sheri fink, thank you for joining us.f you could talk first about houston and what you're finding there. you, coming from the epicenter covering what had happened here in new york as t the epicenter switches and shifts to houston? there a are a l lot of similaririties, unfortunatelelyd some dififferences -- we can tak about both. the simililarities s are just te nunumbers. the numbers of n new patients. they are stressing t the hospits here.. the hospspital i have b been embedded with, houstonethodistst hospital,l, which is the largest hohospital inn houston, has just bebeen astonishing. they have been adding unit after unit a after unit jujust to carr coronavirus patitsts. they can do o that. meananwhile, there's a safety nt system. those hospitals who are there e treat people who tend to be disproportionately affected by coronavirus, and they are just completely full and transferring their patients out. this is very similar to o new yk in that way. in n terms of some of t t differeeses, itouldld seem at least in the ear

sheri fink who has been reporting inside houston's hardit hospitals. >> we are he at houston methodist hospital, which is e largest spspitaln houston. right at this moment, the number of coronavirus cases is really rising dramatically in the city. amy: and we will speak to emergency physician dr. uche blackstock, founder of advancing health equity y which works to fight racismsm and bias inin heh services. >> living in this country has essentially made black americans sick. and over thehe last three e mon, we have e witnessed a crisis

fink >> you still can call me larry. >> call him secretary fink. >> just as long as we call you for dinner. >> that's great. >> that's right. all right. >> larry, i want to thank you. >> sorry, go ahead, joe. >> so he didn't answer would you -- would you if they asked you for your country, larry? i think you would, wouldn't you? >> i am happy where i am i am thrilled -- i'm honored in what we've accomplished at blackrock. >> okay. good answer. >> thank you you trained me, joe. >> i did. all right. good to have you for an extended period, larry. >> thanks, guys. enjoy. stay healthy, please >> bye-bye. >> thanks, you too >>> coming up, what investors need to watch in the day ahead first as we head to break, let's get a check on the markets "squawk box" coming right back >>> let's get you caught up on some of the headlines this morning. freddie mac says the average on a 30-year mortgage has fallen to 2.98%. that's the lowest level in the nearly 50 years that records have been kept to put that in perspective, the average rate on the 30-year was 3.78% at the beginning of the year and that makes

marketing campaign set to replace the well known slogan amazing thailand with amazing trusted thailand finking is that visitors will only come if they have good reason to feel safe. amid all the tragedy and heartbreak the coronavirus has caused they have also been occasional glimmers of hope one of the positive developments concerns how we get around. over the past few months air travel ground to a standstill. and traffic all the disappeared from the roads. overall lock downs have been good for the climate. this is prompted some cities including the french capital paris to rethink mobility. roger sitting next to dancing around the cones in. easy especially if you're a beginner. but maggie christine has a good reason to keep practicing. i want to be able to ride up hill with my son. i'm not going to give up and also because of the coronavirus i need to stick with it and stop taking the train. and then i'll take the bike. let me parisians are using the pandemic as an opportunity to learn how to ride a bike less confident riders are glad not to have to learn on busy roads. i'm worried about the t

s larry fink the chairman of black rock the world's largest front manager came right out and said climate risk is investment risk. but i don't think there is a choice between plan and profit. it's amazing actually metrics that you're scoring companies on you look at anything or is this really any s.g. thing or is this just good business are you polluting are you wasting resources or wasting resources back to the bottom line or that brings the rate back into big business. screening companies for the s.g. criteria has proven an effective way to anticipate and avoid scandals capable of wiping out share prices through for example in between yesterday mutual funds they had to hold folks who are going for a long time because there were questions around the governance structure of the company. disallowed those e s g. funds to avoid the stock crash that followed reasonable news emissions cheating scandal. with cheating software to make the. green companies are also better prepared to face the growing threat of climate change. act as a reviving the appeal of green investment. sustainable funds are

