Government in a phase four plan. That is helping to lift equities. No surprise, you have the underperformers again starting to surprise. Nordstrom and the gap are the two strongest is in the s p right now. Those are the names rallying. You have to wonder about the efficacy of the rally. Priceslped by energy getting some stability in the u. S. Despite the fact we saw an and norma screwed inventory build of 15 million barrels. I had to actually look three times out the number because it was so big. You are seeing that risk on continuum, but i have to have doubts when you have nordstrom as the Top Performing stock in the s p. Guy lets talk a bit about what is happening in more detail in europe. We are trying to figure out what is going to happen next. Eu ministers are divided on how to finance the regions fight against covid19. Yesterday, 16 hour call. Tomorrow, they were doing again. Aance and berlin both saying deal is close. The question is, what are the sticking points, and how big are they . Joining us to try to answer that question, maria tadeo. Maria theres many issues happening, but it is true really that the core debate is what is going to happen with ease, and that conditionality with the esm and that conditionality. Esm is am line is the bailout fund, and anything that means credit usually does have position out of the. The wording off of that is particularly sensitive for a country like italy because this issue has become so politically toxic. The whole thing happening in brussels, and rome, Matteo Salvini was saying that if they were to take the esm credit line , he would be selling out the country to brussels. That is very problematic within the internal dynamics of italy. There are countries that legitimately feel that just what is on the table right now will not do it. We are seeing forecasts from the commission for people that have access to information, and they point to a big contraction for the european economy, perhaps as biggest in percent. There are countries that see we actualmething bigger, cash to stimulate the economy, but there is no agreement on that, either. Alix here in the u. S. , the way that some say companies have gotten around a stigma like banks is they all tap a fund. We are all going to do it so no one knows who needs it. We are all in this together. Is there any conversation around that when it comes to the esm . Maria thats a good point. In fact, this is something that countries have pointed to potential he. I am picking italy, but also , almosts been floating saying that this is a credit line that this should be available for everyone. It is not about pointing fingers. We dont necessarily want to tap into it because the European Central bank a lot of our debt, but we dont want anything short on the credit side. We want something that is big so that at the end of the year, we have the equivalent of a Marshall Plan for the european economy. We want something that is not designed to be a shortterm shock, but actually to deal with the applications. Potentially, italy will in the year in a big recession and with a lot of debt on its balance sheet, and they dont want to do that because they feel if the market were to turn against them, it would be in a much bigger position than before the crisis. Guy what is the view in brussels about what happens if a deal cannot be done . Europe is famous for finding compromises. What is that is not possible . Being, thishe time morning it was disappointing, i think. That was clear. But the french and germans were very quick to react to this and say they do believe there could tomorrowromise, and there is another meeting that has been scheduled. Theres almost a sense of is the seconde it time that ministers have come together and were not able to get a deal, and they are aware this is not a good look for europe on the global stage. If there is no agreement, this will has to be this will have to be escalated to the european leaders negotiating themselves. Alix there is a school of thought the talks about the fact that if there is a give to the peripheral nations, it is actually going to move towards a more antieuropean stance in the northern countries that have been more responsible with their budget deficits. Are we just going to be talking about a lot more protectionism and antieuropean feeling in the next six to 12 months because of this . Maria that could happen, and it is some big net has been floated to say that ultimately, we have to factor in these countries becauseople are dying this has also been an emotional shock to the country. It is not just economic, but a social crisis, and a Health Crisis on top of everything else. It should not be seen as the greek crisis, for example. Many of the other European Countries have gone the italian way, have gone into a locked down and have had to pick these measures which, just a month ago , everyone believed the Italian Government would not be able to deal with. But i do think that is something to be factored, and ultimately, the will look at this and say, this . Uropean union this is very fragmenting in europe, and it is very polarized. Alix no easy answer, thats for sure. We will be talking about this tomorrow, no doubt. Maria tadeo, thank you very much. We want to give you a deeper update of what is happening in the markets. With us now is taylor riggs. Taylor take a look at these equity markets. We know yesterday, we had a race we had erased the biggest. Neday gain to loss we are now climbing back up to about 1. 