something called the empowerment economic development deal on pa with goldman sachs you mention exxon mobil well the bottom shelf says yes climate change is real yes renewables are an indispensable part of the future energy mix but no provoking provoking a sudden death of fossil fuel is not a plausible plan and then what you do is explain to the general public that this holds that they're serving their own interests and you must hold their feet to the fire to dry up those pretenses and to do it they know is in fact feasible and correct to move away from certainly from coal and from all 'd fossil fuels as rapidly as we are involved in a class war i want the ruling class doesn't say i'm just going to do it i want i don't care about you it can't they don't have that power the rule is fragile they know it therefore they must accommodate to an energized active engaged up you know exactly as is often done in the us the green new deal uses the phrase new deal because the new deal in the 1930 s. did something very similar. not on a sufficient scale but same kind of government action to overcome a c

exxon mobile, oil major in the united states over the could you rephrase the last year has seen someity. we had gained about 80% here at one point from the covid-19 lows now we're down another 30% at this stage we'll watch to see if the prices for exxon mobile and the other big oil related companies start to move higher or lower given what's happening right now i'll send things back over the you. >> you look at the one year performance down by half for exxon mobile >>> markets continue their decline, the economy is starting to tell a slightly different story. restaurant owner tilman says despite the uncertainty, the holiday weekend brought in business and things are looking a bit more positive. will this momentum build as we head into the fall you saw some brighter signs but still new york city is shut. >> business is picking up. it's going to be interesting we have seen unemployment is down 8.4%. the sign i enjoyed seeing the most was airline traffic on friday was 50% of what it was the same day before labor day a year ago so many people went and flew on an airline this weekend. you

morgan chase biggest bank or exxon mobil you basically have to jewishness. one choice is to meet the requirements of the institutional structures that exist and work to maximize profits no matter what the human consequences that's one choice or the other choice is to put those aside and work to create a decent world suppose you makes a choice in your immediately thrown out of the board of directors and somebody else is put in who makes the 1st choice theirs or institutional it's not individual no that's not to say that it be changed within existing institutions it can so take j.p. morgan chase again biggest bank recently an internal memo of the bank was leaked and made public was very interesting it warned the directors of the bank that this and their words the survival of humanity is it stage if we continue on our present course of funding trouble feels that it added that the bank is facing reputational risks meaning the public is getting and rage and will take its revenge on you and harm you the leaders of the bank unless you make moves towards. working to

people don't know it's there it just gives everyone cancer mainly around the green point area and exxon mobil is cleaning it up and it incredibly slow rates oh my god underneath the streets thank you so much and yeah i think you . here are your headlines from the future tomorrow you'll read president trump spotted on street corner engaged in screaming match with mailbox. keep him busy and then january you'll learn f.b.i. announce a successful vanquishing of all eco terrorist terror attack tools flying over idaho they finally got him and in november. you know on musk unveils robotic penis to be used to compete with the unstoppable virility of impending ai overlords oh thank god that's our show but you can join our free e-mail list by taxing the word redacted 233777 it's totally free also check out my new book full of comedy politics and revolution at least camp book dot com and until next good night and keep fighting. drugs has come from unscrupulous dylan. thomas he's too and every state in the united states we've seen the very sharp increase in the number of people seeking treatment for addi

charles: we always appreciate names and like beaten-down names like exxon mobil. we got a minute before jay powell starts to speak. what you think the market needs to hear from them and michael just talked about the yield curve controls and it feels like it seems like something specific investors believe the party will go on indefinitely. >> look, the market already knows that by chain powell will continue to go on and they will use the word and go blah blah blah, easy money, blah blah blah, we have tools and that is the bottom line at this juncture and that's why they have markets that do what they do but i want to echo one thing i thought hal was brilliant on this. i am watching airlines and hotels setting up and this is not the strength in the market but looks like they are coming on right now and i have a key nine on these areas and if we ever get some sort of break on a vaccine of something to that effect i think this goes topside in a very big way so hal has nailed that one. charles: you've all been fantastic. people should realize that these names don't mov

the worst 20-day stretch for exxon mobile in a century. >> do you want to say that the cyclical trade just not going to work because of the environment we're getting ourselves into >> if you have a time horizon where you're looking to scalp these pops then there's a fertile ground you want to sit in front of your monitor all day long and catch it be my guest. >> sorry there's a very big difference between energy sector and industrials and discretionary. >> i never used either of those words. >> i'm just saying energy is -- >> i did i was implying also that group of stocks. industrials, materials some of these things that have pretty decent move >> absolutely. they have strong balance sheets. they have dividend yields that are very attractive. good balance sheets. good management teams. you have to be selective you have to be a stock picker to get them you can't own the whole broad base etf i wouldn't do that some of my best stocks this year are in the cyclicals and discretionary. financials are a different story. they are much more challenged because of the yields curve. >> volatility