it's not going to be no surprise that the audience of a creator as a lark are going to constantly fink that we have represent a black woman in the way they are really what they've represented it's just the same racist caricature over and over again. stereotypes like the mummy just a balance sapphire however evolved over time reinvented in characters like the welfare queen and ceci black friends looking for sassy black. where you got one now girlfriend. in the wake of the black lives matter protests there has been renewed push back against this kind of racist imagery the tyndall dreadful yet oh wait we have messed up with thoughts because that is me since he sees no sign to give it to me. i have described to play the part of the welfare queen and my mom is playing the mommy and it's too like stereotypes to get. with no like deep interrogation as to watch attempt once again in just a few. just like pop pop as like best friends of like all white leads remember being on set and almost being asked to give us more size scale us more i to you know. i watch his back and. i absolutely was compl

to discuss this and more i'm joined by my guest laura fink in san diego she is the founder and c.e.o. of rebel communications as well as a democratic strategist and in ellicott city we cross to.

we'll have to leave it there declasse are some a close friend of helen us thank you for joining us fink you're staying in the region now and afghanistan's already under resourced and overwhelmed the health system is struggling to deal with the coronavirus pandemic there are barely any ventilators available nor enough skilled workers to build them but help could soon be on the way thanks to a team of young afghan women with a keen interest in what body. this is what the new ventilator prototype looks like and these young women designed it especially for afghanistan hospitals when they're not going to school in herat in the far west of afghanistan they spend their time optimizing robots. the women started working on this ventilator in may they got tips on line from harvard university specialists it only took them 3 months to finish the prototype it was based on a ventilator from the massachusetts institute of technology that comes in that around $20000.00 but the prototype designed by these young women only cost $700.00 . but when we let him go we decided to build a ventilator in afghanis

they made the boyfriend look like zach fink, i'm not sure why. who is pulling down the curve -- new yorkers. health care workers. the essential workers. out-of-state volunteers. 30,000 people from out of state volunteered to come help us. there,my three daughters he's a little punchy, he's on a diet. the stock market reopens, we come down the other side, there's the briefing table, out-of-state ban, follow the facts, arizona, texas, florida going up -- the last little sign, caution ahead. we climbed the mountain, we are down the mountain, be cautious, what we are talking about today. watch people from other states and we are still in the sea of division, which i talked about in january. even worse. murder, racial tension, protests, even worse than it was. york tough, smart, united, disciplined, loving. love wins at the end of the day. love is the rainbow. bottom -- weon the forge community and community winds and you are part of it and i'm going to give you a poster because you are part of it. >> i thought you indicated last week that you might t

trying to ward off protesters in other words the people aren't full by this they're not fooled by larry fink of our black rock they're not full by donald trump they're not fooled by don't your bank tell yoder of ox wagon comcast apple or wal-mart 18 to your united health ripping them off blind disenfranchising them stealing their a commie and returning america to a slave economy where everyone is i click farms trying to make jeff zucker but rich so i mean mark zuckerberg and rich people all think they can leave before the guillotines really come out max ok if you go look at america right now there's a book on the new york times best seller look list by stephanie calton saying that deficits don't matter deficit meth i think it's what it's called and it's this whole idea of modern monetary theory that says the u.s. is the reserve currency he can effectively print as much money as who wants in this point without triggering inflation. so anything that anybody wants is a program can be formed right but if the efforts of style got a richer how come america can't make 50 cent masks we spent the las

to discuss this and more i'm joined by my guest laura fink in san diego she is the founder and c.e.o. of rebel communications as well as a democratic strategist and in ellicott city we cross to jason nichols he is a political analyst as well as a senior lecturer in the african-american studies department at the university of maryland right across not rules in effect that means you can jump a new job you want and i always appreciate it oh as good as any angle are you that i always go to the person that gets up early for the program so i'm glad it's you you know i'm a political junkie like that will have you i watch a lot of different things i disagree with most of it agree with a tiny bit of it but if you you know if we're in this election cycle let's take for example fox ok the impending dystopia if joe biden is going to be elected now i think that things could change when you look at the people around him but you have 2 very starkly different interpretations of fundamental change of change in the country and nothing will fundamentally change how do you see things playing out go ahead

