Liz i do think spreads are important to watch. We always know theres a tight connection between the credit markets and the equity market. Especially high yield vs. Equity and i agree that when spreads got as compressed as they did, there was probably not sufficient compensation for those hotelers for the likely risk. Were seeing in it bankruptcies, which have spiked back up. They had a spike in may, leveled off and theyre picking back up back to 2009 levels and i do any what happens with spreads and more broadly in the credit markets, as it did in the march time frame will inform what happens in the equity market. Equity investors need to have a particularly close eye on the credit markets right now. Were seeing about a 50 uptick in terms of your average trading for the nasdaq. And what are you expecting for next week . As renee was telling us earlier, were heading towards a shortened week. Early data on the labor market only thursday because of the ourth of july holiday weekend. Lils i think when you have a holidayshortened week, to the extent the week weakness were seeing today persists and you run into a long weekend with traileders and institutions wondering when they want to keep positions on for three days rather than the normal two days. You could potentially see some volatility unless the market set lings down in the early part of the settles down into the early part of the week. And then the following season takes on an increased amount of importance. Not so much for what will be reported in the sarbgt but if theres any, and i dont mean reinsurance institution of the reinstituting the provision of guidance but any kind of clarity they could provide on what the second half of the year looks like. I think thats the next big phase for the market is earnings season. You talk in your noilts about chasing returns. Would you say the big runup, recovery weve seen in the equity market. How much of this could be rebalancing a portfolio . Lids liz ann there could be some of that but the other thing is about how individuals are appropriating the approaching the market. Were big believers in all the tried and true things around deversification and periodic rebalancing. But many will rebalance base on the a calendar. They might do it on a quarrel basis or an annual basis but this may be the time of market that you react in terms of let your poet formalo tell when you to do something. Weve compressed an entire market psych until a few months pfment. Which gives you an tufrlt to trim into strength and weakness. Having timing being the driver in the timing of rebalancing. Romaine for folks trying to do that, weve had a lot of discussion over the last couple of weeks about the reemergence of the Retail Investors and what impact they may or may not be having on the market. When you look at money on the sidelines and whether its coming back into the market. Are you seeing more participation broadly amongst Retail Investors and nevin some of the larger furnleds in getting back into the market or ro people sitting this out . Liz ann obviously theres been a terrell amount of attention on newly ninlted smaller day traders. I wont need name any names but apps which isnt necessarily a full picture of what the Retail Investors are doing. What weve seen is caution from that coword of smaller investors and the interest has been less on the equity side, more on the bond side. That said, we are seeing new hoes holds households become investors and even our data is skewing to a younger demographic so if we step back and try to find the Glass Half Full here, it is, i think, hopeful that we were attracting younger people to the whole notion of investing. In the last cycle there was an assumption that we were never going to get younger folks interested in investing. Its a homeful sign that that pp of the last cycle perspective of the last cycle may not be true but were not seeing the kind of speculation in bankruptcy stocks or the Options Market as some of the headlines around other cohorts. Taylor im interested in your also, his ann, on the lils, ann, on this u. S. Dollar. Is that just a shortterm blip . Will we see weakness once again and what does that mean in terms of u. S. Stocks vs. The rest of the world. Liz ann were not anticipating a Huge Movement but in the near term, the path of least resistance is probably still on the down side and part of what the fed has done asless end the sort of rampant demand on the dollar. That eases some of the pressure on the upside of the dollar. I think in the near term were probably looking at a bit more downside but nothing more significant. Caroline liz ann, always great to have on a day like this. Have a wonderful weekend, stay safe. That does it for the closing bell. But whatd you miss . Is up next. Well be speaking with huw evans on the future of live events. This is bloomberg. Welcome to World Headquarters in new york. Im caroline hines. Im Taylor Romaine and im romaine bostic. Whatd you miss . . Caroline covid19 cases continue to rise. Texas and florida halting drinking in bars. Arizona reporting a surge in infections, that as the u. S. Copes with a worsening coronavirus your and the future of live events. Well hear from huw evans later this hour on concert in the age of covid and how the community is again uniting far great cause this coming weekend. Taylor, take it over in terms of the virus cases surging worldwide. Taylor its not only whats moving markets but what was moving us earlier today with a reemergence of that virus task force with the president and Vice President. It is a sobering view at some of the data. Global cases continuing to rise. Were looking at one of the biggest onedale increases in new case. Here to bring us clarity is bloomberg opinions max nissan. Im curious about the sobering data is that you have 50 states making 50 different decisions. Backs plaques yeah, i think thats a huge part of the problem that there was never a sort of coheernlts national response. To the extent there was, there was that 45 days to stop the spread but those were only guidelines and guidelines that werent nationally enforced or followed either in shutting down or opening back up and i think youre starting to see the consequences