As they transition. Why not just pass these few targeted essentials to keep america going and get through this difficult pandemic period . Why not . Jon do you have a deadline for these negotiations in mind . Larry no, i do not have a deadline in mind. I am not speaking for the Senate Republican conference, but i do not think mr. Mnuchin or mr. Meadows or President Trump has a deadline in mind. President trump has said numerous times he will go further than some people in the senate. I think that has always been a slightly encouraging position. We are willing to do business. You larry, can i say thank and i apologize for my persistence but i think these are important issues. Larry as a former broadcast anchor, i understand the business and a professional is a professional. I salute you. Jon larry kudlow, thank you so much. Send our best to the white house, the president and the first lady. David from bloomberg World Headquarters in new york, i am david westin, welcome to balance of power. We are going to start with the situation surrounding President Trump the first lady, diagnosed with covid19 overnight. To get the latest, we turn to mario parker. What we know about the president s condition . We had mark meadows say he has seen him today. Mario mark meadows, who just held a gaggle with reporters, he acknowledged the president is experiencing or exhibiting mild symptoms of the coronavirus. He said the president is in good spirits, the president is allowing mild symptoms. David the president said he will be working from the white house. At the same time, he is changing his schedule. He had a lot of Campaign Appearances scheduled. Mario he scrubbed his schedule though he is holding it private call from the executive mansion to talk about coronavirus. He has canceled his planned rally for today, the campaign has not said whether or not the other rallies he had on deck over the next week are canceled but it is safe to presume they will be, as well, that is robbing him of his most potent political david great to have you with us. The whole story surrounding President Trump really has to do with medicine. ,e welcome dr. Jay bhattacharya he is professor of medicine at stanford university. What do we know, what dont we know about the president s condition even what you have heard . Dr. Bhattacharya i heard he has a positive diagnosis of the virus that causes covid19 and so far, his symptoms are very mild. All that hasally been put out in the public and i dont know anything specific beyond that. David what about the disease, generally, mild symptoms at this stage, does that tell us anything about the progress of the disease . Dr. Bhattacharya generally, if it will progress, it takes time to develop. The more severe symptoms, a week or two. We will know more in the coming days. We can say things about the risk factors and what that means for the disease. It is important to understand those risk factors so the public can know what to expect both for themselves and for President Trump. There are a couple of things. Age, it puts them at a higher risk for more severe disease than someone younger. People who are at his age, the mortality rate from the disease is somewhere between 2 to 4 . 98 of people infected at his age survive. The probably more severe symptoms is also higher at his age. People,ast, younger someone under 18, the mortality ofe is more like one out 10,000. Underut of 10,000 people 18 will survive. The odds of survival are good, actually. David it sounds like they are very good. What about the likelihood of having to be hospitalized . What about a person for his age, what is the likelihood . Dr. Bhattacharya that is also higher at his age. I cant give you a precise number because there are other things you want to take into account. Rate,double the mortality two to three times. Lets say 3 to 7 of people his age, maybe 10 infected will be hospitalized. Boris johnson, the Prime Minister of the u. K. Was hospitalized with covid19 symptoms early in the epidemic. The majority of people, 80 to 90 of his age and up not hospitalized. David we want to talk about obesity, or being overweight. The president , as i understand as of his last checkup, was borderline obese. Explain that factor and what it might mean for the president. Dr. Bhattacharya that is certainly a risk factor for becoming infected and also for severe outcomes from covid. Roughly speaking, it is a rule of thumb, if your body mass index a measure of obesity, it puts you in the obese category roughly speaking, it puts you twice the odds of hospitalization, twice the odds of mortality of someone who is not obese. There are reasons why that happens, we are starting to understand from a scientific and medical point of view, the virus seems to have a differential of traction for lipid cells that are common in obese people. That partly explains, but there is a lot to learn. From a practical point of view, twice as likely for a severe outcome from a covert infection because of obesity. David the problems you are talking about is for the population at large. There are a couple of factors that might cut in President Trumps favor. He will probably get the best nickel treatment possible. If we got better at treating he will probably get the best medical treatment possible. Have we gotten better at treating the virus in general . Dr. Bhattacharya the doctors in general will monitor changes to his condition and react quickly. Support he needs will be very important. We have gotten much better at treating the disease since the early days. In the early days, for people in the hospital and the icu, we were using ventilator protocols that were too aggressive. We have treatments like remdesivir and steroid treatment for people who advance with severe viral pneumonia. Most likely, President Trump not advance, but those are available if he needs them. There are