we know that abigail was a wonderful seamstress.e do have her quilt here. -- a colorful quilt called a tumbling block pattern. the house was a very busy place. but it wastier, galloping. abigail would've had many visitors. she would have had people come in. possibly they would have had tea. we can imagine abigail having a very full life. her days were very full. we see her as a hospitable, young woman. young wife. young mother. teacher. >> that house is still available to visit. the 13th president of the united states was the last whig president. and the other thing, this is picking up on something paul mentioned, they came from modest means. all of the presidents before brought personal wealth to the white house. this begins a series of presidents who are middle-class. what is the impact of that on the institution? ms. hunt: long-term, i think that what we see with the is something of a change that will follow through in the 20th century, looking forward. but, we are still prior to the civil war. that is going to be a giant hiatus

abigail: i would agree with you on that. relatively small declines for the major averages after the gains we had yesterday. right there, a lot of uncertainty and waffling after last week. maybe a bearish tilt to all of this. what investors are waiting for, so many different factors. of course tomorrow we have the big tech hearings. we also have the fed. earnings over today, tomorrow, and thursday, each day, 10% of the s&p 500 companies reporting. on thursday, it is apple, amazon, alphabet, and facebook. about 40% of the nasdaq 100 in weighting. investors want to know what is happening. gold going back higher as the dollar is lower. some of the trends we have seen more in place recently are still

joining us, abigail doolittle. abigail: a lot to digest, and you nailed all the issues. big piece of it has to do with the big xl off, but the rising tensions with china have been

it is where abigail smith adams was born. she lived for the first 20 years of her life there until she married john adams in 1764. she continued to be connected to this house throughout her life. she visited throughout her parents' lives. this was a place where her character and ideals were formed so it's very important to her. we are an all volunteer organization and we try to continue her spirit by offering educational programs and we also offer seasonal tours and private tours. and if you would like more information, please check out our website at abigailadamsbirthplace.org. when i first joined the abigail adams birthplace board a few years ago, despite knowing how prevalent slavery was in early new england, i was still shocked to discover that there were slaves in the home where abigail adams grew up. her antislavery sentiments are well-known, but her father, reverend william smith, had at least four slaves. cato, tower, tom and phoebe. these individuals were important to abigail adams' early life. we try and commemorate

abigail: right.hink one of the things we really want to highlight coming out of the latest research is something that i think is going to help us think about the trade-off of some of the policies governors are considering. any progress we make in containing a very's -- containing the virus is going to have serious ramifications for our children. what we want to highlight is the fact that after a few months and weeks with this virus, we have been able to understand what is happening to labor markets in places where different policies have been adopted. a really striking finding coming out of many pieces of research. i have seen this repeatedly in very timely research seminars since early summer. states that had strict and early lockdowns are seeing labor market changes that are really just as significant as states that did not lock down. what that is telling us is the economic impact of the virus is happening regardless of the letdown measures states put in place. foreignererro, as the from england, h

abigail wrote to express his condolences to jefferson's daughter, poly.he replied abigail that he and john adams had a long friendship, in fact, he wrote he had never stood in one another's way. in fact, for the first time spoke explicitly about the midnight appointments that had divided the pair. >> i can say with truth that one act of mr. adams life and won only only gave me a moment's personal displeasure. i did consider his last appointments to office as personally unkind. they were from my most ardent political message and laid me under the embarrassment of acting through mine. this one reads a little bit differently. as he comes across as a levelheaded virginia, here he is somewhat different. he speaking to abigail as an intellectual equal and concerned about how politics may have ruptured his friendship. >> and cliff sloan, or this frustration about these appointments and this case. >> both the appointments and the case for different reasons. they came together but, in terms of adams, as was indicated in that letter, jefferson took it very personal

let's get over to abigail to little. abigail: thanks so much. fromng us today is ari oppenheimer.ve your perspective. usually pretty bullish. so much discussion today. including the rotation we are seeing. a little bit of the reopening rotation versus the stay-at-home following. before we do that, because you are typically bullish, after all of the volatility we have had, what is your target for the s&p 500 at the end of the year? you think will be higher or lower? ari: we think we will be higher. we come into the year, we set a target. we do not change it. we see how we do at the end of the year. we came in to 2020 expecting 3600. it was not good in the first quarter. looking a little bit better right now. we think weekend still get it. abigail: talk to us about what you like in terms of the internals you think we are basing and also around high data trade. clients,ing to ,peaking first on internal concentrated market performance remains a lingering concern. how we see it, the participation levels are consistent where they should be less than four months after a major low. the ch

