look at visa and mastercard. where can we disrupt you have to be concerned at some point if a company like amazon would say why do we get into this i'm not saying it will happen tomorrow, but when you have operating margins like that you have a bull's-eye on your back valuation has to be a concerned. >> you have to be more concerned about paypal because think about it, they have 100 million prime users and that is an existential threat they closed today near 92 bucks so it's giving a lot of that back and it's not too different than facebook. the stocks are not trading back at the prior breakout levels and these are levels the stock should consolidate at all-time highs. >> would you rather -- >> visa or mastercard? >> paypal. >> i agree with dan that you can consolidate here and venmo, i think the choice initiative are undervalued and i think they're asset light here and i would stay in the name >> i prefer visa i like paypal. >> i didn't even ask you -- >> oh n. >> just kidding! >> go ahead! >> that was a little

mastercard has published a document outlining how they may try to speed up cryptocurrency transactions by linking accounts holding both the currency and cryptocurrency this document which is by the trademark office notes that it often takes a significant amount of time and ten minutes is typical for a block chain based transaction to be processed and they can be done in nano seconds. we all know that this difference puts payments using cryptocurrencies at a big disadvantage and merchants are wary about accepting block chain currencies and individuals may have trouble proving their identity and ownership of a wallet >> what is mastercard proposing? >> they want to offer a new type of user account that would allow a user to do transactions using cryptocurrency, and this transaction would use the payment system and the security features, presumably mastercard features and the transaction would be done in cryptocurrencies this document also notes that this may take cryptocurrency payments and may make them more secure because mastercard may be able to use its existing risk algorithms to ev

fans he that was terrific. >> what is mastercard bringing to d.c. that's different for this all-star tme? >> one o things we're doing, we extended hours. we t partnered with city and extended hours on the metro. we want people to enjoy the game. we don't want people to heave early. now, we have a safe and convenient way for them to take the train here. >> this is having metro open is important. tell us about the p you're behind and how you brought that to d.c. >> we are really focused oow we bring children and particularly girls, up to speed on tecology and get them excited about it in their early days. we partnered with the nationals youth academ and we had about 20 -- over 20 participate. and we taught them all about technology. and we gave them a bit of a surprise. max scherzer did a surprise and came a in excited all of the girls. you're going to see them on the field tonight, actually, escorting the all-stars out on the field. it's a reay priceless moment for the girls. it's special for usht to bro that to them. >> i love that you're getting ba

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visa and mastercard do 56,000. so we are still in what i call the early dial up days. >> that is a good stat to remember. i notice you are neutral on square, a stock that is up 150% over the last year. why? >> look, square is a really tricky one from an investment perspective, extremely innovative company, huge growth run way bringing their integrated systems to micromerchants. the complication with square in addition to the valuation is they are tied to bricks and mortar merchants and have struggled a bit with defensibility in the model, creating the competitive mode. there are literally hundreds of copy cat systems like square out there. >> you speak of another stock that you think has had good gains. we have talked about it a lot on halftime in just the last couple of days and that is pay pal. >> pay pal is more of a competitive than i think people appreciate. there is investor fear about amazon pay, apple pay, google pay. the reality is pay pal we estimate has almost 50 times the volume of an amazon pay because

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i would do what i did yesterday, add it to mastercard and visa. >> okay. fintech a lilt more, not looking for the banks to have any sort of sustainment long-term momentum >> i'm with you, i have mastercard and bank of america, and i said for a couple weeks, i think the expectations for low for financials estimates have been lowered in the past couple weeks. you could get a potential surprise here. let's do the value trade for one second where has the value trade been it's been in energy. energy is pulling back right now. if you were to get some earnings from the big banks that look a little bit better than the estimates, and you see oil continue to go lower, i would argue what you could see is that allocation shift for the value players out of energy, into financials >> i mentioned what happens so far this week. you have this little bit of a bump in the banks across the board. very low single digits we're looking for any sort of positive thing to hang your hat on in the banks because they're so front and center, and on the minds of all of you so often on t

mastercard and visa. that's a one-two punch that may be an unbeatable combination they're not allowed to do business in china which makes them anti-china stocks, but get this they're also the best way for the chinese to show that they blinked. a simple call to bongo at mastercard or aj kelly at visa to tell them they are welcome to come in without a bogus joint venture might be enough to get president trump to call off the trade dogs of war that combination is why their stocks joined the all-time high list on a day like today what else? somehow salesforce.com has become the anti-china cloud stock with less than 10% of its entire business in asia. a lot of that is in japan. mark benioff has emerged as the smart defanged way to bet safely in an unsafe world play it again, mark. oh, and if you want to stick with the fabulous description theme that netflix pine new year's day, you can go with china-free spotify, the music service that everyone except me seems to want to avoid that's the stock, not the service

