emily: welcome to "bloomberg technology." i'm emily chang in san francisco. we are standing by for a new conference by president trump, expected to talk about reopening schools. the president just tweeted. easternstart at 5:15 and we will take you there live when we stepped to the podium. this after u.s. stocks tumbled

after an unexpected spike in jobless claims. new fears that the u.s. economy will not recover any time soon. amazon, alphabet all dropping more than 3%. microsoft falling on the back of its earnings results after reporting a slowdown in the cloud and even tesla dropping, despite beating earnings. for more on the selloff, i want to bring in abigail doolittle who has been covering the back and forth. investors see reacting to the bad news, which honestly we see week after week. what drove the pessimism today? reporter: it's funny you should say that because we finally have something to talk about. instead of all these choppy little intraday volatility days, it has finally translated into closing volatility. the s&p 500 down more than 1%, its worst day in about a month.

the nasdaq 100 down more than 2.5%. it's worst day in almost two months. index -- chip index also lower. and behind it, all those mega cap numbers. even though the selloff hit midday, that was the first rise or move in the wrong direction for jobless claims since march. investors digesting. it doesn't make a trend but if you see a couple weeks like that , it would not be great for the economy. microsoft actually put up a great quarter. 47%d growth at year-over-year is nothing to look past, but with a stock price for perfection up more than 30% on the year into yesterday, investors use it as a reason to take chips off the table. the faang index from the march trough to the recent peak up more than 100%. these are huge companies that investors have been bidding up.

apple, amazon, and facebook report next week. we have the example of netflix yesterday. tesla, a good quarter. but perhaps a sell on the news events. perhaps a too far, too fast rally. emily: intel also out with its results of shares plunging, down almost 9% right now. the company reporting some delays in ship production. abigail: you could say they pulled on netflix. the quarter they reported was not awful but the guide for the third quarter is what people are disappointed in. looks like they are delaying next generation chips. another case of too far, too fast. if you will be priced or perfection, you will have to have perfect product. initially the stock was higher up they beat the raising of the dividend by 14%. lots of positive stuff happening there.

nonetheless, the stock down. we have to wait for the earnings call to see what investors are reading into. or you could have a case of throwing the baby out with the bathwater. it could be a continued selloff. of course we have contact -- congressional hearings next week for mega cap companies. that's a pressure. -- skynt on sky walks works, it will be interesting to see if they have anything with apple. emily: we will be following the apple resorts -- results and tim cook's appearance on capitol hill next week. abigail doolittle, thank you for that. and speaking of apple, the cofounder, steve wozniak, is suing youtube for failing to request to take down bitcoins scam videos. he says it's cameras have used his name and likeness for months scammers have used his name and likeness for months.

people from the likes of joe biden and bill gates were hacked on twitter. >> it started in early may, believed or not, more than two months ago. some people started contacting us saying they sent bitcoin in and why didn't i send them twice as much back? they said they saw it on a featured youtube video for them to watch where they were coming from. then we went online and discovered there were a whole bunch of these. from then on, we probably set down fraud notices and written statements of what was going on youtube was a crime to dozens or hundreds of times, late nights, until 3:00 in the morning. we are just normal people. we had to go through the whole process. toy don't have a category report a crime so a human can look at it.

i don't think a human at youtube ever saw what was going on here. i just don't believe it. we went to state police and they got involved. but we just could not get to a human at youtube. youtubeour suit alleges has been completely unresponsive and you also praised twitter for reacting the same day of that big hack that was related to this. that you't youtube do think they should have done? you go to thing, report something is wrong with a fraud you can reported as -- there are about seven categories, but fraud was one and copyright violation, which also applies, and we can reported and type in a statement. the statement would have gotten any humans attention, but the algorithms, computer, artificial intelligence cannot tell what you mean. somebody sends you one dollar and you send to dollars back, that's a scam. any news outlet or human in the