we start with the markets in abigail doolittle. we are not getting a lot of lift with equities and how much of that is the jobless claims that through people a bit? abigail: that is a big piece of what we are seeing today. even though the lines are small, earlier the futures had been higher and we are looking now at small losses. that was after the jobless claims number came out at 8:30, the first time we saw a rise since march. investors connecting to the idea that the recovery could be bumpy at best. that is what that number would suggest. at this point the s&p 500 down slightly. the nasdaq 100 down more significantly, about .7% as some h,,the big tech names weig particular microsoft. they beat numbers in a big way. the cloud numbers disappointed, if you can believe it they disappointed with 47% year-over-year growth. growth is slowing so investors want it perfect. twitter is popping sharply higher. up 8.5%. there ad revenue number slid but what impressed investors is daily user growth, record for the second time in a row, up 34%

abigail doolittle, thank you so much.more on tesla, i want to bring in cathie wood, ceo of ark invest, and a well-known tesla bull. stake, including 17% stake in ownership. the company is 103,000 vehicles in the first order, or about 4% of the 2.4 million made by toyota. does tesla deserve this? cathie: well, i think abigail did get it right. this is not an auto company for the it is an electric vehicle manufacturer, but tesla is evolving into both a ride-hailing company, which we think they will launch sometime this year with human drivers, and ultimately and autonomous taxi network provider. softwareh more like a as a service company, transportation as a service, then it is a vehicle manufacturer, although that is the starting point for their model. been: so why has ark cutting its stake? obviously, i know you are bullish. cathie: sure. we trade around controversial the time. disruptive innovation, which is our focus, is filled with controversy. therefore, the stocks can be quite volatile. last year around this time, 18

somebody said to me are you giving any thought to writing a biography about abigail? honestly i have written one because you cannot read the life of john without abigail. >> as a product of public education and then to be dismissed as a part of this federalist and then think of the depth of the person to the jefferson memorial it seems like something is missing. >> the question is if we have a symbolic expression. and then i feel strongly that gwe should. and that willl be decided the house is already voted for this that remains to be seen and now to have a sufficient number of arguments. i do have an idea what the memorial. and i would like to tell you what it is.au [laughter] i think it ought to be a library of american letters. my idea of heaven is a library inib a garden here in the city somewhere and is an oasis not a temple butle a library with changing exhibits. the letters were literary accomplishments of other people of other americans a few times. very tacky doctor billington and direct erica massachusetts historical society as conceivably library of congres

abigail doolittle is here.t seem to have been really a little bit from the gdp numbers, even though we've expected them. are they recovering? abigail: a little bit. poor economic numbers to say the least. thegdp number down 34%, worst since 1947. better than estimated, but it demonstrates the idea the thatmy came to a halt in second quarter, hit very hard, not just the gdp numbers, also the jobless claims numbers elevated for a second week in a row, a little bit better than estimated, but nevertheless 1.4 million people file for second week in a row. stocks taking a hit but you can see the naaq

helping us break it down is abigail doolittle.bigail: we are looking at a bit of a tale of two stories between earnings winners. it is shipping up the way most thought it would. we have energy and some of the other consumer names that are actually losing. after those winners let's start off with amazon and apple. they put up huge quarters and are being rewarded with the stoxx up in both cases getting sales estimates by about 10% each. adjusted earnings beat by true double digits. here is the fact that apple actually met it pretty pandemic estimate. this is confirming those big tech names are thriving through the pandemic. chevron on the other hand reporting the worst loss in three decades. two times worse than what they were looking for. also sharplyis lower. they beat sales estimates but were down 31% year-over-year. they also warned that the second half will be down. surprises, sector tech and consumer discretionary beating by the most. on bottom we are looking at energy missing by 15%. utilities by 8%. to some degree. the s&p 5

let's check on the markets with abigail doolittle. yesterday was all about tech, today is all about energy. abigail: it is amazing these big moves we are seeing in all sorts of directions relative to sectors and styles. yesterday we had the huge monster rally for tech. out of nowhere last week there was a drop. today we have tech lower and energy up nearly 6%. we have the s&p 500 up .5%. what is interesting is yesterday up .8%. even though only three sectors were higher. higher,st sectors are but we have a smaller gain because of the weighting of those sectors, energy materials, on down the board. the tech heavy nasdaq is down .8%. this has everything to do with its 46% waiting to apple, amazon, microsoft, facebook, and google. we are seeing the worst case fear on the part of investors that if those names go down it will take the market. we are seeing that split between the s&p 500 and the nasdaq. small caps getting a bid, which did not happen yesterday. david: speculate with me. how much of this is the real world? we have the big eur

