julie: and i'm julie hyman. welcome to bloomberg markets. ♪ scarlet: we are live and bloomberg world headquarters in new york over the next hour. here are the top stories we are covering on the bloomberg and around the world. wall street report. jpmorgan, citigroup, and wells fargo kick off the bank earnings parade. review with sandra o'neill. and the mueller investigation in dice 12 russian intelligence days before hacking a crucial summit in helsinki. and the meeting with senior u.s. officials live in mexico city. we have u.s. market closing in two hours time. abigail doolittle is keeping an eye on everything. abigail: we have a mixed bag at this point. ade financials earlier h been a big drag, but the s&p in the dow now are modestly higher. the tech heavy nasdaq is down a little bit. we will take a look at the chart in a moment, but on the week, ace forverages on p the second week of in a row. a small bit for haven bonds is supporting the mixed picture we are seeing for stocks. not a huge move up for stocks

i'm julie hyman carried scarlet: i'm scarlet fu -- i'm julie hyman. scarlet: i'm scarlet fu. joe weisenthal has the day off. julie: we begin with our market minutes. yet another day of the low average volume. this is a trend we have been watching all week. without we people -- we thought people would come back from the holiday and jump back into trading. it is not happened much. we are 6% below the average volume on the s&p 500. it is still running a bit below. if you look at the 100 day average, it is 10% below. even though the s&p gained on the day, it was mixed in terms of group. outcomes and financials down. industrials and energy are trading higher with staples. individual stock reports, a big day for banks earnings. all and lower -- and lower. jpmorgan -- end lower. jpmorgan and citigroup flirted with higher levels after the earnings read there's concern -- earnings. there's concern about loan growth. we will be speaking to the cfo and wells fargo in just a few moments. we are watching cisco here. company to betest hit by competition from competition of amazon. a report

julie: and i'm julie hyman. welcome to bloomberg markets. we are live and bloomberg world headquarters in new york over the next hour. here are the top stories we are covering on the bloomberg and around the world. state street scoops up charles river systems, but it is being met with some set this is -- skepticism. trumpeasury spanned up to . yields barely budge as the president takes another swing at the fed. and taking flight. meet the team behind all burn, the team that makes a wildly popular new speaker. let's check on where stocks are trading with abigail doolittle. we were looking for some fireworks. i wheel: very small gains at this point for the dow, s&p 500, and the nasdaq. despite all the headlines we have had today and on the week, we have gains for the third week in a row. but those fireworks that julie is looking for, here is a little bit of the chop we are seeing on the s&p 500 on the day. we can see that the index opened lower. it has been trading higher. should take a turn down into the close, it would be the second down day

etf friday time, julie hyman is etfor etf -- and senior analyst. ago, theve months infamous vix spike in february marked the peak of vix etp mania. we have seen the volume be cut nearly in half from 75 billion dollars a month to $40 billion. talk us through this aftermath of that. eric: most of the drop in volume came from the inverse vick's etp site. that took out $15 billion in monthly volume with it. the one that was surviving, svxy, that one took down about 10 billion in monthly volume. it kind of repelled both of its investors. i think the hard-core people did not like the fact that they went from inverse one time to inverse .5. they cut their exposure in half. up in the past few months and nobody cares. it is one of the ones i was surprised about. collectively, 25 billion in vix etp volume essentially gone, which is good news for people worried about this area. julie: we have a chart that you were talking about, the big drop in price and you see the volumes on the bottom basically collapsing. eric: flatlined. julie: this happens when we saw a

caroline: and thank you to julie hyman. gds down almost 19% now. and we will bring you any comment we received on the company. vonnie: fascinating. remember the function gtv allows you to browse all of the recent charts featured on bloomberg tv. catch the key analysis, save your favorites for future reference. we will be right back. ♪ caroline: cash vonnie: from new york i am , vonnie quinn. caroline: i am caroline hyde. shares of bp on the rise today as the company's second-quarter results beat estimates. lastly, the company announced it would by shale assets from bhp. the ceo told us that the oil market will be firmer, rather than softer, for the rest of the year. bob: when you look at the uncertainties with iran, what will it mean for the markets? venezuela is a human tragedy unfolding and it will affect the oil markets. you have outages in my be a and -- and libya in algeria from time to time, and detentions coming out of the persian gulf. the on the other side, production is keeping up. u.s. production will rise. it is a bit bottlenecke