world would say it's a crime. to a humanever got was the problem and we could not get a response from them. i don't like to try and pull strings and go around things the way normal, average people can't. every day for the last two months, it has been up there. the scams have been up on youtube. emily: we did get a statement from youtube on this. they say they take account security very seriously, automatically protect users and notify them when they detect -- suspicious activity. did you ever reach out to the ceo of youtube, or somebody else? >> i don't go around and use my privilege because of my name. , maybe itormal person never got to a human. may be a computer that doesn't understand what a scam is saw it and did not respond at all. whatever they say they take

seriously, they did not. they have a little category saying there is a crime going on and please let a human see this. they don't have that. emily: what do you want youtube to do right now about this? >> youtube? no, it's almost everybody like youtube. this is a broad category that you can't reach humans when you need them for support all over the tech industry. it should be expressed that when it is a matter of a real crime going on, obvious crime, any human would look at this and say it is a scam, there has to be ways to not have youtube be a party to it and other companies. google, facebook, whatever. or let you reach a human who can make a decision of ways to stop it. youtube could stop it. they could stop it with a software technique and human techniques. but if you can't get to anybody, how can you ever do anything? listen to them say after the

fact that we take this very seriously. they did not take it seriously at all. we reported it, like i said, maybe 100 or more times. every day, every night i should say, we reported tons and tons that were still up. to this day, there are still some up. emily: the apple cofounder steve wozniak. much more to that interview we will bring you later. twitter's results, strong user growth. also what big tech companies are facing on antitrust next week. this is bloomberg. ♪

emily: twitter among the top

performers in the s&p 500 after the company reported strong user growth, but didn't quite meet the bottom line. joining us is mark mahaney of rbc capital markets who covers the company and has a sector perform rating on twitter. this is the second quarter in a row twitter has hit a record daily active users. how optimistic are you given we could assume a lot of this has been driven by the fed and perhaps i the upcoming election and we don't know if the growth will hold up toward the end of the year? >> you are right, we don't know and neither does the company. they contributed a record number of what they call daily average user growth. they attributed that to improvements in the product, and there have been improvements. i think the feed is more relevant and suggestions are more relevant. they have done a series of things that make it easier to follow topics.

there have been product improvements so there's no doubt that this like a lot of other internet content sites and social media sites have seen a surge due to's shelter-in-place restrictions and obviously, this was a news heavy period, especially with civil unrest. they had a couple of tailwinds and you would have to assume those will temper. the company has been putting up good numbers i would say for the better part of two years. monetization.been emily: let's talk about advertising. ad sales down 19%. also this ongoing facebook ads boycott and you wonder if twitter has gotten dragged into that as well. how long do you expect this contraction in the ad market to last? >> it should probably last a few

more quarters or until the end of the year. the investor question is could twitter and other internet ad platforms like facebook and google and snap and pinterest, are they going to see you shape recoveries or v-shaped? that's what is causing trades in the stoxcks. what we are seeing is what looks like for twitter and snap to be relatively slow recoveries. they say they have exited june with the ad revenue down 15%. the exited march, ad revenue down almost 30%. it is getting better but at a relatively slow and gradual pace. there's no clear sign of a v-shaped recovery in internet advertising at least for twitter, nor for snap. emily: meantime, i want to get your thoughts on content. obviously, twitter has taken a stand the last couple of months on president trump's posts, something they had not done before, putting some of the

president tweets behind a warning after the president basically threatened violence on the american people. that rankled republicans. on the other hand, you have facebook not taking a stand at all, letting them stand as is. you have conservatives who are not happy about this, including one who is now asking for jack dorsey to testify. formalven't set a invitation as we understand, but drawing twitter into these conversations about antitrust beginning next week. how big of risk is that? >> i think it's almost a permanent risk. there's no question that twitter, facebook, instagram are extremely popular and therefore extremely powerful media platforms. we have not seen this with traditional media in the past. there is the ability for these platforms to be manipulated for political purposes and other