emily: abigail doolittle in new york, thanks so much. meantime, one of the stocks that rose sharply, then pulled back sharply today was tesla shares rising into the double digits, then back into negative territory. joining us, dan ives. there was a lot of optimism around tesla announcing battery day. what do you make of the sharp rise and then the sharp pullback? >> just a little bit of a knee-jerk reaction. daynet, you look at battery combined with earnings and profitability, right now $2000 could be on the near term horizon for the stocks despite these covid storm clouds. so, talk to us then about battery day. how optimistic are you about this? what does this mean to the larger story of the company? day will be battery a potential game changer for the story. i believe the million mile battery gets announced and i think it is important because this along with some other technology names, that is something that is going to enable tesla to continue to cut some prices on some of these cars. it, then you look at moat they have built from a

joining us, abigail doolittle. abigail: a lot to digest, and you nailed all the issues. big piece of it has to do with the big xl off, but the rising tensions with china have been the backdrop for the past two years, but really coming into the forefront here. and economic data, frankly, not right. investors are paying attention to that. you put it together, nasdaq 100 down .9%, down on the week for the second week in a row. stocks hit even harder, down 1.6%. what intel really disappointing, at lowe's down 18 per soient, worst day at that point since 2000 to one third quarter guidance for that chip to let you talked about, and also the idea that manufacturing of their trips could be changed. we had investors going into a haven asset, let's call it a haven asset today, gold, above $1900 for the first time since 2011. so risk off for sure. i mentioned the nasdaq 100 down on the week, that is true for two weeks in a row. we talked about this last friday, emily. last week the nasdaq fal as the -- nasdaq fal as the dow key 500 climbed and the last time we saw that happened was

a family tragedy brought together thomas jefferson and abigail adams in june 1804. abigail wrote to express her condolences on the death of jefferson's daughter, pollee. he also for the first time spokes explicitly about the midnight appointments that had divided the pair. i can say with truth that one act of mr. adams life and one only only gill -- and laid me u the embarrassment of acting through men whose views were to defeat mine. of the many thomas jefferson letters we hold in the adams family papers this one reads a little differently. often thomas jefferson comes across a cool reserved levelheaded virginian. here he's somewhat different. he's speaking to abigail as an intellectual equal and very concerned how politics may have ruptured his friendships. >> this frostration, i should call it, seethed in jefferson as you tell in the book for years about these appointments and this case. >> well, he took both the appointments and the case for different reasons they came together. but first of all in terms of with adams as was indicated in that letter jefferson to

we will start with abigail doolittle. abigail: stocks are doing pretty not -- pre-much nothing. up .2%. if the index does close up, it will be the fourth update in a row. that would be encouraging. we are seeing weakness for the stay-at-home stocks. the faang stocks down .3%. not a huge move. when we are seeing bigger moves, we have u.s. china tensions flaring backup. one of the china stock etf's in the u.s., basically chinese companies listed in the u.s., that index is down 2.1%. that is the only area where we are seeing tensions. it is amazing to see markets look past the developments. if it had

kevin: thank you to abigail. not just to traders who want to know what is happening in washington, d.c. with the economic stimulus, but mayors around the country saying they need more cash to deal with the economic effects of the virus. joining us is one of those mayors, steve adler, the democratic mayor of austin, texas. mayor adler, thank you for joining us. how crucial is it states and local municipalities around the country get access to capital in this next round of stimulus? mayor adler: it is important. austin is dealing with huge issues, especially in the hospitality industry. hotels, restaurants, bars not open. have a lot of people out of work. we are looking at unemployment compensation payments that are stopping. we are looking at tenants that are scared to death of being evicted. landlords not getting rent to pay their mortgage. we need federal assistance. you beenat have advising some of your constituents with regards to benefits set to expire in a few hours? mayor adler: nothing i can tell them is p

return to abigail doolittle. stocks are up, but i wanted the bigger story. what is going on with the dollar? abigail: the dollar is a huge story today. rick to have you back in studio, david. relative to the dollar it is absolutely getting decimated. a 10 year uptrend of support barely hanging on. all sorts of cross-asset ripples. we have stocks well-off highs, but we do have gains for the major averages. the s&p 500 up .3%. the nasdaq up about .7%. index has beenng higher. all of this as old is surging and the dollar lower. a dangerous relationship here. all eyes on the fed on wednesday, how they are going to handle all of the different relationships. when you have money, that weak dollar, has fueled stocks going higher and old going higher out of the march highs for the dollar. investors turn to the precious metals and gains for stocks cool off, it creates an interesting relationship. david: exactly. it is hard to imagine the fed is going to say remarks that is going to strengthen the dollar. maybe there is no alternative to stocks. abigail: in terms of th