julie hyman. joe: i'm joe weisenthal. if beginning in life, i want to welcome you to our coverage from 4:00 to 5:00 eastern. julie: and more news out of the u.k., jeremy hunt has been appointed the new foreign secretary of the united kingdom. we been seeing significant shakeups in the government of theresa may after an agreed-upon so-called soft brexit plan over the weekend. johnson said he could not supported. could the brexit secretary. the gentleman who will become the new u.k. foreign secretary, jeremy hunt, ends the longest serving health secretary, he's a conservative in the for southwest surrey, so little bit on his background as we continue outollow these developments of the u.k.. for now it seems as though government will stand. the pound falling after the forest johnson announcement, but recovering from its lows to let's get today's market minute and talk about what's going on with u.s. docs. , thegthening on the day dow up more than 300 points and the s&p 500 rising to its highest in about three weeks time. we

julie: i'm julie hyman. joe: and i'm joe weisenthal. if you are live on twitter, welcome to the closing bell coverage. every weekday from four to 5 p.m. eastern -- four clock to 5:00 p.m. eastern. julie: we traded in quite a tight range throughout the day. this was the asset class that was the most immune to the various comments from the president. whether it was criticism of the fed raising rates or slowing the idea of potential he considering tariffs on as much as $500 billion of goods. or currency manipulation on china and the eu. stocks remain largely immune to that topic this morning. week, theyn the finished with very little change. the s&p 500 was up 200 of a hundredths of a percent. 40% of the s&p is reporting next week, but today, we saw one company down 7%, but they beat estimates earnings and said they andd buy a provider analytic software for $2.6 billion. that will not be done until 2020 or 2021, that is perhaps why the stock got punished read honeywell saw growth in oil services and demand for business jets that were risin

. ♪ >> live from bloomberg world headquarters in new york, i am julie hyman. we are 30 minutes from the lows of trading in the u.s. and stocks are rising for a fourth straight session here the longest winning streak for the s&p 500 since the beginning of june. joe: the question is what did you miss. >> president trump touches down in brussels after his upcoming meeting of the easier than prime minister theresa may. he plans to build a plant in china with a radical -- a missing number in that agreement. the details are ahead. and curbing the power facebook, the communications unit joining a push to call for futures to break the tech giant. now for breaking news. gladstone's global private the fund three years after $18 billion from investors for its last -- a spring in jason kelly on all things are evident at it. about theit say business cycle and the credit cycle? >> there seems to be a still hearty appetite for private equity and alternative vast. inckstone had the record 2007, that was just last year by apollo. 24.7 billion, we will see if blackstone tries t

julie: i am julie hyman, in for scarlet fu. this is "bloomberg etf iq," where we focus on the assets, risks, and rewards offered by exchanged rate funds. ♪ flurry of fixed income. we will talk to a family office manager about how he is navigating bond etf's as the fed raise rates. bringing smart data to bonds. wisdom tree has been a pioneer in factor-based investing. now it is applying those skills to fixed income. we will talk to one of their strategists, kevin flanagan. remember ball-mageddon?

. ♪ julie: live, i am julie hyman. we are 30 minutes from the u.s. and risk on his ax on p are the s&p 500 headed for its highest in february. the chief investment officer google -- guggenheim partners expands why he believes the rally in equities is the last to rot. -- last hoorah. kickoff and citigroup the bank earnings tomorrow. and, a grand vision. soft entrances live from idaho his role and reach into the u.s. the art of the trade deal. the u.s. and chinese officials are hinting that could get chance to -- for trade negotiations after president trump ratchets up pressure with tech -- with terrace and over half of all goods they import to the u.s. the latest is to go into effect on august 30. are the markets pricing this risk in quickly -- adequately? our next guest says no. real -- it is really great to see you. why do you think the markets are crazy? some terrace actually going to affect but there is a little time to strike a deal. taleer is a time but that of risk is just getting fatter and fatter as he go along. so far, the chinese have shown

