Simply not coming back. Markethe back of a labor surprise in treasury yields, drifting higher. That is the call you are looking for. Lets start with the jobs number and what it means for the policy effort in washington. I think the number is a sigh of relief. The markets were trying to get jittery going into friday, not knowing how bad or good the numbers would be. This is clearly a step in the positive direction. What this means for policy is yet to be seen, still a lot of bickering going on between the house and senate. If anything, in some respects i would argue that the good payroll number argues for congress to pass another deal to support the economy. A lot of the positive momentum we have seen in the last three months is because of fiscal stimulus. Treasury yields higher by eight basis points on the 30year. This is something that you are looking for. Thender how independent sweetener is of the next move down in washington . Subadra i think they are all closely tied to each other. Broadly speaking, it is not necessarily linked to this fiscal package, although the treasury has announced they will be issuing more in anticipation of another trillion dollar package getting past by congress. A lot of it has to do with debt issuance. There will be a decent amount of debt coming out this week and the week after. Just in a long and come expecting 130 billion or so in 3, 10, 30year. Cause theultimately curve to steepen, led mostly by the back end. Jonathan what do you say to people who push back and say the treasury market is a unique these and the supply does not matter here . Subadra i think they are partially right in the fact that you have this large backstop buyer in the fed, buying 80 billion, but from where we stand, 80 billion versus 130 billion in a matter of two weeks demand supplyd dynamic will cause higher yields. We are not calling for yields to rise sharply on the back of highs, but the supplies will counterbalance what you are seeing from fed purchases. Jonathan what im trying to figure out as far as the fed is concerned on this particular trade, if i am position for a steepener, and positioned against the Federal Reserve. Is that the big risk in this trade . Subadra i dont see it as a risk. I think the fed will become verbal with modestly higher yields and a steeper curve, if conditions warrant a rising yield. If there is a pickup in growth, pickup in inflation, inflation expectations, then the fed will be tolerant of a modest rise in yields. The question is, you dont want to see any rapid move higher in yields, like we saw after the march, whatm, or in we saw in liquidities. Gradual repricing higher based on improving fundamentals is a good thing. Jonathan i think there were that many have is that the Federal Reserve begins to tweak the asset purchase side of the program to the longer end of the treasury curve. What are you anticipating going into 2021 . Subadra our base case for now the fedave heard from governors ahead of the blackout period. They do not seem to want to do much in the september meeting. Linked to inflation is in the cards. Really the only thing that i be focused on is if they change the average maturity target. Marginally larger purchases in the long end. I dont think they could do what they did during operation twist where they just bought long insecurities. They will start leaning toward more longer duration assets in their portfolio. Jonathan i want to talk about longer dated duration assets. In the context of an equity market selloff, treasuries have not done much. If anything today, yields are higher. People have been questioning the positioning of treasuries in a traditional portfolio, 60 40 split between equities and bonds. What are you telling clients at the moment . Subadra thats a good question because Interest Rates are at historic lows, so not that much higher potential for returns, unless you are expecting negative Interest Rates, which i dont think is in the cards in the u. S. Secondly, it is not a good offset for a long equity position. It is a safe haven asset, but if you want to put your money in a safe haven asset that does not appreciate, put it in cash. It makes it hard to argue even for more than a modest rally in treasuries, so maybe we go down to 50 basis points on the 10 year if conditions deteriorate, but there is no case for a sustained rally in yields going from here on. Jonathan when you are having conversations with clients, what is the substitute for treasuries that comes up when you talk to people . Subadra i think we are in a buy everything environment. When treasury yields started to get to their lows near 50 basis points, the allocation was into but, tips, real yield, almost everything has rallied. Now what you are seeing is a little bit of an unwind. Gold prices coming off, real yield rising a little bit, and you are seeing the dollar start to strengthen. I think this is all the same trade. There is so much money chasing after assets. Jonathan we see the movie in the treasury market. We are up by eight basis points on the 30year yield. The 10 year yield up by about six basis points. Lets go into the long weekend. Coming up over the next week, u. S. Markets closed for the labor day weekend. That will be closed on monday. Gdp and unemployment on tuesday. Bank of canada and ecb Rate Decision on wednesday and thursday. Followed by u. S. Ppi and another round of jobless claims. We close out the week with u. S. Cpi. Lets get to the rapidfire round. , ahead of thel election in washington, d. C. On the next fiscal package . Amonth ago everyone said its matter of