ears taylor riggs. -- here is taylor riggs. taylor: thank you. me is the head of fixed income at neuberger berman. really curious about how the pandemic and the expected massive budget deficit is changing the way you are thinking about credit selection as you look across what has now become a vastly different environment. guest: great to speak to you, taylor. i think you have to completely rethink how you approach the market right now. quality is the thing that is absolutely going to win out, so focusing on the highest quality bonds because in, commonly like this -- because in an economy like this, no credit across fixed income is going to be immune from credit pressures. what we are doing at neuberger berman is looking at existing investments in thing again about new ones, and saying, how do we underwrite them for this new environment? i think quality is the way to go right now. what is interesting, if you look at 10 year high quality munis, they are yielding almost 170% of treasuries pretax. i think when you see yields like that, despite potent

let's get to taylor riggs.r: joining me today is the mayor of the second largest city in colorado, john suthers of colorado springs. thank you for joining me. talk about the reopening process. how is it going? what are businesses is saying are some of the biggest challenges at the moment? mayor suthers: we just opened restaurants over the memorial day weekend. i think they feel pretty good about the fact that people are coming back to restaurants. we opened retail on may 1. i think they are slowly coming back. there are things that are still not open. gymnasiums are not open. our swimming pools for the summer and thing like that are not open yet. putting outl be guidance for summer camps and things like that. all in all, things are going pretty well. taylor: with a population of more than 250,000, you do qualify for the fed's municipal liquidity facility program. do you plan to take advantage of that? if not, how do you look to close what could be a big edge this year? mayor suthers: we are actually about 480,0

right now, we want to get to taylor riggs with a bloomberg quick take.t is the fear on almost everyone's mind, what happens if there is a second way? the concern is even if the coronavirus receipts, it could resurface with renewed strength. the onset of cool weather could bring back the coronavirus. that is what happens with influenza. the pathogen could mutate and become unrecognizable to most people's immune system. the virus can also move to populations that have not been exposed so far. there have been hints from china that a second wave is a risk. some areas that were shut down and reopened have had research and's reimposed because of new cases. movements, restrictions have slowed the virus is spread but they leave people vulnerable to infections was named venture out again. the who has advised lifting movement restrictions in stages to test the impact. experts also say they need to scale up testing. once they find and test -- infected people, they say they need to identify their contacts. that is your bloomberg quick take. amanda: thank you so much

riggs, thank you for that. much appreciated.e now for your latest bloomberg business flash, a look at some of the biggest business stories in the news right now. deere posted better-than-expected results. iere also surprised analysts reinstating earnings guidance. agriculture has proved more resilient than other industries in the lockdown era. ibm the latest tech giant to cut jobs in the midst of the pandemic. the company let workers go at least five states. ibm didn't give any numbers, but one worker who lost his job says the number of positions eliminated is likely to be in the thousands. it is unclear how many of the cuts are caused by the pandemic. ibm has suffered years of falling revenue. the clock is ticking, and herz is in a deadlock with creditors. some investors are confident that they will get their money if hertz has to file for bankruptcy and is forced to sell cars, packing their bonds. that is your latest bloomberg business flash. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn, along with guy joh

thank you to taylor riggs with our market deep dive. still ahead on jobs day, the ecb's christine lagarde pushes back against the german court ruling that challenged the legality of the central bank on purchase plan. it was a very interesting statement sent out by the ecj earlier on. a short couple of paragraphs, but very to the point. we will dive in and just a moment. this is bloomberg. ♪ guy: fromlondon, i'm guy johnson in new york. let's catch up with the bloomberg first word news with mark crumpton. mark: the top trade negotiators to the united states and china have agreed to cooperate on the trade deal. it is the first time they have spoken since the agreement was signed in january. so far china has run behind the pace for buying more american products. the uncertainty caused by the coronavirus outbreak could hurt beijing's ability to meet the targets. president trump told fox news that he was "having a very hard time" with china. as we have been reporting, it is the biggest downturn for american workers in history. employer's cut

let's get a market check with taylor riggs. veryr: this is unconfirmed, but there could be speculation about potential talks for stimulus four bill, but very unconfirmed. you are seeing a bit of improvement here on the tape, so perhaps a different tone then we had earlier, when you have a lot of big impactors paul singer, carl icahn, warren buffett, all of these people really saying that the market look overvalued, so certainly coming off the lows from those comments. flipping of the board, i want to dictate chart i am showing inside my terminal, all about the equal weight s&p versus the market cap. behind ases to fall the market cap, higher weight, bigger companies are doing better than smaller companies. so you are seeing that divergence really widen more and more in the last few weeks. some individual stocks we are looking at, american depository receipts were lower after trump said he was looking at some chinese companies listed on american stock exchange is, but then said if he does impose rules, chinese companies could th

