♪ emily: this is "bloomberg technology." president trump is scheduled to leave the hospital in about an hour and a half. his doctor says he may not be entirely out of the woods but his condition continues to improve. more white house staffers test positive for the

coronavirus. san francisco has kept cases and deaths below the rest of the state by aggressive sheltering in place. forr london breed joins me an exclusive interview as restaurants and places of worship start to reopen him and her outlook of the city's new normal. tiktokk, twitter, and continue to crackdown on death wishes for the president. our interview with the star of netflix's hit documentary "the social dilemma." markets soaring into the green amid optimism that president trump will make a recovery and prospects of a stimulus deal. investors liking what they are seeing despite the president's doctor questioning and saying that he may still not be out of the woods. abigail: certainly a risk on

tone out of the gate. investors, whether they are reassured by president trump's health status, the earnings season coming up, whatever the risk onas we had this appetite. technical, those are the fundamentals given the selloff we saw on friday. a panic selloff since it was never can -- never confirmed by haven assets. 500 putting up its best day in three weeks. just its best, day in about two weeks or so. being helped out not just by the mega cap tax but also biotech. regeneron really soaring on the fact that president trump is using their antiviral cocktail

to help treat covid-19, leading some analysts to think that there could be some emergency approval of that cocktail. theof this confirmed by fact that bond is on the day, the biggest selloff in more than a month. is superthat interesting related to the virus, a real selloff in contrast to these gains for the movie theater socks. -- movie theaters stocks. regal cinemas, the second largest cinema complex retailing brand in the u.s. amc and cinemark down sharply. year forthis is a lost movies. emily: lost year for many things. abigail doolittle, thank you so much for that update. president trump indicating that

he will be leaving the hospital about an hour and a half from now. his doctor spoke with the press earlier saying that while the president has not had a fever and 24 hours, it is not necessarily smooth sailing. >> he may not be entirely out of the woods yet. the team and i agree that his clinical status supports his safe return home where he will be surrounded by world-class medical care 24/7. emily: we got word today that three white house staffers including press secretary tested positive. we are waiting for the president to leave walter reed in about an hour and a half. what do we know as of this minute about his condition and how this transport will happen? i think doctors were pretty encouraged today about his condition. he has exceeded all of the

hospital discharge criteria. , especially since the facilities at the white house them self are pretty advanced, that he can continue the treatment and work to recover at the white house. he will be taking a chopper back as he took marine one to the hospital. thisext questions for how disease develops and continues to sort of progress over the next three or four days. doctors have traditionally said afterhe 7-10 day window someone is first diagnosed are the most crucial in how coronavirus impacts somebody. while they are very encouraged to the point that they are sending the president home, this will be a crucial period for president trump. emily: there was a lot of

confusion led to more concern over the weekend about his condition, when he got tested. the president also leaving the hospital to greet supporters in a car. now that we know that three additional staffers including the press secretary have tested positive, what-- do we know about protocols at the white house?can staff keep the president in isolation? are two questions there. the first is whether the president will be able to stay contained in the residence. they are working to create some environments in the residence where he can work from home quote unquote. i think there will be a struggle among staff to keep the president isolated. your second question, obviously the virus is continuing to sort

of ravage the west wing. people who we interact with every day, including three members of the press shop announced today. we have seen today that fewer people came in, a lot more people are working from home. there still are not mandatory mask requirements. there is still not a requirement that if you can work from home, you will. there is still not mandatory daily campuswide testing. there is a question, especially thatse the protocols already exist obviously did not work. a dozen people in the inner circle have coronavirus. why there is not been a greater effort by the white house to change and improve the protocols already in place? emily: exactly.