when, not if. . Do we have a deal going into november subadra deal. Jonathan have we seen the lows on the 10year yield for 2020 . From what you told me already, i think i can guess. Subadra yes. Jonathan final question, is the traditional 60 40 portfolio done it over with . Maybe it is premature but your thoughts right now . Subadra yes, it is done. Jonathan fantastic to catch up with you. From london, that does it for us. See you next friday at 1 00 new york time. This was bloomberg real yield. This is bloomberg tv. Vonnie welcome to bloomberg im vonnie quinn. Global stocks finishing the week in the red although we are recovering slightly. Tech shares led the s p 500 lower for a second day, losses coming on the same day that the nonfarm payrolls report, which showed progress in parts of the economy. This error will be talking about jobs with the len egert of the American Guild of musical artists. He will speak about how performers are coping with no live shows. Then we will hear from the ceo of test max is moving his company from los angeles to arizona. Finally, the state of the Airline Industry and private flights. Will wolf, coo of flexjet discuss the turbulence. Lets get a check on the markets. We saw a selloff and it quickened early in the session but we are getting some relief now. And nasdaq still down 2. 7 . The s p 500 recovering, down 1. 6 , following several Percentage Points declines yesterday. A strengthening dollar earlier, giving back most of those gains. 92. 85. Now to the august jobs data which the prized to the upside with nonfarm payrolls increasing million, Unemployment Rate dropping to 8. 4 . That particular brain is just one rate, and this data reveals much more. In policylets bring correspondent michael mckee. 8. 4 overall but a lot underneath the data, and not all of it positive. Give us some of the other metrics that we should be looking at and we are trying to read the data. Mike lets look at the Unemployment Rate for a number of different categories since they affect everyone. Mens Unemployment Rate, 8 , rate,s match the national 8. 4. White unemployment is 7. 3 , down from 9. 2. Lack unemployment, 13 . It was 14. 8 in july. Versusc or latino, 10. 5 12. 9. So everybody saw declines in the theiroyment rate in category but we are not seeing the kind of numbers that we saw in the view rarely. That is the same story with the overall job creation numbers. We are still 11. 5 million jobs short of where we were in february just before all of this started. The Unemployment Rate is good news in the sense that it felt for the right reasons, more people got jobs they lost jobs, and the labor force grew, almost by a million people, which tells you that at least people are not totally giving up yet on their jobs. They are still looking for work. A 600ggest a loss of additional unemployment bonus caused people to try harder to get jobs back. Vonnie the underemployment rate so many of those that have jobs are still underemployed. So the picture is not humongous lee rose. Where are we seeing jobs created . Sector, the retail 249,000 jobs. Remember, these are jobs restored, not created. These are people going back to Retail Stores that were shut down. Professional services up 197,000. Education, 147,000. The interesting one that everyone was looking to, food and drink establishments, 140,000 jobs restored. It still leaves that two point 5 million below where we were, and that is the story. It is a mixed message. We are improving but the rate of improvement has slowed down and we still have a long way to go. The number of people on temporary layoffs decreased, but the number of people who are permanent job losers increased by about half a million, 3. 4 million. That is up from 2. 1 million since february. This past week, we have been reporting a lot of Companies Planning layoffs this fall. If there are problems still in the economy, we may not have it them yet. Unemployment rate at 13 in august, down from 14. 6 in july, but it is 1. 8 times that of white americans, which dropped to 7. 3 . That is a huge disparity. We are also seeing that in College Applications and black americans. Mike as the Unemployment Rate fell in february, black unemployment collapsed as well, and that disparity narrowed, but unfortunately, most of the black jobs that have been lost are in the lower paying areas that were the first let go. So minorities disproportionately hurt not only by the virus but by the economic reaction to it. Vonnie thank you for digging through all the data. Appreciate it. President trump is denying a report that claims he referred to u. S. Marines killed in world war i and buried in a cemetery outside paris as losers. With johnday, i spoke bolton about the allegations in the report. These comments are despicable. If he made them, they are despicable, there is no excuse, especially not from the commander in chief. There is no surprise that trump went out of his way last night here in the u. S. To deny that he had said it. But his credibility is pretty thin, in my view. The tripolton was on to paris when trump was there, said he did not hear the president disparage the marines himself, although the president may have done so later in the day, he said. The arts and Entertainment Industries have been hard hit as the pandemic essentially set them down shut them down 100 . We will discuss how performers are faring with len egert, executive Director Director of the American Guild of musical artists. This is bloomberg. Vonnie this is Bloomberg Markets. Im vonnie quinn. U. S. Equities coming off of their lows on friday but the s p 500 down 1. 