>> welcome to bloomberg markets. thank you for joining me today. it is like a lot of alix and sonali on bloomberg television. this is the calm before the storm. we are going to take a deal -- a look at yields quickly because you are not seeing much movement. a one basis point movement and the 10-year yield is still flat. the s&p 500 second day of gains

.8% higher and the nasdaq up almost .1%. sonali: i am looking at the movers. first this is alphabet and hub spot. shares are removing -- are moving on the reports that google is making an offer on the company and that google is considering changing premiums for ai tools. that would be the first time it puts any of its core product behind a payroll -- a pay wall. palantir shares are jumping after announcing a partnership with oracle. we are off the highs of the session. they will sell and support ai services across government and commercial industries. paramount is struggling. amid reports that the media company is getting closer to a deal with skypedance. -- guy dance. -- skydance. they will have to construct a deal that satisfies the other stockholders.

it is complicated and a multistep process. sonali: as wall street and the fed debate when the bank will cut rate cuts, till dudley leans in on this side of the markets. bill: the market will not go as far as the fed is projecting. one is that inflation will not average 2% but higher. number two, the neutral rating in the monetary policy has risen. given the large fiscal deficits and ai spending and a host of other factors, they are putting more pressure on the savings. alix: in the meantime you have stocks moving higher. let us check the fed and the markets tomorrow. kristin is the head of investment solutions. so, how are you feeling we are positioned into jobs friday where the messaging is like cuts are coming we just do not know when?

kristin: the messaging is that cuts are still coming and even chair powell has been transparent in that he wants to see cuts at this -- at some point this year and he has to say that he does not have to see a material weakening in the labor market. if you try to parse through what we have seen it yet some mixed signals in terms of manufacturing hotter than expected and services softer. you can go through the job data today with jobless claims. i think all roads really point to inflation. understanding the wage backdrop will be important that there is not pressure on increased wages and then we really have to look for the cpi print. alix: it sounds like you are of the camp that the risk is no cuts or a hike because of inflation? kristen: no. we are in the camp that we will see cuts. we are anticipating in line with what the fed has told us with

around two to three cuts. i think that we will see inflation come down and inflations being that inflation comes down to the end of this year. not the two but -- not the 2% target but the fed needs to see the trajectory that inflation is not going in the opposite direction. once chair powell has that data they will have the green light to cut. alix: given how much -- how much expectations have changed and even though you have fed chair powell not that worried about re-inflation, what are you watching for to make sure that is not the case given that you have wages rising and commodities flying all over the place. kristen: right now when you look through the data you have to make sure it is not a reversal. there is a lot of noise at the beginning of the year in the economic data. and you have two prints that are a little bit hotter than expected from an inflationary standpoint. we always knew that the road

down, this last mild in terms of reaching the target in terms of what we are anticipating will be met with volatility. it is more the ultimate trajectory and we have more time between now and the summer months. sonali: a week from now you have earnings hitting the tape. we are looking the first three months of the year. as we look at what breaks more, what should investors start to be wary of given that we will have a mix pictures of things like the consumer, the financials and even technology. kristen: do you know what is so interesting? the data we are receiving is very robust. even when you look at employment data, the data you sought continuance claims take off and initial jobless claims tick up.

ultimately, it is a strong backdrop. the same thing is true. if we were to take a step back and not have discussions about how many cuts will be have, and actually say look at the economic backdrop that we have, we basically have a lot of cash on the sidelines. $6 trillion plus which is just money market funds. you had earnings in q3 of last year and a big fed funds rate. you also have inflation going in the direction and when you look at the trajectory we have experienced, if you were to use that backdrop without this debate of when the first cut will be, that is pretty conducive and compelling in terms of investing and risk assets. that is exactly what to focus on which is why earnings and fundamentals matter -- matter. alix: before you get the allegation overweight, what is gold telling you.

