Spot index down. 75 . That giving a boost equities as well. Within the equity market, the stops outperforming confirm the narrative is about reopening more economic optimism. The best performers are the likes of airlines, travel stops, the Airlines Index and hotel index up 10 or 7 . In the economic front, it is the more growth sensitive sectors leading the pack. Industrials up 4 in todays session. David which is a big change, it seems to me. In the past it was all about tech and health care. Now we are starting to see stocks that only do well if we can get on top of the virus. Is that because we have hope we are getting past it or because theyve gotten beaten down so badly at some point it makes sense . Kailey it is a little bit of both. Financials and energy are the worst performing sectors yeartodate so there may be buying coming into the market given how depressed the valuations are, but the fact that it is the cyclical growth centric stocks that are outperforming. Investors may be convinced about the sustainability of the rally, the efficacy of the measures, the fact that the economy has bottomed out and will start to recover and this was not just a bear market rally. It is something more sustainable. They are starting to come back into some of those value cyclical stocks. David thank you so much. That is kailey leinz reporting on the markets. The market seem to be looking past the china problems with the possibility of a vaccine as we got news about novavax and another contender. We welcome dr. Wilbur chen, professor of medicine at the university of maryland where he works on vaccines. Lets start with novavax, because it is just up the road from you in gaithersburg, maryland. As we get news of the new can testers going to the next phase, how do we evaluate what the likelihood is that one of these will make it . These contenders have to be evaluated separately. I think we are seeing all of these vaccines coming out of the gate. Novavaxst one is the one, but we have heard about a handful of other ones that have come earlier. One had started in march. We are watching them all come out of the gate, they are all racing towards the finish line. At least i myself am cheering not just for one horse, but for all of the horses simultaneously and i am hoping each one of them will be successful because the more vaccines we have successful, the better we are set up globally to be able to meet the need to vaccinate large populations. David that makes good sense. It, there are at least a couple of types of vaccines. One is the traditional one where you have some of the ds itself in it that is more like a polio vaccine, and one is more biotech. You have a one you have a sense of which one is more likely to be efficacious . Dr. Chen not necessarily. There are some that are made with more traditional vaccine techniques and more advanced techniques. The oldfashioned way, the way we make flu vaccines from decades of experience is we take eggs and put the virus into the egg and the virus can replicate in those and then we have large amounts of the virus. We purify it and break it down. It is a purified vaccine but that is how we make large amounts of this vaccine directed against the virus. For the coronavirus, we are using new techniques. The components of that virus, we can programmatically make that in the lab so we do not have to use a chicken egg or some other kind of species to make the vaccine for us. In other instances, we take the known virus, like a common cold virus, and put in the gene segments of the corona and we make a virus vector so that the virus itself, the normal common cold, is expressing the corona on it and it results in a nice vaccine. There are a lot of different technologies being used. A lot of them has shown early success in other types of vaccines, so we are applying all of these principles to be able to address this pandemic now. David the question everyone asks, which is unfair, is when we will get a vaccine, when will that happen . If you go back historically, have there been instances where we have had this many candidates develop this fast or is this different . Dr. Chen this is completely different. Even if you think back to 2009, with the h1n1 pandemic, i was api of the nih national trials. Time we were that making vaccines as fast as possible. We recognize the emergence of a pandemic flu in march and april able toyear and we were go through Clinical Trials quickly in october and november and have the National Vaccines available in november and december and january as they rolled out with increasing manufacture quantities. What i just described is six months or more. We thought that was fast. That is because we were basing it on we knew how to make flu vaccines from year to year. We just took that existing Manufacturer Technology and were able to make vaccines quickly. Now we are talking about presentday coronavirus, a completely new virus. We do not have a vaccine but wele on the shelf, have learned a lot about it. We are taking other technologies and applying it. We do not have the vast amount of experience. For us to go from march or may and to have Clinical Trials being done and people talking licensure, which means we have the definitive efficacy studies performed and the data that allows us to have it licensed by late autumn or early winter, or maybe late winter, we do not know what it is. Or q4 or q1 of 2021, that is very fast timeline. Unheard of before for a completely new pathogen. David does size give anybody an advantage . As we hear about the candidates, some are coming from very big pharmaceutical firms, and others like novavax are relatively small firms. When youre trying to develop a vaccine doesnt matter how big you are and how much money you have and how many resources you have . Dr. Chen i think it does, in the end, but what im seeing is the landscape of vaccines being developed