it would be magnificent gesture if mastercard gets a license it would be priceless. china says it has nothing to do with trade or save face. it wouldn't matter because actions speak a neshek of a lot louder than words. i think part of the possibility credit cards stock rance big the second day in a row. stocks ran big always stocks yesterday went right back up, as i said they would, it was as if, captain rano, from casablanca was the puppeteer. every one flew right back around to where it was before the president unveiled that budget tariff target of $200 billion. what else? a huge amount of money flowed into the cloud kings and semi-conductor stocks. ordinarily i believe there's no new money coming into this market except for index funds by wrote. how about when you get a spigot that opens in tech we got that today when broadcom changed its stripes. it announced it's buying a software business linked to mainframe hair mainframe hardware its stock plunged more than 13%. that's the opposite what investors expected from the ceo, hock tan, the guy who tried to buy qualc

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and earnings for amazon, comcast, mcdonald's, starbucks, intel and mastercard. we wrap it up friday with the real gdp numbers. the atlanta federal reserve said we'll see the gdp at 4.5%. plus consumer certain i am down friday. earnings from twitter, exxonmobil, chevron and merck. all next week. jim grant, is my special guest next week. i hope you will joins. and i will see you sunday morning on ""sunday morning futures." catch the slow live sunday at 10:00 a.m. on the fox news channel. thanks so much for joining me. >> i'm bob massi. for 35 years, i've been practicing law and living in las vegas, ground zero for the american real-estate crisis. but it wasn't just vegas that was hit hard. lives were destroyed from coast to coast as the economy tanked. now it's a different story. the american dream is back. and nowhere is that more clear than the grand canyon state of arizona. so we headed from the strip to the desert to show you how to explore the new landscape and live the american dream. i'm gonna help real people who are facing some major problems, explain the

mastercard off by 1% in premarket. david: these a had a strong report yesterday. it was thought it would be a good read on retail sales. alex: good point. markets, it is earnings dominating the narrative off by five. nasdaq teachers getting pummeled. but around 117, weaker unchanged. alix:,ss conference crude flat on the date despite -- the press conference, crude flat. time. basically it is one we are going to get wholesale imagery data, most of it durable goods data. we are going to hear from mario draghi at a news conference in frankfurt, which we will take live here. held interest rates steady. additional support will come from reinvesting maturing debt. attention turning to that press conference at 8:30. joining us is matt hornbach. part of the conversation is about the average rate of maturity. what are you going to do with that money rolling off? >> we think they are going to push further out the curve without money. the issue is how far in advance are they willing to let the market know what they are going to do. you can see steepening in the german curve

they're legacy positions with mastercard and visa, i added to it not that long ago. i don't really view those as financials, right? even though we talk about them as financials, they're consumer stocks, right? as long as consumer growth keeps going and they keep benefitting without the liability of the bank or the balance sheets of the bank -- >> i actually think they're regulated utilities and i love them for that. >> they are, absolutely. >> basically, it's the big part of how you would play the second half >> i like bio-tech, i like aall. on day one, typical increase, july 1 was pfizer. it was a huge number of drugs that they raised prices on and you'll don't see that. >> joe, oil, about 75 bucks? >> i think oil stays high. i think pete is absolutely right. the differential between wti and different nial in the second mot about brent. and energy stayed strong i think faang, large-cap technology continues i think that's important and lastly, i think the conversation to disrupt the investor at home is going to be there. i don't know what it's going to mean i think w