tom: not that laurence fink has sent you a memo saying by the dip, the habit out there is to buy theip. do you have to pause as you wait for the certitude of the fiscal policy? russ: you certainly need that stimulus, but there are other things that are likely to inhibit the markets in the next few weeks and the next few months. we have been long risk, and it has generally been the right play. we think we are entering a period where it will be volatile. the fiscal side -- you still don't have this to millis under control. thelly, there is the -- stimulus under control. finally there is the hannah -- the 800 pound gorilla. it will be a more range bound market during the next several months. francine, that was an 800 pound panda come in case you are asking. francine: russ, what do you want in the stimulus package from the u.s.? russ: i think the most important thing is to continue to support u.s. households. i think another important component is to support the health care system, it obviously is still struggling to deal with the pandemic. the third component is very important, supporti

can you start off and tell us, what did larry fink tell you about his view on the economy?ie: sure, he said looking ahead and considering where we are now with virus impact and recovery, the researching market for small to midsized is this is needs to come back in a meeting away and he said that what we are seeing right now in his words a kind of i've older economy where you have large companies that have been able to bounce back a bit from some of the pain that we saw in march with small and incised companies suffering. caroline: saying that we haven't seen the worst yet with relation to the virus, but this business has benefited from the stimulus provided and also from the retail investors to get in on the act and money to be put to work for fixed income. what were the key people ways, from your perspective? estimates for profit and revenue this quarter. the inflow into the long-term investment products was really driven by the strength of their retail segment and fixed income products. investors a retail get more comfortable in investing in the second order, they came ba

larry fink is on the train as mark and recent.ons of people have been moving that way, saying we need multistage capitalism. just shareholder only is not working. the rich-poor gap is getting wide, it is leaving too many people behind. there is this rise in esg funds . almost every fund wants to be esg these days. i do think it rises to wall street is trying to -- wall street was already moving there. that is not i think the concern for the market, as much as the tax code. sonali: i want to go back for a second because you were talking about the sky high tech valuations. what does that mean in terms of how you are investing? mike: a friend of mine -- i said this yesterday, a friend of mine said in markets like this you want to be on the airplane, but the seat closest to the exit. the reality is i missed this tech move. i got smart enough not to keep fighting it, but i have not been participating. i got a lot of friends that are making a lot more money than i am these days. i have a whole bunch of gold, bitcoin. that is also partic

larry fink is on the train.ing people have been that way and saying we need multi-stakeholder capitalism. just shareholder only is not working. the rich-poor gap is getting too wide it is leaving people behind. there is a rise in esg funds. almost every fund wants to be an esg fund. i think biden will be moving towards wall street. wall street was already moving there. that is not a concern for the market as much as the tax code. reporter: i want to go back for a second because you were talking about the sky high tech valuations. what does that mean in terms of how you are investing? said inend of mine markets like this you want to be on the airplane but in the seat closest to the exit. the reality is i missed this tech move. at least i was smart enough to not keep fighting it, but i have not been participating. i've got a lot of friends that are making more money than i am these days. i have a whole bunch of gold and bitcoin. that is also participating in this liquidity driven bubble. there will be longer term

larry fink is warning of what he calls a bipolar economy. of blackrock predicting an uneven recovery. he says small and medium businesses face a steeper climb. nk tells bloomberg businesses benefit from stimulus and rising markets. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. . am ritika gupta this is bloomberg. alix: let's end on where european stocks have settled. volume was not terrible. light volume with the cac, but for european stocks volume was above average. 2% plus for european stocks. alsotse up 2% and the dax up over 2%. the story has been the outperformance compared to the u.s. equity market, particular when it comes to technology stocks. the question is do we need to see the money flow through from the european recovery fund in order to sustain that outperformance? we will break that down on the other side of the break. this is bloomberg. ♪ alix: live from new york, i am alix steel. this is "the european close" on bloomberg markets. eu

stock bounced big after pnc dumped shares foolishly and i think larry fink is good we are making oneat's it. we're so done it's scary and that, ladies and gentlemen is the conclusion of the lightning round. >> announcer: the lightning round is sponsored by td round is sponsored by td ameritrade ♪ ♪ ♪ ♪ ♪ >>> want to know a major reason why this market keeps turning higher even though covid cases are spiking and unemployment is at ridiculously high levels but we hope it goes down when we see the number tomorrow. let's take a look with caroline. the brilliant technician who runs the website also happens to be my colleague at real money.com. we need her and a charge to get a better sense of what is happening right now. we could have more upside here even though it's in the face of a tough backdrop we spoke to her six weeks ago she laid out bullish targets let's start with the nasdaq because this tech heavy index is able to close on a record high today. though, it's still down roughly 300 points from the price target so maybe there is room to run here when you look at the daily chart, re