emily: taylor riggs for us, thank you so much for breaking it down.e will have a conversation with uber senior of project management talking about safety measures that uber has put into place as of today. ,etting back to cisco results cisco has been a bellwether for the global economy but we are quite -- we are in quite an abnormal. -- abnormal period. what does that mean for economic progress or lack thereof as we come out of the pandemic? hase have seen how tech weathered and has shown a lot of encouraging data. cisco is one of those companies that is putting itself out the front. the results this quarter were encouraging because as taylor mentioned, beating on both revenue and earnings. i thought it was going to be a , we werey indicator starting to see it. strength, their software where subscriptions were growing -- were growing. hugeompany has contributions in areas with five g infrastructure. companies are going to be investing in these areas. they will also be investing in security. one other thing that caught my attention, the company made som

i want to bring in taylor riggs. let's dig in. shares spiking after hours despite not good results when it comes to ride-hailing. the business boosted by uber eats. you gotwhat is key is the ceo said rides are rebounding in places like georgia and texas where sheltering in place rules have been eased. recoveryaid he sees and this was the news i was waiting for, the cfo has said he does see profitability in 2021. lyft had been aiming for those targets. all the notes said as it comes to lyft, they were not going to be looking at profitability until the first half of 2022. to get guidance about maintaining that target in 2021 is very key. that is when you saw the stock reverse from what was a 3% drop to what is an 8% gain. let me walk you through some of the numbers -- emily: go ahead. i wanted to mention the business also getting leaner as a result of some of the layoffs they are making. they announced laying off 14% of the company. the memo about the layoffs indicated they will be more. you wonder if this smaller and leaner uber he

taylor riggs has been diving into all of it. tech has been the winner of the week. where do you see the strength? index: the s&p 500 tech was the second best performer this week and it was up 6.5%. you mentioned the dismal economic data. tech and the markets overall are looking past this, perhaps thinking that the worst is behind us. you hear companies like uber seeing green shoots in their demand recovery. zillow saying people want to buy and sell these homes. it was notable that tech did not leave the gains. up until this point, the nasdaq is the highest impact since february. despite underperformance today, i continue to be surprised at the resiliency of the tech sector. emily: what about bonds? taylor: the two year yield hit a record low of 10 basis points at one point today. we ended up coming off that low a little bit. but the bond markets are giving us ominous signs of what is going on. the markets are pricing in a negative federal funds rate. that hell has said doesn't want negative rates. but the markets frankly do not believe him. we are looking at negativ

here's taylor riggs. taylor: you are seeing some pretty broad-based weakness with tech. this is a reversal of what we saw yesterday with big tech. that being a big outperformer yesterday. crude is up and energy stocks are the worst performers. chevron and ask on just a few of those, showing how bad things are for energy companies at the moment. flipping of the board, you're getting canadian dollar weakness. this as a broader risk off tone sets in today. flipping up the board again, we are talking a lot about crude prices. it is actually relatively calm. copper lower, risk off after that ism manufacturing data clearly showing we are in a recession. gold futures just a little higher. unitednt to talk about airlines, plunging today after saying they are planning for zero revenue in 2020, and a chance of zero revenue into 22 anyone. and nordstrom's price target cut wedbush, saying they see no profits for the first half of 2020. vonnie: thank you. coming up next, how relations with china are being affected by the coronavirus pandemic, and but it could mean for investors. our

vonnie: thank you, taylor riggs. 20 million 500,000 jobs lost in april. the unemployment rate more than tripling to at least 14.7%. joining us now is marilyn watson, head of global fundamental fixed-income strategy at black rock. it is extraordinarily tragic. one is the bond market looking at, market dynamics or inflation dynamics, going forward? is going to see if marilyn on the line. in theirreasuries back range. we got that pop the other day with the treasury refunding announcement, which was mammoth. no doubt, because we need to pay people who have not been able to continue with our job at the moment. of course, the treasury will need a lot of extra cash in order to do that. questionable what happens beyond july. we will see what the treasury will need to do with any later funding announcements. we are back down to 626 basis points on the 10-year yield. -- to 66 basis points on the 10-year yield. keep an eye on that and get back to marilyn watson in a moment. for now, let's get to first word headlines with mark crumpton. mark: the u.s. will not have t

i am taylor riggs in for emily chang. stocks ending mostly in the green today with tech continuing to outperform. the nasdaq ended the week up more than 3% and is now up almost 4% for the year. all of it comes on optimism about all 50 states being partially reopened for the memorial day weekend. stocks brushing off concerns about rising tensions between the u.s. and china. here to break down the market action is abigail doolittle. the macro news earlier this morning seemed to be about rising trade tensions between the u.s. and china, but then stocks mostly ending in the green. on thisgoing afternoon? abigail: a really sleepy day overall. you have traders not at their desks, checking out just a little early despite the fact that we have macro news. plus, it is a repeat of last year. at the end of the day, mixed action. but unlike yesterday, we actually had tech closing higher. the nasdaq 100 higher 0.4%. the chip sector got hit yesterday, rebounded today. also indicates that traders are brushing off macro concerns. where w