this explains why exxon mobil is no longer one of the benchmark companies.ou say, you are a journalist and you have covered all of the great financial stories for a very long time. a lot of comparisons are being made between now and 2000, when the tech bubble burst. personally, what is your experience of comparing and contrasting what you see now and what you saw that? -- what you saw then? burstw: the tech bubble just before 9/11. that was in exhaustion is event exogenouss an event. cathie wood would argue the behavior today is analogous to what happened in 1987, after the failure of portfolio insurance the market collapsed, but then it rebounded. , which we had 9/11 nobody at the time understood because it was an exogenous shock and the market did rebound. bubble or the internet bubble you're talking about -- kailey: i am so sorry. we have to leave it there. matthew winkler, bloomberg editor-in-chief. this is bloomberg. ♪ kailey: that wraps it up on "bloomberg markets." power"up, "balance of with david westin on bloomberg television and radio. this is bloo

exxon mobil at their lowest since early march.$40 a a nice round number, but technically, it is at a precarious level. it is below its short-term and long-term trendline. today it slipped below its 100-day moving average. in the short-term, we know supply and demand is unfavorable for oil because there is an increased demand from countries like libya and russia, right when european government will be restricting travel because of more infections. this after demand dropped off of a cliff earlier this year. it is a combination of everything. deliveries of online purchases have picked up but that is not enough to make up for the drop-off in driving and flying. makes up almost half of crude oil demand in the u.s. biggestg to the three independent oil traders, consumption will not recover meaningfully for another 18 months. down the road, companies are seeing oil demand peeking around 2030, but most of that will be met by clean your energy sources rather than fossil fuels. the softnessterm, in stocks is exposing what was driving oil pr

on the meeting side we had an amazing deal with exxon mobil which was our largest initial deal to datewell. really excited about the traction we are seeing. the big picture, we are rebalancing your engineering team away from china. to what extent did what is happening with tiktok influence you? highlight thato zoom and take not -- tiktok are not similarly situated in that we are american companies founded and based in the u.s. that i would say what we are doing is looking for opportunities to augment our engineering team in china. and weleadership team are looking to diversify the talent of that team by adding resources not only in the u.s. but also in india. that will help us ensure that we support for our customers around the globe. alix: is that a fancy way of saying that we are going to reduce employees in china because of this? kelly: we have no plans to reduce our engineering talent in chana. we really are adding to it. if you look at q2, you will see the r&d as a percentage of revenue was 4%. we really want to be higher than that, continue to invest in resources around the globe

you mentioned exxon mobil. is chevron safe? which are the relative safe?r to be the safest dividend but just by the numbers, chevron is safer what differentiates chevron is it has the least amount of debt. so worst-case scenario, they have the capability -- until the market clears up and cover their expenses that way. they could do that for three years before they appear that's how little they have and that gives them the runway of dividend safety. having said that, though, if the hurdle is dollar 45 to $55, we do think we'll be that then. >>> the suppliers are closest to the customer if demand is the issue, that probably will impact refining most sharply integrated, the major oil, also have is exposure to verticals that are actually working in the ped chem space, and other plastic products so by and large, it feels like the integrateds have a clean exposure to more sustainable different. >> sam morgue lyarg olin, thanky much. >> thank you very much >>> let's get a check on the bond market right now. rick san teleirtracking that, some talk of about that in

had anmeeting side, we amazing deal with exxon mobil which was our largest initial deal to date as wellted about the traction we are seeing, not only across all segments of our business, but all of our product lines and internationally and geographically as well. guy: let's talk big picture. you you are rebalancing your engineering team away from china. to what extent with what is happening with tiktok influence your thinking there? kelly: first, i want to highlight that zoom and tiktok are not similarly situated as it relates to china, in that we are american -- we are an american company that was founded and based in the u.s. i would say that what we are doing is looking for an opportunity to augment our existing engineering team in china. we have our leadership steam for engineering in san jose. it has always been there. we are looking to further diversify the talent of that amazing team i adding resources not only in the u.s., but also in india. it will also help us ensure that we have a follow the sun approach to continue to support the growing needs of our customers around the glo

seeing tremendous traction internationally, and on the meeting side, we had an amazing deal with exxon mobilgest initial deal to date as well. really excited about the traction we are seeing, not only across all segments of our business but all four product lines and internationally and geographically as well. guy: let's talk big picture. your rebalancing your engineering team away from china. to what extent did what is happening with tiptop influence your thinking? kelly: i want to highlight that zoom and tiktok are not similarly situated as it relates to china and that we are american companies founded and based in the u.s.. what we are doing is looking for an opportunity to augment our existing engineering team in china. we have our leadership team for engineering in san jose. we are looking to further diversify the talent of that amazing team by adding resources, not only in the u.s., but also in india. that would also help us ensure we have a politics -- a policy approach to continue to support the growing need of our customers around the globe. alix: is that a fancy cfo way of saying y