other experimental treatments, i dont know what his doctors will decide to do. Especially for people who progress toward the most severe disease, we have gotten better at managing it. David what does it mean for the operations of the white house and these unusual circumstances he lives above the store, so to speak what does that mean for the other people at the white house and how they have to stay away from the president . Dr. Bhattacharya it is not a hospital, in a hospital it is popular to isolate. It will be a challenge because the white house is a crowded place. So many people come to see President Trump, they will have to be creative. To my understanding, the president was to continue his daily activities and he is the leader of our country so he needs to if it is possible. He needs to do that in a way that does not pose a threat to transmitting the disease to the people around him. They have a lot of Resources Available for that. David the president is not only running the country but he is running for reelection. I have heard stories, people with this disease, it takes away the energy. What is that mean for someone with just over one month left in a president ial campaign that tends to be demanding . Dr. Bhattacharya fatigue is something that comes with the disease, even after you recover. Suppose we will see, in a sense, having the most public person on the face of the earth get this will be instructive for the whole world to see how it is possible to cope with the disease and how well he deals with it, it will have a big affect on the Public Perception of the disease going forward. David it is always a treat to have you with us. It is dr. Jay bhattacharya from stanford university, or he is a professor of medicine. We will turn to the u. S. Jobs report with michelle meyer. This is balance of power. David this is balance of power , on Bloomberg Television, i am david westin. It is time for bloomberg first word news. White house chief of staff mark meadows said donald trump is very energetic with mild symptoms from the coronavirus. Meadows said he himself has tested positive, along with other white house aides. The American People can rest assured that we have a president that is not only on the job and will remain on the job, and i am optimistic that he will have a very quick and speedy recovery. First Lady Melania Trump wrote in a tweet she has mild symptoms but is overall feeling good. Mrs. Trump was also diagnosed with the coronavirus. The Supreme Court will hear a two that could weaken arizona voting policies, include the states criminal ban on what is called ballot harvesting. There is currently 28 law they sent back in 2013. 1965 measure was designed to protect black voters at the polling place. Leaders agreed at a summit in brussels to impose travel bans on 40 officials from belarus. The president is not included. The eu said the august vote that saw him reelected was neither free nor fair. 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. Is bloomberg. David even as mark was reporting the news, we have some new headlines. Nancy pelosi said they are reaching a packed on the airlines and she is urging airlines to reduce further job cuts. Msnbco have a report on the former Vice President biden has tested negative for covid19. President trumps diagnosis of covid19 was big news but it is not the only big news. The Labor Department released u. S. Job numbers for last month, which are below what was expected. To interpret the numbers, we welcome michelle meyer. Give us your take, are we disappointed much mark are we disappointed . Michelle the headline numbers came in a bit soft. Private job growth was close to expectations, around 850,000 for job growth in the private sector. If you think about the reasons the headlines disappointed, there were pullbacks on state and local Government Spending and hirings. Just jump in for a moment . When i saw that, government hiring, i thought about the stimulus bill. Is there any connection . Michelle not so much. What is happening around the state and local hiring for education is largely a seasonal distortion. Schools opened at a different time, a different rate, you need a different type of workforce. I dont think you should extrapolate much from the weakness of this month and what will come in the future. Clearly, state and local governments have made a strong case they are under fiscal stress. In the mediumterm, you can start to see more new double cutbacks of spending as a lack of additional aid. I dont think todays report, the cutback on education can be attributed to that. David one thing we have seen in the downturn, some minority groups women have come back slower than in previous recessions part especially with. Fricanamericans and hispanics what have we seen this month . Michelle the labor surprise. The Labor Force Participation rate fell. That was a key reason for this economy. If you look at the details of the decline in the participation rate, it is largely owed to women who were dropping out of the labor force again. Hypothesize a variety of reasons, one critical one presumably has to deal with childcare, with a lot of children in a hybrid situation, still needing a parent around, it is hard to have both parents involved in the workforce. Strains from the pandemic on the workforce. It Consumer Spending . What are we seeing with Consumer Spending . Michelle when you think about the labor market, it is very deskgoing to be driven by at the end of the day, the amount people spending will dictate revenues for companies, which will dictate the amount of people they can bring back to work. They are closely tied to one another. On the Consumer Spending side, the numbers have been favorable. Consumer spending has seen an impressive rebound. I think that is in part to the fact there has been a strong transfer payment from the government to the