2 or so. You are seeing similar moves to the downside, going over into europe and london trading, where they are seeing bigger losses then we are here within the u. S. We also know that yesterday we broke 12 Straight Days of 1 or more in one direction. Or more in any one direction. It looks like the dollar is settling into a firmer range. Going forward, you are seeing some of the fx volatility start to fall a bit, so it could mean smaller moves for the dollar. We also know we are awaiting more fed minutes today from their emergency rate cut meeting, so that could perhaps move the dollar as well. It is also moving bond yields if you take a look at the next screen. We are seeing some steepening of the yield curve, with two year yields coming down, followed by 10 year and 30 year yields rising, so that twostens is now steepening by about four basis points or so. That got to 48 basis points. I was reading another strategy note here from mr. Mark grant. He said, forget six feet of social distancing viviana the bond markets of social distancing. The bond market is looking like 26 feet of social distancing. Some of the biggest movers we saw to the downside are some of the biggest gainers we are now seeing to the upside. This is all about retail. In the last five days, you had nordstrom, kohls, l brands up 30 to 50 , even after the retail index is only up 8 or so. Nordstrom today trying to tempt junkbond investors with a 10 bond yield. They are perhaps seen as a discount retailer that can do well in a recession. Luxury has been hit a lot harder. Guy absolutely. It is going to be interesting to see at some point whether or not people see some value at the more risky end of the highyield market. Those yields have got to go a little higher. Coming up, we are going to get more insight into the markets and a failure of European Finance ministers to reach a similar deal. Our guest is this woman, steven major, global head of fixedIncome Research joining us man right is this here, steven major, global head of fixed Income Research joining us from hsbc. This is bloomberg. Guy live from london, im guy johnson, with alix steel in new york. This is the european close on Bloomberg Markets. Italy has said it wont except a bailout unless it comes with some degree of european debt mutualization. Italy went into the crisis with a debt to gdp ratio of over 130 . Joining us now, steven major, hsbc global head of fixedIncome Research. Do you see debt mutualization as a realistic prospect in europe . Of it is think some happening under the table. I always thought it was borderline inevitable. We just have to understand how the various institutions work. It is only a baby step necessary for the markets buying into this a bit more. I am not saying we are going to have fullblown mutualization. That isnt how it works. You know very well because youve followed it yourself that the btp balance sheet, the better part of 6 trillion, is mainly a central liability. That means each country is in it for itself. The italian btps, such as the bank of italy, our dinner five by the italian treasury. But what happens in the longerterm . What does the ecb reinvestment strategy look like . What do they buy . How do they finance their position . They create huge amounts of reserves, some of it they are paying zero rates on. It goes to the banks. That is an asset for the banks. It is a aaa asset as well. Theres a kind of stealthy mutualization if you incorporate all of the eu institutions and how they are involved. It has been building up. The picture today is completely different to 10 years ago. Thee was no bomb of c2 scale 10 years ago. If you look at it in a kind of game theory, i think that the payoffs are changing towards the nt where both creditor ad both creditor and debtor will move towards some sort of cooperation. The direction is clear. Guy youve talked about the fact that the market only needs baby steps. Say we get a baby step tomorrow. How would you see that playing out in the market . Steven i think the italian market will like it. I think theres already one trend you can see, bunds vs. Sw aps. Thats been tightening since last september. That is when the ecb cut down to tiering,uding the which i think was a big deal. Bunds over the next months and years, i think they are going to glide towards swap yields and supranational yields. I think they will gradually lose the benchmark status. In the near term, any baby step or clarity, all it takes is a working group to be set up to discuss this. It doesnt have to happen today. Anything like that is good for the btps, great bonds, portuguese, spanish bonds. Btp spreade bund pushing towards 200. Alix would you be recommending taking position to reflect that kind of you right now . What would that look like recommending taking positions to reflect that kind of view right now . What would that look like . Steven i think the floor has been seen for bund yields. Twice in the last six months, youve seen twoyear bunds 90 and 100. Thats close to the reversal rate, where if you go any lower, you are tightening financial conditions. So it is irrational to buy something on the reversal rate, unless of course you have inside information that the euro is going to break up, but that isnt going to happen. That is not a plausible scenario here. To me come of the floor has already been seen. The tiering system, moving towards more cooperation and integration, that to me gradually chips away at the bund benchmark status. I think it is difficult to imagine bund yields at 90 to 100 again. The floor is in. Alix is the floor in for