where Small Companies are teaming with large companies. Academia is teaming with companies. These companies are also pulling together the resources and are or otherded by the nih federal entities or Something Like 70, which is a Large International profit organization. People are coalescing around a lot of these pooled resources. This has been very exciting. David i should say. Lets anticipate success. Talk to us about the manufacturing process. How long does it take to do that . Dr. Chen i am sorry. I cannot hear you. I think im getting interference. David theres some crosstalk. If we could take care of that crosstalk in the control room . It would be great. We could hear kailey leinz voice. Could we cut that out . I will try again and try to speak up. The question i was asking is the manufacturing step. How difficult is that . How long does it take once you find a good candidate . Dr. Chen that is very good. Anyone of these products, even if it is a Large Company that is making a product and it becomes successful and is licensed it 1, 2, 3ey have manufacturing facilities under their own wings. It makes it clear to me we have to have these collaborations with other facilities, other manufacturers that are able to make the vaccine in their own facility so we have a multiplicity affect where, lets haveome large pharma may three facilities. If they team with another company that has two of their own, they have five facilities that can be cranking out vaccines at their Maximum Capacity cumulatively. I think it is a cumulative effect because we will have multiple vaccines coming online at the same time, or around the same time, and multiple facilities at the same time to by this multiplicity affect, have Vaccines Available for the large global population. David one final question. What you hear about international rivalries . We have heard some talk about if china gets one they will keep it to themselves, we had the president of france upset with the French Company because they might give it to the United States. Our people cooperating across borders . Are the pharmaceutical developers cooperating across borders . Dr. Chen i can say as a scientist, we try to stay out of the politics of this. A lot of what you are describing is more on the political level. The Scientific Community has been tremendous in coalescing around each and every one of tose vaccines and trying advance each of these vaccines independently. It has been such a great collaborative effort. In other words, ive been working with other International Folks whove been focusing on the same things to see if we can have synergy where we can basically have Lessons Learned from one product and translate to another product. We are trying to be smart and how we design these studies so we can conduct them faster and evaluate information as fast as possible so we can have the vaccines advanced. What i am describing is that on the scientific level, the scientists are talking to each other, certainly. I do not know on the International Levels between governments or other things that are happening that are certainly out of my range of expertise that are being discussed on the global stage. David we certainly do appreciate your area of expertise. Great to have you with us. That is dr. Wilbur chan at the school of medicine at the university of maryland or he works on vaccine development. Coming up, we will talk about hong kong where their big protests plan tomorrow. We will talk about that next. Power onalance of Bloomberg Television and radio. David this is balance of power on Bloomberg Television radio. We do we go to Karina Mitchell for bloomberg first word news. Experts top Health Warning about being overconfident we are over the worst of the coronavirus pandemic. World Health Organization director told reporters we are still in the first wave and there are many areas of the world where infections are still on the rise. He said there was south america and south asia, and in particular india. In china there are fears are to be a second wave. The city of we want says it tested nearly 7 Million People in 12 days. Based on numbers released by the health commission, 206 cases were reported. Inans lockdown was lifted april but new cases were discovered this month. For the seventh consecutive day, india has reported its biggest jump in coronavirus cases. The Health Ministry reported more than 145,000 new infections , an increase of more than 6500 from the day before. Officials also reported more than 4100 deaths. The virus case road has been climbing as pandemic lockdown restrictions has eased. The British Government minister has quit in protest over controversy involving Boris Johnsons top advisor. Cummings has refused to resign over allegations he broke government lockdown rules. A junior officer says many voters in his district not understand the action and he has decided to step down. 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 Karina Mitchell. This is bloomberg. David . David thank you so much. Areong kong, protesters calling for massive demonstration tomorrow as the legislative consul is about to meet on a new piece of legislation protecting the flag. We turned to rosa matheson, Bloomberg International government executive editor. There are two pieces of legislation. We tend to think about the security legislation out of beijing, but there is also one pending in hong kong. Rosalind . That is right and that is related to the flag in hong kong. It is related to a central issue , which is how much and in what way hong kong sees as freedom for people and companies see as essential freedoms they thought were guaranteed with a hand over hong kong to china some years ago and that they feel of been encroached upon. That is a question of how far thea will go to curtail sense that is happening in hong kong. You are seeing the protests plan tomorrow. You can see that is