matt: lear 30 minutes into the u.s. trading day. here are the top stories we are following for you. sales slowed down. retail sales barely rise and make pointing to greater financial strain among consumers. two cuts to come. goldman sachs sticking that the fed will cut rates twice this year after a slowdown in gdp growth. plus, as the labor market reaches an inflection point they are worried about the economy. ready for lift off.

space systems company rocket lab announces its largest launch agreement yet. we will speak with the ceo peter beck about their new record-breaking launch. ♪ i am matt miller and for katie greifeld. welcome to bloomberg markets. a look at what's going on on the s&p after a 30th record high close yesterday. the index is up again. just .1% but to 5480. nasdaq down. the u.s. ten-year yield taking down -- ticking down after the retail sales number disappointed. the consumer is showing signs of weakness. may retail sales came in below

expectations. joining us with more is enda curran. what do we know about the drop and is this consistent with the trend? >> it is weakness across the board. softer than expected increase but also a revision down for april. it looks as though consumers are shopping around for more online discounts, for more bargains. we know the price discounting is part of this. the numbers are not necessarily just for inflation. there is a trend that consumer spending over the past few months has been trending lower. there are caveats. there is expected to be some spending on services. when you member the backed up of interest rates being very high, credit card debt continuing to increase, the fact that the jobs market is softening around the

margins, it all suggests the great consumer boom of last year is now cooling. we're not talking about a crash landing but it is certainly cooling. this has to be closely watched over the months ahead as we get near the fed meeting in september. matt: what is your take on the goldman sachs call? the note on the labor market being at an inflection point. we saw nonfarm payrolls booming higher, 273,000 jobs added. the household survey showed we lost 400,000 jobs. ann: -- enda: a lot of different views on what the surveys mean and what they are telling us. a lot of confusion over the role of immigration in the economy. is it counted are not? the jobs market remains cooling around the margins. they make the point that is easier to maybe hold onto staff then find staff than it was last year. none of that means we are

heading towards a hard landing. it does add to the economy slowing. the idea we are at the inflection point probably sounds quite fair. that's why i say about retail sales the data will be so important in terms of setting the tone for the economy and with that means for the all-important fed debate. it sounds about right. matt: thank you very much. enda curran talking about the retail sales data and the goldman sachs call. let's turn to the market reaction. joining us now is ann miletti, head of active equity. great having you on the program. what is your take on these continued record highs we are seeing in stocks? it does not feel like the fed is in a restrictive place on the s&p 500 has hit 30 records in a row. ann: it's actually shocking when

you look at the top down data. when you look underneath it's more suspect. certainly it is something you talk about a lot. the concentration of the index and where the returns are coming from is to the point now that it is a little concerning. 25% of the s&p and five names. 60% of return coming from those five names. we are five names away from having something look completely different in the market. last year it was seven. this year it is five. i think we are starting to see signs things could be changing. the timing of that is the greatest unknown. matt: it's interesting. there was a note this weekend. it was bullish. peace raising the target to 6000 from 4750. wow. that is based on expected earnings growth of 8% this year. 5% next year.

is that earnings growth we will see from the s&p 500 or just the fab five? ann: it is so interesting. i read that note. when you peel the onion back more you see the expectation is for the top five names to grow earnings above 30% while the rest of the market to grow earnings only about 5%. that changes in 2025 for the expectations are much more narrow. those five names are supposed to grow about high teens. 18%-ish. the russell is support -- the gap closes in the market can maybe broaden if that is the reality. it does show you cannot just simply say earnings are growing at 6%. where the earnings coming from? it has been those names. in some cases the big five and

the mag seven are justifiable based on earnings. we have gotten multiple expansion as well. there are plenty of areas of the market that look attractive to us. when you look from a pe basis, the average -- the equal weighted index is trading at 16 times versus 21 times if you add back those five names. there are areas that look more attractive than just those. matt: that is the important part. a lot of investors are not interested in diversification. after 15 years of the s&p beating every other fund and what we have seen with the magnificent seven over the last couple of years it is difficult to explain to clients, look, you need to not put all your eggs in one basket. there are some really attractive baskets in which to put your eggs. which are those?

