abigail doolittle, that there were things that would keep the markets down, but these markets will not stay down. abigail: interesting action, lots of volatility on the year. we do have market slightly higher. it is surprising not just you, but many expecting the unrest i am seeing here it would affect the financial markets to the downside. ,hat is not what i am seeing perhaps because it tells us traders do not think the unrest in its current form as unfortunate and sad as it is is unlikely to affect the corporate profit outlook. it is different than the divergence we are seeing on the year versus the awful economic data and stocks being higher. investors think we look back the next year. --ht now it will not affect with the -- some sort of spike in the virus, hopefully not. if that happens that would certainly affect the corporate profit outlook. we are looking at a move into the cyclicals. the financial sector being helped out by a steepening yield curve. one area of weakness around china because there is heightened china tensions, chips trading lower on the day. on the year, lots of

abigail doolittle is here.this morning and saw all the civil unrest, including new york city, i thought the markets would take a hit, but they have not. abigail: i think you are not alone in that few that it is puzzling, the idea we have stocks higher, mixed at this point, but earlier up a little bit more despite the fact that we have all of the civil unrest, especially close to home in new york. from my own personal experience walking around, many stores are boarded up. bloomingdale's across the street. you also have to wonder that the reopening for the city is on track, but you have so many businesses boarding up. there was one business -- maybe they go down or they go back up. when you take all of this into account, it

to bring it all to us, we welcome abigail doolittle. abigail: looking at a best case scenario, not just the payroll report, 2.5 million americans back to work, really fortunate and good news for this country, but it's also good news for the stock market which might not have been the case because in some ways the s&p 500 up before today. this is what markets were hoping for. it's a by the news event. investors, the s&p telling you that perhaps we are going to see strong economic data. you can see a rally across the board. the dow is up even more than the s&p 500. that has to do a with strong cyclical tilt to this rally, david, with the energy, industrials, financials leading the way. energy up 8%. david, if you can believe it, oil has been all over the map, the energy index nearly up 100% since its march low. so investors all in on the day, david. david: abigail, they may be buying the news because they didn't have a rumor. abigail: yes. david: possible rotation out of bonds. are peeping leaving bonds because they like equity so much? abi

abigail doolittle joining us. another wild day. talk to us about the main drivers. abigail: a roller coaster day. during the day out with that alleged tone. some positivity around a possible cure for the virus. plus, retail sales, the best on record. then, virus news coming out to beijing closing schools, plus texas hospitalizations at a record high, florida at a record high. net-net, we had stocks close slightly higher. apple of for a third day, big driver, getting a boost from price target standpoint from citigroup to a street high of $400. bank getting an upgrade at of america. indication down very slightly. , stock on thee move to the downside. that is oracle. they reported their fiscal fourth-quarter, disappointing relative to revenues. that is really a tell that the covid-19 company pandemic could be weighing on the corporate i.t.. while we have this strong at ,ome technology spending corporate i.t. spending has been weaker. that could be worrisome as we think about the year ahead. retailyou also mentioned sales being a driver. we know the president was boastin

we want to get a check in on what changed hands with abigail doolittle. volume indeed on friday. record nasdaq volume as for the annual event the russell rebalancing reconstitution constitution of the u.s. indexes is a two-month process that starts from may and they are shifting the stock numbers within their indexes on market caps. arerebalance indexes trading officially today. this year's refresh yielded more huge changes in typical and that has to do with volatility. last year, there were changes in the russell 3000. this year, 61. relative to the russell 3000 small index, it is surprising the indexes weighing in a huge way. the top is health care, closer to 24%. a 24% divergence. a lot of the stocks, we have never heard of before, but because they are putting these indexes, some managers were benchmarking the indexes, are forced to buy some of these stocks. some of the lesser-known names include a biofarma company, a biotech company, jewelry wholesaler company. these are some of the lesser-known names. some of the well-known names are pella tonic -- p

joining us now is abigail doolittle. ail: certainly a very volatile week to say the least for stocks right now. the s&p 500 headed to its worst week since march 20, basically around the lows of the earlier bear market this year. speaking of volatility, but it did not start with stocks. is started with haven assets. had japanese we yen futures also higher mysteriously midmorning. fÑsame thing with 10-year not's moving to beasley higher monday morning. simultaneous to another asset, oil falling on monday. that is risk off even though stocks were up on that day. that trajectory continued into tuesday and wednesday and really set the stage for the stock selling on thursday that we saw. reasons,mber of those strategists talking about valuation, too far, too fast, parabolic moves. we take a look at a chart in the bloomberg terminal. this is the put to call ratio. when that goes down, that told ñr g and calls buying. that speaks to the complicity and fragility of the state of the markets right now, quite frankly, and it really

