Typically this is the time you would see investors plow back into their equity safe havens like tech names. The sectors outperforming our the two that have been hit the hardest so far this year, financials and energy. Financial still off 24 . Energy down 30 year to date. Well asbank index doing regulators rollback some of the rules put in place after the great financial crisis. Banks will no longer have to set aside money when trading derivatives with their affiliates. That frees up capital, and that is always a good thing for banks. Regulators are modifying the volcker rule to allow banks to increase investments in funds. Do not watch not forget to watch for the fed releasing stress test results. Watch apple and disney, apples closing other seven stores in houston after closing 11 last week because of increased virus counts across different states. Disney delaying the opening of disneyland in anaheim indefinitely. It is not the cake and get approval from state officials in time for the planned it does not think it can get approval from state officials in time for the planned july opening. David we talk about the markets every single day. Lets visit one of them, exactly where it is happening. The New York Stock Exchange had to close to traders for the first time in its 220 euros to but now it is coming back, they are begging there bringing people back. We welcome stacey cunningham, the president of the stock exchange, coming to us from the floor. Give us a sense of what is different now that youve brought some of the traders back onto the floor. Hows it going . Stacey it has been a tremendous success. We are excited to be able to not only bring traders back, which we started to do 4. 5 weeks ago, but we are able to increase the number of people coming in because we have had such compliance with the rules and regulations we put in place. I am able to talk to you without wearing a mask because im not on the floor, i am over the floor. On the trading floor, everyone is wearing a mask, everyone is following the social distancing protocols. We have put a number of protections in place like installing plexiglas and other things so we can keep people safer and be able to scale up the number of people coming into the building. Importantly, we have seen it work. We have seen we have been able to keep the community much safer, and that is a message for all of us across the u. S. , across cities. When we reopen, we can do it responsibly which will allow us to scale up and not go backwards. David can you keep going . Absent a vaccine, how far can you go to give to ring it back to full strength you had before the pandemic. Stacey we started with the business is most impacted. The small brokers that have less than 20 employees were the largest portion of the first group to come back. Last week we added on our market that work for bigger firms and are responsible for overseeing trading in each of the Companies Listed on the New York Stock Exchange. They have been doing that during the period they were off the floor and now they are able to do that live. We continue to scale up the number of people coming in. Assuming everyone continues to follow the protocols we put in place, we will be able to continue that path. Of a numberre ahead of the large Financial Institutions in wall street. What you think you have learned they could benefit from if they start looking to bring their people back . Stacey it is important everyone coming in understands that it is not about protecting yourself, it is about protecting others. They want to be back in they want to be able to engage in their ordinary business each day and earn a living. We need to protect everybody else in the environment. That is why it has been successful. It is important for all of the businesses to get the support from the community as you scale up. David as you bring people back on the floor, what are you able to do that you could not . You are up and running virtually like all of us are, but what did you give up by the virtual operation that is getting back with people present . Stacey our model is unique in that we combine a market maker that has accountability with human judgment on the trading floor. Sitting on top of very sophisticated technology. We had two part of that equation when the floor was close. Market makers still at the same responsibilities they had when the floor was opened, and we were running on stateoftheart technology, but we lost that human judgment. What we saw is that it cost investors something not have that reduction in volatility the human judgment contributes to. It was an interesting experiment. I never wouldve chosen to engage in it and close the floor just to measure it, but we did not know how much of our outperformance came from a model that has a market maker versus having human judgment. What a number of academics have studied once we close the floor is the outperformance comes from both. We still outperformed other securities, but not to the same extent we do when the floor was open. By reopening the floor we are closer to our full Service Offering where we can dampen volatility, particularly at the end of the trading day where you start to see more stocks moving rapidly, and the closing option is the largest liquidity event in the world. Last friday we had a record closing option at the New York Stock Exchange, 23 higher than our previous record. We were getting the full force back on the floor and leading to better results for investors. David even as the pandemic is going on, markets are evolving. The New York Stock Exchange is attempting to evolve with respect to direct listings as way to go public for company with alternatives to traditional ipo. You had an application with the fcc, they did not like it, youve come back with another one, give us a sense of where that stands. Stacey direct listings are an interesting innovation. They are not from everybody theyre not for everybody, but we have been hearing from investors they are looking for more choices. Weve been working with the sec defining the offer of direct listing. The ceo of spotify came up with the idea and