julie: "what'd you miss?" stocks are lower led by declines in tech. i'm julie hyman. scarlet: i'm scarlet fu. joe: and i'm joe weisenthal. welcome to our closing bell coverage every weekday from 4 p.m. to 5 p.m. eastern. stocks for the start. spilloverhad this effect in other sessions from particular earnings. this is happening to a higher degree today. the dow is off by a 31%. even though we have a gdp print, it seems as though the market was much more focused on the earnings of story. joe: it's old news. julie: you are not wrong, joe. [laughter] julie: let's look at some of the earnings talking. twitter was the biggest mover in the s&p 500. one of the notable earning declines with that drop. 20.5%. the monthly active users fell short of estimates causing this. intel also is down sharply. estimates appear to beat estimates. -- numbers appear to beat estimates. the dow participated in the selling as well as disappointed earnings from exxon in a way it has not in prior sessions. outside of earnings, cbs hitting taken down in the hollywood reporter reports that there wi

i'm julie hyman. scarlet: i'm scarlet fu. weisenthal. joe if you are tuning in on twitter, welcome to our closing bell coverage everyday from 4 p.m. to 5 p.m. eastern. scarlet: we begin with market minutes. take a look at the averages and nasdaq 100. julie: we saw the nasdaq at one point gaining more than 1%. and, falling about a quarter percent. even as the s&p and dow hung onto gains. betweensconnect here industrials here. daynasdaq 100 is up on the by almost a half of 1%. it looks like some of the smaller cap names were responsible for some of the declines year. it is up half a percent on the day. also, the ruffled 2000 fell on the day. component size and the fact that it could have brought itself down. harley davidson is out with earnings that were better than feared as they are navigating the tariff targeting motorcycles. they shipped some of the productions overseas. sharing czar inclining. on the flipside, we have jetblue -- scarlet: texas instruments just reported they are getting a forecast for third quarter numbers and they are

. ♪ julie: i am julie hyman, in for scarlet fu. this is "bloomberg etf iq," where we focus on the assets, risks, and rewards offered by exchanged rate funds. ♪ julie: flurry of fixed income. we will talk to a family office manager about how he is navigating bond etf's as the fed raise rates. bringing smart data to bonds. wisdom tree has been a pioneer in factor-based investing. now it is applying those skills to fixed income. we will talk to one of its strategist, kevin flanagan. remember ball-mageddon? it's been a few months.

i'm julie hyman. scarlet: i'm scarlet fu. joe: and i'm joe weisenthal. if your live on twitter, welcome to the closing bell coverage every weekday from 4 p.m. to 5 p.m. eastern. scarlet: we begin with market minutes. check. the dow finishes up by 100 points or so. s&p 500 is feeling some of the weight of the big tech names including facebook getting pulled down about nine points. a mixed day in equities and we look at a stronger dollar versus 111.23.at oil gains half of 1% coming back to $59 per barrel. julie: it wasn't just facebook moving as a big mover, although facebook had a record drop during the session. done 19% as 20% over the course of the day. that is after the company user growth missed estimates. nielsen shares doing the worst. they cut their profit forecast and said the ceo will retire. scarlet: amazon just reported second-quarter eps $5.07. wasconsensus estimate $2.49. i'm not sure if we are comparing here. we should be looking at the gap line. topline is $52.9 billion. that is below estimates. the consensus among estimates billion dollars

. ♪ julie: i am julie hyman, in for scarlet fu. this is "bloomberg etf iq," where we focus on the assets, risks, and rewards offered by exchanged rate funds. ♪ julie: flurry of fixed income. we will talk to a family office manager about how he is navigating bond etf's as the fed raise rates. bringing smart data to bonds. wisdom tree has been a pioneer in factor-based investing. now it is applying those skills to fixed income. we will talk to one of their

julie: i'm julie hyman. welcome to "bloomberg markets." scarlet: we are live in new york over the next hour. here are the top stories around the world. musk's big bet. tesla signs a deal in shanghai to build a factory that can turn out 500,000 vehicles a year eventually. pepsico pops on a strong earnings beat. consumers may be ditching sugary soda but are still reaching for big bags of chips. president trump taps brett kavanaugh for the supreme court, moving to create the most conservative bench in a generation. let's get a check on where stocks are trading right now with abigail. the dow and s&p extending yesterday's advance. abigail: at this point, mixed action for the major averages. earlier, we had all three down. the nasdaq is now fractionally lower. the dow and s&p 500 up four days in a row. the first time that's happened in a month. each of the major averages, the dow and s&p 500 both up seven of the last eight sessions. .75%, itsl 2000 down worst day since june 27. that has been a play around the trade war, investors going to that

