taylor riggs gives us a look at what happened. taylor: let's take a look at this chart inside of my terminal. telling with the u.s. in white, , not evenne closely in negative territory. markets really wanted a global response. you had a cut yesterday. ecb extending their liquidity. the fed next week looking to act between three and four cuts after that emergency cut they made last week. federms of stimulus, the provided some more liquidity to support some of these markets. the markets are telling us that working. this attitude of whatever it takes is not enough to support the markets. i think we know central banks, as much as they give credit to monetary policy, that does not cure the virus. that is the problem. this is not a financial issue. we mentioned some of those rate cuts. right now the market is pricing between three and four rate cuts by the 18th. i would say from all the notes today, that number is closer to four. morgan stanley out with a note saying they expect to drop even before next week. wells fargo yesterday said t

i'm taylor riggs, stepping in for tom keene in new york. francine lacqua joining us from london shortly. we want to bring you the breaking as well. in the meantime, an update on the bloomberg -- we will get the mark out of there for german business confidence, coming in at about 87.7. you are seeing continued relief here into the ecb. translating over to a gain for some of the european stocks. in the meantime, i want to get a check on the bloomberg first word news with viviana hurtado. viviana: we begin with the senate passing the major -- the second major coronavirus relief bill, president trump signing it provides paid sick leave and financial help for testing. lawmakers are rushing to come up with phase three. that is a comprehensive rescue plan that tops 1.3 trillion dollars that taylor was just referencing. it includes direct payments to americans for direct aid for struggling industries. ae federal reserve taking dramatic late-night step to help money market mutual funds. the central bank is agreeing to help meet the funds by househol

. ♪ >> july from bloomberg world headquarters in new york, i'm taylor riggs. anda: live in toronto, i'm amanda lang. welcome to bloomberg markets. we are joined by our bloomberg and bnn bloomberg audiences. taylor: here are the top stories we are following from around the world. u.s. equities are the bulk of their gains. the s&p 500 turning negative after gaining this morning. now trying to stay in the green. some signs of hope for the airlines. president trump thomases to help the industry as u.s. carriers slash domestic and international service. oil rebounding after its worst loss since 1991, even as saudi arabia escalates its price war with russia. oil looking for a potential tax cut to shield the economic impact of the virus. amanda: let's get a quick check on the major averages. it's been a volatile session, of course. we opened up, and then we saw a big swing. almost 3.5% gains were lost. we can see the broad s&p 500 off the lows of the session but certainly not at the highs either. we are seeing the biggest .eakness in utilities tech is leading the gain

. ♪ >> july from bloomberg world headquarters in new york, i'm taylor riggs.manda: live in toronto, i'm amanda lang. welcome to bloomberg markets. we are joined by our bloomberg and bnn bloomberg audiences.

. >> live from bloomberg world headquarters in new york, i am taylor riggs. amanda: i'm amanda lang in toronto. welcome to bloomberg markets. here are the top stories we are following from around the world. stocks are selling off, volatility surging again. bond yields hit fresh record lows. this as investors weigh the impact of the coronavirus. two more cases of the disease have shown up in new york city amid reports that the trump administration will not meet its goal for distributing virus test kits. and a billion-dollar bet on the future of entertainment. i spoke with jeffrey katzenberg about the streaming video space and his plans to rewrite the equation. taylor: in the meantime, a quick check on the markets. we are proudly below the 200-day moving average. erasing a lot of the games that we saw yesterday. firmly in a bear market, off 5%. some of the major airlines are getting hit the hardest. carriers looking at $113 billion of losses in revenue. that means you have a significant rally. briefly dipping below 90 on the 10 year. recovering from that. theen

taylor riggs is with us to take us through the rest of the trading day. ylor: i want 10 fold and some of that analysis you are getting some -- getting from the baker hughes index. it is off about five-and-a-half percent or so. industrials as well. until today they were up 15% or so. on the past three days we had a lot of optimism. that is turning around some of those. down 11 basis points on the 10 year. utilities now finally turning in positive for today. to take a look at the chart here i am showing. i kept hearing some of the hedging that was going on his getting expensive. it is too cheap to sell calls, so then it is too expensive to buy puts. the cost of hedging is getting pretty expensive. as you can see, the spread between the two as widened. not as white as it was in the last few days, but certainly you can see the cost of hedging increasing within the s&p 500. i want to take a look at the bloomberg dollar index. we have talked so much in the past month or so how the funding pressures within the dollar. he finally got a bit of a reprieve as some of

i'm taylor riggs in new york. amanda: i'm amanda lang in toronto.ing an 18-year low today as the coronavirus craters global demand and surpluses rise. now set to bes weighing a stake in its pipeline unit in an effort to raise $10 billion. with us now is the person who leads our oil coverage. , the saleo clarify price on this could be $10 billion. why does saudi aramco need to resubmit cash? >> obviously, for a long time now, even before this most recent oil crash, they have been trying to move away from oil as the main source of their revenue. oilthe problem for them is prices are going with seemingly no bottom. their budgets still rely quite a bit on oil revenue. the ipo of aramco is already done, the stock is down not surprisingly because oil has crashed. now they have to look at asset toes to raise some cash, support their budget. now we are hearing that they are planning this asset sale. trump-putin call give you any relief that a short supply may abate? >> there was speculation that putin was targeting the u.s. and the sale industry by extensio