. >> thank you for taking my question you talk to larry fink at blackrock in march, april, and may. i was wondering if you could tell us a little about what you talked about and if the topic of the conversation was facilities, how do you handle conflicts of interest during those conversations? >> so blackrock is just our agent. we make the policy decisions in conjunction with our colleagues and they just execute our plans. i actually don't remember exactly what i would have been talking with him about he's the head of a major service provider he generally checks in to find out whether we're okay with the quality of the service that blackrock is providing i don't have daily face-to-face with black roc three phone calls in the course of a few months. it wasn't very many. i think their conflicts are managed extremely carefully in the contracts we have with them. again, i can't recall exactly what those conversations were. it would have been about what he's seeing in the market, generally exchanging information. he's typically trying to make sure we are getting good service from the com

on that later we hear from black rock and regular manager, too the media loves black rock ceo larry fink because he has opin the world of stock and things. now that they adjusted stake in the company done by a fantastic offering in the low 400s when the deal happened, it's a 552. you don't need to worry about a potential equity deal but you do need to worry about cutting. i wonder if larry will give insight into the fed's bond buying program because black rock is orchestrating it i know this is a small one, probably down your radar screen first to rise. why am i interested? this is a great regional bank and topnotch franchise one of the strongest areas of the country in memphis, tennessee and branchs over the south amazingly well run and yet, the stock sells seven times earnings and a 6% yield it down 40% for the year i get it the economy is a mess and having a terrific covid outbreak but maybe overly punished. bottom line, this is the leap we find out if the real world will intrude on the stock market world and that's what happened in the afternoon today, but tomorrow is the big test if

larry fink of blackrock should know me. the head of franklin templeton should know me.ese major firms that manage capital from all of these pension funds, a lot of it paid in by people of color, they should know african-american entrepreneurs like me and they should be sitting down with us and trying to understand how can we embrace your talent and invest in the community. that's very important. this is an investment, not a charity. cheryl: i love that you are talking about economic inclusion, because that is so important, you know, it's not -- we talked about that with america's veterans, american veterans. it's not a landohandout, it's a up. i was looking at something from brookings institution that kind of stunned me, actually. black americans hold just 2.6% of the nation's wealth but they are 13% of the population. you mentioned a lot of ways that we can change that. but i was surprised to see this is -- this low number really surprised me. what's the problem there? >> you know, the relationship with black america and america is very different than any other america

in the crown isn't it around the world in the sick and one is the depletion of the oceans just to fink of 250 ship trying to get as much as they can in the shortest time is possible if that just shows that there is no consideration for conservation for keeping those species that are under threat of extinction and for the resources of the sea it this moment to the ocean is that most deeply rated ecosystem around the world it has become the dumping side of the planet any of his become this source of if very aggressive system of. so. you know on both sides on the global in the local of galapagos it is a very big threat because obviously around they go up across as are incredibly delicate marine ecosystem and because of that there is actually an exclusion zone around the islands themselves but this is just beyond that so on an international level or what is it that you're trying to achieve so that perhaps the fleet at the very least could be monitored more closely. well the fish you know know they don't know any frontiers and so ring move in an out of the galapagos we surf and fall into th

this question is also for both lieutenant general fink and mr. ulmer. what challenges is -- what programes is the f-35 experiencing on electronic logs and what is being done to understand the root causes of sustainment issues? >> i will speak to them in general terms. there are three problems. one would be, does it exist? relative to the initial existence of an eel on delivery. those have more to do with alice and the i.t. system and have the eels are passed around than the eel itself. they may be corrupted or they may be removed or stripped inadvertently as the electronic footprint of that part works its way through the system from lockheed to a supply point in the country and eventually a squadron. think ulmer, if you lieutenant general fick's answer is sufficient, my time is running out and i have one more question. >> i concur. >> thank you. actions has, what lockheed martin taken to address the non-ready for issue parts and ensure accuracy of electronic equipment logs, more than what you have stated? if there is something else you need to state, an