treasuries . Steven not for the treasuries. We seen 30 points intraday. I doubt we will see that broken. I dont think we will see it again, to tell you the truth. If you had a 30 basis point in your treasury again, it is like saying that the policy rate is going to be at zero for most of the next 10 years. That is how the discounting works. In japan, the 10 year yield is zero because the policy rate has been zero for the last 20 and probably will be for the next 10. So the 30 basis could stick in the u. S. I dont think we will get there on a sustained basis again. Our forecast for q2 is 60. We are probably in the range of 40 to 90 for now on the 10 year treasuries. To your question, we have seen possibly the intraday low. We have probably seen the floor for treasuries with 30 basis points as well, yeah. Guy you think we are heading in the direction of the fed using curve control. Walk me through how that would work. Draw upon what happened in the Second World War , and in japan currently and australia. I think the short answer is they will look at the front end, first of all. Maybe some ramped up forward guidance. Can you imagine what the new dot plot might look like when they bring it back out again, if they do . Know, maybe they will focus more on the jobs side. But the point is they may need a tool to guide the expectations for rates. I think it is very difficult to cap the 10 year when it is so low because it is not a credible cap. It cap has to be credible and workable for a 40 year period, and yields down here at 70 basis points are difficult to hold. 2 the yields were at 1. 5 to , it would do. Guy we really need to see some inflation into the system. How would that affect the way the policy works . Theres an expectation we are trying to keep yields low across the curve. Once inflation kicks in come up with the fed become double still doing that kicks in, would the fed be comfortable still doing that . Steven most of us would agree that governments and Central Banks need to Work Together to manage a long period of financial regression. You noted in the introduction debt to gdp levels. They will go up in many parts of the world just in the next few months. To make this affordable, it needs to be managed over a long period of time. Having inflation above the negative real yield would help. So yes, i think that is part of the process. Could not with a straight face articulate to you how i think inflation is going to go up. I could give you a bunch of stories and call it narrative, but im not sure i believe any of them. That is coming from someone who struggled with the inflation argument for most of his career. So we can make up stories about how wages might go up in some sectors, but we can tell you some others that are going to fall. I think of Financial Services being one of them. [laughter] wages surging of and being a bubble for Central Banks in the nearterm i dont see being a big problem. I think right now it is about jobs, getting money to people, households and corporates. At the moment, inflation targeting seems long gone. Alix really great stuff. Always enjoy your perspective. Steven major of hsbc. We want to get you caught up on what is happening with the rest of the world. Here is mark crumpton. Leaders inratic Congress Want at least 500 billion of stimulus in the next phase. Democrats also want money for hospitals and state and local governments. Dr. Anthony fauci says the start of the turnaround against the coronavirus could come after this week. The Infectious Diseases team told fox news that now is not the time to pull back from efforts such as social distancing. Dr. Fauci also said the Trump Administration is discussing how to reopen the economy, but says that doesnt mean it will happen right now. British Prime Minister Boris Johnson is stable and responding to treatment for coronavirus. That is the word from his spokesman today. The Prime Minister is still in intensive care. Foreign secretary dominic raab is stepping in for Prime Minister johnson. The Worlds Largest Oil Producers are inching closer to an unprecedented global deal to cut output. Saudi arabia and russia are debating terms before tomorrows virtual opec meeting. Meanwhile, the u. S. Sees production falling almost 10 this year. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im mark crumpton. This is bloomberg. Back to you. Guy thank you very much. Coming up on the halfhour, the latest Economic Forecast from ifo. We will talk to this gentleman, timo wollmershauser, putting out a very bleak forecast. We will get they details next. This is bloomberg. Guy welcome back to Bloomberg Markets the european close. Bernie sanders over the last few minutes announcing that he is suspending his campaign for president. We have obviously weighted potentially for this moment to come. The path now seems a little clearer for joe biden. It is also worth noticing that governor cuomos briefing is starting. If you want to pick that up, there is a top live running on the bloomberg. Let me show you some final numbers as we come through into that close as we head into the auction process. Most of the european markets are down. The dax outperforming a little bit. The close is next. This is bloomberg. The 30 seconds to go until end of european trading. Thursday is last day of the week effectively. Lets look at where we sit with the session. Climbedless, we have from the lows in europe. Not down as much as we were midmorning. We are climbing back up. We have not made that positive line. In terms of what we have seen around