Thattart to see some of speculation in smaller cap to midcap names. Keep in mind, the rebalancing of the indices, that actually took effect today, so you will see a lot of the smaller names move into those midcap and largecap, the russell 2000, the russell 3000. Taylor we are getting some comments from fed chair jerome powell. Congressional testimony tomorrow. He is saying the path forward is extraordinarily uncertain and really hinges on this virus. Untilecovery is unlikely people are confident it is safe. Incoming data beginning to show a resumption of activity. A new phase is sooner than expected. Millions of jobs are still lost. He is repeating that the fed is still committed to using a full range of tools. Below,y keeping rates buying bonds as well. Romaine the other thing that is going to start to drive this is corporate earnings. Micron earnings crossing the wire. The three q numbers, adjusted eps, above the estimate for . 77 on an adjusted basis. For 5. 3. Are looking company had continued share repurchases. The q3 growth margins, coming in just around what the street was expect. Caroline lets get some more analysis now. Wells fargo acid judgment, head of asset equity. Perspective, micron doing well coming to earnings season. Patty you brace yourself earnings season. Is it already priced in . Is it going to be about the guidance . Many companies have suspended guidance. Lotink it will depend on a of what we are seeing in terms of reopening, whether or not. Tates can stay reopened ont we will see is the focus what investors are starting to believe, a new cycle or if we are entering a new phase that looks like its could turn into a significant slowdown if this looks like a new phase of growth within, both from a trailing and , therdlooking standpoint market will look cheaper to investors. Believe we are entering a new slowdown phase based on other changing dynamics with the election, they will be a different perception based on earnings. It will not just be about the e. It will be about what kind of multiple investors choose to put on it. Taylor jay powell, we know he is supporting the credit markets. Much of the recent rally in the equity markets can you also contribute to jay powell . Creditdo believe that indicators and having so much liquidity in the market has definitely cap the equity market strong everybody talks about the fed could play a significant role in the equity market. We talked earlier about bankruptcies. But most of these bankruptcies are not aing surprise. These were prior to the virus and they did not need to much more of a push to get to where they are today. We are seeing a lot of support both from the fed and from the government. Sorry, from low Interest Rates and then from the fed. We are going to see some companies survive much longer because of that. Caroline Wells Fargo Asset Management head of equities, ann miletti. That does it for the closing bell. Next on whatd you miss . We talk about fighting covid19 using artificial intelligence. This is bloomberg. Caroline from bloombergs World Headquarters in new york, i am caroline hyde. Romaine this is whatd you miss . Caroline we are up significantly across the main benchmarks. Thenasdaq at one point Dow Jones Industrial average, helped by boeing come up more than 580 points. That is even as the worst is yet to come. The head of the World Health Organization does not mince words. With dr. Kamran khan on tracking the vaccine through ai. And, leadership live with David Rubenstein and the vision the Activision Blizzard ceo. , lor lululemon to buy mirror, a work from home platform where you can exercise from home, certainly going to be getting a boost. After of lululemon up hours. Of this comes as we continue to talk about the virus cases, perhaps the rise that we continue to see and how we are eventually going to treat the virus and how you are going to pay for those treatments of the virus. Gilead coming out and saying this is a story we have not yet talked about. Remdesivir actually below some estimates, the drug could cost 5,000. They recouped a billion dollars in r d spends. On the other hand, underperforming stocks, as you can see in green and orange. Deep these generic drugs have been around for about 60 years, made by my land and made by mylan and merck. Joe has been writing about this, not only how to treat it. But we need to give them may be a little bit more credit. I wonder if part of this is frankly the death rate stabilizing to falling, particularly in states like florida. How are you seeing the rise of cases, yet stabilizing or declining death rates. That what people will tell you is that death rates are a lagging indicator not rise in cases are deathst resulted in the in the coming weeks. We really have not seen an increase in death. Texas, deaths have been going down, which is kind of startling. The second part of the answer, i think when the various governors say that the problem is that it is younger people who are not socially distancing, using the reopenings to kind of go to bars, places like that, they can in effect spread the virus because they are not protecting themselves, i think that is real. In florida, the age of the typical positive case has gone to 34. 5 you see younger people go to the hospital less and much less frequently die. It is not good that the cases are going up but it is not as horrible as it would be if it were a nursing home. Caroline it is interesting the ron desantis, he basically really manages to always say the wrong thing. 