5 on the session. Kailey leinz has an update. The second down day in a row. Sincesdaq, the worst day march. It is a tale of tech underperformance. We are off the lows of the session. Buying started coming in around the european close, 11 30 eastern time. It didnt hold yesterday, we will see what the rest of the session holds, especially heading into a long weekend. Investors may be reluctant to leave risk on the table. You are not seeing a risk off tone and other assets, no safe haven bids for the likes of u. S. Treasuries. The u. S. 10year yield up by six basis points right now. Dollaryen basically flat. Bid not for gold but copper. Speaking of growth sensitivity, take a look at the sectors winning and losing on the day. Value cyclical sectors are outperforming financials and energy. Tech largecap names are dragging. Consumer discretionary, amazon is down 2. 6 . Down by 3. 2 ch each. Be some froth coming off of the top of these rich valuations. Vonnie thank you. Ticketmaster and live nation the latest to announce new furloughs. To hit the Live Performance industry. Industries have seen a report of loss of 1. 4 million jobs, and 42. 5 billion in sales. Linda eggert,by executive director of the American Guild of musical artists, a labor union that represents artists, dancers, opera singers, and reduction staff. I know that you have around 7000 performers internationally, heir support staff as well. Talk about the loss and how performers are managing for one hopefully some of this goes away. Thank you for having me. Our sector come alive performing arts, has been decimated since march. We went from overnight being ,ull, in the Spring Season going nonstop, to zero jobs. Performances were canceled, seasons were canceled. We really got a heavy hit, which continues now. Normally we would be coming back in september with the opening of seasons, other events starting up. We would be in rehearsals already throughout perez, dance. None of that is happening. Vonnie just in new york city alone, just one city, the comptroller estimated that prepandemic, the industry accounted for 300,000 jobs, 13 of the citys income. Incomeve amount of across the United States for cities and municipalities. It is a real across the nation. What is happening with the restart act, save our stage act, is there any movement in congress . Len unfortunately, congress has been stalled in many respects. The cares act provided some benefit for our members, the 600 increase on benefits on unemployment enhancement, but that is gone as of july 31. We have been lobbying for the heroes act, which would restart those supplemental payments to our artists. It would also extend the payroll protection act that really got some of these companies through that period. We are at a Crucial Point right now because the government stimulus is drying up. Our individual artists would otherwise have other work to go to and pick up, all of that is gone, too. Not only are operas, ballet gone, there were other opportunities that are not there where they would sing in churches, synagogues, etc. Is differentunion from other performers unions, in that you can work nonunion jobs as well in order to get more opportunities, but you do negotiate. Things likeppen to collective Bargaining Power after all of this is over . Ability have the same to demand rights from your members as you did before this pandemic . We ever since march, engaged in negotiations with 60plus Companies Across the u. S. Simultaneously. We are not used to doing that. We are used to having maybe 10 negotiations at a time. We just reengaged negotiations and were able to secure partial payments for cancellations of productions in season. Most importantly, we have maintained l care coverage. As you can imagine in a pandemic, losing your health care, that you would get through the companies, would be catastrophic, adding to the increased anxiety. We are going to continue to negotiate and push on behalf of our members but we are also cognizant that companies are losing vast amounts of revenue. We will try to partner with our companies to figure out a way through this. Vonnie we are out of time but when do you imagine, any forecast for when we may see venues restart, whether broadway or the met opera . To have to seeng what happens with the covid19, the role of it. We put out a return to work playbook that has various metrics for how to get back safely, trying to mitigate the risk. We dont know yet when we can come back. We are starting to see, though, some creative solutions, livestream, doing things without audiences or outside. Hopefully, we can get the wheels rolling and get back to it soon. Vonnie i appreciate all the work. We all want to go back to Live Performances as soon as we can. National executive director of the American Guild of musical artists. This is bloomberg. Of musical artists. This is bloomberg. Mark im Mark Crumpton with bloomberg first word news. Mail balloting in the president ial election is officially underway. North carolina started sending out more than 600,000 ballots to voters. State Election Officials say they received a 16 times more mailin ballot requests as they did four years ago. Voters are looking for a safer way to cast ballots during the coronavirus pandemic. Ballots will go out in two and other battlegrounds like minnesota, pennsylvania, and wisconsin. North carolina is the first. Two new studies are making the case for an alternative to the invasive covid19 test that requires collecting a deep nasal swab. Researchers at the yale school of Public Health say both studies found