♪ caroline: i i'm caroline hyde -- i am caroline hyde. taylor: today is ladies day on "what'd you miss?" caroline: the s&p 500, higher. the russell 2000, flett ahead of rebalancing. crypto -- taylor: the question is, what you miss? caroline: it is a rebalancing act. we are keeping an ion the

levels. the ftse russell, it is rebalancing. there's a lot of attention on our main favorites, gamestop, imc. waiting to see when they enter the big leagues. they've also been putting a spotlight on trading platforms and also the importance of financial industry. before we get to that conversation, let's start with the rebalancing. we are awaiting the headlines. taylor: we are. we thought we would get them. we are itching on the edge of our seat. is the focus not on maybe the fundamentals, as more of these stocks have more of a waiting and these indices. the volatility that comes up with that. well, the fundamentals. take a look at this. this is amc. theaters are not totally full

again, but the equity value, and how does it help the bondholders as well? let's get more insight with our bloomberg intelligence equity strategist. the associate of course, michael casper. great to have you. talk to us about what you are looking for as we wait. -- as we wait the rebalancing. >> whether they will move or not is the question everybody's asking. gamestop and others, it is a show when they will move into the russell 1000. the question is, is amc going to move? caroline: why wouldn't it? we are looking at a $20 billion market cap. more than gamestop. why is gamestop issue in and amc not? >> there's a little bit of vagueness.

they are ranked based. they rank u.s. companies that share certain criteria by market cap. on that day they set the criteria for who is going to be in the russell 3000 e, the total cap index. from there they do incremental changes to the index each week until they get to those rebound states or reconstitution dates. that's when the final changes made. it's not clear if amc will meet the criteria or not given what we know. taylor: about 24 hours ago, caroline and i were having a conversation with the ftse russell benchmark. helping walk through what some of these reconstitution's and rebalancing's mean. when our conversations was what this is mean for volatility -- was, what does this mean for volatility? the more big the stocks get,

what does that mean for volatility in these indices going forward? >> we did a little bit of work on that as well. i don't think it's going to be a huge difference. if you remove the 26 stocks we think are going to make it out of the russell 2000 and into 1000, you lose about eight percentage points performance since the last reconstitution. that will bring the rest of the -- the russell 2002 a 59% gain year-over-year. still beating the russell 1000. they are being replaced by other companies that meet the criteria. those companies we project will be in is median 69%. based on historical measures, we shouldn't have much of a change on volatility. one thing to keep in mind at the end of the day is that each of these companies have a 1% waiting in the russell 2000. it's not like the s&p 500.

caroline: is there more volatility for those individual stocks? gamestop, if it transitions, it was a massive market composition of the russell 2000. there's far less of a waiting when it moves up, because it's compared to the likes of apple. how does that affect the trading in gamestop? will it basically selloff once it goes in or stay the same? >> it will be a smaller portion of the bigger index. in conversations with my etf colleagues, there's a lot more writing on the russell 2000. that's one thing to keep in mind. if gamestop is to move into the russell 1000, there's a lot less track in the index, less of a boost from the etf side. taylor: interesting. -- caroline: interesting.

michael casper, thank you so much for making time for us today. coming up, ready for liftoff. the faa, for the first time, we discus -- we discussed the industry. meme stocks, too. this is bloomberg. ♪

>> for minneapolis -- the minneapolis fleet -- former police officer derek chauvin has been sentence for george floyd's murder back in 2020. he died saying he couldn't breathe, as he knelt on his deck for more than nine minutes.

the day before his sentencing, chauvin broke his silence. >> i want to give my condolences to the floyd family. there's going to be some information in the future that would be of interest. i hope it will give you some peace of mine. thank you -- peace of mind. thank you. >> they spoke of the pain they felt over his murder and asked for the maximum for chauvin. some provisions include making it a crime to voters waiting in line. the absentee voting period was shortened. critics say this law in titian and -- law intentionally discriminates against voters.

