>> 30 minutes into the u.s. trading day on this monday, february 5 with the top stories you are following. chicago fed president austan goolsbee joins bloomberg television in a few minutes as they price out large rate cut bets. eyes on industrials, caterpillar shares climb after beating expectations but other manufacturers are feeling the pinch from sideline spending. we discussed the manufacturing outlook with the cnh out -- ceo. cornell university pressure and former head of the ims china division joins us to discuss what former president trump's proposed terms would mean for global trade.

katie: welcome to bloomberg markets. you take a quick look at these markets right now. there's not too much to talk about. the s&p 500 down on the day by about 2/10 of 1%. same if you look at the nasdaq. that rebound but we've been talking about when it comes to chinese shares and 10 human today, take a look at affect side. that etf tracks chinese shares. you can see it's up by 1.5%. the vix currently below that 14 handle so as you can see volatility is rising a little bit. let's look at some economic headlines that we are getting. this is for january ism services pmi which came in at 53 .4

versus an estimate of 52. so a bit higher than expected. new orders index coming in at 55. that was at 52.8. an uptick there as well. joining us to break it all down. you put this together with what we've learned about the u.s. economy and that blockbuster jobs print, walk us through that. >> we go back to thursday and we were just likely -- lightly in the green for the treasury index, of total return. since then seeing those numbers that came out on friday we've gone up a quarter percentage point on the two-year treasury. what that is telling you is march has been mostly priced out people are moving towards the next meeting for the fed to raise interest rates. powell said very explicitly there's very little chance of

march and so what we see is a resilient economy, a slight problem potentially with that price paid component and therefore caution in the bond markets. katie: those still betting on a march rate cut i wish them luck. bloomberg's ed harrison, you look at the reaction to these numbers right now. you are looking at 10-year treasury yield's climbing higher we are at 4.14%. we see a big uptick and i'm pleased to say we are joined by michael mckee with a very special fed interview. >> good morning to all of our bloomberg television and radio audience around the world, joining me now austan goolsbee the president of the chicago fed bank.

in the 72 to 48 hours. first let's dive right into it with last night's appearance of chair powell suggesting again but march would be too early to cut rates pretty would not have enough data to justify that at the time. do you agree? >> you know my thing is i never like tying our hands ahead of meetings with links of data coming through. it feels like the economy has been quite strong on the growth front. you of the gdp numbers bigger than expected. at the same time we've had inflation better than expected. if you look over the last seven months we have seven months of really quite good inflationary reports ride around or even below the fed's target. so if we just keep getting more data like we have gotten we are well on that i believe we should be well beyond the path to

normalization. >> i understand you don't want to tie yourself down but is there really much of a chance of a move. some people think even that's high. >> as i say, all we need to do is keep getting information like we've been getting for the last seven months where inflation on a flow basis is absolutely under control and this is in the range of our fed target. if we keep getting strong quantity numbers, that is to say jobs numbers, gdp numbers, growth numbers while inflation goes down in the conventional view that's not supposed to happen. we would have to be entertaining the possibility that we are entering a period like the mid to late 90's where you have productivity growth the faster

-- faster than expected and trend which opens up some new possibilities. mike: scott said powell suggested rate cuts would likely be a quarter, maybe one half of a percentage point at the time. was a half percentage point discussed at the meeting? austin: as you know, we do not report on what's discussed at the meeting until a transcript comes out. our standard way to think about it from the fomc is what's in the summary of economic projections. which comes out every quarter and the last time that came out in december you saw the median member of the fomc thought there would be three rate cuts, i.e. 75 basis points for the year 2024. mike: is there a situation of us

-- of a market failure where you would consider a 50 point eight is cut? austan: i think you get the data and you respond to the data in its totality. i don't think it makes sense to speculate about hypotheticals of what would happen to make the rate cuts be different than what they have been in the past. mike: 3% growth, 3.7 percent unemployment, 2.9% pce inflation, the fed discussing rate cuts, this -- can you declare victory? austan: 2023 by the measures of the dual mandate which is to say maximize employment and stabilize prices that's a pretty good year for 2023. one of the better dual mandate years we've seen in some time. you never want to declare victory.