saliva samples are nearly as reliable and far less invasive. Health officials have expressed concern that some people may be avoiding covid tests because they are afraid the process will be uncomfortable or painful. Spike inseeing a coronavirus infections, the country reported more than 4500 new cases today, the highest number in four months. Infections have been climbing since mid july when restrictions were loosened and Officials Say laxle began to be more about social distancing and hygiene. Italy is also seeing its highest number since may. Japan is bracing for a dangerous typhoon approaching its Southern Region this weekend. Officials urged people in the path to take extra precautions and store up on water, food, and other supplies. Sunday, forecasters say the typhoon could have wind of up to 122 mile per hour. A different typhoon hit the region earlier this week, injuring dozens of people, damaging property, and cutting power to thousands. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Greg live from toronto, im greg bonnell. Vonnie from bloomberg World Headquarters in new york, im vonnie quinn. We are joined by our bloomberg and Bnn Bloomberg audiences. Here are the top stories we are following from around the world. Stocks lower for a second day, despite signs of a gradual recovery in the labor market. The big city exodus . Reportedlynd workers leaving metropolitan areas to move to smaller cities, with new york, los angeles, and chicago seeing hundreds of residents leaving every day. We will speak to one Company Leaving los angeles. The rise in private jet travel. We will speak with the coo of flexjet. Wealthy individuals choosing private aviation as their preferred method of travel. Lets get a look at the markets, greg. Greg not in as bad shape as we were earlier in the session but still not pretty considering the selling pressure of yesterday. It persists into today. It is still the tech stocks that we are seeing the concentration of selling pressure. Very interesting because we have seen this huge run up in the tech names. Seems like they could not lose. The Financial Times had an interesting report. Softbank buying billions in tech derivatives to the rally and now we are having a moment of reflection about whether we can justify the valuations we are seeing. The u. S. 10year yield around. 7 . Looking at the u. S. Canadian dollar, we have seen some strength. The Canadian Dollar making some gains. We had a job support as well, four straight months of job gains, but a lot of the same concerns as the americans numbers. Yes, we are seeing gains but they are beginning to decelerate. We are also seeing the kind of disparity here that is really concerning the labor market. The overall Unemployment Rate in canada is 10. 2 , but in those that identify as arab, 18 . Southeast asian community, 17 . People whohigh for are visible minorities. As we talk about the markets and what we are seeing right now, the labor report strongerthanexpected in the u. S. , does not seem to be lifting spirits today. Lets bring in sarah ponczek. Say, it has lightened up, the nasdaq was down about 5 . At one point over a twoday span, we have seen the nasdaq enter a correction, down 10 . It has lightened up, but one thing that you can take away from todays trading action is that even though we are seeing pretty heavy selling, we are seeing this rotation persist. You look at the equal weight index of the s p 500. It gives Smaller Companies in clout as just as much the heavyweights, which shows you that this is very top heavy. At the same time, banks are trending higher today. If you look at value stocks, they are outperforming Growth Stocks once again. So a continuation of what we saw yesterday. You look at the names that have been highflying apple, tesla, amazon now they are turning out to be the losers. Those that had not participated much, they are trying to become the leaders. Vonnie one of the reporters pointed out that if this was really a risk off trade, you would see bonds rallying, and we are not seeing that. Sarah we are not seeing bobs rally today which is interesting. Yields have been higher, but we also have to take into account the trade i just described, it is a positive outlook on the economy. Over the past couple of months, whereas mega cap stocks are popular to invest in, they were also signified the stayathome economy, this idea that we would be locked at home for a long time. There is a cohort of investors who believe that as we start to see this unravel, if we are able to see these reopening stocks, value stocks take the lead, what that shows is that the economy, the stock market view of the economy is actually turning more positive. However, that may mean a sideways or downward trade, just because of how heavy a weight these big tech shares have in the benchmark. Greg a couple hours, we will close the books on the markets and we will forget all about those. Im hearing that we can expect volatility through the fall. We willm not sure that forget about this in three days. This will be on top of investors minds when we come back after the holiday weekend. But looking forward to the next portion of the year. We are entering a period of seasonality that is typically driven with volatility, we have the election coming up in november. No doubt we are probably in for quite a rough stretch. You also have to factor in that even with the declines we have seen in the nasdaq in the last two days, it is still up more than 60 from the march bottom. We have not put much of a dent in the come back. That is really important to keep in