i'm taylor riggs. welcome to bloomberg markets. . from bloomberg world headquarters in new york, here are the top stories on the bloomberg and from around the world that we are following. the federal reserve going all in, slashing interest rates by a full percent, promising to boost its bondholders by at least $700 billion. but those moves failing to stop the run in global markets. equities plunging the most since the 1987 crash, triggering circuit breakers at the open. stocks now looking to rebound off of those lows. turbulence ahead for airlines. one official says that they could be facing bankruptcy by may, if the government does not step in. kailey leinz is here with the markets update. not much improvement from this morning. kailey: we are off the lows but also still will session highs. fear in thist of equity market about the spreading coronavirus. it was also spooked the emergency one percentage point rate cut. what does the fed know that we don't, is the central bank starting to panic? you star

vonnie: taylor riggs, thank you. that is taylor riggs. let's recap those markets. .e bounce again. it looked like we were starting out the day slowly. then as markets digested some of what is in that legislation, they were tired, especially boeing. the dow, 4.5%. this is bloomberg. s bloomberg. mark: i'm mark crumpton with bloomberg's first word news. mitch mcconnell is hoping to push the nearly $2 trillion stimulus plan through the chamber today. the house would need to approve it before president trump can sign it into law. the measure provide support for individuals and businesses. but not all americans who need the direct payments will be getting them. issue.ing remains an further aid may be needed to help a wider range of people and companies. across the united states, unemployment benefit websites have been crashing. the systems are buckling under the weight of the coronavirus's economic fallout. national jobless claims last week saw the biggest spike since the aftermath of hurricane sandy eight years ago. jumping 33% to 281,000. this thursday's figure could be

taylor riggs has more. taylor? taylor: every yield curve in the u.s. under 1% this morning. i wanted to focus on the short end of the curve because that is what we are seeing some of the major market moves. taking cues from overseas. if you look at the u.s. yield curve, some say it is negative lower bound, perhaps going through that. about 30 basis point or so. the u.k. two-year at 40 basis points. the german two have an now -1%. if you flip up the board and look at a chart i am showing inside my terminal, jeff gundlach is tweeting that the 30 year is really where all the big moves are happening this morning. we are down now 42 basis points to below 1% for the first time on the 30-year, and we knew on friday it was blowing through three standard deviations. my math does not go that far. i cannot count the number of standard deviations. a 42 basis point move on the long end represents -- seeing spreads really blowout high-yield as well as id reverberating on banks is energy. taylor: we have to be careful to compare the high-yield and the investment-grade spreads low out to pr

taylor: i am taylor riggs in new york and welcome to daybreak asia.top stories we are following this hour. asian markets enter a new quarter after one that equity bulls would prefer to get --to forget.

taylor: i'm taylor riggs in new york. u.s.y yields plummeting to new lows amid coronavirus fears and the collapse in the price of oil. the 30 year yield logging its biggest intraday drop on record. chris rupkey weighed in on the rally, writing marker calendars and tell your grandchildren this is the day the music stopped playing in the bond market died. the phone. us now on i have to admit, i read your notes daily. this morning made me laugh. wide in the bond market died today? chris: it was bad enough when it fell to 0.76% at the end of last week. then to collapse again today, it 13% on thet 0. 10-year. ofthat level, it is the end bonds, fixed income on wall street, trading. there will not be enough activity trading back and forth to support many market players, if you'll go down to that lower level. i hope the federal reserve next week does not encourage the here. and its madness let the market come back, let yields drift up. let's put it this way, because bond yields have collapsed, fed funds futures are saying next wednesd

let's get detail nose taylor riggs. -- let's get details now with taylor riggs.r: you're seeing a lot of green on the screen. not the case in europe, where pressure is starting to turn around a little bit. the u.s. leading the gains there. let's take a look at an intraday chart because this is incredible. you hit the lows right before that jobs number, and then despite the record surgeon jobless claims, you are near the highs of the day. 500low on the 2020 s&p forecast is actually above where we are currently trading now, so strata list -- so strategists are pretty optimistic towards the end of the year or so. broadly speaking, it is a pretty risk off day despite the green on the screen. yields are following. that shows the underlining nervousness despite the headline numbers in the s&p being good. you mentioned the tech sector. i want to end on that. take a look at zoom video sinceications, up 300% ipo. just this morning, morgan stanley raised the price target on record usage and adoption as everyone is working from home. they are saying that zoom is now becomin