thank you so much to abigail doolittle. congress has done so much to support the economy and the tally is starting to mount up. in the month of june alone the deficit for the united states of america was $864 billion in mulvaney -- and more may be on its way with additional stimulus. ,e welcome douglas holtz-eakin the former head of the congressional. $864 billion in a month. 14% of gdp if you do not add more in. can we afford this? : we can afford this. the money is not free. in this moment, the most important thing is to support the american people, get businesses back on their feet and get the economy to recover. that is the route to getting the budget in better shape, that is the route to getting anything we care about, better incomes, less any quality, all of that comes with getting the economy to full employment. do what is necessary, focus on what is necessary, and recognize that at some point in the future , 2023, 2024, there will be a moment of reckoning where we have to be able to control the growth of the debt. t

abigail: tesla delivered. considering you have the stock of more than 280% on the year going into that report. before we look at that stock specifically, it has been another interesting, slightly choppy day. more sleepy at the end of the day. we saw this late day surge climbing. not huge gains. we had stocks of flat. nasdaq down at the end of the day. . this s&p 500 higher. this seems to do with the fact that we once again have the fed balance sheet expanding. that is driving the dollar lower, helping of these major averages. the new york faang index down ever so slightly, despite microsoft climbing into its report which we will talk about in a minute. there were renewed to between the u.s. and china with the u.s. closing down china's consulate in houston. stock see, a china's index in the u.s., down 1.8%. that is sort of a broader recap, a little bit of a risk appetite, but more neutral. as for tesla, risk on, risk on, and risk on. they basically delivered. the stock up huge on the year, now up to hundred 90%

abigail doolittle, thank you so much for breaking it all down.eantime, it seems to have been insurancer for technology companies. hippo, fresh on the heels of its rival, lemonade, has raised fresh funding. now valued at $1.5. joining us is the cofounder. thank you for joining us. i would love it if you could start by sort of painting the picture of the environment out there. obviously, we are waiting on potentially a new relief package from congress but for many, it will not come soon enough. what was it like for you trying to raise money in these conditions? >> not easy. i think what you see is several things. insurance as a sector is quite resilient. specifically home insurance, close to a beta of zero. that resonates very well with investors now. most people, there was a panic weree beginning, then they realizing they were staying at home and people who are homeowners are stronger based than others in the economy. most of them still detained their insurance. if anything, this is exactly the right time to refresh and renew your insurance, makin

let's go out to abigail doolittle, who has some background. abigail: a big miss here relative to earnings. we see those shares plunging. the more important miss probably around subscriber ads. it beat the expected number, a little bit above $10 million. the whisper number was close to 10, even 12 million. this stock up nearly a double from the march low. they simply did not put it up even though they beat revenue slightly. again, earnings down and subscriber number for the second quarter missing the high-end. in the first quarter, they put up 15.8 subscriber ads. there was clearly some pull through. when they put up misses, it is typically in this june quarter. disruptiono with the at this time of year. even though there were a greater number going into this quarter, leading for some to believe they would be simply not the case. you were mentioning the fact that the third quarter disappointing, 2.5 million. the street, a little bit below 6 million. some expectation of a whisper, closer to $7.5 million. putting it into the context of the first

we start with the markets and go to abigail doolittle. abigail: they are trying to rebound once again. you are right, a very strong jobs report. extremely stronger earlier, up more than 1.5%, even more than 2% on some of the indexes. 1%.s&p 500 up about the nasdaq around the same level. record closing high being helped out once again by bank stocks. financials doing well also. we have a nice sector composition here for stocks. on the week, we are looking at an up week. there has been volatility. here for stocks as the bold and bears are battling it out for which side is with the economy. david: it has been up and down even though we had the amazing quarter we just ended. as we go into the second half of the year, you say that maybe perhaps some tea leaves that indicate there may be a shoe to drop. why is that? abigail: i look at a lot of charts each day and there is just nuances in some of these charts that suggest that some investors are preparing for the possibility of some sort of even shock, an event that most are not anticipating. th

here's abigail doolittle with around up.: there is a tale of two stories between these tech giants, microsoft trading lower twitter is higher. microsoft beat top and bottom line estimates by double digits, but their cloud business disappointed. revenue, butd ad their daily users group. as for the cloud business for microsoft, it is moving in the wrong direction over the last several quarters. but what is amazing, investors are disappointed by the cloud business. this idea that that is disappointing is stunning, but on a down sequentially year-over-year basis, so investors selling off the stock. up more than 30% on the year. as for twitter relative to that daily user growth, the second time we are looking at a record in a row. in the june quarter growing by 34% after the march quarter. it looks like the lockdown on the shutdown very positive for twitter as folks want news and entertainment. looking ahead to after the ballot, we are looking at the intel reporting for chip companies. in topodel to grow both and bottom line esti