. ♪ julie: i am julie hyman. scarlet: i am scarlet fu. joe: i am joe weisenthal. >> stocks are selling off in part due to weekend earnings. joe: the question is what did you miss? >> president trump treads on a fed to his criticism of recent rate hikes breaks with the white house convention of staying out of the monetary policy lane. al as the sidelines for years to come. path, atst cleared the a crossroads after dropping its pursuit of 20 for century fox's entertainment, going all in on its bid for skype. the fed is under fire. chair -- criticizing jay powell interest-rate increases. from a than two of precedents for the president to avoid commenting on monetary policy. back-checking these remarks saying president trump is not interfering with the fed's's decision and that he respects the independence from the u.s. central bank. peter.ing more for i want to start with you. does it matter that the president said this? will this be at the back of the fed on the official's mind? >> the reason the president is not usually talk about the fed,

she is being boxed in. 90 minutes into the trading day in europe and julie hyman has the latest. julie: we had gdp and earnings to go through. a mixed market with the dow gaining a little bit of traction. s&p and nasdaq are lower. more attention on earnings in terms of market direction. 4.1%.dp number at amazon, the bright spot in it is iny earnings, the consumer discretionary index. they had earnings growth that beat estimates, a big surprise. even as sales growth next quarter come in below estimates. twitter with monthly users falling one million from the prior quarter. they say they can continue to have declines as it times to weed out bad actors and bots on its network. intel, their outlook for 18 new chip technology that will not be out until late next year. that delay is what is responsible for the shares decline. back to amazon, look at the bloomberg to see how dramatic the earnings growth is. amazon has always been viewed as a topline growth rate, willing to invest different amounts in this business over time. you see a big change in 2018. we see the earnings growth start

julie hyman has the asset market breakdown. julie: if you take a look at u.s. stocks, seeing a the virgins --seeing the divergence. even deeper if you look at the s&p 500 information-technology index. there does not seem to be a particular catalyst, just the continuing selloff in technology and perhaps the continuing loss of saves in the group as the market leader and perhaps people continuing to take profits. a number of different factors weighing on the group and we have yet to get apple earnings after the bell tomorrow. so-called faang expanded. this has been one of the big out performers if you look at many of the components of this index, even the amazon and facebook and netflix back comprises it as well as tesla. many of them have been big out performers this year. if you look at the past sessions, that has changed in a big way and we have seen an 8.5% drop. even just take facebook and twitter, which are part of this index over the past week. the selling is continuing. this raises questions if there is a perception change of the companies or if it is a te

julie: i'm julie hyman. welcome to "bloomberg markets." vonnie: here are the top stories we are following. let earnings season begins. offsetting the trade war and policy changes to companies' bottom line. highlights from a conversation with the founder in the future of intern. taking the temperature at the big banks. we see how acquisitions for morgan stanley are being affected. all that and more. first we want to get to abigail doolittle. we are halfway into the trading day. it looks like investors are looking to earnings season. abigail: averages higher. up six over seven days. doubt on pace for the best day in a month. -- the dow on pace for the best state in a month. investors appear to be lying and bonds trading lower, confirming the risk on picture. take a look at the sector composition. it points to a risk on picture. seven of the 11's s&p -- 11 s&p sectors are higher. dividends look less attractive. let's take a look at a few numbers. the top percentage of the s&p 500 is global energy. and deer down. capital one up 3.8%. we have o

