Index climbing sharply higher. In the month of august, the cyclicals are leading the way on the year. It is all about tax. It is all about tech. Interesting to see how the month of august plays out. Right now a sleepy summer day. Taylor it does not look like it will be sleepily for much longer. August goes quickly. It is a volatile month. We are in an election year. Abigail it is interesting because there are lots of reasons to think we could have a volatility spike, including the fact we are in the seasonally higher volatility time, august, september, october. The vix curve speaks to a big spike in october. The panic index is at levels close to where it was prior to the selloff in february and the selloff in 2018. The fundamental backdrop for this is despite the fact we have a better initial jobless claim today, which is excellent, but it is still extraordinarily high. It is not even put the financial crisis you cannot see the numbers around the financial crisis relative to where we are right now. It comes down to stimulus. The fed is doing their job and puts tons of liquidity in the system. We need a deal out of d. C. To , itjust help the economy seems to be propping the stock market, the hope it will come through, but americans. Our team in washington are saying it could be september or october. That could create a world of hurt. There are reasons to think we could have volatility. Kevin lets continue to talk about the potential volatility from washington, d. C. Wall street may still be counting on an eventual stimulus deal, but in washington things are looking more like a stalemate. The white house and Congressional Democrats are still 1 trillion apart on the next relief package as a number of americans applying for Employment Benefits fell below one million for the First Time Since the pandemic began in march. For more insight i want to bring executive t, the ass, director of american compass. Abigail laid it out. Than oneate just fewer Million People filing for unemployment is a remarkable sign of the times. That has to put pressure on lawmakers in washington to get a deal. I do not think it is going to. It does not seem to be. Levels are so high. As this has gone on so long, we have lost the threat of the idea we would have a temporary blip that would recover quickly. People have lost their jobs six months ago even are rightly realizing there might not be a job to go back to. Some sort of action is incredibly necessary, and obviously the parties are nowhere near agreeing on anything. Oflor are you thinking some the improvement in the data we are seeing in the American Economy is taking the pressure and urgency off of congress for a compromise . Oren that seems to be the case right of center, where i think republicans, and this includes the white house, have tried to take the position the root properly the recovery is underway, and a Mission Accomplished moments, which does not make a lot of sense. The data is not as bad as in the moment of lockdown, but it is still terrible Economic Data and we are less than three months from an election. It is hard to understand that view. It is also hard to understand sayingocrats redline of we need to be paying this additional 600 a week of unemployment indefinitely, when that is more than most people would be earning in the job market. Yesterday Speaker Pelosi and secretary mnuchin trading intense political jabs with each other as it relates to criticism each had each side has with each other. For Speaker Pelosi, if you look at the 1 trillion spread, that is a hefty chunk of change even in washington, d. C. , and it is coming off of the 2 trillion that happened in the stimulus. What are the areas of compromise you see behind the scenes when you dig into the policy week that you see Speaker Pelosi say all right, here is where i am doing to give heres where i am willing to give to get a deal. My uninformed outsider view would be there should be plenty of room for compromise on the Unemployment Insurance. It is not like everybody thought 600 a week was a sensible idea when it initially passed. That was something republicans were always opposed to an a lot of neutral observers would have paused and said how did we get to that high an amount when those now paying unemployment above what most jobs pay. To beis a lot of room committed to substantial support for people outside of the job market and recognizing some of that is necessitated by our Public Health situation without sticking to a number that is hard to square with the countrys economic reality. Kevin when i speak with sources of the white house as well as sources on the president s reelection campaign, they say the president is prepared to take additional steps with executive orders if capitol hill cannot get to a deal. Do you think the executive orders the president passed will be effective or will they lead to more business and regulatory uncertainty. Ordersher executive could the president take if washington lawmakers connected to a deal . Oren i do not think executive orders make sense. As a legal matter i do not think it is appropriate for the white house to try to do these things unilaterally. That is something republicans understood when obama was taking these kinds of actions. Some republican said it was not right then and it is not right now. Game ends up being a. Ompromise in congress there is uncertain be a lot means,as done, what it there seems to be a lot of uncertain to be a what trump has done, what it means, and there is a lot of uncertainty with payroll taxes. No one knows what that means. I am an employer at american compass. Am i not supposed to withhold payroll taxes now . Or i give them