ann: if you look at health care, some of the industrials, some areas that have been left behind. those areas are good in terms of sectors. there's a lot of fear over the small mid-cap space. if you focus on quality, which has been something we have been focused on since the beginning of the year coming into the year, if you focus on quality there is a lot that, you know, you should be paying attention to. because -- company seven thrown out and treated as if. they are sensitive and can never perform. that is not true. yes, there are a lot of nonprofitable small-cap names and others that are profitable with great management teams and a strong competitive advantage. those are the names down cap we are paying attention to. matt: do you have to have rate cuts for that thesis to work out ? ann: you can't have a swift

change in the direction. if inflation starts to spike and we talked about rate hikes, that is where it would be more dangerous to be a small cap. it certainly feels that we have hit the peak of interest rates and now it is just a matter of time of when they come down. matt: you will stay with us. ann miletti of all spring global investments. let's look at the market right now with emily graffeo. you kick off with one of those ai names. emily: we can't stop talking about ai. i'm looking at broadcom because the stock was on track for its best winning streak of 2023, up for the past seven days. now it's moving between gains and losses. it has been up and added over $200 billion in market cap in just the last week or so. that follows is low what earnings report which showed strong demand for artificial intelligence products is driving

broadcom's growth. the company supplies chips are big tech companies like apple. they offer a range of components that are used in computing and networking. i like the comment from barclays. they said that broadcom remains one of the best ways to play ai. you can see that just in stock performance this year alone. up over 60%. we will see of the gains hold today. if they do, that is eight consecutive days of gains. the longest streak of 2023. matt: emily, boeing is one that we are watching here. the airline has had problems with the 737. it looks like congress will be grilling the ceo. emily: that stock is down a little over 1% today. we have another whistleblower report coming out. that was alleging boeing mishandled and lost track of hundreds of faulty parts, some of which the new whistleblower said may have been installed on

new 737 max planes. it was coming from a june 11 report. they were made public today by a u.s. senate subcommittee. they are coming from boeing quality inspector sam mohawk. boeing lost 400 faulty 737 max aircraft parts. they deleted records from many of those from an internal cataloging system. these parts are supposed to be tracked or disposed of with meticulous records to ensure they are not used in the aircraft manufacturing process. the whistleblower claimed boeing intentionally hid these improperly stored faulty parts from the u.s. faa ahead of an on-site inspection. we will absolutely see the ceo grilled on a number of allegations, this one included. the stock down 32% year to date. all these quality concerns have really weighed on that company. matt: we are taking advice and going down cap.

we kicked it off at broadcom, like an $850 billion company. boeing is worth $110 billion i think. let's talk about chegg. emily: the smallest we are talking about today but the largest dock move. it was up 17%, the biggest intraday rise since november. this is an online education platform. one of the reasons why they are higher which is not great for the workers, the announced the job cut. cutting 23% of global workforce. the company also announced a plan for growth that includes developing a single platform with ai tools. for chegg the question is can they leverage ai or are they going to be replaced by a better ai tool? in may, they said chatgpt's -- openai's chatgpt threatened their homework help services. a jeffries analyst said that a

lot of chatgpt is free. you have to pay for chegg. can they build a platform that will be better than openai's platform that a lot of students can just use for free? at least today it seems the market believes so. for jeffries, he lowered his price target to $2.50 a share. matt: we should be weary of a company that replacing people with ai. emily: right. you look at the job cuts and that is a theme. matt: emily graffeo talking about the movers at this hour. jane fraser says the bank is no longer in the financial supermarket of the past. we look at how she's betting the bank's turnaround on its least glamorous business. more with ann miletti. this is bloomberg. ♪

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matt: it is citi's services investor day. we heard how jane fraser is putting that in the spotlight. sonali basak, what is the story with citi moving all of its eggs to the money moving basket? sonali: we are talking about citi's services investors day. it is something that has been traditionally very hard to explain to investors. it is the plumbing of the financial universe here. they move money around for corporations around the world. ultimately, about $5 trillion a day. large clients, amazon, uber, the u.s. government are among clients for this business at citigroup.

that amounts to roughly half of its profit. it is hard to describe to investors, which is why they are having this investor day today. the key question here is what about the other businesses? the wealth management business, the investment banking business where there is a new leader, do they also have the promise of having their own investor days in the future? by and large, jane fraser stood up to investors and said we are no longer the financial supermarket of the past. we are honing in on these five businesses. matt, this will be jane fraser's legacy as the ceo of citigroup, simplifying the bank. investors initially are reacting well. shares up roughly two percent so far on the day. matt: i'm looking at shares. if i put up citi over the past five years, jp morgan, morgan stanley, wells fargo, bank of america. there shares have done nothing

