romaine: i am romaine bostick. caroline hyde is off this week.quities fading as investors weigh the outlook for fiscal stimulus and the path for coronavirus cases. winter is coming. history and science suggest a second winter with the coronavirus would likely be worse than the first. as the seasons begin to turn, there could be more deaths and of course serious illnesses ahead. city, we saw the new york rate of positive tests at more than 3% for the first time in months. lead to possible lockdowns either officially by the government or unofficially as residents opt on their own to stay home again. the economic data seems to be turning in our favor. we saw data with regards to consumer spending, consumer confidence. it is still a pretty delicate stage right now. joe: there are always concerns people are talking about, the lack of fiscal stimulus, the fact that we might get another wave with the virus. gains inntinue to see consumer confidence. it is hard to see on this chart but it is the biggest one month sequential gain of this headline measure

romaine: and i'm romaine bostick. let's look at where the markets ended the day and the week. a record rally earlier in week gives way to two straight days of declines. joe: the question is, "what'd you miss?" caroline: apparently investors should have seen this coming. they've been out for weeks, calling for the fact that these stockmarkets had gone too far, too fast. the darlings of 2020 finally took the hit. apple, amazon. tesla. gain ondia, the biggest the s&p this year. companies, along with energy, lead us into that fall. were you the naysayer? joe: i've been predicting this since april 1. my predictions finally vindicated. but it was just so intense. we talked about this yesterday. you had huge companies jumping every day. this is like the reversal that we got. energy had a bad week. infotech down on the week. the only gainers, materials and utilities. financials also outperforming. that really is the story. really hot sectors finally got sold. you have such incredible moves. it is not surprising even if that is a disappointing cliche. romaine: it looks like some of thi

i'm romaine bostick. the s&p 500 climbing 2.5 percent. joe: the question is, "what'd you miss?"ine: you can debate what lies ahead for 2020 but the real debate is how this year will alter trajectory of businesses. inck stepford -- suffered today's tray, because of reliance on small and medium businesses during the pandemic. thee trajectory that trajectory -- the trajectory of tech. joe: crazy action over the last five days, let's look, you look at nasdaq, got clobbered, down 7.3% the last five days. better rebound today. end, butstill at the still not back to where we closed monday. so still quite a bit of work to do. romaine: a lot of folks are talking about valuation levels. we saw some of the forward pe ratios come down, still the highest since 2004, but the comparison is to what we saw during the.com bubble -- the .com bubble. mega stock names have doubled and tripled in some cases but revenue growth has grown as well. median earnings and sales growth were 52% to 32% reportedly for the high flyers, so fundamental metrics act up some of those moves. caroline: maybe just five

romaine: i'm romaine bostick. the nasdaq 100 slumping in the pound and euro gaining against the u.s. dollar. joe:joe: but the question is,5 caroline: stress levels in the u.s. rising. france corrode virus -- coronavirus cases rising. 10,000 new cases a day. that's on the health front. but on the economic front, the bank of england gave the clearest signal that they might be cutting interest rates below their own peer the first time in history. the economy struggling in the u.k. amongst a surge in infections. and the dreaded word, four years later, brexit. yes, it is still going. has moved britain several steps further to a chaotic and bitter separation from the european union. talking all about europe in the next half-hour. where do we start when it comes to the u.k.? in particular, probability and negative rates. joe: they are still dealing with man.t there, negative rates, this is one of the more controversial strategies in central banks around the world may or may not employ. around the world, you can see lots

romaine: i am romaine bostick. let's see where the markets ended on the day.ig tech provides another big push for another s&p hi. joe: the question is what you missed? caroline: there has been many in the markets and many has been the rise of the so-called -- known as a blank check company and they have raised over $30 million, more than double last year. the spacs have drawn all walks of life. billionaire investor bill ackman. former house speaker paul ryan to billy been. we even saw his fairness himself. michael jordan investing in draftkings. draft kings own ceo, you cannot deny they are so popular right now. joe: that is very true. the big question is and we will be talking about this more -- is this blank check companies, that's the kind of thing you think about market forth, speculative mania. me ending my money over to someone else and saying do something great with it. great new way of financing that is superior to the ipo. you cannot deny how much has grown. spac volume up 174% this year. is up 13%. secondary is down 7%. from a relative growth and fin