first, i want to digest the market moves and bring in abigail doolittle, who has been following it all. why such a volatile day? abigail: really a wild today. today and overnight tonight, there was a risk off tone. there was a bit of a haven bid for bonds. nasdaq up more than 1%. thefixed on the nasdaq -- vix on the nasdaq had been above 40. at the close, below 40, so again, less fear at the end of the day. trade, -- -- the stay-at-home trade. 6%, and credible, but -- tesla up 6%. if you believe it, that stock up more than 130% on the year. as for why, i would like to say it is something exciting, fundamentals, but that is really not the case. it has to do with the dollar. the chart in, the nasdaq 100 and white. when a dollar goes down, it helps risk assets go higher. what we had earlier today was up half a percent, now the dollar is down its call it 0.3%, 0.4%. let's see what tuesday brings and feature rule, i guess, turnaround day people look for. emily: we will be talking about some tesla themes later this hour, specifically board dynamics. rebounding in china. talk to us about some

i want to bring in abigail doolittle. gains for the majors despite all of this, why? abigail: it is pretty extraordinary. i think you are not the only person to be surprised by this. there was some talk over the weekend about whether or not we would see futures down that really was not the case. small fluctuations earlier today. you have investors, traders at this point very much trained by the fed because we once again have a weak dollar, down for a third day in a row. investors are looking past the fundamentals. that is not just economic data of 40 million people losing their job, it is also this horrific and sad backdrop across the country with these in many cases peaceful protests.. in other cases, you do have the violence and looting. they are giving you the assessment that at least right now it is unlikely to assess -- to affect the outlook here. if there are cases where covid-19 spikes, other physical situations around the protesting, that could affect the u.s. economy. let's hope that does not have where we did see -- not happen. where we did see some of the te

that is abigail doolittle. in the meantime, abigail mentioned the european central bank took action this morning. it was expected to take big action and did more than what was expected. to take us through what the significance is, i am joined by megan greene, senior fellow at the kennedy school at harvard. thank you so much for being with us. give us your take on what was important and what the ecb did and what effect is it likely to have? megan: this is the ecb being bold and proactive, even if it is not as much is the fed has done. for the ecb, this is a big move. it increased its bond purchases more than expected and also extended it by six months. that was not expected. it also announced it would be reinvesting the bonds that were maturing over the course of the next couple of years until the end of 2022. that is interesting because normally the ecb is somewhat beholden to its t. -- two its capital key. that is determined by the size of the economy. the ecb can viable bonds, meaning they have to buy german b

i want to bring in abigail doolittle. our markets correspondent who has been following the ups and downs, mostly ups. i still don't get it. record, assing a closing high. what are investors saying that the rest of america is not? >> it is extraordinary. psychological level, it is hard to believe that we are seeing stocks climbed day after day. how does that happen when we have this sort of social unrest in the united states? a possible second wave of the virus. u.s. china trade tensions, it does not make sense. it tells you that traders believe the corporate profit outlook will not be too much worse than they're expecting. on the day, tech had a solid finish. although it looked like we had the nasdaq up about 8/10 of 1%. zoom put up a big quarter. the chip sector was up despite the u.s. china trade tensions. from a technical standpoint, there could be some sort of a dangerous pattern there suggesting that this may be a bear market rally, too early to say whether or not that is the case. right now, it is simply unbelievabl

abigail doolittle explains how much is driven by tech. igail: there is the risk on tone, the bulls back out. last week stocks were higher. over the last two weeks, basically in a range, especially the nasdaq. the nasdaq another record high, up 1.4% on tech strength. ironic about the take strength -- the tech strength. this year it is a defensive sector. , it ist tech is leading bullish and it is risk on. on the other hand there defensive tones underneath, apple and amazon hitting all-time highs. they stay at home presence is there. interesting we talked about how apple is re-closing some of their stores. this reminds me a little bit of late january, early february when the virus was raging in china. investors and traders in the u.s., and we have spikes in certain parts of the u.s.. it is not clear what that will bring for the rest of the country. traders looking past any negative possibility. however, from across asset class standpoint, that is not the case. the haven yen is a quite a rally over the last two weeks, more than two weeks, the