abigail: thank you for joining us.berg. ♪ >> this is not like aftermath of the financial grade with a wounded economy. our economy has gotten over its skis before the crisis. it took years to get out of it and we needed a lot of stimulus along the way. i don't think that is happening. don't think the economy as of february was fundamentally unbalanced. if the virus were under control i think we could, i think there are a lot of good reasons we could have a fast recovery and would not need much in the way of policy. but that appears to be -- where we are right now is back in the situation we were in in march, april, the economy that of the coma because covid virus. they go with policies to make that situation tolerable, to avoid having the depression spread any further than it has to and partially locked down economy livable which means we need to continue a lot of the programs that we put in place in march. and the concern is of course a lot of that stuff is going to expire in a few weeks. joe: are you surprised by the

abigail: lack of action was the theme on this slow summer friday trading day.here was some fluctuating between gains and losses on the s&p 500, the dow, and the nasdaq, but this is the first few -- the first time in quite a has been true,at but this is the first day in quite some time where it did not file shoot might drop or we did see a true bump. there is reason to think that could be ahead, but today, the s&p 500 up, the nasdaq managing to pull out a gain -- it seemed like the nasdaq might put up its first two day decline, which would be the first time in two months. part of that having to do with biotech. goldman had constructive comments on modernity. on the week, the worst week going back since march, the nasdaq down on the week, the s&p 500, the first time we've seen that since the fall of 2018. that might not be the most auspicious signal. netflix on the week, down 10%, its worst week in a year since they had a bad quarter last june as well, reported in july. this comes on the not great second quarter, but the third quarter guide really weighing, that

abigail: they are jittery. earlier we had the major averages all up 1%. it seemed like nothing could stop the bullish sentiment. now we are looking at mixed markets. the s&p 500 barely higher. most of the nasdaq indexes are sharply lower. the s&p 500 being helped by some of the cyclical sectors. on the other hand, you have the faang index, a proxy for the stay-at-home trade with the mega cap companies that have done well with the stay-at-home shift we have seen over the last months down 1.5%, now down 4% over last four days. amazon down 3.2%. this is a real tension because it is healthy if we have cyclical sectors doing well. on the other hand, and on the idea we are recovering are going toward a reopening, if you have the stay-at-home stock such as the apples and amazon's or some trades.ther it will be interesting to see how this works out. right now it is resulting in jitters. that with warned us the fans they might have gone too far, too fast. you've been warning us. what about the news of a possible vaccine? that seem to capture the markets attention

abigail: it is interesting. it was surprising.t felt as if there was this invisible hand, technically overbought. it, a lot ofce of folks are saying this is a consumer staples stock because of the strength of iphone sales during the pandemic, the fact they were able to put up these strong numbers, beating revenue by 11%, the adjusted earnings estimate by 24%, services grew by 13% year-over-year, so strength across the board, and folks want in one of the biggest companies in the world, best managed, one of the best managed , and frankly when you have stocks in other areas not doing well, caterpillar, energy stocks, that money seems to be going into big tex. you mentioned -- big tech. you mentioned apple. this is their fifth stock split. it has a history. 1987 was the first one. it took quite some time to 2005, it tookter less than two years. here we are. some of this does make the stock more friendly to investors, retail investors in particular because instead of buying a stock that is a few hundred dollars, they will be buying one

abigail: there is an undercurrent of u.s. china relations. that was the big story last year that caused risked on, risk off. there are payrolls that suggest the economic data could stagger. the biggest pressure is probably the tech sector, the s&p 500 or the nasdaq in particular being pressured by weakness in tech. the nasdaq had been down more than 1% and it started yesterday after we spoke. the nasdaq closing down about 2.8%, its worst day almost two months. this is the microsoft results were not great enough. the tech stocks up so much. yesterday after the bell, intel reported a good quarter, but the third quarter guidance not needing the mark. att stopped plunging 15%, the lows, down 18%. its worst day since 2002. another big story, we have been talking about silver. the spotlight today -- gold crossing above $1900 per ounce earlier. that haven asset, also you could say a derivative of fed liquidity on the others. painting a risk out picture for all of this, we have the yen up for a second day. dollar-yen up 1%. that tells you investors a

