Exists, goes. Meeting,he big fed take a look at the 10 year we are down to 58 basis points, going back with that handle. Earlier in march when the 10 year dipped below 50, a strategist said, i am no longer writing about the 10 year because it is nonsense at this point. I push this story forward to see what the fed has to say about this. Caroline lets push it forward to next week and get jonathans perspective. How are you looking at a week where we headed bloomberg . Next week, we get big earnings. Where are the areas of the market that are unloved that could be opportunities . Jonathan if you look at one area that is interesting, it is going to be the financials. If the economy is better, if we get a vaccine earlier, it is going to be that group that is going to either continue to anchor the market lower or if this does relieved to the upside , that is a group that could do better and there is a disparity between credit spreads, which are saying, no one is defaulting on a loan, everything looks fine, yet the banks are not behaving as if you have the same type of optimism that the Corporate Bond market is telling you. Romaine also looking forward, there is Economic Data we will get next week. A lot of this data becomes backward looking but we have that official gdp number for q2. We will get a closer look at the personal income, personal spending numbers as well as sentiment. When you look at Economic Data points we have gotten, they seem to suggest, the more recent ones, that the economic recovery has stalled a little bit. How concerned are you about those data point . Do you think the economic recovery that appeared to be well underway a few weeks ago is still intact . Jonathan i think that is going to be the big story and i dont think it is a summer story. It is a big story as we go into september and october. When you turn off the lights in your room and put them back on, all of a sudden, you cant believe how bright it seems. But after a short while when your eyes readjust, you realize it wasnt as bright as before the lights went off. What is the analogy here . We are starting to see that the job losses are not improving, the weekly claims that come out on thursday are basically flatlining. You are not getting better. Jumpsm, which had a big and was above 50, it will probably go a little higher, but when we get into september, the sequential improvement is probably not going to be there. See bigwe are going to bursts off the bottom, the market has responded to that, and that is what we have seen. This is what the market is telling you. For the last six weeks, we have a flat equity market and we are talking about what happened this week, that is the last time we are at these levels. We see further the acceleration in the Economic Data, i think the market will have a harder time surging forward. Taylor one thing we love about getting you on this program is you have the place target for that year end of 32, according to the bloomberg terminal. That is right about where we are now. You talked about being range bound within the next few weeks. Did ux text to be range bound until the election, until we can get some clarity here . Jonathan i think that is the story. Aheadk the market got way of the idea that the government would provide stimulus, that the economy is going to reopen and data would get better. We got this 40 jump off the bottom and then i think i realized that we have gotten all the good news out already. I think it is going to be much more difficult for the Economic Data to surprise to the upside. If you look at the supplies index, it is in the stratosphere. It is going to be weaker over the next couple months and i think the market is going to have to adjust for the fact that we will move forward but the pace of the move forward is not going to be like what we have seen in two or three months. Caroline there live too happy with us. Have a wonderful weekend. That does it for the closing bell. Whatd you miss . Is up next. Look at the future of Online Education. This is bloomberg. Caroline from bloombergs World Headquarters in new york. Romaine this is whatd you miss . Caroline we have the s p 500 falling for the year, down 10 on the day. The nasdaq the outperform. Technology led lower. A race against the clock at the 600 a week lifeline for Many Americans is set to expire. We hear from claudia sahm with more next. Secure virtual seats. The k12 ceo on the future of Online Education. All that and more coming up. Taylor so much more coming up, particularly in washington. All the markets are waiting for a stimulus package. Decision toells draft the new stimulus relief bill seems to be backfiring. Boost is readyk to expire. Oining us is claudia sahm great to have you. What you see now as some of the most likely scenarios, whether it be an extension to those Unemployment Benefits if we cant to cant come to a permanent deal . Claudia first, thank you for having me on this afternoon. I am very concerned. There are some that scenarios. A 1 trillion package, 100 a week in jobless benefits, that would be disastrous for those families and communities and Small Businesses and it would be bad for all of us. That is the downside. The upside would be another multitrillion dollar package, bigger than the cares act. We can do a lot. Congress can do a lot to stabilize this economy, yet the pandemic under control, and get us on a path where we can begin to rebuild. Romaine what do you make of this idea that Congress Keeps having to go back to washington and back to renegotiate some sort of extension or renewal of these provisions . Has been talked about having some sort of automatic program, once we hit certain threshold, you