Less. The 30 year yield is interesting, it had a six basis point move earlier, probably the largest we have seen in any part of the curve recently. I want to point to the European Bank stocks index. It isn 6. 3 index down 6. 3 on the news of how banks are money laundering. An agency coming out saying this all proceeded their 2017 deferred agreement. We see how it progresses through the month. One stock to point to is universal health services, just an example of how Health Care Insurance and hospitals in particular are selling off today. Lets bring in Bloomberg Intelligence chief equity ategist jason Martin Adams Gina martin adams. Gina, if that had been your contention, how do you add in the death of Justice Ruth Bader ginsburg and how that will play out in the coming weeks and months into this market . Gina i think we already have a market that is pretty nervous about what is going on in washington with respect to the upcoming election upcoming election. Ago, we wereonth really pricing volatility to become more minimal once the election comes through. Our view is that 2020 is going to remain somewhat volatile probably through to the end. 2021,we start to see come but once stocks reach their peak, you historically see gains slow. Come and of august, we were due for rotation come and of august, we were due for rotation. Washington. Out of obviously this Financial Sector probe is adding to some nervousness on the part of the investment community. The thing you want to focus on is how broad is the decline. We are seeing some breath deterioration breath deterioration today, but prior, the s p 500 was only down 1 when you exclude tech. There is plenty of room to correct from what were pretty bloated conditions in august and we expect a choppy market continue market to continue right through the election. Vonnie it seems like every time we get elevated volatility, that is automatically lower for stocks. Can we also have stocks going higher with elevated volatility . And what you tend to find is that the late cycle rallies, known as melt up rallies or blowoff tops, stocks rise as volatility accelerates. You see average daily returns on the equity market increasing and you see volatility where the standard deviation of those returns increasing in the final years of a blowoff top. We saw this in the late 1990s and also in the late 1920s. There is very little evidence that that is happening now, even though we have had a very volatile year and prices are rising. You look at the last few years and basically prices have been flat with nearly 0 returns on average on a daily basis. Volatility has been high, but i think that volatility is a function of nervousness and a function of the ongoing sort of rolling collections we rolling corrections we have experienced since two thousand 16 more so than any evidence of a blowoff top emerging. Marty kaplan explained earlier today. Had that to do with the six basis point you saw at the long end, or is that another reason entirely . Gina i think that in the Financial Sector and general, there is nervousness around what will happen with Monetary Policy. How is Monetary Policy going to normalize . The fed has done their best to confirm that they will keep rates extremely low for a long period of time, but the equity markets seem to be more nervous about that outlook than the bond market. There could be a natural adjustment where markets come together somewhere in between. The equity market was nervous, the bond market was somewhat complacent. Maybe we need to have a volatility reset across the curve to recognize the fact that we do have some inflation pressures building. There is some improvement coming in the economy. I do not know how long the fed can keep rates suppressed in an environment in which inflation is starting to accelerate. Vonnie gina, what should we look out for in the coming days . If we had a no other if we had another day of selloff, should we expect stocks to start repairing those gains tomorrow . Gina it depends on where we end up in terms of our momentum selloff. We were waiting to hit oversold levels before we get more optimistic. This is the first day we have seen extensive, cross industry weakness in the s p 500 to suggest momentum may get to a by point, but we have three hours left in the trading day. I would use good old technical signals as good as anything for finding a bottom. You have to get a sentiment washout, momentum triggering extremes. Once we had momentum at overoptimistic extremes, it almost ensures you need to get to overly pessimistic extremes before you can start to find your way toward a bottom on the index. Vonnie i want to ask you about the banks, because certainly in europe we followed the index selloff. It is big today. It is bleeding into the u. S. Today. We have known about these reports for a long time. We may not have been able to get a close look at each individual report, but how damaging is this article that is obviously going to grow legs . Will there be more and more articles about this to these banks longterm . It is early days. I think we need to wait and explore and move through the reports and really get some more information before we draw too many conclusions. What i can say about the Financial Sector is there was not a lot of evidence of bankssm in financials or themselves prior to today, so we are starting to see some poor priceperformance in the securities, but there was no evidence of irrational optimism in the Financial Sector to start, so you would expect, as longtermis is not damaging, longterm true evidence of no various behavior in the financials, you would expect evidence