>> that every voter has access to accurate information. >> major league waste -- major league baseball pulls key events. press president, harris said today the biden administration had made progress tackling migration site that's made fellow democrats uncomfortable. her first trip to the u.s. mexico border as head of the biden administration's response is being closely watched on all sides. visiting el paso, the vice president called the situation at the border tough and said more work is needed. anchored in a thorough understanding of why migrants leave their homes. she told reporters "we are talking about children, we are talking about families, we are talking about suffering, and our approach has to be thoughtful and effective."

global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. ♪ caroline: as we wait the official word on meme stocks like gamestop. will they graduate to the russell 1000 or not? it is time to talk about another name, virgin galactic. some fundamental news today. taylor: we go to fundamentals and to the moon, caroline. take a look at the today chart. up on the des peres would unbelievable. you think about the record shoot up. -- up on the day. unbelievable. you think about the record shoot up. technically, it's not really accurate. space is 62 miles.

we learned from the press release that it actually was only about 55 and half mile. it got up to mach three. that's pretty cool. let's get more from our space expert, ed ludlow, what do you make of this faa announcement we got this morning, allowing them to take customers for commercial travel into space? ed: the devil is in the details. 55 miles is not the common line. the common line international recognized boundary of space. but this is a step forward. it re-heats up the race between blue origin, spacex, and virgin galactic for a corner of the space industry, carrying civilians into "space." the faa is approving the license for the first time, to virgin galactic, who struggled along the way and faced delays. in that time, spacex has pulled ahead.

it is substantial. we like to talk about space. really enjoy the romance of it. but this isn't science fiction anymore. it's real. caroline: they are going to have space camps, taylor. who might become an astronaut -- is it just virgin galactic? tell me where we stand. >> as it stands, the application with the faa you spending. it's not been approved. the faa can approve a license on the day of, if you take spacex, in terms of establishing a window for lunch, given the right approval, those can happen within a few hours notice. the expectation is that blue

origin will get it. it's also a battle of the billionaires type thing. the first round goes to richard branson. we know he is due to go on a flight at some point over the summer. the question is will it be before july 20? we don't know yet. taylor: of course, no one has funny million dollars for a seat on blue origin. the last time we spoke with virgin atlantic, they were expecting seats to come down to about a very still high amount of $100,000 or $200,000, but that is more region -- more reasonable. where are we on pricing? >> the first 600 on the waitlist pit around 250,000 u.s. dollars. -- paid around 250,000 u.s. dollars. virgin galactic's and r&d phase. they have -- in r&d phase. they have one vessel.

they have some prototypes. what they need to do is get into production at scale. the ceo's been saying until they get that serious production going, the economics don't work out where they can bring the price down. he also said it's a high-margin business going forward. the devil is in the details. this is an early step forward and a big step forward. it is unclear when i'm going to get on one of these and when you guys are going to get on one of these. caroline: we hope, if you are a lover of space. ed ludlow come all the brains around this. next, more on meme stocks and financial literacy. this is bloomberg. ♪

caroline: we are still awaiting official word on if meme stocks have graduated into the russell

1000 or not. but fixation cannot be denied. taylor: it cannot be denied. take a look at what they've done to the markets. a turnover in the volume not only in the actual stock but some of the options we have been trading. it was january, it was march, he had these big pop-ups. some of that has fallen up as of late. you want to talk about what they can do to the market, that chart shows it. robinhood, this is interesting, we were hearing reports their ipo that was supposed to happen this month has also been delayed. in part because of some of the foray into cryptocurrencies as well. let's do it all with ipo reporter, crystal s. talk to us about what you are hearing about the delay of the ipo. >> we have been waiting around for the robinhood official document to drop for a few weeks now. in the beginning, we heard it would be in june. then we were told it is being