the move in gold is making me go what? and a lot of people feel the same way. kristen: i know. gold is a bit of an enigma. i think people look to is that a sign we are seeing increased inflationary pressures. i think we have to go back to when we see the disconnect from real yields and the start of the ukraine-russia war looking at central-bank purchases and then look to retail purchases in terms of the chinese market and india market. in terms of the technical pressures that we are seeing and who are the buyers of gold. that helps tell some of the story. it is not just an inflationary action. alix: how do you think about the best places to put money going forward given the relative run-up, do you push yourself further into equities? or do you hold onto fixed income? kristen: there is room for both in portfolios. in fixed income we have seen a

lot of volatility and that is where we see it, in the market for the first part. looking at absolute yields that you are receiving, whether that is across investment grades and looking to the preferred market. munis are interesting because there is a seasonality where taxpayers will liquidate those to pay taxes. ultimately you could have buying opportunities on the horizon but the yields are still compelling, just the pure coupons you are receiving in terms of building out a fixed income portfolio. in equities you have to pick spots. we have been playing the broadening of the rally and have benefited here today. you still need an eye towards clean and strong balance sheets and profitability. if you see anything that changes the rate trajectory then you see pressure obviously on the higher levered parts of the market. alix: how do you then think about cyclical?

i know value and small caps are not your thing. but energy and financials have done really well this year. kristen: yes. we liked industrials. that was a meaningful part of our portfolios. within financials, they have done well. the expression has been looking at the preferred market and really looking at high quality investment grade work and even today you are getting high single digit yields. you also have the added benefit of the treatments on some of those issuances. when it comes to energy, it is more tactical in nature as opposed to a fundamental portfolio holding. energy has a lot to like with not only the price of oil being supportive of earnings but share buybacks and dividends and free cash flow generation. sonali: how do you feel about the other places that are yet to catch up?

they have been waiting for the catch-up to happen for the last six months to two years. do you think that they start to feel more love? kristen: i think you do have to be selective. it is not about putting on something that will be russell 2000 which is capturing the entirety of the market. small caps the interest rate story is important in terms of if you are using russell 2000 as the benchmark. looking through and saying some of the indices and composition like s&p 400 or 600 which are really mid-cap or small-cap growth. there you have profitability filters and angles that you are not just saying i am getting exposure to this part of the market because of size, you are extending some of these scenes that have dominated the market and finding profitable companies that are doing so and happen to be smaller. sonali: thank you for keeping an

eye on all things market. coming up next we will talk real estate with luxury developer michael, that is up next. 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 ahhh

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developer to discuss. abigail: with us is michael, the chairman, founder and ceo of a multi sector communicate -- real estate developer with $8 million in assets. it is great to have you with us. alix was talking about the pain in office, this is not news. what is surprising to me, especially having talked to other developers is the fact that we have not seen the crash that everyone is talking about. why not and will it happen? michael: we are at 20% vacancy which is a high number for new york city. but the system is digesting the vacancy is. i think what is important to understand is why is there a vacancy? some of it is covid but that went away. when you look at how many people are coming into the office today. refer covid seven out of 10 employees -- before covid seven out of 10 employees were at the

office and right now it is 6.6. what we are seeing is office vacancy being driven by obsolete office. there are 450 million square feet of office in manhattan, and 90 million square foot of vacancy. 100 million is obsolete. over time it will take five to 10 years pending on the vintage those buildings will have to get demolished and replaced. we are not seeing the crash because there is demand from corporations but we see in office that will be vacant for a wild. -- while. abigail: speaking of demand because this is one of the best telegraphed crashes to the point that it will never happen. is that establishing a natural floor for pricing once the buildings trade? michael: it depends. it is a tale of two properties. since covid we have seen massive

flight to quality be at retail, residential or hospitality. on the office side a big flight to quality. a big rent. c and b buildings are dead and those are still not at the correct values for investors to step in. those are going to have to reach land value for those to transact. it still has to be digested through the system. banks will have to take over and there is still a system, it is truly like digesting this through the banking system, which as you know banks do not act quickly. abigail: they do not. i have been hearing from sources and you told me earlier that banks will not let a lot of these properties go into default so they will work it out. we have been hearing from other sources that pc mbs market, they are not lending on commercial real estate basis.

