happened with facebook has certainly helped twitter. i think advertisers have commended jack and the twitter team for taking the approach they did, which makes the unilever comet so surprising. i think you will see a little bit of shift, for the dollars are so big and the choices are so few, i think this is more headline risk than actually business risk. the only challenge longer-term is if any of this actually causes consumers to stop using these platforms. there has been nothing i have seen so far that says because of all of this, people have slow down their usage of instagram or facebook. romaine: great to get your thoughts. glad you can join us. rich greenfield. coming up a little bit later on bloomberg technology, they will be speaking with antidefamation league ceo jonathan greenblatt who was behind the big push for some of these companies to boycott.

we want to hear his perspective at 5:00 p.m. new york time later this evening. we want to turn now to the banking world. minority owned businesses have been hit hard during the coronavirus. some have been able to get a lifeline from community and minority owned banks in the form of loans. futures,r of financial president and ceo of the american financial exchange. he has done a lot in between the financial markets and how it works. great to have you on today. we have been talking a lot about the importance of community banks, specifically in this pandemic. yet, you are helping small businesses, whether it is getting that ppp loans out or providing a little bit of a support to the small businesses that keep our economy running. how does -- how do we get to a place where community banks have a little more presence than what they currently do in a world that is so used to the big

banks? the community banks play a significant role. we just don't see them the way they are seen by public. so, you may be curious to know in kansas which has 700 small correspondent banks that are active. one of the top banks in forsrost ppp loans was bank in texas and brookline in massachusetts. one tiny member of afx. bankbillion we jersey actually was 15th ranked in america in ppp loans. creating hundreds of thousands of jobs. so they are there. they're making a contribution.

banks,e of the top 15 for example, making loans are members of asx which is one of the big banks. the big banks have a very important role, but the regional, midsized, and minority owned banks are playing a role. taylor: i would like you to expand on that because we have been speaking to a lot of minority owned businesses. they said because they didn't have a traditional banking relationship, they really were struggling in this pandemic to get a reprieve on the mortgage or to get a loan. how much further do you think community banks have really stepped up to the plate to fill that gap? where perhaps minority banks to not have a traditional banking relationship, and therefore, were not quite getting the funding they needed. were community banks able to step in and fill that gap? richard: i think so. we don't have the data so it is

hard to say, but the anecdotal evidence that we speak to with our midsized, regional and community banks, they have a very large proportion. the minority banks have an important role to play. and, as you well know and point out, the minority business owners have been disproportionately affected by covid-19. businessessmall report problems. while 40% of the minority owned businesses. indon't have enough capital the minority deposit institutions. it's hard to believe but your viewers may not realize this is 21 american-owned banks in

the entire country. out of 5000. citizenske a look at atlanta, they process the loan as small as $400. houston --xas, in upted, excuse me -- loans to $1000. these are loans that even midsized eggs would never be processing. the answer is give those folks more capital. get them a way to facilitate and develop partial ownership of loans originated by the big banks and we will be on the r oad to getting more minority forness owners capital

minority owned banks. interesting, we've had united national bank chief executive on saying they had a close relationship with the likes of citi, for example. is this the way in which you think getting more capital for banks, is this by partnership or by government intervention? is it by the federal reserve, regulation helps all this issue? richard: that's a great question. a real for me, because the american financial changes made a major effort and now represents hispanic, chinese-american, korean american, african-american. and our benchmark has been approved by them for use in loans as the successor. with building a coalition

our small banks and large banks to develop loan participation to invent new equity-type instruments. and, of course, you've got the treasury acting. you've got the small business administration. you got the minority business development agency. you have philanthropies like milton institute. i think this is a public-private partnership. we for the last three years have been pushing and engaging in minority owned banks and we think it's critical. and talking about the fed, i'm aware of viewers are the fact that chairman powell has talked about the need to support minority owned businesses and we think that is critical. it is very important for your viewers to recognize this is not

a magic pill or silver bullet. it's a public-private. it takes the banks themselves because they know the minority owned communities. they have lived there. they are active. we've got to find a way to build because they have the reach into the communities that have been unfortunately most affected. caroline: you brought such sobering facts to us. richard sandor, chairman and ceo of the american financial exchange. let's get the first word news. mark: there were nearly 40,000 new coronavirus cases across the united states in the past 24 hours. that is the highest number since the pandemic began. more than 2.5 million americans have now been infected and more than 126,000 have died. texas has become the first state