want to bring in bloomberg's abigail doolittle for the latest there. abigail: good morning.bal virus numbers continue to stun. it really seems that state-by-state restrictions are ending in mixed results at this point. if we take a look at what is happening around the world, as of yesterday, there were 8.4 million cases globally. exceeddeaths now 454,000. nearly 26,000 new cases in the u.s. yesterday, pretty amazing. california saw a record one-day increase. texas hospitalizations rose for a seventh day. these are big numbers. ,s for more qualitative updates vaccines have started human trials. quarantines order on visitors from florida. new jersey malls can open june 29. american airlines will ban any passenger without a face mask. that is sure to create some headlines in the future. jonathan: abigail doolittle, thank you very much. some real disparity state to state on the process, how we reopen, the rules around how we reopen, and what happens next. we used to be on the same page across america area it last too long. --: no, it really didn't across america. it didn't last

emily: abigail doolittle, thanks so much for watching the moves for us.acebook exploding in the middle of another controversy, this over facebook ceo mark zuckerberg's decision to leave up a post from president trump that suggests that looters be shot. zuckerberg just concluded a meeting with facebook employees. pretty much defending his stance that he does not believe that facebook should be "an arbiter of truth, and leaving the post up unchanged. i want to bring in david kirkpatrick, of course wrote the book on facebook. what is your take on zuckerberg's decision? it's doubling down seems to be the right way to describe it. it is a rare example you can find where zuckerberg has done anything that donald trump doesn't like in the recent past, which is ironic considering that trump continues to pressure thebook to do even more and general view on the right is that social media is unfavorable to the right. to believe that zuckerberg has concluded that the cost to him of crossing donald trump is greater than what would be the value of exceeding to the wishe

abigail doolittle is here with our stock of the hour. ail: it is amazing the gains we are seeing for some of the cruise operators. this has something to do with the fact that these stocks were hit so hard by the virus. relative to carnival itself, some encouraging signs. it is seen as one of the first to restart service on august 1. it may not happen definitely. the ceo is saying they want to be completely at the social distancing protocol if not better so there is no sign the virus could get on their ships. they are burning $1 billion of cash per quarter -- per month, and a quarterly basis, numbers are down in a huge way. investors are looking past this. if we take a look at airline index and hotel index, huge gains over last month. investors want all in on this area. as for airlines, encouragement coming as american airlines is talking about boosting their flights in july. other airlines, encouraging signs. tsa check in having in the right direction. 420,000 on june 5. encouraging signs that folks want to take back to the skies. on the

abigail doolittle is here. abigail: it is a strange day. stocks solidly higher. the nasdaq is lagging a little bit on the day, but do your point on the idea that it felt as though it was going to be risk off, we had that selloff last week, we had a down week last week. out of the last four weeks, two of them have been down. this is the virus data has been worsening. it felt last week there was a connection. some of this may have to do with the fact we are coming up to the end of the quarter. with the s&p 500 we are looking at the best quarter since 1998, the nasdaq the best quarter since 2001. you may be in a situation where managers want to lock this one in. this comes after the worst quarter in quite some time. cruise control until the end of quarter. reassess once july begins. is always virus lurking and last week it took installing the markets. corporations are upping their expectations to earnings. we might get back to fundamentals at some point. happens hopefully that because that is what it all comes down to, the u.s. corporate profit outlook. with the vir

we have abigail doolittle. it is moving the market. t is pretty amazing, the supreme court moving markets in a big way because midstream partners, they are moving, they are soaring. they have midstream assets for natural gas assets, and they have a pipeline involved. but let's back up, because the pipeline in question with the supreme court is one being developed between dominion and pipeline,8 billion 600 miles between west virginia and the marcellus shale basin. customers in the area say the supreme court upheld a key permit, saying the forest service acted lawfully clearing the line to cross underneath the appalachian trail. previously, a court said they did that not lawfully. so every thing has been held up. reconnecting this back to eqm, they have a pipeline that cost more than $3.4 billion, which is 90% complete, but it was halted in december, really hurting the stock, which is down over all this year and over many time periods, but particularly this year. what is on happening with oil. david: and it is natural gas, terribly impor

i want to bring in abigail doolittle who has been following all of the market moves. k it down for us. abigail: a different result than yesterday because yesterday there were virus concerns as well but the end of the day stocks pulled past those worries and finished prior. today, stocks never got out of their own way. the s&p 500 opened up about half a percent on midmorning news about texas hospitalization surge which sent stocks lower. fluctuating. at the end of the day, mainly lower. the nasdaq 100, tech was one of two-out performers. gaining, but the russell 2000, more domestic we oriented, really underperforming. highlighting the concerns around the virus, down 1.8%. there was a bid for bonds and a bid for the haven yen overall. something to pay attention to. typically we don't talk about the dow transports but over the last number of days, there has been a bull-bear battle. the dow transports let on the way down back in january amid virus concerns. transportations of goods and services really so sensitive to the virus, over the last five days, that index really un