100 . Caroline if you ignore what he says, when he does you dont think is actually too bad as a process . The first thing is, he did a really good job of putting a ring around nursing homes. They test everybody and the staff every two weeks, they do theallow any visitors, even closest relatives, even if the person is very sick. The elderly deaths have been very low in florida. He probably reopened too early. He has been stressing masks, social distancing. He is stressing the same things they are stressing in california. The only difference is california is a blue state, they dont get the criticism. Florida is a red state, they get piled on. The truth of the matter is that every state that has reopened recently has seen an upsurge in cases. Frankly, we will see an upsurge, because it does not really matter whether you are blue or red, the virus does not care if you are democrat or republican. Romaine sure. I am curious, we know that as states reopened and people start to mingle about, you will see the spike in cases. Some scientists have been trying to pivot to different statistics like positivity rates that might provide more clarity about how severe that uptick is. When you look at the statistics that we are using, or more specifically that they governors or mayors are using, do you think those statistics are adequate enough to assess the longerterm threat of people sort of going back out . I dont. Positive statistics are useful. It does show that a higher percentage of the population are getting it. The most important statistic is the r number. That is the number of people you infect if you get it. Every state in the country is above one that is, if you are a floridian and you have covid, you are likely to spread it to 1. 5 people. Every single state has been so get theto get reopened, economy going, that they are all over one you sort of cant blame them they are all facing Economic Disaster and trying to avoid that as much as possible. Romaine definitely a lot of folks trying to blend the Economic Impact here. Coming up next here on this program, we will talk to the Software Company that picked up signs of the coronavirus before it even had a name. Bluedot. We will talk to the ceo, dr. Kamran khan, about how his firm is using mobile phone data to track infections. This is bloomberg. We have been in conversation with facebook about highest level including Mark Zuckerberg and Sheryl Sandberg over two years. It is vital that this form take necessary precautionary measures. We have seen within the last month individuals reading up on facebook, that plotted and murdered federal Law Enforcement officers. We know for a fact that the platform was used. To purchase assets to purchase ads in the name of black lives matter. There is a necessity to put guardrails in place. Facebook has the technology, facebook understands how to address this. Toa nation, we have to move the question of rate move the question of race above the question of partisanship. Those things cannot be equated as equal. For us to protect our democracy, this behemoth of a company must be more accountable. What has facebook tell you . They know there is a problem. They may in some cases very rarely acknowledge there is a problem but we have not seen solutions that have led to outcomes. Many organizations, Antidefamation League, color of change, naacp, have been calling for the same approach to do something to protect american citizens, to do something to protect our democracy. The is the problem with lack of accountability. There is no Regulatory Agency that can oversee this. Boardis no stockholder or of governors that can put something in place. This is where you have a runaway train and that is causing harm to the public and our democracy. The pandemic, it was a post a boast of the president that black unemployment was at the lowest in history. What, policy wise, would you like to see enacted in order to reduce the inequity in the labor market . We have to approach the policy Structural Racism that has been embedded in our system when Social Security was enacted , southern politicians were able to get an exemption that Agricultural Workers and Domestic Workers were exempt from the program. We lost two generations of workers, africanamericans, not even qualified for Social Security. If you look at that one example and wrap that up to current, we where itt of examples as ated our Ability Community to advance. Romaine we were listening to the and aa cp president and ceo Derrick Johnson speaking to vonnie quinn. Using ai to track and anticipate the spread. Digital Health Startup bluedot was among the first to detect the virus. I want to welcome in kamran khan , blue dot founder and ceo. Thank you for being here. ,our company, your technology came to a lot of folks Public Awareness late last year when it was used to detect an outbreak of what was then called aeumonia cases in neighborhood in china. Useds the technology being to track the progress we are either making or not making . You are right, the platform , locally and globally. More recently, we have been focusing on mitigating risks of local transmission within communities. A lot of this has to do with the fact that, as we have learned, this is a virus that spreads from person to person and population movements are a predictor of how diseases spread. We have been involved in working with the government of canada, the state of california, a local governments, to show these trends, not only in local communities, but as we see transmission for example in the u. S. Increase in different parts of the country. In certain parts of the country, cases are cooling down. How that mixing is taking place. The is ultimately to inform Public Health community