private sector. Consumers have been able to maintain their purchasing power because they had a good amount of stimulus from the government. Speaking,nerally consumers have been able to go out and spend and there has been a support for the economy and helping to maintain a recovery, and at least get us where we are so far. David nobody better to interpret these numbers than michelle meyer. Thank you so much, she is bank of america head of u. S. Economics. On is balance of power Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. I am david westin. Our thoughts this morning with President Trump as news broke of his covid19 diagnosis. To give us some initial thoughts about joe biden and what is going on with the cap income we turn to a political contributor. We have a statement from former Vice President joe bidens doctor saying he was tested for covid19 and he was negative, along with his wife. We have to go through the government and the campaigns to find out who is negative. What is this mean . It is very good news. We have been getting we have been hearing from so many people who are thankfully negative, including the former Vice President and the current Vice President. For the campaign, that is the big question. It looks like the campaign is on hold to a certain extent. The president has had to cancel events coming forward. Thatnot know about events were some out on the calendar, if he was feeling well enough, what he do them and when people willing to go to them . Would other people step in in his wake . The Vice President who has tested negative, some surrogates . The next two debates coming up, will they go forward . They are two weeks away at this point. It is really a campaign on hold and a lot of Big Questions about how you move forward 30 days away from an election when you have a president who has tested positive and has mild symptoms. David we all wish the president well. Whenever we think about politics, everybody has to wish the president and the first lady well. No matter what happens, we have just over one month left in his campaign and it will be hard for him to do those big rallies and do in person fundraising. Obviously, echoing what you said about wishing him and the first lady well and a speedy recovery, it does really put a hold on the campaign. Here is a president who likes to be out with the people, he likes to hold these big rallies, he was at a fundraiser in new jersey yesterday. All of that is on hold. This is what the president does not want to be talking about because the question now is, if we cannot protect the commanderinchief and his closest advisor, the first lady, how can we protect all of us . That is not the message the campaign or the president wants o send. Most importantly, when the president is recovered in the first lady, and he is able to get back to campaigning. David the president has been stubbornly behind seven points, nationally. He seems to have fallen behind on the fundraising side. I think that is part of the reason he went to new jersey yesterday. He was hoping to get some big donations with persontoperson greetings. Does it put trouble into his funding . Jeanne it does. Democrats raised money off a debate and he went to new jersey to raise money and he is behind and we have known that for several weeks. The campaign is running behind with what type of funds they are able to raise. Without the president , the person i want to give to and the person they want to see, you wonder how they can continue to raise at this point. This is uncharted territory. I cant remember a time in american electoral history where we have seen a scenario like this. Anything could happen. At this point, it is hard to imagine the president could go out maybe surrogates go out and fund raise but i think it is hard. Bys is a president is behind some estimates and some swing states like pennsylvania, upwards of eight or nine points in some polls. He needs to close that gap. That will take a lot of time, effort, money, and now he is not feeling well. David it is not easy from the biden side, either. How does former Vice President biden react . We saw him tweet out and wish the president and the first lady good wishes, but what does he do . Does he suspend campaigning . Doehas that been done before . Jeanne i dont remember that being done. Backt know if they will off of doortodoor campaigning. He and the campaign had been more reluctant than the to campaigncampaign in traditional facetoface ways. They were starting to step back from that and now this news hit. I think the Vice President is going to have to rethink how he goes forward at a time when he really wants to be out talking to people. The Vice President has been managing this in a very safe way, mask on, distanced, i think he is better situated to continue along where he was then the president s campaign the president when into be out facetoface and he cant do that. David it is too early to know what will go on with the debates, but as a practical matter, is there a chance the president ial debate happens much mark jeanne it is hard for me to imagine it does print a lot will depend on the next five or six days. How the president feels, how his doctors report he is feeling. If he has symptoms, do they go away . Do they get worse . Hopefully not. I think it will be a while before we know for certain if he is able and ready to enter that debate. Of course, other people who have to be in that room, do they feel safe, including the former Vice President . S in are a lot of if Campaign Season that has been jawdropping. David what happens to the government . There is a stimulus bill and a possible confirmation hearing for judge barrett . Jeanne the republican state they will go ahead with judge barrett. I think there will be a reason for democrats to put the brakes on that. She thankfully tested negative. Between her, her