the individual market, it is dependent on the mix of the market. The ftse 100 suffering. The oil and gas sector has traded softer. It is the worst performing sector in europe. As a result we are seeing that dragging the london market lower. Some of the insurance stocks have been pushed lower. The dax outperforming. The cac 40 in paris on par with what we have seen in germany. Lets look at the sector breakdown. It tells you what is going on. The top end of the story when it comes to sectors, travel. Travel has been getting a decent rally over last few days. Clearly the most beaten up sector. Maybe a dash for trash underway. The bottom end of the market is the oil and gas sector and the insurance sector adding downside weight to the market. You can see that in the individual stocks. Lets look at individual names. We have seen pressure for the insurance sector. Certainly here in the u. K. The regulators have been putting pressure for dividends to be withdrawn. That is happening. Bp down 2. 38 . Look at what is happening with daimler. Daimler coming out with positive statements in terms of the fact it believes the Current Crisis will accelerate its restructuring. It finds itself in a fairly good situation. Dime lurked catching a bid. The car sector trading strongly relative to the market. , but relative. 3 to the market outperformance coming through. The biggest story may be european equities being lowvolume. Different than what we are seeing in the u. S. In contrast, the s p is up on the day and the Energy Sector is the upper former along with the real estate sector. New york route is up 4 . Brent is negative to flat. We saw a huge bill within the commodity complex in terms of oil last week. It was 15 million barrels. So big i had to do three double takes. The u. S. Is still able to export crude. Production is showing some signs of rolling over already as demand continues to crater. Bad news already priced in. The dollar losing some steam, although still stronger against the euro. Guy . Guy lets get back to the breaking news we were talking about just a few moments ago. Senator Bernie Sanders has suspended his campaign to be president. Lets bring in our chief washington correspondent Kevin Cirilli who joins us on the phone. A lot of people were anticipating this. His joe bidens path to the nomination clear . Kevin yes. It has been quite clear for the past several weeks, to be candid. With democratic strategists, there was a perplexing situation that has developed. How does the Democratic National committee prepare for general election matchup at a time when the primary was still going on . A subplot is they were hopeful at first that the issue of the to bring ad be able wider audience to the Democratic National committee, even in the midst of a pandemic. That did not play out as they had hoped for. , the questions surround chairman tom perez of the dnc as well as joe biden about the roadmap they will be following months from november. Joe biden saying that the november election date ought not to be changed, but also awakening to a new reality that the size of the convention will have to be somewhat smaller. The voterward from Data Collection standpoint, there are challenges democrats and the Joe Biden Campaign face, with the lack of rallies and the lack of an ability to crisscross the country also comes a lack of an ability to collect Voter Registration data. That is something the Trump Campaign is already sitting on a trove of because they went through the last cycle. New challenges in this new political landscape. Definitely a step forward in the nomination process with sanders bowing out. Alix what is Bernie Sanders going to do about his supporters . They are so hellbent on Bernie Sanders. Arnie brose are a thing for bernie bros are a thing for a reason. Will they endorse will he endorse biden or will they stay at home in november. Kevin that is a great question and you and i have spoken about how the sanders Political Movement was able to galvanize a large part of the electorate. The data in early states, including iowa and New Hampshire suggested he was not able to expand that base or increase turnout at the rate his advisors have projected. In terms of an endorsement, it is striking that senator Elizabeth Warren has already endorsed joe biden, even before Bernie Sanders bowed out. In conversation close to sources from the sanders campaign, in the midst of this Health Crisis, they had said many of the policy prescriptions that lawmakers and policymakers are prescribing from a health standpoint our ideas senator sanders has advocated for for decades. Speaking roleme at the convention, senator sanders does have the ability to say that many of these prescriptions being offered from an economic or Health Perspective our ideas he has injected into the Democratic National party for several years. Kevin, we will leave it there. Thank you very much. Our chief washington correspondent Kevin Cirilli. Toer today kevin will speak the dnc chair tom perez. We are also expecting an event fairly shortly in which senator sanders will address his supporters. We will watch for that. We are also seeing news that the fed will ease wells fargos growth cap to boost its lending to allow that to happen. That is significant news. We have been debating to see weve been waiting to see more help for small business. Maybe this is one way it happens. Alix this is because there is a cap on how big wells fargo can get because theyre all of those issues with crossselling products and fraud. Wells fargo has