Or the rest of the world. With Earnings Seasons coming up and a few key Economic Data points later this month, how confident are you in the economic recovery . Great setink we had a of economic figures really since midmay through june when the reopening story was gaining the most momentum. Reports,o great jobs pmi, sales, housing data, all to the upside. Economic price indices we follow are in the u. S. Now at alltime highs. That being said, i think we may have a time of slowing in perhaps in the weeks ahead as Economic Data plays catchup with what we are seeing in the country with a slower reopening broadly. So the job state of this past month captured the time from midmay to midjune. The next jobs report will capture midjune to mid july, when we started seeing thoses likes and those spikes and a pause in the reopening. As you mentioned, we also had earnings starting in earnest next week july 15. From an earnings perspective for two to we are seeing downward for q2, we are seeing a downward revision. A lot of the bad news we think is starting to get reflected in numbers, but we could see some of the q 2 estimates. The key is what Companies Say on q4 what they are looking for. Last quarter we did not get much from everett outlooks. This court corporate outlooks. This quarter we are expecting to get more. The fed was not able to give us an economic projection in march but gave us one in june. Keep an eye on that, the data and also that will coincide with the time when we will look at additional stimulus in the system as well. I want to go back to Technology Strength and twitters power users. Sarah hadng out what been saying, tesla is down today. Up electric truck maker is 35 low. Though. The desire for risky bets is still front and center. Im interested on your take of what retail is up to and how it is towering the risk off sentiment powering the risk off sentiment. We have been tracking accounts that have skyrocketed. The Retail Investor was involved we saw that major move in cyclical sectors, airlines for example, hotels, cruise lines, we had a nice run for four weeks. As those have stalled out, we are seeing retail interest in some of these stocks pacific stories you mentioned, twitter being one of them, certainly tesla and nicola being among them as well. I think the robin hood retail trade loves a good theme, a good story. When the cyclical trade has ended, they will look to others. Going through earnings season, we make it others, semiconductors are on a short list of potential ideas for that sector or group of investors. Certainly we have seen a more outsized weight from Retail Investors driving the market when we have seen really in any time in recent history. To get yournt thoughts, your the second strategist i have heard from that for the first time in a long time it is managing to look abroad and perhaps maybe look at europe. So much the trade was europe versus the rest of the world but europe looks so cheap, it could be a good time. Explain the thesis for europe with the overseas markets. Absolutely. We touched on this earlier. Europe has done a much better job or a phenomenal job in managing virus and we are seeing ,he trends across europe really all of the economy is on the other side of the curve, cases are trending downward as our hospitalizations and death rates. Ands are hospitalizations death rates. There is a large amount of indices that are positioned in financials, industrials, certainly energy as well. If that part of the market starts to pick up, we think europe would benefit disproportionately. And finally the dollar, we saw the softening of the dollar june. H may and into we have seen it stabilized as we are getting a little bit more flight to safety defensive trade and the dollar is a safety asset class. As we get more risk on cyclical sentiment, we think europe in particular could play catchup. Outside of europe we like the china story. They were the first to get into the crisis and certainly the first to reemerge. They had the exposure to Technology Similar to the u. S. With certainly parts of semi etc. , part of, their index. We like parts of that story as well. They have played quite a bit of up 5 up, the csi 300 is year to date in line with the nasdaq. But we continue to look to europe for some value cyclical plays, look to china and asia for some more technology and growth exposure. We like both of those markets. Thank you so much. That doesnt for the closing bell. What did you miss is up next. The Trump Administrations proposal to undermine hong kongs dollar peg. This is bloomberg. Taylor from bloomberg world headquarters, i am taylor riggs. Romaine this is what did you miss. Caroline a market rally into the close, a new record high for the nasdaq composite. The s p 500 held higher by key tech names. Thinking of undermining of the hong kong dollar peg, some supervisors to donald trump look at options to punish china for chipping away at hong kongs freedom. The market doesnt buy it. Carlyle cofounder David Rubenstein speaking with the merck ceo on the race to find a virus vaccine. All that and more coming up. Lets get right to it, hong kong. Taylor, take it away. Taylor it is a wednesday and my lucky day because i get to mention one, two and three standard deviations i created. Theook at this relative hong kong dollar to the american dollar, muted, within standard deviation in the past few months. I am curious how long the muted Market Reaction last given the trump lasts given the Trump Administration could unpaid the hong kong could unpeg the hong kong dollar. We bring in alan ruskin. Is the market correctly pricing in a lack of a plan here that we will see relative to the hong kong dollar . The market is certainly sanguine. You look at hong kongs and the hong kong dollar volume market and all of