back now but i might have to collect them later . It is no way to run an economy or a government, and it is certainly not the right path towards providing stability in the face of the incredible challenges we have. The role ofe is Corporate Responsibility at this moment . I was thinking of the law 85 in california which ruled uber and lyft need to convert employees to being freelancers to being fulltime workers and putting the burden on the employer. Where you see the role of Corporate Responsibility versus government at this moment . Oren at this moment there is a tremendous amount that only government can do. When youre talking about the size of a joint dollars apart on a deal. That gives you the sense of the scale resources in the pandemic. Uber is a great example. We are finally having a discussion about what we expect from corporations. For a long time the view has been does the job of the corporation to make a lot of money, and as long as they are trying to do that that will generate rate benefits for everybody else as well. The reality is that is not necessarily how it works. We want competition and free we generate outcomes will have to put restraints on corporations and make them behave responsibly. They will not just do it out of the goodness of their heart. Kevin capitalism with a conscious. It sounds like that is what youre talking about. Let me followup. It is now the time to worry about deficits . Oren i do not think this moment is a time to worry about deficits. As we do what needs to be done at this moment, we accept and acknowledge this will only heighten the need to figure something out down the road. This should not be seen as setting a precedent we be more careless next year. Kevin we will have to leave it there. ,ur thanks to oren cass executive director of american compass. Coming up, how are conservatives planning to run against the biden harris ticket. We will speak with the former chief of staff to senator mike lee, next. Ons is balance of power Bloomberg Television and radio. Kevin this is balance of power on Bloomberg Television and radio. I am Kevin Cirilli in washington. Taylor i am taylor riggs in new york. We want to go to Mark Crumpton for an update on bloomberg first word news. Mark israel and the uae have agreed to establish full diplomatic ties as part of a deal to a halt the annexation of occupied lands sought by the palestinian their future state. President trump announced the deal from the oval office earlier. President trump this is a truly historic moment. Not since the israeljordan peace treaty was signed or than 25 years ago has so much progress been made towards peace in the middle east. Uae theis makes the first arab state and the third arab nation to have diplomatic ties with israel. The fbi is stepping in to help investigate last weeks explosion in beirut. The lebanese government resigned after the blast killed more than 170 people, injured at least 6000, and caused widespread damage. It is still unclear what caused the fire responsible for igniting 3000 tons of ammonium. Itrate stored for years documents have showed the countrys leaders knew about the stockpile. On capitol hill, very little sign of compromise on the next round of pandemic relief. The two sides were at least 1 trillion apart on another relief package to help the economy recover. Nancy pelosi says she will not resume talks unless the white house budget is on its call for a 1 trillion cap on the measure. President trump continues to push for a payroll tax cut. The philippines will join a final phase of critical trials for russias coronavirus vaccine. The Prime Minister is willing to be inoculated. After the vaccines likely approval from his countrys regulators. U. S. Health officials are skeptical of his claims. It was registered before phase 3 of trials. Those tracks usually last for months and involve thousands of people. Johnson johnson will be surviving the European Union with 200 million doses of its treatment. That story broke in the last few minutes. 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. Taylor . Kevin . Kevin thank you. Lets come back to d. C. One of our top stories is Presumptive Democratic president ial nominee joe biden finally has his running break his running mate, Kamala Harris of california. For how this affects President Trump strategy, lets bring in boyd matheson, former chief of strategy for a republican from utah. Thanks for joining us. I want to talk to the policy. I have led so much analysis. Is senator harris a progressive, she moderate, or do we not know . Still out on ais lot of that. There are people who are saying she is a policy person, some people are debating it she a politician or an activist . The jury is still out. She does like the policy components. There is some substance. In terms of how that will impact the ticket and impact what happens on the first tuesday of november, i do not see that being a mover. Taylor what are some of the policies, criminal justice reform, that she brings to the table, that the republicans do need to respond to . Boyd youre right. A lot of her work on the judiciary committee. On worked with senator lee caps on skilled workers. That will be interesting to see how she navigates that now is the Vice President ial running mate with joe biden. I think that will be her challenge. Looking at some of the things she has done, in particular when she was attorney general in the state of california, where she was a bit of a picker and chooser in terms of what she enforced. Some of the laws put into place, some of the referendums passed by the voters of california she chose to ignore. I think a lot of those things will require more