purposes. there's no question that if you allow real-time content, it is going to include a lot of malevolent content. there will be hate content. you have to do everything you can in terms of investing in artificial intelligence to route it out. it also requires an enormous amount of monitors. facebook has been willing to invest in this. it is unclear that twitter has been. i raised this with their management team on the earnings call. do you feel you are investing enough given the responsibility of the platform? are you investing enough to keep the platform safe for people? i am a little skeptical of their answer, but it is a hard challenge technically and financially. emily: you covered three out of the four big tech companies on capitol hill next week, including facebook, alphabet, and amazon. how big a risk do you think it is that this company -- these

companies could get broken up? how big of a risk is future regulation? >> i think it would be a relatively small risk, but i would not have expected two years ago to see the ceos of all these companies brought up to capitol hill. part of the risk is rising. we have already had fines imposed. we have had limits on their ability to do large-scale acquisitions. and we may well see some business practices change. there are a few cases where they are at least inherent conflicts of interest. amazon owns the commerce marketplace and competes in it versus third party sellers. google owns the online advertising marketplace and competes in it versus third party publishers and ad buyers. there are inherent conflicts of interest whether they have been exploited or not by amazon or google is a separate question, but there is the potential for

abuse and that is what regulators should watch. i don't think there's an antitrust question to be made about facebook. the issue should be more about the responsibilities they should take in moderating or censoring content. it is a slippery slope with of this.on both sides there's a fundamental difference in facebook and twitter's approach to political content. rightt sure one side is versus the other but there are fundamental differences. by.y: mark, stand we will continue this after a quick break. i want to get your thoughts on netflix as well as another company you cover as we stand by for the president to start that news briefing at the white house. we will be right back. this is bloomberg. ♪

emily: we are back with mark mahaney of rbc capital markets, who covers most of the big tech

companies including facebook, amazon., and the ceos of those companies will be appearing on capitol hill monday to testify before the house antitrust subcommittee. we have talked about regulatory risks. do you think anyone of those three phases more regulatory risk than the others? amazonink google first, second, and facebook third, although i do think when we say regulatory risk, antitrust risk is really google and amazon. , speech content risk, it's facebook, so there are different risks. i stick with my guns on this. i don't think there will be a breakup of these companies. i think you will just see fines and business practice restrictions imposed. emily: why do you think google faces the biggest risk? >> i think two reasons. one is that in its core business search, it has an extremely

strong position. google would account for 85 percent, 90% of the globes search revenue. is somebody with extremely powerful market share, much higher than facebook. you could also point to facebook's rising tictoc -- tiktok. amazon, you could do the same thing when you about walmart, etc. the second reason is there is an inherent potential conflict of interest with google owning double-click. there is an ad marketplace that it owns and operates and competes in as both a buyer and seller of added inventory. it tois the potential for tilt that marketplace for its advantage. there is an inherent potential conflict of interest. there is potential conflict. those would be the reasons why. i think it is most likely to be investigated. emily: i want to talk to you

about netflix as well. we have seen soaring subscriber growth earlier in through the year and into the pandemic this past quarter. didn't meet expectations. a lot of investors were disappointed. we could assume perhaps subscribers would have added in the latest quarter were pulled forward to the quarter before that. for is your outlook -- netflix considering we are not coming out of the shelter-in-place it seems anytime soon? >> i think netflix will emerge from this as a structural winner. i think -- i'm sure there was some pull forward, but i think all income of the value proposition of streaming video to the home, it is strengthened by this crisis, and netflix will prove itself to be better positioned than other streaming services. there content and new originals will be richer and deeper in the

back half of the year than other companies that were not able to get as much out of production before covid shut things down. the final thing that i find interesting for netflix is i think they are two years ahead of competition in terms of where they are developing content for. for international markets, we have tracked what we call 130 local language originals, content developed purposely for the polish market, mexican, indian and japanese market, whereas most of the big streaming competitors are still just producing content for the u.s. market. i think the majority of the growth, the vast majority, is international markets. netflix is in a better position for it. . i like their fundamentals. the near expectations create a small buying opportunity. emily: how concerned are you about content? we heard from disney minutes ago. "hey are pushing back "mulan which was supposed to premier in toy, that was pushed back