taylor riggs, thank you for that. coming up, u.s.er nancy pelosi joining "balance of power" with david westin on bloomberg television and radio. she will discuss her efforts to get the senate to take up the next virus aid bill. this is bloomberg. ♪ ♪ david: from new york to our tv ready audiences worldwide, this is "balance of power," where the world of politics meets a world of business. we will talk to nancy pelosi later this hour. first we want to check it on the markets and see what is going on. abigail, at the beginning of the day it seemed like they cannot quite decide where to go. abigail: that is exactly the case. it is like the calm before the storm. then the storm did seem to hit. it has everything to do with the escalating tensions between the u.s. and china, or markets rediscovering this tension. major averages down .7%. at the lows, down 1%. earlier today, we have the tech heavy nasdaq down higher. a bearish reversal, back in the range we've been talking about. one sign it has to do with this escalation of tensions betwe

that is taylor riggs with a deep dive into markets. bond market investors are dissipating the federal reserve will continue market chasing moves, this time through yield curve control. tom, the we welcome director of fixed income. tom, talk to us about credit impairments and what lies ahead. it feels like the federal reserve put 11 programs in place, even if they did not have to use one emilio, but -- if they did not have to use them immediately. tom: we believe the recession is still ahead of us and the credit if parents are still ahead of us. and sadly, the collateral damage that is likely to be done to the labor market in terms of the mental health crisis and mental health impacts is still ahead of us. with that said, what the fed has done sensibly the beginning of march is implement these enormous -- is to implement enormous amounts of liquidity that has stable credit markets, and help to spur what we have seen is now a 2.5 month rally in risk assets. havenk the fed's programs been incredibly successful at stabilizing what was a ra

it's time for our stock of the hour here's taylor riggs.ng at shares of beyond meet rising 20% after they had earnings after the bell yesterday. first-quarter sales were not as bad as fear. sales from restaurant closes were better-than-expected while stockpiling from consumers. help the retail business you are looking at some of the retail partnerships the company has. say people are not buying beyond me but they are not eating up or they are going to the stores and buying it to consume at home. that was a division that did well. some of the problems with this company is that it really is reliant on restaurants. that makes up more than half of its business or given that the food service business like restaurants and schools were shut down, you had a drop in revenue. again, analysts said it was not as bad as expected. you can see that analysts are mostly positive. target but the price shorts are only down to about 20%. that is the stock of the hour. this is bloomberg. ♪ guy: i'm guy johnson with vonnie quinn, this is bloomberg markets. let's

that is taylor riggs with our stocks of the hour.up, "balance of power" with david westin on bloomberg television and radio. we will be hearing from jamie dimon, speaking at a deutsche bank event at 12:30 in new york city. stocks continue to rally. major indices up to present. this is bloomberg. -- up 2%. this is bloomberg. ♪ david: from new york to our tv and radio audiences worldwide, welcome to "balance of power," where the world of politics meets the world of business. to check out the markets we have kailey leinz. we are off to a solid rally. kailey: a healthy tuesday rally. whatever concerns may still exist with regards to u.s./china tensions, all of that seems to be put on the back burner. the focused instead is on optimism about reopening economies and the fact that maybe things have bottomed out starting to normalize with economic data in the u.s. like new-home sales and consumer comfort that are than expected. , but not bad. that has the dow higher 2.5%. the s&p 500 is through the 3000 level for the first time since early m

that is taylor riggs. coming up, we are going to look at the drop in the number of americans filing for jobless benefit. don't get encouraged, though. it is still massively high. later this hour, insight on investing in niche markets with leah robinson of altana wealth. this is bloomberg. ♪ matt: live from berlin, i'm matt miller, with vonnie quinn in new york. this is the european close on "bloomberg markets." let's check in on the first word news. for that, we go to mark crumpton. mark: lawmakers in china have defied a threat by president trump. they approved a proposal for sweeping national security legislation aimed at hong kong. safetycy advocates effort will curb essential freedoms in the city. the vote came the day after the u.s. declared hong kong was no longer economists -- no longer autonomous. the trump administration reportedly is taking aim at students inhinese the united states. it plans to cancel the visas of chinese graduate students and researchers who have direct ties to universities affi

here with the detail, taylor riggs. taylor: equity markets staged a late day rally, and that optimism is continuing into today's session as well. new york and california governors talking about marshall plans to reopen. you can see that throughout all of the markets. i want to talk about the 10 year treasury here. i mentioned yesterday we were highlighting the range between 54 and 78 basis points. a lot of this is coming on new treasury supply to fund a lot of the government stimulus programs enacted. you are hitting another high. look for yields to backup even further to a 75 or 78 basis points. flooding up the board again, all of the talks about reopening means that crude continues to extend its gains. wti up for about five straight sessions. energy stocks are the only sector up more than 2%. finally, norwegian cruise lines tanking as much as 15% after telling investors it has substantial doubts it can continue operating. l brands on its termination deal with sycamore. wedbush saying that is a bitter pill to swallow.