vonnie: julie hyman, thank you. global trade imbalances showing no sign of diminishing for the moment, it is a trend that could inflame tensions and curb the global growth. the warning issued by the international monetary fund. for more, we are joined by maury obstfeld, director of research at the imf in research. at the risk of being inflammatory myself, isn't this what the president is trying to do, diminish these and balances, at least with respect to the united states? maury: we are of the view that the imbalances are macroeconomic phenomena. trade policies can play a limited role, that is part of what the report shows, but the main issues relate to household savings, corporate saving, government said be -- saving, and investment. vonnie: what is to be done to improve the situation? you are not casting a judgment on imbalances themselves, you are saying countries with a certain deficits could become targets. maury: we very much do casting judgment on in balances, and part of the goal of our report is to separate

julie: and i'm julie hyman welcome to bloomberg markets. we are live -- scarlet: we are live in bloomberg headquarters in new york over the next hour. pop and protests. president trump faces a backlash from brits as he kicks off his u.k. trip. the bidding war for sky heats up. we are live in sun valley, idaho as global m&a tensions escalate. tent.der the bloomberg businessweek gives us a behind-the-scenes look at the tesla model three production saga. u.s. markets close in about two hours time. let's get a check on where stocks are trading with abigail doolittle, and it looks like some appetite for risk has returned. abigail: at this time yesterday, we were looking at a pullback for stocks on the but now we have green on this dream. the maybury -- the major averages all higher, and risk appetite is back on the table. investors are looking past the possibility of an intensifying trade war between the u.s. and china, and you can either at the nasdaq is leading the way, up 1.1%. 1.4%.sdaq 100 is up 1.6%, upon itsat best case for june 1. but he

julie hyman spoke to mark brown, ceo of one of the largest bourbon distillers in the u.s. to them -- to discuss the impact of the tariffs on the industry. to be effect is going minimal, and on thing happened which was when urban checkoff in -- in the aids, united states, we delayed all of our plans to develop the international marketplace in order that we could continue to supply the u.s. market. it didn't seem appropriate to us to be shipping a lot of whiskey out of the country when we in fact hadn't taken care of the demand in the u.s. the amount of business we do outside of the united states is minimal at this precise market in time. anye: does that give you kind of competitive advantage as well? quacks know, the whole subject of tariffs is very familiar territory for our industry. alcohol is a generally sensitive subject in most countries and we deal with high tariff areas and so globalization for us has been an important ongoing project and we are anxious to see trade barriers and nontariff barriers come down and that for us is a long-term project. is current situatio

julie hyman has the latest on the trading in the u.s.. julie: not much celebration in the market in the u.s.. if you are long, as we see, a selloff. what is interesting is yesterday we saw gains by led -- led by financials, and now it is financials that are leading losses because of a host of disappointing earnings from regional and trust banks. all three major averages trading lower. let's dig into the financials a little further. bank of new york mellon came out with earnings that missed estimates. we are offered a mixed picture. those shares down by 6%. we have the regional banks, bb&t, and fifth third. the result of mixed. for bb&t, the full outlook with a bit after. those comments coming from isi and raymond james respectively, and then there are travelers, which joined calling that all states in reporting losses from catastrophes going up. there are more storms and catastrophes. that is taking its toll on insurers and in the case of travelers, it is lawsuits from storms another catastrophes up 21%. that pushed off it low analyst est

here is julie hyman. >> people talking about value, but it is continuing to struggle relative to growth stocks. there are a handful of value etf's standing out. we have tom from bloomberg intelligence. good to see you. value has been a big topic of discussion, if not outperform its, so tell us how they have done over the past few years. tom: value has had a pretty tough. i looked at this versus growth, believe the counter argument, and over the last three years only 5% has -- in the s&p 500. almost every single growth etf has beaten the market. in the 5% minority, interesting things are happening. >> give us examples of the 5%. tom: that is really just one etf. dv etf. i will mention it has been everything. it is beating all the value etf's, the s&p 500 and all of the growth etf's. it is less about the fund and more about what it represents. it is the most expensive value etf out there. the other thing is the way it is constructed is very different from some of the other value etf's. you look at just where most of the money is, it is in the vanguard value etf's, those are meant to be mo