august, and now even further. we know content production has been stalled in hollywood. what does it mean for netflix? and there is a huge library new were original shows, but many of us are going back in time and watching things we might not have discovered before, but it is not "tiger king." actually mark, president trump is walking to the podium now. we are going to have to leave it there. we will talk off-line about that. trump: i have reminded people the importance of masks when you can't socially distance in particular. the strong message has sent out to young people to stop going to crowded bars and other crowded praise -- places. yesterday we made the amazing announcement for plans to protect nursing homes, residents

are working hard on that. we are working hard all over the country. contracting with pfizer, we made a big, beautiful contract with pfizer. we have a lot of companies that are very close to produce a vaccine. i wanted to come out again today to share some additional news with you. this afternoon, my political team came to me and laid out our plans for the convention in jacksonville, florida. it's a place i love. i love that state. the drawings look absolutely beautiful. i never thought we could have something look so good, so fast with everything going on. everything is going well. a tremendous list of speakers. thousands of people wanting to be there, in some cases, desperately be there. they wanted to attend. people making travel arrangements all over.

the signs, and excitement, really top-of-the-line. i looked at my team and i said the timing for this is not right with what has happened recently, the flare up in florida. to have a big convention is not the right time. it is really something that for me, i have to protect the american people. done. what i've always that's what i always will do. that's what i'm about. they said we could make this work very easily, we have great enthusiasm, incredible enthusiasm. even the polls say about the most enthusiasm they have seen. we can do it safely and responsibly. i said there's nothing more important in our country than people safe,g our whether it's from the china virus or the radical left mob that you see in portland, where i want to thank homeland

security and others for doing a fantastic job over the last few days. they went in and people were out of control for 51 days, a long time. they were protecting the federal courthouse and other property. most importantly, protecting our people. or the senseless violence you see in chicago or new york or detroit. a lot of other cities were so many people are shot and so many people are killed. people elected me to help and protect. i told my team it's a time to cancel the jacksonville, florida convention. the gop we will start in north carolina for the monday as always planned. we were never taking that off. the delegates are going to get together. that is where they do their nomination.

the delegates are going to north carolina. they will be doing the nomination. we are going to do some other rallies onlinele- which i think will be really good. i think we will do it well. i will still do a convention speech in a different form, but we won't do a big, crowded convention per se. it's just not the right time for that. i care deeply about the people of florida and everywhere else in this country, and even in the world. i don't want to do anything to upset the state. they will do you -- be doing very well. we are going to put maps up of the country behind me and you will see that the area we are talking about is a hotspot. you will also see a lot of the country has no problem whatsoever. . most of the country, actually.

i am always going to take care of you. that's the way we are going to do it. i want to thank the jacksonville community and its great mayor. a really great guy. they wanted it so badly. and all the other political representatives in jacksonville and in florida. a very special group. they were there for us 100%. today i want to provide an update on the actions we are taking to support the safe reopening of america's schools. parents around the world who have had their children home for the last few months have a greater appreciation for the essentialteachers are workers, that they are essential to our children's future. our goal is to protect our teachers and students from the china virus while ensuring that

families with high risk factors can continue to participate from home. very important. the american academy of pediatrics has released guidance recommending that schools reopen. it said, "lengthy time away from --ool and associated in for associated interruption of supportive services often result in social isolation, making it difficult for schools to identify and address important learning deficits as well as child and adolescent, physical abuse, substance abuse, depression, and suicidal ideation. this places children and adolescents at considerable risk of more ability and, in some cases, mortality. there has been a substantial impact on food security and physical activity for children

and families. that is very important. there is a highway, it goes both ways. the national education association recently stated despite the momentous efforts of educators during the pandemic, online learning has never been an effective replacement for in person learning and support. campus ischool and on very important. one study says due to school closures last friday, the average student will begin the school year roughly 35% behind in reading compared to the typical year, and more than 50% behind in math. according to mckinsey and company, learning loss will probably be greatest among low income black and hispanic students, the ones hit hardest. 30 million american students rely on schools for free and reduced meals.