brought it to us. Slack was the Second Company to choose that path for their public listing. We are building on that money where we have been building on that model is to allow for Capital Raising. The direct listing separates the timing, decouples Capital Raising from going public. You can choose to go public but not necessarily raise money at the same time. The two have taken that path. Now what we are working on is what if you want to raise money at the same time but would like the exchange in the process of opening that morning to determine how the offering gets priced. That is the phase we are working on right now. We filed the first iteration in december we work productively with them on questions we had. This most recent filing which we submit it on monday answers mechanical questions on how that offering will be priced in the morning, how gets entered into the market as an order, and what measures need to happen that morning to get that live and public. We have been advancing that ball so we continue to work with issuers and investors on having another alternative. David you are in the middle of this regulatory process. None of us knows how on when it will come out. From your perspective, is a mechanical issue . It sounds like it may take some time, but it is not a substantive issue. You will get there sooner or later. Stacey that is right. That is outworked with modified. It took us about a yearandahalf working with the division of corporation and finance. Their goal is to protect investors. They are to make sure working with us to develop a process that achieves that goal. It took about a year and a half to get that done. We are working on this iteration. They are nonsubstantive issues. It is more about house it come to market, how does it get priced, how do investors know when to expect that morning, and how do we know all that interest they are more mechanical issues we have been working on. I think we will see direct listings have the ability to raise capital at the same time of their listing in the not too distant future, and there are companies that have been asking about it because they are interested in pursuing that path. It builds on innovation. We have seen during covid19 when the markets have been very turbulent, youve seen attornment as number of specialpurpose acquisition corporations, which are management teams raising money without having the Business Operation but planning to go out and acquire a business. The fact we have seen so many facts come to market over the past few months is indicative of the fact there are opportunistic businesses, it is another way to go public. It is the business domination, the combined entity is now public company. It is one more path we have been working on. David in success, if this gets worked out, how much difference will it make in your business . Do you think more companies will go public if they go public they will listed with the New York Stock Exchange . How material will it be for the New York Stock Exchange . Stacey i do not think direct listings will be the path for every company. There are a lot of companies considering it. The fact that we have human beings involved in the process on the trade floor overseeing the price discovery process puts us in a unique position to be able to make sure things are executed. What we have seen in direct listings to date those opening options are much larger than the typical opening option for an ipo. Both spotify and slack were in the top five number of shares printed in their opening option of all opening option all in history,ions even though as companies they were smaller than some of the companies. A massive trade because so much price discovery is happening, that is why price discovery is such a critical part of the direct listing process and we are uniquely positioned to accomplish that. David you mentioned the turmoil in the economy, which has caused the government to inject an awful lot of money into the economy. Is it shifting the way corporations are raising their capital . Borrowing has become a lot cheaper. You think this means corporations increasingly turn away from equity raises and to debt raises . Stacey we saw a number of Companies Leveraging equity and debt. In the wakes the floor was closed, we raised over 35 billion during that period of time using followon offerings as well as Capital Raising in the more traditional ipo process. Youll see when there are tools out there, companies will take advantage. Many companies were raising money because their businesses were under pressure, but others were shoring up their Balance Sheets for the future. It has been a very active Capital Market season as you know and see, and we will see that continue. Certainly the ipo market. We have five deals expected to price tonight. David there you go. Thanks to stacey cunningham, president of the New York Stock Exchange. A program note. Friday at 6 00 eastern we will be back with wall street week, covering all the events of the week including what is going on in the New York Stock Exchange. Here we will talk about the economic numbers, particularly the jobless claims that remain stubbornly high. That is next on balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. It is time for first word news. We go to mark crumpton. Mark several u. S. States are seeing a disturbing spike in coronavirus cases. California and florida continue to see their numbers increase. Texas is pulling back on some of its reopening plans after seeing its worst day so far for new cases. In arizona, Health Officials reported a jump of 5. 