abigail doolittle is here. when i woke up this morning and saw all the civil unrest, including new york city, i thought the markets would take a hit, but they have not. abigail: i think you are not alone in that few that it is puzzling, the idea we have stocks higher, mixed at this point, but earlier up a little bit more despite the fact that we have all of the civil unrest, especially close to home in new york. from my own personal experience walking around, many stores are boarded up. bloomingdale's across the street. you also have to wonder that the reopening for the city is on track, but you have so many businesses boarding up. there was one business -- maybe they go down or they go back up. when you take all of this into account, it is hard to believe this is not hitting the economy. the fact that you have stocks holding in tells you some traders believe that right now the civil unrest is unlikely to hit the corporate profit outlook we are always talking about. however, if there is an unfortunate effect fro

we turned to abigail doolittle. it has been a wild ride yesterday into today. it has been quite a 48 hours. abigail: your characteristic -- your characterization is true either way. down in a huge wave of them major averages, up today, off of the highs, off of the lows. it seemed not long ago that stocks were going to turn lower. lots of uncertainty. as for yesterday's paper move lower it probably has to do with the payrolls report, which is complicated. it will be easier to say it was a move off too far, too fast. the index had been up 40% off of the lows at that point. the case could be made that was a sell the news report, because it was more than delivered. it did not happen on friday but on monday we started to have the rally with a haven assets, and then volatility for stocks. right now they are having rotation back into the cyclicals. that has not been the story on the week. tons of uncertainty on the week. bondswe have the yen and climbing early on monday. a big tell on some of the volatility we saw for stocks. guy: is there anyway -- david: is there any

because of the covid-19 cases in texas and florida, abigail do real -- abigail doolittle will take us through it emma: -- it's. abigail: there is a strong risk off tone. i think you are correct, it has to do with this virus data worsening around the country. perhaps we are still in the first wave of this virus, while it is hopefully over here from a first word perspective in new york, that the rest of the country is catching up. florida is saying no alcohol, huge in closing its tavern. we have the spikes in arizona, arizona, hotspots. s&p 500 down sharply. 1.9%, crude oil down which is an economic economy. there is the fear of less demand, which will certainly happen if parts of the u.s. economy perhaps do not go under lockdown but some sort of shutdown. decca dampened economic activity. as well as the demand for consumers and the like. we have bonds higher with a 10 year yield, down five basis points. what makes this so interesting is, over the last few weeks, it felt like it has been risk on. that is not the case. markets are onto this. the last couple weeks have been risk off. the

the court or before that was a bit tougher, but let's get the highlights with abigail doolittle. truly a remarkable quarter indeed. let's break it down across multiple segments. what stood out the most was volatility. the s&p 500 was down 35% from the highs, rebounding quite sharply. taking a look at that relative to the fear index shown in white, 85 was the highest level since 2008, 2009. bond volatility, superhigh, too. equity volatility tells you some folks are worried. etf fund flowse went, surprisingly the biggest areas to get attention were 27% of oil on precious metals followed by alternative fixed incomes, specialties, equities on the bottom. however relative to equities that's where the performance was this quarter. the s&p 500 was up, it's best quarter since 1998. credit, high yield and investment grade, up from 9% to 10%. all of that support from the fed helping out all of these asset classes, especially credit. precious metals doing quite well . as for esg and areas of environmental social governance characteristics, the index that follows that investment style, it te

let's get to abigail doolittle. abigail: it has been an extraordinary year.king at strong performance for european equities, similar to the u.s., not quite as the u.s. , bestoxx 600 up 12% quarter since 2015. financial, autos and tech up 26%. however, the stoxx 600 up 12%. not as strong as it could be. tech is 8% of the stoxx 600. lots of strong performances sector-wise. similar to the u.s. going into the quarter with tons of volatility, the letter vstoxx elevated going into the quarter -- the vstoxx elevated going into the quarter. the vix in the u.s. around 30. down, but has come somewhat elevated for stocks. if you going to the bloomberg terminal, we are having something that is happening in june. that is outperformance of the s&p 500 by almost 2%. investorsy suggests are nervous around the virus situation in the u.s., and the uncertainty. we are seeing more money going to european equities. at least this june. alix: interesting to see how long that will continue. abigail, thanks a lot. let's talk about the reopening in the u.s. the catchall will be the va