attention. Kevin on the issue of policy, especially energy policy, one of the issues the Trump Administration wants to draw a contrast for is fracking. Toeady when i talked sources, they are quick to point out senator harris as a supporter of the Green New Deal framework initiative. How do you think that will play in battleground states in spring, pennsylvania, joe bidens hometown . Pennsylvania,ike a lot of those areas will be challenging. There is a bigger issue in terms of who is going to go after this new group, we are calling them the movable middle. These are centerleft and centerright, they are democrats or republicans, but they have disconnected because they are exhausted by all of this. Heres the interesting thing. The only way to reengage this group is by talking about community, compassion, personal responsibility, and opportunity. Kamala harris is not talking about those things. If she ends up being the attack dog for joe biden, which the Vice President ial role often is, i think that is a losing strategy for the democrats. Everybody knows what they are against. I watch this morning on every was makinge subhead the case against reelection. The American People know what you are against. They want to know what you are for and the movable middle, who will decide the election in places like pennsylvania. They want to know what you are for, are you for community, personal responsibility, and upward mobility . That is the real test. Kevin to that specific point on policy, especially as it relates to Foreign Policy, there are questions surrounding senator harriss Foreign Policy record. We know she is a supporter of the iran Nuclear Disarmament deal, something democrats are in favor of. On a date with so much news coming out of the middle east, how she would handle the middle east, how she would handle china. She has that legislation that would make it easier for the u. S. To go after chinese officials who steal intellectual property from america. Taylor lets pose that Foreign Policy perspective to boyd. It is interesting on a day like today where President Trump is helping to broker a deal between israel and the uae to help normalize relations, this is an area where perhaps the president has been more week. More weak. Critics would argue joe biden has Foreign Policy experience. How do you see the Foreign Policy an issue in this election coming into play. Out of these candidates stack up . How do these candidates stack up . Boyd a big debate coming down the home stretch was did he want a Vice President like susan rice who had more of the International Skill set . Obviously it senator harris does not have that. On a day like today where youre looking at it. Most administrations go in thinking they will focus solely on domestic policy. It is not the way the world turns. It is not the place america can hide and worry internally. It does matter. Ford experience does matter and it is something foreign experience does matter and it is something she does not bring a lot to the table on. In an unstable world, that will be a question. Kevin as you look at the broader spring to election day, we talked about this before about the dynamics of how the pandemic has placed constraints on their ability to campaign. You look at the on bursal of fortune for a democrat winning the 2020 election, it has skyrocketed from during the pandemic. This inability for President Trump, for Vice President pence, for joe biden and senator harris to get out on the campaign trail as we have to the virtual convention, it is quite Unprecedented Campaign trail territory. Boyd no question about that. I think that is playing to joe bidens advantage. This is interesting. It seems the democrats feel like the margin is good. They are in a good place, and they say lets see if we can run out the clock. We know from sports we are missing tremendously during the pandemic. Lose, youlay not to rarely win. That is a big threat and a big risk. I think everybody in the media has to start calling for joe biden to be sitting down for real interviews, not just standing in front of a teleprompter, not doing it from the basement. He has to engage. If the only one who engages in senator harris, i think that will not play well and it could hurt them into the fall. Kevin we will have to leave it there. Fascinating dynamics. Oftenou play to win, you we will find out what happens. Thanks to boyd matheson, former chief of staff to mike lee. Bloomberg tv and radio will have continuing coverage of all of the convention. That starts next week. This is bloomberg. Taylor time for the stock of the hour. Cisco systems heading to its worst day in nine years after saying pandemic weakness is not over yet. Scarlet fu has more. Decline wipess out the last three months of gains. It also has a familiar pattern, which is a post decline for cisco. The outlook was what is appointed investors. Cisco is not like the other Tech Companies in it is a close economic slow down and away peers are not. Sales may fall as much as 11 . Because falls short small and Mediumsized Companies are not spending on idea of women and services. Demand in the americas has not improved in the last 90 days. You have sales in asia and europe down 6 as well. What is interesting to meet is the big tech has all of this attention because we are seeing growth and defensive, but cisco presents as more about cyclical defense company. A large chunk of the revenue comes from governing agencies, small and mediumsized enterprises, and providers of internet and video services. Taylor wonderful. Thank you always to scarlet fu. Go to the ipowill market with fidel securities. This is bloomberg. Taylor this is balance