the central bankers job is to remain paranoid about everything because there are external shocks. we've deftly made progress on the side of the mandate where we had been failing, the inflation rate was way higher than where we wanted to be. as i say for the last seven months we've been at or below the 2% annualized rate so we just need more months like that. mike: that's in the pce index but cpi, the cleveland and dallas fed, the atlanta fed's sticky wage price index have all been running faster and hotter than pce. is there an underlying issue these measures and are picking up? austan: i don't think so. if we get down into the weeds the different measures of inflation measure different things. categories like health insurance, they are better

tracked in the pce measure of inflation then they are in the cpi and the pce measure allows consumers to adjust to the prices and to change their mix of what they are buying. that's why the fed has chosen the pce is where they want to get to 2%. the only thing i would like to emphasize is the goal is not to percent inflation on the cleveland trend mean cpi or something like that, they made clear pce is the measure we are trying to hit. it's going to be a little bit higher as a run rate on that. mike: what do you make of the acceleration in hiring over the past two months? optimist say it shows the economy is strong and maybe the fed does not have pressure to cut rates. pessimists say it can't be right, seasonal adjustment

factors have fudged the numbers. austan: a very important category. they did not fudge the numbers, that is crazy. but the thing that i want to emphasize when you see big prints like the one we saw friday, the big positive jobs numbers there is a tendency from pre-covid times to say that must mean the economy is overheating. i just want to make clear, a periods of positive supply shocks or improving productivity that's better than you expected, you cannot look at the quantities and determine whether the economy is overheated because the same thing that is inflating the quantities is also bringing down the inflation. so it affords new possibilities for monetary policy that are more positive than a demand driven frame.

we saw that in the mid to late 90's and we've got to be mindful in seeing these big strong jobs numbers in gdp numbers that they do not have to mean overheating in the traditional sense if the supply side is moving around. mike: the curve still inverted, started flattening but has started inverting more again. does that tell you anything about the economy, supposedly it signals -- but it's been 14 months now and so far no recession? austan: the thing about the inverted yield curve is it's a great predictor of recession when recessions are caused by the durable the bed flow of aggregate demand. all bets are off on the supply side starts going bonkers and we've seen that going through covid and now as we unwind those

deteriorated supply chain we are getting labor force participation back up to healthy levels. you can get these inverted yield curves i think just from the anticipation of what folks think the fed is going to do. if the fed is cutting rates not because of demand shocks which is what happens in the normal times then the inverted yield curve does not need to be an indicator of recession. i don't think the inverted yield curve as a rule of thumb is really as applicable as a recession predictor. we certainly saw that in 2020 three, everyone saying that it was very likely to be a recession and there was nothing even remotely like a recession. mike: new york community bank

revived fears of regional bank issues last week. what are bankers in your district telling you about their situation, are they one-off or is it a canary? austan: i paid close attention to that of course because the chicago feds has the largest number of banks and financial institutions that we supervise, i believe of all of the districts. the thing is in this case, the bank had bought the assets of signature and that move them up into a higher category where there is a little bit more scrutiny and some higher capital requirements. so thus far that does not really seem like it is a commercial real estate blowing up or something like that. of course we are monitoring. the job of central banker is to

monitor everything that can go wrong and prepare yourself for it. mike: one more question about preparing yourself, what are the bankers telling you about lending at this point with real rates going up, are they tightening credit, are they tightening credit standards and making fewer loans, we get the senior loan officers this week. what will we see? austan: the beige book comes out every fomc meeting we talked to contacts and each of our reserve banks and our own board of directors as well as people out in the community, over the last year and a half, you've seen a decidedly tighter credit market for sure. mostly i think just because the rates are high. we had fear in the spring last year with the collapse of silicon valley bank and a few

others that it would lead to a credit crunch. we mostly have not seen more credit tightening than what you would expect just from the monetary policy and the rates. that still feels like more of the same. now you've had the long rates which the fed does not directly control, they have been on a journey. they were up and then down and we fluctuated back and forth a little. it feels like credit remains tight and especially at the lower part of the credits back from consumers, small business and higher rate credits, they are getting a squeeze and we hear that from our bankers as well is from businesses themselves. mike: austan goolsbee, thank you for joining us. the journey of the 10 year a

ticket ride at disney world. thank you for joining us. austan: been a long time, great to see you. mike: austan goolsbee, the president of chicago federal reserve bank. katie: that was austan goolsbee, chicago fed president and bloomberg's own michael mckee. how are markets assessing the fed's position? we will discuss with carol schl eif. this is bloomberg. ♪