. ♪ lisa: it is time now for options insight with julie hyman. julie: thank you. chicago's joke equity armor investments for good tooptions insight. see you. we had the days of jay powell's testimony, and add to that beige book. it looks like there is a more cautious tone coming from the fed. isthat how the market reading it and what d.c. on the options front? we are seeing subdued volatility typical july month. the market is taking this testimony really well. market a strong enough in the economy is strong enough that we are seeing a rate hike. one thing they're worried about is rate hike concerns. the fed will not be on autopilot raising rates. they will rule out the raise -- raising rates. highs andthe relative well below right now. >> what would be an event that could trip -- trigger that? >> for the rest of the year next year, i would look at raising the rate of rate hikes. economists and experts are worried that this is a recession predictor. it has been asked to 12 to 18 months later. it will cause it -- volatility to be on the rise. >> it doesn't look like

i'm julie hyman. scarlet: i'm scarlet fu. joe: i'm joe weisenthal, and if you are streaming live on twitter, welcome to the closing bell coverage everyday from 4 p.m. to 5 p.m. eastern. scarlet: us take a look at markets trading. we had a late rally with indexes booming higher in the final 30 minutes of trade on the president planned news briefing with junkball juncker josh -- withude juncker jean-claude juncker buried the doubt -- juncker. you can see the s&p 500 up 9/10 of 1% which is the highest since january. is also comingld up because of selling in treasuries and oil, which has been higher for most of the day, had gotten a pop after a bullish report showing a larger than expected draw in inventory. risk assets are on the move. equities was the star of the last 30 minutes. julie: let's talk about what is happening in the automakers and auto-parts makers. if you look at the index tracking those components, we saw them come up off of the lows of the day. still down 1.5%, but this is a group where we saw movement. dear saw

. >> live from bloomberg's world headquarters in new york, i am julie hyman. scarlet: i am scarlet fu. joe weisenthal is off today. stocks are rallying. the fed chairman is sounding upbeat about the economy. what did you miss? from president trump saying he misspoke and he accepts u.s. intelligence agency's conclusions that russia meddled in the 2016 election. risksvestors shaking off too soon? we break down the political realities of a trade war, next. is betting on e-commerce. what you miss? a rare oval office about-face after in tense outcry from capitol hill, including from some usual white house loyalists. the president now says he accepts the conclusion that russia interfered in the 2016 presidential election. bloomberg's political reporter is with us from capitol hill with the latest. it all pivots on that one word, would. he said he meant to say wouldn't. of an extraordinary walk back. the president said he meant to say would instead of wouldn't. he said it's not russia. i will say this. i don't see any reason why it would be. the president is attempti

. ♪ >> live from bloomberg world in new york, i'm julie hyman. scarlet: i am scarlet fu. joe: i am joe weisenthal p julie: stocks are higher on speculations that trays -- trade tensions between the u.s. and china may ease. joe: the pressure -- the question is what did you miss? >> investors hope for apple to deliver on earnings and stabilize. is it 2015 all over again? facebook announcing today it identified ongoing efforts in the u.s. midterms. we have the latest. new investor darlings. we will talk to the cofounder of one of the longest running hedge funds in the brave new world of cannabis. according to a bloomberg scoop, china and the u.s. are aiming to restart discussions after a nearly two-month gap. possibly averting a full-blown trade war. this comes as steven mnuchin and the chinese vice premier have held private conversations on a matter ahead of the next wave of tariffs this week. is said to beada frozen out of negotiations as the u.s. engages with mexico. for more, let's welcome -- from washington. let's tackle the china issue first. it seems right now that th

i'm julie hyman. scarlet: on scarlet fu. joe: i'm joe weisenthal. welcome to the closing bell coverage. we begin with market minutes and the stock selloff we have been seeing drop the day. we were talking earlier the commodities today saw a relatively high volume. julie: not the case with stocks. interesting difference there between the two aspect classes. the declines are being led by commodities within stocks as well. one important movers to hit is american airlines having its worst single session since 2016. its lowest level since that your as well. the worst performer in the s&p 500. there estimates were cut because the fares were lower than anticipated. its earlier forecast was cut by half a percentage point. and hess representing the commodities. fastenal leading gains on the s&p 500 having his best session since 2008. the company having a good quarter. incremental margins are breaching the 20% level so that is something that led to some of the buying we saw during the course of the day. fastenal sells industrial and construction supplies. joe