would get these payments, this additional support. That would take away the uncertainty and mystery out of this for a lot of folks. How do you do that and would it be effective . Be highlyt would effective and we know how to do this. Take the types of relief that we do and every recession, the extra jobless benefits, the money to state and local governments, the rebates, put them on autopilot. It is extremely hard to know what is coming over the coming months, let unknown let alone the coming weeks. Relief packages should continue until people are back to work. It is fine to phase them out completely once the jobless rate is back down. Take the guesswork out, let congress focus on the crises that are not like every other recession. It is critical and we can see the cost of having Congress Come back together and renegotiate. Lets not waste time. Caroline certainly the calling of many. We were talking with the naacp ceo earlier, talking about the need to get things done in the senate and not nitpicking too much. Peoples money in peoples pocket, the more money to stimulate the economy. Whether it is 200 or 600 have a 3 trillion package, we are missing the mark. President and ceo of the naacp saying we should not nitpick whether it is 200 for relief or 600. You said 100 is too little. Where are we likely to get copper mice that can be stomachs by the republican and pushed forward by democrats as well . Claudia i think both republicans and democrats, it makes sense to go big, go fast, get this done before the release expires. Hamilton. Th professor we should not this is not the time to target. It is one example. The rebates are back on the table, both sides agree. Dont mess around with targeting income. Just do what you get again. It worked. Treasury has all the information ready to go. People would have that money in a week. Dont get fancy. Dont get innovative. Just put trillions of dollars of money out. It is worth it. Taylor some of the pushback is that some local businesses, i believe the treasury secretary has talked about this, they are having a hard time bringing people back to work because there is a disincentives asian to come back and says a disincentivize and to come back. How do you respond to that . Understand the experience in this crisis, it varies across people. I have friends that own Small Businesses and they are having trouble getting people to come back and do work, work that is not pleasant work. I get it. That is frustrating for Small Businesses. When we look at the data, when we look across the country, on average, it is the lack of jobs, not the jobless getting paid too much, that is standing between us and the labor market and the economy getting back on track. I agree that Small Businesses should be getting more support. I think the Payroll Protection Loan Program has been a big disappointment and i think they have to do better. Get money to help Small Businesses and get money to help the jobless, kill this virus, get us to the other side and people will have jobs to go back to and people wont be so out of the labor market that we again pay for it for over a decade. Romaine race to get your thoughts. I wish we had more time with you. Claudia sahm of the Washington Center for equitable growth. Up, gold trading at 1900 for the First Time Since 2011. We will speak with the head of commodity strategies at citigroup who forecasts that the price could go even higher. This is bloomberg. The fact that rates have gone down, that means emergingmarket rates and corporate debt can also move down. The second thing is the amount of money that the world bank, the imf, these other organizations are putting into these markets to enable them to pay back their debts and reduce infrastructure spending, that is another thing. Themselves,ountries they have been increasing spending, the budget deficit is going to be greater. That has also been pouring into the markets. I think it is a combination of these things that led to an increase and interesting thing is gold has done just as well as the equity markets. Although gold lagged since the beginning of march this year to now, gold has flagged the s p 500. If you look at the fiveyear numbers, it is the same. Gold has gone up about the same. Low in fiveom the years. We are in an interesting situation where people are looking at stocks to preserve their capital because stocks will adjust to inflation and also gold. They are hedging their bets. Im glad you brought that up because when i look at real yield, in the u. S. , and i look at gold, that is not say v shape. In terms of expectations, we are 100 basis point off where we were a few years ago. How do you reconcile that . One thing you have to remember, when Interest Rates are high, people will tell you, you are holding gold, gold does not pay interest. When Interest Rates are zero or near zero, then gold is an have becauseing to you have to worry about not getting interest under gold and you see the gold price will rise as uncertainty in the markets are rising. One of the other interesting things about gold and i have not looked at the numbers recently, what the supply coming out of the mines is going to be with covid. Output shouldmine be declining for gold into that puts additional pressure upwards on the price. When you look at the latest u. S. China stats, does that diminish significantly your appetite for chinese asset . Should we assume we will see more fights between china and u. S. , china and u. K. , china and europe and other countries or regions . Mark we factor that into our calculations and china is important, along with brazil, china and india are big for us. China, Chinese Companies in a separate light. We