katie: believe it or not we are almost halfway through earnings season, mcdonald's and tyson foods consumer needs reporting

today. for more on these markets, the cio carol joins us. let's talk first about fed speak. we heard from jerome powell over the weekend and we just heard from austan goolsbee. it was adjusting making the point that he does not want to rule out a march cut. that's the policymakers view. they don't want to lock into anything but what is the investors view about when that start is? carol: we would be in the camp -- we would never be in the cap thinking of a march cut. the fed especially chairman powell over the weekend and last week got a number of fed commentaries out there really pushing out on that cut. or the cut potential. if you start cutting too soon and need to cut to aggressively that pushes back against the theory the economy is doing pretty well and we have seen stronger numbers through an

chairman powell in particular was very vocal about saying we need more data, more similar doesn't have to be exactly the same but just showing our strength the overall rate of disinflation is continuing and headed toward that trajectory and the fed -- of the cpe and of 2%. katie: you look at the official data still very strong, that jobs report blowing expectations out of the water. you look at what we're hearing from companies. snap planning to cut global headcount by 10%. estee lauder to lay off 5% of its workforce. we are from ups last week going to cut 12,000 positions. when you think about what we're hearing does that give you pause that may be the fed is behind the curve and the data will move in much faster than anticipated? carol: it's important to remember what base we are cutting off of and there's a

couple of factors going on. company stocks are clearly getting rewarded by wall street for being precise about their employment and their stock prices overall are tending to be going up with companies announcing they are laying off. there not a scale layoffs, the numbers sound big but when you look at the higher -- hiring these companies. tech companies that hired masses. and consumer goods that hired massively into it out of the recession as consumers changed our rate of consumption and the kind of consumption we did. so the trims you are seeing are actually pretty precise for the way company managements for that attention to detail if you will in terms of cutting in one area and yet still hiring in other areas. mike: snap share --

katie: snap shares rose there. estee lauder rather ok. point taken this is more normalization. think about the earnings we've gotten thus far. we are halfway through earnings season. what do you make of what we're hearing when it comes to companies. carol: it has been rougher in terms of there weren't as many in the early round that we've seen. bottom lines are more sensitive if you will to cost inputs and to changes in shipping and distribution and matters like that. companies are having to spend to deploy and re-industrialize as we bring things back here. they are having to spend on workers because overall wages are rising for the last five or six months with the rate of inflation.

that's to get and keep personnel. companies are having to walk a fine line from here as they adapt to it looks like the new normal. from an earning standpoint it's been reasonable. there's been a lot of companies that have met expectations, companies that have exceeded expectations. it is interesting because it's tough to paint a broad industrywide you've got some components of industries doing well and others doing poorly. katie: it's not necessarily industry selection right now it sounds like it's even more detailed than that. carol: it is a stock pickers market if you go from passive to active. it's a case where you'll be wanting to look at active management because the portions are very unique company by company and you have to do a lot of good diligence. mike: one of the big reason -- katie: one of the big reasons

they seem to be underperforming if you look at the past decade is the dominance of big tech in the benchmark so if this is a time for active management is that a bearish view on big tech? carol: it's not either/or for us, it is and. we have a component of passive and as you pointed out about 30% of what you own is big tech. and magnificent seven. you're still favorable from an intermediate to long-term standpoint because we think there's a lot of buildout and we are in the very early stages of artificial intelligence, cybersecurity, the spending in the implementation that needs to happen. that said it's nice to supplement around the edges and to pick some circular themes and managers that can go in and no particular sectors very well and are able to lean into that analysis. katie: let's talk about the

timeframe for artificial intelligence. companies are spending so much on this whether or not it's starting to hit bottom lines may be seeing that in certain areas but certainly not as a whole. for the time being is ai chief lee a margin compression story? carol: it could be. it's interesting because there's a case of the haves and have-nots. everyone can have to figure out how the deploy the technology. it's been around for long period of time. a lot of the bigger companies have been able to invest in it and experiment, a figure out what they are going to do. all of us will be touched by it in one way shape or form figuring out how we will deploy it. in the short run is people are figuring that out, hiring personnel to help build the use cases and deploy those use cases , training people on software and routines it takes some time and it falls back from

productivity. it's not at all like what we saw when we built up the internet. there was some disruption in companies early on before we all got to the point where we were mobile with everything we were doing. mike: got to leave it -- katie: got to leave it there. it's time now for social climbers, look at the stocks making waves on social media. first up mcdonald's misses wall street estimates as growth slows down in the fourth quarter. the fast food giant hurt in part by conflict in the middle east. next up we have snapped cutting its workforce by 10% worldwide. it copes with the decline in ad spending. snap is scheduled to report earnings tomorrow and will be interesting how those go over. we have estee lauder cutting up to 3000 positions as part of a restructuring plan to put the beauty behemoth back on track. you can follow the latest company buzz on the bloomberg terminal.