1 new cases in the past 24 hours. New York City Restaurants will be able to open to Indoor Dining on july 6. Personal Care Services can also resume. It is part of phase three of reopening. Overall, the state is reporting 996 new coronavirus hospitalizations, the lowest number since march. The Supreme Court is strengthening the governments ability to deport people who enter the country illegally. Justices sided with the Trump Administration and refused to give asylumseekers are brought right to make their cases to a federal judge. The case involved a sri lankan man arrested near the mexican border. He had tried to persuade immigration officials that he faced harm if he returned to his country. Lebron james has put together is most ambitious deal yet. He and Business Partner maverick carter have launched immediate empire spring Hills Company with a 100 million investment. James spoke to Bloomberg Businessweek about the company and a number of other issues. One of them, group b helped create called more than a vote, which is focused on protecting voter rights and preventing suppression in the black community. The education side is what we are most proud about. That is success for us where we get these communities out to vote, but theyre even more educated on who they are voting for, how they can vote, where they can vote. Hey have that power mark you can watch Bloomberg Businessweeks conversation with her bra on james and maverick carter at 7 00 friday on Bloomberg Television lebron james and maverick carter at 7 00 on friday on Bloomberg Television. 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. David even as mark was talking there was a headline crossing the bloomberg that says the senate has passed a bill that will punish china for hong kong. We will continue to follow the story as it develops. In the meantime we have Economic Data this morning that shows 1. 5 million americans filed for jobless claims last week. Still stubbornly high number. We welcome michael mckee, bloomberg cheat economics and policy correspondent. It is coming down but very slowly. David that is the important thing. We are desperate for good news but the problem is we are not getting it. It is not the actual number itself but the direction of the number. Basically flat. 1,000,480 thousand people filing for jobless claims, raising the question of why are that many people still losing jobs 14 weeks into this, or is there something wrong with the states processing or with fraud or with Something Else . It is a lot of people who keep losing jobs, at least if you take it literally. Continuing claims job below 20 million. 19,522,000. That is two weeks old in terms of the number and does not include those getting pandemic unemployment insurance, the people selfemployed are gig workers. 728,000 more added to the roles this past week, meeting over 30 Million People are getting Unemployment Benefits of one kind or another. Usid does this tell anything about the jobs numbers we will get next week . Michael it does not appear to in the sense they were disconnected from the jobs numbers last month, but economists think we might get a small gain in jobs in may because a number of the other numbers were better. We saw that with durable goods orders rising on a percentage basis, which is what economists had expected, 15. 8 percent after dropping 18 in april. The important thing is that chart is the dollar figure. We are still way below where we were in february before all of this started. Bounce we got additional jobs in may, it will not show a real strong improvement given how many people are still getting unemployment insurance. David there was a surprise to the upside on durable goods and things like that. Is that giving you any encouragement . Michael not really. At this point we are still so below where we were. Also you look at the trade figures today. The trade deficit widening significantly to 74. 3 billion because exports collapsed, which means we were not making things and we were not selling things. The implication there is secondquarter growth will be worse than we thought after some of the april numbers came in better than expected and in may they have been betterthanexpected, people are marking up their gdp figures for this quarter to 30 adjusted on an annual rate. Now that will go down. You look at the atlanta fed gdp numbers. They will be reduced because of trade. All in all, we get Minor Movement in the numbers but no change in the overall story. The economy is still in trouble. Lily, that is the before we have texas saying we will not continue our expansion. We have real problems in some of the state which cannot be good news for the economy. Michael absolutely not. The more states experience the surge, the more likely we will see another surgeon jobless claims. We will see people who mightve dropped off the roles otherwise stay on them in new people come on because companies that have started to reopen and used up any ppp mining they have had will have to let people go. It does suggest any hope of a vshaped rebound are a dream at this point. We will struggle. Whether we go down significantly or just flatline, it is going to be a long road. David i am that might be right. Thanks so much to michael mckee. Coming up next we will do the stock of the hour. Disney is down on news it will have to pull back its plans to reopen disneyland in california next month. That is coming up next. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Houry is our stock of the because it is down on news and may have to postpone the opening of its disneyland theme park in california. Kailey leinz is here to explain. Kailey that park has been closed since march 13 and was it open july 17. That is been delayed indefinitely. Disney did not think they were able to get the proper state and local government approvals or reach agreements with the union in time to reopen that park. This is pretty significant for disney. It comes as cases are rising in california. Just yesterday they were up 7. 1 . The anaheim park is key because parks are major revenue drivers for disney and anaheim is one of the most attended parks. Nearly 19 Million People attended last year. That is the second largest attendance globally. Orlando disney world is the most attended. That is set to open july 11. This is a key revenue driver for disney. We saw the impact the shutdown had the operating income was cut in half. Disney wants to get these parts reopen david disney world in florida is key because it is true disney world itself is slightly bigger, but if you put together with epcot and the rest of the theme parks, it is almost three times anaheim. Kailey i would make the point that even if it does reopen as scheduled on july 11, it will do so in a very limited capacity, only 30 of the usual. That is a big impact. I have to note as this was initial jobless claims date, the impact the parks have on the broader economies. In southern california, disneyland has an Economic Impact of 8. 