of nefarious behavior in the financials, you would expected to be suppressed to start with, but it is too early to tell. I am no informed no more informed than you are as to the contents or the literally or the validity of the claims. Vonnie thank you. Gina martin adams there. Bloombergs chief equity strategist. Lets get to the first word news. Mark in madrid, police are stopping people coming in an out of some areas that have been partially locked down to try to stand stem europes coronavirus spread. Some 860,000 residents are affected. The measure has been met with protests from people who think that authorities are stigmatizing the poor. Spain is struggling to contain a second wave of covid19. Health Officials Say the u. K. Is on course for 50,000 new coronavirus cases a day by midoctober if urgent measures are not taken to prevent the spread of the disease. Isme minister Boris Johnson expected to set out for the restrictions tuesday, although the Health Secretary matt hancock says the government once to avoid a Second National lockdown the government wants to avoid a section a Second National lockdown. Boris johnson is fully recovered from the virus, which put him in intensive care in april. Jerome powell and Steven Mnuchin and will be girl by lawmakers tuesday on the need for more stimulus to short mnuchin will be grilled by lawmakers tuesday on the need for more stimulus. The focus will likely be fiscal policy. Time is running short for congress to agree on another round of spending measures before it shuts down ahead of the november election. Global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton. This is bloomberg. Vonnie this is Bloomberg Markets. I am vonnie quinn. Consumer discretionary stocks down more than 2 today as the likes of mcdonalds and duncan plan hundreds of store closures. Consumer demand is lower. Recentlyeme, though, opened a brandnew Flagship Store in times square and has plans to add an additional 450 stores over the next two years. Joins meersfield, ceo, from charlotte, north carolina. You are open officially a week in times square. Flagship inassive times square when there are no tourists right now . Mike we have been working on this new york shop for over three years, and clearly, as the d, we delayedve our opening but still opened up shops in new york so we could learn to operate around the burros as well as manhattan. Urroughs as well as manhattan. We felt we could operate in we were able to do that last week. Tomorrow will be our first full week. It is encouraging. Going surely revenue is to be anemic they are right now. Again, did you get a great deal on rent, and generally come around the country, what are you doing about rent . Like anything, our landlords or our partners. We talk to them all the time. It is interesting, when you think about it. The opening in north america was one of the highest single day openings. Even though times square is about 10 to 20 of its normal traffic, it shows that if you open an interesting, experiential shop, people will be curious, can you do it safely . It will be a really interesting experience and we did cool things in the shop. Situations around the country and the world are unique in their own right, but we always try to work with landlords as partners. Huge amounthave a of experience in this industry. You took krispy kreme into the fold. You also obviously worked in several other types of consumer facing Companies Like lululemon, yum brands, all the restaurant type brands as well. Where do you see demand growing, mike . Mike krispy kreme is unique because it is a brand story, not just a retail stop. Delivery onut a daily basis. Shops weretail have our retail shops. York, it isor new one of our first shops that will be open 24 hours a day. So we see the opportunity in krispy kreme a little different because we see the approach we can do in an omnichannel world. That is where the opportunities will lie. Can you do the delivery, the experiential, get another channels . Brandstetter able to do that brands that are able to do that have a good shot at growing. Vonnie you can do delivery and so on, but most of their fast casual and fast food outlets are sort of raining themselves in reining themselves in right now. Idea of whatme an employment will look like this year or next year . To do anyave not had furlough or layoffs. We are a global company, right . So we have about 1100 shops outside the u. S. , another 1000 doors were we deliver doughnuts. To give you a snapshot of the u. S. , it is doubledigit revenue growth, just to give you an idea. So the ability to be multichannel and krispy kreme has always had a bit of a multichannel approach in its history. But when you combine that with a digital approach, with delivery, ecommerce, and s of business we have opened up new lines of business we have opened up. Even during the pandemic. We actually open a manufacturing facility in iowa so we could launch a product, which launched at walmart, which is an extended shelf life product. We can do that not just in the u. S. , but scale that around the world, same approach. We have a pretty good growth story. Now, we have to deliver and nothing is guaranteed, but i think we have a pretty good story, and it is an amazing brand. General and of your Merchandise Stores also include train stations, which have not been as populated. I am sure that has made a bit of a difference. What is jab saying. How long will they be involved with krispy kreme . Mike they hold things for the longterm. So we doners with jab, not intend for them to go. Vonnie mike, thank you so much for joining, and it definitely check those outcome of the new times square locations. Mike tattersfield it, it krispy kreme chairman. Doing best, down just about 1 to, but health care stocks, hospital stocks, anything that might be affected by future Supreme Court or congressional decisions lower today. The dow is down 2. 