while the others have doubled or are up over 150% in the case of morgan stanley. how is she doing have revamp of the bank which is just really needed for shareholders? sonali: the idea of exiting certain businesses unprofitable around the world. now the direction will turn quickly towards where is most of the profit going to come from? as we have been talking about and highlighting their services business, but what about the others? how competitive could they be at a time and talent is expensive to come by? how competitive can they be in investment banking? she highlighted the wealth business and the ability to be very promising over time. a broad and talent from inc. of america to lead the -- bank of america to lead the business at scale. one big question as i talk to the cfo today is how much propensity they have to reach across wall street, bring in more talent, grow businesses

further, especially after a moment where they cut many jobs here and have reduced costs so efficiently. what is their propensity to spend to grow the businesses? matt: thanks very much. sonali basak. later on today tune into her interview with the cfo of citi mark mason. we are back with ann miletti. ann, a couple of weeks ago i talked to investors and they almost all would say we are more interested in europe. we are looking internationally. the u.s. has been the only game in town but we could see some rotation. ever since the eu elections and macron's call for a snap election that seems to have done a full one 80. ann: i think there has been a little bit more concern about the growth rates in europe and where that can go. when you focus on rates, it looks like a quick maybe clear place to go. when you look more broadly at the full picture it may take

some time for europe to see growth come back. i think if you look more broadly at emerging markets, they have underperformed for many years. they are starting to see some signs -- there are signs of light if you look at china which has been -- it's a big part of the index for emerging-market players. they have had a lot of tension on both the macro level and the micro level and company level. global interest rates are on the rise and have hurt them. a strong dollar has heard them. fundamentals are starting to shift. as rates come down across the globe that is a clear -- that creates a lift for china. the fundamentals seem to be at the company level where you see real improvement. it is up to individual investors whether they want that exposure to china. you can have emerging markets plate ex -- play ex china or

with china and we are at the moment in time where it is hard to get the timing right. if you are very underexposed, you probably want to start inching your way in and look at some exposure. matt: how important is the u.s. election to that investment case for any investment case? you think there are big changes between presidents trump and biden. on the other hand, they both have pretty aggressive policies against china. ann: i think they are both known. this is an election where you kind have to get over the frenzy when we hear this is what is going to happen with trump or with biden. they have a history and the past in which you can look to and say here is what potentially it could look like. you are right. some policies for trade, etc.,

became tougher under trump. they were extended in the biden administration. that is creating some hurdles. matt: 104% tariffs? wow. ann: the bark is often a lot worse than the bite. negotiation happens out in public. that is what we are in the middle of. we don't know what reality will be. i feel better looking at past history and real actions versus listening to the words. matt: great having some time with you. ann miletti of all spring global investments. we will look at the companies making the most social bus today. social climbers is next. this is bloomberg. ♪

matt: it is time for social

climbers, a look at the stocks making waves on social media. first up is apple. it is calling it quits on its pay later program after just one year. the tech giant reasonably -- recently teamed up with affirmative buy now pay later services for customers which will come with it i with 18 software this fall. it marks a retreat from earlier efforts to offer financial services in-house. now it will just go through a firm, his partner and buy now pay later. next up is phillip morris halting online sales of its popular nicotine pouch brand zen following a subpoena sent to an affiliate. the legal action relates to washington's ban on flavored nicotine products, the small pouches placed between the lip and the gum like bandits used be. it has become a growth engine for phillip morris in the u.s. the company says it will comply with the request for

information. you will have a tough time ordering those zen packs online. gen z is kicking the 60/40 portfolio to the curb in favor of fresh kicks. a new survey by wealthy americans by bank of america shows 94% of gen z and millennial investors are more just and collecting items such as watches, cars and sneakers like 10 issues or basketball shoes. nearly three quarters of those younger americans say stocks and bonds alone cannot deliver above average returns, opting for a mix between traditional assets and crypto, real estate and the all-important collectibles. you can follow the latest company buzz on the terminal. type tren go on the bloomberg. closing at another all-time high on the s&p 500 yesterday. we continue to make small gains. 5477 is the level.

the nasdaq off a little bit. ten-year coming down. coming up, the ceo of rocket labs peter beck. this is bloomberg. ♪