5 billion a year. It provides 30,000 jobs and we have to consider all of the ripple effects as well. David thank you so very much to kailey leinz for that report on disney. Speaking of disney, will be joined by Abigail Disney on the question of income inequality in this company. That is next on Bloomberg Television and radio. This is balance of power on Bloomberg Television and radio. Erik schatzker talked with the head of Starwood Capital this week. He talked about what is coming up in november with the election. I asked him other things, whom barry would vote for if the election was held today. I will wait to see who biden picks as his Vice President ial candidate. I think it will say a lot for the direction of the country. 43 of the country is independent, and they are pulled in both extreme directions by two radical parties that i dont think represent the majority of americans today. It is a tough thing. , thet understand why trump i knew before office, why he doesnt have a stand on the environment. He could give the independents something. He could touch on the disaster that is being created with this climate and join the conversation. Agree we areists creating a disaster for ourselves. On the left, i dont think you want to thrall capitalism. It needs to be regulated. Throw out capitalism. Regulated. Be i think the things we have done with liquidity is not necessary and you need to regulated. When he cut corporate taxes, he could have tied that to job creation in the United States. There could have been a more directly to bringing back jobs. The one thing the pandemic showed is that our supply chain is too long. Weve outsourced key things we need that we never thought were key, whether it was masks, ventilators, or other ppp equipment. We had to go from justintime justintime inventory to just in case inventory. Even though they wont be the jobs of ford motor, americans will have to pay a dollar more. We will have to pay a dollar more for a product because we cannot match the labor cost of the chinese, the enemies, or bangladesh. We have to extract a , or bangladesh. We have to extract the value. Went to see the largest retail in the united starts United States. They said we will buy your product but i need it for 2. 50. I died could only make it for 2. 70. He got the order from the company that starts with a w and ends with a d. So he outsourced connecticut 25 years ago because walmart wanted that flashlight cheaper for u. S. Customers. You what walmart sells i just told you the name, was manufactured in china. We demanded it. We wanted to buy nike sneakers 30 years later for the same price we bought in 1965. And we did it. We succeeded in doing that, but we moved. They didnt steal our jobs, we encouraged them to manufacture for us because it was cheaper. It went a little overboard. They didnt open the market, and that is not fair. The currency does not converge. That is not fair. And they did not open our markets there markets to american competitors. But we were happy to have chinese goods here, and the quality got better. In the beginning the quality was not good, but then the quality got better. Whom im going to vote for . I have managed to avoid that. The farleft scares me. I dont think that is america either. We are upside down. Things like student loans, the one thing we should encourage is the education of hourly youths. Student loans should be the most subsidized loans in the country because the government get to taxes on their future income if they made it through college. Why do i want them burned with 10 loans 200,000 at that they are dying under . We are supposed to encourage people to go to college and get a higher paying job. This government taxes them, return on investment. That is what the federal government should do, encourage behavior. We went to educate our youth. That is how you build a strong country. It is not through weapons. It is through a strong economy. That is the strongest defense we can have for the United States, a strong economy. 22 trillion of debt and adding more per month. That is not a sustainable program. It is making the nation wealthier by educating everybody and finding private partner mentoring,companies picking up the german system of companies mentoring and working with youth, helping them gear and fourrting two year year vocational colleges. We have to get on the job. The biggest challenge the United States is deterioration which is what you have seen today with what people are outraged. Meantime, breaking news, not unexpected but not good news either. Intensive care units have reached maximum capacity, someone everyone was concerned about. We will follow that story here at bloomberg. This is balance of Bloomberg Television. Power on Bloomberg Television. David this is balance of power on Bloomberg Television and radio. Im david weston. Economic inequality has been growing in this country for a generation, something we saw in stark terms because of the pandemic. Black and hispanic communities were hit harder than white communities. Abigail disney is someone who addresses the issues of inequality as a filmmaker, and a warm what an awardwinning film maker, philanthropist, and we welcome her now. Your sons. How do we measure how bad it is and what got us here . Abigail i think there are lots of people measuring how bad it seennd i think we have million studies and a million pieces of evidence, but in terms of the felt experience, the lived experience of people, all we have to do is look at how the effectsdeeply of this virus had been divided racially and economically. Is an do we get here honorable question. I think what we are learning about systemic racism is that you dont need an individual racist system for a system to be racist. It is about outcome. Whether or not individual people inside