they kicked off trading including google's current company, alphabet, blackberry, and exxon mobil. mall for stocks. they make money off of transaction fees, listing fees, and market data fees. >> that is a great way to describe it. i understood it, i'm all for stocks. thank here what. e ng is joining us more on this. >> tell michelle i said, hey, i want a mall for stocks. coming up, the fight to replace justice ruth bader ginsburg on prcourt. heating up big time. i will talk with ted cruz who supports filling that vacancy in an election year and also the was approaching 200,000 covid deaths, that is according to john hopkins university. the centers for disease control and prevention creates confusion on how the virus spreads and other experts who are tracking it say it is already hitting the 200,000 mark, whatever the number, it is not good and it is very high. we look at what you can do to protect yourself and i hope you have seen this. they share their take on news and pop culture with a break. they talked about the new book and offered their best life advice. they have lots to s

rex tillerson, the former head of exxon mobile and secretary of state.se are serious people i would encourage our viewers to go back and google when donald trump nominated these folks, what he said about them. he talked about rex tillerson as the crown jewel of his cabinet, a man only he could recruit to do work for the good of the country. these people trusted military generals, john kelly, jim mattis. these are people with impeccable credentials through decades in the military. that they would speak out tells you something. it's not just a disgruntled one or two people. yes, there's some of that, people who come out and they're not happy. this is an absolute -- let's keep going. let's go to the next slide. these are republican big wigs, let's call them, who have endorsed against donald trump. there's colon powell, the former secretary of state, cindy mccain, john mccain's late wife. there's two people who ran against the donald trump for the republican presidential nomination, carly fiorina, who you remember had a short-lived time as ted cruz's announc

so you and i now own corporate debt for exxon mobil, chevron, bp, marathon petroleum, and electric utility company southern company. these are terrible corporations that have been denying climate change for decades and are not responsible corporate actors, yet what has the trumpet administration done? it has given them a lifeline and a handout at a time they were not doing well financially. not because of covid, but because of their own bad decisions. so really what we are living through right now is s a massive fossil fuel bailout. with the federal governmenent is doing is not helping e everyday americicans stay employed, paid their rent, papay their electricity bills. there helping also fuel companies. that is wrong. you also mentioned the prison labor problem when it comes to firefighting in california. in that issue has been really compounded by the covid crisis. in santa barbara county where i live, there is one prison where pretty much 100% of the people, about 1000 people in the prison, have had covid. in the early parts of the pandemic, this was one of the worst outbreaks in the e

bank, aarp, bill and melinda gates foundation, exxon mobil, john d t macarthure foundation and paypal. next, derek thompson, a staff writer at the atlantic. are nearly 3000 billionaires in the world and they hang on to all of their riches or do they share it for the greater good? can the wealthiest people in the world put an end to extreme poverty? joining me to help answer these questions is hugh evans and priyanka. thank you both for being here. hugh, let's start with you. what is global citizen and what are you trying to do? atlanticnk you to the festival for having priyanka and i with you. global citizen is a worldwide movement committed to the eradication of extreme poverty by 2030. our movement is focused on people who self identify, not as citizens of a state or a tribe or a nation but as members of the human race and people who are prepared to act on that belief to tackle the world's greatest challenges. so far, we have over 10 million members around the world, people who take action for the eradication of extreme property -- poverty. over $50 million has been announced on glo

stocks up despite crude oil being lower today on fears of demand softness we have the likes of exxon mobileon fire of urging states and local governments to get ready to deploy a potential vaccine to front line workers, nursing homes, et cetera, by the end of october, early november time frame. that lit a fire in yesterday's session late in the day, and we're seeing that carry over into today's session >> something we would have talked about before the pandemic the algorithms that power them seems to be in play more today than does the new phenomenon that we talked about so often, the power of the retail investor on platforms such as robin hood. we'll see how long it lasts but perhaps the machines have a little more control today. >> yeah, and one last thing before we get to ism is the jewel announcement we've seen talking about exxon, companies trying to retrench, maybe pull out of certain countries as the question is asked again today whether the investment in jewel was one of the worst since aol or time warner before. >> luckily for them, it wasn't anywhere near the size don't get me wro

demand energy stocks are the worst performing in the market this year one name making headlines, exxon mobileit higher just a little bit. their spokesman saying the company is assessing possible worldwide job cuts just the latest major company to do so. we'll take a quick commercial break. exxon booted from the dow this week in favor of sales force s&p up .6 %. could be looking at otr anhe record close if we close higher for the s&p and the nasdaq when we started carvana, they told us that selling cars 100% online wouldn't work. but we went to work. building an experience that lets you shop over 17,000 cars from home. creating a coast to coast network to deliver your car as soon as tomorrow. recruiting an army of customer advocates to make your experience incredible. and putting you in control of the whole thing with powerful technology. that's why we've become the nation's fastest growing retailer. because our customers love it. see for yourself, at carvana.com. >>> good morning, everybody. i'm sue herera here's your news upzat in paris the trial has begun for 14 people charged with assistin