there are still some questions. the doctor has not been forthcoming about the lung scan. why is he on three drugs if he is getting better? what do we know about the president's schedule? has he started campaigning again? what doctors have said, the first question is when they can certify that he is no longer shedding virus actively. typically, that is about 10 days but they think they can hone that in. it could be less, it could be more time. the next big item on the calendar is the debate next thursday night with joe biden. there is a real question on whether that will hit the window on which he is able to go back out? i think the president will be eager to do so assuming he is

feeling well enough. but there are a lot of logistical questions about how that will work out and how the president will prepare for that. some of the people who helped him for the last debate, including chris christie, his campaign manager, have also contracted covid-19 and are working from home. emily: so many questions. we don't know how the next days will go. we know you are following every step of the way. we are waiting for the president to leave walter reed hospital at 6:30 p.m. eastern time. coming up, why the mayor of san francisco thinks president trump's diagnosis could change the american people's perception on the disease going forward. my conversation with mayor london breed, next.

this is bloomberg. ♪

emily: san francisco was one of the first cities to shut down as the pandemic hit the united states and an aggressive approach has likely kept covid death down. -- itancisco accounts for has come at a cost, including a budget shortfall. the city is starting to reopen. here is my exclusive interview with san francisco mayor london breed about her plan. inor breed: san francisco is orange, and what that means is we have been able to open more. we have been able to allow restaurants to open indoors at 25% capacity, churches to open

indoors at 25% capacity. we have been able to give playgrounds a date. we are in a better place. we have to be careful and not move as complete as people want us to move. we have to see what happens over the next few weeks. meantime, president, be hospitalized with covid-19, another huge twist in this pandemic story. what are your thoughts on the gravity of this development? mayor breed: i think it is unfortunate when anyone gets covid. ,hat we hope is that people especially leaders, are leading by example. i don't like to wear masks, but i wear them. i don't like social distancing,

i want to be around people. i couldderstand that infect somebody and they could infect me. it has to be about the behavior that i model so that others can follow. they have to understand how significant this is and how it could basically be devastating to a densely populated city like san francisco. this is why from day one, i have tried to communicate everything i know, use data in the decision-making process of this virus, and remind people, we are covid is notd but tired of us. we have to do our part. many states and cities have been following the president's lead. i wonder if you think the president's condition will change how some of these other

cities and states are reacting. mayor breed: i hope does. it shows people that no one is immune. it can happen to anyone at any given time. if you think about someone who is possibly elderly and may be unhealthy, it could be even worse. the impact could be devastating. i hope that this is a wake-up call for so many people who are refusing to wear masks, were moving forward with their lives as if we are not still in a pandemic. this should be an example for sure. emily: we are heading into winter months, colder season. are you worried that reopening will lead to a spike in infections? mayor breed: i am worried about the upcoming flu season. people start getting their flu shots, symptoms start developing

for colds. i think people might it is confused with covid. we are definitely worried. we are going to keep an eye on it. i think that it is important for us to make sure that our health care professionals are doing what they can do outreach and communicate with the public around their differences. the goal is, we don't want people to panic. thatnt people to know there is the flu, there is still of our behavior will determine whether we are in a situation where we have to close. emily: rents are falling sharply in major metropolitan areas. how concerned are you about an economic slowdown given that

tech companies are paring back workers and people are leaving the city? mayor breed: i will say that i am very concerned. i just balanced a budget with a $1.5 billion budget deficit. overo mention, there are 200,000 people who have filed for unemployment. we have businesses i have been going to since i was a kid that have closed permanently. i am definitely concerned about the economic impact. it is not about just tech companies. it is about business in general. in light of covid, working from home, having more flexibility of the cost of living, also the number of tax measures and other things. i think we will have some -- somees from trump challenges from coronavirus of

the next years. people love working in this city , going to restaurants in the city. just -- in the suburbs. you only get what you can get in san francisco by being in a place like san francisco. it will be hard for us but eventually we will get back to a better place. emily: some businesses and restaurants are saying, look, 25% capacity, we have to pivot from the delivery and take-out model. actually, this could be worse for our revenue or make things more challenging as we are just trying to survive? i'm not saying we are going to take away the innovative ways we have allowed restaurants to operate, we are just adding additional space. muchtaurant that pretty