. ♪ scarlet: it is time now fractions in sight with julie hyman. julie: thank you. today, we're talking with the lead option strategist at delta derivatives joining us out in chicago. great to see you here. seeing a lot more choppiness in the markets as of late. aboutre a lot of chatter what is going on with tariffs? i know you are set the levels. what is the mindset for you guys? >> yes, i think that 2800 level will bes you 500 critical heading into earnings season here. , lot of the tailwinds we saw stock buybacks, those will slow down, getting killed today down the most in well over a year. earnings had better really beat expectations, given the kind of hedge -- headwinds the alluded to. >> a lot riding on the earnings numbers. you like so many others have an watching small caps. in your trade today, the etf tracks small caps here and witty think we go from here given that they have been the tariff proxy? >> exactly right. i think the fact that they were teflon against the tariffs here got a little overextended. have reached an extreme, 5% of performance today. i

. ♪ julie: i am julie hyman. scarlet: i am scarlet fu. joe: i am joe weisenthal. >> modest gains in the u.s. stocks. financials and industrials leading the way. joe: the question is what did you miss? no means.ructing what sarah sanders clarified what the president meant when he spoke at a cabinet meeting earlier or president trump now says russia is not targeting the u.s. dealing ag market is pinch. fallen by the most since 2015 p are what to interest rates have to do just ahead. taking the pulse of the labor market, the fed chief jay powell says the u.s. may not have reached full employment yet is the concentration of power having an impact on wages? jay powell wrapped up two days of testimony on capitol hill and made it clear to lawmakers he ands to stay "in his lane" out of politics. but the chair did issue multiple warnings about the protection of trade policies, reminding lawmakers that his trade was under their authority. here with more is our economics and policy correspondent michael mckee. thank you for helping us sift this test

one of the products targeted by tariffs, julie's hyman sat down to find out how his business is reacting. >> for us, the effect will be minimal. an odd thing happened when bourbon took off in the united states. we in essence he laid all of our plans to develop the international marketplace in order that we could continue to supply the u.s. market. it did not seem appropriate to us to be shipping whiskey out of the country if we had not taking care of demand in the u.s. business we do outside the united states is minimal at this precise moment in time. does that give you any kind of competitive advantage as well? >> know, i think the whole the whole subject of tariffs is familiar for our industry. we deal with high tariff barriers and nontariff barriers and a lot of countries, so globalization for us has been an important ongoing project. we are anxious to see trade barriers and tariff barriers come down, and for us that is a long-term project. the current situation to us is it is hard to tell whether this ora one-week tariff -- tiff a one-month spat or part of a large deglobalization ini

lisa: time now for options insight with julie hyman. julie: joining me from chicago is joe of equity armor investments. i know you are watching earnings in any news out of washington on any kind of tariff agreement. think is most important in the eyes of the market right now? or have certainly been big earnings moves. >> thank you for having me. i think the market is focusing on earnings and really moving the market. , york -- it is coming back to bite you. i have been caught in that myself. to focus on what is actually happening underlying the economy, of course earnings are keeping this economy and that is what is going on. yesterday, we saw the google driving the nasdaq to highs. focus on the political risk. toi know when it comes economic news, you like many others are looking at inflation. and for any signs of inflation. the couple of the high-yield etf's, what will they tell you about what inflation is doing or at least the perception of it? >> yes. those are the charts i am always looking at. is inflation rising faster than expec

i'm julie hyman. lisa: i'm lisa abramowicz. >> welcome to our coverage every weekday from 4:00 to 5:00 p.m. eastern. julie: we begin with market minutes, as we see this mixed picture for the minutes. technology pulling back here a little bit, down 0.25%, even as we see the dow gained on the session, gaining about 0.2%. financials strong. energy falling, along with energy prices, which we will get to in just a moment. continuing the trend of lower than average volume for the three major averages as well. let's dig into some of the big movers on the session. with financials leading. , in part because of the big banks, bank of america up big, up 4%, its best day since november 2016 after the consumer unit posted its highest earnings in more than eight years. loans in that business of 6.6%, helping fuel the gains in the shares. arconic, having some speculation we have seen buyout firms setting their sights on the company. this used to be part of alcoa. it makes finished aluminum products, as opposed to th