we will be waiting for larry fink's comments.he accounting scandal shining the light on poor corporate governance. esgill discuss the g in with edmund shing. this is bloomberg. ♪ anna: welcome back to the european market open this friday morning. still 15 minutes to go until the start of cash equity trading. known asmeant to be the year of investing but the coronavirus has remained the focal point of market attention. esg investing has continued to grow as investors look for ways to insulate themselves from shock. on the environmental front, the record amount of green loans were issued from the beginning of the year. shows the light on this social aspects of investing. mistakesard shows the that can be made. edmund shing from bnp paribas is with us. you have created a basket. tell us why you have created this and what it is you are trying to tap into here. edmund: as you said berry's a single-a, esg -- as you said, esg has beenally, huge in the last 12 months and that is a structural shift that shows no signs of slowing. has been

isry fink is on the train as marc andreessen.s of people have been living that way and saying, we need multistate corporate capitalism. just shareholder only is not working. the rich and poor gap is getting to wide. it is leaving the environment behind. there is this a in esg funds. almost every fund wants to be in esg fund. i do think joe biden is moving to wall street. wall street was already moving there. i do not think that is a concern for the market as much as the tax code. >> i want to go back for a second because you were talking about the skyhigh tech valuations. what is that mean in terms of -- what does that mean in terms of how you are investing? >> a friend of mine said, in markets like this, you want to be on an airplane on the seat closest to the exit. i missed this tech move. i was smart enough to not keep fighting it. i have not been participating. i have a lot of friends making a lot more money than i am these days. i have a whole bunch of gold and bitcoin. that is also participating in this liquidity driven bub

senior wall street executives guys like jim chanos who runs a big hung fund, famous short seller, larry finkackrock, the largest money management firm, they are all part of the biden inner circle so to speak so he talks to wall street guys all the time, and be that as it may, there's two types of wall street here, there's the guy at the top of the companies and they need the people who deal with small investors, the brokerage finds people that invest money who turn to wall street for investment advice and from what i understand and i've been talking to financial advisors now for the past couple of days, there has been a sharp increase in investor calls and worry quite frankly, about what a biden presidency would bring to the markets to their portfolios, given the fact that he still remains leading in the polls, again, we're early the election is far from over, but small investors, people that watch our show, the backbone of the investing public, they do look at polls and they are see ing donald trump behind, they're seeing joe biden ahead, and they're getting worried. i should point out that

a lot of people say larry fink, head of blackrock. seems moderate. handle as lot of work for federal reserve in its portfolio. roger altman, names bounced around, tony james of blackstone, another long time wall street denizen who has been working with democrats. but also what you hear is, is it possible that elizabeth warren, that he might, biden might look to, appease the progressive left to make elizabeth warren his treasury secretary? if that happens, you will see volatility squared in the markets. on top of people pricing into the biden tax increases. a lot of presupposition. a lot of people worried about wall street about the impact of the biden administration. point out m firms, man democrats. they profess not liking donald trump. people that work on wall street, particularly the wealth advisors, they care about money. they're seeing that under joe biden the money of their clients could be going to the federal government pretty quick and they're worried about that. neil, back to you. neil: yeah. they should be. that is a real concern here, esp

fink in this market is the tech underperformance, more of a lasting trend.k to the big fang names the resilient players, whether we were talking about a stay-at-home economy with some of the reopening happenilting as the country as a result of the virus or even the reopening story where these were growth plays. the underperformance, whether that opens up the opportunity for more value plays in industrials and materials could be a key question. >> absolutely. i through you're bang on with the netflix point, down 10% now. it was up 63% year to date very much focusing on the guide for q-3 as to why that's down. yes, we're seeing that rotation, yes, we're seeing netflix down 10% which is a warning sign overnight. but netflix does often act on its own as opposed to infecting the rest of fang if this was an apple or microsoft move, you'd be much more concerned about the broader indices tomorrow. >> for sure. netflix also has some wild swings and big down days on earnings, then it's back up to climbing and reaching record highs. the question is, has the thesis real