people, the white house and people on capitol hill, i think they will have to be cautious and think the democrats will have a reason to slow this down. We were just getting some movement on the covid relief bill in the last 24 to 48 hours. That too may stall for the American People that are suffering and waiting for the bill to be passed. Then the question, if the president does not feel better and feels like he cannot govern, how will we have rules of succession that will be put into addressed. I will say if it wasnt a one Issue Campaign before, it will be now. I think so. David have you with us. For bloomberg first word news. President trump 74 years old, overweight and male. Factors that put him in a higher risk category for covid19 patients. Experts say those factors make him more susceptible to complications than his wife, is 24 years younger. The white house says the president s case is mild so far come with cold like symptoms. In a tweet, first Lady Melania Trump wrote she and her husband are feeling good. Joe bidens Campaign Says the nominee and his wife have tested negative for covid19. In august, the biden Campaign Said biden and his running mate would be tested regularly. Mr. Biden was on the debate stage with President Trump for more than 90 minutes earlier this week. Earlier today, the former Vice President tweety he was wishing President Trump in first Lady Melania Trump a speedy recovery. The covid19 diagnosis will not affect the timetable to consider the Supreme Court nominee. Mitch mcconnell says the senate will vote on judge Amy Coney Barretts confirmations very soon and that he does not anticipate anything that what drove the process of schedule. Four days of hearings are scheduled to start october 12. Global news 24 hours a day, online and at quicktake on bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. This is bloomberg. David markets been reacting since news first came President Trumps diagnosis of covid19. There to help us understand and what it could mean for investors globaln levitt, invesco market strategist. We first had you on it was to but more about the global now we will talk about the president and the first lady. Brian volatility is up and markets have been selling off. I have these indicators that sense where we are in the Business Cycle from a market perspective. Good news is that Inflation Expectations are largely steady. The dollar is up a little bit but not surging. We see commodity down and high yields off a little, but nothing extreme that would suggest that the market is significantly overreacting to this. I think a pullback in equities is expected. Any policy uncertainty creates volatility in equities. At things like darl and foul and borrowing corporate costs have stayed the same. David when i last looked at the vix, it was up but then came back down. Brian that is correct. What ends up happening is these things happened overnight and you wake up to significant signs of volunteer t volatility in futures down. The white house is saying the case seems relatively mild. We will track that and progress that over time. We will also see some signs and indications from nancy pelosi that perhaps some type of fiscal yield may emerge out of the. It is too soon to suggest yet but it could be a Silver Lining theome support comes for nations and businesses. David we spoke to nancy pelosi and she said she is hopeful, but there is a long way to go and a fair amount of distance of where she is and her republican counterparts are. How is the Market Pricing fiscal stimulus in . Brian they are still largely skeptical that a fiscal plan may come through. That is why earlier, some weeks ago, we had seen more economically sensitive parts of the market rise to the floor more recently in the last few days more than the growth oriented stocks. And that market, you would expect global stocks outperform in a weak economic world. If the work it were forecasting more stimulus, more support, you have seen more economically sensitive names to continue to be the winners. That has not been the case. David lets look out to the election and passed the election, to what extent are the markets acting of a possible biden presidency verges trump presidency. They seem to have wide differences. Brian they do. The betting odds have shifted more overnight to a Biden Victory or a democratic sweep, although, i would caution investors about getting to overly positioning portfolios too much based on what they think the outcome of the election is. I know we always try to size this up, although it tends not to actually happen. You remember back when trump one in 2016, a lot of investors thought energy would be the out performers, but tech remained the persistent outperform or. It tends not happen. You would think at this point if biden were leading and his odds were increasing, you would think that you would see things like Renewable Energy or International Equities re Municipal Bonds be once, but i dont think we equities, Municipal Bonds, but i dont think we are seeing that. The betting odds went overnight up but i think it will not progress over the next few days. David in a different world an area you might think the bond market might move because biden wants to borrow a lot of money. Given what the fed said, does that kick that off of the table . Brian the fed will keep shortterm Interest Rates low almost indefinitely. You would expect longerterm rates to move as the trajectory of the economy improves. Tenure Interest Rates 10year Interest Rates is overbroad given with a likely growth trajectory is. We, stage an recovery, Interest Rates should start to trend higher if you have a fiscal deal and greater spending from a Biden Administration to support that, then you would expect to see Interest Rates move higher, but i would not expect substantially so. Trend growth in this Company Country is about 2 . The 10 year rate is 10 basis points. It should move back closer to two point 2 , but that will depend on the ability to contain covid and interact with the economy. David either whether or not it is President Trump or president biden, are the markets reacting to the possibility that it wont be over november 3 . Brian it may not be over after unfortunately. We lived through this in 2000 with gore and george w. Bush. Election to of that the middle of december when the Supreme Court ruled, the market was down 5 . That was a different environment, because we were in the early stages of the recession, fans had just raised rates the fed had just raised rates. To the extent we dont know the outcome for a while, you should expect volatility in markets. I would advise investors always ask yourself two questions over the next couple of years, do you expect the economy to improve and do you expect Monetary Policy to be supportive of that . I answer both of those questions emphatically yes right now, and that doesnt change if we dont know the outcome of the election for a handful of weeks. Your inally, what is is your advice to investors are they seem to be sitting on their money today. Should they be reluctant . Brian i dont think investors should be reluctant to put money to work. I believe that investors put far too much emphasis on elections. I have been alive 44 years. I have lived through every president up through donald trump. Every president in my lifetime with the exception of george w. Bush has not only experienced positive returns in the market but positive doubledigit returns in the market. When you are getting positive doubledigit returns in the market, that is a double every seven years or faster. Investors not allocating because of elections are pushing back against that history, which suggests that markets tend to go up over time and tend to do just fine regardless of which party or which politician occupied the executive branch of government or the white house. David thank you for being with us. Brian levitt, he is the Global Market strategist at invesco. We will have more coming up on wall street week. To ohioto ohio and talk rose. Tary of state frank la this is balance of power on Bloomberg Television and radio. Bloomberg television is brought to by vasco qqq, supporting the innovators changing the world. Distributors incorporated. David this is balance of power on Bloomberg Television and radio. Im david westin. We have been looking at ohio as part of the swing state for the election. They look to play a larger role given concerns over covid19 and increased reliance on absentee ballots in many states. Today we welcome the ohio secretary of state, republican frank larose. Give us a snapshot of where you are in the voting process in ohio. How many absentee ballots do you have and how will you process them . Frank it is important to know there agree there are three great choices. This is not something new. Amidlose to three decades, ohioans have had that choice. We have already had over 2 million ohioans request absentee ballots for the first week in october. That is more than double what we have seen in any election in the past. Ohioans of early voting. We dont have to wait for election day. It begins this coming tuesday at 8 00 a. M. If you like the in person experience, you can have it starting this coming tuesday. The polls will open at 6 30 on election day in a safe and healthy environment. David it sounds like you are making it easy for people. Give us some sense of deadlines. On the absentee ballots requested, when do they have to request it and when do they have to get it to you by . Frank the good news is a lot of people are already doing it. The losses you can wait as late as the saturday before the election. That is a bad idea. We are saying do not wait until after october 27. If you didnt get the form we mailed you, you can print your own and you can go instructions for how to make your own using a plane blank piece of notebook paper. That is something ohioans should do. If you are going to mail in your ballot, dont delay. They will start going out october 6. As soon as you get it, you should fill it out. You can track your ballot online and make sure the board of elections has received it. Monday, november 2, it has 10 days to arrive at the board of elections. One other important deadline is voter restraint just a voter registration. You have to be 30 days before the election. This coming monday is the last day. At can do it online voteohio. Gov. David you say 2 million so far of possible mailin ballot. When do you start counting them russian mark how long until we know what they are . Frank in a while, we can start to process them immediately. Once the board of elections receives it, they can open it and verify the signature and flatten it out. And then as soon the polls close at 7 30 on election night, we can begin tabulating them. The first results we start to get in ohio are those from the early and absentee votes. In some states they cant even cut them open until election day. Thankfully, ohio will be ahead. David there has been a lot of litigation around the country. Some say there are 245 lawsuits already. How are you doing in ohio . Hask unfortunately, it become something we have to expect. Some come with a certain partisan motivation behind them. That is unfortunate. Some lawsuits people file five to six weeks before a president ial election cause concern. I am not getting distracted by any of that. Our eyes are on the ball and the work we have to do. We are recruiting poll workers and making sure the board of election is ready. We are getting Accurate Information out to voters. The Legal Process has to play itself out. David you have gotten involved in at least one lawsuit. It has to do with adding drop boxes. What is that about . Frank this has gone back and forth at