has their entire restaurant outside, their capacity will increase by opening 25% indoors because they have such a small space. in other areas, it will be challenging if be hard for so many of these restaurants. the opportunity to open even further, then people do that. mention, west extended the cap on the delivery fees so that the delivery companies cannot charge more. it was supposed to expire when restaurants began to reopen indoors. we have expanded that so we give restaurants more opportunities. emily: you can catch more of that conversation online. coming up, we are taking a look at why women are dropping out of the workforce at the fastest pace since the peak of the

pandemic. this is bloomberg. ♪

women are leaving the workforce at the fastest pace since the peak of the pandemic with many schools and childcare centers still closed. this according to a new report by mckinsey in association with lean in. in theber of women workforce has dropped significantly since the crisis. rachel, always thankful for your report every year. this one was particularly bleak, with women dropping out of the workforce even more. sheryl sandberg said, if we had beanic button, we would hitting it right now. >> we know that women are struggling right now to balance work with everything else.

this study, we understand the numbers, the scale of the problem. one in four women are thinking about downshifting their career or leaving the workforce. that is millions of women. if we lose those women, we will unwind all the progress we have seen in the representation of women in management since beginning of the study, and then some. we also got the last jobs report we will get before the election that shows the economic recovery fading. how does that intersect with what you are finding out about women, about people of color, and how they are faring? >> we know that women are more likely to be furloughed or laid off. the research shows that women are more likely to be forced out of the workplace. three groups of women show up in high relief as struggling. mothers, senior-level women, and

black women. we know that mothers are doing more at home than ever before. they're concerned, their performance is being judged negatively because of their abilities and the right to be concerned. is called the motherhood penalty and it is in high relief right now. we know that senior-level women are facing the same pressure as senior-level men and then some. then there is black women. black women already have a worse experience in the workplace. they are disproportionately affected by covid-19 and they are dealing with the emotional toll of violence in this country. just one in three black women has set a manager has checked in with them in light of recent

events. black women are far less likely than other women to have allies. we need to be better by black women. emily: speaking of that, we have the phrase presidential debate coming up. after this election, there still might not be. regardless of politics, what is at stake? >> both of those candidates will need to show up and forcibly defend their opinions, policy stance, be confident like we would expect from any presidential candidate. the challenge, as a woman, senator harris needs to be concerned about not looking too confident, not too assertive, people not falling into the trope of the angry black woman. man,president pence, as a he will not face any of this

complexities. we expect to be pulled, confident. we expect them to lead, so we celebrate them when they do. emily: as the pandemic continues, how much does schools reopening matter for women in particular? >> it matters hugely. women are being impacted by kids at home, school closures. that is why companies really need to show up right now for women. and get creative. nobody should be living up to business as usual standards right now, particularly women. certainly,resting talking to mayor london breed, you have restaurants ready to reopen but still working on schools. rachel thomas, thank you for joining us. i urge you to check out that report in greater detail online.

coming up, hate speech, how facebook, twitter, and tiktok are dealing with users wishing harm on the president. this is bloomberg. ♪ oomberg. ♪

emily: welcome back to bloomberg technology. we are standing by for the president to leave walter reed hospital about one hour from now. we have gotten the official white house schedule which shows trump will be leaving walter reed 6:30 p.m. eastern time, arriving at the white house at 6:40 p.m. eastern time. we also got some headlines from vice president mike pence who says he has spoke to the president and that he sounds great. we will be monitoring the president's movements and any developments as we get them. now, for months, president trump

downplayed the virus and his message was, as we know amplified throughout social media, putting not just himself of the public at risk. had a conversation with a few stars of the netflix documentary who have been sounding the alarm about the power and full arising forces of social media for an upcoming edition of bloomberg studio 1.0. here's reaction to the .resident's diagnosis >> the fact that all of this information is coming to us through twitter and social media, and the fact that a bunch of people thought probably in the qanon that this was a conspiracy theory and this is part of trump's double fake to then have the deep state cabal -- the weird ways you see people walk away with completely different perceptions of reality from the exact same thing shows you how much the virtual-reality