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or mastercard. >> exactly. they know what that traffic looks like and now they're teaming up with additional u.s. super computing power, which has been a concern for a long time because china had been overtaking us on that in that real m. so they're trying to work together and come up and be able to get to these solutions before we have a version of a cyber 9/11, which is a real concern at this point. that's what we keep hearing. >> thanks for your reporting on this. >>> what's the white house doing about this continued and on going threat? based on our latest reporting, it's not clear. no plan in place and no one in charge. for more on this, i'm joined by our national security and intelligence reporter, ken. i was thrilled to see kirsten nielsen was unequivocal, but member of trump's cabinet said there's a need for a unified effort to combat hacking, other nations influenced, both in the election that tom was just talking about. why is it this white house struggling to do this. >> well, my sources tell me that

new depend® fit-flex underwear ♪ tap or click with your mastercard. it only takes a moment to start something priceless. these are the specialists we're oud to call our own. experts from all over the world, workinglosely together tizdeliver truly personal cancer care. expert medicine works here. learn more at cancercenter.com thdelicious.i-wheat. but it's more than that. 10 layers of crunchy wheat to fill you up on big days. whether your day involves steam, mountains, or woah- fire... ...we've got your breakfast right here. is your breakfast built for big days? fwhat is yourl online banking password? [audience gasping] oh, dear... [clacking metal] it was 'windbreaker,' now...it's... [muttering] ...spelled...like cat names... [baby crying] [gasping] [dramatic music] [whistle blowing] [dramatic music subsiding] [triumphant music & cheering] ♪ [ cheers and applause ] >> seth: welcome back, everybody. give it up for the 8g band right chover there. rs and applause ] joining us this week on drums, very excited, he's a two-time grammy-nominated artist, pro

and earnings for amazon, comcast, mcdonald's, starbucks, intel and mastercard. we wrap it up friday with the real gdp numbers. the atlanta federal reserve said we'll see the gdp at 4.5%. plus consumer certain i am down friday. earnings from twitter, exxonmobil, chevron and merck. all next week. jim grant, is my special guest next week. i hope you will joins. and i will see you sunday morning on ""sunday morning futures." catch the slow live sunday at 10:00 a.m. on the fox news channel. thanks so much for joining me. have a great rest of the weekend. i've been practicing law and living in las vegas, ground zero for the american real-estate crisis. but it wasn't just vegas that was hit hard. lives were destroyed from coast to coast as the economy tanked. now it's a different story. the american dream is back. and nowhere is that more clear than the grand canyon state of arizona. so we headed from the strip to the desert to show you how to explore the new landscape and live the american dream. i'm gonna help real people who are facing some major problems, explain t

mind that metro will be opened later on monday or the hday night run derby as well as the big game so, mastercard as as mlbell w picking up the tab to keep metro opened lat. that's theatest from freedom plaza. back to you. >> fox5 yourome for the all-star festivities. next tuesd we are taking morning show on the road for all-star special coverage live in and around nats park. then our specialoverage continues in the evening.ea majorgue baseball pregame show at 7:30, the big game at 00 all right here heck of today's forthast with mike as who is sitting by. another hot day i'm assuming that another hot one but very low humidity today and a tomorrownd even into saturday. >> my hair thanks you. >> yes, everybody's hair thanks me. you're welcome, hair. [laughter]t, >> other than that's a lot i mean, sunshine, comfortable. it's good. >> okay. >> it's good. it's all good. 're happy here in d.c. in iegrees outside right now but feels veryorble. 73 for quantico, 72 at leonardtown, 60' off to the north and west. 65egrees in gaithersburg, 69 this morning at dulles. 64 up towards frederick. nice t pleasant s

mastercard could be ready to move into the crypt cryptocurre. the company won patent that could allow card holders to charge purchases using bitcoin. shares of mastercard are up 36% this year. maria, sounds like a bubble to anybody? maria: i don't know. but that was a wild list in terms of the world's best airlines. delta, one american airline, number 37. >> yeah. flying in the u.s. is sort of a miserable experience. delta's the best. i'm a delta sky medallion member. dagen: me too. >> i fly it a lot. it's by far the best. i flew united for the first time in years. it was so miserable. maria: really? >> yeah, it terrible. if delta's 37, i can only imagine what united is. dagen: united, the airline that kills your dog. >> it's a negative number. >> they will get you out of the seat that you rightfully purchased. do you remember that? maria: they dragged him off the plane. honoring america's heros, how major league baseball celebrated medal of honor recipients at last night's all-star game. the story and a lot more. sports is next. ♪ year, i am