i'm taylor riggs.ook is announcing more plans to transform its workforce in light of the pandemic area in an interview with bloomberg news, mark zuckerberg said the company will hire more remote workers. even work from home permanently if they would like to. he believes remote workers could make up 50% of facebook's workforce in the next five to 10 years. one company benefiting from the work from home boom is logitech. the ceo joins us now. what i love having about getting you on this program is you have a lot of insight into consumer behavior. what are the trends you are seeing from computers to keyboards and game consuls? -- consoles? what more shifts have you seen? >> our business is really structured around secular trends we are going through. people using video everywhere in the office and at home, gaming work,e, and remote working from anywhere. youtube.gram, twitch, so those long-term trends have been continuing. our business has done well. we are seeing all of them are accelerating, as you migh

let's get a deeper dive into safe market action with taylor riggs. taylor: we want to start on tech stocks because there has been a few different actions that have been moving some of the chipmakers we are looking at. otherwise noon as -- data came out overnight saying that there second quarter was going to see a 15% drop in revenue, much worse than the first quarter. that goes against what we thought because we heard companies like apple saying they were starting to see demand turnaround. if you are seeing some suppliers like foxconn saying that is not the case, it is putting pressure on companies like apple. intel and qualcomm are lower after the u.s. says they will restrict check supply, tightening rules around huawei in terms of how many chips they get to make some of their products so those chips are lower. insideto look at a chart my terminal because you are seeing a valuation between growth stocks and value stocks near a historic high. this is the forward p/e ratio here. that valuation is growing and growing. as the more expensive stocks get m

bobby riggs one in straight sets, setting up the battle of the sexes against billie jean king. >>> and you are forgiven if you never heard of ron necciai. on this day in 1952, necciai struck out 27 batters in a nine ending no hitter for a pirates minor-league team. that's the only time that has happened in pro baseball history. that's the state in sports, may 13th. >> we leave you with something to check out on this wednesday night. sometime nfl quarterbacks never see the past they through actually completed. they don't usually start the pass underwater, though. with the saints drew brees practicing that and starting underwater, a lot better than having a big old defensive lineman on top of you, >> drew brees, still amazing. have a good night you guys, take care. it was until i realized the screen had frozen. still one of my top three dates of all time. so, are we ever gonna hang out with this girl? i'd love that, but she's not really comfortable around people. yeah, i used to be uncomfortable around people, but then i learned a trick. i pretend everyone i meet is a beloved character f

riggs one straight sets, setting the scene for the later battle of the sexes against billie jean king. >> unbelievable. >> and you are forgiven if you have never heard of ron. in this day of 1952, he struck out 27 batters in a nine hitting a no-hitter for a pirates minor-league team. that is the only time that has happened in pro baseball history. that is this day in sports, may 13th. >>> give you something to check out on this wednesday night. in these times, we have nothing but admiration for our postal deliverers, fedex and ups. sci-fi driver wants to drop off the package and take a shot on a vacant basketball hoop, have at it. fair to say when the driver will have the security of ups. so if you're dropping off a package at my place on the basketball hoop is empty, please take a shot. nothing but admiration for you folks. >> that's right, have at it. they are doing an amazing job. joe, thank you. >>> next at 11:00. >>> thousands of small and medium-sized businesses across the country would dilute destroy the lives, work and family legacy of many businesses and community of peers. >

to call it riggs, courageous, and talk about that conversation. >> i remember this pretty well, a bunch of papers around me. i was thinking did she really recognize what this was. did you know president madison, what they were. her term. >> how do you frame it like that. or to listen - it wasn't is not being able to find historical records. that we were battling a sacred cow. not just my mother, my grandfather actually passed our stories, use the term visiting. and my mother would go to someone else like my and laura, they were very uncomfortable talking about what happened in a straightforward way, angry approach with those kinds of questions. >> host: you were going to get at the unvarnished truth, parts of the saga that was unchallenged. the most famous hostess dolly madison was a widow and had a son, you destroy your family -- details parts of their life and the life of james and karen's son jim who was sold off as a teenager at dolly's urging. it is a life we are talking about but a sense of what you heard about this life. >> guest: about jim's life? >> host: jim was the one i ment