them are sending the same signal, they are not treating this report seriously. I think it makes sense. The United States can say can sanction countries and penalize individuals and institutions but one has to ask is this in the United States interest . Kongers drive hong closer to china which is not with the u. S. Is trying to do. I think the market is right to take a sanguine view on things. Romaine they are shrugging this off. This is notint out worked up to the top levels of the Treasury Department as far as an idea. Im curious about the relationship between the hong kong dollar and the chinese currency, the mainland chinese currency and the interplay and whether we can expect any sort of changes in that relationship given some of the moves beijing has given to assert its control over hong kong. Everybodyink it suits to keep things as they stand really. Usefulg kong dollar is in so much as hong kong has a free capital account. Pricecould use that as a into china. It is not so big they could shut off and close it off if need be. I think it is useful in that regard. If people are looking further ahead to thinking perhaps, we are slowly evolving from this one country, two systems system effectively to maybe one country , one system over the longterm, and if you have one country and one system, why dont you have one currency . The logical course is to shift gears and to say, instead of a dollar peg which we have had since 1993, why doesnt the hong kong dollar peg against the chinese yuan . That is a very logical step. Caroline how much at the moment given then peg, chinese pboc the leaders of china have not wanted to see significant weakness . Do you think that will continue . Alan china doesnt want instability emanating out. I would not make much of the seven level. If the dollar is weak, and there is a lot of downward pressure on dollarchina, the seven level will go. There is the case that right now you have got a lot of Interest Rate support for the chinese currency. U. S. Interest rates have come ,own, chinese Interest Rates going up significantly and Interest Rate differential phases currency appreciation rather than depreciation. Guest wasr last talking about this and said the appropriate way to punish china would be sanctions, not by a currency. Do you agree, or is currency play the correct way to punish hong kong or china . I dont think currency is the logical choice. How does it directly impact china . One has to ask that question. There are other mechanisms in politicians country month but that is not my place. Romaine a lot of the talk is about the fed support, the fed has been for lack of a better word injected into this market but it has provided more confidence for risk asset investors. We have seen appreciation in risk assets in china, hong kong as well. I am curious as to whether the actions i the pboc, Monetary Policy have had the same amounts assets ts on u. S. Alan surprisingly the pboc has taken a tight line through this crisis. We have had a complete role reversal to 2008 where the pboc was taking the lead in terms of generating considerable amounts of credit. This time around it is the Federal Reserve has taken the lead. The pboc can lean on the fed. The fed has come through strongly, not just the fed by u. S. Treasury and fiscal stimulus. To some extent they can lean on the fed to take the lead with risky assets. It is supportive for china and other emergingmarket countries in asia. Romaine always great to get your insights. Alan ruskin at Deutsche Bank security. Bringing you quick breaking news, costco, the bigbox jim,or retailer for retail rising 11. 5 . June, retail rising 11. 5 . We will try to get you a better read with how that compares with the prior month from a year ago. Coming up on the program, more room for shorting . We will have a conversation with a managing partner about where investors may be missing out. This is bloomberg. Romaine lets take you back to march because there was a threeyear low back on mark streit third. March 23. There is still room for more. Next guest is a managing partner at the Data Analytics company s3 partners. They put out data on shorts and general liquidity, bob sloan joining us, great to have you on. We have been talking a lot about whether this runup we had off of the march lows in u. S. Equity markets had a lot to do with folks covering short positions and whether that has been a big part of the reason the rally continues to move on. Based on what you see, are you seeing a lot of short positioning . What are you seeing with regards to liquidity . Bob thank you for having me on. I think the rally is more broadbased. Because of the fact that price discovery is at Federal Reserve, recovery that the is happening, a lot of the names that are shorted are persistently shorted. They are favorites like tesla and there is things like apple that have become a proxy for the that theyrket represent. But things like gamestop, which is a heavily shorted name, that is moving quite a bit into the rally. You had water card as well, where you have seen no amount of Federal Reserve money or ecb money or government regulation can make people get out of that name. Use our data, because really if you are a long investor or short investor, you have to validate your thesis. It is all about validating that thesis and creating a thesis and you have to look at the whole picture and you can use data and analytics. Caroline talking about the picture, talk us through what is happening with shortage of indices or etfs rather than one off names. Why that is the sp being heavily shorted. Is that some odd way of hedging your exposure . Why are people getting short that particular etf . Overall easier for the marketplace. But another is srt. One of the things we love at s3 is we consider ourselves financial detectives. That definition was really made during it is not relevant to the way things trade today. So the definition is outstanding shares minus the locked up shares. Today you have to include shortages in that definition. You will be something you will see some things that are not logical. If you look at the standard measures, you will see that of float. S like 246 you cant drink 2. 