who 70% of the students receive mental health services do so through their schools. according to hhs, one in five reports allegedly having to do with child abuse, they have neglect -- these are neglected cases submitted by education personnel. so, people in the education world along the premises will be andones that report neglect other problems when they see the children. they know when they have been neglected or hurt or harmed in any way. but they see this in school. you do not see this if you are not going to school. fortunately the data shows the children are at lower risk from the china virus, substantially. when children to contact the virus, they often have only very mild symptoms or none at all.

and medical complications are exceedingly rare. those that do face complications often have underlying medical conditions. 99% of all china virus anditalizations are adults, 99.9 6% of all fatalities are adults. 96% of all fatalities are adults. in a typical year, the flu results in more deaths of those under 18 in the united states then have been lost thus far due to the coronavirus. many different names. the life of every child is sacred and must be protected. focus is the health and well-being of americans. children, i have a very special person who loves children, who i

think is one of the greatest athletes of all time. a lot of people say the greatest pitcher of all time, known as a relief pitcher. he is the greatest reliever of all time, by far, substantially more saves than anybody else. he got the presidential medal of freedom recently. i am reading off these stats. i knew he was the best, but i did not know it was almost double anybody else. he is a man who has children, loves children, works hard with children. we are going to go outside and be with some little leaders. mariano rivera, the sandman. my wife says, why did they call him the sandman? said he just puts the batterers to sleep. that's exactly what happened. having mari here is a great honor. we were talking about children

in schools. there is nobody who has done more than you have. thank you very much. we believe many school district can now reopen safely, provided they implement mitigation measures and health protocols to protect families, protect teachers, and to protect students. we do have to protect the teachers and families also. we have to remember that all families should be empowered to make the decision that is right for their own circumstance. this is especially important if a child has underlying health conditions or lives with a parent or grandparent who is at higher risk. states that our current hotspots, and you will see that in the map behind me, districts may need to delay reopening for a few weeks. that will be up to governors. the decision should be made based on the data and the facts on the ground in each community, but every district should be making preparations to

open. the children have a very strong immune system, maybe even as strong as yours. they seem to be able to fight it off and not have a problem. pretty amazing, actually. great credit. our strategy to safely reopen matches our approach nationwide. as we raced toward a vaccine, the responsible path is to shelter those at highest risk while allowing those at lower risk, much lower in the case of young children, to resume work and school as long as everyone practices vigilant hygiene and social distancing. we want that. a permanent shutdown was never the strategy, which would ultimately lead to greater mortality and irreversible harm. we don't want to do that. at the same time, we have to get

our economy going. we had tremendous numbers issued yesterday. housing prices up 21%, the highest in history, the highest number in history, real estate housing went up 21%. will provide additional guidance for how schools reopen safely. putpe that local leaders the hat both -- put the health and well-being of their students first and make the right decision and not make political decisions. this is not about politics. this is about something very important. i think it is bad politics if you do the wrong decision. we are asking congress to billion to schools as part of the next coronavirus relief bill. this funding will support mitigation measures such as smaller class sizes, more teachers and teacher aides,

repurchasing spaces to practice social distancing, and crucially mask wearing. the money is in addition to $30 billion we secured for schools and universities earlier this year. that money we have. some is distributed and some is not. if schools do not reopen, the funds that go to parents to send their kids to private-public, schools of religious their choice. keyword, choice. if schools are closed, the money should follow the students and parents are in control of their own decisions. can make they decision that is best for them. we cannot stop 50 million american children from going to school, harming their mental, physical, and emotional development. reopening our schools is also critical to ensuring parents can go to work and provide for their