8 . Thel ahead, the latest on coronavirus. We speak with shelley hearne, director of the Johns Hopkins center for Public Health advocacy. This is bloomberg. Vonnie this is Bloomberg Markets. I am vonnie quinn. The mostcurrently has coronavirus cases and related deaths of any country. Our next guest says this is due to chronic disease burdens and inequities greater than any other populace, wealthy nation, and responses that have proven to be inadequate. Joining us, dr. Shelley hearne, director of the Johns Hopkins center for Public Health advocacy. What will be the prognosis for the health care system, if you like, beyond the politics of it, but as the situation is now, how are bad are things and what fixes can be made . Shelley i am proud of our health care system. The workers have been extraordinary. By his wetroubled forgot to do the disease prevention and have failed to fortify those very defenses that attract diseases, prevent the , that do outbreaks Laboratory Tests on a rapid basis. We are in bad shape, we didnt build a Public Health system to be on parity with our health care system. Vonnie there is no will for that, though, is there . Challenge ishe most people do not even know a Public Health is. It takes a horrific crisis like this for it to be on the radar screen and on the map, and that is where we are now seeing why it is so important to have those at the ready. Those are the same labs doing the everyday tests that keep us healthy and well in our workforce and well and our workforce in robust shape. We are never going to be ready, but we will also be struggling to stay healthy overall as a population. Vonnie what are the policy prescriptions and who in congress is interested in doing anything about this . Never mind even holding or striking down the aca, which might come before the Supreme Court. Just at the moment, policy prescriptions and who among our representatives care . Dr. Hearne this is the beautiful thing here. This is a perfect opportunity for republicans, democrats, independents to rally together. It is not an issue that has been a part of someone, just a forgotten one. Has been a partisan one, just a forgotten one. It is almost like, for business, you have to have good roads, transportation systems, a workforce that is educated. You also have to have a Public Health system that is keeping people healthy and well and able to work. And that is where we have to go back to some of the basics. This is not about hospitals. It is not about more medical care. It is about wellness care. It is about those disease tracking systems, epidemiologists, contact tracers. You cannot hire them overnight to deal with an emergency. You have to have these troops in place, because that is what is keeping us well in the first place. Vonnie you have to have the infrastructure and personnel, the administrative side of things as well, but just on the aca and insurance for americans, dr. Hearne, do you imagine that situation will change with the next iteration of the Supreme Court . Dr. Hearne i hope. We have such bigger issues on our radar screen. We have got a pandemic. We have a financial crisis. We have such basic issues. We need people, when they are sick, to be going to a doctor and not going to work. If we are going to protect us and be able to move in bounds, we have to not touch our Current Health care system. What we really need to be doing is putting our time and attention as a nation, that political well you were talking about, and just fixing the Public Health part. In just fixing the Public Health part. It is nachos covid. Least healthy the populations of the entire healthy world. We have the best health care the richest nation, but we have probably one of the most neglected Public Health systems, and that is what keeps us from the preventable chronic diseases, that helps us address obesity, some of the pulmonary heart disease. That is why we are having such high numbers of covid, because of our higher underlying conditions. We cant fight on the sidelines. Really focus on where our need is most, which is fixing Public Health. Vonnie it is a good reminder to zoom out and focus on the forest. That is dr. Shelley hearne of the Johns HopkinsBloomberg School of Public Health. Michael bloomberg, founder and majority owner of bloomberg lp, supports that school. Give you my world how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with xfinity mobile. Mark i am Mark Crumpton with bloomberg word news. President trump says he has announced up plan to pick a replacement for Supreme CourtJustice Ginsburg by friday or saturday of this week. He told fox news he wants to see a Senate Confirmation vote before novembers election. He says he will likely pick a woman. Justice ginsburg died friday at the age of 87. The United States is about to reach a grim milestone. The number of covid19 related deaths is approaching 200,000. Former fda commissioner scott cop league gottlieb says he expects the u. S. To experience one more cycle of the virus. 961 thousand people have died around the world from the krona virus. Mike pompeo is slapping new sanctions on venezuela. He made the announcements today newe unveiled sanctions on nations or entities that do business with iran. Referred to venezuelan president maduro as the former president of venezuela, a reference to u. S. Recognition of Opposition Leader j