are you seeing and experiencing this? michael: it has opened up. the problem is if somebody is refinancing a loan that if rates were 3% and today they are 5.5 or six there is only -- there is no way to do that without a big injection of capital. there are loans available at valuations not driven by bad real estate or low rent, rent is higher. classe has gone up. -- class a has gone up and cap rates have gone up. the cmbs market is alive but limited, but the valuations are lower. that is why we are not seeing the same amount in those markets. abigail: for financing to return to what it had been, does that take the fed cutting rates, is that in their calculus of why they would cut rates while the economy was healthy and some are

saying they do not have to? michael: i do not want to opine because from outsiders it does not always make the most sense. obviously the commercial real estate market has been the largest victim of the fed action. but obviously cutting rates is the number one booster for the real estate market. it seems like it is not happening so quickly for real estate people, not fast enough. the question is what happens with all of these trillion dollars worth of commercial loans expiring and you ask why the bust did not happen? banks do not want to the properties, they do not know what to do with them, so there are workouts and they are pushing the can down the road with the hope that interest rates go down and properties get leased and rates go higher and somehow these workout, and they will. we have been seeing that there have been a bunch of defaults

but you have not seen a bunch of properties being taken back. abigail: speaking of a lot of proper -- of one property because you do not just invest right here in new york also san francisco, you brought the transamerica pyramid one of the most iconic buildings and you told me that you are now receiving two or three of the highest rents in the united states. you focus on luxury and making these properties iconic. what did everyone miss and how were you able to buy this? michael: obviously being iconic what we specialize in doing is elevating super prime real estate. the transamerica pyramid is one of the most known properties in the country. and the rents that we are receiving our 2.5 times what they were pre-covid. we went through a $4 million renovation of the city block and we brought in norman foster to redo it. in a market that people think totally died we are seeing 250%

of rent growth. it is driven because the top of the market is willing to pay almost anything for the right product. we are seeing that in san francisco, and new york and miami where the market is booming. so. abigail: speaking of miami, can griffin had told bloomberg news months ago that miami is a new you -- the new new york. do you agree? michael: it is not new york but it is coming close enough. we are seeing that we are about to sell an apartment at the raleigh which are -- which we are developing for $150 million. jeff bezos announced a deal investing in real estate. ken griffin is in the billions. you are seeing big money on tickets. obviously the sun and low taxes and the good energy has bringing a lot -- is bringing good energy and it is bringing a lot of people.

abigail: the founder and ceo of svho capital, thank you. alix: thank you. i should point out that thomas barkin is speaking saying that expect the high rates to eventually slow the economy further in the fed has time to claim -- to gain clarity on inflation before lowering rates. how two finance veterans took over hurts and went on evs and how it went wrong. ♪

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alix: this is bird markets and let us turn to the big take. a pair of finance veterans wrought despot h -- bought hertz and went all in on electric. and it went bad. how long have you been working

on this article? eric: three years ago and the two guys concocted this plan. and i have to be honest with you at the time as well as to them and be had seemed like a good idea. take a century old business and ring it into the training -- 20th century by taking the gas powered cars and the gas guzzlers and replacing them with tesla. alix: when you started the article was it like this is a great move and then it slowly turned into this did not go well? erik: it was this is what they were doing and the reason they put it on the shelf was because we did not know where it was going. as it turned out it went, but it did not go where they wanted it. sonali: where they early or that they have fundamental issues and turning rental car company into an ev fleet? erik: some of it is early. ev demand from a rental standpoint is not there and from

a purchasing standpoint it is not there either. early adopters have the ev's and everybody else not ready yet, that was problem number one. problem number two you take new be drivers and put them behind the wheel of a tesla they get into a lot of accidents and they were extremely expensive and they cost hertz money and the cars were out of service. finally as we know now, elon musk over the course of 2023 cut prices multiple times in a battle for market share and that blew a hole wide open into their balance sheet and because the company hundreds of millions of dollars and made a bad situation that much worse. and now they are unwinding the plan and telling -- and selling off 20,000 teslas doubling down on gas powered cars and putting hertz where it was before. some of the stuff that was part of the strategy is working, but

the company going forward will look a lot more like the company that came into this. alix: who is in charge now? erik: gill west, a former chief operating officer at delta airlines and he knows operations. and he is used to the ups and downs of the transportation industry. he is probably a good guy for a turnaround job. stephen sherer who has been the ceo for the past two years has stepped down. and to be fair he does not think he has the right guy for this job and he probably is not. alix: he is probably like this is not what i signed up for. definitely read the article it was a great piece and things i did not think about when it came to buying versus renting versus going to a car rental place. we have the executive chairman and ceo coming to discuss the 3 billion-dollar dollar fund to buy stakes. that is coming up next. we are looking at the equity

market and still higher on the day. the nasdaq performing over 1% in the s&p up .8%. the dow is up .5% as the fed is consistent. this is bloomberg. ♪

her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for.