of our economic structures intended for this to happen or not, 50 years of changing American Economic policy and social policy to eliminate the power of unions to negotiate better on behalf of haveers, tax policies that consistently been rewarding wealth and punishing work, and corporate privilege to shareholder over other interest inside of the company. All of these things have come together in a perfect storm that has driven. Its like money has been driven uphill and is being held there by unnatural forces. David as i said and you say, this is the built this has been building for quite some time. Under democrat and republican president s i should say. Abigail yes. David washington has allowed this to help. What should we do with tax policy right now . Is it a matter of increasing Corporate Income tax, income tax on the wealthy, inheritance tax, wealth tax . What is the best way to address this problem . Abigail sadly, i am more of a shotgun approach than a single shot. Republicans consistently and democrats less consistently have pushed that money is best is always in the hands of private individuals. All of that is well and good but we start state and city governments, and all of that creates a cycle where inequality works. All, look, first of at things i think philosophically. Do we honor work over ownership, or is ownership the more Important Role in the Economic System . I believe work is something that needs to be honored more. If you take that philosophically, and you look at our tax structure, then you see that, for instance, Capital Gains are taxed more favorably and income can be viewed as capital gain, say if you are in private equity, but this is the loophole i would go after first out of the gate partly because of the money we generate. Which is not enough to fix the problems we are in, but it is enough to send a message that the work of people should be taxed favorably, because work is what makes markets work. I got lost in that sentence. The inheritance tax has been called the death tax for years. It is not. It is tax on an inheritance and not the sick. We need to be looking at that as a tax that i receive as a person who inherits money that i pay for and im responsible for because it is a privilege i have of being able to have money passed to me by my grandfather, whose work and accumulation of capital was supported by the state in more ways then we can count. We need a wealth tax. I believe Elizabeth Warren right about that. I think its easy to talk about a 1 or 2 wealth tax that would generate so much value in this economy, given how much wealth is concentrated and is sitting there, not moving through the economy in ways it should. And certainly not supporting a valuing of work over ownership. If we can move some of those assets that are just sitting mountaine stones in a back into circulation in the economy, we would have money to fund schools, to find all of the things we have let erode over the years. Ifid abigail, one would say you go back to the gilded age, it took a fairly wealthy person as part of the establishment to turn things around. Teddy roosevelt in the early 20th century. What will it take this time . Will it require the wealthiest among us to step up and make a change . Is it a systemic problem as you suggest . Abigail it will require wealthy people to change the way they understand their relationship to the rest of the country. Right now, everything that wealthy people do only reinforces them in this idea that they are separate and different, and that their states are not woven together with the state of people across the rest of the economy. The private rooms, private planes, private lessons, all of of a set offorcing assumptions on how different the rich are, special, and entitled. We have to teach our wealthy people to be different. We will have to show them all they benefit. We will have to talk about this sort of radical idea that there is such a thing as too much money. There is such a thing as too much money. If we could get our wealthy class they will always be bad actors, but for the most part, those people mean well and most people want to be good people. I think that overcoming of this idea thats what you do and what you have has nothing to do with everybody else, if we can overcome that misconception, i think wealthy people would be supportive of behaving differently in a bigger society. David what has gone wrong with the political system . Because i looked at the numbers and it is the 99 being disadvantaged by the 1 . That 99 percent could outvote the 1 . Why doesnt that happen . The theory is once you get the people to vote, it would correct itself. Why did that not happen . Abigail i have to say we cannot underestimate the importance of citizens united. Citizens united happens as a result of a long, 50 year commitment of the wealthy and monied interest in this country to changing the structure of how things were happening. We have always had a winner take all system, but it did not always wield the kind of narrow and specific interests, the results for those interests as it is right now. 50 years ago, milton freeman, we all know, came out with an article in the New York Times the idea to popularize only shareholders matter. That was a beginning of a corporate mindset that resulted in the greedy is good way of operating. I had managers tell me on wall street when he said that and he said it was like one of my friends said it was like an animal was unleashed. So that was happening, but we forget that at the same time it was happening, there was the powell memo, where the chamber asked powell to write a memo on how he would change america to become a more probusiness culture. The two things that fell in a way that was incredibly important. Freeman said free markets work for everybody best, as long as you were playing by the rules. Lewis powell said the free markets are not working for us because the rules are bad. As corporations were shifting the way they operated and emphasis on shareholders, following what Milton Friedman had to say, they were also investing heavily in rolling back regulations, changing