taylor: i'm taylor riggs in new york.pstarting in credit, and that has blackrock cut in its view on the market from neutral to overweight. the firm is pointing out a liquidity crunch risk. joining us for more is molly smith. this is an interesting call. what i liked about this, they are maintaining their overweight on high-yield due to stable monetary policy, but under waiting global on which valuations. this seems like a valuation issue rather than financial issue. >> normally, you would make that, when things look expensive. ironically, investment grade has been selling off the past week, so becoming cheaper on a spread basis. if you are looking at all in yields, they are at all-time lows because the rally in treasuries has been so incredible. they have become so low, around 2.4%. thinks where most people probably the 10-year was not long ago. in that sense, it is a little bit different. on a spread basis, we have seen them move out and be cheaper. when blackrock says they are watching liquidity, it may not be the first

let's get to taylor riggs. we are halfway into the trading day. it has a hue to it. taylor: yes, it does. we have even had a back-to-back to back against since february 12. when you get a 5% or more again, it usually is followed by a drop of that magnitude. if we were to see these extend for another three hours into the close, this would be the first time since february 12 where you see back-to-back gains. i want to talk about the air carriers. as we wait for them to officially vote on the bill, we do know the rescue package is looking at about $25 billion in loans to air carriers, $25 billion in strings attached, and $3 billion to airline contractors like caterers. aid.ng about $4 billion in you are seeing everything across the airline industry get a boost. it includes about $17 billion in loans that are earmarked for companies deemed critical to national security. that sounds like bowing but they are not mentioning boeing by name. $1200so are getting about or so mailed to people making under $75,000 or so. it means you are getting a big boost for the credit cards as

taylor riggs is with us for more details halfway into the trading day. taylor: you mentioned the s&p 500 up about 5%. let me get you to an intraday price action with the record numbers we got earlier this morning. you're still on track to have the best three days since 1933. the dow surprisingly managed to climb out of the bear market come up more than 20% or so in the last few days. i want to look at the individual stock basis. a rapid test is available and will be ministered that -- willered for those be administered. --wegian resumed training halted.after being it was not specifically mentioned in the stimulus bill, but it could fall under the distressed category. boeing up, some of their suppliers could get up to $60 billion or so as they are categorized as national security despite all the concerns over share buybacks. delta up 11%, downgraded to junk by s&p earlier this week. you mention some of the falling angels. upgraded by deutsche bank. an activist investor said they offered to buy delta's 15 term sent stake in a south korean company. stakeould

we turn now to taylor riggs. how much of this is fundamental? how much of this is liquidity issues? you are exactly right, it is all liquidity issues. the 10 year yield was at 81 basis points. up --ays, we have gone this is near unprecedented levels. off the record, i got a comment from a traitor saying that -- a trader saying that dealer balance sheets are off, so they are not able to rush in and provide liquidity. there are some credit concerns from their opinion. withe record, i spoke advisors at asset management that offer spreads are extremely wide. dealers are providing liquidity, so a lot of this is much more of a technical issue than it is fundamental at this point. guy: which particular areas of the market are under pressure? are there any particular states? presuming there are some sectors like airports, the travel sector under pressure at the moment, what is happening in the hospital sector. you said.0%, like airports, i read a piece that moody's investors service came out, highlighting u.s. arenas and stadiums. this is as major sport leagues have been canceled. they highl

taylor: i'm taylor riggs in new york.t is time for a bloomberg quicktake. while the warm weather curb the coronavirus? president trump has weighed in, saying sunshine could chase it away. health experts say it is more complicated than that. it is too early to tell if climate is a factor. the coronavirus only appeared in central china at the end of the year. officials say there is no reason to believe temperature will play a role in the outbreak, but they say is worth investigating. in temperate regions, the flu is largely a winter phenomenon. in tropical and subtropical areas, it occurs in the rainy season. that warm andnce humid conditions are favorable or flu transmission. suggests ite migrates to the opposite hemisphere. that could mean that even if coronavirus insides in the summer, it could return again when the weather gets cooler in the. fall. that is your bloomberg quicktake. greg: from the great financial crisis to the most recent downturn, ariel investments flagship fund is one of the top since the markets botto

here's taylor riggs. taylor: one to take a look at where we stand on all the major averages.retty positive sentiment, up solidly 1.5%. trying to hold on to some earlier gains we had seen in the stocks. that had some positive momentum from china overnight. the csi 300 at one point at its best gain since may. i want to flip up the board and show the wild swings we have seen within the s&p 500 and the last two days. earlier bottomed out friday, you've now gone up about 5% or so. earlier on the session, we had dropped down. now going higher to 3000, holding on right around the 2990, 3000 or so on the major averages, despite some of the wild swings we have seen. i just came from san francisco, so i am still all about big tech . some of the major market caps have been falling by $100 billion, $200 billion or so, but spinal he trying to reverse a lot of those losses. up 2%,, microsoft, apple 3%, 4% or so. they had lowered some sales forecast guidance for the next fiscal quarter as they look for further gains. finally, it comes all the way about bonds. earlier this morning, the two-y