getting quite noisy and possibly quite violent. The question is how much broad support is there behind that group. You see the hardcore activists of tomorrow, but as the rest hong kong truly behind them . The protests could be disruptive. They may be sizable for now. There are still restrictions on the size of protests. More than eight people. What we need to try to understand is how deep is the wellspring of disappointment with china in hong kong more broadly . We saw protests last year. Almost half a Million People. Are we at the point where we would start to see those people coming out again or are they simply worn down by a year of protests, by the Coronavirus Impact on hong kong, by an economy that is clearly in trouble and worn down to the point they decide this is what it is . David exactly. That is why has beijing price this in . They must have known there would be protests. They must have known the United States might impose sanctions. The fact that theyre willing to go forward, does that indicate beijing has taken a look at it and are willing to take the hit with the larger goal they have . Rosalind it seems to be the are number of factors that comment. Come in. There is a possibility the majority would swing. The opposition parliamentarians. They claim they want to get done before that. They also want to get it done while people are still restricted in movement in hong kong and while the world attention is focused on the coronavirus and the issues each country is having with that. Many countries are collapsing with questions many countries are grappling with questions on how to open their economy. That might be a good moment for china to choose to do this. They are banking on the fact that International Condemnation will be there, but the real hit to their country from the u. S. And elsewhere might be limited, and there will not be the appetite to hit them as hard as they could be affected in other times. David finally, since the british gave hong kong back to china, it has been one country two systems. Some people think that may be gone. Is an overstatement . Is beijing on the way to saying it is one country . Pays lip service to the idea of one country, two systems. They need to Pay Attention to other areas, including macau. One thing that has been interesting is china saying they do not need hong kong as much as they did 10 years ago because they had a Strong Financial sector. Any international companies, including banks, operate just over the border. The trait throughput they go through hong kong into china is minimal. China has been saying we do not need hong kong as much as you think we might. Therefore it is less important to us to maintain a pretense of one country, two systems anymore. We can cut hong kong out of the Global Financial system and it does not matter that much. That is very much their thinking. They will at least say publicly that the two systems philosophy remains. It is important for them to say that, at least. The reality is it is less of an issue more and more. David thank you so much. That is our bloomberg colleague rosalind matheson on hong kong. Coming up next, we will talk about homebuilding, which is on the rise today. Ons is balance of power Bloomberg Television and radio. David the stock of the hour is Toll Brothers, which is up more than 4 , the highest it has been since early march on those encouraging numbers about new home starts. We will turn to kailey leinz for a full report. We are building new homes . Kailey we are, indeed, and we are selling them. Toll brothers higher for a third day in a row. Part of this has to do with the broad market rally and optimism about economic recovery. The data was much stronger than anticipated in april after the big plunge we had seen in march. Home sales climbed. 6 at a pace of 623,000. That was well above the 480,000 expected by economists who saw stronger sales in three out of four regions in the u. S. And this suggests the Housing Market is starting to stabilize, aided by the fact that Mortgage Rates are near historic lows and homebuilders have held up pretty ok in that they have gotten aid from local governments and have been deemed an essential industry so they were able to keep ability despite the slow down. That has Toll Brothers not hire, but others are all rallying between 4 and 5 . This is an extension of the recent rally we have seen. Toll brothers hit its low in midmarch. It is up nearly 120 and climbing higher again today. David fascinating. It is new homes. People want shining new homes because maybe there is not as much coronavirus. Thank you to kailey leinz for that report on Toll Brothers and the housing industry. Coming up, memorial day is the time when we see president ial candidates. We saw them out yesterday. One had amassed, one did not. There seems to be a bipartisan split on the coronavirus and how you approach it and how you treated. Well be talking with our bloomberg clinical contributor jeanne zaino who will take us through where we are in the president ial race. This is bloomberg. David this is balance of power. Im david westin. It is time for first word news. City, they have hired 700 contact tracers. They will be ready to get toward by june 1. Health Officials Say dressers are key to stunning the threat of the virus by identifying people who are infected have come into contact with. The city had planned to hire 1000 tracers pay the Spanish Government has declared 10 days of morning for the nearly 27,000 people who have died from the virus in spain. Flags will be at halfstaff across the nation. That will be until june 5. The government says the Memorial Ceremony will be held once the country emerges from the lockdown. Spain has the fifth highest death toll in the world. In italy, most of the people who have died the virus were elderly and other health conditions. The countrys Health Institute has the latest report that finally 96 of those who have died had other medical conditions. The average age of the victims or 80 years old. The average age of the victims were 80 years old. 