5 gallons of milk out of a gallon jug. There is a lot of things in the Financial Markets that dont make sense, and people use our analytics to make them make sense so they can right size their bets in figure out when to enter and exit the marketplace. Taylor when we talk about rightsizing the bets, i am curious if people are shorting stocks or just buying hedge to put downside risk. Do you have any indication how they are hedging to the downside . Bob i mentioned gamestop before. If you look at that float number, we think that people are missing an opportunity. If you look at the number, it says 97 Short Interest to float. What that means is you cant short that. The real number is about 50 . One or two things are true. Either you dont have the right size bet relative to float or you have missed an opportunity because there is more capacity to shorts because the float number is wrong. If you have our analytics and data, you can understand that. One of the sectors that has been on fire, a lot of speculation about moderna is one of the names that was flight. I that was flagged. I wonder what you are seeing. Bob we are all rooting for a vaccine. You can bet against companies that are trying to be the first. What Capital Markets are saying, a race to be first, second place is last. If you look at that, the data, pricee the stock rises is going to the moon but there is a counter narrative. You have to be aware of this stock is all or nothing play. Either the company is the first, gets the cure and the stock price goes higher, or it does not and it falls for civic to sleep. Way you i love the talk about you are a detective and how using data can show you that. Where for us if you will the market is leaning. We have asked you about the hedging positions and the nuances within that. Do you get the feeling with a level of elevated shorts a lot of people are not buying this rally . Bob i think so. It is hard to be short. We doing is a very a lot of other things besides track shortselling. Shortselling is a difficult job. You come in and basically you are going to lose quite a bit. Or twoceed maybe one days out of 240 some odd trading days out of the year. It takes strong mentality to know you are right but the market says you are wrong. You are seeing that now. Caroline i wish we had more time. Bob sloan, s3 managing partners. Really interesting conversation. We have got more blake more breaking news. Ivy league is canceling all sports for the upcoming semester. They led the way for canceling sports in march. What does it mean for the fall . The ivy league is not very dependent on sports for money, but will it be a question of affect for the rest of the schools out there . Schools out there . Merck ceo going to be joining us. That is up next. He will be talking with David Rubenstein from carlyle group. This is bloomberg. Ceo ken frazier the merck ceo ken frazier joins David Rubenstein. David the ceo and chairman of mark is my special guest. Thank you very much for doing this. Ken it is a pleasure. David you are surrounded by things that look like merck products. Are you in your office . Ken i am. I try to come here three days at a minimum. David have you been working remotely during the crisis . Ken i have been working a mixture of both. I like to be around my family and spouse, but we still have a lot of people left to work here. We have 17,000 people working in laboratories or production facilities. It makes sense to show up every once in a while. David if you are a Pharmaceutical Company, especially one working on covid19 back scenes, do you need vaccines, do you need permission . Ken no state troopers ever stop me. David lets talk about vaccines. Merck is one of the great vaccine manufacturers of the world. You were among the original people that did the measles vaccine, ebola vaccine. When the government of the u. S. Announced they would give money to five companies to come up not onecines, you were of them. Is there a reason you did not want to be in that program . Ken we got a little bit of money from the program, about 38 million. Our approach to coming up with vaccines is we try to make sure we are focused only on the science. Funding considerations are secondary. We are working on two different vaccines. Both of those have certain things in common, first of which is they both cap confer protection with it can confer protection with a single dose. Both of them give the promise of being able to be deployed broadly. And there has never been one vaccine that had to be given to every person on the earth in history. We wanted to use proven platforms. If you think about a vaccine, lets give an analogy, front end of the vaccine is the antigen, which stimulates the immune system against a particular virus, in this case sars cov 2 area that gets plugged into a platform which is like the hardware. The two platforms we have chosen have already been approved by the fda in different contexts. One is the measles virus platform. You mentioned that before. It is given to millions around the world safely. The second is a different virus platform which we used in the ebola vaccines. For us it was important to be able to work with proven platforms we know are safe and effective and have been used in many people. Rna being usedr by moderna, are you comfortable that could work, or are you not sure . Ken that is not one we are pursuing. One of the great things about