of power on Bloomberg Television and radio. Im taylor riggs. Kevin im Kevin Cirilli. Bloomberg first word news, we go to Mark Crumpton. Mark [inaudible] kevin it looks like were having some difficulties with Mark Crumptons microphone. It looks to be another fascinating day in washington as people try to gauge whether there will be economic stimulus or whether or not the developments in the middle east will play out in the Foreign Policy space on the president ial campaign. Taylor you and i will be all over the Campaign Coverage next week. The Democratic Convention in the week following that, the republican convention. Democratssources, the have a lot of momentum coming with the vp pick. What are some of the Key Takeaways you are looking forward to as we push the story to next week . Kevin monday night will be fascinating to watch. Johnlle obama and then kasich, and then bernie sanders, who really represents the top individual on the democratic social list. What i find fascinating is the pop and circumstances that you and i are so accustomed to covering, as our friend tom body always says, the language of everybody on stage, the confetti, the balloons, all of that is gone. It is a virtual convention. Whether that plays well to voters in their living rooms, cell phones, that is my question heading into this campaign season. We need some confetti and balloons as we are a couple points away from a record high on the s p. Switching gears to a serious topic. The u. S. Has reported its highest number of deaths in a single day since midmay. President trump continues for schools to reopen. For more, we welcome dr. Howard harvard. E harvard teac talk about attention underway in School Systems right now. We know that kids are perhaps able to survive a virus more so than some of the elder members of our community but there are concerns about safety. What do you see . This is a very important conversation we are having right now as falls are arriving, as schools are reopening, flu season on the horizon, we need to maximize communication and Public Health right now. The decision to reopen schools first andimarily, foremost, on the background of Community Transmission of the virus. If there are places in the country where cases and deaths are going up and positivity test results are high, it will be difficult to reopen schools. There are other places in the country where it is much more where theke new york, positivity is 1 , and cases have been dropping for quite a while. But even conversations there have gotten complex. There are issues with health and safety of children who are not immune. Infected in00 were the last few weeks of july. Their families, teachers, about a quarter of them have Underlying Health conditions that need to be respected, staff, and lots of policy that needs to be considered, like testing recommendations, which has gotten almost no attention so far, social distancing, ventilation, other policies like that. You can see how complex it is. We need resolution as each day approaches and schools are considering having students back in the fall. H, i think back in march and april when washington was signing trillions of dollars of aid to businesses. They really struggled in getting access to those funds. Right now, there are hundreds of millions of dollars of untapped resources that local officials and schools could have access to. If you are one of those communities, if you are involved with one of your local school boards, who should you be calling to get federal assistance that might help better inform the decisions or provide resources for safety for students to get back in the classroom . Dr. Koh great question. One disturbing theme to the , thereandemic response has not been a national coordination, strategy for a national crisis. 50 states are going in 50 different directions. Chaos around schools is one example of that. We need each state and each Community Working with one another, coordinating with one another. Theirchool has to make decisions by working closely with local and state officials. No school is an island. And then tracking those immunity transmissions and making decisions based on science. Also a there is difficult conversation we are undergoing in this country about rising inequality. Students and communities, going to school is the only way they are getting a hot meal. If both of their parents are working, no one is helping oversee them, do their homework, check in, be a teacher at home. How can we have a conversation about the widening gap that this pandemic is having on the rich and poor . Poor communities are now even suffering even more. Dr. Koh very important question. As the son of immigrants, i am sensitive to those issues. We have seen how covid has exposed these inequities that are just unacceptable. The huge impacts on people of color. This is not just a health issue but childcare issue, nutritional issue, income security. Have been forced to go to work when they dont have the luxury to stay home. Many of those people are from communities of color. These are all things that are front and center right now. We need to address these issues as a nation, focus in on high risk immunities, particularly immunities of color, and then resolve that this can never happen again going forward. Other threats are coming and we have to be prepared. Kevin here we are in the shortterm and every family is having to grapple with this. For workingclass and Small Business employees, mediumsize business employees, from an educational childcare perspective, there is the political, the policy, and the practical. Down, parentst around the country will have to , if they to decide have a job, to