romaine: you know, i found out this morning that joe weisenthal was a dinosaur truther. e: don't say that on air > i don't think i have seen that on twitter either. caroline: he is not on twitter. he is using the rival. romaine: we will continue talking less about dinosaurs and the truth about them, as josie's it come and more about what -- as joe sees it, and more about china and tech. this is bloomberg. ♪ romaine: today, we are focused on the pressure out there on big technology companies not only in the u.s. but really around the globe. the big news today was out of the eu and amazon but china has been pushing back as well. joe: i was kind of under the impression that the u.s. would go after its own big tech giants for regulatory, antitrust reasons while china would allow theirs to flourish and get larger. bigaw the anti-ipo, the fintech's have to raise more capital. now we see that regulators may put pressure on some of the internet giant. they be this phenomenon is going global. caroline: is there any safe space for tiktok? who knows? romaine: that is

joe: i am joe weisenthal. romaine bostick is out this week. caroline: russell 2000 and dow at a record high. steepening of the yield curve. bitcoin continues to surge. a sacred number, a sacred day for some. investors might forget that there is still a lot to prepare in terms of the u.s. economy. expected treasury secretary nominee janet yellen. americans expectations for the future even grimmer. with no fresh round of stimulus and covid cases surging, many people are not feeling so optimistic as we head into the holidays. one positive side of the economy is housing. joe: it was one of the early strong parts of the economy this summer and continues to show incredible momentum. the speed of housing price growth through multiple measures. month over month, i think that is the fastest pace of home price growth ever. sincet sequential growth 2013. i don't even know if that is a good thing. if you own a home, i guess that is good. if you are looking to buy a home, not great. caroline: there is always the haves and have-nots in any story. consumer c

joe: i am joe weisenthal. romaine: i am romaine bostick. e rotation trade continue today, just in the other direction, the s&p 500 managing to rise. joe: the question is -- [no audio] caroline: bloomberg's economic model is seeing a double-dip downturn. there was much good news on the vaccine front, but joe, the euphoria has ended. investors are trying to work out how they get through until spring when the vaccine is going to be more widespread. joe: we've had a powerful rally for the first couple days, but then you look at the action with the nasdaq surging and itrything else lagging, and does seem like the vaccine opposition is running head to head with reality, which is that right now the covid situation is bad. hospitalizations, hitting a record. ineurope, you see the surges germany, italy. at some point, it seems likely we are going to get a vaccine, but the current situation, not good. romaine: it is really the sustained trajectory of this latest wave that is most concerning. the one thing, if we are going to find some silver lining, h

joe: i'm joe weisenthal. romaine: i'm romaine bostick. a flat day on wall street but that obscures the biggest one-week rally for u.s. equities since april. joe: the question is "what'd you miss?" assets,: nearly all pretty much everything higher, all except the u.s. dollar. is the blue wave trade off or is it on? it looks like the democrats still have a crack at taking the senate, but with biden inching to the white house, what policymaking is the market baking in? biden hasy rains, but taken many by surprise. joe: the real winner this week, not biden, not trump, the good old 60-40 portfolio. everybody had left it for dad not long ago. theof the best weeks for 60-40 portfolio in a long time. end of election volatility. we are not likely to get a big stimulus. the diversified investor wins again. romaine: another big winner on the week was anyone shorting volatility. most volatility measures started to pick up. the idea that we were going to get a contested election, at least today it looks like we may get a result here. that seems to have

joe weisenthal. romaine: and i'm romaine bostick. the reflation trade taking hold here, the s&p finishing up the second day in a road. joe: the question is, what you miss? only a few more hours to make the most of your democratic rights to go out and vote. you might've thought today would be day of angst and uncertainty, investors biting their nails, but it was met with the risk on attitude and the markets. aroundn person votes, 100 million americans who cast their ballots ahead today. hawaii and texas both reporting that early voter turnout has exceeded the total number of ballots cast in the last residential election. presidential last election. we wait to see if congress will be a help or hindrance. we start analyzing trading and the bet for a blue wave. of: big gains in the course theory, which doesn't tell you anything about the electoral outcome, but tells us that the markets are not expecting a massive gridlock or something problematic. if you look at the flows, there things.e interesting st voo, that is an interesting one. , a