mind. Vonnie as i was about to say, seeinge an apparition you moments ago, so it is good to have you back. Big cities, big problems. Scores of people leaving dense urban areas. Thanks to the ongoing pandemic, lockdown, and other factors. Employers are among those, it appears. Mehran ebadolahi is the ceo of test max. He recently located from los angeles to tempe, arizona. Thanks for joining. You prepare people for lasts, bar exams all over the country. I suppose you could be based anywhere. What made you leave los angeles . All over the world actually. What we have been able to do for lsat and bar prep, coronavirus has done for employment opportunities. I felt like before we had to make a choice, if we wanted to be around talent, around capital, we had to be in a major metropolitan city. After graduating law school, i felt a bit of remorse not being able to go to the bay area, but coming to los angeles, where silicon beach was coming up, i thought was important for our success. What coronavirus has established is that remote work is just as effective, productive, and more importantly, gives Mother Companies like ours and ability to compete for talent because we are not surrounded by large, companies. Ed vc tech greg i imagine this was a big decision and you did your homework, but we are still in the early innings in this big shift we are seeing. I wonder about the fact that as big go back to normal if some of these plays, working from home, moving away from the cities, starts to unwind. Mehran i would agree it has been a little bit skewed in the productivity acts aspect. There are no distractions. What does it look like when sports are returning . With the technology we have in place, there are ways that you can ensure productivity. Hires in tempe, during the coronavirus, we have hired in wisconsin, indiana, they have all been remarkably successful and productive. I do agree in terms of the culture, you want to be around people. Things that i feel remorse, not being able to celebrate with my employees, being able to enjoy the fruits of our labor. I can see the benefits of having a headquarters, but why does that have to be in los angeles . That is what has changed or in san francisco, or new york. I am not saying that we dont need offices. What im saying is, now it is clear there is no need for these offices to be in these cities. About who are doing your courses right now, are the Numbers Holding up, increasing, decreasing when it comes to lsat and bar exams . Lsatn the numbers for were increasing before coronavirus, and generally when you see recessions, looming recessions, students tend to focus on graduate school as a way to kind of seek shelter from the storm. World, in addition to the increased interest in the field, coronavirus did something that we have been screaming for for a decade. Why is remote education and afterthought . Particularly in test prep. There are arguments to be made about the benefits of networking, somebody went to ila and harvard law school, understand the benefits of these institutions, but why is there this false dichotomy that you can put it on hold or you cannot . Why cant we have options for what people feel are nontraditional students but are really the traditional students . The average College Student is 26 years old and a quarter of them have children. Using technology, bringing these things online, just as we have seen in every other industry, for the first time happening in education, is exciting. Usnie thank you for joining today. Looking forward to our next conversation. Mehran ebadolahi of test max joining us. Next week, we will look at the increased technology in the education world. Our virtual classroom series airing between 5 00 and 6 00, right here on bloomberg. Coming up, flexjet soares. We will speak with coo megan wolf. Why the private jet travel industry is seeing demand like never before. This is bloomberg. Vonnie this is Bloomberg Markets. Im vonnie quinn. Stock of ther our hour, some of the market biggest and brightest are having tough days this week. Nvidia is one of them. Kailey leinz has a closer look. Kaylee nvidia is down for a second day in a row, another 6 today, putting it on pace for its worst two day cello since the depths of the bear market in march. We have to keep in mind where nvidia started this decline from. As of wednesday at a record high. Through wednesday, it was up 143 this year. We have come off from that point, but the stock has still more than doubled year to date on a fundamental basis and trades at a p e multiple at 80 times. As for the decline, it may be the launch of their new gaming chip. The last time they went through one of these product cycles at the end of 2019, it didnt go well. They had revenue declines for the two quarters afterward. There may be some concern around that. Then you have the china issue. Reports that china is starting a fiveyear program to build up its own mystic Semiconductor Development and production which poses a risk to nvidia, which gets a quarter of its revenue from that market. Then you have the broader tech selloff. Profits being taken as we see this froth come off the market. At the tech sector surge, the biggest in a decade. What are you hearing . Stocks have been weaker relative to the broader market. We see several of the names here on the screen that have seen losses of 6 or more over the past five sessions. Weeks, thest eight index is lower in only four of them. We are seeing a bit of weakness when it comes to semiconductors. As we know, this is a sector sensitive to china, and china tensions not only in terms