caterpillar batting away concerns for the global economic slowdown. we will discuss prude this is bloomberg. ♪

katie: caterpillar stock is soaring after crushing its fourth-quarter earnings. joining us to break it down is the oppenheimer executive director. a market perform rating. great to have you with me. i want to talk abut inventories. that was one of the big headlines of this report that inventories of these machines at dealerships shrunk. that was one of the big fears last year. talk us through what you see on the inventories? >> we've been looking for 2023 to start to really normalize, dealers had the opportunity to order ahead, secure what they

could during the last year or so. now that we are seeing supply chain ease, availability improving, dealer orders are coming to be more just in time. while in 2023 we saw some decline in this dealer inventory , 2024 is looking to be a neutral change in dealer inventories and that supported by still solid demand especially on the construction side. seeing some of those between rez and on the is the infrastructure spending comes through. also coming back to this normalization in the channel and saying our dealers just don't need to hold onto as much so getting those inventories right sized for what we've seen over the last couple of years is what we are expecting in 2024. katie: that's the inventory side. let's talk about demand as it relates to prices because caterpillar said it expects to increase prices this year to offset the higher cost when it

comes to raw materials. how much pricing power does a caterpillar have at this moment? kristen: i'm looking at 2024 being a tale of two stories when it comes to price. first half of the year really benefiting from some of the rollover pricing they put in place in 2023. back half of the year maybe that softens a little bit as the rollover price comes on. but we are also dealing with that dealer normalization. 2023 really strong pricing. 9.5% for the full year. 2024 earnings will have to be driven more by productivity, cost controls because we are looking at something that goes from 9.5% to just about 1.1.5 one-one point 5%. >> caterpillar is seen as this big economic bellwether really

for the entire globe. is there anything to that from what we saw from caterpillar about some of its competitors for example? kristen: beyond just historically being the bellwether for the industrial economy, caterpillar has come to embody the overall economy and what we are seeing is just like the overall economy a little bit more resilient than we anticipated. the stock has outperformed market today is really demonstrating at this point in the cycle we are not used to seeing flat revenue and flat earnings. we are not used to seeing stable. stable is what we need in order to get more information from the fed in order to see that monetary policy support. it is one of these stocks that has enabled the global market and things are doing ok.

there's nothing that's a severe outlier to the upside, nothing that's a severe outlier to the downside and it's a pretty healthy environment we are operating in. katie: really appreciate that break down talking about caterpillar shares currently up about 4% right now. let's move on and take a closer look at industrials. we are joined by scott, cnh industrial. scott, it is great to have you with me. we went through the caterpillar story in great detail. caterpillar more construction based when it comes to its business. you think about agriculture now, those lower crop prices have been a headwind particularly in brazil. when do things start to improve? scott: it's important to remember commodity prices have

come down the relative to the ten-year average they are quite high. farmers are in much better shape than the commodity prices would suggest. it's coming off a robust two or three years of high prices and coming down to a more normal level. katie: the balance sheets of the farmers are in good shape, what does that mean for the upgrade cycle. looking through some of the past comments it seems mark -- farmers are choosing to sit on the sidelines and not spend if they don't have to. at what point will they have to upgrade machinery? scott: that commentary was relative to brazil where we are seeing farmers just wait as they were waiting to sell their soft commodities and that has somewhat dissipated. what i think you are addressing is the technology enhancements that they spent so much money on to get our farmers the tools they need to get more productivity and yield which is

really the game we are playing, most of the equipment we have has some capabilities in that regard but will build much more capability and that will drive demand for the next decade or so. katie: you've also said at cnh you have great iron but you want to spend to make sure you have the technology up to snuff as well. recently winning a design award. what does the actual demand look like among farmers though? scott: it's a mixed breeze. we have a very big business in europe and i would say europe is more or less flat, not as volatile as some markets. south america turned south on us last year. the north american markets have been much more resilient. the large cash crop customers are continuing to buy. our combines did really well toward the end of last year and we felt good about what the