here is abigail doolittle. igail: pretty typical to what we have seen recently with increased volatility. we certainly had a risk off tone. overnight, the s&p 500 futures down more than 3%, now the index up to tens of 1%. oil down more than 5% at its lowest. risk assets being sold. it i would suspect that probably has to do with the dollar. you can see the dollar index is now down 1/10 of 1%. at the heights it had been up .5%. that is a driver for risk assets, certainly as it is seen as a haven asset. 10 year yield at this point is a still lower. there is a little bit of a haven but but overall -- bid, overall there is a shift. at the open, all sectors had been down on the s&p by more than 1%. now we have the cyclical sectors back in charge and up top, the industrials come utility sneaking in. the financials are on the bottom, health care and consumer discretionary, energy, it is really a risk on sector theme. it is a big shift. and so much volatility for the airlines, down more than 60%, up 100%. and over the l

abigail doolittle explains how much is driven by tech. re is the risk on tone, the bulls back out. last week stocks were higher. over the last two weeks, basically in a range, especially the nasdaq. the nasdaq another record high, up 1.4% on tech strength. ironic about the take strength -- the tech strength. this year it is a defensive sector. , it ist tech is leading bullish and it is risk on. on the other hand there defensive tones underneath, apple and amazon hitting all-time highs. they stay at home presence is there. interesting we talked about how apple is re-closing some of their stores.

abigail doolittle is here. abigail: it is a strange day. stocks solidly higher.ging a little bit on the day, but do your point on the idea that it felt as though it was going to be risk off, we had that selloff last week, we had a down week last week. out of the last four weeks, two of them have been down. this is the virus data has been worsening. it felt last week there was a connection. some of this may have to do with the fact we are coming up to the end of the quarter. with the s&p 500 we are looking at the best quarter since 1998, the nasdaq the best quarter since 2001. you may be in a situation where managers want to lock this one in. this comes after the worst quarter in quite some time. cruise control until the end of

abigail doolittle is tracking the fears. s strong risk off tone relative to stocks at this point. concerns.ound virus spikes around hotspots weighing on investors wondering if this will take a toll on the economy. we are looking at the worst day in two weeks since the nearly 6% selloff two weeks ago. the s&p 500 and the nasdaq both down more than 2%. crude oil is plunging, down 6.6%. another sign of the fact investors and traders one out of risk assets, there is more uncertainty around the virus. not helping the situation, earlier it was not feeling like a haven bid but you do have the dollar up .5%. that pressures risk assets because they are denominated in dollars. it is a pretty steep lunch on the day with stops sliding. futures holding for much of the overnight. a loss on the open and then building and building on the fear around the virus. there have been clues we could see this. lots of folks wondering why we have the disconnect between the virus and the economy and the data and the stocks going higher and higher? what

for what it means i want to bring in abigail doolittle. talk about the ups and the downs today. abigail: investors squarely focused on the jobs report that came in better than anybody expected. the estimate was for a loss of 7.5 million jobs. instead we had an ad of 2.5 million, which is great news for folks in those new jobs and for the folks who did not lose their job. as for the stock market, of course we had this debate about whether stock should be up so much since the march lows. this economic data, you could make the case that stocks have been right. who was such as myself questioning stock should be high against the real world is wrong although one month does not make a trend. let's see if that continues. some say there could be more waves ahead. the nasdaq 100 at an all-time high. it's best day in more than a month. really helping out all the major averages. up 3%. a lot of risk appetite flowing through stocks on the day. and this big jobs report, investors looking past of the social unrest, the feeling that it is over. let's hope that is the case. relative to the indexe

let's bring in abigail doolittle for a look at the corporate dash to cash. l: it is pretty interesting. with all of the economic uncertainty, from the pandemic to other factors, bankers and corporate executives seem to agree it is a great time to raise capital, bolster the balance sheet, especially with the federal reserve stimulus at work. this was true for the month of may. what we are looking at are the last 10 days, the capital raise is done. in white that is ige or investment grade bonds. in the month of may this year, $250 billion, far more than any other year. in blue, it is not just credit supported by the fed. equities,condary with $25 billion raised. thanipo's in orange, less $5 billion. the -- for cash strong in the month of may. you would think it was done as a premium but not so. if we look at the investment grade yield, this is basically the lowest yield an investor is willing to accept on a bond to guarantee a rate if the bond is called, it is at about 2.4%. that is pretty close to the five year low. clear that the supply and the corporate debt