said over the last week, we want to make the loans, we want to make this happen but we cannot because of the fed constraints. It seems like they will temporarily ease that. I want to take a look at what the stock is doing. The equity market is up and you are seeing wells fargo take a nice pop, up over 4 . Guy lets get to the first word news. Your are the stories with mark crumpton. Mark Democratic Leaders in congress say they would propose at least 500 billion in the next round of stimulus. That is double what the Trump Administration is seeking. President trump he wanted to earmark 250 billion dollars in aid for small businesses. Nancy pelosi and Chuck Schumer also want to see 100 billion for hospitals and 150 per state and local governments. European Union Finance ministers are prolonging the paralysis. They failed to agree on a strategy to mitigate the Economic Impact of the coronavirus pandemic. Their teleconference lasted more than six dollars six hours, but they cannot reconcile their contrasting visions. The issue is whether the eu should issue joint debt to help economies recovered. Wuhan has it is reopened and at least 55,000 least 55,000 at had train tickets out on their first day of freedom. There are a web of complex restrictions on residents. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am mark crumpton. This is bloomberg. Guy . Back to you in london. Guy a quick look at where european markets have settled. These are the final numbers. A negative session for europe. The cac 40 popping up a little bit. The ftse down. 8 . The dax down. 2 . We certainly have seen some of the oil stocks and some of the insurance stocks weighing on the london market today. In terms of what helped look cac 4. 5 ,rbus rising over adding seven points to the cac 40. We will continue coverage of what is happening in the applicable front and the u. K. Of the top of the hour with the cable show. Jonathan ferro will bring you the Daily Briefing as Prime Minister johnson mains in the icu. That on dab Digital Radio and the london area. This is bloomberg. Guy from london i am guy with alix steel in new york. Germany is looking to build a Hydrogen Plant to drive lower car emissions. Joining us is the ceo on the phone from dusseldorf. Andreas, thank you for talking to us about what is happening. The first thing i want to know from you is what kind of Energy Demand are you seeing from the german economy, from the european economy, from the russian economy, which we can translate into the level of Economic Activity we are currently seeing . Good afternoon and thank you for having me. At the moment it is an interesting situation. It is very complex. We see less demand and all of the economies you have mentioned. We see less peaks, less on reason we, which is a are all locked in and looking forward to how we deal with that situation. A fairly big Energy Trading business. What signals are you getting from that. We are fairly hedged on the year but we are observing the volatility. We have low gas prices because there is demand destruction worldwide, not only in europe but in asia the same thing. A lot of gas coming from lng in the pipeline. Becausees are depressed of the things going on. The opec discussions. It is definitely something adding to the complexity we had anyway. There was a lot of rain and the scandinavian countries, not so much snow. We have a lot of available very cheap. It is a perfect storm at the moment. We are dealing with that. Alix as you are looking at your Business Model and how you are looking at the rest of the year, are you envisioning a fast come back, are you envisioning 50 from current levels . What is your base case . Andreas we are evaluating all possibilities. Nobody can tell us how we are coming out of that. We are looking at china. It took them a couple of weeks to give us a situation, and then ramping up production of the economy. We are a little bit behind china. Italy, spain, france and germany. China still in the lockdown. I will say a vshaped curve is not we are going to say. Curve, see hopefully a u where the base of the u is probably two or three months in the best case. Alix what is your estimate in terms of what this does with the Energy Transition . With oil prices so low and Natural Gas Prices so low, does that delay the shift into things Like Hydrogen and alternative energy like wind and solar . Andreas we are thinking a few things. Prices are going up in the last two days. Hydrogen is something hydrogen is a midterm to longterm game. We believe it is a Good Business going forward. That is why we are investing in looking into these things. That is why we have signed up for the partnership with siemens because we think it is definitely coming. We have to make the grass greener. The transition to a d carbonized world is taking longer. Guy how do you make the gas greener. Every time i talk to somebody about hydrogen, they talk about the cost of producing it. Electrolysis is very important very expensive from water. How green will the hydrogen be . How will you crack the problem of making hydrogen have some degree of cost parity . Andreas it is a very good question because there are multiple angles. There is a way to produce hydrogen. If you look at germany and the u. K. , we are spending hundreds of millions and billions on energy. Energy has to be turned off. If you produce hydrogen and store it it will be available afterwards and make your task greener make your gas greener. Looking at the color of hydrogen, if it is green or blue is probably the wrong