demand environment brings. we are also being cautious, you talked about that on the previous conversation. we are being very careful with that and want to make sure we keep our dealers with the right stock and that will be something we pay close attention to. katie: it's interesting, the conversation around inventories out of the pandemic there was this shift away from just in time inventory. do you see a return to that sort of environment as things continue to normalize? scott: our desire would be to keeping an adjusted time. i think we are finding ourselves back to where we need to be more disciplined in how we managed the shift and how we incentivize them to get the right product in the hands of customers. i think we have a strong team that knows how to manage that extremely well and will keep that in very sharp focus for 2024. katie: we've been talking about farmers and agriculture, do you want to talk more about

construction? if we look at sales last quarter they were higher on higher prices even though global problems have been down. is there anything to look for the construction side the business. scott: the case construction brand and more recently has been -- i don't like to applaud the government for them spending on this infrastructure but it is paying dividends for us. we are seeing strong demand in that area. the pricing is held up. again a lot of innovation and or construction business bringing this opportunity to do well. katie: so little bit of credit goes to the government, we won't give them all of it. let's talk of the stock price. cnh has been troubled in the stock market. you've acknowledged it's a complicated story for investors.

there is a merger between ford and fiat in the 90's. a combination and then a spinoff. here we are in 2023 you have a dual listing in new york and milan. how do you symbol phi the story for investors. katie: they -- scott: investors have been incredibly supportive, we did delist and now we are slowly lifted on the new york stock exchange and that's part of simplifying spot on as a separate public company. we acquired augmented technologies. really deploy capital in a way that positions the company for much better success in the future. it takes a while for the market to realize how those changes, one of the things on our third quarter call is with the margins can look like.

not only for investment in technology but shifting up the bottom and the top line as we go up and down through markets. we feel quite confident. katie: good luck next week, to check in with you. let's get a check on the markets. >> we are looking at declines for the -- the nasdaq a low bit more down 7/10 of 1%. we have some real underperformance down 2%. that index down, having to do with rising yields. basically suggesting it might take a little bit longer to start cutting rates. with the 10 year yield up more than 10 basis points it's up even more than that.

liquidity's exiting are not coming back into the marketplace as quick as some folks expected. lots of pressure. there is some pressure from the community bancorp down once again over the last week. zion is down 13%. perhaps commercial real estate woes could be on the balance sheet and could create issues. let's check in on the small-cap russell 2000. that index is going in a different direction from the s&p 500. you can see this year has been pretty rough back down fully in a range. the rsi indicator of momentum, small caps diverging. returning this year. katie: abigail doolittle, thank you so much. coming up we will hear from the

cornell university senior professor of international trade policy at the present state of u.s. china trade relations. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh

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katie: it is time for wall street week daily segment. former president trump this weekend talking tough on china tariffs if he returns to the white house. joining us we have the cornell university senior professor of international trade policy as well as david westin. in some ways it feels like -- 2016 again. david: thank you so much for joining us. give us a sense of what happened

in the wake of donald trump and then joe biden. where are we with the balance of trade between u.s. and china? >> things have shifted. you of the trump tariffs being continued by biden because none of the tariffs came down. we have other additional restrictions on technology and other types of trade and economic restrictions. all the at -- all of this is had an effect on trade between the two countries. in early 2016. china factor for 22% of imports. that number is down to 14%. it is likely to show the smallest goods trades deficit with china at around 1% of u.s. gdp over the last 20 years. certainly there's been a big effect with what trump and biden have done.

given where the political climate is in washington right now there isn't much prospect for trade relationships between the countries. katie: these tariffs the trump put in place did not come down under president biden with that in mind as we head through the 2024 alexion your trump campaigning on being tough on china but how different are these two candidates truly when it comes to trade policy? eswar: it will count as a political win for biden in the lead up to elections that the trade deficit with china has come down so much because much of the selection happens in the last three to four years and this has declined. all of this at a time when the u.s. economy is strong. so there is something structural going on here but one interesting question that's not quite clear is whether imports from china have fallen or if