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>> rocket lab shares are surging after the company signed the largest electron launch agreement in history. joining us now from tokyo is peter beck, robert lab c.e.o. and founder, rocket lab manufacturers spacecraft satellite components and the the electron i guess vehicles, smaller than we would normally expect from a rocket, right? peter, you've got a new deal with japan. tell us about it. >> yeah, sure, so we're about to launch our 50th rocket electron. the rocket has been a staple for

delivering satellites to orbit. so this deal represents one of the largest deals in history, we've provided team dedicated launches for a japanese company for their synthetic satellite. >> when you talk about elob musk and spacex, their ultimate goal would be to go to mars. when you talk about the electron rocket, i guess putting out smaller satellites into the orbit is your goal for now. what's your ultimate ambition? >> what we're trying to build is a space company. everybody knows us for our electron rocket. it's the second most frequently launched rocket behind spacex and fourth most frequently launched rocket in the world right now. but what we're really trying to build is a space company. if we launch rockets, but we also build spacecraft and

satellites. some of those missions include missions to mars and nasa and a number of commercial missions and national security missions. >> you talk about your partnership, your work. why are you still big in japan? what are they picking up on that you could show to other regions and promote your growth there? >> the japanese are focused on very innovative small satellites and that's where our smaller rocket is really unique. so we're able to deliver these missions to unique moments in short time frames. this is something that only we can offer. we do very well in the japanese market. >> what kind of competition do you expect? because you mentioned spacex and there are a handful of companies that people could name now. is this industry set to grow?

>> definitely. a.i. is all the buzz but the space industry is growing at a tremendous rate. what we're typically the de-- what were typically the domains of governments are now the domains of commercial companies. going to mars and once you employ a government rocket to deploy satellites into orbit, now you very much focus on the commercial options. >> so i guess the electron rocket is your unique selling point, right? what are your advantages over your competitors? what do you see as your leg up? >> we launch very frequently so every two weeks pretty. we have a launch one way or the other. electron has proven itself to be a very reliable launch vehicle on schedule, on time. and very affordable. and going to space and launching

rockets is very, very hard. and we're the first commercial company to put a satellite into orbit. rocket lab was the second commercial company to put a satellite into orbit. so there's a lot of companies that are developing systems but very few companies that launch reliably regularly. >> you're big in japan but you've gotten help from the biden administration, investment in tens of millions of dollars because of the chips act. how important do you think these government initiatives are? you've already sort of painted the picture that we move from a statebacked -- state-backed space industry to a private space industry imreuive got the hand of -- but you've got the hand of government helping. >> absolutely. in the case of the chips act, it was really, really important. there were solar panels used on satellites in spacecraft that are very, very unique, that have to survive the harsh environment of space.

and currently there are three manufacturers in the world. two in the united states and one in germany. so supply is very constrained, especially to the national security platforms. so we are now the largest provider of space grade solar cells in the world and the chips act funding helps us grow that manufacturing capability to ensure that all of the national security programs within the nation don't go without solar panels and power. it's a funnel mental element of the spacecraft, to be able to power. >> one of the purposes of that kind of government subsidy is to protect national security, as you point out. another purpose is to create jobs. what kind of job growth do you expect to come from rocket lab? >> very significant. we have around about 2,000 employees now and continue to grow at a great rate. so at moment i think there's something like 400 job openings

within the company. so we are growing at a significant rate and the government helping out on the semiconductors is an important part of that. but right across the whole business, rockets or space systems. >> it's so exciting to talk about space and to see these rocket launches. but there's a boring part of your job i'm sure which is finance, right? how important to you is capital formation and interest rate levels? how much time do you have to spend on that? >> yeah, significant. look, the space industry is very capital intensive. and that is just the reality. and in the current times where capital is much more discerning, companies like rocket lab have been successful in attracting that capital. but not so long ago there was --

you just needed to say the word space and it was very easy to raise capital so i think we're in a very unique time within the space industry. there's lot of consolidation going on. and i think the rubber is hitting the road between real businesses and aspiration albieses. >> when you talk about -- aspirational businesses. >> when you talk about consolidation, is it a good time right now for m & e in -- mmpleght m.n.a. in space? >> we think so. we have acquired four companies since becoming public. so m.n. samplet a key -- m.n.a. is a key thesis. there's some great companies that arrived at the wrong time in their funding environment and some poor companies that are also well funded. so there's some really interesting opportunities there and taking great companies who have arrived at the wrong time and providing them the resources they need. >> this is an exciting industry

to follow and as you said, you're launching every couple of weeks now. what is the next big milestone to look forward to from rocket lab? >> we've talked a lot about electron, small electron rocket but we have a large rocket in development called neutron. and it is intended to be a direct competitor to the rockets available within the u.s. today. so that rocket is continuing to launch the mid of next year and that will bring some much-needed balance to the industry with respect to launch vehicles. >> great spending some time with you and learning more about your business. thanks so much for joining us. peter beck there, the c.e.o. of rocket lab. out of tokyo. let's get a market check right now. just about an hour and eight minutes into the trade. for that we go to abigail. >> over the last 13 days we really have quite a rally. the s&p 500 up 10 of those days. you can see this really nice up trend here in the near term, up about 4.7%.