in our own minds are having interpret the same "facts." i have not looked very deeply at how this particular disclosure left, but this president using twitter is the predominate communications platform and the ability to control the financial markets and the attention cycle of the global media has had very negative consequences. emily: so, the president testing positive for covid after playing down the severity of the disease, not wearing masks. twitter and facebook being a huge platform to advance these views. misinformation about covid running rampant on social media. what do you think the connection is between his diagnosis and social media? tristan: i think the president has made a habit of saying things just to say them. i'm not sure we can interpret, you know, any authentic desire to do sense making and find out

what is true from his behavior. oron't want to alert people i don't want to scare people by telling them what's true, and he was mocking the coronavirus as being completely fabricated and then switching to having to talk about it as real. i don't know what to make of it. emily: so many people have been walking around in their social bubbles, half of us thinking one thing, half of us thinking the other. half of us thinking it is a big problem, it is a disease we need to be careful of. the other have thinking it's not. did social media play role in that? >> i see it in my own family. i have people in my immediate family who have a different view and a distorted view of the coronavirus. and, it doesn't make any sense. because they have been radicalized by social media. my reaction when i heard about

trump having the coronavirus's i thought it was misinformation. reaction, i have heard. that was tim kendall, former facebook president and pinteres t, as well as tristan harris. you will see more of that interview on bloomberg studio on1.0 later this month. sticking with social media and its role in this pandemic, the president's role on social media, sarah frier who covers social media for us. since the president came down with covid-19, there has been a rise in death wishes for him on social media. twitter and facebook have been trying to crack down on it. what exactly have they done? sarah: it has been very interesting because both platforms say they will take down wishes of death for the president.

however, they got a lot of pushback, especially twitter for that, because although that is against the rules, it is not really a rule they enforce quite well when it happens to somebody who is not a public figure. have constantle death threats on twitter and nothing happens. i think there was a lot of, especially immediate response to either making fun of the situation, tweets that got posted and people deleted themselves later because they realized there could because request is to having that kind of out there. on facebook, they are taking down ones that tag the president. on twitter, it is just overall not allowed. not allowed is very different than saying enforced against. a lot of these platforms -- we have gotten used to them saying something that is not allowed,

when in reality, we can look with our own eyes and say this kind of content is very prevalent. emily: meantime, you and i have been covering the role of social media in society, the pitfalls for a decade. but you've got now netflix out with this hit documentary called withsocial dilemma," folks like tristan and tim that have gone a lot of people's attention. facebook has come out with an official statement in response to "the social dilemma," which is quite unusual given all the coverage facebook has received and how big a part of our lives it is. they said we should have conversations on the impact of social media on our lives, but it buries in substance and sensationalism. rather than giving a nuanced look at technology for the difficult and complex societal problems. what did you make of facebook's statement? sarah: a lot of the things that

facebook put in this statement were quite misleading themselves. one of the things that made me crack up, they said they do not compensate or reward their employees based on increasing the amount of time spent or engagement in user growth on facebook's newsfeed. of course, they do. that is something they have become so good at over the last few years. this is really another aspect of their quite aggressive defensive p.r. campaign. you see a lot of executives of facebook calling out reporters on twitter. , saying one ofy the things i was tweeting was wrong. a bunch of facebook employees liked the tweet. they are playing out these debates in the public sphere. whatever criticism comes up, facebook is more than happy to be vocal in response to that. that"the social dilemma,"

is something that captured a lot of attention, in part because of the somewhat sensationalist way the documentary is framed. it ends up being a little bit more convincing for people who have those tendencies to believe that kind of content on facebook . so, i don't know exactly what they were going for with that, but i think it's meant to entertain as well as inform, clearly, just like the newsfeed. emily: also over the weekend, sarah, we got word that facebook would be sending mark zuckerberg, along with sundar pichai, the ceo of twitter, and jack dorsey, to testify before the senate. we heard reporting on facebook's position on breaking up facebook, that that was a nonstarter for them. quickly, what is the latest from washington about the scrutiny and continuing scrutiny on