this covid19 vaccine situation, different programs with different technologies. Messenger rna, some people think that will promise speed. For us, we want to have a proven platform and have confidence a vaccine can be done with one dose. Merck has a lot of experience with a vaccine that is a wea kened virus vaccine. That is what we have done before, that is what we know. David some of the companies have been given billions by the federal government. Is that unfair for someone like you who has gotten used to speaking a modest amount . Ken i will say i dont care, but we want to be able to pursue this in a scientifically rigorous, orderly way. If we are able to come forward with a vaccine, and we are confident we will come of the funding will be there. I dont think it is a disadvantage. Is the question you can ask, when will there be a vaccine, at the end of this year, middle of next year . I would say we expect to go into human testing with our vaccines, both of them by the end of the year. The fastest vaccine ever developed was the mumps vaccine, and that took four years. The urgency of the situation ,ill cause us to move quickly but never at the expense of safety. David human trials, what phase are human now . Ken that is part of the way people are thinking about speeding up the whole development. For us we are thinking about going into human trials. You can call those phase 1, phase 2 trials if they are designed in the right way. The fda came out with thoughtful guidance and they said they would not approve a vaccine for emergency use unless there was six months of observation. That gives you a sense the fastest it could be, a year from now. David some companies are getting money and manufacturing the vaccine on the hopes they get approved. Are you manufacturing the vaccine you are developing . Ken we are scaling up to make hundreds of millions of doses of both vaccines. That is another example of trying to compress the time without sacrificing safety. We are going to be prepared. If the data bears out one or both of these vaccines, useful from a safety efficacy, risk benefit standpoint, we will be ready to come forward with hundreds of millions of doses. It, whatw do you get is the distribution and how much does it cost . How will you decide who gets this vaccine and what are you going to charge . Ken often people are talking about the scientific conundrum of coming forward with a vaccine that works. Maybe a harder problem is what you put your finger on, distribution. Global pandemic, everywhere in the world. I often say none of us are safe until all of us are safe. We need a vaccine we can make and distribute around the world. One of the challenges on distribution is we are seeing a lot of nationalistic desire to make sure one country gets it before the other. The challenge is we believe the vaccine should go first to certain populations. Frontline Health Worker should get it early. People who are vulnerable because of their age or comorbid conditions. They should do it next. So we need to make sure we get it to people who need it most but also beyond that to make sure we can get it to people in the u. S. , other countries in the western world but very importantly it has got to get to people in the developing countries where they dont have the ability to pay. Merck has a long history of working with governments and nonprofits to make sure our vaccines are available. Work worked with merck worked with jimmy carter to cure some diseases in africa, which you were instrumental. Ken we have given billions of doses for free. In many places we eradicated the disease. We are proud of that. The ebola vaccine is not something you do for profit. Couple of weeks ago the w. H. O. Declared the uptick in the congo to have been put down, stopped. It is one thing to invest in off,ses you can make money affecting the rich areas of the world but there are a lot of great, unappreciated neglected diseases that affect people in poor areas of the world that have to be dealt with. Vaccinesme people say are not that profitable because if you take it once a year, instead of once a week, you dont make much money. Ken in the 1980s there were a lot of Vaccine Companies in the u. S. Merck and pfizer are the only ones left. At that time people said you should get out of the business because it was not profitable. If you have something that makes a big difference, in our case our leading vaccine is guarded l,ill for each is gardasi for hpv, we have been able to make that and now it is being viewed as something to eliminate cervical cancer. David some people say pharmaceutical Companies Make too much money and there is no politician that doesnt like to run against a Pharmaceutical Company. There are very few people you can criticize but one you can is drug companies. Let me first start by acknowledging there have been some bad actors. Those bad actors are not in the part of the industry that we are in. The public thinks of it as one monolithic industry. Usually price doubters, they jack the price of with we are a researchbased Pharmaceutical Company. We spend every year almost 10 . 21 on every, dollar of revenue. So when you look at our business, you have to think about what is the cost of capital for a business that puts that much money at risk. For that time, it takes 12 to 15 months to develop drugs. Hundred programs we think are important enough to proceed with, you find out more than 90 are not the right idea. This is a business characterized by failure. People look at the relatively few winners and say look how much money you are making on that drug, not recognizing you have to pay for all of the failures. That is the issue. David in the pharmaceutical business you either develop the drugs as you do or you buy them from somebody might have two do a smaller company. We think of ourselves as a discovery house. We invest a lot of money in basic biology. We talked about covid19. Before we started working on the Vaccine Program or the Antiviral Program because we have a Third Program for therapeutic, we started investigating fundamental biology of sars cov 2 as well as its impact on the immune system. Merck has historically been a sciencebased company. At the same time no company should have the hubris to believe it could internally develop enough drugs to keep it growing especially when you are a drug company with 46 billion of revenue. 