delayed. part of the reason is the sec is having some back and forth with the company. it's not unusual. every company goes public, they have to file estimate with the sec and they come back with some questions. he talk with your lawyer, you answer them. this is taking long for robinhood. the s is -- the sec is asking about the cryptocurrency business they launched around 115. they have to be careful with these companies. such as coinbase. which went for a direct listing lately. it's -- we are still tracking. we hope the ipo will come out. we are still hearing the listen could come in the summer. caroline: the fact that coinbase got it through means these issues shouldn't be unsurmountable. or is it slightly different? robinhood is targeted at access

for all. is there a differentiation to be made? >> there's definitely a lot more complex city when it comes to the robinhood ipo. it is in the trading business, which is highly regulated. it is almost like when you have a bank of public. you can expect the sec to ask a lot of questions. it is that, on top of the crypto concern. because coinbase was able to get it done within a reasonable amount of timeline, it does not necessarily imply that robinhood would have the same kind of treatment. but it's looking like it is a disclosure based regime. thank fully. as long as they disclose everything, the sec's happy with what they're telling investors in the respective section, ultimately they are going to get it within the summer. caroline: sell shares to some of their own user base. great to have you on. thank you very much. talking about robinhood,

could they potentially curve the appetite for daytrading and a future reddit army of the next generation? this fintech unicorn is hoping to teach students about money management with pay grade. it wants to take on what they call a massive financial education crisis. let's welcome the chief creative officer at stash. $3 billion assets under management, 6 million customers, you are targeting the youth here. why go for that? ? how are you making it easy for them to understand why they should understand money if they want to build wealth? >> it's a great question to start with. essentially, a critical component of the mission is education, advice, and financial literacy. we are facing a financial literacy crisis in this country. there are only think seven states that mandate it in high

school. we see the affected is having on americans -- effect it is having on americans. we need to start early. we need to start young. we need to start teaching sound financial habits in school, because a lot of americans are not learning it at home, they are not certainly learning at school, and they've got very negative financial outcomes as a result down the line. taylor: a lot of critics against robinhood, or others that maybe entice people to do more daytrading. it actually makes you -- that it actually makes you lose money, because daytrading isn't investing for the long run. how much of that is also within some of the education about staying invested versus staying long-term in the market which doesn't always work? >> we take a different view from some competitor platforms.

we are based around the predication that long-term investing, affordable, regular, diversified investing is the path to building long-term worth. that is very different from any of our competitors. if you look at the way that our app actually functions, we've never been billed for daytrading, we never will be. we don't even show -- even offer margins or options. to provide for their needs. we just don't believe that putting casinos through smartphones in the pockets of everyday americans, particularly younger americans, is a good idea for them or society as a whole. caroline: how do you make it fun? as chief creative officer, when

you're not having celebratory can -- celebratory confetti when you've made a sale, you want to tap into this desire to learn, to educate, to be excited by what the market is going to bring you, the access that they now have at their fingertips. how do you do that without losing a sense tough fun? -- sense of fun? >> i joke that part of my job -- part of my job is to make it attractive. i will tell you what is fun. it's having no money and sleeping in your parents' basement one day, and nine months later, been able to get your own apartment, pay your own bills, and get your life in a much better place. that is fun. that is the feedback we are getting on a daily basis from our customers, were having a transfer mode of impact on their lives -- a transformative impact on their lives.

almost 80% of americans are living paycheck-to-paycheck. most of them don't have a financial plan. most of them were not invested in the stock market. they are not actively managing themselves. 75% do not have thousands of dollars in emergency, if something goes wrong with the car, there's a leak in the roof. that's a major financial burden. so we don't want to encourage people to add incremental risk to their lives, we want them to minimize risk for the long-term. caroline: as an eating. -- fascinating. the chief creative officer of stash. taylor, thanks for doing "what'd you miss?" with me. caroline: this should be -- taylor: this should be r omaine's favorite show. caroline: what a week this has

been. we've gone through the highs and the lows post-fight and came back where we started. taylor: 100%. that sums it up. have a great weekend. caroline: that's all for "what'd you miss?" taylor: have a great weekend. this is bloomberg. ♪

>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. ♪

emily: coming up in the next hour, ch