alicia levine is chief strategist at begin why mellon investment management. that doesn't for "the closing bell -- that does it for "the closing bell." "what'd you miss?" is next. this is bloomberg. ♪ ♪ romaine: broadcasting live from new york to our viewers worldwide, this is "what'd you miss?" i am romaine bostick, joined as always by my cohost, scarlet fu. scarlet: a snapshot of how u.s. stocks closed on the day. the biggest one-day decline since april 1. it is also the first back-to-back decline for stock indexes since april 1. after the market close, we did hear some fairly -- numbers from netflix. texas instruments went ahead with forecasts, believe it or not. it was a pretty wide forecast. 3.1 9 billion. you are talking about a $900 million gap. tothe eps side, it was $.64 $1.04. those ranges are so wide, who knows where it is going to be. at the moment, we are also getting snap earnings at the wire. active users, 229 million, right around what analysts were looking for. scarlet: better than expected on those daily active users. analysts -- that is comp

bet's bring in mellon chief investment management, alicia levin. great to have you here, alicia. >> thanks, cheryl. cheryl: talk about the russell 2000. one of the things interesting today in the market, smaller cap, even mid-cap companies are actually performing stronger than larger names. does that tell you the market is finally starting to find a strong footing? >> well it's unclear whether this is just tactical catchup trade or a message that the market really sees the end of the lockdown and growth going out. so as you know, the small cap underperformed on the way down, and woefully so and then when we bounced starting on march 23rd the small caps really underperformed because that's where they're going to be any kind of cash flow issues or bankruptcies you will see it more in the small cap universe. so therefore the small caps really struggled, unlike large cap tech names which really flew in the face of this. when you see that groups that really had underperformed and not just the small caps but also the banks, the financials, starting to get

i will bring rob luna alicia levin. alicia, let me start with you.s week i will figure out what the market did monday through friday for the last 3 weeks, i would argue they are probably up but the friday sessions have been reminders of just how dangerous this territory is and how much of the unknown is out there. how are you assessing it all? >> alicia: right, i think we can call coronavirus fridays and nobody wants to hold long positions going into weekend given the fact that news is coming so rapidly and also markets reacting to healthcare data and that happens over the weekend when markets are closed. investors are reluctant of going into the weekend. i will say this. i think for the most part some of the bad news is already expected and priced into the market. charles: you know, rob, to that point, over these years, 15 bear market rallies of more than 15%, the quickest were 2 days, 8 days and 30 days, the longest were as long as 393 days, so we can actually see a rebound of a year duration and technically being a bear market and so i started thi

. >>> in the meantime, i think we will go back to alicia levine.ly our connection is better. i apologize for that. i was talking a little bit about this market environment here. if you think about it, we got into this before, this whole notion of the market seems to be having more to do with progress on the virus than the economic stimulus that's still not showing great results to deal with the virus. what do you think? >> well, it's actually both. the thing that the economic stimulus did on the fiscal front and on the monetary front is it took away what we call the left tail risk so the absolute worst outcomes for markets and for companies and for different asset classes because you have support from the fed for all different asset classes and you have fiscal support, almost $3 trillion, from congress, which is equivalent to almost 15% of u.s. gdp. so that took away some of the worst possible outcomes. but you're right in the sense that the market is following hopeful progress on the treatment front. treatment gets us to the other side and treatme

i want to bring in investment management chief strategist alicia levine along with hal lambert. u. you know, first of all, i haven't spoken to you in a while, so let me get your sense of how impressive this rally has been. hindsight anyone can say, oh, yeah, it was due. no one was talking about this kind of move, 50% retracement three weeks ago, and where do we go from here? >> hi, charles, nice to see you again. yes, exactly as you say, you know, we are 30% off the lows which is really extraordinary because for all the other bear market rallies that have happened in history, this is actually the best one. which suggests that we could be moving higher from here. but there's a really big caveat here which is the market is pricing in a lot of really good news. it's pricing in the flattening and the declining of the infection curve, it's pricing in the reopening of the economy sooner rather than later. and it's also pricing in the awe amazing sport support on the fiscal -- support on the fiscal side and on the monetary side. and on the fiscal side as you've been talking about today,

levine still with me. how do you look at the energy sector right now? alicia: the energy sector has a double whammy. and a terrible demand problem. gdp is now staying at home. 50%. so you have a terrible demand problem. it is not clear to me that if there is any kind of agreement between saudi and russia in any way that this will necessarily help pricing in the oil market because the main problem is the demand problem. not so much the supply. i am suspicious here of any hope that oil pricing can go any higher. alix: i am right with you. art, what do you think? art: alisha brings up a great point in terms of the double whammy energy is facing. i do think saudi arabia and russia get together and decide not to have a mutually destructive price war. they are both too dependent on revenues coming from hydrocarbons in both of their economies. my guess is at some point in time, they get back to the table and come to their senses and have at least a modicum of a production cut, call it a million barrels a day. in 1.5 million when they brought opec+. going to start picking up as they get further back into bu