look at what the global nonus activity is. Example, holly Bob Financial Services has now teamed up with photocall in south africa to provide Financial Software and apps. This is the kind of thing happening. These Chinese Companies are moving globally to places where they are not going to be affected by the situation in the u. S. That is where we have to work look. Get there,ore we gold, are you buying it at these levels . Mark i would be buying now and continue to buy. What about silver . Silver followlso, gold. But gold is the most important. There, mark mobius speaking on buying gold, i am silver. The latest data crossing the wire now shows net long positions on gold, the most bullish we have seen in 14 weeks. Ounce, taylor keeps reminding us, the highest level we have seen since 2011, 21 shy of its record high. Koshy s now, a cash a cash dicey aakash doshi. Thanks for being here. Im looking at the futures contract out there right now. You go out to december on them. They are already above that record high that we hit. A lot of folks seem to believe somewhat what you believe that gold will reach a higher level than where it is today. Goingestion is, what is to drive that increase from 1900 to 2000 . Aakash i think driving that increase to 2000 in higher is the investor flows half of the of room to go, it is not just on the gold futures aside, if you look at the etf inflows, they are not only at a record pace but the holdings are making new records every month you are seeing the liquidity in the gold ribbon is market grow dramatically this year versus 2019. You are seeing investor inflows into gold, it is a small asset class compared to bonds in equities as far as dollars invested. There is room there. To the extent Inflation Expectations in the market continue to improve, you look at more negative real yield, that could be part of the story. What has been the big driver in july and why we have seen a spike, we are starting to see dollar weakness and this is a different environment for gold then we saw in the second half of 2008, even though gold performed during the financial crisis, in the second half of 2020, the dollar weakness is having a good denomination effect for gold, which has made record levels in all other currencies in the past year, except that u. S. Dollar. Caroline if we are going to be buying it now, do you buy into gold or silver . Think both Precious Metals are poised to rally. A lot depends on your macro view. Silver is potentially set to perform as well. As much as gold, but it has its own dynamics. China has been importing a lot more silver than gold. Gold is more linked to delivery. I think prices for both could rise. If you are a true believer in the global reflation narrative, if we get positive axing headlines and is ongoing Global Growth recovery in emerging poised for aer is catchup trade and even as both gold and silver continue to perform, you could see silver outperform the yellow metal. Demand i am focus on the side of things as caroline was talking about the supplyside of Precious Metals. You bf out with a note today saying you will see limited supply growth as they restrain. How much of this story is a demand story versus a supply story . Aakash if you are modeling Precious Metals like particularly gold, it is usually a demand story. Supply for gold is likely to contract this year at the production level. You discussed earlier on your show regarding covid19 disruption, we pencil in somewhere around 5 mine production declines this year versus 2019 for 2020 globally. Growth, youply probably see recycling pickup as economies reopen, meaning consumers will look to recycle some of the gold that they have on hand and you are likely to see mine production rebound in 2021. Ironically, gold supply does not tend to correlate the same way to places as other commodities do. It plays a part but it is more of a demandside story for gold, andicularly from investors also what should be a rebound in retail demand in the coming quarters. Caroline wish we had more time. Thank you so much for poignant data on a day where gold continues to break new highs. Thank you very much. Now a quick check on the rest of your business flash headlines. The worlds Biggest Hedge Fund firm is planning to cut jobs. Wont needed same number of staff as more employees work from home. The most eternal reports the firm has laid off several dozen employees. A deal will almost double the number of businesses the energy serves across u. S. And canada. Markets, it will permanently close its stores in new york city. The retailer will also shut three other u. S. Locations as it makes its way through bankruptcy proceedings. The first meant had location, the retailer shuttered for bankruptcy in may as it works to navigate the impact of the coronavirus and crushing debt. That is your business flash update. Ing up, coronavirus sages cases surging, the u. S. Preparing for Virtual Learning this fall. This is bloomberg. The prospect for in Person Learning this fall is dimming as coronavirus cases spike. This leads schools scrambling to plan. K12 has been doing it for 20 years and it is the longest Online Education provider in they do as educating 120,000 students nationwide. Nate davis joins us now, wonderful to have you without. You do a balance, you try and find that balance between remote and in person education. What is the best balance . Nate i think it is the future of education. Technology in the classroom, technology at home, then just traditional classroom interaction between teachers. And less50 technology than 50 in the classroom is a good balance. For sure, teachers are the key. 100 of the student interaction has to be