the last time i looked, continuing that trend today which would mean a 31st potential record closing high in just the year of 2024. beneath the relatively benign surface, because the time last gain that i saw for the s&p 500 up just fractly, we have some big movers. let's look at whereas going on beneath the surface. mike ron's getting a nice bid. b of a saying this stock and arm holdings that you really want to be in them foomplet i. play -- for the a.i. play. mike ron is the -- micron is the storage and flash memory. b of a saying because of a.i. there's going to be more demand for their products. exxon mobil up 1.6%. the energy second quarter, the best sector for the s&p 500. i didn't see anything too specific on them but we have others higher. oil is up modestly as well. so the down side, though, lennar down 2.6%. their orders backlog, the outlook a little bit disappointing. so investors just cooling off

that stock a little bit and then apple in the recent last let's call it week to week and a half, a rare down day. since the april bottom, this is really are pretty imcredible, apple up more than 30% after having been in a bear market from its december high. to that april bottom. let's check in on the technicals because it's at a really interesting spot. this stock. i would argue that the fundamentals suggest that the move, this recent move, a little bit stretched. so this chart goes back many years. you can see this pretty reliable range. there was one spot here in 2021 when the stock went higher and then lower. you can also see that the r.s.i. when it gets to the top of the range tends to peak and then go down. we are look at lower r.s.i. readings so that's a slight bearish divergence. look at how apple hit right up to the top of this range understand now appears to be backing down -- and now appears to be backing down. could point to a possible move out of the range. the more likely scenario, just because of the range and r.s.i., is back down.

but stay tuned. never a dull day with apple. >> that is excellent. by the way, you can get that with any stock on the bloomberg. just type r.s.i. go. >> yes, go into the chart and then i think it's chart content and then put in r.s.i.14-day and it pops up on the bottom. >> thanks. coming up, a trillion-dollar bonus. we'll look at the wealth created through carried interest. ludovic phalippou joins us next. this is bloomberg.

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>> it's time for our daily wall street conversation. today we look at the magnitude of wealth created through carried interest. joining us is oxford professor ludovic phalippou he's the author of the book "private equity laid bear." here with me too is wall street week host david weston. >> we have this discussion about carried interest but nothing ever gets done. >> exactly. nothing ever happens with it. >> one of the things i think you've contributed your study is to quantify how much money treasuries, united states treasury, u.k., elsewhere, are giving up because of the special income tax of carried interest how big is it? >> it's the current interest i calculated, i live with that question to tax specialists. amount of carry that has been earned, paid and due is $1 trillion at minimum. that's one for which we know how to get created.

these numbers are pretty close to what they have historically incurred. >> so i guess it must be achem's razor when we ask, why hasn't anything been done about this? is it just because these people are very wealthy and have enough money to influence what congressmen and the senators do? >> that's one view. certainly by now i think -- [indiscernible] -- will be in the u.s. senate. but it's like that in every country in the world. so it looks like there is something that's quite clever about the legal structure -- [indiscernible] -- carry has been accepted as a capital gain in every country in the world.

and -- but it's disputed. i think outside of our industry, nobody really understands or bleaives it should be a cap -- or believes it should be a capital gain. lawyers have successfully argued it should be. about every country in the world has taxed it this way. we've seen succession in the u.s. barack obama saying he would change that and even donald trump said he would change that and none of them have done it. everybody has maintained carried tax as a capital dpaip. >> i expect if someone from black stone were here, they'd say, wait, this is not an expense to the taxpayer, it's a capital investment. because by having this preferential treatment you're encouraging investment in new ventures. what do you say to -- this is actually an investment in a growing economy? >> yeah. you can make this argument. one of the benefits of doing this calculation, which nobody had done before, is that you can actually look at how much of a

carry is going to small venture capital firms. so people who are defending carry preferential tax treatment often say, this is to innovation. have all these capital venture funds. and therefore we need to be very kind to the people running these funds and give them a special tax treatment. the thing is, what my numbers are slow something that 7% is going to venture capital and if you would further restrict it to smaller venture capital funds it would be 3% or 4%. so most of the carry is going to what you have shown and a lot more and they are not in the business of, like, small companies, early stage, venture capital investing. they are in the business of buying out hotels, to buy out -- [indiscernible] -- lark large companies. >> i'll drop back to a basic question and ask, i'm sure you researched this or your economic forefathers have researched it