mastercard getting involved in cryptos and bitcoin was up 3% and its best performance in three months on friday we reported coinbase was considering adding to its platform, bitcoin cash, ethereum and litecoin on their platform these coins all jumped and even bitcoin was up 5% that day so bitcoin volume is only modestly higher and then only in the last few days and futures volumes haven't changed too much so don't get too excited yet there's one other possible positive here. regulatory, on tuesday, fed chair jerome powell said the fed was not thinking of creating a crepto currency. sounds like a negative the purists are seeing this, they don't want government intervention or oversight. if the fed gets into crypto business there is potential for much more regulation in their minds, the purists' mind, this would be a negative so powell saying this could be viewed as a mild positive for prices, i think is an interesting idea if you accept the fact that more regulation would be negative for cryptos. melissa, back to you >> bob, thanks bob pisani at the new york stock exchange let's trade i

also the busiest day of earnings season with results of the likes of mastercard, mcdonald's, intel, and starbucks. the dow rising 172 points yesterday to 25414. the nasdaq closing up 91 to 7932. back to facebook. shares of the social media giant are down sharply in premarket trading. the company reporting a slow' down in user growth, notably in europe where new internet privacy rules are now in effect. facebook is also warning revenue will continue to take a hit this year while expenses grow. it's spending a lot of money to hire people to work on safety and security in response to the cambridge analytica data scandal and russian hackers using facebook to push fake news ahead of the 2016 election. if the stock decline holds today, facebook's market value could drop by more than $100 billion. >> hyundai says it may boost production of suvs in the u.s. in response to potential tariffs against imported cars. hyundai has a factory in alabama. the south korean country said if trade disputed are drawn out, they would reduce the need for autos and increase the competition. >>> coming up next on

new depend® fit-flex underwear ♪ tap or click with your mastercard. it only takes a moment to start something priceless. these are the specialists we're proud to call our own. experts from all over the world, working closely together to deliver truly personalized cancer care. expert medicine works here. learn more at cancercenter.com thdelicious.i-wheat. but it's more than that. 10 layers of crunchy wheat to fill you up on big days. whether your day involves steam, mountains, or woah- fire... ...we've got your breakfast right here. is your breakfast built for big days? fwhat is yourl online banking password? [audience gasping] oh, dear... [clacking metal] it was 'windbreaker,' now...it's... [muttering] ...spelled...like cat names... [baby crying] [gasping] [dramatic music] [whistle blowing] [dramatic music subsiding] [triumphant music & cheering] ♪ [ cheers and applause ] >> seth: welcome back, everybody. give it up for the 8g band right over there. [ cheers and applause ] joining us this week on drums, very excited, he's a two-time grammy-nominated

. > metro will staypen late for the derby and all-star game, mastercard picking up the tab for the extra service. remember to be patient and have fun. at nats park,da atuss, news4. >> it's going to be big. next at 11:00, burned by a smartphone. asleeprl says she fell on top of her phone while it was charging. now apple is> responding. actor and activist george looney recovering from a motorcycle crash. what we're learning about the collision in italy. >> and a 5-month-old survives getting buried alive. thes miracultory from the officers who found him. officers who found him. >> ias more happy than hearing ♪ ♪ ♪ raindrops on roses and whiskers on kittens ♪ ♪ bright copper kettles and warm woolen mittens ♪ ♪ brown paper packages tied up with strings ♪ ♪ these are a few of my favorite things ♪ ♪ ♪ >>> right now, hospital staff are closely monitoring the entireea soccer and the coach who were trapped in that cave in thailand more than two weeks. doctors say the boys now are in relatively good shape being quarantined so they can be testified for infects they may have p

mastercard does report earnings tomorrow. mastercard last week announced that it has secured a crypto currency patent. we will look for any type of color or commentary from visa on tonight's call on whether it is trying to make a similar move. we will leave it there. back to you. >> thank you for that. it's not too significant. >> it's not very significant at all. this is one of the stories that is almost automatic in terms of just the whole sector is growing and participating in the flow of mobile payments and general plastic. so i don't know if there was much of an edge. >> it is at a 52-week high. maybe it ran up a little bit in advance of the earnings possibly. >> so 30 multiple stock. very expensive growth stock. everyone agrees it is great but it is proving what >> i can bring you the numbers now if you would like. >> are you sure you didn't want to give it away. >> earnings per share, the snack maker 56 cents per share. that was better than the 54 sencents that analysts were expecting. revenue pretty much in line. in t

mastercard and visa also lower. mastercard, moreso. both companies beat estimates but the strong dollar weighing on overseas spending. let's take a look at what is weighing on the consumer discretionary sector and that is amazon. amazon is opening lower, down less than 1% and then steadily trading lower. it is down 30% its worst day since april. it's worthwn 3%, basis april. with facebook and netflix putting up disastrous quarters, investors may be worried. finally, the materials sector might have been higher but let's take a look at the steel stock. are actually trading lower on the day and this has to do with optimism round the eu and the u.s. from a trade perspective, that might not be too good if steel prices do not stay on the rise. lisa: thank you let's get the first word news with mark crumpton. to reunite thet thousands of children were separated from their parents at the u.s.-mexico border is expected to fall short up-to-date's deadline. thanhave identified more 2500 children who may be covered by the order to be reunited with