years ago but he's too young for heart disease yes just 40 years old did he have diabetes now knows riggs listing conditions he was an absolutely healthy young man yes. people are like was that support you fear nothing with them by your side. people honey you can always rely on. and then. suddenly one of those walls come. i don't know what will happen to me next. britain now has europe's worst death rate for corona virus more than $30000.00 have died which is no more than italy and puts the u.k. is 2nd only to the united states in terms of lives lost the foreign secretary last night said it too early to make international comparisons i don't think we'll get a real verdict on how well countries have done until the pandemic is over in particularly until we've got comprehensive international data on all cause mortality but i think there's 2 points i'd make about the way the u.k. has approached things there are different ways of counting deaths as we know we've had that debate in this country we now published data includes all deaths in all settings and not all countries do that governments l

early morning riggs with dozens of police and special forces in cities across germany police searched mosques associations and private residences collecting evidence to be used for investigations into hezbollah's activities. we're searching for locations here in berlin annoyed her and following the ban on his blog the i'm is to find out if there's a connection between these locations and hezbollah the organization which is now outlaw. hezbollah doesn't have an official presence in germany but a network of associations is thought to provide financial support and deliver propaganda for the group while the group's military arm is classified as a terrorist organisation in the entire you most countries haven't banned its political wing on thursday germany moved to do just that. it said it could not tolerate hezbollah's anti israel positions these immediately that these are party members of these potty and nothing more than despicable israel hate is an anti semites people who not only called into question his right to exist but also openly colfer its destruction of. questions regarding hezb

to give us a breakdown, i want to bring in markets reporter taylor riggs, who has been following all the action. tech returning as the leader today despite the overall drop. taylor: just before the last two hours of trading, most equities were in the green. the nasdaq sort of leading those gains. getting back to that leadership that has been missing. of trading,w hours the moderna vaccine, that the study may be did not produce enough clinical data. words, thelot of underlying data that you wanted. tech did resume today, providing some defensiveness. the fangs coming out and being the only major indices in the green. thet of a shift relative to previous days. amazon set a high bar in terms of earnings results. taylor: this has been the bull and the bear case. people were wondering, could a company like walmart really keep up. in the past couple of quarters, they are keeping up. and theyles jumped 74% are benefiting from a lot of the consumer stop filing going on. subscription-based -- if it sounds familiar, it should be, because they are taking a page out of amazon's book. they also s

broadcasting live from new york to our viewers worldwide, i am romaine bostick, joined alongside taylor riggsform scarlet fu, who is taking the day off. taylor: the s&p 500 back to levels we have not seen since march 6. out 32% since we bottomed march 23 and -- pretty incredible, the come back we have made within these markets. i would also highlight tech, because this is a theme that we started to notice last week, that you are not seeing the type of leadership from the tech markets earlier on in this rally. it is all about those small caps. as you can see, it is jerome powell coming in and being the buyer and lender of last resort, boosting up the economy. we do know that all of the gains made by then part incredible news of mo darren's candidate vaccine. which we aree, hoping to start in july of this year. the study would be several thousand suspects across several countries. protocolnalizing the as we speak with the fda. taylor: joining us to discuss the results of the study, baylor college dean for the school of medicine, who is currently working on developing a coronavirus vaccine at ba

welcome to riggs active denies this is a comedy show where americans in america covering american news are called foreign agents help everyone hang in there through these weird times i finally snapped i couldn't i couldn't put it off any more i finally saw my dentist my therapist and my favorite prostitute all via xoom calls soma those worked out better than others in hindsight i did remove a nasty molar that needed to come out that i was good but i was actually in the call with the prostitute and i had performance anxiety with the therapist just couldn't get my super ego to stay erect anyway let's get to the news as america shoots past a 1000000 in fact.

taylor riggs is stepping in for tom keene in new york. we will have an update on hong kong shortly.te on the protests that seems to be escalating over the weekend. you mentioned t

. >> jimmy riggs fell to the ground riddled with bullets. >> tom grace, he is screaming.over. the boot was blown off his foot. he's yelling at me, stay down, stay down. when you are caught in the open we are being fired at with no , opportunity to defend yourself, the loneliest and the sickness experience you could imagine. [gunshots] >> when the shooting stopped, the silence fell. i still feel and hear everything from that moment. and one cry and one scream was joined by more and more, this collective cry of anguish. no, you did not do this. you did not do this. ♪ i could see at the foot of the hill. a boy lying face down. >> the body of jeffrey miller lying on the street. >> there is probably not a worse image in mind for all of us. >> someone tipped over a bucket of blood. people were picking themselves up off the ground. you could see, this woman was starting to swab -- sob and scream. >> that prize-winning photo with outstretched arms. >> she gestured at the shot. >> the first of four students to be killed was jeffrey miller, 20-year-old honors college student from l