keep their job, and where they will have childcare. If you shut down a classroom, or the classroom is not able to be safe, but then you have to go into a prohibition type of talk your situation, that doesnt seem any more responsible. But these are the tough choices that families across the country are trying to make. Dr. Koh i am not sure there is an easy answer. There are some families that are working together to share the responsibilities of childcare and online teaching, other key themes that are front and center right now. This is where the coordination, communication at the local level, state level is absolutely vital, so we can help one another get through these tough times. Taylor talk more about what you understand as some of the teacher concerns, social distancing. This may be a little bit out of your expertise but tried to think from a Doctors Point of view. Are there ways to recreate classroom so we can still be distant between teachers and children . About those new ventilation system that we have in airplanes, for example. What are the ways that you are thinking this through so that when we open we can be safe . Dr. Koh the cdc has put out some guidelines on that theme. Placedcommend desks be six feet apart, students be facing in the same direction to decrease chances of exposure to one another. Beks, by the way, should universally required in all schools. Some new guidance came out from the white house saying masks were in only encouraged were only encouraged. Teachers have to be careful themselves because many are older and have underlying conditions. They need to be working together to coordinate these policies, implement these policies. If they are not fully on board, it will be hard to make this happen in the future. We have seen some teachers in some states, and this is a difficult situation. Getting together, setting up the policies now, and then tracking those trends is really important. Taylor our thanks as always, dr. Howard koh. Stay with us. Tyler goodspeed, u. S. Council of economic advisors acting chairman will join us later in the hour on those jobs numbers. This is balance of power on Bloomberg Television and radio. Taylor this is balance of power on Bloomberg Television and radio. Im taylor riggs in new york. Kevin im Kevin Cirilli in washington. I still have my eyes on what those jobless claims are going to mean for the stimulus talks in washington, d. C. Thrilled to be joined now by tyler goodspeed, acting chairman of the u. S. Council of economic advisors. How do you think these jobless claims are going to put pressure , or not, on Speaker Pelosi, secretary mnuchin, to get to some type of stimulus deal . Tyler thank you for having me. We were encouraged by the job support coming out today with initial claims down over 200,000 from the prior week. Continuing claims down over 600,000. We are looking even more closely at the seasonally unadjusted claims because we think, in the context of the highlevel we are looking at, that that will be a more reliable indicator. Still, they remain very high. We have a long way to go. That is why we saw over the weekend President Trump take executive action to provide continued enhanced Unemployment Insurance to americans to help bridge this gap. Lieu of that, there are a lot of conversations about whether these are temporary or permanent job losses. The longer this goes on, the more permanent they become. 18 of those are likely to be permanent. How do you turn that around . Tyler in a report that we released today, by our calculations, 83 of the job losses since february were temporary. 18 , that ising actually spread out over different categories. Losses, wemporary think that will be more likely to come back. We have seen huge flows from temporary employment back into the market. This is why President Trump is keen on a phase for comprehensive agreement that will continue to support a minimum labor market recovery. Kevin the expectation from the market and main street would be that there would be a 1. 5 trillion price tag on whatever deal is ultimately met. Can you give us insight into what additional executive action may be taken from president the longer this impasse and stalemate continues . Right, in the absence of action on the hill, President Trump took Decisive Action over the weekend, providing relief to student loan borrowers, providing protection to americans at risk of infection, as well as the continuation of enhanced unappointed benefits. I dont want to get ahead of the president or the White House Council on some of these executive actions, but i can say we are leaving no stone unturned. Taylor many think that when it comes to the economic and the market agrees they like trump, but it is the handling of the pandemic, when you look at the onset of the election, it has reversed into the democrats favor. What do you do in just two months or so to get a grip on handling the coronavirus, and economics behind that . Tyler i dont want to trespass on Public Health terrain, because that is not my expertise, but when we look at the evidence coming forward in the past few weeks we had a bunch of q2 results from different european countries. A physicalgaged in response on a larger scale than many other economies. We look at a percentage of gdp in the first half of the year compared to most other industrialized countries, the u. S. Fiscal response was greater. Reflective of that is the contraction in the u. S. Economy in the first half of the year was shallower than other advanced economies. We just saw in the u. K. In the Second Quarter a 20 contraction. Shockthe magnitude of the that hit us, the u. S. Federal government, under the