Investment impulse that American Companies are making right now results from an official policy we are conducting together and which increases the sense of safety. It also increases the sense of safe investment in our country. That means the creation of new jobs in the stateoftheart branch, i. T. Technologies. Im pleased because in poland we have got a large number of excellent young i. T. Experts, young i. T. Engineers. For sure we are able to come to terms with the challenges as far as intellectual capital is concerned. These investments will be benefit for the United States, u. S. Companies and poland through creating jobs and requiring new experiences by young people and engineers. I am also glad because as we said before, the agreements we entered into concerning increased military presence in poland, the agreements we had last year, increased by 1000 troops, and another agreement stipulated locations in which people will be stationed in poland on a rotational basis. Today we are entering another stage. There is a possibility of further increase in american troops in our country. Also i talked to the secretarygeneral of nato. We agreed on one point. Especially as europeans we have no doubt whatsoever that if any part of the u. S. Armed forces, which is the biggest in the world, was withdrawn from europe, that would be very detrimental to european security. In our belief, it is deeply justified to ensure the u. S. Troops are left in europe. So thank you for this meeting today. Thank you so much. Much for accepting poland during this meeting at the white house. We are the first country which has been received after this long break in international diplomacy. Thank you for the words about the pride of a polish soldiers. We are tested allies. Together we have worked in the field in iraq and afghanistan and we always stand ready to our allied obligations and commitments. Thank you that the United States, thanks to your policy, mr. President , is demonstrating it is a loyal ally to us. Thank you we can count on the United States. Im grateful you have been stressing historical truths in a decisive way. This is important to us. Defending the truth also about the Second World War and who started the war and the course of the war is important to us. President , that you are adopting this stance and contributing so much to putting the record straight. It is important to us from the us f view of it was we lost 5 million citizens and that was a tragedy to us. Because of that, it is important to spread this truth and present it as it was and also think ,bout the heroism of poles spilling their blood arm in arm with their allies all over the world, both on the eastern and western fronts. All of us think that is important. Happy today we can i am glad we have got this economic cooperation. Have no doubt whatsoever the coronavirus pandemic will pass and we will be going together towards the development of our countries, towards the building of a prosperous future. Think you so much. Mr. Trump one to me and want to the president. Steve owens, go ahead. Poland. Would you send them from germany and what sort of signal with that Center Russia would that send to russia . And how do you feel about taking troops out of germany to go to poland and what signal does that send to russia . , as i havepoland said many times, poland is one of the few countries that are filling their obligations under nato. They are the monetary obligations. If we were to send additional troops, they will pay for that. They will send they will pay for the sending of additional troops and we will move from germany to poland. We are going to be reducing germany down to 25,000 troops. We had 52,000 but we will be moving it down. Germany is paying a small fraction of what they are supposed to be paying. They should be paying 2 , and they are playing a little bit more than 1 . You could calculate they are than 1 . Paying less if you assume 1 , it is a tremendous delinquency. Lets use that word, delinquency. We will be reducing forces in germany. Some will be coming home. Some will be going to other places, but poland would be one of those places, other laces in europe. To russia by doing this . Mr. Trump i think it will send a strong signal but a stronger thing is that germany is paying russia billions of dollars to purchase energy. What is that all about . You are spending billions of dollars to russia and then we are supposed to depend you defend you from russia . I have many friends from germany and the people in germany are unhappy about it. They dont like it, but that is what they chose to do. They are spending billions of dollars and then we are supposed to defend them, that doesnt work well. But poland has been very terrific. I dont believe poland is accepting any of the energy from the pipeline, from russia. That sends a signal right there. We expect to get along with russia. We expect to get along with everybody. Germany has, they owe a lot of money in nato. When you add it all up, you are getting close to 1 trillion. That is not treating nato fairly but it does not treat the u. S. Fairly. The u. S. Is the major participant in nato. We pay more than anyone else, have for many years. We defend europe, but europe takes tremendous advantage of the United States on trade, advantage like you would not believe. We are trying to work that out. I would imagine they would like to wait until after the election so they could deal with somebody other than President Trump. But after the election, they will have to pay more. That is the way it is. All [no audio] i respect President Trump and the United States of america. Largestl great the military and super economic power in the world. I would not say where the president should send his soldiers. This is a decision taken by the United States. This is responsible. I would not deny i requested, mr. President , that he would not withdraw u. S. Forces from europe. The security of europe is important to me. Im talking about the united which the president sees since the Second World War is a huge security guarantee. If i am ready that poland receives more u. S. Troops in our country, i am ready in 2014 i am cruddy i am ready. Crimea. Russia annexed before that it attacked georgia. The Baltic States would go. Today the president and the nato troops demonstrates that article five of the north atlantic treaty is treated seriously. Anyone who wanted to attack poland, it wont be a soft landing for that. That entity. The strongest in the world is britain and they would help polish soldiers if the case arises. 