romaine: i'm romaine bostick. let's take a look at where the markets ended on the day. equity traders scrambling. is, "what'd you miss?" caroline: politicians down in washington politic over the next round of fiscal stimulus. treasury secretary steven mnuchin and says there is no agreement yet, and majority leader mitch mcconnell saying republicans and democrats still far apart, and even if both sides come to an agreement, it could be too little, too late. there has been no financial bridge to help a lot of individual americans, families withstand the recession. we are seeing a lot of blue-chip release alike disney warning sign, telegraphing job cuts. the question is, if we don't get some sort of government stimulus, whether this could actually accelerate. joe: that's the big story. duringdisney yesterday our show, more news coming out on layoffs just now. it does feel like some of the bigger corporate announcements are gathering steam a little bit. europe, continental, shell. these are not furloughs the way that some of the layoffs were earlier in the year. these are d

romaine: i am romaine bostick. taylor: i am taylor riggs. off beforehe nasdaq pairing losses.ressure again. amazon and facebook pushing benchmarks lower after investors question the run-up in valuations. it is jobs day. the u.s. labor market rebounds, extending for a fourth month, with the unemployment rate falling more than expected to a .4%. -- 8.4%. joe biden warns of the unequal recovery. all that and much more coming up. romaine: coming off of yesterday's big plunge down, the s&p at one point was down 3% on the day, paring some of the losses.

i was able to find, romaine bostick, talked about there could be some positive chatter about the semiconductorompanies, they make the equipment that makes the chips. potentially in early sell. another piece of tech strength, talk about whiplash and uncertainty, oracle. oracle since six pressing interest in tiktok, it is up about 9.4% over that time period. that is not the case for the nasdaq and s&p 500. more like up and down. this tells you despite the uncertainty, despite not knowing with going to happen next, whether they will be able to acquire those tiktok assets from the u.s., bytedance and what the majority ownership will look like, investors like the idea oracle is trying to diversify. they are going into a new business even though it might not sense to any of us intuitively or right away. investors like it. they're diversifying, trying to find some way to grow the revenue stream. emily: abigail doolittle for us, breaking it down to new york. thank you so much for your analysis. i want to talk more about tiktok now. in a hearing held this morning, the trump administration was order to

romaine: i am romaine bostick. >> i am taylor riggs. >> u.s. followed by comments from policymakers. the dollar rising while tech finds itself in an unfamiliar place, as the laggard. retail recovery underway. the department store macy's offering investors a glimmer of hope, reporting better-than-expected results. by u.k. chain is relaunching its american presence. we hear from the ceo. green lightet the across new york city and new jersey today. we talk with the crunch ceo about what it took to open their doors. i'll that and so much more coming up. -- all that and more coming. romaine: you hoc

they spoke with bloomberg's romaine bostick. >> i think one of the dynamics that's really interestings talking about and that we are watching is whether the current environment and videoconferencing, zoom, skype, isn't truly an equalizer. opportunities the and leading to more investing gaps? what i mean by that, we know there's a strong pipeline. we've seen it. there are so many opportunities to invest in really strong industry leading companies across a variety of sectors and industries. in the current environment, i'm hearing from some entrepreneurs that videoconferencing is removing some barriers to get to that funding. they don't have to fly out every month. they don't have to worry about the cost and time of being away from the business. they also don't have to think through, do i need to go to drinks? how do i navigate this? on the other hand, we are seeing some saying it's really hard to do business right now without meeting face-to-face with the entrepreneur. we are observing this. i don't know what the answer is. i would love to hear from people on what they are seeing. it's

speakingevor milton with caroline hyde and romaine bostick.omberg. ♪ >> japan's democratic party has started its campaign to replace shinzo abe. the front runner. next week, isabel reynolds is tracking the events. withsuga heavily -- with suga heavily favored, where is the tension focusing now? >> three candidates registered for the election yesterday so the front runner is suga, who was the right-hand man to shinzo abe. he would be the continuity candidate. he has two rivals. the former foreign minister and the former defense minister. he is heavily favored because of the factional support he has within the party. what people are looking at now is the question of when he might call the next election. there's been a lot of speculation about a snap election coming very soon because of a leap in popularity for the cabinet which he might want to take advantage of it on the other hand, has been dang himself that he does not really for an election during the coronavirus situation. he feels it is his job to resolve the issue before getting on with p