led by a teacher. Teachers are critical to our model or the brickandmortar model. Preparedare teachers to teach in a world where it is primarily online, through these platforms, rather than in person . Nate sadly, no. Most teachers in america and the world are not really prepared for what our kids are doing. Every child has some kind of device, almost every child, have a device in their home. They are playing online games, they are using apps, they are communicating through devices, they are texting. Teachers are not prepared across the country to do this. Some teachers are, there are School Districts who are advanced and using lots of tools. But there are too many teachers that have not been trained on how to monitor and manage an online classroom. Taylor lets talk about those kids that are both disadvantaged in this environment who dont have access to technology, i think the pandemic has brought up concerns about the widening inequality that athome learning has brought to the forefront. How are you addressing those concerns to make sure that when going to school was the big equalizer, how you can still have that equalizing factor online . Nate any child that comes to our program has access to a computer, we shipped of a computer, and make sure they have Broadband Internet access. Without that, they cant do this program. We make sure every child has a computer, has Internet Access in their home. If it is not available to them, we work with a provider to see if we can get any kind of Broadband Access into their home. I believe there should be more work by the Internet Access providers and Telecom Companies to provide waterbed access to google areas rural areas. That is something our government need to support and something the large firms to support. Caroline im interested you are talking about how to support the teachers. How are you seeing ways you deployed to support students in terms of socialization . Im sure you want to find that balance of somewhere less than 50 of in class, in Person Learning because of the socialization impact. How can you manage that . Nate we are talking two different time frames during the timeframe before covid and the timeframe after. Before covid and winco it goes away and there is a vaccine, we projects,eld trips, projectbased learning, team collaboration, those things should be done, including meeting with your teacher. It should not be 100 online, it should be blended. Blended is the most powerful educational tool that will come along and our future. During covid, sometimes social interactions cant happen even on a parttime basis. In those situations, teachers have to stay in touch with their students. They have to get them on zoom videos and webex and every other tool, i dont want to favor one over the other, but those tools should allow students to interact with their classmates in a virtual manner. It is widely available today. Limited by the folks not getting those kind of tools, much to get those tools into everybodys hands, teachers should stay in touch with their students. Students should interact with other students in video. They should have fun that way. They are doing it in online games anyway. Why not have it done anyway where a teacher is helping them play a game together . Those things make it fun for students. They are having a good time and they are engaged. We know one of the three keys to education is having an engaged student. Romaine once we get to the other side of this, presumably past covid, we will get back to some sort of normalcy, what then becomes of Online Learning . Do we stick with it in the fashion we have become accustomed to or does it become an auxiliary piece to our learning experience . , the im a believer strongest guidance for what is going to happen in the industry is what the consumers want. There was a National Survey of American Parents in school aged children, 85 say the School District should have online backup programs available, even after they return to school and the pandemic is over. 70 agree Online Education should be an ongoing option after the pandemic. What is happening, people are getting exposure to the program, they are betting what is good and bad. As they do, we are going to see more of this. Think after think of tornadoes, hurricanes, family travel, summer learning, and all those situations, a child cant physically go to the classroom. Why should learning stop at that point . I believe what is going to happen in america and around the world, people are going to learn to blend Online Technology into what they do every day so we never have to stop learning. We never have to stop, back and be done with online. Caroline im looking at your share price and how much it has rocketed on the back of how much k12 can benefit from this shift. Are you prepared for the shift you could see . You are trading teachers, but do you see the demand and can you meet it . Nate so much demand. I have to be honest, it is difficult, we are busy. Many would say it is the summertime and they should take off in the summertime, it is our busiest time. Lots of interviewing of teachers. We are adding capacity to our servers. We use the cloud and we are adding capacity in the cloud and to data centers. We have to hire people to ship more materials and build buy chips. I chips we have to make sure there is enough computers for everybody so we are buying more computers. We are buying ahead of the volume. We are looking at the volume that we have today and say, what if it is 40 higher the month after . Lets buy that many computers. From computers to materials to capacity on our servers to teachers, we are getting ready for this and i think we will be ready. Romaine