Different Levels of the courts. In ohio, the lot is very clear. Do with the clear wording of the ohio revised code says and it says that ohioans know when it is time to return the ballot, the right way is to mail it in. That is the way ohioans have done it for a long time. Now all of the board of elections have a secure 24 7 dropbox. That is a planned me if you dont want to mail it in your you can drop it in a secure dropbox. That is what the law allows an that is what we are doing. David the big story of the day is the diagnosis of the president and the first lady with covid19. It raises the question for everyone of how covid19 and the seriousness of this may affect the voting process in ohio. Frank we keep the first family in our prayers as well as all americans that are dealing with the ramifications of this deadly and dangerous virus. Election day is going to look like election day has for a long time. When you show up at the polls will be greeted by the poll workers and they will smile but you wont see it because they will be wearing a mask voters are wearing a mask. Voters will be Wearing Masks as well. We put out a checklist for the board of elections with clear instructions, spacing machines, hand sanitizer, making sure we have shields in place where the haventnd poll workers indoor and outdoor separate. If you feel comfortable going to the grocery store, should feel comfortable coming to your pulling location. David as a republican, mr. Secretary of state, do you think the elevating of this covid19 will affect the results in ohio one way or another . 19 covid19 being the number one thing . Frank i think we are going to have good turnout in ohio. Secretaryet with my of state friend from michigan. Our wager is about voter turnout and i know that ohio will surpass the number that michigan has. In all seriousness, we want to see ohioans in record numbers we also know we will have record absentee votes. We have learned a lot and has made elections administrations stronger in ohio. I just concluded a talk at the weekly meeting that we have and this is the last of the ready for november task force meeting. None of us would have wanted to go through this, but as a result of this, ohios elections are stronger and better prepared than ever. Im confident when the final results are tabulated that it will be the voice of ohioans that were heard in our elections. Pleasure having you despite the cheap shot against my wolverines. I will put that aside. That is franklin rose, the ohio secretary of state. Larose, the ohio secretary of state. Lance of power. This balance of power. David this is balance of power on Bloomberg Television and radio. Im david westin. One big piece of news, former Vice President joe biden has tested negative or covid19. We go to our reporter with the biden campaign. Give us a sense of what the reaction to the news overnight of President Trump having covid19 is. It comes just days after Vice President joe bowden was facetoface with donald trump. They did adhere to social distancing. The first thing they did was get a test. All of the aids that were traveling with the campaign. They are thrilled that both joe and jill biden have tested negative for covid19. That. Really appreciate now it is time for a check of the markets. For that we turn to abigail doolittle. Abigail a topsyturvy day with the western world waking up to the surreal and sad news of President Trump and Melania Trump having tested positive for covid19. As the day has progressed, we are off of the lows. Futures were down but the dow is fluctuating and trying to turn positive as investors now assess what could this news mean for the outlook. Stocks in trade were hit more suggesting some are looking at a more traditional role in suggesting that the initial understandable risk off from stock reaction may not last for any long period of time. It is the fact you do not have a bid for havens or a bit at all. The yen is about flat. Gold is down just a bit. David vix is up . Abigail slightly, but not all that much. There is not a panic in the market. It suggests we will continue to see more volatility around the election. If this were a true risk off day signaling the sad event somehow immediately affect the corporate outlook, you would see a big selloff, investors rushing into bonds and the yen and the vix spiking. We actually have the s p 500 up or than 1. 5 on the week, heading to its first up week since august. The first in five weeks. There is the bright spot with the unfortunate news. David i understand materials is up for the moment. Why is that . Abigail they are flipping around. Industrials are now leading. Some may say that is encouraging, the fact that you have the cyclical sectors trying to rise to the top that would signal a real rotation into the recovery stocks and sectors. Industrials up the most, right behind it materials which could be positive around commodity. Yesterday, we had the selloff, not a good event for wrist asset. Today, commodities and materials higher. Nergy right now of 1. 2 that sector under tremendous pressure with oil plunging but today a bit of a recovery. David thank you so much, abigail. In our second hour, we are going to speak to an expert in election laws. Balance of power on bloomberg this is television and radio. This is balance of power on Bloomberg Television and radio. From the city of london, bloomberg real yield starts now. The big issue, the president testing positive for the coronavirus. It is shocking news. Central issue here this morning is continuity of government. We are in a world of unusual uncertainty. It raises a specter of uncertainty. What does it mean for the election and stimulus . Is stimulus. It is desperately needed. The markets are going to force the government. Volatility is elevated. Volatility. Whether from the president s Health Situation this pandemic is still