i am francine lacqua at home in london, taylor riggs in the studio in new york. on, one afteroing the other central banks looking at their currency and trying to defend things domestically. we look at dollar strength and yields moving. taylor: if you blink, you missed it yesterday we had the fourth halt on the s&p 500. down&p fell 7% and it shut for 15 minutes or so. we were able to close off of the lower bound. the bloomberg dollar strength also hitting a record. cash is king. francine: we will talk a lot more about that. it's get straight to the bloomberg first word news. senate passings. the second major coronavirus relief bill, president trump signed any it into law -- signing it into law. lawmakers are rushing to come up with phase three, a comprehensive rescue plan the administration estimates could cause -- cost $1.3 billion. the u.s. federal reserve and a dramatic late night step to help funds havets, the been under pressure because people are rushing into cash. a surprise move from the european central bank, launching dollargency 820 billion bond buying p

and francine lacqua in london, taylor riggs is in new york, in for tom keene. what a week. last weekend after the emergency meeting from the fed, that congress, the markets are still failing to be calm. taylor: volatility is the new theme of the week. last week you had two market limit circuit breakers that were hit. right now we are poised to open at the same levels as the markets could hit that circuit breaker limit. it is incredible when we think about the volatility. it doesn't seem like the federal reserve's jay powell has calms --kets by any -- has combed has calmed markets by any means. francine: let's get straight to the bloomberg first word news in new york city with viviana hurtado. viviana: we begin with the most extreme effort yet to slow the march of the coronavirus in the united states. the cdc recommending events of 50 people or more not be held for two months -- sports, weddings, parades, concerts. all of these are on a two-avoid list. the economic slump in china is worse than analysts feared be the coronavirus leading to factories, shops, restaurants enclose

in on thet to check markets with taylor riggs. t me remind you what happened this morning. we opened up and we hit that 7% limit in the markets were closed for 15 minutes. now it does seem like we have gone off of the lows by a significant amount. the s&p 500 only off less than 5%. the nasdaq doing better than that, only off less than 4%. the next limit down to close the circuit breakers would be a 13%. we are nowhere near those. a little bit of buying. nowhere else we are seeing buying is 30 year yields. still down 32 basis points. we are at 96 basis points. at one point that was 88 basis points. you're starting to see a reversal but still very much a risk off day. take a look here. it is not just bond yields in the u.s.. certainly this is a global story. you are now looking at the global aggregate fields, all-time record lows, well below 1%. clearly a global story. look at the board. a lot of the oil price action we are seeing has struggled with tesla. a lot of people are wondering if an ev vehicle make sense of this level. you a

taylor riggs is with us. we are still higher today., we get the 5% of limit on the futures market. than 10%ecline of more yesterday, 3% is something to get excited about. i wanted to focus on the fangs. big up performers. kbw index, all of these big banks up six, 7%. this after being some of the worst performers. bank of america wells fargo down 50%. finally, goldman sachs saying they are off 40 percent from their lows, we are going to step in and buy. vonnie: that is a good day for the banks. when it comes to stocks that may be are not seeing as much demand, what can you tell us? taylor: take a look at the chart in the terminal. still on pace for the worst week since 2008. on anrse, those inside individual stock basis, all about energy. energy has been off 50% in the last five days. earlier we had a supply shock and then the demand shock means all of these companies are struggling. vonnie: taylor riggs, thank you. we will be covering the markets all day long. this is bloomberg. ♪ jonathan: from new york city for our audience worldwide

right now, let's get a deeper dive on the markets with taylor riggs. taylor: you mentioned the 10 year yield. i thought we would look at the major averages and the banking index. the lower yields we are seeing across the curve are pressuring the big banking sectors as well. as you know, the flattening of the yield curve which is creating the net interest margin and pressure on profitability for the banks, as he can see, there is a banking index, who is the worst performance of all of them. we flip the board, and i want to look at the 10 year yield relative to the other sectors we see within the financial index. the secondary sectors like lending tree, invesco, you think about small lenders as well, the mutual fund companies as all -- as well getting hit hard as well. another one that has crossed the wire as well, boeing, suspended for trading, after they suspended production operations at its facilities. they are citing an emergency in washington state and accelerating the spread of the coronavirus in the region. they are trying to do their part perhaps

i'm taylor riggs. mixed messages from the u.s. government. the fda is pushing back against president trump claims that the antimalarial drug chloroquine has been approved for testing as a coronavirus treatment. for more on a path to a cure, i deka.o bring in nina talk about some of the companies that you see on the front line developing vaccines, antidotes for the coronavirus. >> one in particular is doing treatments to help mitigate some of the symptoms with the lungs that can help people get off of respirators. they are also working on a hopes to gete ceo them in travel by august. as a long-term investor, i'm not necessarily investing in them because of what they are doing. in the last 10 years, every time there has been a deadly outbreak, they have stepped up and have enabled to come up with exceeds. every time they do it, they get faster. that means their genetic engineering case that capability is working and is scalable. taylor: in this broad-based selloff, where every asset class is falling, there are pockets of opportunities where you