abigail. >> thank you so much for that question. first and foremost i think i have a unique perspective to this. during the first recession i just turned 18, i was still undocumented. i was working at a fast food place and so i i was putting my money into social security, and was until i turned 21 that i finally had the ability to legalize my status through dreadful because my mom was a victim of abuse by her husband. but he do say that because while i didn't see the immediate effects of that recession, today it is evident how much it is hurting current millennials and gen xers. my partner was unemployed for about three months this year, and not on that but i actually see it with other folks and friends, family members that are also unemployed right now that lost their job. because of that they don't have the ability to be able to save for any other -- using private retirement accounts or anything like that because it isn't money right now. a lot of these folks are using up their savings accounts right now, taking some of the money

congresswoman abigail spanberger, thank you for joining the program.eresting issue i america because it is one of those rare issics when repus and democrats are on the same page at the moment. in many western countries, the debate over wearing a face mask has become mixed up with freedom and politics. inrance, a bus driver was killed over the issue. in jap, wearing a mask is simply what you do to stop viruses. they have been doing it for years before covid and medical experts believe it has helped them now. from tokyo, here is rupert ngfield-hayes. rupert: at this station in tokyo, it is ther.orning rush-h tens of thousands are pouring from the station heading for nearby office towers. not a single person is without a face mask. no one has been ordered to wear one, but everyone does. >> [translated] i don't think it is acceptable not to wskr a i think everyone in the world should do so. coronavirus is something we should take ve i think japanese are obedient and listen to what other people say. that's why we wear masks. it's very japanese. rupert: the

lead miller abigail hose birth normally grinds flour here twice a month the mill host tours for school classes and the annual bread and beer festival. in brixton a london borough once known for its roughness it had become a real draw. but the coronavirus changed all that. still more flowers now being built here than ever. the wood is that we tend to get maybe 10 or 20 bags of flour. since the pandemic has hit those orders and increased dramatically for the bakeries the nerves are trying to make sure they can produce bread and people milk because they can gain supermarkets they will be able to make bread and passed pastries cakes and things. and then there's the local food bank. personally delivers donations of flour from the brixton windmill. but a term like this would be. the 1st case it could be. 5 year old. and you could get one by one here in britain there's a real sense of community and the milk is a big part of that. his feet are not helped and cope without the mill which is a charity in itself but also helping out people in the area if you want to get access to good quality ingr

we will start with abigail doolittle. abigail: stocks are doing pretty not -- pre-much nothing. the s&p 500 up .2%. if the index does close up, it will be the fourth update in a row. that would be encouraging. we are seeing weakness for the stay-at-home stocks. the faang stocks down .3%. not a huge move. when we are seeing bigger moves, we have u.s. china tensions flaring backup. one of the china stock etf's in the u.s., basically chinese companies listed in the u.s., that index is down 2.1%. that is the only area where we are seeing tensions. it is amazing to see markets look past the developments. if it had been a year ago. i would not be surprised if we were seeing a 1% down move. futures lower earlier. silver higher. stocks might not be doing much but some of the frothy money seems to be going to the precious metals. silver up a fourth day in a row. not surprisingly the dollar down for a fourth day is helping. it'll be interesting to see whether than the dollar index can hold on. a sleepy summer day. tesla will be reporting after the bell. david: except for silver. abigail i

abigail: certainly a quiet saturday -- a quiet summer. we are looking at stocks fluctuating in the u.s.. we have some outperformance with biotech index, and that has to do with goldman saying moderna's vaccine may be able to be accelerated in some ways. it is being discounted. that is helping out that area. where we see weakness is the theg index, down .9% in weakness around netflix and other big cap techs. fluctuating between strong gains and losses. in the week it is a different story and a different story from what we have had over the last few weeks. we have had the s&p 500 higher for the third week in a row. we have the nasdaq down. the first down week in three weeks and a lot of that has to do with netflix having its worst week since 2019. they put up a disappointing quarter, messy second quarter but weighing on the stock is the subscriber view for the third quarter. an important peas of information comes out of that netflix result and what is happening with that stock, down 11%, the fact the stocks have been up so much out of the m

lead miller abigail holds birth normally grinds flour here twice a month the mill host tours for school classes and the annual bread and beer festival. in brixton a london borough once known for its roughness it had become a real draw. but the coronavirus changed all that. still more flour is now being milled here than ever. the wood is that we tend to get maybe for 10 or 20 bags of flour. since the pandemic is here those orders of increase dramatically for the bakers a set up in their lives are trying to make sure they can produce bread and that people can fly because they can get supermarkets at home they want to be able to make bread and pass the pastries cakes and things. and then there's the local food bank. personally delivers donations of flour from the brixton windmill. but a term like this when people look into these various kinds. of could be. 5 year old you. know and you get one by one here in britain there's a real sense of community and the milk is a big part of that. should feel not help in. coping up the mill which is a charity in itself but also help you know people in t