let's see what is going on with abigail doolittle.e had: at the open, stocks down 2% and in the last five days, it has been brutal. the s&p 500, the worst week since march 20. the last five days, the s&p 500 more than 7%.wn the lowest point of the selloff earlier this year. the vix curve starting to invert suggesting volatility could be ahead and a second wave of fear or the idea that the first wave of virus would extend economic impact, do not forget u.s. china tensions are weighing as well. this is showing cross asset classifies -- class lies. -- class-wise. andl getting a bid unsurprisingly, economic commodities such as oil and copper both down sharply. china is the world's largest user of resources. one of the big points of the of theas been the rise retail investor. into the bloomberg terminal, what we're looking at is a goldman sachs index of retail favorites at the highs up more than 80% in blue, institutional money, you can see that since march lows, the retail investor has been stronger. or first wave of the virus the second

to bring it all to us, we welcome abigail doolittle. looking at a best case scenario, not just the payroll report, 2.5 million americans back to work, really fortunate and good news for this country, but it's also good news for the stock market which might not have been the case because in some ways the s&p 500 up before today. this is what markets were hoping for. it's a by the news event. investors, the s&p telling you that perhaps we are going to see strong economic data. you can see a rally across the board. the dow is up even more than the s&p 500. that has to do a with strong cyclical tilt to this rally, david, with the ener

time for abigail doolittle and smart charts. igail: joining us for smart charts is david taylor, chief technical strategist at stock charts. you were supposed to join us on set mid-march. but with the virus, you were in seattle and you had to stay. let's start out with the overall view. is there more volatility to come? david: it will be back. there are plenty of potential warning signs in the last couple of weeks. the big distribution a couple of weeks ago -- tomorrow was sort of the first salvo of negativity we have seen and today is a followthrough with that. if you look at the volume we have seen on these down days, it has been significant and there are reasons for that. coronavirus concerns rebalancing. there is catalysts to move things lower. as an analyst i am looking at deteriorating breadth. less than 60% of the s&p members are above the 200 day moving average. we are not seeing that. 50 rsi has remained above for the last couple of months. we are testing that with the selloff pushing below the 50 level. we are at a key

abigail doolittle has been covering the ups and downs. what is driving all of this? igail: behind the rally we had today and yesterday, i think it is just a cushion to the end of this banner quarter. investors wanted to make sure they locked in the gains. fundamentally, not a lot changed. there was some fundamental economic data. little bit more positive, some chip companies put up some good quarters. from the factr that there could be some more companies boycotting but a bit of a rebound rally. confirming the risk on mood company 10 year yield higher. bonds are lower on the quarter. 20% on the up about quarter. treasuries higher. you do not often see that, where you have bonds and stocks. the same time, precious metals higher as well. really an everything rally, which follows the horrible first quarter where the bar was low. the third quarter, what will that look like? what are you watching for in the coming third quarter? obviously, i am going to be watching facebook. you do have more big advertisers adding their names to this boycott list. target, a big one today.

abigail doolittle is here. i see the nasdaq is lagging behind the continued rotation to cyclicals. us? abigail: it is interesting the nasdaq is lagging in cyclicals. but it -- an interesting market environment. ,elative to that rally rotation that is the main theme we have been looking at, not just today but over the last couple of weeks as investors moving to the strong economy and recovery sectors such as the industrials, energy, financials, subsectors -- itinclude airlines comes at a price you have the doubt there outperform the s&p 500. it comes at the price is some of the other sectors

abigail doolittle will break that down for us. abigail: hello there. .'s look at the risk rally out of the march 23 low. it is extraordinary. the s&p 500 is up 40%. if we look at the flows relative to etf's, not surprisingly, the biggest amount of flows, $19 billion going into voo, vanguard very low cost s&p 500 etf. billion,by lqz, $15 the corporate credit etf. then, the gold etf. then at the bottom, qqq, still a lot of money going into that tech etf, $13.1 billion. lots of money is going into these etfs. why? probably the fed, all of that liquidity. if you look at the flows into credit eds this year in may, the most ever on track going over seven years -- credit etfs. i was just mentioning the fed. one of our favorite charts into the number terminal, what we are looking at in blue is the s&p 500. in white, mw, global money supply. as the fed and other global feds have become comfortable with liquidity in the wake of the pandemic, we see the m2 skyrocketing and the s&p 500 once again falling. it will be interesting to watch as always. guy: certainly wil