alix: let us get a quick check on the markets with a rally on the way up .8%. the nasdaq 100 up 1%. the russell up 1%. a switch above the boards. the bond market is not doing much of anything and you have to wonder what the pain train will be. a hot or cool number. crude taking a little bit of a break as it makes the run to $85 and spot gold reaching 2300. another record high. now really questioning the markets like why is gold higher?

sonali: thank you. i am here with the hunter point executive chairman bennett goodman and they just secured three point 3 billion for acquiring stakes in private fund managers. this has been a hot business across all of wall street that you no longer -- you not only have the largest ever first-time fund that exceeded your target by $800 billion. what was it like going out to talk to investors at a time where otherwise fundraising has dried up? >> it is difficult fundraising. we had the advantage of a differentiated product. in our strategy we try to position hunter point to be a strategic partner for growth where we provide not just capital, but other strategic capabilities to help them grow and change the trajectory of the growth curve. sonali: as we watch a lot of

these gp stakes businesses start up it begs the question what is the asset manager of the future and kinds of companies you are looking to navigate investments? >> i think it starts off with differentiation. we really need to be looking at firms that are special in what they do and have an edge and have a great culture and are driving towards something satisfying. sonali: you started your own company before and you are well known for having cofounded gsl. if you look at the environment and how it differs with higher interest rates. how does that impact the calculus in terms of what firms will be able to navigate? bennett: everything is more competitive and difficult. it takes a lot more energy. sonali: you guys have made interesting decisions in the types of firms that you invest in. i want to hone in on a challenging area, real estate.

how are you thinking about real estate managers where you are putting new money to work and whether they will make it out of this alive? avi: i think real estate is incredibly broad. it is not a simple answer of what real estate company is the answer to everything. we made an investment in a firm, a $50 billion manager and the largest owner of single-family rentals in the united states. and we are facing a huge housing shortage somewhere between 4 million and 7 million of the housing shortage providing tailwinds to the firm. we have been very careful about where we have made our investments. sonali: it is interesting. bennett: it also helps who the ceo is that you are backing and what is his or her executive team look like? so much of what we do is a character assessment of the kinds of gp's that we want to get behind. in the case of the ceo of pratt

em, and john, the president, that is a talented executive suite. there will be challenges in real estate, but the two of them have the history and capability and the experience to navigate through what we are sure will be uncertain waters. but at an accelerated pace. sonali: another uncertain area is private credit. since your early days it has romney a lot of new players into the market. do you think the space is too crowded? how do you choose the winners? avi: there are a lot of people doing direct lending. however it is a good area and when you think about the capital markets and where there is value and what makes a good investment , private credit in today's world is a good place to be. i think there is room for a lot of folks and i think the established incumbents will do

well. it might be harder to start something new. sonali: seeing you both go into companies and start growing credit expertise how do they start being one-stop step -- one stop shops and do you need to be a private equity firm and credit firm at the same time? avi: i do not think every firm needs to have every product and it doesn't need the differentiated expertise. we have made an investment of a track record of being a leader in consumer growth investing. and yet they are interested in using those capabilities and tools to build the credit business and that is why they chose hunter point capital as a partner but they do not need to be in every business that makes a lot of sense. sonali: you think private equity, how often are you putting money to work given again that this is another place

where the environment has changed and the cost of capital is higher. bennett: it is but we are trying to back for some form of competitive -- firms with some form of competitive advantage. it has some correlation of where interest rates are going during the period of investment. what the term success is much more driven by identifying the themes of what sectors that you want to be invested in, what is your vision for what the company can become and then executing your strategic plan to create value. sonali: if you are navigating the environment, what are the biggest risks because you are putting money to work but also you are putting their portfolio to work. avi: we are long-term investors. so, we cannot look at temporary

inflation challenges for the past 18 months and it looks like that might level off. we have to look for the future. so to bennett's point, the culture of the firms and how well they are serving the lp's and brands are building is the thing to look out for. sonali: are these companies preparing for a recession or acceleration of inflation? how do you position for these challenges? bennett: everyone has their own way of thinking about macroeconomic outlook. sonali: how do you think about it? bennett: quite frankly, i do not obsessed over whether rates will start declining in the june fed meeting or whether it is later this year and whether it is two or three rate cuts because we are looking at it over a long time -- a long-term period. and we believe that rates will