so that they can use these insights to mobilize the most effective and efficient Public Health responses. You are working with governments and private companies and Industry Groups like the Toronto International airport. How is the airport deploying your statistics of your data, ensuring that as you are traveling through an airport, you are less likely to see covid19 rapidly spread . Speaking specifically to the private sector, we have started to work or with private enterprises, the travel sector being an important one. Covid19 has absolutely revealed that outbreaks can emerge quickly and spread rapidly and have profound health, economic, and social consequences. Theel, this is essentially conduit of how people move around the world. We have been working, fortunately we have been fortunate to be working with Pearson International airport. They have a healthy airport initiative, to help offer them this global realtime Situational Awareness of epidemic threats. So they understand how they might disrupt their business, how they might impact the safety and wellbeing of their employees and customers. We have learned with covid19 that time really matters. Having this type of timely intelligence becomes very important, not only to protect their own interests, but ultimately also relate to protect the interests of everyone around the world. Airports,rking with private Sector Enterprises you talked about, what are some of the Practical Solutions that are then put forth after using the ai software . You can sort of see the data and how people are moving and spreading. There are a number of examples. Now,e starting to come in as we work with the travel sector, we are learning more about how they can perhaps insights intor specific actions and responses. Even knowing that there is an important outbreak happening can offer insights into crew or staff that they be in that location, or how a disease or outbreak is likely to spread through commercial air travel to another geographic location. A lot of that is around going to the Occupation Health and safety entities within these organizations but also thinking proactively about travelers, if they are manifesting symptoms, to be aware of an outbreak, and more broadly to be thinking thet the impacts to operations of these organizations that are ultimately transporting people across the planet. It is really ultimately think about enterprise risk management, the safety of employees, the safety of customers. This is how these organizations mobilize this intel to these types of responses. Caroline thank you so much for explaining him bluedot is helping crack the covid spread. Withg up, leadership live David Rubenstein and the Activision Blizzard president bobby kotick on the challenges that the covid19 crisis has created for the gaming industry. This is bloomberg. 49. 50 i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Xfinity. The future of awesome. Months of lockdown fueling videogame sales. But as the Global Economy reopens, will gaming continue to be a bright spot. David rubenstein is speaking with the head of Activision Blizzard right now on leadership live. David thank you for joining us. Runyou have built, and you the largest Gaming Company in the world video Gaming Company. It is Activision Blizzard. You started it many years ago. We will talk about that in a moment. Hass talk about how covid affected your company. I think most people probably presume that when people would be staying in their homes, that would be great for the video gaming industry because people have lots of time on their hands. Did that turn out to be true . Abby of course, this is not good time for anyone. But, what we have seen is a noticeable increase in gameplay. Audiencefor 50 of our is female, 50 is male. We have seen across all demographics is increase in play that i think is keeping people more safely at home. David you said 5050. I am surprised to hear that. The presumption often is that it is young teenage boys playing video games. Is that not the case . Bobby our single Biggest Community of players is actually 2549yearold women who play games like candy crush. Ok. D so, when covid19 is over, is it your expect tatian that video gaming your expectation that video gaming will go down . Bobby it is hard to know. One of the things we have seen, there are a lot of new players, people who probably have not been passionate game players before, were finding a lot of joy and satisfaction from gaming. The other thing is that gaming has become a very social experience. People have headsets, microphones, video, and they are playing games against people around the world, competing against each other around the world. It is not just a traditional form of gaming. It is much more of a social experience. David a white 70yearold private equity specialist could learn how to play video games and enjoy it as well. Bobby i know you well enough to know that if you set your mind to anything, you could accomplish it. If you have any interest in becoming a professional videogame player, i would be your coach. Talk about how you have been running the company from your home. Beenhas that experience like . Your company is based in santa monica, california. Is that correct . Bobby we have six Business Units. One Business Unit is headquartered in santa monica, one in irvine, one in london, then a few different places. Based inte in i am santa monica. David you go to the office, you have people you are telling what to do, they are giving feedback and so forth. What have you been doing now . Is it hard to do this or because you are so used to technology, t