to death, but why tax capital gains any different than you tax regular income? does an investor really provide that much more of an impetus to grow the economy than a factory worker? >> yeah. so it's a very good question. again, it's hard to understand, nobody who is being taxed on an income like me understands why but everybody is subject to capital gain taxes thinks it makes sense. so the idea -- often we hear is because it's capitalized rest. could you have earned or lost money. because it's uncertain it shouldn't be taxed the same way as something that is certain. but said, when you earn a bonus as a banker, it wasn't certain. you weren't sure to get it. and yet you pay income taxes on these bonuses. and so this argument of the uncertain income and should be taxed differently doesn't seem to really fly. so it is indeed a very good

question about why there are two different tax rates. when people tax on capital gains, they don't adjust for inflation. and because an average inflation it would be unfair to tax it like income and so instead of doing an inflation adjustment, you just tax it at a lower rate. but then in times of low inflation it's like a very big tax credit you have and when it's high inflation, it's not enough. things are a bit odd. >> apart from fairness questions, what does history teach us about the incentive to invest more? we've gone up and down and all around with capital gains rates in the united states. is there a pattern you can decertain that when we cut the capital gains rate we get more capital invested? >> the carry here is about what a fund manager is earning so it's not really affecting the capital going in.

the capital going into equities is -- [indiscernible] -- it's coming from family offices, coming from endowments and the like. the increasing in taxes shouldn't really affect them. so unless you have in mind that -- because the fund manager is going to be taxed on carried interest, the carried interest would move from being 20% to being 35%. and then you can say, well, then the funds are going to pay for it so we're going to invest in equity -- [indiscernible] -- you think it's a problem. you could do -- could you reasonably sway but it's important to know that the carried interest is really -- it's what the fund manager earns. it's really a bonus for performance. and so how this is taxed shouldn't really massively effect flow of capital to venture capital or buyout. >> we started out this conversation by telling us that carry interested is taxed essentially the same across all different regimes.

do you see any chance of that changing in this important election cycle that we're facing right now? >> it's a very interesting historical thing to study. in sweden a few years ago it went all the way to the supreme court. and then the supreme court -- and they have lost at every stage. so it was said, there's no way you keep this as a capital gain and the supreme court said, no, it remains a capital gain. we have seen some countries increasing a rate, acknowledging it's not really a capital gain. in u.k., they say, if it's a pure capital gain, it's 20% taxes. this is not really a capital gain so it's going to be 28%. you have something 3593%. some country -- the netherlands at 33%. some countries make it conditional how much money is being put in the fund. so i think that -- and we see it in the u.k. this week where they first announced we're just going tax it like any other income and then just today they announced that, well, you know, if people

really put their tune in their fund, then -- their money into their fund then they'll be excused and we'll maintain it as a lower tax rate. so history's teaching us that no has really managed to move. it even trump wanted to change it and didn't. but the biggest donor of trump is steve schwartzman and that's one of the largest owners of carried interest. >> money talks. [laughter] all right prorvetioner, thank you so much for joining us. ludovic there. david, we're looking forward to wall street week. what else you have got coming up? >> coming up on thursday we're going to have glenn hubbard of columbia business school. we all know him. he's got a paper coming out saying there's a third way on economic theory, somewhere between just the markets doing what they want to do and having the government intervene an awful lot, there's a third way. that's glen telling us ball that on thursday. >> looking forward to glenn hubbard. david, thanks very much. looking forward to wall street week throughout the week on this program. and then of course on friday

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>> let's look at some of the stocks hitting highs and lows today. 52-week high hit by lazy boy. jumping the most since 2023 after reporting a sales beat. the maker of reclinable chairs and other furniture. shares of theme park operators, six flags as well as cedar fair, who is ticker is f.u.n., also hitting 52-week highs after announcing their combination, their merger. the deal is expected to close on july 1 and you can see that both of those shares are up more than 5%. cedar point operator cedar fair up 7.67%.

that does it for bloomberg markets. i'm matt miller. this is bloomberg.

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announcer: from the heart of where innovation, money and power collide in silicon valley and beyond, this is "bloomberg technology." caroline: thg bloomberg technology. coming up, insiders cash in on the rally as the stock pushes deeper into record territory. full chip coverage ahead. plus tiktok parent bytedance embarks on a high stakes bid to overturn the law requ