50 come from the outside. We can add value and then the other half come from internally. Say they areeos not rushing to come back. Not sure the business is going to be there. Are you sure your employees will want to come back to work in the office and that you will need all of those employees over the next couple of years . Ken i think the way people work in the Office Context has primarily changed. People need to collaborate and exchange ideas, and we have seen for many office space employees, they can be just as productive at home as in the office. If you are a Pharmaceutical Company and you are manufacturing medicines and vaccines, you are doing discovery in laboratories, that is all wet stuff. You cant do that from your home office. You have got to be in the plant. By and large, i am confident that this pandemic will not cause merck to be in a position where will have to lay off people. Our people are doing a lot of hard work. We have enable to maintain the supply of drugs and our clinical trials. With people scattered all around, they are very devoted and we are very devoted to them. Doid when you manufacturing, is that done by people in the u. S. , or is it made in china . Ken we have Global Supply chains in china and all over the world. We do a lot of manufacturing in europe and in the u. S. , most of it in the u. S. But we do a fair amount in places like china. What people are referring to is most of the pharmaceutical ingredients are manufactured in china. We have these Global Supply chains area they were designed for efficiency. Going back to the concerns that have been raised, people are saying maybe those supply chains ought to be completely within a country like the United States. I disagree. I think they work well by and large. I think if we were to try and do that, not only would it be expensive, but i dont think they would work as well as the Global Supply chains we have now. David the governor of new jersey asked you to cochair a commission to restart and to recover the economy in new jersey and you are cochairing that with the former president of princeton. Is it probable you can reopen through a phase three in new jersey, or is there concern the virus is coming back . Ken there is a concern. Governor murphy has made the decision to cause phase tw pause phase two. We see other places in the country, where people opened up restaurants for indoor dining, we saw a resurgence of the virus. From the beginning governor murphy had made it clear this is going to be data driven eerie we will look at transmission rates and hospitalization rates, things like death rates. We will make sure we dont put new jersey citizens in a position where they will be at risk or unnecessary risk. I think we will reopen, we will reopen more slowly than we had hoped to. One data point i would share with you, at one point new jersey was number two in terms of countries per 100,000 citizens. Right now we are number 40. To go from second most cases to number 40 reflects the great Frontline Health care workers we have in new jersey and also the leadership of governor murphy and his cabinet. Three is going to be postponed, and we see in various places the virus catching on, are you worried the u. S. Economy will not come back anytime soon and we will be in this recession for some time . Ken i am worried. The vast majority of americans work for small companies. I worry about how resilient bese Small Businesses can come other restaurants, when they have been told they have to be closed for longer. I am worried about the economy. At the end of the day whether small, medium or large business, the best customers are the ones that are healthy. If we dont have healthy customers, the economy cant come back anyway. Number one is to protect the keep thepeople and to virus as low as it can be so it doesnt overwhelm our medical system. That comes down to whether we as americans are willing to take the advice we have been given about wearing masks, social distancing, paying attention to hygiene, etc. David you and i are trained as lawyers. You are a good lawyer. You got out of that business. How does somebody who has a legal background, graduate of harvard, run a Pharmaceutical Company . How did you come to merck and how did you become the ceo . Ken i have been fortunate in all stages of my career. I had great mentors in law. One of my clients was mark. I did a lot merck. I did a lot of trial work for them. The ceo of merck in the 1990s was dr. Roy. He was maybe two years from retirement and he called me and asked me to interview. He promised me he was going to give me a job in the Legal Department if i would come. I was in there one year and then he switched me out and put me in the business. I was inext six years the business. His willingness to take a chance on somebody who was not at the company, who was an outside lawyer, saying i think you can do more to practice law, gave me a great opportunity. Having had access to him as well as the other two ceos between him and me, having access to them gave me the preparation to do the job i am doing now. David did you come from a middleclass or upper income family, and that was the background you have . Had . Ken i was born and raised in