100 years ago we repelled in a greatom warsaw battle in 1920. We defeated the soviet army of bolsheviks and through them back to the east. Threw them back to the east. We never want to see the situation repeated again. That is why the allied presence is important today. This important security guarantee to us. I am very pleased those within nato and the United States and president the understands the history of europe and the realities in europe. He also understands the situation as it is developing. Today this generates piece to my generates peace to my country. Thanks to that, russia, which also has a strong imperial ambition, which have been revived over the last tens of years i can say because georgia was attacked in 2008, thanks to that, those ambitions have been stopped in this part of the world. I have no doubt this is a huge merit of the policy of the United States. I am grateful for that like all of my compatriots are. Mr. Trump i want to add 2014, which the president was talking about, that was where russia had a good time with the United States. President obama and Sleepy Joe Biden were in power. They were the ones doing it. This was before us. Has not happened with us and it wont. Please go ahead. Then you have to cancel your last trip, your last visit to poland because of the hurricane. Are you planning a new visit in the near future . The second question, is there a chance for poland to participate in the development and early access both to the vaccine and therapeutics . Mr. President , is there a chance that we will get access to the vaccine mr. Trump we would like to do it again as soon as we can be we have an election happening in this country. I wont be able to do it until after the election. Assuming things go well, the answer is a definite yes actually. As far as joining with us on the vaccines and therapeutics, because the therapeutics, if i give you a choice, therapeutically i would like that even better. We are working well on both. We are coming up with great answers. You will have a beautiful surprise sooner than anyone would think. The answer is yes. We are getting poland involved in terms of helping and keeping taking care of the polish people. Think we will have a very soon. Sir, we got involved in a state in the cooperation and , in in supporting allies the fight against coronavirus. That is how we have here with us today a captain medical doctor from poland. I am working on this assumption by taking part in the research and by being in a certain sense cocreators of the vaccines and therapeutics. Will be able to count on these vaccines to be available as soon as possible. So this scope of intention i have in my cooperation with the United States of america to make sure these vaccines are available topoles and to po les as soon as possible. Mr. Trump thank you very much. John. Bill onafternoon the reform in the senate failed to move forward. It may soon see the light of day but at the moment it installed in the senate. You have an executive order coming out later this week regarding monuments and what to do about people that deface or damage these. Tell us what you are planning to do in the executive order and your reaction to the senate. Mr. Trump the want very much to pass a bill on Police Reform and the republicans want very much to pass a bill on Police Reform. We have communication with many communities including the police community. They want it to happen, and they would love to have it agreed to formally. The democrats dont want to do it because they want to weaken our police and take away immunity. They want to do other things you know about as well as anybody in this beautiful field we sit. They want to take away a lot of the strength from our police and from Law Enforcement generally and we cant live with that. This is a great bill, strongly endorsed by tim scott who is terrific, who is a terrific man, great senator, south carolina. And mitch wants it to happen. I would like to see it happen but we wont sacrifice. We wont do that. We wont do anything that will hurt our police. We have a record this year on crime, record positive rating, the best. You hear about chicago and what is going on in detroit and other cities, all democrat run, every one of them. 20 out of 20, the 20 most dangerous are democrat run. We have one city or new chief or two cities in particular that are worse than afghanistan. These are cities within the United States, radical left run. You see what is going on in seattle and other places. Seattle of all places, who would think that is possible. The democrats want to weaken substantially our Law Enforcement and police and they. Anted to fund largely there are some that want to defund and abolish our police if you can believe that. We are not letting that happen. If one of those things happens, we have different philosophies. They want open borders, we want sanctuary cities, they dont. As for as your second question, are going towe have a strong executive order but we already have strong we have the monuments act already which means 10 years in jail. We will consolidate various things. I should have it by the end of the week which is fast approaching. We will have it very powerful statement. We have arrested numerous people for what took