. ♪ taylor: i am taylor riggs in new york, francine lacqua and london. do have a chart here, so let me bring this up for you guys because i want to bring this up. matthew luzzetti, deutsche bank chief economist, is still with us. is the bondr me market moves that we have seen. this is the move index which measures the volatility within the bond market, which are ghibli has been much more than with ash which arguably has been much more than we have seen -- arguably has been much more than we have seen. with the global rate moves we have seen this morning, a lift in yield -- what does that tell you about where we are? thatrstly, i have to say market liquidity is absolutely horrendous, so trying to get trades done in almost any reasonable size is moving the market quite a lot that is one of the reasons you have seen 30, 40 basis point moves intraday in a few minutes, so it is not based on fundamentals, it is not everyone going to save money all the time, it is the lack of risk-taking in this environment, where basically no one wants to warehouse any risk fo

we start with a quick check of the markets with taylor riggs. it looks good for equities at the moment. taylor: interestingly came in overnight and futures were negative. we seem to have turned that around. the s&p 500 up 2%. crude still heading lower. still a lot of concerns on the supply side but also the demand side. briefly last night dipping to a $19 handle on crude. they are trying to recover a little bit and hang onto a 20.30 on crude. bloomberg dollar index firmer. four days of weakening on the bloomberg dollar index last week. some of the funding pressures relieved but the safe haven turns around and further strengthens today. what that means is the vix continues to have lower. feelshandle on the vix less pay handle than the 80 we have had the last few weeks, although this is still pretty elevated. i want to talk about the individual stocks that are moving. it is interesting you have a lot of these stocks rising and falling despite some of the overall gains we are seeing within the s&p 500. you've seen ae, lot of these cruise lines exten

taylor riggs is here for a report. seen a big gain since february 11, which is the last time you had a big rally follow-through with a second a rally. all of the hopes coming on the stimulus this morning. i want to talk about the 10 year because you are seeing a classic with the equities rising. bond yields are still falling, down below 80 basis points or so on the tenure. you just heard in the last hour about crude. the demand side is still a massive question, so you really could see some further downside risk here. that is certainly being priced out in the market. if there is any positive news, it could be a bit of dollar weakness.

for that, we turn to taylor riggs. equities are down, but u.s. treasuries have turned around. for, they were going the other way. taylor: very interesting. a few things going on within the treasury market this morning. you had a global lift in bond yields. we woke up and thought, how are we going to pay for $1.2 trillion in stimulus? earlier this year, all we could talk about was deficits. that is why you got a big lift up in yields. is also liquidity issues that mike mckee has been talking about all morning. i'm also hearing some profit taking going on with any market. treasuries last week hit 50 basis points, so there was all that pressuring up in yields. equity losses in the market have accelerated closer to the 6%, 7% lower bound, which is worse than maybe 3%, where we were this morning. you are seeing them going back into a risk off sentiment. i keep hearing over and over again, nothing matters more than the dollar. that you are liquidating even treasury bonds at this point because he just want to hold cash. david: or you have obligations you want to pay, and you need the

that is taylor riggs and she will be back in a little bit. mitch mcconnell says the senate is close to passing the stimulus bill. he is describing it as being on the two yard line. nancy pelosi remains optimistic on the deal. with us with more is bloomberg chief correspondent kevin cirilli. both sides are posturing saying they are close to being done. what actually is the situation as you understand it? kevin: i'm happy to report that sources i have talked to all morning say they are very much saying they are on track to get this economic stimulus bill passed sometime within the next 12 to 24 hours. we have heard this before earlier in the week, but there seems to be public comments from mitch mcconnell as well as nancy pelosi, both of them echoing the same sentiment. that increasingly unlikely they have much time for talks to fall apart again. democrats are now able to say they were able to fight for something and push the bill more toward their liking. meanwhile, republicans are able to say they were there from the beginning. politically sp

we are going to go to taylor riggs. taylor: take a look at some of the major averages. here in the u.s., we opened up at 9:30. a few minutes after that, we had that 7% limit, the first limit we tested. the markets then closed for 50 minutes and reopened around -- for 15 minutes and opened around 9:49. the next limit we would have to see is around 13%. it seems like we have come off the lows, recovering, only off about 5%, 5.5%. weyou flip up the board, have oil seeing its biggest drop since 1991. goldman sachs saying oil could test a $20 handle. you're seeing all of the oil companies and producers really get hardest today, off as much as 30%. the story is perhaps they were cutting their spending, and how they are profitable with breakevens at $38 a barrel very questionable. i want to dig a look at a chart we are showing inside the terminal. we are talking about the s&p selloff in the spread on a percent basis, relative to the 200 a moving average. today pretty in the red. we are off more than 5%, 6% or so to two that 200 a moving average. that sounds bad, but not as tha