. ♪ ♪ taylor: i am taylor riggs in new york with francine lacqua in london.ake a look at the markets. continued optimism continuing to filter in. --terday we closed shy of 7 3000 on the s&p. with a lift of about 37 points on the s&p 500, firmly above 3000. it is such a key psychological level that we are trying to get to what the markets, trying to go back to those march levels that we had not seen since the pandemic, and you are getting a weaker dollar as risk on has translated into cross asset. i want to flip over and go into a fact check with our colleagues in washington, d.c., because twitter started fact checking donald trump. a pair of tweets making unsubstantiated claims had a fact checking label added to them, and the president did not take it lightly. kevin cirilli joining us now. it was on the bloomberg technology show last night talking to our colleagues that cover twitter and they think twitter has tried to handle this in the best way possible, despite in the past, may be caught in their heels with misinformation and trying to navigate the regulat

i'm taylor riggs in new york in for emily chang. the day in the red, with tech leading the losses. this is all amid rising trade tensions between the u.s. and china, adding concern about the pace of the recovery due to the pandemic. and the numbers on the pandemic showing the u.s. virus cases rose today 1.5%, in line with last week's average. this comes as more state and local governments preparto

taylor riggs there. now back to the fed chair. jay powell adding the attention of economists with these comments. the economic response has been both timely and appropriately large, but it may not be the final chapter given the path ahead exposes highly uncertain and is subject to significant downside risks. economic forecasts are uncertain and the best of times and this raises a new set of questions. vonnie: joining us is constance hunter. what did you take away from the fed chairs conversation. the market seems to be a little depressed by it but there was a little light in it as well. constance: thank you for having me. i think the most important thing i took away is the fed is not looking to implement a negative interest rate policy. in the bond market that has been a longer-term bet. i think the fed is resolute in the idea that is not going to be effective and could be counterproductive. the other thing important to know compared to other central banks, particularly the ecb, the fed is able to buy treasuries, expand its toolki

. $24.44.l trading at let's get a deeper dive into the market action with taylor riggs. taylor: mostly and improving picture across the screen. we were in much worse territory at least on the russell 2000, nasdaq, so we are starting to improve, go into positive territory. 2000 and raising a lot of those gains but still off .1%. take a look at the nasdaq biotech sector. big outperforming today, up 3.5%. biotech is leading the way in thisbiotech is leading the way n this pandemic, in terms of finding a treatment and vaccine, so you are seeing that outperform. gilead, their remdesivir product is hitting hospitals to treat covid patients. the u.s. will get about less than half of the 1.5 million vials being given out in the next week or so. taking a look at the yield picture, you have a lot of treasury supplies coming online. treasuries rising and you are getting a steepening of the curve. the banking sector is still lacking. citigroup, bank of america, jp morgan. it is the less-consumer facing banks that are down less than 1% today. i think this has to do about the consumer

let's get to taylor riggs now, standing by with a deeper dive into today's action. taylor: folding that into something else we are doing on the yield curve steepening, between the twos and attends. -- and the tens. some of the stimulus programs we have announced, the treasury this morning announced plans to sell twenty-year bonds, you are seeing a steepening of the yield curve as you expect more supply to come. i want to flip up board and talk about technology. isney, the tech index positive for the year. it's the only sector in the s&p 500 back in the green on a year-to-year basis. moversis one of the big in the sector, given earnings were better than expected. other earnings we are following, they are rising on surging pickup sales, giving mary barra a bit of a side really here. relief in china when it comes to vehicle sales with a scramble to fill prescriptions that is helping cvs. doing a very good job of filling the online prescription orders as we all stay at home. finally, when these of course has been shifting a lot of their focus to chicken, given the meat

jimmy riggs pulled me behind a car riddled with bullets. >> tom grace is screaming.oot was blown off of his foot. >> he's yelling to me, stay down, stay down. when you're caught in the open, being fired on, with no opportunity to defend yourself, it's the loneliest, sickest experience you can imagine. [ gunshots ] >> when the shooting stopped, the silence fell. i still feel and hear everything from that moment. one moan and one cry and one scream was joined by more and more and more. this collective cry of anguish. no, you did not do this. you did not do this. ♪ [ shutter clicks ] >> i could see at the foot of the hill, you know, a boy lying face down. >> the body of jeffrey miller laying on the street. >> there's probably not a worse image in the minds of all of us. >> someone tipped over a bucket of blood and people were just picking themselves up off the ground. you could see they were starting to sob. >> mary vecchio in that pulitzer-prize winning photo with an outstretched arm. >> she gestured a shot. >> first of four students to be killed was jeffrey miller, 20