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. Im Karina Mitchell. David . David thanks very much. Memorial day is a day we all gathered to remember those who sacrificed so much for the country and a day we are president ial candidates are seen doing just that, even in a time of the coronavirus, and that is what we saw over the weekend. We welcome our contributor jeanne zaino. Always a treat to have you with us. Theas striking to me, images were different because you saw Vice President biden with a mask on, with his wife with a mask on and you saw President Trump with the first lady with no mask on. It indicates a division in the country. Jeanne absolutely. It was a split screen with the issue of the mask. Andns wearing their masks President Trump and the first trumpot hanging then the then trump read tweeting it making fun. It was a time in two months weve seen joe biden out of is house and campaigning his house and actually campaigning, which is astonishing. Despite the fact he has not been campaigning actively, he is still beating the president and many of the polls, and so, it was quite a split screen on this day, which suggests we are off to the races usually in terms of the president ial election. David it is interesting as we look forward, and the virus gets a vote at this at every turn, whether things are going down or out, but it is like a groundhog strategy on the part of joe biden to stay at home. Singling singling sing signaling that this is what we are supposed to do. Jeanne against the advice of his own administration, his own government, and the cdc recommendations being out and it isg a mask, and also an interesting Political Choice because 65 to 75 of the American Public support the requirements that people who cannot social distance wear a mask. It is over 90 report they are Wearing Masks when they are in public. It really is a stark difference between what we are seeing the two do, and of course, joe biden, you know, the old adage, if you are winning the way youre winning, you do do not have to do much else, and joe biden is up in the polls, so his campaign is comfortable keeping him in his house, and he has been campaigning and it has been going well for them, i think. David you and i will saw this reported on bloomberg, the proportion, the number of people who have lost a job, it is 23 people who have lost a job for every one person infected in a trump state, and 15 people in blue states would indicate politically, in makes sense in his state he won, lets get back to work. Jeanne it does make sense politically, although of course, there are real, real questions if there is a second wave of the virus that hits, and people are put, if they a people are put out of work again to pick up the economy at that point good i do think we are going to see in the next few weeks, and joe biden signaled this in an interview on friday, we are going to see a real battle between these two campaigns on the state of the economy. President trump clearly thinks that is still his strong message, and that the economy by the time the election occurs, is going to be very, very strong, and joe biden feels he can make the case that the president not only mismanaged the virus, the pandemic bowed in the process, he mismanaged the economy, and that is why we have unemployment at the rate it is. It is a little bit of a contentious strategy on joe bidens part because there is an argument that this is the president s strongest suit, but they said they will take it to the president with the economy in the coming weeks, and think that will make and think it will be the winning strategy. Argue he can can do it better than the president has. Thed it depends on what definitions are you use for the economy. If you look at the stock market, it is looking pretty good. The president tweeted today about it. But if you look at unemployment, it is stunning, and looks like it is going up. We have 20 plus unemployment. That must be something that the president will have a tough time overcoming . Jeanne youre absolutely right, and i thought it was fascinating that jason furman, top official in the Obama Administration stunned Many Democrats by saying we are seeing the best Economic Data we have seen in history, and by the time we get to november, the numbers will be very, very good, and you have larry kudlow and others absolutely agreeing with his assessment, in part, and he makes a much, kate argument, because this is a crisis not similar to the 2008 crisis. I do think the president and his team are banking on the fact that he is going to lead this economy back to where they want to see it coming, and that biden that the Biden Campaign is going to try to make the case that even if we start to see unemployment and other challenging numbers go down, that it is not enough, and that if he has not mismanaged this from the beginning, we would be in better shape, but i think it is a bit of a controversial choice for the bidens to take on the economy, which means the president s strongest suit and think the people change their minds on that. David the president is taking on controversial issues, no threatening to pull his Republican Convention out of North Carolina if they dont let him gather people together, and of course, there is a battle in various fronts with mailin ballots. That could be controversial, couldnt it . Jeanne absolutely, the president tweeted he wants a fully occupied convention in charlotte in late our guest in late august, and we have a mayor of charlotte who was a democrat, the governor is in a very close reelection bid, and so, you know, i think the president is going to keep the heat on this. You know, there was some thinking he might want to