to get more analysis, taylor riggs joins us now. s to bonds, give us the breakdown on how bad it was. taylor: really glad you mentioned the s&p 500. come and take a look at this chart we are showing. the dow hit a bear market. the s&p was close. we dipped below the level of 2708. below that we would have been in a bear market. fortunately we closed just above bear market ise very important to watch. the 7% limit would trigger another circuit breaker. i want to look at the bond market. bonds did not react normally how they would on a typical risk-off day. you did have a small rally on the two-year, falling one basis point. the 10 and 30 year rising seven and 11 basis points on the day. some would say there are technicals going on in the markets. i would also argue perhaps that the smart money is in bonds. this rally already happened on monday when you had fresh record lows on the 10 and 30. today, not quite the reaction that we typically would be seeing. really curious to see what happens with this bond market going forward. emily: it

bloombergs taylor riggs is monitoring all of the action. sitive jobs number it looked like we were getting a lift in yields off of the bottom of their lows, but that story has changed. we have now rolled back over. points.f 24 basis that is exactly where we were before the jobs number announcement. the same with the bloomberg dollar index. weaker .3%. you are still seeing dollar weakness relative to safe haven strength. the equity market look like it was starting to recover before the jobs report. , theave the s&p 500 off 3% nasdaq off 3.5%. in the s&p that has not changed. the nasdaq trying to recover. only off 3.3% in the futures market. the story has not changed. lower for longer. alix: taylor riggs, thank you very much. we want to get update on what is making headlines outside the business world. viviana hurtado is here. viviana: more than 100 thousand coronavirus cases have been diagnosed globally. 80% of those in china. that is where the epidemic began. beijing reporting the number of new cases and deaths falling. the u.s. outbreak is

taylor riggs is here for a report. taylor: we haven't seen a big gain since february 11, which is the last time you had a big rally follow-through with a second a rally. all of the hopes coming on the stimulus this morning. i want to talk about the 10 year because you are seeing a classic with the equities rising. bond yields are still falling, down below 80 basis points or so on the tenure. you just heard in the last hour about crude. the demand side is still a massive question, so you really could see some further downside risk here. that is certainly being priced out in the market. if there is any positive news, it could be a bit of dollar weakness. we had massive dollar strength in the last few weeks, given the funding issues, and everyone just wanted hands on dollars. the fact that that is easing a little bit could give us some hope that may the funding issues have worked themselves out. what is not working out is big tex. i was innto this year, san francisco. you had rbc saying google, facebook, top calls for the

i am taylor riggs, and this is bloomberg. report is expected today and that is expected to really show some major declines when it is released shortly. economists are expecting negative readings for the first time since 2013. for more on what to act and whether this will be sustained in a state of the japanese economy, let's bring in the university professor, a former bank of japan policy board member, and she joins us now. wonderful to have you as always and thank you for joining us. in terms of your expectations, it is pretty much a given that we will see pretty depressed sentiment going into this survey. >> we are paying attention to what has happened to large companies. as you said, we think there will be a big fall and enter into negative territory's probably outlook three months ahead, also further decline in the index, but i think we should pay more attention to what will happen to large services sector because until december, the previous survey, the index was quite good. so because there was a lot of construction, es

taylor: i'm taylor riggs in new york. watching a special edition of "bloomberg technology." e have all of the coverage including techs performance. and to the other top story that following this our. president trump declares a national emergency among the new coronavirus. have the latest and the historic week in global markets. a gut punch for the tech sector. apple is the latest to pull the in-person events. it's worldwide conference will and a red online only ashless society fear of the virus via the greenback. we'll talk to the co-founder of square. take a eantime, let us look at how wall street ended, this wild week. i have no words. erased all of the losses that we had on yesterday, look at this, s&p having its 20008 and tech really one of the big outperformers here followed by as you can see, 13 basis points. at one point it was above 1% 96 basis about points. south of the border with volatility this week, it was all at one point, we had a 75 on the vix, coming down to 57. and crude, a supply and demand in there above $30 a barrel. that means a bloomberg commodity made

let's check in with taylor riggs at a look at bonds. taylor: what stood out to me is you are not seeing the typical treasury reaction but you are seeing a big reaction with in the bond market. in the triple b space, scott minor earlier on monday said you could see this widen out to 400 basis points. 2.15 or so. an additional 200 basis points of widening within the double b space. look for it to widen two 750 basis points. right now we are only at 435 basis points within the double b space. don't get me started on the single b space. 1100 or so. one thing you can count on is the cost against default and is high-yield market certainly has been rising. high-yield companies has risen. take a look at the index level, that has gone from log to vertical. the highest since the beginning of 2016 and end of 2015. they are starting to get some concerns about credit. a lot of companies drawing down their loans. that has shifted to wondering how long perhaps some of these high-yield credits can hang in there. scarlet: fantastic perspective. taylor ri

let's bring in a taylor riggs for more on the markets. definitely has been a trying day for those in the markets. it is friday. in europe, we tracked a bit lower, so the u.s. is following suit. taylor: still on track to be one of the worst weeks since 2008. it has been quite the week. take a look at the chart inside my terminal. we hit the two circuit breakers on monday. we try to rebound on tuesday. thursday again, taking that circuit breaker limit. it has been a wild week. into theto pivot credit market because that is where we saw a lot of distress coming through. i was looking at high-yield firmly above 7%. scott at guggenheim was saying to look at high-yield blowing out to 750 basis points. it looks like we are almost there but we still have a little ways to go. within the investment grade market, look for those to blowout. 240.i checked, 230, some say we have more to go, but in the high-yield energy market, those are certainly getting hit the hardest. energy has been one of the worst performers. that was widening out to 15 basis poin