i am taylor riggs in for emily chang.ng mostly in the green today with tech continuing to outperform. the nasdaq ended the week up more than 3% and is now up almost 4% for the year. all of it comes on optimism about all 50 states being partially reopened for the memorial day weekend. stocks

taylor riggs is stepping in for tom keene in new york. we will have an update on hong kong shortly. taylor: an update on the protests that seems to be escalating over the weekend. you mentioned the trade tensions in china escalating. you wonder here how the u.s. response, how europe response given the heightened trade tensions, how they could take advantage of that situation. is what: taylor, this the markets are telling us. futures are climbing with european stocks. i'm also looking at oil and treasuries to give us an indication of where we are seeing some of the havens. treasuries on the dollar edging higher. i want to show you the chinese yuan. there is focus not only on this extra stimulus possibly coming from japan, but also on lockdowns. more major economies around the world opened up, taylor. taylor: we are hitting a milestone in the u.s. yesterday you were looking at s&p 3000.,000, we have not closed above those levels, but it looks like we are seeming to get there. some of that hope and optimism on the reopening is filtering through within the s&p 500. focusall-cap domestic

i want to bring in markets reporter taylor riggs, who has been following all of this.reak down what happened for us. taylor: it looked like we were green and in the clear until the last hour of trading, and then you sort of mentioned other headlines that made markets very nervous. trump said he would have a press conference friday to talk about china. then there's a lot of concern about the national security law china signed that in effect would remove a lot of the economy from hong kong. in the last hour of trading, everything fell apart, but the key theme remains. some of the big companies are still some of the big out performers. the s&p, which is a market-cap-weighted index, outperforming relative to the nasdaq, which also includes some of the smaller companies. and of course, the russell 2000, which is the small-cap companies, really the big under performer. you are seeing these key themes where everyone flocked to some of the big cap companies to help provide some stability and defensiveness in what seemed to be some pretty ugly headlines in the last hour of trad

here is taylor riggs with the details. taylor: it seems like an everything rally going on right now. you heard from jay powell the fed was ready to step in if needed. the russell 2000 up almost 6%, clearly one of the big outperformer's today. crude is now the highest going back to april 9. as you mentioned, that june contract does expire tomorrow. nearly nothing negative contract that we got just one month ago when that may contract happened. flip the board. i want to take a look at the s&p 500 target. we kept rendering -- we kept wondering if we would get a retest of the bottom. we are getting back to nearly highs since march 6, and we have hit the resistance line three different times at the end of april, early may, and now mid-may, so that will be the next line to test. again, ifp the board it carries passengers, frankly, it is up. of general motors, united airlines, roque caribbean all -- royal caribbean all surging on people wanting to get up and out of the house. living about the board -- flipping up the board, there

i want to bring in taylor riggs. walk us through the day. again, tech boolean the rest of themarket -- tech buoying rest of the market. taylor: for a few weeks, tech has been the big outperform the dow and s&p are still lower. the nasdaq 100, the faang, all of those are the outperformance. bige are a few individual tech stocks leading those. amazon, a report that potentially they were in talks entertainment and zoom, the company we have got to know well. people think offices may not open up until next year. ready to stay home through 2020. nvidia ended up about 3%. they hit a record high after a raising the price to $3.60 per share at needham. ,f course, on the data side increased demand for both public and private clouds. that is something that is driving that business. continuation of tech heavy stocks really are performing everything else. meantime, biotech. gilead treatments hitting hospitals now. what are analysts saying? taylor: the technology and health care sectors have really emerged in the past few years. the focus is we get to loo

after inventory showed up 4%.rawdown at let's get a deeper dive into the market action with taylor riggs. taylor: i wanted to take a first look at an index we have not shown recently. it talks a lot about companies that are traded in the u.s. and get revenue and business over in china. you can see that the nasdaq index is off 1.7%. this is lower after headlines in the senate boosted an oversight of chinese companies. it would certified there is no firm control and -- foreign control and could request chinese companies to delist from control. ,his comes as a separate story but the nasdaq said it would delist the company after revelations of county fraud. we are getting a lot of interesting news. this is a risk on tone filling. crude is higher, the dollar is weaker, gold rising a little bit but so was copper so i'm trying not to read into that much. the 20 year bond auction you mentioned you will be covering as well. some individual stock movers are target falling. margins are taking a hit after products people are buying our lower margin consumer staples. facebook rising after announcing