place outside of washington. The fbi is investigating hundreds of people throughout the country for what they have done to monuments, statues and even buildings. We have strong laws on the books. We have a long that is 10 years. That is a long time to have fun one night. The people knocking down the statues dont have any idea what it means, who it is. They knock down grant, they want to. When they look at now they are looking at jesus christ. They are looking at george washington. They are looking at abraham lincoln, thomas jefferson. Not going to happen, not as long as i am here. Lessrats could care whether or not it happens. The American People get it. We will have a strong executive order and it will happen quickly before the end of the week. We have an election coming up in november. You have one on sunday. Some of your critics who are politicians in the United States have criticized this visit to the white house saying it is tantamount to election interference because it shows a close relationship between the u. S. And poland at a time when you really need it. What do you say to those critics and mr. President , feel free to weigh in. All, let me also follow up on the question you asked president donald trump. Thank you, mr. President , because among others, not a long time ago the monument to one of ours was devastated, a National Hero of poland and also one of the u. S. Who is fighting for independence of the United States. He was the commander of a polish uprising where he was fighting for the independence of poland and suffered heavy wounds fighting for independence and for income principle reasons to us, the monument was devastated recently. Thank you so much it had been renewed so fast. That is what made it possible for me to lay flowers at that monument and to pay tribute to the great soldier and commander. It was outrageous for a big number of polish people. For many People Living here in the United States, polish organizations here asked me and told me they would renew that monument. I know it has been renewed by the United States. I am grateful for that, that him, that the monument to looks as it should look, which is the deserved. Ago, at the beginning of the pandemic, we had a conversation with donald trump, disrupting the plans of cooperation which we had. We made an arrangement with the president we would need we would meet as soon as would be possible. This has been implemented. The fact that the arrangement force isput into demonstrated by the visit today. Im grateful for the resident for inviting me here today. We are implementing our duties as president. The president is always in charge of his national interests. When a president is acting in here, itrnational sp is strong for President Trump, the interests of their countries. Mr. President is realizing his and i am looking for poland. We are both part of the winners. We are able to implement interests as part of the cooperation which we are implementing. This is the way we act. We are acting on a national level. We are fulfilling our obligations as president s of our countries, representing people who want to have as good a life as possible. Well inp doing very poland. The people of poland think the world of him and by the way, mrs. Duda, a terrific woman who we have gotten to know. They think the world of him and i dont think he needs my help. I am honored this is a day that before your election, i am honored. He will do very well with or without us. He will have a Great Success and poland will continue on. They are doing incredibly well as a country. Thank you very much. Polish television. I want to ask about timing of the visit. The first president , the First International guest at the white house and today there was a big parade in moscow. Can we combine those . That polandf proof is popular for america, that we can rely on america in poland . Can, and i think you we also are working with russia on an arms treaty which is a big thing. Nuclear arms specifically. We are working very much and i can say we are doing well on that. We are e. G. Countries that want to see it happen and we are working on other things with russia. We have our ambassador over there. He will be attending certain festivities. That is a good thing for poland also. Likewise we are going to be having very important your parade. T you will have a big event and i guess in august. We will be representing the u. S. In a high level. That is important. I have this sense that i am conducting negotiations in inish matters here experienced until politicians, top regulator, president donald strongly anding looking to the interests of his country. I am representing polish interests here. , veryump thank you all much. We will see you send. President trump there with the president of poland. This is the first meeting trump has had at the white house with a will leaders since the covid19 pandemic began here. The last one was back in march. They largely stayed on issue of foreign policy, talked a lot about cutting troops in germany, that the u. S. Would keep troops in europe, including in poland. Also a Nuclear Energy deal with poland. Trump talked about the vaccine that apparently folks are working on, saying he sees something happening in his words very soon and discussed the police legislation. There was a bill in the Senate Earlier today that was blocked because of concerns it was too much. Trump saying he will have an executive order to address monuments. While that was going on, we had markets in the u. S. Close significantly down on the day with the nasdaq, the dow and s p down more than 2 . Have seen once again the first time in nine days the nasdaq was in the red, clearly risk aversion, related to the trade tensions we have been hit with in terms of the e. U. , anxious about the virus cases which come into force with headlines we have been seeing, on pace to houston is on pace to exceed intensive Care Capacity