go to taylore to riggs. three in a row. off today.ssic risk equities lower. 11 basis points or so. 20 basis points higher than what we saw below 50. one half of 1%. you are so seeing the yen catch a bid relative to the u.s. dollar. 1.3%.s stronger by about gold is a little bit weaker, which is interesting, and some dollar strength, which is classic. we talked about the funding issues we've had and then crude of course, energy is the worst performing sector. you are seeing markets behaving rationally, normally as they would in a classic risk off day. david: rational market is a good thing right now. there are some stocks that have been getting hit. look at carnival cruise lines as one example. as much as 13%. there was a change to the stimulus package that would bar companies not incorporated in the u.s. from beneffrom dow jon. it limits packages to companies based in the u.s. with a majority of their workers based in the u.s. that language had not been included in prior drafts. there's concern about some of these companies

thes get more details on session in global markets, here with us is taylor riggs. taylor: i want to talk about the major averages. the dow has rallied more than 20% to effectively pull us out of the bear market. we are still off 25% from the peak. as you mentioned, tech having some weakness yesterday but turning that around and getting some strength today. you are catching a bid for the 10 year, movement of money going into both equities and bonds, which is interesting. take a look at the s&p 500 over the last three days, now seeing the best three days since 1933. as you said, perhaps the whisper number, what is going on with the unemployment claims is a lot worse and everybody feels like uestimating. i want to look at the way the u.s. is leading the way. in london, you are only up 1.5% or so. asia is faring worse. really, it is a u.s. leading the gains, which has been the story really for the past few years. you see that in the msci world index xus, which is only posting half the gains as the u.s. market. finally, a look at some of the individual stocks we are seei

joining me is taylor riggs. n back to back games like this in more than a month. typically, when you've gotten a rebound, we've fallen the next day. it is sometimes around these tumultuous times that we can try to make light of an otherwise very difficult situation. a trader note was laughing this morning, saying they were shocked that the futures were higher. we did hold onto the 2018 december lows. that was a very key technical point for the s&p 500. more importantly, those small cap domestic stocks, the russell 2000 had been hit much more than the major averages. they don't have perhaps the financial flexibility that some of the multinational corporations

here is taylor riggs. taylor: as you've been talking about, equities in the u.s. cutting a boost on the hopes we could getting closer and closer to a stimulus deal. that has seemed to be accelerating as the day progresses. techld note the big lagging a little bit for now, but i would say the transportation leading all of these gains. there might be some room that china is coming back online for the sox index and transportation. not or what money they could receive. i want to take a look of the materials. they are the second-best best performer in the s&p 500, up more than 10%, best day since 2008. take a look at that. up almost 20%. copper prices are getting crushed but they are suspending their dividend and cutting costs. all of these moves are ensuring investors they are taking action necessary to shore up their balance sheet and have appropriate cash on hand. i want to flip up the board and take a look at bowing. the ceo out earlier saying he does not want to give the federal government and equity stake in exchange for taxpayer aid. he wants the government to s

that's figure out what is going on with taylor riggs. taylor: i want to start with major averages. never want to joke, but what goes up, goes down. yesterday, we were talking about the big gains in your european markets and our u.s. markets. today, that reverses. to 3.5% on some of the major averages here. london off about 5.5% or so. very interesting, what is going on in the industrial index. take a look at the last month. from our peak february 12 down to earlier this week, you are off more than 42%. in the last five days, there was a little bit of a recovery. we were up 50% or so on the industrial index. that has all turned around a little bit today as we had one of the worst performers of all the s&p 500 sectors today. the industrial index, and again, hintingjones sort of around of where things could be, now off about funny 5%, 26% in the last month. a lot of headlines yesterday saying we have been out of the bull market, and today, little bit of that turning around. i want to look at some of the individual companies we are looking at, if we do have carnival cruise lines and jp

let's get the details with taylor riggs. esn't look like things are better in new york than they are in london. waiting for 35 minutes from when we are hoping there could be a vote on some of the stimulus bill. i want to look at some of the major averages. better than where we were earlier. only off to 1.4% or so. the nasdaq, at least some of the tech stocks, some of the companies with big exposure to asia firmly in the green. take a look at the 10 year falling in additional eight basis points. down to 76 basis points on the 10 year. flipping the board, i want to look at a chart i'm showing inside my terminal. this is about the fed easing. the fed will go to the industrials as you can see. the industrials really getting hit the hardest. the fed coming out and saying that they will be buying mortgage-backed securities. tom barrack at: a capital, he is a real estate investor, he is saying the commercial mortgage market is on the brink of collapse. you have to help businesses pay rent because that is their biggest fixed cost. if