. ♪ tap or click with ur mastercard. leto start something price. [music playing] (ceo) haven't been playing golf this year, i am sorry about that. (vo) progress is in the pursuit audi will cover your first month's lease paymen select models during summer of audi sales event. anif youg've got a life. you a swiffer en: top of the ninth, 3-3. time for our lg starters tonight. gant only went five. he didn't give up a run. montgomery wen six, allowed one. so the starters were good. and a lot has happened since they left. here's steve cishek. >> tom: here's anthony rizzo, the first baseman, expecting a bunt. now going to drop back a little. >> len: gets knocked down on that pitch. i was just going to say, tom, before brandon hyde pulledju stin wilson, i wonder if t cardinals might have taken a couple ofriitches and noted to give the cubs an out, because he had walked two. it changes a little with a newpi her. >> tom: yeah, it does. bunt and plare wong does have five sacrifice hits on the season. >> len: there's the rizzo will field it.e th throw to third

mastercard picking up the tab for the service.be remember t patient and have fun. at nats park, news 4. >> the nats can win or lose their series with the pirates this afternoon, o but they lace you see the game is on facebook. it's one of 25 streaming broadcasts. all you need t do is logon to facebook live page. there will be pittsburghrs announ that start at 12:30. >> a good day to be a soccer fan. the world is headingo te world cup final. they are leaping foroy after they beatbe lgium, 1-0. the hero of the game and the ader is just enough to clinch the win. this will be france's first time in a world cup final in 12 years. the two teams will battle to keep the world cup teams alive. england squares off and the winner will play france on sunday. the nfl player's union filed a grievance over the new rules of having players stand for the national anthem. >> many players are angry about the new rule that said they must stand or stay in the locker room. that infringes on the player's rights. they agreed to sit down for discussions on thepo anthecy before going forward

we have descended to these and mastercard, whatever payment method you have decided to play with. then we had to say to deliveroo you are a goodbye, you have the money and then deliveroo can ship your pizza within 24 hours they will get money minus the commission. that must happen in the blink ofan commission. that must happen in the blink of an eye? in many seconds. 32nd, that is something on the past -- 30 32nd, that is something on the past —— 30 seconds. 32nd, that is something on the past -- 30 seconds. in terms of profitability, presumably you make such a small fraction on each individual transaction you need a critical mass to make it viable, worth your while? this is absolutely correct. historically, the legacy players were layering different technologies on top of each other but we got everything from the ground up. this is why we are on the b two ground up. this is why we are on the btwob ground up. this is why we are on the b two b side. fundamentally we are a technology company. removing the layers allows you to optimise the cost, that is a first. the unit economy

these and mastercard were also falling in trading. some of these things take longer for investors to parse through, when you get the first initial positive report. vonnie: the yield curve was a bigcall a discussion -- a -- to see the trade dispute between the u.s. and china resolved. jamie dimon has been very interesting going forward into mainland china, asking the government for a full banking license to allow them to do trading and debt and equity capital markets deals. that is not something he sees necessarily impacted by the trade war. i thought that was interesting. i want to talk about citigroup. they were someone who did not have a great quarter here. the fixed income trading was lower. they are talking a lot about not being such great movement on spread products. equities was fine. fixed income is definitely lower than we were expecting. mark: any respite for wells fargo from its troubles, or not? laura: that call just started so we will be listening to that for what explanation the executives have. they are under a fed warne

when you see that, you also see mastercard getting into the space as well. some of these initiatives will continue to help the price of a, moving forward. caroline: talk to us about oil. much of this is about saudi arabia and how much is about iran? >> it is a combination of a few things. and also demand. pushing oil prices higher. have a lot of things limiting the supply right now. for supply.tation so short-term demand is supporting this price movement which is why we see the oil price rally compared to a few weeks ago. caroline: great insight. time for the stock of the hour. it is visa. these a-shares are lower. highest analyst estimates amid rising spending on the credit card products. joining us now with more is taylor riggs. taylor: some of the weakness we see in the share prices is that they said they would have to increase incentives. and the stronger dollar is creating headwind on this transaction going abroad. overall, the earnings report was positive. if we take a look when it comes to credit card growth, we have a chart here for showing credit ca