it kind of points to what larry fink told the guys on "squawk box" this morning about the recovery being lot more muted, they believe, than consensus might suggest. here is what larry said. >> blackrock has never believed we're going to have a v-shaped economy. we believe this is going to be a slower more persistent rebound, but we do believe there is a rebound but it's just going to take longer. >> kind of fits with a lot of the commentary this week, jim. >> yeah, but larry was very thoughtful as i wish we could all have a transcript of the things he said i found larry the most imperative thing was he said a lot of money was taken out with this market it means that a dip is going to be met by new money which is kind of extraordinary. people pulled out money in that last week of march david, remember, i think people came on our air in the last week of march and they were somewhat negative >> yes, i do remember that bill ackman, mr. chanos. yeah, that was not great timing. >> no. >> you had -- yeah, there was a lot of -- >> a lot of rich people. >> a lot of negativity in terms of the mark

straight ahead tomorrow, don't miss a big interview right here on "squawk box" with blackrock ceo larry finkt back. it's easy to get lost in the economic uncertainty. the volatility. the ambiguity. this moment calls for more. and northern trust delivers more. with specialized expertise. proven strategies rooted in data and analytics... and insights borne from over 130 years of successfully navigating economic turbulence. giving you new clarity. inspiring confidence. and helping you uncover new paths forward. northern trust. wealth management. >>> welcome back, everybody. let's get to cnbc headquarters, jim cramer joins us right now. jim, we did have more of the earnings that came out today, more of the bank earnings, morgan stanley and bank of america. better than expected results, not huge activity in the stock maybe because we've seen this show before with the other bank earnings we've seen this week. >> there's way too much on we, some of these quarters are spectacular given the fact that we just went through one of the great stress tests in history and these all dame came through with fl

shareholder capitalism attack is actually a byproduct of this whole social justice movement, larry fink remember, maria, the business roundtable last year saying corporations should no longer exist for benefit of shareholders. that's what he's getting at. it's dangerous. it's economically ignorant and god, do i miss milton freedman. maria: i tell you one thing. the absolute hypocrisy of some of these global money managers who are telling me i want to have this esg, bs, and not invest in sin stocks, i don't want to invest in oil companies, don't want to invest in tobacco companies because they're sins yet they're perfectly fine managing the money of the ccp. it's so hypocrite call -- hipocritical. they're telling us not to invest in oil of companies. really? let me look at the broader markets here. we're on the doorstep of the second quarter earnings season next week. features are slumping amid the coronavirus worries. one stock that is seeing major gains, tesla. katie, walk us through this. the stock soaring 25% in the last week on tesla, katie. you're looking at the charts. what do the

letter we sent was cosigned by senators leahy, young, and coons as well as congressman schneider, fink enheadquarter and begman who are the lead cosponsors of the house bill. we have 18 republicans and 19 democrats and the window is open for those who want to join us in this bipartisan effort. they won't regret t our bill is a temporary stopgap measure, but it's designed to strengthen our health care workforce and improve health care access for americans in the midst of this crisis. consider this reality when it comes to fighting the covid-19 virus -- one in six health care and social workers in the united states, 3.1 million, one in six, of the 18.7 million are immigrants. and yet our broken immigration laws prevent many of these immigrants from contributing more fully to the battle against this pandemic. under current law, there are not enough immigrant visas, which we also call green cards, available each year. as a result, immigrants are stuck in crippling backlogs for many, many years. the green card backlog, which i have debated with senator lee on the floor many times, but this

stimulus was inadequate in terms of addressing a whole hosts of issues and the country needs more fink's stimulus. the most efficient way to do that, to accomplish that is to provide more funding for state and local assistance, because that, again, will circulate into the economy the quick effort and will enable us to solve the problem, which we're trying to figure out here this morning. which is how to safely reopen schools. again, i think it's clear. both sides can stipulate to the fact that that opening of schools is highly beneficial, and it's a goal we all share. the question is, how do we do it safely? a couple days ago the secretary of education in an interview actually made a comment that we should open schools, because children are actually stoppers, and that was the term she used, of covid-19. which -- when asked, by the press afterwards what she meant by that, the department of education cited a study in saxon, germany, again, echoed some of the comments here this morning about the fact young kids particularly smaller kids are not, they don't transmit as much as older children