leadership of President Trump, responded with historic speed and scale. As i said, we will be leaving no stone unturned when it comes to using every mechanism to support the recovery. Kevin that said, is now the time to be worried about deficits . Tyler if one is concerned about long run fiscal sustainability, the number one thing we should be focused on is attenuating the outlook get. Nothing blows a hole in the longrun picture like a persistent large output gap. That is why the president is focused on facilitating a rapid recovery in the labor market and economy more broadly. Taylor thanks as always, tyler goodspeed. Stay with us, because coming up next, important perspective on the state of that ipo market amid the pandemic. We will go over to citadel securities. This is balance of power on Bloomberg Television and radio. Taylor this is balance of power on Bloomberg Television and radio. Im taylor riggs in new york. Kevin im Kevin Cirilli in washington. 22 billion dollars this year making up half of u. S. Ipos by value. Sonali basak is standing by with more. I am standing by with Peter Giacchi from citadel securities, a wellknown face on the New York Stock Exchange. Citadel securities today handled three ipos, listings. We dont remember the last time that happened. Our Companies Just trying to go public before the u. S. Election . What is going on with all of these listings . Forr first, thank you having me on. Im excited to be here today to talk about what is going on in the ipo markets. It is an interesting time. We saw a little bit of a slowdown in the ipo market when the pandemic hit in early march. Even through that time, as an organization, we were selected for 12 out of the 14 ipos that were listed in that time. It is interesting that companies are coming to the market, there is a lot of appetite right now. The ipo pipeline is robust. As you mentioned, the stacked pipeline is really robust. We have been selected on 85 of all of the spacs listed on the New York Stock Exchange. Theof all stocks listed on New York Stock Exchange for ipos. A pretty exciting time for the markets. Sonali we see volatility elevated right now. Is the worry that it will be more elevated later in the year . Why are people choosing right now to list on the exchange . Think there was some pentup inventory coming to the market, when we had the shutdown. Obviously with a tremendous time happening around the world, the world really stopped in its tracks. I think we are starting to see that backlog come to the market even that is why it is so robust. , awe get into the election couple days before or after, we will probably see a little bit of a slowdown. Will seeecember we those last companies trying to go out before the end of the year. Sonali i was standing next to you a little over a year ago when you have been working on slacks direct listing. Palantir isned looking to do a direct listing. How did he do that in a market that is more volatile, are there concerns about it . There are basically three fundamental ways for a company to go public, the historic way, direct listing, and now spacs. Ae direct listing fits Certain Group of stocks that will want to use it. They are not looking to raise capital. Dependent on the companys profile, what they are trying to accomplish, they are looking at how that happens. I would say, with overall therelity in the market, is obviously a significant liquidity event. Exchange, york stock we take a thoughtful approach and how we open these things. I dont think the volatility is as impactful as you think. Sonali another thing that is happening in full force is the spac market. Ackmansworked on bill spac. Why are investors doing this, why is this so much more attractive than ipo . The way to look at it is, the way that companies have had to come to the public markets, it has evolved over time, and i think it will continue to evolve. Historical ipos, then we had the evolution into direct listings. Now it is the spac piece. When you look at the management teams on these spac teams, it is appealing to be invested with some of those management teams, the decisions they will make on the capital they raise. Sonali you are on the Stock Exchange floor. Citadel securities, you did well remotely. Emotel are you having to do listings on the floor differently than you did before . Peter we pride ourselves not only on the fact that we have human traders on the floor but we have a high level of Technology Every day that we deep liquid markets. It is really good to be back on the floor, good to see peoples faces. The exchange, as well as citadel securities, have a thoughtful approach about employees held, social distancing. We are operating as we did prior to the shutdown, just with a more limited staff, rely more on technology. So much fork you joining us, Peter Giacchi of citadel securities. Kevin thank you to sonali basak. Coming up, balance of power continues on bloomberg radio. More onecond half hour, the deal between israel and the united arab emirates. This is balance of power on Bloomberg Television and radio. Vonnie it is 1 00 p. M. In new york, 6 00 p. M. In london, and 1 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. Here are the top stories we are following from around the world. Exploring the feds toolbox. First interest rates, then qe. What kind of policy world do we live in now . Me will ask karen carryout temblor. Ask karen karnioltambour. And we are speaking to the cfo of Green Thumb Industries about their latest report. Ipo by a Chinese Company in the u. S. , one of chinas largest housing platforms. Cfo of speak to the beike zhaofang. Technology stocks have been rising, up 1 . The s p is