tomorrow. We have a senior portfolio manager, and we will get to her talkltiasset solutions to us about how the market reacted today, the bounce of volatility. The driver seems to be concerned about covid, continuation of wave one and if we get number two as well. That the market move take you by surprise . On au never know shortterm basis but the market got the shivers over the prospect of a big increase in covid and starting to see what places that were opening up having to close and pressing the economy. That was in full force today. We have had a great run from the end of march. It is only inevitable we should get a little step back on the way to higher prices over the course of the year. Romaine there is some skittishness and fragility. We have seen that. On a technical level we saw the market sort of hold those technical lines in the sand which taylor riggs was talking about. You still have an economy, while not out of the woods, seems to be on the mend. Does that give you confidence the rally we have been in and continue to be in, that it has further room to run . I think so. The correction is limited by the see of liquidity the fed has the sea of liquidity the fed has laid down. The leaders, the seeds have been driving the market over the year. I think we will see those sectors move ahead. I think the course of the rest of the year will be higher than today. Higher . what takes are the nasdaq . Couldnt go back . Could it go back . It will continue to be technology. Certain parts of health care, which has had its own small correction should pick up steam as a sector that has both growth and cash flow and should do well over the balance of the year. There is no reason the market is not that rich, even those stocks have done well. No reason one cant see priceearnings ratios expand as earnings go higher. It will take the market higher. The competition with rates under 1 means there is no limit that says a stock will run into competition from higher interest rates. Romaine there seems to be a general sense we will see the rebound if not in the current earnings season may be the next one. The bloomberg equities strategist here Gina Martin Adams has made this case here that based on what we have gotten with our announcement from the other economic metrics, most of the companies that lead the market higher will report higher cash flows and profitability if not more than what they had. Do you agree with that sentiment, or do you see anything getting in the way . We are seeing. If you go over comments, Many Companies indicated the low point was in april and since then their business has been not as bad as projected. If it is down 15 instead of down 20 , that is a good move forward. Even companies not in hospitality, those directly impacted, seem they are doing no worse than what they have thought. Some sectors of the market like housing have been strong. I think it says the market will work through this correction, the scare about higher covid rates and move on the higher levels. What about in the world of equities . Multiassets, lets talk across assets. In terms of the more riskier part of the corporate debt market . Attractiveld is although the yields are still low. Maybe 6 for single be rated speculative. But considering the alternative in risk three, that is enough. You will see higher bankruptcies but it will be from the bottom of the barrel and the vulnerable sectors such as retail, travel and energy and the rest of the market will do pretty well. Over the next year you can only look for the coupon income because prices have had a big rebound even in highyield from their low point are up 10 or 15 . Capitalchance for appreciation but for income it is highly competitive to stop dividends at 4 for one person that doesnt care about what the equity market might do. Romaine for the person who is exposed to risk assets and wants to hedge their bets a little bit and maybe prepare for the idea of some tail risk, where do they do that . Can they do it in the treasury market . Unattractive is for a fundamental investor because the yield is so low. With the amount of liquidity they have put into the market in a sense of you dont have a quasiguarantee that you are assured of not having a huge break in the economy or even a huge break down in the stock market or the bond market either. Caroline it seems like we are bullish in where we can put money. What about it what about outside the u. S. . Is it generally the dollar will go lower and it is time to look outside . Looky look outs when i outside, i see a lot of companies that are still bogged down because they are commoditybased emerging markets. I see no sign of any sustained pickup in many developed countries, and it is a question to see how much china rebalance. For me the u. S. Is one of the most attractive markets because we have an economy that is in place to accelerate from this le we have been in. Caroline great to have you on days such as this. Thank you for your time. Lets get a quick check on the rest of the headlines. The Justice Department in several states reporting and antitrust investigation of apple. They have spoken to companies unhappy with apples ironclad control of its app store. There are higher prices and less choices for consumers. Ford has a lot riding on an pickup. F150 the struggling automaker has given us a look into the finances of the cash cow truck franchise. Apple iphones as one of the biggest consumer products. Americans are hitting the road again. Gasoline demand has improved nearly 80 of where it was a year ago. April demand had been cut in half area the biggest recovery is in florida and texas. We know the markets have been trading on rising cases we continue to see. Really interesting brazil has become the next epicenter. They have the second highest cases when it comes to deaths as well from covid19. More than 50,000 and cases rising to 1. 