a lot of questions Going Forward and you have entered some of them for us today. Appreciate you coming on our program. Nate davis, the chairman and ceo of k12. Lets jump over to mark crumpton. Agents haveederal been dispatched to seattle to protect federal property. There has been unrest in the city following the shutdown of a protest zone where demonstrators camped for weeks during george floyd protests. In a not a subtle swipe at President Trump, the mayor adding, it is frightening that you would use federal agents for political purposes. Seeing that type of escalation that has happened in portland night after night is not good for america, it is not good for any city. Is frightening that you would use federal agents for political purposes and we know the president , by his own words, stated he is doing that, he is targeting cities run by democrats. Portland inyor of oregons governor have also expressed concerns. The seattle mayor urged people to protest peacefully over the weekend at planned rallies that are likely to be large. The chief scientist at the World Health Organization estimates 50 to 60 of the global population will need to be immune to the coronavirus for there to be any protective herd immunity effect. During an event, a who official set of studies done on some countries hit hard by covid19 show that about 5 to 10 of people have antibodies, though in some countries, it has been as high as 20 . Latin america accounts for seven of the worlds 10 deadliest hotspots and in many countries, the data suggests the situation will only get worse. Chile reported 80 gets per one billion people in the past seven days. 154 fatalities per 1,000,000,002 is tally, higher than anywhere else in the world. Withhas lost a complaint the United Nations after a passenger plane flying from tehran to beirut was intercepted by a u. S. Fighter jet in syrian airspace. Iran called the incident a violation of international law. Passengers were reportedly injured as the jet dropped in altitude to avoid a collision according to reports in social media posts. Global news, 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countires. Im mark crumpton. This is bloomberg. Focus on a trend we have been focusing on not just today but all week, that is that strength we see in gold relative to a weaker dollar. Lower for longer Interest Rates, and some of those trade tensions. How does that fold into the Central Bank Balance sheet expansion we continue to see . We will get the details on wednesday. Shifting to the fed, we want to push the story forward to our economics editor, peter coy. Great to have you here. Talk to whats about this Balance Sheet expansion and any updates we may or may not get on wednesday. Peter the best guess is the Federal Reserve will continue with ballots sheet balance et expansion is doing now it is doing now. It wont be until september that it revisits that. Same thing with Interest Rates, the federal funds rate is likely to stay at its current low, and to the floor pinned to the floor at the july meeting. It might not be until the meeting in september that that would be looked at in a good chance it would not be changed even then. I think the most interesting thing about the meeting its going to be the press conference. If there is no real change in the language of the statement in buying of assets or the interest rate, the next thing people will look at is the body language and verbal language of jay powell. What is he signaling about what the fed might do later . Caroline and how much he is going to call upon fiscal spending as well. I am sure it is irritating for the Federal Reserve to go into this meeting feeling blind on that. Peter that is for sure. The Federal Reserve is doing a lot. The federal government has been doing a fair amount but as we know, there is a chance of expiration of a lot of those extended Unemployment Benefits. If that happened, it would be bad for the economy in the fed would not be able to overcome the downward pressure of fiscal policy. We probably wont have a deal on the table in congress with regards to the next out of stingless so the fed will go into that somewhat blind, not knowing what we will get out of that. There are questions as to whether congress would follow up on another bill prior to the election in november. We are expecting the fed to bring clarity to its future guidance and how that may be linked to Inflation Expectations. How does that change the calculus for what you expect . Mean, it is uncertainty. If they knew the fed was not going to extend Unemployment Benefits, that would be one thing. They dont know. They have to stand pat. Im sure you will hear jay powell finding a diplomatic way of singling to congress that it needs to cast signaling to congress that it needs to hold as end of the bargain diplomatic way of signaling to congress that it needs to hold up its bargain its end of the bargain. Its end of the bargain. Term as chair ends, trump, if reelected, would appoint shelton to be the next chair of the Federal Reserve. Romaine that would be interesting. A move to the Gold Standard as gold is hitting a record high. Peter coy, always great to have you on. Im not sure what you are wearing today but im sure it is something. Peter there is no tie. Romaine have a great weekend. Be sure to turn into wall street week this evening at 6 00 new york time, they guess its going to be larry summers. The are going to discuss curve rising in covid19 and the efforts to get people back to work. You dont want to miss that. 6 00 new york time. Stay tuned. This is bloomberg. Early may, twon months ago, and some people started contacting us saying they sent their bitcoin