facebook from congress? sarah: the simplest way to explain it is that our leaders in congress agree that something needs to be done about the social media platforms. they don't agree on what that is. very different criticisms. i think the clearest one has come from the house antitrust committee and we are expecting that report out this week. but, we still have the ftc probe to look forward to. the section 230 hearing is one of the clearest examples of these the verging opinions. liberals thinking that they are not doing enough to protect their users from harm. emily: all right, bloomberg tech's sarah frier who covers social media for us. thank you so much for your reporting. coming up, we will be taking a look at the ipo market and why so many tech companies are choosing to go public now, but

is now still a good time? we will discuss, next. this is bloomberg. ♪

emily: we knew airbnb planned to go public later this year and out the reuters report puts that date in the month of december, but with the market volatile after the president's diagnosis and a big election happening, it is unclear how long the ideal window to go public will stay open. for more on one awaits new companies coming to the market, ernst & young.

jackie, great to have you back on the show. is airbnb waiting until december a good idea given all the things that have to happen between now and then? jackie: these markets have been quite turbulent, but i will say ipo bound companies are very resilient. techve a huge backlog of companies in particular looking to list over the next six months. had a number of companies come out of the gate. big ipo's, lots of big pop, sometimes maybe too big. do you think that markets will keep up for them? just evenu know, looking at 2019, tech ipos were up 100%. that foundation really got us started this year. despite the fact that we've had all the different, sort of obstacles in our way, tech

companies and the markets in general, our clients have been fearless in getting access to capital. the results are showing through. the performance is fantastic. ipo's are up in the third quarter over 36% off their offer price. i think this momentum will continue. investorse palantir have been a little frustrated by the company's direct listing. would you invite airbnb to not reinvent the wheel -- advised airbnb to not reinvent the wheel, to go the traditional ipo route? or should they be exploring some of these alternatives given what we saw with palantir? jackie: it's a very exciting time right now. there are so many ways to become a public company, so many more than the last six months really. today, whether it is attritional -- a traditional ipo, a current

listing, a special purpose acquisition company, we will counterbalance that with m&a activity. there are so many different ways to get access to capital. we are looking at all of those options. emily: what is your outlook for the rest of the year? it sounds like you are saying the window stays open election or not. jackie: yeah, i think we are going to be pushing up to the election, and frankly, the market, especially the ipo market likes certainty. a decision is made, historically, we have seen great performance after the election. the fourth quarter be really robust. i'm optimistic. emily: robust or too robust? any concerns about things being too frothy? jackie: yeah, the energy is amazing, right? where we were a couple of month ago and where we are today, and ipofact the volume of

activity is happening on a weekly basis right now. i would say momentum, as long as the performance continues, we will continue to see that activity for several months. emily: ok, jackie kelley of ernst & young. thank you for joining us. always good to have you. still ahead, we are taking a look at the health of the retail industry and one luxury marketplace that just scored a big partnership. that is next. this is bloomberg. ♪

emily: the real real marketplace just opened a new

brick-and-mortar store in san francisco a week before the pandemic shut the city down. since then, apparel sales have been on a roller coaster. shares plummeted at the start of the pandemic but have since been rising, closing up more than 8% today on the back of a new partnership with gucci. joining us to discuss is the ceo. julie, you and i last spoke in your san francisco store, beautiful store, just opening for the very first time. seven days later, it was closed due to the pandemic. talk to us about the roller coaster this has been for you in terms of running an online marketplace, but in starting to expand the brick-and-mortar. mean everyone who has any kind of business has been through this. but, we went from boom to, oh, we can't conduct business and it was really hard i nthe stated --

in the state of california. the store you and i were inside of was under a week it got shut down. we had to shut our stores down. in california, we shut our operation centers down. and then we had to reinvent the business. we started doing virtual consultations. eventually, we did curbside pickup. that was then. and, we had a really, a nosedive in our business, but we are back. the stores are open. in fact, we're excited that we are going to open another store in chicago this quarter. emily: so having a brick-and-mortar presence is still part of your strategy? because there has been some concern that physical retail will never recover, although online retail is a different story. julia: we're committed to retail. if you go to our stores now, putting san francisco aside, there are lines outside waiting