1 million. These figures are from today. Get some insight here with a reporter. Thank you for joining us. As you think about the reopening and travel, how are you thinking that in the midst of what is going on in your personal with covid19 cases . Thank you for having me. Have only the socalled essential travels. Those were a need for travel because of the Health System functioning or work related to the infrastructure. Increasee you demand that those are only the passengers that we need in need for this travel. Stableuation seems to be at a high level, that is true. Thewe again also support country by keeping the air travel, which is pretty critical to the interest short curve working the best we can. Romaine when we talk about the potentialre about the in air travel in and out of brazil, obviously within the country as well, do you have a general sense of when you would get back to some of the levels we saw back in 2019 before we had gotten to the Health Crisis . For International Markets i believe it will take some years until we will resume the same trips fromavel or before. It is supposed to recover much faster. It will be a matter of months. Of 2021ve by the middle we should be close to the previous levels. Not necessarily 2019 but something around that. In 2017 the Brazilian Airline segment has been pretty much sustainable economy wise. I think by the middle of next year we could be back. It is a bleak picture looking to the middle of next year. You have got 12 months of cash on hand. Isnt enough . Moment, actually at the affirming because theget environment is uncertain. Havee are prepared and we emerged more robust positions in the main competitors. We have other options to secure sources of liquidity but we have been selective about the opportunities. We want to set up, go for success in the longterm. We are in a Competitive Position was the market demand. Taylor i know in the u. S. , there is reports airlines are burning through 30 million a day in cash. What does your cash burn look like . When do you expect it to slow . We could jump to a much lower level. To 7und 5 million million which is considering the Exchange Rate something around 1 million a day. Some important measures to reduce it. We cut payrolls by 50 including the management who have taken a 60 pay cut. We have also raised [indiscernible] with the crewmembers so we have secured their job to the end of 2021 in exchange for a considerable salary reduction which is already in place and we are negotiating with our suppliers and special conditions, those who will allow us to go to the desert as we have called the crisis internally. With regards to the fleet you have now and orders you are considering prior to the covid19 prices, are there any changes you are anticipating making in your fleet or to some of the orders . We are pretty much flexible on that matter because we can naturally just following the construct, prior to the covid, to 20ld reduce between 15 planes along the next 12 months. Something around 100 net 10. Considering the new brain, we max, cting, the 727 we did fly that plane more than 11,000 hours. It is maybe the best commercial plane ever built. Model still relying that to build aiming to further reduce other operational costs. We are creating some additional room in our fleet size to host the new planes. Those are supposed to be delivered from the next year on. Paint a clear picture how you are looking at the stakeholders, keeping people paid, taking cuts a management yourself. Or thoughts go to your pervert our thoughts go to brazil and how the country is ravaged by the coronavirus. How worried are you as you come out the other side . Worried. Pretty much the Economic Impacts might be huge. The most important thing is now really to control the pandemic. To have itace somehow under control. It is a very challenging situation. We are bringing to support the brazilian people during these time this time. We are building our fortress to face and even worst situation sit then we have forecasted so far. Romaine i appreciate you giving us your thoughts. Off. O kakin lets go over now to mark crumpton. Mark new york, new jersey and connecticut are taking steps to make sure the coronavirus outbreak does not spike in the region again. The governors announced they will require visitors from states where the infection rate is climbing to quarantine for 14 days. Hospitalizations are down 85 from the april peak in new york in new jersey. More than 90 in new york. One of the states whose governors are concerned about is florida. The state is seeing its numbers climb. The number of new cases jumped 5. 3 in the past 24 hours. That is the highest since the outbreak began. New hospitalizations most of rose by the most in a month. Florida began to loosen its lockdown restrictions around memorial day. Doctors in the u. K. Are warning the country to prepare for a second wave of coronavirus. In a letter published in the british medical journal, local flareups are likely and there is a real risk of a second wave. The warning comes as Boris Johnson is lifting lockdown measures imposed in march and urging the public to go out and start spending. Departmentstice prosecutor part of special counsel Robert Muellers team said roger stone, a close ally of President Trump, was treated differently before his sentencing because of his relationship with the president. He was convicted of seven counts of lying to congress and obstructing ehouse investigation into whether the Trump Campaign coordinated with russia to tip the 2016 election. He was one of four lawyers who quit the case after the department overruled their sentencing regulation. What i saw, that roger stone was being treated differently from every other defendant. He received breaks that are unheard of and all the more so for defendant in his circumstance, who lied to congress, who remained unrepentant and made threats against a judge and witness in his