visa mastercard are a little different businesses. revenue miss it's disappointing but i think the stock being up 15% year to date has really been resilient relative to other financials. i think this is a story for the long term. we have a new ceo in there and has a lot of great initiatives in terms of how to grow the business and all other digital efforts, as well. i think this is one you want to buy. >> which of the financials is your top pick of the moment? >> so i think -- i added to two, i thought it was the best of all the fines. i think bank of america has a lot in terms of cost initiatives. >> let's move on to amazon. market cap today hitting $900 billion for the first time threatening to unseat apple as wall street's most valuable company. amazon announcing prime day was the biggest ever despite the glitch. prime members purchasing more than 100 million products during the event and more new members joined prime they say than any other previous day in amazon's history. amazon or apple which i think is about 930 or so billion

these and mastercard will be the card networks for the strike business. they making it simpler for companies to process them. we talked about keeping the competition at bay. >> we think all of those consumer payment assets would all be really successful overtime, but what has always been lacking is a platform for an businesses to just manage abstract complexity of doing business online in 2018. business models are changing, they are more global and more complex, like a multiparty interaction or something like that. that's what we are focused on. apple pay has been growing like a weed and that's phenomenal for strike. second quarter results topped estimates wednesday. investors were not celebrating just jet. the digital payment company announced third-quarter sales projections that fell short of analyst estimates with slowing user growth of its mobile payment at. investors are concerned about its competitive edge. the paypal's cfo caught up with caroline hyde to talk about report and future mna. >> we thought we had a very good quarter and gave very good g

but i want to focus tonight on the digitization we are willing to pay any amount for mastercard and visa. when a company spends a lot of money and makes it so you can have more than a thousand branchs close and do a lot more business because people like the app, that should be included in the thoughts about the bank. i want to emphasize that if only because these guys aren't just sitting here and saying, you know, woe is me. i'm brick and mortar they're saying, look, younger people love the app. that's the way to get people to open accounts. they're paying less per deposit than everybody else. that's what irritated a lot of people last week they're paying more for deposit and getting less i think it was a good quarter. i want to emphasize again, i have not seen this group as despised as 2009 and these guys are making a lot of money the growth is good the year over year stuff the revenues rose 8% when is it going to matter when will people say, you know, they turn the lights on and make a fortune. they should be citi had a fantastic quarter. >> let's go over those for a minute we were her

are you kidding me visa mastercard paypal they're like the stars of the show that's like saying you ought to start thinking about looking at the -- >> payments. >> visa's market cap, just because it is so enormous -- $315 billion >> mastercard, too near a record high today we'll get earnings from both companies next week. >> they better be crazy, for this money >> tesla downgraded over at nitum. big topic of discussion. >> look, it is the huge cash burn, slower model, sx sales, cannibalization model. credits, unsustainable cash burn it is just -- it is like captain renault at the end of casablanca, line up the usual suspects of why we sell tesla. there was nothing new. it didn't talk about like a new tweet. there's some guys that tweet these days, david, it is the craziest thing you read their tweets and you can't believe it couple guys. >> couple of guys? >> couple of guys. >> which guys are we talking about? >> don't try to pin me down. >> oh, really? >> oh. elon musk. >> and >> donald trump. >> who has tweeted again from a moments ago, the summit with russia was a great success except

monitor what my ris b k is is and i have to manage the risk around it master carradine we ta i like mastercard but said last week, brokes below 200, i'm out. it's below 200 >> still there let's keep in mind that so much of the market trading and market action is driven by relative traders. we don't know how 3% is, but we know that technology comes county to a certain level. relative value traders kick in and say this is now under valued to what mi long-term algo i'm usie in using. got to correct something you're saying i agree that the algos are a huge roll. biggest in the market, but they're not all relative value players. a lot of them are. relative value is one part joe is is make iing it clear th momentum plays in. how about the notion of 3% getting over 3% tat same time that tech is falling back. is that a bigger issue for the market >> we've had a bigger issue the last couple of weeks we had a strong gdp number aren't we supposed to go over 3% >> what's, why should that impact equities? >> is this a false start are we seeing this story again i believe the ten-year should be over 3%. let'