abigail doolittle, that there were things that would keep the markets down, but these markets will notl: interesting action, lots of volatility on the year. we do have market slightly higher. it is surprising not just you, but many expecting the unrest i am seeing here it would affect the financial markets to the downside. ,hat is not what i am seeing perhaps because it tells us traders do not think the unrest in its current form as unfortunate and sad as it is is unlikely to affect the corporate profit outlook. it is different than the divergence we are seeing on the year versus the awful economic data and stocks being higher. investors think we look back the next year. --ht now it will not affect

because of the covid-19 cases in texas and florida, abigail do real -- abigail doolittle will take us: -- it's. abigail: there is a strong risk off tone. i think you are correct, it has to do with this virus data worsening around the country. perhaps we are still in the first wave of this virus, while it is hopefully over here from a first word perspective in new york, that the rest of the country is catching up. florida is saying no alcohol, huge in closing its tavern. we have the spikes in arizona, arizona, hotspots. s&p 500 down sharply. 1.9%, crude oil down which is an economic economy.

abigail doolittle is here to take us through it. when i woke up, i thought it was risk off. changing its mind. abigail: i would say it is jittery. do your point, it did feel a bit risk off. that is the dollar pound of boost before the ecb meeting. that was sending stocks down and stocks in europe look lower. at this point, we are getting mixed moves in the virus seems to be coming back into play. before we talk about that, we continue to see the move into cyclicals. we see the s&p 500 financials up .9%. that is helping the s&p financials downed less than the nasdaq. the s&p 500 down .3%. the s&p 500 against the current environment has been flirting with all-time high, or record closing high. right no

abigail doolittle is here to explain it all. ail: this is the worst fear for investors in terms of a negative moving back for the virus for u.s. companies. it comes down to the croppe corporate profit outlook. we have been moving forward but now with the virus spiking and some hotspots, we have apple saying they will close stores. if that continues, it will hurt the rough it outlook which has already -- the profit outlook, which has already been hurt deeply by the virus. the stores they are reportedly closing are in florida and arizona, which both just hit record highs relative to the virus yesterday along with south and north carolina. this is a worst-case story for the virus and investors. it has been showing perhaps in the markets. we have had bonds rallying, the yen rallying, telling you some investors are nervous. now we have stocks reversing somewhat sharply lower off the high. .7%.own .6%, if this continues, it could be a headwind for stocks. david: maybe it could be pure can incidents, stocks overall nauert in the red --

abigail doolittle has been watching the back and forth. investors again looking past the bad news.hy? most part, they are looking past the bad news. relatively risk on close. close itself in the past couple of hours, not so great. at the highs, the s&p 500 and nasdaq up more than 1%. the nasdaq of course closing at yet another record high. that has to do with today's strength, the stay-at-home stocks and stay-at-home sectors. both at aamazon closing time. the longest winning streak since july of 2019. the stay-at-home team has emerged. a couple of weeks where the cyclical sectors were doing better. as the virus has started to hotspotscertain areas, created fear. weeks, thest two overall story is risk off. overall cases have emerged in -- the haven yan is up. it will be interesting to see how the virus data continues to play out. it could certainly continue to take the financial markets in a risk off tone. you have the nasdaq at an all-time i, sort of a tough puzzle to figure out. the stay-at-home stocks getting nods from analysts, including etsy, which has been critical for invitin

abigail doolittle has been watching this. why the sudden drop? up.ail: reality is catching its has been disbelief for many market watchers as stocks have climbed. the nasdaq just yesterday at an all-time high even as we have had disappointing economic data. and more recently news around the virus hotspots in the u.s. today the information coming out hitting stocks. the s&p 500, the nasdaq down. it is a continuation of the big selloff we had two weeks ago. volatility showing up in other asset classes. bonds themselves rallying. it was a true risk off day. virus fears weighing on stocks but another factor, the nasdaq 100, i was talking about an all-time high, it is amazing how far it has gone, climbing the wall of worry, now a bit of a pause if the bulls are lucky or if it is a steep uptrend, you could keep it parabolic. for physics that cannot hold. you could see potentially a bad decline. hopefully that doesn't happen. it could mean the virus situation gets worse, but that is a possibility. tech downres a big with the rest of the markets like app

let's pick up on that with abigail doolittle. >> it is interesting that we are not doing a bigger reaction a modest risk similar to yesterday. yesterday stocks work sharply higher when we had hospitalization numbers come out yesterday and a florida surge. we saw them racing 2% in gains. at the end of the day, sharply higher, the s&p 500 a third update in a robe. we are looking forward to that stimulus and investors looking forward to liquidity support. the s&p 500, a mild loss. you're seeing a bigger loss, it is important because it is a domestically oriented index that suggests there is concern about hotspots in the u.s.. yesterday with 20,000 cases, hospitalizations surging to the record 11%. california, arizona, florida, will it spread. we don't know the true impact of the protests relative to the virus. some others are down creating a bit of risk off tone. the corporate bond etf down .7%. crude oil also down despite the fact that the inventory number was less. that has actually been the case over the last several days. last week fears around the virus and a possibility of a resurgence