decline. the extent and how long it takes we do not know. sonali: how do you think about this money that you have to put to work, what kinds of asset managers or categories? is it real estate or private credit? avi: we are really interested in private credit and also real estate although we are picking and choosing the spots, as mentioned before. i am not sure we are done with private equity globally. bennett: everybody likes similar things, as do we. however, you also get an evaluation that makes sense. sonali: do you think they are flying away? bennett: it depends on the space. clean energy is an example where it is no secret that is a great area for growth. but it is hard to determine who are going to be the winners. so, where you set up the entry price matters. and how long it takes for that

energy transition to occur. just because there is an area that they like a lot does not mean it is a good investment. sonali: draw the vision for me, what is hunter point supposed to be calm? avi: this is an interesting moment. 2024 represents a transition from agp stakes to solutions firm. we introduced a complementary strategy to lend money to gp's alongside the gp stakes equity business. sonali: to keep the investment engine going. thank you so much. that is the ceo and executive chairman. this is bloomberg. ♪

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alix: it is time for stock of the hour and for that we go to alphabet. shares are moving after a report about google considering a pay premium for ai tools, the first time any of its premium products are behind a pay wall. it is also entertaining an offer to obtain hubspot. caroline hyde joins us now. what is it? caroline: it is customer relationship management for small engine -- small enterprises and focus on what they really need. i actually sat down with the ceo of the business about a month ago for the new voices event. a phenomenal woman who has come from lynn -- from india and has become a ceo of a $30 billion

company. interesting that the response was that they never comment on speculation and it must be said that this is not a done deal, this is alphabet going to bankers and they have not approached as of yet. the market looks excited on the back of this potential beefing up of where alphabet wants to be selling and not only what it offers across the board but generative ai services and act as a whole lot of enterprise businesses. but who knows if regulatory wise you can get this done. sonali: it looks like a lot a positive reaction but skepticism. how transformative would this be for alphabet? caroline: everyone is wondering. it would give them a wedge versus salesforce which is offering its own products. it might give them an edge against microsoft. it is a beefing up across the board offering to enterprises with the relationship of openai and getting into businesses of

all scale offering products. so i think ultimately it is making more competitive in the enterprise space if it is allowed to go through. alix: i was talking to bloomberg intelligence and he said the combination is too, and what do you do with all of software players, there are so many? what is happening? who are the targets and the buyers and the buyee? buee? --buyee? purchasers. caroline: salesforce was able to buy slack. but under the current iteration of the ftc and the regulators, google alphabet has a lot of legal issues and all of it is because it is too big. sonali: you have google considering fees according to " the financial times" for ai features.

caroline: we had man deep on the --mandeep saying that this is what they have done on youtube. people will want to pay subscriptions and people have come to youtube as a tv offering and they have raked in $50 million worth. this would be a subscription you are looking at a generative ai offering coming from google. at the moment you can go to google 1 which is their premium act as -- access in gemini to go within my google documents and help me in my gmail. they have not been that much embracing general just generative ai within the search product. they are worried about market share. they are worried about what bing could be. what could they still give you advertising where they get the bulk of the money as the same time as playing a little bit more taboo a better search process through generative ai. that is what it looks like and he said this could really beef up there revenues. sonali: thank you so much and

speaking of ai, she is part of the berg intelligence generative ai event happening right now with leading executives. the cohost is ed ludlow and he is moderating right now. check out those on the terminal. coming up we have andalusian credit partners raising $5 million. more on that up next. the head of credit joins us next. 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 ahhh