to get in. we are practicing all good social distancing and great covid free practices. there are lines to get in. people still love shopping. they love bringing their consignment. they love talking to our experts, so we are committed to brick-and-mortar stores. most of our business by far is online, but stores are an important part of our strategy. emily: now, investors are clearly excited about this partnership with gucci. that said, gucci is a luxury brand. we are in a recession right now. you have a lot of people suffering who have lost their jobs. can they really afford to buy gucci, even on the second had market? why do you think -- how much do you think this will drive business for you? julia: look, this is really about sustainability. it's about making sure that we talk to the world because gucci is a worldwide brent about the

importance of recirculate encodes and the power of consignment. so, it really is more of a statement about this is a really good thing to do. if you buy something of quality like gucci, and gucci is still making sales worldwide and in the u.s., you should think about recirculating your own goods and the real real should be your partner. but, it is a dedication to sustainability. and when someone does either buy on the real real or consigned, gucci and the real real are planting a tree. it is really a strong statement about the positive impact of consignment on the planet. outlooko, what is your for the holiday season? we just saw amazon delay prime day to later this month. i think you've got a lot of retailers trying to figure out how to ride the waves that just seem to be coming, for better or

for worse. julia: i would be a fool to forecast. we are preparing for a very good holiday season because we may have one. the truth is, no one knows. march 1, if we would have said we will shut down our brick-and-mortar stores and our luxury consignment offices for months, i would have said why would we do that? i would say we are preparing for a good one. we have seen a strong demand in our products. and i would expect the demand to accelerate during giftgiving time. so, we are ready. we willarket is there, be able to fulfill those orders. emily: what is your vision then as we come out of the pandemic? we don't know exactly what normal is going to be. what is the new normal in the future that you see in terms of the amount of shopping that happens online and the amount that is still getting out into the streets, going into a real

real store? what is that balance? julia: it is a difficult question. the demise of retail happened before the pandemic. so i put even more pressure on more standard brick-and-mortar stores to reinvent themselves, and i think they will. people love to be social. they love to get out and do things that are different. the lines outside the realreal attest that people want to go into the stores. i think it puts pressure on all retailers to do something different. engage your customer in a different way and create more of a great, living, changing environment to get them excited about shopping again. it wast impossible, but an industry under pressure before. covid pushed it over the edge. whenever that happens, it leaves the door open for innovation.

we've always been innovating. it gives us more opportunities to try to do things, too. emily: and last quick question. obviously, you have been working in silicon valley for a long time, going back to pets.com. a lot of businesses have been suffering as a result of the pandemic but you have seen silicon valley weather major crises. do you think a crisis like this would be different for tech? julia: i think so. first of all, i believe in human's ability to create and innovate. we will be back and look different. personally, i'm worried about some of the tech companies that will be virtual for x number of years. actually don't believe that is good for creativity, and innovation, for people's soul. because when you work together and you collaborate, this another entity in the root and that is the collective mind. you don't get that over virtual.

we are looking forward to getting back is a company. we are not giving up our real estate space. look, in times of great uncertainty and when things change, it always leaves opportunities for new businesses to really do well and for people to innovate. that really is the human spirit. emily: all right, julie wainwright, ceo of the realreal, thank you for joining us. always good to have you are on the show. as we have been speaking, we've been getting breaking out of apple, the company. it will stop selling sonos, logitech and bose audio accessories. these have been quite popular. through apple stores, through apple.com. as apple has been making more of its own devices, its own air pods, for example, apple pulling back on that. we are also standing by for the president to leave walter reed hospital.

scheduled to leave about 30 minutes from now. stay with bloomberg. we will be following his movements. bloomberg daybreak australia is next. this is bloomberg. ♪ so you're a small business,

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♪ haidi: good morning and welcome to daybreak australia. i am haidi stroud-watts in sydney. we are counting down to asia's major market opens. shery: good evening from new york, i am shery ahn. haidi: these are your top stories. wall street gains the most in a month amid optimism on trump's health and progress on stimulus relief. the president is due to walk out from walter reed hospital this hour. the virus is spreading again across the u.s., especially in