these have simply been diverted to countries with which the u.s. to less friendly trade relations such as mexico and vietnam. it's going to be much harder for them to make the argument that the biden administration has been tough on china because if you look at the numbers. david: i wonder if you directly address will be heard from the former president on sunday saying 60% or even more tariffs on china. we talked to paul krugman who said that's not regulating trade that's cutting it off. what would be the effects of that tariffs on goods from china? eswar: it acts like a fence. that's an impenetrable barrier because that sort of margin no chinese exporter u.s. importer can take. 10% to 20% you can think about trimming costs here and there. currency depreciation helps a little bit but when it is 60%

that's a signal the administration is eager to cut off trade with china which is what the effect will be and it will have an effect on trade flows and investment flows. the interesting thing will be if this will be a diversion of trade but once you get to talking about 60% that's going to be effectively blocking trade between the two countries. katie: when it comes to the divergent of trade, does anyone win in this contest? you think about india for example if trade relations between the u.s. and china really deteriorate further from here who stands to benefit? abigail: -- eswar: it's not just trade flows but also flows of foreign direct investment in other banks of capital getting to fall more closely along geopolitical lines and this could create some winners not in the very short term.

realistically 60% tariffs, it's going to be difficult to substitute at scale in manufacturing base such as china. at the margin they're beginning to see this manufacturer beginning to shift to other friendlier countries such as india, mexico and so on. countries with which the u.s. is more open to trade relationship are certainly going to benefit in terms of trade flows as well as investment flows and they are beginning to see that with the data already. david: there's another thing about not knowing what the levels are pretty uncertainty that's injected. foreign direct investment in china has dropped off. what is the friction cost as it were and this uncertainty. abigail: for invest -- eswar: for investors, thinking about investing in china as an equity investor or company trying to put this investment,

there is the macroeconomic risk in china because the economy is not doing well. the stock markets have been cratered recently. deflationary risks, it's what the chinese government is going to do. if they continue to depreciate they will put in place capital controls, at the moment that's the geopolitical risk, the u.s. china trade hostilities are part of that but there is this broader reshaping of the alliance between the two countries and the different countries jockeying for places as these powers go at it. the amount of uncertainty created for investors is enormous. this is not to say there are not opportunities to be had, china announced growth at four to 5%. that still a large demand growth. the stock market may have bottomed out with chinese, he's willing to put in place policies

to restore confidence. for any investor with a very strong stomach there could be opportunities but the landscape more broadly is one of uncertainty. katie: taking a look at chinese focused etf inflows and they are seeing huge demand, investors trying to time that bottom. investors among businesses typically they talk about -- what's striking to me is goldman sachs had a survey of its onshore clients in china and you look at a potential win by former president trump in the november election that was a big concern. you look at sentiment around china for this year, this very negative so that uncertainty it's not just shared by foreign investors but it's investors with china who are not feeling too great. eswar: there is uncertainty about the macro policy, but in addition given the position becoming more hostile towards

people who are not seen as closely aligned with xi jinping, that is leading the country. the chinese financial markets are under significant pressure is foreign investors are not coming in and domestic investors are looking for safer places to put their money so this is a pretty fraught time for china and the key issues seeing policies from the chinese government it -- two restore confidence in the short run. so far we haven't seen that. katie: really enjoyed that, cornell university senior professor of international trade policy. it's not just capital coming in, it's potentially leaving. david: people as well. people going to singapore in places like that. katie: a long-term conversation. david: tomorrow we talk about

banks. nervous about regional banks again and we will talk about what needs to be done for that. friday we have the co-cio of 6th street about his big move from goldman sachs. what that tells us about wall street these days. katie: a lot to look forward to there and more coverage to look forward to after the break. this is bloomberg. ♪

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katie: let's take a quick look at some stocks hitting high and low. shares rise about 2% right now, you have caterpillar up on the board. nvidia, goldman raising its

price target to $800 on robust ai demand. a 52 week low we will continue to keep an eye on that one. that does it for us, bloomberg technology is up next. ♪ anesthesia -- 1 in 185,000. validate your parking or just see how it goes? what? why stress about the unlikely? does a killer clown worry about being struck by lightning -while winning the lottery? -sure don't. but your odds of falling victim to online crime are 1 in 4. you need aura. you, your family, all protected from scary online stuff. [ laughs ] protect everything your family does online with aura. how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now.

>> this is "bloomberg technology." caroline: i am caroline hyde. ed: i am ed ludlow. caroline: we will take the pulse of the market and get a read on the magnificent seven as one name struggles to keep up with the pack. ed: joining the course of technology, nothing