we now turn to taylor riggs. taylor: you're seeing buying in equities and bonds as we are trying to assess fall out of the stimulus and the record unemployment claims we saw today. interesting to note, at 2560 on the s&p, we are right at the low end of the range of where strategists are forecasting us to end. strategists still think there's a lot of room to the upside as we go into the second half of the year for the s&p 500, but with the bond market as well, you are getting still catching a bid as the bond price is higher, you would lower. utilities are interesting. they always benefit from lower rates, given that they are generally more indebted companies. your debt isn't worth anything, so i guess utilities are one of the best performers today, and crude, you can't get inflation when crude is at $23 a barrel. you are starting seeing -- you are starting to see this entering sector by sector. david: especially sectors getting a bailout. ellen: when you look at boeing, you were up 92% --taylor: when you look at bo

for that, we turn to taylor riggs. taylor: taking our cues from european markets, which are down muchworse, knighted to -- worse, 9% to 10%, this morning we had that 5% limit. we are up right now on the s&p 6.8%. the next limit down would be 13%. we are nowhere near those levels. for now, time to get off that lower bound of 7%. let's take a look at a chart in the terminal. i don't have it pulled up. the control room does. sorry about that. it basically shows how far we off.- how far we are if we were to close at today's current levels, we would certainly close at a bear market. it would be the fastest bear market ever because it would occur before april 1. david: there was a phenomenon in the bond market where yields started going up for the wrong reason because people were going to cash, selling anything. today that seems to have reversed. taylor: i am glad you brought up bonds because there is something i don't understand. we are seeing a rally of 11 basis points on the twos-tens thirty. we are nowhere near the record

i am taylor riggs in new york. welcome to daybreak asia. set to track are wall street higher amid new hopes about the virus that president trump warned that the u.s. faces a challenging month ahead and a challenge for japan. there is concern that any rise in infections or deaths could mean the tokyo economy could go in reverse. there is cautious optimism in europe. spain and italy reported a decline in infection rates as people are told to stay-at-home over the easter break. haidi: we are getting breaking news out of south korea. the latest reading of the impact of the ongoing coronavirus pandemic having on this explosive economy. of threetting a plunge point 8% when it comes to industrial production. that is actually better than the survey. we were expecting a contraction to the tune of four point 5% but 3.8 percent contraction, worse than a contraction we saw in the month of january. when it comes to the year on year number, 11.4% gained. a lot better than the 3.4% that was surveyed and bouncing back well and truly from a contraction of 2

taylor riggs is live. taylor: putting the today is , managing director at neuberger berman.ie: when you have a rally, it is very difficult for any other market to keep up with it. munis were on the full side before the rally, so communities have gotten very attractive right now. you can buy a 10 year aaa muni at around 1%. that doesn't sound great in the grand scheme of things come up with that as a taxable equivalent of around 1.6%. the 10 year treasury is around 70 basis points now, so on a tax adjusted basis, i think the high-quality muni market is looking really good right now. taylor: let's go from high-quality to credit. is this a buying opportunity? jamie: it has been a volatile last few days. there's a lot of risk aversion in the world. we are seeing some funds raise money through selling, through larger cap names into the high-yield market. that is creating opportunity, and as a manager that has liquidity, this is the moment you are looking for. you are looking for bonds whose prices have moved away from where you think the intrinsic value is. you have to be cautiou

to break down the bullishness and give you perspective on just how big the move have seen, taylor riggs. taylor: it is not the fact that the market has fallen, it is the rate of change. one measure of that is the outflows of the s&p. thestors now withdrawing most since early 2018, when you had the volatility trade that blew up. investors reversing five weeks of outflows and withdrawing money, arguably going into safe havens. the next chart we have to show the sentiment of all of this is the number of stocks that are declining on the nyse versus the number rising. out of 3000 stocks that are falling, relative to those that are rising, that is the worst two-day period we've had in this entire bull market. it all comes down to the-call ratio.- to the put-call in this case, much more bear sentiment relative to some of the bullish sentiment. alix: taylor riggs, thank you so much. over the weekend, central banks over the globe seemingly stepping into a sure markets. japan promised liquidity and bought etf's. fed chair jay powell signaled friday they are ready to cut rates. joining me is mark

joining me is taylor riggs. taylor: we haven't seen back to back games like this in more than a month. typically, when you've gotten a rebound, we've fallen the next day. it is sometimes around these tumultuous times that we can try to make light of an otherwise very difficult situation. a trader note was laughing this morning, saying they were shocked that the futures were higher. we did hold onto the 2018 december lows. that was a very key technical point for the s&p 500. more importantly, those small cap domestic stocks, the russell 2000 had been hit much more than the major averages. they don't have perhaps the financial flexibility that some of the multinational corporations have. those are leading the gains today and recovering at the peak now 35% or so40%, from those record highs. david: now we have an announcement that the fed is including their money market facility to include muni debt. taylor: this is interesting. there was a lot of talk on there. the muni market in general is much more illiquid than t