families. the council of economic advisors estimates that 5.6 million parents will be unable to return to work if schools do not reopen this year. it's a tremendous problem. schools have to open safely. they have to open. more than a dozen european countries, as well as south korea, taiwan, and many others, have already reopen schools and cases have not risen. we can achieve the same goal if we unite together, following the best medical practices and applying common sense. we will continue to support states and cities in the current hotspots in the south, southwest, and west. the governors are all very capable. they are doing a very good job, working so hard. you would not even believe it. we have 30,000 federal personnel

deployed in the states that need assistance. we are helping doctors and nurses, medical pursuits of all kinds. closepe update, we are in communication with governors and states. everything wees, could possibly need. i used to say the cupboards are bare. now they are the opposite. the vast majority of the states have 60 days' worth of supplies on hand. haveimportantly, they insulators, because the ventilators are very hard to come by, at least in the past. now we are making thousands a month and supplying them, in many cases, to other countries. but states that are making we are rapidly delivering. in the last 24 hours, fema has deployed more than 1.5 million tasks upon request, 1.7 million

gallons, and 600,000 -- well, let me change that. 600,000created different supplies. we have 600 ventilators to arizona, north carolina, pennsylvania, colorado, idaho, and washington. i think the number is 600. we are going to check that and we'll get it to you in a little while. but we've got a stockpile of thousands of ventilators. i think we sent out 600 recently. the united states has now conducted more than 51 million tests, which is more than any other country in the world by far. roughly half the tests are either the rapid point-of-care tests, which solves a love problem and delay. instead ofminutes waiting for service both ways and both directions. but roughly half of them now, a

re fiveous increase, a to 15 minute tests, or tests done in a hospital where you get the results back in less than a day. in some cases, immediately. we continue to surge testing and hotspots -- in hotspots such as miami and phoenix, taking steps to stop the spread of the virus further. the map behind me is very much indicating where the problems are. it is in great shape, lots of it. the northeast has become very clean. the country is in very good shape, other than if you look south and west. have worked, we with florida to ensure that over 40,000 vials of remdesivir are arriving this week. that's a lot.

they are working around the clock to make a tremendous impact. we've also shipped thousands of files to arizona, california, and texas over the last two weeks. arizona is doing well. numbers are heading down quickly. the governors have done a great job. they have all been a great job, working hard. we will continue to monitor the areas rising with respect to cases, and we ask all americans to exercise vigilance, practice social distancing, wear a mask, do whatever is necessary so we get rid of this horrible situation, this horrible disease that was sent to us by china. they should have stopped it. they didn't. the entire world has gotten infected. a lot of countries are going through a lot right now. this morning i spoke with president putin of russia, and they are going through a very

hard time with this, moscow in particular. i spoke to the crown prince of saudi arabia. they are doing well that are going through a lot. everybody is going through a lot. yesterday i spoke to the heads of four different countries. all are going through a lot. it could have been stopped quickly and easily, but for some reason it wasn't, and we will figure out what that reason was. with that, if you have any questions, please. stephen: -- reporter: [inaudible] you said you could not keep people safe at the convention. pres. trump: it is not safe for people to go to a hotspot. we planned it, it was free. but it goes away quickly. to not have a lot of

death, a lot of problems. we are cognizant of nursing homes, watching them quickly. people over a certain age, especially with diabetes or heart disease in particular. we did not want to take any chances. we have delegates who want to be there. we are going to do it reasonably quick. in north carolina, the nomination will be produced, and we will announce what we are doing, how we are doing it, whether it is something that is done online, you could call it. it will be nothing like our last convention, unfortunately. that was a great convention. we had a great time in cleveland. but it is a different world and will be for a while. we want to get the world back to what it was. we will have that, including