in and why didnt i send them twice as much back . They said they saw it on a featured Youtube Video for them to watch where they were coming from. We went online and discovered there were a bunch of these and from then on, we probably send them fraud notices and written statements of what was going on, this was a crime, to youtube, hundreds of times. It takes us time, we are just normal people, we have to struggle through that process. Category forave a reported crime so a human looked at. I dont think a human at youtube saw what was going on. We went to state police and they got involved and got information but we could not get to a human at youtube. Been unresponsive and you also praise twitter for reacting the same day of that big hack that was related to this. What didnt youtube do that you think they should have done . Thing, you go to reports, something is wrong with a video of their, you can report it as fraud. There are seven categories but fraud was one and copyright violation, which applies here. We can report it and type in a statement, what is wrong . Gottentement wouldve any human attention, but Artificial Intelligence cannot tell what you mean. If summary sends you one dollar, we to dollars back, that is a scam. Any human in the world would say that is a crime. To aey just never got human was the problem. Andould not get a response i dont like to try to go around things the way average people cant so every day for the last two months, it has been up there , the scams have been up on youtube. We got a statement from youtube, they say they take security seriously, automatically protect users and notify them when they detect suspicious activity, have policies against impersonation in scams. Did you reach out to the ceo of youtube . I dont go around and use my privilege because of my name. We did it as a normal person online, there are ways to fill out forms. Maybe it never got to a human. Maybe a computer that does not understand what a scam is saw it and did not do any response. Whatever they say that they take searcy, they did not take this seriously enough to say there is a crime going on and please let a human see this. What you want youtube to do now about this . Youtube, it is almost everybody like youtube, this is a broad category of when you need humans for support all over the tech industry. When it is a matter of a real crime going on, obvious crime, any human would look at this and say it is a scam, there has to be ways to not have youtube be a party to attend other companies. Google, facebook, whatever. Let it reach a human who can make a decision of ways to stop it. , theye could stop it could use software techniques, human techniques. If you cant get to anybody, how can you do anything . Listen to them say after the fact, we take this seriously. They did not take it seriously at all because we reported at reported it. We did maybe every night, we reported tons that were still up. To this day, there are some up. Romaine emily chang with an animated steve wozniak. I want to bring in Joe Weisenthal joining us, down there in austin, texas. The end of the weekend, i have learned three things, taylor does not drink, thought control is not canceled, and stocks have lost momentum. Which one of those intrigued you the most . Joe it cant be real that tech stocks are underperforming. When i look at my bloomberg terminal, it appears they are and we have now had i saw a ofet from our colleague, 10 the last 11 days, tech has underperformed. I think that must be wrong because i sawtek went up but apparently it doesnt. When you look at some of the charts, tesla, some of these names, they have been losing money. Romaine alsohink commented on President Trump as well. Maybe stocks can always just go up. A stock picker stream to be sitting down with donald trump and discussing the markets. Making ofsted in your where next week takes us in earnings we will be getting from the likes of apple, amazon. Think there is a concern. What we have seen from both tech earnings that we have got, they have been good and most of the Tech Companies that have reported in the s p 500 has beat. There does seem to be a limit where you run so far so fast and we have all the big ones next week, including facebook and alphabet, i think apple. Yes, we seem to be in this situation where the expectations have gotten so high for these numbers mayven good not be enough to push them higher if they are in the ballpark of what people have been expecting. Taylor we were looking at a chart earlier saying that even if the numbers come in better than expected, the share price of the reaction will be to the downside, alluding to that being christ to perfection, as you were talking about. What is the big one you are looking at for next week . Joe i am interested i think it will be interesting hearing what facebook and alphabet have to say. Advertising is a cyclical business, it changes so fast with economic conditions. People can pull ads one week. It will be great to see what they have to say about the economy. Romaine have a great weekend. Hopefully we will see you in 2021. Just a reminder for our folks out there, you can subscribe to our weekly podcast called what you missed this week . Have thatill interview from earlier, it is available everywhere you listen. Caroline stay tuned, s taylor stay tuned, Bloomberg Technology next. Romaine this is bloomberg. Emily welcome to Bloomberg Technology. Im emily chang in san francisco. Markets fall for another day in a row, intel plunging, and other production delay. Tensions rise between the u. S. And china, titfortat, china now ordering the u. S. To close a consulate in a chinese city after the u. S. Or