of trade but hong kong, south china sea, tiktok him all of those issues have been ratcheting up. That could be a factor in that as well. Greg thank you for that, kailey leinz. We know one sector not flying high either is the Airline Sector there. A lot of pain in the commercial Airline Industry, so does that give companies in the private space and opportunity . Lets find out. We will ask flexjet chief operating officer megan wolf. This would seem to be, with all the Health Concerns out there about flying commercial, and opportunity for your company. Megan absolutely. We have definitely seen personal travel up as people are more comfortable flying on a private jet, where they know the passengers they are with, and we have taken the steps to make the flying experience safer and limit the number of touch points there are when they need to travel. Jets, you have about 150 various sizes, and you can basically fly anywhere, not just domestically but internationally. Give us an idea of what routes are most popular at the moment . Megan right now in the u. S. , the most popular fly we are doing are two places like mountainous airports, remote locations where people can get away, spend time with their family, shelterinplace during this time. Internationally, london has been a popular route for us, new york to london. We will travel from peru to moscow not uncommon either. Someve definitely seen International Travel despite the restrictions, continued to see new locations becoming requested, like tahiti, new zealand, australia, because of the capability of our fleet to get to those destinations. You brought up travel restrictions, when you are operating a smaller plane, private capacity, is it easier to operate and go from country to country as opposed to a big, commercial airliner . Same we have the restrictions in terms of requirements for citizens being able to travel. We still have to meet those, but we have a Team Dedicated to working through what requirements exist. And where we cannot do things, we are testing requirements, able to get our tile pilots tested if they have to go to certain destinations that require crewmembers to be tested. The scale that we operate in allows us to do that. The team that we have allows us to take care of that. Vonnie i imagine going privately means that passengers ws that domes skirt la not allow regular folks to go from country to country. I do not mean not comply but easier to quarantine when they get to where they are going. What about rates . Can you give us an idea of how much a private just would cost jet would cost, have they gone up . Pricingith our program, is for you to purchase a share, and you have a monthly advantage fee and an hourly rate. It is different from the charter environment where you payasyougo and you see more fluctuation. One of the benefits of flying fractional, once youre in a contract with us, you have debility in your pricing, and it does not fluctuate based on what is going on around you. Wanted to ask about the fact that this is obviously an opportunity and a boom to your visit business. Talking about the Aviation Industry overall, if we cannot fit back to commercial flights, it will be a sector under pressure for quite some time. Megan we are seeing some Business Travel will come to the private jet industry that would have normally been in the commercial world because there is that confidence. [indiscernible] it will take some of the travel away that maybe would have gone onto commercial flights previously. Thanks to flexjet chief operating officer megan wolf. Interesting conversation. When we come back, we have an eye on the markets and we will update you about that. This is Bloomberg Markets. Greg live from toronto, im greg bonnell. This is Bloomberg Markets. Lets check in on those markets. Its been an eventful two days. We are off the lows of todays session but we are still seeing losses into the long weekend. It has not been a pretty way to head into the labor day weekend, the unofficial end of summer. The s p 500 down 1. 5 . And nasdaq well off of the lows of the session. We have been talking about the big names driving the selling pressure. I wanted to check in on the smaller names. Russell 2000, they are under pressure, but not to the same degree as big tech names. You look at the dollar, some strength there as well. Vonnie lets have a look at some of the tech stocks doing the worst. Down 20 over the past two days. The hugeconsider runup it has had yearoveryear, talking about a 354 increase, including yesterdays decline. Apple down 2. 3 today. The last couple of days, that brings their decline to more than 10 . You wonder how many are adding to their apple share, waiting for it to go up again before they do so. Salesforce down another 5 . Theal down 7 , bringing decline to a fifth of the market cap. Have a lovely weekend. This is bloomberg. Caroline it is 2 00 in new york, 7 00 p. M. In london. This is Bloomberg Markets the close. I am caroline hyde. Romaine i am romaine bostick. Taylor i am taylor riggs. Off beforehe nasdaq pairing losses. Tech is under pressure again. Amazon and facebook pushing benchmarks lower after investors question the runup in valuations. It is jobs day. The u. S. Labor market rebounds, extending for a fourth month, with the Unemployment Rate falling more than expected to a. 4 . 8. 4 . Joe biden warns of the unequal recovery. All that and much more coming up. Romaine coming off of yesterdays big plunge down, the s p at one point was down 3 on the day, paring some of the losses
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