great job numbers, including so many things that are happening. i have to say the stock market is close to records. for the nasdaq, it is a record. it has already had its highest numbers. but we want to get our country back to what it was. reporter: are you worried that -- pres. trump: we have not said that, steve. reporter: [inaudible] pres. trump: we have done a great job. we have built the greatest economy in the world. saved to close it, we millions of lives, and we reopened it. in we have the best numbers history for african-americans, hispanic americans, asian americans, everyone you want to name. incredibly. never been a time like that. and we had to turn it off

because of what china did. we had to turn it off, and then all of a sudden now we turn it back on and we are doing very well, but it was very bad. speaking about china, the trade deal means less to me now than it did when i made it. when i made it, it was a great deal. but they are setting records. yesterday was a record corn day. they purchased more corn than ever. it just means much less to me. can you understand that? please, go ahead. was the one thing that changed your mind about the convention? in florida, did they ask you to cancel? pres. trump: they didn't. i would say safety. i could see the media saying it is very unsafe. i don't want to be in that position. not because of the media, but

that's what they would say. we will figure it out. it will be online in some form. maybe it will be something a little bit different. we have time. we are talking about the end of august. it will be something exciting, but it will be nothing like having 25,000 people. we had a tremendous thing planned, a tremendous convention planned in north carolina, and it would have been very good, but a much smaller version in florida, but we saw what was happening pretty quickly. we saw that the virus was coming up. reporter: [inaudible] the situation in florida? pres. trump: i think it is going to come and go. some of these locations were heavily infected, to a point and i wereah talking, you look at what happened in new jersey and other places, and now it is gone,

hopefully stays gone. i think it will. but we have to be vigilant. we have to be careful. we also have to set an example. i think setting an example is very important. it is hard for us to say we are going to have a lot of people packed into a room. don't forget we are talking about schools, and we want them to be vigilant. we are saying "and here you are saying, here we have a big room, but i also said where bars are crowded, where other things are crowded. but there is nothing more crabbed than a convention. even when you try to keep people away from each other, it's just not that kind of thing. it just doesn't work for them. i they we are setting an example by doing it. going back to school openings, you talked about money congress is looking at to help schools reopen. if a school wants to reopen but

is concerned about testing, would you consider diverting some of that money toward testing for districts or individual schools, if that's what it took to open the schools? pres. trump: i think so. a lot of people feel differently about testing. we talk about it a lot. when we have 50 million tests plus -- and we broke the 50 million test mark. second in the world is india, which has 1.4 billion people and they have 12 million tests. other countries have 2 million tests, and other countries, they test you if you are sick, literally really sick. they essentially don't do tests unless you say. i understand that too. if they feel that's what they want, that would be fine. would you tell congress to pay for testing? pres. trump: i would if they want. again, we have done 50 million

tests. there is nobody close in the whole world. if you look at different statistics, we are doing very well, but one death is too many. this should never have been allowed to happen. reporter: mitch mcconnell's office just put out a statement, saying it is tailored precisely for this phase of the crisis. it does not include your payroll tax cut. pres. trump: i would like to see a payroll tax cut. i think it is great for the workers. the democrats never would have gone for it. based on that, i told the republicans last night, who have been working very hard on this -- they want what is right for the country. hopefully the democrats ultimately will. i said i think a payroll tax will be good, but you are not going to get it from the democrats. we need their votes, you know. , but you a majority still need democrat votes, and

we are not going to get democrat votes on that. i think it would be good for the workers, but if we are not going to get their votes, i guess we have to go on to the next thing. a payroll tax would have been good. maybe something happens. you talk about setting an example in jacksonville, but some people are going to take away from this the lesson that you are pushing too far, too fast. it seemed like the numbers were going up. it comes at a time with the reopening of the major league baseball season. is jacksonville an example of pushing too far? pres. trump: baseball is an example. you are going to be in an empty stadium. randall levine is a great friend of mine, from the yankees. he asked me to throw out the first pitch. i they came doing that august 15 at yankee stadium -- i think i am doing that august 15 at