now of states moving at different speeds and in several dayses quite obviously too fast. Romaine you have a story on the bloomberg terminal featuring some charts making their way around social media. Basically that curve that we were flattening at some point as essentially unflattened. Im curious as to what were supposed to reached into that. Particular when you lay that curve, and im talking about here in the u. S. , against some of the cumbings in other parts of the world, particularly europe. Max yeah, its not at all a flattering comparison and i think that one of the major difference obviously many things contributing to this gap but one of the biggest ones is we sort of stopped at flattening in curve in many states as opposed to crushing the curve or getting a really sustained and consistent downward trend in differences in the number of cases spreading before opening broad lip and we just sort of opened in many cases right on the other side or so at the top of the plalto and when you do that when you have a certain amount of spread in a community, it just makes everything harder. It creates more opportunities for the virus to spread and i think that sort of serves was one of the big differentials. Many European Countries have been able to reopen much more successfully and i think one of the big reasons is they waited to move into phase three openings until they generally had gotten their curves not just flat but way down to the other ide, way down. Caroline were watching in horror as covid19 was ravaging countries such as spain. Now travels banned going into the effort unfortunately. How long could this last in the u. S. If we have this disjointed approach with fouly coming out asking people to take personal responsibility. Weve seen different people asking everyone to wear masks but very different viewpoints from very different local governments. Max i think its going to be, unfortunately, a long time, weeks or longer before this gets turned around just because thats how the virus works. Theres a fundamental lag in all of these numbers. Just looking at infections, youre looking at tests that may have been a few days ago, infections that may have occurred before 1 2. And when youre talking about calls for individual responsibility or upticks in mask usage or closing down bars, that will take quite a long time before its actually reflected in the data in the number of infections if people actually follow that advice and do better on scansing. There are going to be absent more stringent measures, it will be a pretty slow turnaround, i think. Care taylor would National Mask wearing do much to help . Max it would depend on the percentage of people who followed it. Masks help. Theyre less effective, for example, than just generally staying six feet away from people but when you do end up in crowded situations, go to stores, they do help. It can hurt and to the extent that people abide by it, it probably would cut the spread over the long run. Unfortunately, somehow thats been politicized in the United States. The polite act of wearing a mark. Romaine thats one thing were good at doing here in the united tates is politize things. Max, be well. Next, were going to talk about communities banks and how theyre providing a lifeline for a lot of Small Businesses during this pandemic. The chairman and c. E. O. Of the American Financial exchange is going to be on talking about this and more. This is bloomberg. Romaine welcome back to whatd you miss . Lets get a quick check of the latest business flash headlines. Microsoft closing all of its physical operations, part of a strategic change. Theyre going to keep investing in digital storefronts on its website but plus stores offered in ex box. And the raper now going to have his own line of clothes for women and kids, kanye west. Called easy gap. What else . The news has shares soaring too. Its going to put his upscale combranled in a broader market. And at costco, a little bit of a puzzling and bitter moment out there. The chain has confirmed its no longer going to sell its famed halfsheet cakes. A multipound creation thats been the star of many kids and adults birthday parties. It is related to the coronavirus pandemic. The company citizen it will cut down on personal contact and increase social distancing and that is your business flash update. As someone who has a birthday coming enough about three weeks, this is a little alarming. Am i not allowed to celebrate . Caroline this is exactly what we were going to get you. I already had the order. In what were having to get you as a team is a round cake which apparently the icing taste as bit too waxy. Im worried about in. Taylor you wonder if it helps social instancing. Because when you see that sheet cake it fetes so fits so well around your hand. Round one is not as enticing. Romaine have you seen those with a sheet of wax paper in between each slice in caroline dont worry, im going to be baking. All crisis averted. Have an individual muffins. Romaine a sheet cake. 15 by 30. Like 400 mill meters in britain speak. Lets switch gears and were going to talk about lebron james. There was that big interview that our own jason kelly had with him. Lebron james talked about ali growing up and his success in the ring and what he accomplished outside of the ring. Lebron and his partner maverick carter spoke with jason kelly in part of that interview done back in february. Take a listen. Lebron everybody was so fascinated by how great a boxer he was. I think that was the least thing in his mind. I think every day he was trying to figure out how he could better the world and the people around him and make a change for the good. I think 80 , 90 of people didnt agree with anything back when he was doing it but he didnt stop. He stayed focused on his mission. Thats what we talk about what is your mission . There are going to be people that agree and dont agree at the time. More than likely there are going to be more than half that dont agree but you cant allow that to stop your mission and for ali to do the things he did and the time he did it as well, being africanamerican during those times, it doesnt and the fact that we can see it and it was capture and would we can watch