let's get a deeper dive into the market with taylor riggs. track for itsp on third straight day of losses. at bank ofrates team america said typically you would not advise investors to follow that seasonality, but it fundamentals match, it could fade that risk rally. big tech is that they got performer today, led in part by the three trillion dollar companies, microsoft, amazon, apple. airline serving after warren buffett sold his stakes. on a forward pe basis, multiples look higher again. as the denominator of that ratio collapses, investors are rushing into bonds. you can see that inverted yield. you get a sense money is being put back to work in the equity and bond space. you mentioned warren buffett. if money is not going into the airlines, hard to believe it will not affect the airline suppliers. if you are bearish on the airlines, you could feel the same way about the aircraft suppliers. those stocks are lower today as well. , theted to end on j.crew first major retailer to file for bankruptcy and be a victim of this pandemic. they are

standing by we have taylor riggs. taylor: mostly risk off tone, bonds catching a bid. gold is slightly weaker, but yesterday was higher. you also have the south african relative to aning weaker dollar, after the central bank cut its key rate less than most. also playing is crude, up for six straight sessions. you are seeing some of this go back to fundamentals. prices had gotten so low, demand is starting to come back. continuing to trade above $33 a barrel or the second straight session. it is the highest now going back to march 11, before the lockout started. taking a look at the individual stocks, you mentioned l brands. they will try to split up victoria's secret and that embody works. -- bath and body works. they are seeing lots of demand for some of their current 80's. -- companies. buy saying that stimulus checks from the government have helped, as well as the nintendo switch, as everyone is rushing out to buy videogames. hormel foods, down 3.5%. also coming out and saying there is some uncertainty around some of their plant operations, so all of that is weighin

the first state to shut down its in our let's bring bloomberg markets reporter, taylor riggs.hy did tech outperform the rest today? taylor: a lot of the optimism new yorkn newsom, from governor andrew cuomo, seemed to turn that around in the final hour of trading. , all of theoned direction today. fangs,daq along with the the peak out performers. microsoft, amazon, apple leading those gains. needp hearing that you that leadership for this rally. emily: warren buffett seemed to be driving a lot of the pessimism, saying he got out of airlines entirely. walk us through how his remarks may have played out today. since: down the lowest september of 2013. warren buffett said he would rather take losses in those positions. he said, the airline business, and i hope i am wrong, and i may be wrong, but it has changed in a major way. he said the future is much clearer to me. $137ew his cash pile to billion. opportunities with which to invest, probably the scarier comments that we have heard in recent weeks. week. more earnings this beyond meet, i know you have been highlighting some of t

but my point, having to do with oil, taylor riggs says she was crossing the bridge to get to work today a traffic jam. she was stuck on the bridge for a certain period of time. is it really the demand coming back boosting the oil market? annmarie: that's part of it. there is a supply and demand restructuring stabilization, and there has been more pickup. more people want to go in cars. no one is really taking the subway. supply and demand means there's been enough supply to cut out the demand. the market has yet to take into account the millions of barrels in inventory in the first half of the year. that is why i say it is baby steps. matt: annmarie hordern with your latest on oil. this is bloomberg. ♪ [ sigh ] not gonna happen. that's it. i'm calling kohler about their walk-in bath. my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bath. excellent! happy to help. huh? hold one moment please... [ finger snaps ] hmm. the kohler walk-in bath features an extra-wide opening and a low step-in at three inches, which is 25 to 60% lower than some leading competitors. th

let's get a market check with taylor riggs. onlor: a trend going underneath the service is it is the big caps outperforming the small caps. one of the day got performers today outperforming the nasdaq and the russell 2000, the . a lift off in 10 year yields, up to 70 basis points. hsbc told me yesterday that their target is still around 50 basis points. you still see that 10-year range where it has been the last few weeks. i want to show you a chart in my terminal. we have been talking about the rally in european equity markets after an announcement of their recovery fund. that means it is catching up to the s&p 500 on a former pe basis. the s&p is about 27 times the european index. pe up to about 20 times on a basis. i want to take a look at the home index. forooks like it is losing the first time after a nine-day rally, despite toll brothers, with better-than-expected earnings, u.s. pending home sales this morning, that index falling to the lowest on record back to 2001. the biggest monthly decline since may of 2010. finally,

let's get a deeper dive into today's market action standing by with taylor riggs. taylor: equities coming off the bottom we had seen earlier. now you have the nasdaq and nasdaq 100 in the positive, resuming the leadership we had seen there. only up about .2%. still notable that it turned positive. meanwhile, all the other major averages looking at losses. you mentioned some of the trade tensions that are happening between the u.s. and china. there was a new security law that some are saying could take away a lot of rights from hong kong, as well, the u.s. passing a bill in the senate that could delist chinese companies listed here in the u.s. if they don't follow accounting rules. u.s. and china stocks would seem to be underperforming, but those chinese companies listed here in the u.s., like the golden dragon index, are still the winners. year but certainly much better than the losses we see in the other averages. that is an index we have been tracking closely this week. of thelook at some manufacturers, in particular, boeing, cat, ge. we had earnings from deere,