romaine: nab -- >> abigail, what are you seeing?bigail: when you add up the headlines from the day, the news, the commentary, a rocket day for the markets. as you mentioned, pricking a two-day rally. stocks couldn't get out of their ,wn way today, ending near bearing the losses. the s&p 500 had been down far more. point downat one more than 1%. big take a drag. that momentum trade that had worked for so many weeks, in fact months, really spluttering. some of the china stock weakness seems to be linked to that. and before talking about netflix on the day, there were some big early movers. bank of america to the downside after putting up a quarter where they beat estimates but did have a loan reserve loss. importantly, their consumer unit, profits down 98%. you can see those shares responding. morgan stanley put up a huge quarter. that stock doing well. revenue up 21%. then johnson & johnson. theirere able to raise outlook, despite the pandemic. a bit of a mixed bag for earnings. meantime, netflix still down after hours. i'm told we a

abigail: another volatile day. today, a bit jittery. there was a point in time where it felt like you were going to see a bearish reversal. it did happen for the nasdaq 100 and the new york faang index. the tech stocks and stayed home stocks did go lower. at the beginning of the day as you were mentioning, we had the surge and optimism around the moderna vaccine, that perhaps it is going to be the cure-all and could come earlier. but, that is far off. when you put that together with the fact that the dollar -- and this is boring in a way because the dollar has been one of the big drivers for stocks and raise gaskets -- risk assets. the overnight, the dollar had been down 6/10 of 1%. on the open, down have a percent. when the dollar paired its losses on the day, that is when stocks got choppy. it is a technical nuance that is creating some of this jittery action on top of the fundamentals and the stories we have that seem more obvious but are perhaps less of an influence and this point. shareswe saw twitter fall sharply after hours. we a

abigail doolittle is here. the market seem to have been really a little bit from the gdp numbers, even though we've expected them. are they recovering? abigail: a little bit. poor economic numbers to say the least. thegdp number down 34%, worst since 1947. better than estimated, but it demonstrates the idea the thatmy came to a halt in second quarter, hit very hard, not just the gdp numbers, also the jobless claims numbers elevated for a second week in a row, a little bit better than estimated, but nevertheless 1.4 million people file for second week in a row. stocks taking a hit but you can see the nasdaq has recovered. one interesting thing is we finally have a little bit of strength for the dollar after the fed yesterday in a while range, now slightly higher. this is tampering gold. a gold rally is on pause. not a strong risk appetite on the day to say the least. david: at the same time, we had the big tech hearings with the four ceos getting beaten up. we had some big earnings today. does it look like tech

abigail personally delivers donations of flour from the brixton windmill . i determined this will be probably look into various cases we could. get. 5 year olds. and you could get in one on one for peer groups and there's a real sense of community and the mil is a big part of that. his feet are not come to help them. cope enough to know which is a charity in itself but also helping out people in the area if you want to get access to good quality ingredients and good flour that they can use to make coffee in the us so it's pretty likely the flour ground at the brixton windmill will remain popular even after the corona crisis is over. with that we've come to the end of today is filled with thank you so much for watching who join us next week for another of this and focus on europe for me and the rest of the team in its goodbye and see you are next time. ok your distance. the coronavirus has changed almost every thing. how we live. how we spend our free time how we travel. how our company makes advertisers and creative industries reacting to social distancing a

thanks to abigail doolittle for that report on the markets. coming up, how worried should we be about our kids going back to school? lanhee chen of the hoover institute is here with an analysis of that question. that is coming up on "balance of power" on bloomberg television and radio. ♪ david: this is "balance of power" on bloomberg television and radio. right now is time for bloomberg first word news. we go to mark crumpton. mark: thank you. a coronavirus vaccine being developed by the university of oxford and astrazeneca has showed promising results. the vaccine increased levels of protected neutralizing lstibodies and immune t-cel that target the virus. results were published today in the medical journal the lancet. the u.s. supreme court is refusing to fast-track disputes for subpoenas of president trump financial records. house democrats -- the court gave no explanation for its decision. justice sonia sotomayor work said she would've granted the fast-track request. the british government is blocking arms sales with hong kong. the move is