to begin to reverse its reopening plan after seeing its virus numbers climb. arizona's reporting a 5.4% jump in cases. in florida, it is the worst day since the pandemic again. florida reported nearly 9000 new cases today, up 7.8% from the day before. vice president pence tried to paint a reassuring picture today despite that surge in covid-19 cases. speaking at the first public briefing by the federal coronavirus task force in twom the vice president said the uprights are concentrated in a small number of areas. that with more young people falling ill, more likely to survive. pence says roughly half of the new cases are americans under the age of 35. house speaker nancy pelosi says president trump's recent action to put the country in what she calls a moment that put her in "a mood."

she pointed out the president's refusal to wear a mask during the coronavirus pandemic. speaker pelosi told reporters, "this administration has failed miserably." she said the president's response of the crisis is a matter of life and death for americans. unfathomableis that the trump administration is trying to end the affordable care act amid a pandemic. speaker pelosi: the early denial, delay caused deaths. and now, with a spike that we are seeing, the president is saying slow down the testing. others said he was joking. he doesn't say that. by the way, this is not a laughing matter. mark: the trump administration filed a brief at the supreme court thursday night in a bid to overturn the affordable care act. the legal brief makes no mention of the coronavirus. speaker pelosi is planning a

floor vote early next week on her own bill to expand the aca, strengthening its health insurance subsidies so more people will be covered. 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: the pandemic has caused many to miss out on activities including concerts, but that is not stopped artists from bringing live entertainment to their fans. in april, global citizen teamed up with the music industry's biggest stars for one world together at home. it was a benefit concert. now they are doing it again this

weekend. the global goal -- unite for our future. joining us is hugh evans. you are a busy man. you have a concert, you've got a summit, you've got a campaign. you are teaming with the european commission, celebrities, scientists. what is your main aim for all this activity? hugh: the aim is very simple. thank you for having me on the program. the aim is focused on recognizing that covid-19 has a disproportionate impact on marginalized communities, particularly communities of color. we are calling on world leaders to make sure testing, treatments and vaccines are available to everyone everywhere. really calling on those to make investments not just so their own vaccine strategies are covered, but they allocate a percentage to the lowest income countries.that is really the focus of this weekend's global unite for our future. both a summit which will include many of the g7 and 20 liters,

but also into the concert that will be headlined by some of the greatest artists of our time. romaine: you have quite a lineup. shakira, coldplay, miley cyrus, quavo. i'm not familiar. it looks like there is something for everybody matter what your musical taste is or your generational tastes. i'm curious -- you talk about the goal of this and the goal of global citizen overall. when we talk about the covid-19 pandemic, there seems to be a situation where not every country is necessarily working together. each country is sort of approaching this on their own. there's obviously some politics behind that. how does your organization maybe try to create a more global approach to dealing with covid-19 so that we can get back to some sense of normalcy in a short order here? -- welet's start with really believe major global challenges require global solutions. you cannot deal with it on a national scale and hope it will

be fine because then you don't have any opportunity to open up the global economy. you don't have any international travel. you won't have any international commerce. while mass vaccinations in the u.s. may make us feel symbolically ok, we believe an economic cloud will continue to hang over the 10 million americans who lost their jobs and rely upon exports to be able to get back to work. we believe that vaccine nationalism is not the future. you have to have a multilateral solution and that is why we have partnered with the european commissionwho share that view. their president has been working with us on this campaign, focused on calling on nations to invest in making sure that testing, treatments and vaccines are available to everyone equally. because if we want the economy to open up globally, we don't have this opportunity to have some sort of race for the richest or wealthiest or nations that have the strongest production capability will have first access. it ultimately needs to be for