it and see it and read about it, i dont think we deserve it. Jason right. This notion of empowerment, and massive alluded to this at the top of the conversation. Youre a leading voice in that youve changed the nba in a lot of ways. Youve changed the dynamic between players and coaches and players and owners. Why do you think that happened . What was the moment or was it a Natural Evolution of who you were . Lebron um, i dont know. I dont look at it like that. I make my decisions based upon me and my career, my family and if its changed the land scale of something then hopefully for the greater good because i only game to be at to great while im in it and even better when i live it. Hopefully its bettered the game and inspired the guys after me to continue to make the game the greatest game in the world, anytime. Jason we have seen an evolution and maverick, maybe its more comfortable for to you talk about lebrons impact there. The nba, by many accounts, has changed more dramatically by than other professional sports, largely driven by the prominence of certain athletes and the athletes ability to be bigger than the game. Why would you think that is . Maverick part of it is the Natural Evolution of life and the game of basketball and all the people involved. From the late great david stern, magic and larry to all the brands that are involved in basketball and in the nba, now to adam silver, up to players like lebron and new owners. I think its been mostly a Natural Evolution but also the people at the top of the sport, the superstars like lebron, people like adam silver being ok with change and pushing the envelope a bit has been a big reason i think i think, you know, no player is bigger than the game. The game of basketball is obviously a global sport. Its big business and the nba goes on, right . Lots of plarlingse come and go and the nba keeps going on but i think, to your question, lebron s point is while hes an nba player, and hes been playing for a long time and got who knows how much longer to play is while hes playing to have the greatest impact he can to push it forward to leave it in a better place for the next fleets that are coming in and then its their job. Its their turn. They have to do it as a player and lebron becomes an owner and whatever he decides to do it he can do it from a different angle. Jason maverick opened up a door as well. Do you want to own a team some day . Lebron it would be great. I do want to stay around the game. I love the game of basketball, all its given to me and if i have a chance to own a team, be part of a team, that would be amazing. We shall see. Carolyn caroline you can catch his full interview tonight at 7 00 p. M. Eastern. We know that the c. E. O. Was leading a town hall earlier today. Listen to what he said. The policies were implementing today are designed to address the reality and the challenges that our country is facing and how these challenges were showing up across our platform, our commufrpblte. I am committed to making sure that facebook remains a place where people can use their volleys to discuss important issues because i really believe that we make more progress together when we can hear each others perspectives. But i also stand against hate or anything that incites violence or suppresses voting. Were committed to removing that contents too, no matter where it comes from. Caroline that was Mark Zuckerberg earlier today. Facebook took a tumble in fridays trading. For its approach to tackling hate speech and misinformation. Twitter also dropped they were dropping back from that particular platform. We welcome rich greenfield to discuss light spread partnerings. Your take on this move, however how important, these thoughts on advertisers pulling back and joining the socalled boycott of facebook . First after off, you have to realize what actually happened. With unilever, theyre only pulling their u. S. Ads and 09 of what they spend is oversales. So the Financial Impact of this is actually relatively modest. Youre probably talking million for verizon, maybe 12 impact, 13 million in the back half of the year for unilever. This is not about the dollars. This is about signaling to the streak street. Just remember, if a handful of advertisers pull their ads from facebook, facebook has 75 billionplus of revenue and eight million advertisers. So people that are advertises are not really the unilevels, its the millions and millions of Small Businesses all around the world. That i have dont have a lot of choices. They just dont go shift their avepleds to signal chat and other platforms as easily. I think it sounds a lot worse than it actually. Is what really surprised me is anyone is pulling pulling their ads from twitter because of that because twitter took the leadership position and thing many wayles forced facebook to get to the conclusion theyre at now. Romaine yeah, obviously a big chunk of their money from advertising. We know advertisers are always going to gravitate to where the most eyeballs are. How does the social precious of wanting to have better content or less inflammatory content square fact that some of the most incendiary content is what draws the most eyeballs . Theres always going to be that tension and twitter has tried to provide alternative view points so even if you follow youre liberal, youre going to get a little bit of a conservative viewpoint through the algorithm and the reverse. The fear is you hear more and more echo chambers based only what youre interested in. The reality is twitter has tried to take a real leadership position in making it clear what is unacceptable. Laboring, even hiding in some cases frankly, we were shocked that facebook came out a few weeks ago following the president s tweets. We thought facebook would follow what tutor was doing and i am glad they are finally doing it today. It was surprising it took so much pressure from advertisers and public discussed with facebook to get them to shift their opinion. I think this is a lot better. Im just surprised it took them this time to actually shift, literally do a 180 in terms of their viewpoint on this issue. Taylor its interesting that you and some of the other analysts, particularly on some of the