the innercity of philadelphia. When i lived there it was the ghetto. My father was a janitor. He had high standards. He and my mother had high standards. What changed my life was the social engineers in philadelphia who i did not know decided to indulge an experiment called school desegregation. I was put on a bus. My sister and i were coming along at the time this was being run and we were sent to good schools, rigorous schools and given a better education them the people in my education than the people in my neighborhood. My neighborhood is famous for one thing, more boys those kinds of schools to rigorous schools, and that closed what i call the over the opportunity gap many africanamerican people still face every day. David did your parents live to see your success . Ken my mother died and i was 13, but my father saw me become a lawyer and a partner and Senior Executive at merck. Yvonne in the fortune 500 there are four ceos who are africanamerican. You are one of four. Are you surprised there is so few, and why do you think there are so few . I would say if you go back 25 years, the most pessimistic person would have thought more than four out of 500. That doesnt surprise me. We have to be honest in this country. We have to recognize there is subtletys to our history subtleties to our history around race that people who are africanamerican find themselves in a situation where they have to overcome customs, beliefs, and it is harder for many africanamericans to find their way to these positions. I mentioned the doctor brought me out of a law firm and put me here. He said this publicly and in a book, if you wanted of if he wanted a diverse management team, so early that reason but also a stretch assignment. I dont think my experience is typical for africanamericans in corporate america. David what have you done to make sure you have minority employees at merck . Ken we try to make sure that at the senior level, the board level and Senior Management, we are diverse. If you look at our Senior Management team, it is if not the most diverse team in large companies, it is close to that. On the other hand you have got to look at all levels. What we are trying to do is to ensure we create an environment where all employees, irrespective of gender, race, sexual orientation, can reach their full potential. We have not gotten to where we need to get, with respect to africanamericans at lower levels below senior levels. We have a challenge and we will need to step up. The way you do that is you establish targets and you manage to those targets in the best way you can consistent with how you have to run your company. David your company not only has an africanamerican ceo but also a africanamerican the director. The board recently allowed you to stay beyond the normal retirement age of 65. They want you to stay, but how long are you planning to stay . Have you been asked to run for senate, governor . What is your response . Ken i will stay as long as the board wants me to stay. I will say they are great there are great internal candidates for my job. We have a strong management bench. The board will make a decision when they think it is the right time for that. As it relates to politics outside mark, sometimes people mention that to me but i have a hard time taking them seriously. David that means maybe but you will see down the road. Ken i would say it is highly unlikely because i am not good at politics with a big capital p or a small p. David lets suppose at some point you leave before your 80, you are 80, what would you want to do next . Ken one thing i care about is societal inequality, income inequality and access to justice. I think there are lots of opportunities for somebody who cares about those kinds of issues to get involved in causes that help people. I mentioned before i was born in a fairly humble situation. I feel like i have been blessed to be where i am now. To the extent i have been able to be successful, i have to think about using my resources as a tool to help other people. David you and i have worked together on access to justice issues. Does everybody get the right to have a lawyer if they need one . Ken no, they dont have that right. Lets start with the civil side. For many people, they face existential almost crises all the time with respect to housing, domestic abuse, with respect to parental rights, with respect to government benefits to which they are entitled. We talk about life, liberty and the pursuit of happiness. For many people, you cant have that or pursue happiness if you dont have a lawyer. So much depends on how the legal system works. We believe in equal justice under the law, but you cant have that if money for people, disadvantaged people caroline keep listening if you have the bloomberg terminal. Leadership live with carlisle founder David Rubenstein and ken frazier. You can watch more on live go. That is all for what did you miss. Romaine Bloomberg Technology is coming up next in the u. S. This is bloomberg. I got an oriole here. Eh. Common bird. Ooh look over here something much better. There it is. Peacock, included with xfinity x1. Remarkable. Fascinating. Very. It streams tons of your favorite shows and movies, plus the latest in sports news and. Huh run the newest streaming app has landed on xfinity x1. Now thats. Simple. Easy. Awesome. Xfinity x1 just got even better with peacock premium included at no additional cost. No strings attached. Just say peacock into your voice remote to start watching today. Emily dress welcome to Bloomberg Technology. Another tech rally continues to lift. By techcks gained Led Companies insulated from rising coronavirus infection. The nasdaq closing at a record high things to apple and amazon. This comes as the number of confirmed cases of covid19 in the u. S. H