. ♪ julie: i'm julie hyman. "what'd you miss?" we are minutes away from apple's second quarter results so he is a look for of all and what analysts estimating from the company. we have a gap earnings-per-share estimate of $9.51. the acquisition cost estimate is the number we will be watching for revenue. about 25 point $5 billion the estimate there. operating income about $10.3 billion. and paid clicks according to at least one analyst or an analyst on average is looking for a gain of 42% in that paid click number. i want to pick up on that because google, alphabet have seen big growth in paid clicks. remember for perspective that about 86% of the company's revenue last year was from advertising, so that is still the biggest part of their business has of the migration to mobile. that fueled a 55% growth in paid clicks last quarter. 18%, isr click was down also a positive for the company. here is the momentum going into this quarter's report and just one of the numbers we will be watching from alphabet. joe: as we get all of the ea

lisa: it is time for options insight with julie hyman. julie: joining me today's, chief energy strategist at macro risk advisors p are we're focused on energy and what we have been seeing recently from the energy complex. as we have around seen the trade headlines are also slows in china. those concerns justified and to you think that will be a sustained weight on oil prices? aboutay positive idea is climbing the wall of worry. we think a lot of policy risks and the trade war risks around global growth and oil demand picture are noise. we are willing to look through that. >> why is that? why do you think it is just noise and not more significant? >> we just point to the fundamentals of the market. you can argue that brent times of the in the front and curve have weakened a little bit with the anticipation of opec supplies and russia supplies in the market, of uti remains firmly in -- the picture continues to tighten. over 2 million barrels a day, and he gives an indication global buyers are still there. >> and that they will continue to b

julia: time for options insight with julie hyman. today is jimith me to talk earnings season. it has been interesting. we have some outside reaction to the upside. downsidenotably to the talking facebook and twitter in the blowup column. we have seen those stocks that the market but not that much, perhaps. what do you think? >> we think of it as dispersion. stocks are scattering and it is a healthy element of idiosyncratic risk being introduced. ultimately it could be healthy. we will see what the aftermath is over the near-term as we roll into earnings season. retailers, an interesting group to watch as well as relates to idiosyncratic single stock risk. chart, theresting beat rate for s&p 500 earnings. it shows over time companies have been beating by a higher and higher rate. i don't know if that reflects companies are managing the process better or analysts are getting worse. how do you trade something like that? >> it garnered interest from our clients. the questions you raise our relevant. companies are beating as of yesterday, 92%, the highest levels as far back as the

for insight with julie hyman. kelly.ing me is kevin to -- netflix has been falling -- have falling lackluster growth. talk to us about how that is looking. >> one of the reasons i wanted we recommended the .osition that was because of high volatility. you had about $22 for that. looking at the trade today, the stock was down and so you are still making money, but elevated volatility has gone up. up from $22 to $28. you are still making money on the stock, but losing. way.is a great company is equinix. it owns status and there's pertinent to the ones we have been watching. this one you talked about back in march. point, what were you are always >> we talking about netflix and the crowd -- cloud streaming. soy provide the service and you want to get the exposure to microsoft's chief technological advisor says we will need more. a 450 callit was said. that story has really played out. >> charlie: what are we looking at here? input want to sell the out in january. you $12l package costs and you can make four times the

. >> i'm julie hyman. welcome the bloomberg markets. >> where live at bloomberg world news headquarters over the next hour. markets tug-of-war. investors navigate the twists and turns of escalating trade tensions as well as an earnings season that is kicking into high gear. exit.en a sergio marchionne's has days to get ready for his close-up. we will look at the premature departure of marchionne. and ratcheting up the rhetoric. the white house turns up the heat against iran. close in two hours. abigail doolittle has been tracking the moves. we don't have very big moves in equities. abigail: at this point, we are looking at mixed markets for the major averages. earlier this morning, all three major averages a bit lower. one reason to think that perhaps they would turn slightly higher or even modestly higher -- take a look at the 10 year yield. the biggest move since the end of may. the bonds are selling off which, that will turn into stocks. it is the first update for the nasdaq. in the bloomberg, take a lo