everyone, particularly the vulnerable and front-line health workers. that is why this campaign is focused on investing in that. we are both supporting vaccine development through distribution, through the vaccine alliance, to reach the 7 billion people on the planet will ultimately need a vaccine once it becomes available. taylor: i am trying to broaden this out and get your thoughts on how future concerts look. what does that look like to you? the telecast is all fun and well. have you thought about the way the industry might change going forward? hugh: my view is -- i said this recently in an interview with rolling stone -- there is no chance for the live music entertainment industry to open at scale until we have testing and contact tracing at scale. and until we have a stronger therapeutic beyond the current therapeutics that have already been tested and reached first

stage of clinical trials. until there is a vaccine ultimately. i think we are talking probably around the summer of 2021 until that would be commercially available. i think between now and then, it is going to be social distance events. you have seen great promotions like live nation come up with strategies. they are all not going to have the scale of mass live music events or like broadway or theater until testing, treatments and vaccines are available to everyone. i think, talking mid-2021 before that becomes a real possibility. caroline: i'm interested in how global citizen offers a platform right now for dialogue and also for unrest and social discussion at the moment. dialogue, really. we are in a time where people are taking to the streets, have their voice heard to push for change. you know what advocacy looks like. you know how the internet can work for this. how have you found global citizen plug into that movement we have seen that is not just in

the u.s., but is global in terms of the search for equality? hugh: in april of this year, our platform in our membership grew by one million members in one month. that was a testimony that people are taking the online activism to drive their engagement. our action numbers are at record highs. people logging onto global citizen or downloading the appa nd taking action because people want to know how can i find justice? how can i target a specific political business leader if i want to have my voice heard? how can i see that the issues i care about, whether it is health or education or the environment or racial inequality, how can i create and engage in actions that are actually meaningful and will move the dial? that's really what global citizen has been focused on. wour focus was on the immediate response to the who needed to for frontlinepe

community health care workers. we know as many people are talking about opening up the economy, we can only really open up with access to a vaccine and that is what we want to see. that they didn't just make the initial down payment they made on may 4 when they held the initial pledging summit, but we will get more g20 leaders to the table to come forward and invest in providing a vaccine. romaine: a lot of important issues we are all trying to address. really appreciate you taking the time. that conference tomorrow, global citizen cofounder and ceo there. check out the conference tomorrow. another big event coming up on july 4. our broadcast's annual of the boston pops fireworks spectacular. normally that is a live event. it will be virtual this year. the boston pops salute to our hero will carry on the orchestra's fourth of july tradition from the comfort of your own home. a lot of great guests. they will have old footage with

melissa etheridge and a whole bunch of other people. that is 8:00 p.m. july 4, new york time. right here on bloomberg. we will be back in a moment. ♪

romaine: welcome back. consumer spending in the u.s. rising by the most in may. that is not a month over month basis. joe weisenthal has been keeping an eye on those numbers. the numbers are good but the kind of obscure the more bad things, right? joe: that's exactly right. the numbers are good but was really striking is how much that $600 extra that was that it to people's unemployment benefits are helping. really allowing household incomes to stay afloat. we kind of got a hint of that in april. we had that huge surge. but we see evidence of that in may as well.

a great story on the bloomberg by matt bosler. it really sort of raises the stakes. this extra added benefit is scheduled to come to a close of the end of next month. given this re-accelerating wave of virus incidents we are seeing, i think it is pretty hard for people to imagine that on august 1, suddenly people are going to be in position to go back to work. caroline: when we see a headline across the terminal, texas virus cases jumped 4.3%, exceeding the seven day average. how does it feel on the ground in texas? joe: it is always the same. i just sit in my office staring at screens all day so i wouldn't know. yeah, it's clearly an issue here. once again, i think if you look at the data, it's not good. i was looking at restaurant data from houston yesterday, falling back to its lowest level since late may. we have the governor of texas closing taverns, which i didn't know that's what technically

bars are called here, that gives you a sign. romaine: stay safe. we will have to catch up with you next week. on behalf of myself, taylor and caroline, have a great weekend. this is bloomberg. ♪ . . . [ sigh ] not gonna happen.

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ask about saving up to $1500 on your installation. ♪ emily: welcome to "bloomberg technology." i'm emily chang. stocks climbed with the resurgence of covid-19 across the country, falling to the lows levels in waves. facebook shares dropping to the lowest point since march as more and more advertisers boycott the service. florida, making