question. If we can take gas and get the carbon out of it it makes the gas greener. The only hydrogen that is green . [indiscernible] it is contributing to our goals. Guy do you think europe is taking the right approach . Andreas good question. I have always the sense that they look for fallibility in the d carbonized world. I think it is the right thing to do. It cannot only be adding cost. If you look back to what we have , i think there were some investments necessary at the beginning to make them less costly. Parity sk [indiscernible] the sure the indices industries are staying in europe as well. Guy we will leave it there. We appreciate your time. Ceo joining us on the phone from dusseldorf. Time for the Bloomberg Business flash, look at some of the biggest business stories we are watching on bloomberg right now. It was certainly a day for the record books. The number of people flying commercially dipped below 100,000 yesterday. That was 95 fewer than the same day a year ago. Zero afterl fell to the 9 11 attacks in the industry was hurting for months. That drop was not as prolonged as the impact so far from the coronavirus. The current story has a much more global footprint. Heineken has abandoned its forecast for this year. The dutch brewer says First Quarter beurre volume story fell. They explict the decline to be worse. Many countries have set have shutdown bars and restaurants because of the coronavirus pandemic. Oil companies are morning there could be widespread insolvency in the industry. 40 oil and Gas Producers may be wiped out if Oil Prices Remain near 40 a barrel. That is a survey by the kansas city fed. Energy companies that they cannot keep pumping oil at a loss. That is the latest business flash. This is bloomberg. Awesome internet. Its more than just fast. It keeps all your devices running smoothly. With builtin security that protects your kids. No matter what theyre up to. It protects your info. And gives you 24 7 peace of mind. That if its connected, its protected. Even that that petcamera thingy. [ whines ] can your internet do that . Xfinity xfi can because its. Simple, easy, awesome. [ barking ] alix youre watching Bloomberg Markets the european close. Energy index outperforming. Here is Abigail Doolittle with the stock of the hour. Abigail thanks so much. Our stock of the hour is novavax. Shares of the Biotech Company are soaring. The company has announced the start of human trials on a Coronavirus Vaccine candidate. According to the company, they have selected a vaccine candidate. The human trials start in midmay. The data will come out in june. Apparently it is highly effective in animal antibody trials and the results are eight times better on the second dose. Overall, the company is weeks ahead of schedule. In a year that has been brutal for most stocks, novavax is soaring, up 57 over last year. A big reason is the possibility they could produce a vaccine. As for the virus itself, if we going to the bloomberg terminal and take a look at a chart that has the global count, right now we are looking at more than 1. 4 million cases of the coronavirus on a global basis. There are about 300,000 recoveries in more than 83,000 deaths. A crisis and a tragedy. Because of that, novavax is not the only player in town. Also up in a big way is regeneron, gilead, those biotech giants. No vio and mo darren a are also up. Novavax soaring on the possibility they will produce a vaccine for the coronavirus that will be successful. That is your stock of the hour. Guy . Guy abigail, thank you very much indeed. Need to update you on the data currently coming out of the u. K. Visit the the number of cases visavis the number of cases and the number of deaths. The u. K. Has just reported another deadliest day. We have seen 938 virus deaths yesterday, tuesday. To case count has risen 60,733. From 55,242. That probably does not capture the true story in terms of what is happening. Those are the number of tests that have come through. The total death toll rising to from just north of 7000 6159 yesterday. There will be a briefing that will take place in the next hour that will be carried on the cable show on Bloomberg Radio on onritual on db digital dab Digital Radio. If youre watching in the united states, the conversation be more on what is happening in u. S. Politics. We will bring you the story from both sides of the atlantic. Alix speaking of politics, coming up on balance of power with david westin, he will be joined by former u. S. Treasury secretary jack lew. Check, a quick rap of what is happening. It will be interesting what jack has to say. Certainly a man with experience. This is the story in the states. The dow up 2. 5 . European markets trading sharply in the red. The s p 500 up 2. 2 and the nasdaq 1. 85 . Volatility continues to drop the vix at 4329. Me, this isd 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. We will start with a check on oncks which are up, may be news that Bernie Sanders has withdrawn from the race for president , leaving joe biden the presumptive nominee. With a full report on stocks, lets turn to taylor riggs. Taylor i wanted to take a look at the s p 500, up near session highs. We saw similar price action yesterday. A lot of vix strength that deteriorated into the close. Today it feels like a similar tone of being whipsawed. Nowere higher, then lower, we are higher to present. Yesterday we ended the 12 straighta streak of days of more than 1 in every direction. Today, given that we are
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