joining us break it down is abigail doolittle who has been following all of the action by a rough dayor stocks. this virus is really starting to weigh on investors. what do you see? abigail: stocks are lower in the selling pressure never relented. we have stocks responding to data as it comes out with the big drop on the data from the u.s. the nasdaq and s&p down. confirming the risk off, the fact that haven bonds rallied once again. we will bring welcome to the picture. investors want out of risk. this week, they are not tiptoeing, they are running out of these risk assets on fears , perhapsaps the virus this is the first wave. that it could hurt the u.s. economy. emily: you have been talking about havens rising as stocks have been down. what would you point out? abigail: it feels as though this week is new in terms of this risk off. and wednesday, we had a big down day and a big down day today. it is lining up on the negative info with the virus. week of june 12 is when we had the yen rallying, bonds rallying, stocks down any oil starting a downtrend. it from across asset class stan

abigail doolittle joins us now with the details. >> it really is amazing, the of some possibility dealn happening amid the uncertainty of this pandemic. over the weekend, our reporters broke the case that astrazeneca may be interested in buying gilead. in aneneca is acting appropriate manner, down 2.3%. weight to up, giving the idea that there could be some reality here, but it is a luminary talks. we learned over the weekend they approached -- astrazeneca approached gilead sciences last month. no formal talks, very preliminary. astrazeneca is the bigger company, has a market cap $118 billion, compared to gilead's $94 billion. they each bring in a revenue around $25 billion. however, where gilead has more than astrazeneca, cash, $24 billion. some question of how this would be funded. perhaps going to the capital market. if this deal worth to go through, it would be the largest health-care deal ever with gilead priced around $94 billion. both of these companies have done quite well over the last year. astrazeneca much better than gilead. gilead doing some catch up on the possibility of

thanks to abigail doolittle for that report. there is a lot of news at the same time. we have the civil unrest throughout the country, although it was less violent last night. president trump has had an aggressive response to the rights and demonstrations, which has brought a lot of criticism, not all of it from democrats. we welcome jeanne zaino, our bloomberg little contributor and a political science professor. pray to have you with us as always. are the republicans distancing themselves a little bit from president on his aggressive stance? it has been a muted response on the part of republicans, although we have seen some take exception, particulate to him standing with the bible in front of the church. people like james lankford. the response has been particularly muted. we have seen others, particulate and the religious community on ,he right, say pat robertson who was critical of the president for that same photo op. we even heard the pope speak out. there has been criticism from both sides. certainly it is louder and more critical coming from the left then it i

abigail doolittle, what is going on, and why? abigail: stocks are once again all over the map, and probably little to do with chair powell. he didn't say anything too much that was new. the s&p 500 was up 3% as retail searched in the last month -- surged in the last month. the dow industrial average almost went negative on negative virus news. beijing is closing schools because of a virus resurgence. florida cases have surged to a record. now we have the s&p right in the middle. you can see the stay-at-home stocks, tech sector doing a lot of it better. versus financials. the 10-year yield is higher. bonds all over the map as well, but once again lower as investors want out. up 5% the highs, had been or more. not long ago was almost negative, now up 1%. all of this against the backdrop of this fed liquidity, which is helping volatility. butuch uncertainty, hope, uncertainty, which creates this volatility. david: let's stay with the senate and turned to senator rick scott of florida. we have a lot to talk about. let's start with wha

thank you so much to abigail doolittle. we want to turn back to the virus, which has affected the markets. 40% of america has slowed down on reopening the economy because of concerns about the coronavirus. for an update we welcome dr. mark mcclellan, the founding director of the center for health policy. thank you so much for being with us. give us your overview of where we are. coming up fromny chairman powell. do we come back too fast? dr. mcclellan: we need to take further steps to get to containment. the trends we are seeing in many parts of the country are really worrisome. concerned andly the increasing levels of hospitalizations. it is getting to the point where it is putting will stress to many health care systems around the country, and the further worry something is it is probably going to get worse before it gets better. it takes some time for the steps that states -- it take some time for the steps states are taking for reopening and containment. for that to have an impact on hospitalizations, eight to 10 days.