let's bring back luke kawa and dan suzuki. i get the feeling like companies are trying to slip out a lot of news right now on a day when people are probably not going to be paying much attention to the headlines. timeese things take a long to plan out. maybe they did try to slip some of these and a day early or so. i would not read too much in. there is certainly a lot of ceo turnover over the past year or so. the interesting thing will be when things actually do go bad for the economy and you have all this new leadership. how will you manage this when you are one year into her seat? companies, disney and salesforce, they have managed to hold up through a lot of economic bumps here and there. is there a sense that people storyefocus on the growth that seemed to be in place to work three weeks ago? still have companies like salesforce that can do it. like disneylwarts -- not joe weisenthal, the other stalwarts. . luke: a lot of investors i have talked to expect this to pass quickly. markets telling you that the coronavirus is n

romaine: still with us is michael, state street global advisors, and bloomberg's luke kawa. michael, let's talk about some of the support this market has. is it a little bit too presumptuous to assume that the fed is going to continue to kind intact withgs regards to these market rallies? i think investors have learned over 30 years that the fed will be here. the bubble bursting, 9/11, the great recession brought upon by the mortgage crisis, the fourth quarter of 2019. in each instance, the fed has stepped in. last week, the people's bank of china stepped in with a great deal of liquidity. central banks are there to support financial assets, which is one of the things that makes it so difficult. the central bank being there, at what point is this just artificially holding up our market? michael: it is interesting that you see concerns about a bubble, yet we lack that euphoric moment. i think one of the things we will need to signal a top of the market is that historic moment that has been lacking. we have not seen the capitulation all in to equities. ipo's, big m&a activity.

luke kawa is following this. let's start with a look at tesla. in the face of what is going on in the markets, all of this uncertainty, this one seems to be divorced from fundamentals. divorced from fundamentals is a great way to start with this. even if you want say that tesla is a half technology and car company, even if you were to mash-up those multiples, it is trading up above those. this is also a stock in 2018, when the rest of the market was getting down hard, it was not. this stock marches to the own beat of its drummer. that has been on full display over the past month. shery: this chart on the bloomberg showing those wild gains we have seen on the tesla stock, which is now at the most overbought, more than bitcoin, and they are not included on the s&p 500. what would'vee happened to the s&p 500 if they were included? inclusion will00 need a couple more quarters of posting profitability for people to get those passive lows that you need to get in. rsi, we are above 93 now, so accelerating throughout the day. december 2017, when bitcoin

let's check in with luke kawa who was writing about this this the exceptionalism of u.s. treasuries. tell us what you are seeing here. towhat's been interesting watch, we know u.s. stock have been doing great, the u.s. dollar has been doing great relative to global currencies. but it is surprising in an environment where u.s. data, up until today what, was holding up well. you could see the spread between u.s. economic surprise indexes and a german economic surprise index widen. the u.s. inching higher, while german's went into negative territory. backdrop, since the coronavirus was part of the market consciousness, that you would see a narrowing of the spread between u.s. and german 10-year yields. when it comes to a flight to safety and everything about the u.s., that outweighs anything having do with the mystic fundamentals. treasuries being first among equals in that regard. vonnie: there is a question about what a 30-year yield at that level means for u.s. growth in the long-term. if this would be a quick coronavirus hit, with a 30-year i really have fallen below 1.9

we are going to bring in luke kawa here, who always watches these things. we were talking about these specific warnings we are now getting. interesting to hear larry kudlow say today that it is contained, supply chains have not benefit it, which seems a little --ingenuous, when we have these are frontline businesses, airlines, travel industries. give me your sense of -- black swan, a lot of unknowns -- but where this might go for specific corporations? luke: you have highlighted mastercard and united. different stories and how the stocks are reacting. mastercard, to their credit, said we are going to have nearly 10% year on year net revenue growth, which is nothing to sneeze at. what i found interesting about this was that they said, we still think we will be at the low end of our full-year guidance, if this is only a first quarter story. the fact that is not being withdrawn tells you a lot about what you need to know about what corporate america expects in terms of the longevity, or the amount of this bounce back. the chart we have here shows you , yes, 20

romaine: thank you to luke kawa and eaton vance's aaron dunn. that does it for the closing bell. "what'd you miss?" his next. this is bloomberg. ♪ romaine: live from bloomberg world headquarters in new york, i am romaine bostick. weisenthal.e scarlet fu is off today. romaine: the s&p 500 falling from a record high as apple warns on sales. one of the largest companies in the world cutting its outlook amid a supply and demand disruption from the coronavirus. gold rush. bullion prices at their highest in seven years. reserves dwindled. how much further can the rally go? tech regulation. as the eu plans for tech oversight, facebook ceo mark zuckerberg makes his case in brussels for what the new rules should look like. runningna's economy is at just 40% to 50% of its capacity in the last week, with large variations across sectors. economists scrambling to answer the question, much of china is back at work and how much remains locked down due to the virus. tom, this is really fascinating work that your team has done. looking in different sectors. it is actually jaw-dropping the degree

we are joined by luke kawa. there is money coming out of treasuries. it has to go somewhere. not account for the entire rally. luke: it is difficult to do the why's of this one. if you want to tell a story you could say the iowa caucus was an event people were hedged for in this reaction we are seeing in bonds and across market is a very risk on town is essentially what we deserve to have yesterday after you got the ism on the heels of manufacturing pmi from europe that were also broadly positive. i think we are coming around to the idea that the starting point before the coronavirus growth impact, whatever it will be, was not as bad as for your. -- was not as bad as feared. guy: what will it take to knock these equity markets back on their heels? i know we are still down with where we started from the coronavirus, but nevertheless the move is minuscule. thingsf you look at people said were supposed to correct, the richly valued software stocks, since we started to get coronavirus related retreat inequities from the close of january 23, software stocks are up over 6%. since th

i think some of your colleagues have commented, luke kawa has commented on tesla and some of the dynamicsng on. but i would simply say this, i think one of the things about tesla that i find intriguing is that it is both -- it has technology component to it, clearly, and yet it is sort of a new fashioned industrial company. ultimately, i think when you have those types of business models that are ultimately asset heavy but have some aspects of transformational nature, the ability for the cost of that capital to be mispriced is very, very high. because you are simply dealing with a different type of return on investment than facebook or google or some of these other established tech giants. i think that is going to be one of these themes where they are twice the market cap of general moly -- general motor and forward. i can't help but wonder whether they will pull in aol time warner thing. the company with the richly priced stock will merge with an old-fashioned auto manufacturer at some point. who knows. thejust saying, i think tesla short thesis is one of those things where it is the ult