tech structures tax structures, and moving corporate interests into the center of legal thinking, jurisprudence, and legislation. Between the two things operating together for 50 years, that is how you get a citizens united. I would love to rest all of the problems on the one decision, but it took a lot of work to get to that decision. David thank you so much, abigail. Really appreciate you being with us. Lewis powell ended up being a Supreme Court justice and i ended up clerking for him. This is bloomberg. Of poweris is balance television and radio. Im david weston. Much of her spent career at the center of power in washington, serving as the special assistant to Hillary Clinton and the social secretary in the Clinton White house. Then, cheapo protocol for president barack obama. She have written about it in a brandnew book called protocol, the power of diplomacy and how to make it work for you. Butratulations on the book, give us a sense of protocol. One thing i gain from reading your book is it a lot more than just knowing manners. It conforms the structure of some of the decisions that get made. That is absolutely right. Thank you so much for having me on your program. I alwaysment, what thought was protocol was a superpower. It starts the wheels of aplomacy, and it lays out welldefined roadmap. A detailed roadmap for every interaction, no matter the size, big or small, between our global leaders. Everything for the president and secretary of state , before they even walked into a room, from all those details of thehe encounter, size room, table setting, color, lighting, everything. As well, we would consider issues like language, what type of language would be discussed. All the way down to mindset. We wanted our leaders to be in the right mindset before they walked into the room, and equally, we want to do shift the ourence so that counterparts were in proper mindset. The whole ideal of protocol is that he want to create bridges of understanding, bridging relationships, but then you also really want to persuade your counterpart to your way of thinking. All of those details of protocols and nuances, put together, had a major impact on everything that the president did. David one of the things i enjoy about your book is that it gives great stories. Them, talk on two of contrast between president obama and president russian in russia, one in mexico, won an island, and you go through the irelandtion one on , and you go through the configuration. Capricia the meeting in mexico was really important because this was the first time president obama was meeting with president putin as president. We had a lot of skin in the game here. I met with the nse advisors and understood the broad points and agenda, what they would be meeting about, so i understood, with my team, how we had to construct the environment. Like you say, from the size of the room, it matters, because what we wanted putin to feel was a little pressure, pushed into answering the hardline questions that were going to be presented, like syria. Room, theller the more pressure he felt in addressing those issues. Like you say, the lower ceiling height forces folks into making concrete decisions. The roadmap really worked at that meeting, because when the leaders emerged and they gave us the readout, it seemed like they came to a closer consensus. Didnt really work for the visit the russians set up for us when we were in ireland. That big room, the seating arrangement allowed for them to feel distance. There wasnt a facetoface, which is often good between the u. S. And russia, because while they are addressing the hardline problems, you want them to look at each other into the eye. Everything surrounding that there wasnt any on beyond. We didnt know what they were thinking any ambience. We didnt know what they were thinking and they were not projecting on us. You could tell from the photographs, this was not going well. At the end of the day, they walked out to not coming close on any decision. Protocol creates that environment through all of the details we put into place so we can get the outcomes that we want and pivot the power to our advantage. David finally, most of us will not set up meetings between heads of state in our lives, but a lot of us set up meetings. In the business and other environment. What can we learn . When i was running abc news, i would think i would have three thought the way ive set up some of the rooms. What should we take away from the book . Capricia i wanted to use these tools for those in business, and in individual life. From a president to a ceo, you want to make sure they have all of the tools at their disposal to create the most advantageous environment. In your business, what you are thinking about is your branding and culture. Defineddefined your cultural iq of the office . Hiring an officer to make sure they are coming on board to have that understanding of what your business identity is. In breaking, diversity, we have been talking about that a bit you have been talking about that a bit on the program. Where does the ceo said, who runs the meeting, and what is the dress code . All of those details. David i wish i had it when i was running abc news. Thank you so much, capricia marshall. She is the author of the great new book protocol. Coming up on the next hour for radio, we talked to the florida commissioner of agriculture. That does it for television today. It is 1 00 in new york, and 1 00 a. M. In hong kong. Welcome to bloomberg markets. Here are the stories we are following. U. S. Stocks, green this afternoon. Evens are getting reprieve as texas holt is reopening. Customizations are surging. A sharp increase in cases in several states, raising concern today. Propping up indices as regulators ease back on the rules and revisions. I will be speaking with mike male about this decision, and we look ahead after the close. We also take a look at tesla. At some point soon, they may overtake toyota as the most valuable automaker. Lets take a quick look at the markets. It has been a day, but we are firmly in the green for the s p 500, propped up mainly by banks