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sonali: it is time for the wall street beat, the -- chris sheldon was out with a new note and said that private credit is facing competition as the cl and leverage markets reopen. private credit deals are being replaced with leverage credit

capital solutions and to expect that to continue as m&a activity increases. private and syndicated credit markets will exist together and we will -- and we will see demand rise. joining us now is aaron klass the managing partner and head of credit by andalusian. you know, it is interesting because you play in a part of the market that is not those mega deals. and so what is the biggest difference that you see in private credit in the middle market versus large-cap spaces? aaron: thank you for having me on. it is great to be here. there is a distinct difference between what goes on in the upper part of the market where they are touching against the syndicated market and andalusian in the middle market. in the middle market it is a traditional direct lending market where as the direct lenders who plan the upper part of the market is a competition against the syndicated market. we see less indicated --

influence, particularly things like terms, rates, spreads, and trends. in the middle market we are able to see a covenant market and a market that is insulated from the syndicated mortgage. sonali: what do returns look like, are they better or worse? aaron: of course i think returns are better. i have to say yes. we do not have pressures that return compression comes from capital flows into cielo's --clo's andy syndicated markets. sonali: the other thing i'm wondering is how much activity now versus a year ago because some of the business that you are operating with is what would normally go to the regional banking system. how much has credit contracted? aaron: what we do the focus on the middle market and providing

leverage finance to sponsored or independent companies and you are right. what we have seen and know when the market is that historically for an independent or non-sponsored business 80 to 90% of their country -- companies get their leverage from commercial banks. and the story has been a pullback from the commercial banks. what we have seen as an influx of opportunity is. alix: i hear that a lot and i'm worried when the regulators come home to roost. aaron: from a non-bank perspective one of our vehicles is a bdc, which has been around for decades and they are built and designed to lead money to non--- to middle market is and is is, sponsored and nonsponsored. alix: that means you have been around for a while so you know how that works and you can manage the risk? aaron: from a regulatory perspective there is a well-designed regime.

they are regulated by the sec and there is a history of data around how those loans and vehicles have performed the market which gave the regulators comfort. sonali: speaking of how loans are performing, on the one hand it is a space where a lot of money is being attracted but what valuations are putting those -- that money to work. what are the risks that you are navigating in the next 12 to 18 months? aaron: among the biggest risks for lenders like andalusian really is one, rates for sure. higher rates for us me better returns for investors. we also have to be considerate and thoughtful about borrowers' ability to sustain higher interest expenses so that is something we keep a close eye on. inflation is another one and we can see that across the types of businesses whether it is labor, commodity pricing or any kinds

of input. we play cook -- we pay close attention to the ability to sustain leverage. alix: what are you seeing that the broader market is not seeing one it comes to inflationary pressures? aaron: that is an interesting question. in the middle market and there is something like 200 or 250,000 middle-market companies, every sector or subsector in the industry is reacting differently to these time -- to these kinds of inflationary pressures. we try to focus on industries and subsectors that are a bit more resilient or protective against an inflationary environment. we focuses on businesses in the sport, media, entertainment, financial, and specialty services. some exposure to consumers but in ways that are a little bit more insulated from recessionary or inflationary pressures. alix: what are the common concerns in terms of what

companies are worried and anxious about? aaron: from a borrower and company perspective interest rates are a big one, more so than inflationary pressures. we have been in this environment for a year-and-a-half. alix: it is more like a spike in interest rates. do they need cuts? aaron: they certainly want them. they think about that a lot. that is impeding and for some companies that is impeding their ability to execute on other growth strategies given the gross -- the cost of capital. sonali: you do have to be selective looking at leverage levels. as you look at companies coming to you already cap doubt? aaron: you do see that as a company is levered up and needs to replace the legacy with a new lender, but the market is generally well addressed with other sorts of capital providers and we saw -- we call that solution based or rescue

capital where that is a hot market worth -- with the quantum of debt refinanced out in a smaller loan and that is something that we look at doing. and maybe some equity behind it. sonali: we have to leave it there. thank you for joining us. let us take a quick check on markets because we are looking at a little bit of green on the screen. before a very large day tomorrow with jobs. the s&p 500 up .8% and the nasdaq 100 up 1.1%. alix: the russell up over 1% so it seems up broad-based. within the s&p the packaging company is interesting because they are doing some kind of turnaround for sure. they are changing their enterprise which is why they are transitioning. is there read? sonali: we will look at that as

you and i spend more time together this afternoon. right here on bloomberg television. alix: it is all confusing. we will be here later. sonali: that does it for bloomberg markets. this is bloomberg. ♪

not all caitlin clarks are the same. caitlin clark. city planner. just like not all internet providers are the same. don't settle. you want fast. get fast. you want reliable. get reliable. you want powerful. get powerful. get real deal speed, reliability and power with xfinity. she shoots from here? that's kinda my thing.

>> from the world of politics to the world of business, this is "balance of power." ♪