move this to florida, move it to his own resort. He said that is not the case ld i think he does feels does feel like keeping the pressure will give him some leverage in making the case because he is putting the bad position. If the governor says no, and they Rob Charlotte and North Carolina of all the money the convention brings in, that will be a problem for him as well. I think the president feels he is winning on this. I feel like he will keep this up. The gop wont be able to back out of this given the contracts that are there. But this is really something that really is a stark contrast to the democrats, who have signaled they are open to having some kind of internet, some kind of, you know, socialdistanced convention. They are much more open than the president seems to be to moving away from the traditional, in person, 50,000 people descending on the city for four days. And you know, on the mailin ballots, we have seen the republicans stays on california on this issue. I think they are fighting an uphill battle. Mailin ballots have been led by democrats for years, and they had been successful, and we will see more of those, but i think it signals that however this election turns out, the president and his team are likely to make the case if they dont win, they were robbed, signaling the dont want to accept those results. David thank you so much. Great to have you with us. That is jeanne zaino, a professor of Political Science at iona college. Speaking ats ceo is a Deutsche Bank event. We will bring that to you live. That is coming up on balance of Bloomberg Television and bloomberg radio. Sion and bloomberg radio. David this is balance of power on Bloomberg Television and radio. Im david westin. Congress is considering a more stimulus is needed and whether more needs to be done. Former the former Federal Reserve governor spoke on this subject. I dont know what the public reaction will be, but i think as a macroeconomic matter and a human matter, taking measures now to ensure that there is income support for the millions and millions of people, who will remain unemployed for quite some time, should be the countrys highest priority right now. And i am a bit concerned more than a bit concerned that so many people are taking a wait and see attitude. Unemployment is likely to be reported [inaudible] 11 years ago during the great financial crisis, we were scrambling to try to do something about 10 unemployment. If you postulated on what the current rate is, it will we will be in a serious position. Delayinghis notion of is bad news. You touched on not just the timing, but the composition of the next response. You are talking about a demandside effort. Whenever i get the chance to speak to them, talking about a supplyside response down this economy will reopen, one of the limitations of that, dan . Recognize that this problem has been driven by epidemiology. Not driven by the fed stepping on the brakes too hard, not it is driven by the epidemiology, so getting people back to work is dependent upon the medical developments, not strictly economic developments. We can provide income support, but we cannot through economic measures make it safe for people to go out and cannot make people comfortable about going out, and i think what that means is we have an enormous amount of uncertainty that will be with us through some time. Bloomberg has been reporting on the enormous volatility in markets for the last couple of months. Good news on the medical front, and everything goes up. Bad news and everything goes down. The fact is we just dont know. We have to prepare for the possibility that things are going to be quite different and difficult for some time. Dan, to this point, the volatility we saw in markets has basically gone away to a certain degree, in part due to weather Federal Reserve has done in terms of monetizing the debt of the United States. What is the risk for Financial Stability going forward, given how much debt the u. S. Is incurring, given how much the fed is interfering and pushing investors further into risk . Dan i think we do need to acknowledge that there is going when everyonek takes a range of fiscal and monetary measures you have to take, but we have to quickly qualify that observation by saying, it is absolutely necessary to do whatever we can to stop what is a very serious situation from being a highlydepressed situation. In other words, we are going to have to take some risks with respect to debt levels, with respect to Financial Stability, in order to stop this thing from getting worse and staying at a low level. David that was former fed governor dan tarullo. From the secretary of the department of labor about what he things about the growing unemployment numbers. This is balance of power on Bloomberg Television and radio. Elevision and radio. David this is balance of power on Bloomberg Television radio. J. P. Morgan chases Ceo Jamie Dimon is speaking virtually at a Deutsche Bank financial, and we will dip in on that right now. You know, it will be up to the analysts to ask the question about what is your assumption . Some people are assuming a very strong recovery. Some use probabilities of different scenarios. Some use some are expecting the home prices to go down, some are extending them to go up. You have to dig into what they put up. People will spend more playing around with the assumptions then looking at the actual underlying data. I wanted to ask about dividends. A few weeks back, there were questions about the banks being able to continue to pay the dividends. Frankly, for j. P. Morgan and many banks, it is really hard for the math to show the need to cut the dividend, but i guess the question is, you know, one willder what circumstance Bank Dividends be cut or suspended . I imagine it might not just be financial in nature, if you can address that . I think it is important country try to