emily: abigail, thank you for that. we are in round three of questions with the representatives talking to the ceo's. i want to focus on mark zuckerberg's testimony. take a listen to this exchange with representative nadler. >> you have written that facebook can likely always by any competitor. on the day facebook bought instagram, which you described as a threat, you wrote, one thing about startups -- you were referring to companies like instagram, weren't you? >> i've always been clear that we viewed instagram as a competitor and a complement to our services. in the growing space after smartphones started getting big, and they competed with us in mobile cameras and photo sharing , but almost no one thought of them as a social network. people didn't think of them competing with us in that space. i think the acquisition has been wildly successful. we were able to continue investing and growing it as a standalone brand that now reaches many more people than kevin or i thought would be possible at the time. >> in early 20

abigail doolittle has more.it looks like there is the possibility one trade war maybe cooling down, but when we look at the shares of airbus would not know it because that stock is still down. airbus saying they have taken the final step to end a long-standing trade dispute with the wto, which is the justification for u.s. tariffs. this de-escalation from airbus is what they're calling the final step to end the situation with the u.s. and with the wto. what they are doing, they have agreed with france and spain to amend repayable launches on one of their planes. removedim this is what justification for u.s. tariffs. theou recall last october, u.s. did slap 7.5 billion dollars of tariffs on european goods come anything from alcohol to airplanes to luxury goods, hurting airbus. they receive 17% of the revenue from north america. the wto stood by the u.s. since they found out about unfair subsidies airbus and boeing had been receiving going back to 2004. another pressure on airbus. earlier this year the u.s. did in

abigail: very difficult. the reason100, and we have the underperformance toward that index down more than ing% -- 40% of its weight goes to the big tech names. we have chinese stocks week for the third day in a row. over last month that new york faang index and the big tech stay-at-home names tracking exactly with the shanghai composite, which you could call a mini bubble. it appears to be bursting. if that is the case, there could be more pain ahead, not just for u.s. big tech but the overall indexes for the reason you're talking about. that is abigail doolittle on the markets. in the meantime there was a big change overnight in the trump campaign reelection for president as they replaced the campaign manager -- they demoted him down to senior advisor and put up a veteran who had been working with chris christie and then with president trump. we welcome our bloomberg political contributor jeanne zaino. what should we read into this? is president trump concluding he is behind after all? jeanne: a big shakeup.

again, my name is abigail.i'm a executive director the tinos for retirement with a reach to 300,000 latino families and represent the 58 million in the u.s. today, i stand here with my colleagues asking for congress to do more to address the covid-19 crisis as a whole. and to address the need of our most vulnerable seniors. as they leave or sometimes are forced out of the workforce. these seniors have to navigate how to access their social security benefits alone as tools like wi-fi and multiple driss you and i take for granted are out of reach for these vulnerable elders. we can no longer wait and we need action now as covid-19 remains historical, soes yal economic and policy factors that have exploited communities of color for decades. the hardest hit community by pay cuts, layoffs and business shutterings because of health crisis effect' effects on the economy. by april 2020, nearly one in five latinos were unemployed. they have become more vulnerable to the covid-19 crisis for the following reasons, but not

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

abigail doolittle is here with the details.bigail: a topsy-turvy morning here, francine on earnings. if we start in the energy and materials phase, we look at the arners including free port mcmaran missed sales and the c.e.o. saying the virus will forever change the way they do business and they're optimistic over the long term thinking copper prices will go hauer with cuts that equal growth but today the copper prices are lower probably dragging on the shares. moving in the opposite irection, we have schlumberger posting higher with a surprise profit coming on cost cuts as they slashed 21,000 jobs and going the opposite direction of oil. so an interesting mixed picture there. as for some other shocks moving on this morning we have royal caribbean not moving so much today but of course the cruise operator is down in a huge way this year, absolutely hit by the virus, stalled, chips not in the water and not surprisingly their revenues stem 75%, a matter of looking forward. as for verizon, a very strong quarter and beat the top an

abigail, thank you very much indeed. ok, let's talk about what we have coming up. commercial break. this is bloomberg. ♪ guy: welcome back. you are watching bloomberg markets. to --n & johnson is the vaccine protected a group of primates with a single shot. this is according to a study being published in the medical journal nature. we are progressing quickly. none of these vaccines, at least in the short term are going to provide the silver bullet. they are not going to give us the immunity we are looking for in the short-term in terms of herd immunity. it will be interesting, we will be talking later on to lily. for morey are looking of the medicines. coming up right now, we will be talking to terry haynes, about trump. this is bloomberg. ♪ >> live from new york, i am alix steel. this is bloomberg markets. a sequence of events. we get really bad gdp data. bad jobless claims. not falling as we expected. then we get a tweet from president trump saying 2020 will be the most inaccurate and fraudulent election in history with mail-in voting. he suggested delaying the e