case. Romaine we heard today attorney julyal barr will testify 28 before the judiciary as the panel investigates justice zation. Ent politica 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. I am mark crumpton. This is bloomberg. Mark welcome romaine welcome back. Time for Abigail Doolittle and smart charts. Abigail joining us for smart charts is david taylor, chief Technical Strategist at stock charts. You were supposed to join us on set midmarch. But with the virus, you were in seattle and you had to stay. Lets start out with the overall view. Is there more volatility to come . David it will be back. There are plenty of potential warning signs in the last couple of weeks. The big distribution a couple of weeks ago tomorrow was sort of the first salvo of negativity we have seen and today is a followthrough with that. If you look at the volume we have seen on these down days, it has been significant and there are reasons for that. Coronavirus concerns rebalancing. There is catalysts to move things lower. As an analyst i am looking at deteriorating breadth. Less than 60 of the s p members are above the 200 day moving average. We are not seeing that. 50 rsi has remained above for the last couple of months. We are testing that with the selloff pushing below the 50 level. We are at a key level of support. A breakdown which would take us below the 200 day, the swing low from a week and a half ago would be a significant hit to the bullish case. Abigail it appears there is a nearterm range. It will be interesting to see how it works out. The rsi, talking about holding it at 50, looks as though it could keep going below. Talk to us about what you are seeing relative to retail because you have provided us with an interesting chart on different areas of retail. A lot of people are getting caught up in the Consumer Discretionary strength story. If you look at the relative strength versus the broad market, it has held up well. If you look at Consumer Discretionary versus staples, xl it has been a consistent performer suggesting investors leaning more into the offense and discretionary and away from the discretionary of staples. If you look at the equal weighted version, Consumer Discretionary, you can see that is rolling over. You have taken out the massive overweight of amazon and home depot, the charts that have been beautiful uptrends and if you look at the average Consumer Staples stock versus discretionary, starting to favor staples the last couple of weeks. If you look at the discretionary relative to technology, it has been rolling over for a couple of weeks. Outside of the big names like amazon it is a stock pickers opportunity. You are hurting yourself if you are not looking at places like staples and tech for opportunities. Today gold is not doing well but recently on a tear. Looking at your chart, there is a breakout and you think it might be here to stay. David a lot of people like to oversimplify and think if stocks are doing one thing, gold should be doing something else. Think of it as a safe haven. I have learned to focus on the trends. With gold i am seeing a chart that has been a consistent top performer. The price has had a series of congestions and breakouts. In the last two or three months you have seen this stabilization hitting resistance around 165. That has been a base for 2. 5 months. We have broken above that the last couple sessions. The relative strength has been low relative to the s p because stocks have been in a decent place. You are seeing that relative strength improve as investors allocate the gold. The chart is back to its 50 day moving average. It appears to me as a chart that is not overextended. Compared to stocks like apple and microsoft that are in uptrends but overbought and overextended, gold is in a favorable entry point. Abigail you may have a risk off town. We love the opportunity to see you. This is bloomberg. Erg. Romaine time to check in with Joe Weisenthal who is keeping an eye on things. Every morning i wake up and get my coffee and check wall street. The next thing i check is your newsletter, five things, and i saw you were talking about what was going on in texas and the increase in bookings for restaurants and a few minutes ago we got this headline that the Texas Governor is concerned about the number of cases. Things we saw in march and april with the downturn, a lot of it was not related to the lockdown, it was people not wanting to get sick. The data we are starting to see in some of the states like texas and arizona and florida and elsewhere is showing people going back into the mode of not wanting to go out. You have a headline that crossed the terminal, Texas Governor says massive outbreak sweeping the state, anyone would realize that. This is not the type of news that is going to get people to be returning to normal when you had texas together with california and florida where cases are rising. It does not augur well for a vshaped recovery. Caroline and now new york, new jersey thing if you are coming from outside these states, you have to quarantine. How are you getting back . Joe when i came to texas, i thought i dont want to be the new yorker who brings the virus down here. I dont think i was. I hope you guys will want to keep doing the show with me when i come back to new york. Will embrace me with figurative open arms. Caroline after quarantinecaroline , we will. Joe i will selfquarantine. Caroline it is quite nice. I did it. It is not bad as long as you can order in. That is it for what did you miss. Emily Bloomberg Technology is up next. Stephen have a great evening. Emily welcome to Bloomberg Technology. I am emily chang. Market stumble as new cases of covid19 surge across the country. New york, new jersey and connecticut requiring is interest from hotspots to selfquarantine. Florida and california sitting new records and the governor of texas saying a massive outbreak is sweeping the state