sustain its dividend. I think there are legitimate complaints in the Great Recession that a lot of banks will continue to pay dividends going into a crisis and depleted too much of their capital by doing that. Remember this time around, the real capital being used for buyback stock, and you know, people are misguided. It is a drop in the bucket. We announced our dividends this quarter, less than 3 billion. , theu take the base case base assumption that economists have out there, we will learn quite a bit of money this year. It will be done a lot, but that is a lot of money. Why would you cut your dividend and then increase it right away to meet that obligation to shareholders . You dont really need it either if you have a lot of excess capital, but the better course of action was to wait and to see an if you if the recovery earnings,n we report you will never use that dividend. By any chance it is pretty clear this will get worse dramatically, then the board will take up the issue and say, you know, what would she do what will we do . If a board is mature, they will consider that, but you have to have a pretty bad economic environment for banks to justify they should cut it down. It is cheap capital if you have a great financial crisis that goes up in three years. Again, you have to look at the numbers. Most of these things are really wellcapitalized. Conversely, if things keep moving in the right direction, it will not be long until investors start asking about buybacks. The entire industry of big banks suspendptively chose to buybacks to support customers and the economy. What are your thoughts on the presumption of buybacks . Jamie you are a little premature. I think you have to see the wide of the eyes the white of the eyes before you discuss buybacks. If companies are returning a lot of capital and reserves are coming down, i think you may see people chart them, but they wont be the size you saw before. [inaudible] jamie excuse me . Go ahead, please. Jamie if you have a buyback buying back your stock i always thought you should buyback your stock when you think you buy it at a price that you remaining shareholders will get a good deal. I dont believe this notion that it is returning here to shareholders, therefore, it doesnt matter what price you pay. There is this attitude people overpaid. It is a free world and people overpay. On the other hand, it is a normal recirculation of capital you cannot use. You give it back to your shareholders. This notion that disappears the notion that it disappears is dead wrong. Thanks should retain the capital banks should retain the capital they use. There is no point they should be buying back stock. Looking to the other side of banks reallocate capital, will that be done differently . You floated the idea of supplemental dividends over buybacks. Do you think that could gain some momentum . Jamie no, i dont. That is the worst way to handle excess capital. There is nothing to me, the way we look at texas capital, there was nothing wrong with holding excess capital for a while because you can tell your shareholder, this is excess capital. I hope to deploy for you soon parted if i i hope to deploy it for you soon. People arethat considering special dividends is tough because the way the regulatory system is working, you would be heavily penalized by having dividends. You cannot raise your dividend too much because it would penalize you. I would rather as long as you are meeting your read literary requirements, you decide your dividend, and you dont have to worry about that. I dont think that is not the preferred way to do something. What about the longerterm impacts . The first thing that comes to bankss regulation, and were at the center of a dramatic increase in regulation. Hopefully, it will be different this time, but the talk but talk about how you think regulation will be different from this crisis, for banks and broadly speaking for Corporate America . Jamie yeah. Look up i have always acknowledged you always want good regulations. Some people more doesnt always mean good. You could have adverse consequences. After the crisis, there was a need for religion or reform. Not banks on much as investment banks. They were massively overleveraged. Accounting allowed people to have these huge offbalance that were not accounted for, and they were overleveraged. Thing. Was a good more transparency, more liquidity, more capital, more stress testing for those who did not do it. Some of us already did, but those are very good things, but you can look at a bunch of other things. I dont want to be complaining about regulations. They are what they are, but it does make sense to look at were the calibrated right . Were they coordinated right . Do they have adverse consequences . That are a lot of things are having adverse consequences today, on repo rates, the movement of money. The papers are right about mortgages today. David we have been listening to jamie dimon, the chairman and ceo of j. P. Morgan chase speaking to Deutsche BankFinancial Services at an event virtually. Coming up on the balance of power radio, we will talk to a congressman from ohio about real opening the ohio economy. And this is bloomberg. It is 1 00 p. M. , 6 00 p. M. In london and 1 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. A rally in u. S. Stocks starts a shortened trading week. The s p 500 about 3000, the highest level since early march. We dig into what is driving this news. The Federal Reserve has been key to reporting the markets. We discussed their next marketshaping move misspeaking within official. Earlier today, i spoke with an official pair you will hear his u. S. Healthy data showing new home sales increased in april. Lets get lets get a check on the markets because we are seeing nice rally, almost 2 for the s p 500 at 3012 right now. Led by travel and leisure stocks. We have a weaken we have