yankee stadium. i said, how is the crab going to be? you are not going to have a crowd. mariano is not going to be used that. i don't know. this is only for the baseball players, but i have never seen a pitcher throw a ball with so many bats broken as mari on oh does. mariano does. how do you do that? it's called parents. we have to tall set examples. i think major league baseball is setting an example by playing in empty stadiums. they will allow a certain number in. golf will allow people to come in percentages. the key is to go back to normal, because nobody wants to see this. i think it is good that baseball is opening. it looks like football is

opening. it looks like sports are opening . it is a tremendous thing, psychologically, for a country. we are going to see some beautiful young little leaguers outside with a great future ahead of them. they are already practicing on the front lawn of the white house. we are going to go out and say hello, and it will be really great. how about one more. reporter: the washington post theier today reported that one thing holding up the gop coronavirus bill is that white house asking for language regarding the building in d.c. is that true? pres. trump: i don't know if that is the case in this bill, but they want to have a new fbi bill. the building is old and was never built to a high standard. it has a lot of danger involved and panels falling out the outside and pieces of concrete falling off the building. they want to build it at the

site that they have it. they have options very far away from washington. they were looking at sites in maryland and virginia, different places, but they would have been too far away. i have been encouraging them to build it. you have a choice. you can renovate the existing building, but it is not a good building, or you can take it down and build a great building for 100 years and have it be incredible, even with tracks on top. fbi people like to work out a lot. you could have literally quarter-mile tracks on top. it is a very big site. i think the best idea would be to build a new building, and you can have it for a long time. i know they are talking about it , whether or not they put it in this bill or someplace else. but the fbi needs a new building. thank you all very much.

[reporters clamoring] emily: all right, president trump wrapping up a news conference at the white house, officially canceling the florida portion of the republican national convention, saying he will not be doing a speech in person there next month. this was supposed to happen in jacksonville, florida. lots of cases surging across the state. the president saying he will give his speech in a different form. we don't know exactly what that form will be, but saying the main reason to cancel it is safety. the vast majority of the news conference focusing on the reopening of schools. the president making the case that schools will reopen man right now should actively be preparing to reopen, even saying that if schools do not reopen, some of the funding congressngress is working on for schools should be devoted to having toparents

school from home. he talked about have distance learning should not replace in person learning. he also talked about diverging some of those funds to more testing. we know testing has been continuing to lag across the country as cases continue to surge across the united states. nearing 4 states now million cases of covid-19 across the country. he also touched on trade, saying a trade deal with china now means less than when the deal was made. we know that tensions between the united states and china have been escalating rapidly. just this week, the united states demanded a chinese consulate in houston, texas, close in a matter of days. china responding to this, calling for the u.s. to revoke that decision, saying that the united states has far more diplomatic personnel in china than china does in the united states. this would be shooting america decision.t by this

those discussions are continuing. the united states asking the chinese consulate in houston to close, basically effective immediately. it is a very rare move, but one that has happened in the past. i do want to toss it over to my colleagues, shery ahn and haidi stroud-watts, with bloomberg daybreak: australia. "daybreak:ome to australia." we have been listening to everything from a trade deal to that convention speech in florida. let's get you a quick check of the markets, and of the session in new york. we saw broadside pressure across the markets in the united states. not only do u.s. jobless claims remain stubbornly high, but they have rose for the first time since march. fall 1.2% top 500 the lowest in about a week.

u.s. futures have not started trading as of yet. what willtch closely happen at the open. we have the bloomberg dollar index also falling for a fifth consecutive session, the lowest in more than 19 weeks. futuresow seeing u.s. trading to the upside, 0.1%. we had seen some of those losses accelerate throughout the session intact, leading up declines in the new york session. apple could face a multistate consumer protection probe. take a look at what whale is doing at the moment. it is flat, headed to the $41 a barrel level. it retreated in the new york session as well, failing to hold onto the rally. we are waiting for the potential round of stimulus package from congress as well. we are really watching