joe: i'm joe weisenthal. caroline: another day of record highs, but only for the nasdaq. t.00 falls off a joe: the question is, what'd you miss? caroline: we saw in the shortened trading week the dow getting the sacred 30,000-point level. toestors downright giddy get clarity on a biden transition and a wave of news on the covid vaccine. there is ambiguity about the unequal economy. rise, consumer sentiment falls. sentiment points pretty positively, though. joe: yeah, i mean, ok, we didn't hit record highs on the s&p 500, so the fed has to cut rates. but the big picture is, yes, clearly this is a market with a lot of exuberance. small caps, this is a part of the market that really lagged for several months even after the recovery began in the spring. they have been on a tear lately. searching past the old record. so many names even on a day like today. pause for the speculative euphoria. caroline: you look at the industries that have been so beaten up. energy suddenly in the last five days absolutely killing it, no other way to describe it. it has fallen hard and fast. when

joe: i am joe weisenthal. romaine: i am romaine bostick. e record highs set on monday, weighing a little indecisiveness as investors weigh the trajectory of the economic recovery. joe: the question is what you missed? caroline: you missed quite a lot. it's interesting. it's like we played it. with everything from record highs of the s&p 500 all the way to certain cases of covid to a fight between the fed and treasury and condemn it really money -- and pandemic relief money. we got progress from moderna and pfizer, making impressive headway for a vaccine. trump's campaign still unwilling to concede the election. all of these headlines causing a tug-of-war in the markets between long-term fears and hopes. these five days, we are trying to work out where to place our bets. joe: yeah, that's exactly right. as you mentioned, we hit record highs at one point this week. today, not much going on. despite optimism in some markets and more vaccine news, if you look at long-term yields, look at that. u.s. 10 year yield back down to .82%. we were talkin

joe: from bloomberg world headquarters in new york, i am joe weisenthal. romaine: let's take a look at where we stand with u.s. financial markets. a down day for the major indices but still closing at one of its best months in a long time. with the u.s. election chaos seemingly resolved, attention now turns to what the biden administration plans to do over the next four years and what it can reasonably be expected to achieve. number what, largely, to be a steward of the nation's recovery. having to reconcile with an agenda that formally biden can't begin to implement it until january 2020. that leaves time for the trump administration to steer the agenda to our they favor. covid cases are trending higher. there are signs that economic growth is showing some strain. when we talk about what good potential he talk about, mitch mcconnell is on board for some fiscal stimulus. jay powell out there also making comments about what could potentially be done. carolinerobably why sort of stormed off the set. ratio, a lot of people in washington, look where the budget

joe: i'm joe weisenthal. romaine: i'm romaine bostick.ou havetechnologies, financials, everything rallied. it is sending the biggest rally since we have seen since april. carolyn: confusion. good thing we are a financial channel. it is all about the math. it all depends on what numbers you are using. with control of congress up in the air, big bets on gridlock are being unwound. what is certain is the fed has america's bag. jay powell confirming the central bank supported the economy and calling for further fiscal stimulus. the market is desperately trying to price in the future stimulus. it is pretty amazing how much markets have thrived in this uncertainty. joe:joe: here we are trying to figure out what is going on in the election and it has not been an issue. for more on the latest, i want to welcome bloomberg government kyle trigg stead. thank you for joining us. what are watching most closely? >> right now, we are waiting for final results in georgia. the presidential race we are watching but the senate race, david purdue, republican

shery: alan blinder speaking to caroline hyde and joe weisenthal.'s get a check of breaking news. j.d. health, the health unit of tocom, says it is seeking up 3.5 billion dollars in a hong kong ipo. trading is expected to begin december 8. they are offering shares at 52, 8, and 70, $58 hong kong each. 381.9 millioning shares, hoping to raise $3.5 billion in that ipo. again, the price $58 hong kong. begins training december 8. here is a quick check of the headlines. dell technology posted quarterly revenues that beat expectations in a signed demand for pcs remains above in the work from home era. sales rose almost 3% in the october period with profits almost half as much -- above as forecast. dell has been moving to modernize by using a subscription model, letting clients pay for products as they go rather than upfront. revenueted quarterly above wall street estimates, listed by customer upgrades for remote work and education. income was down slightly to $15.3 billion through october of remained above forecasts $14.7 billion. profit was $.62 a share,