>> bloomberg markets. as it goes, we had one single data point which has reinvigrated the bullish case. the biggest drop in a year. so it's not a bleed in the jobs market. that is what they say to us. as far as markets are concerned, they say -- nvidia is up 4.2% but still down 27% from its high. the nasdaq is still in a correction. never made it to that correction territory. the nasdaq is in a correction.

hence the reason you see people like kathy wood coming in here. the bond option was shunned yesterday. we're waiting for the 30-year paper results to come a little bit later. still the market price of cuts, what you've got to ask yourself is whether bonds backing up by 33 bips this week is enough to entice to you pick up a little bit of duration. i did get the oil market, up .8%. again, waiting to see what happens from iran and the response mechanism to israel. despite stockpiles shrinking for the sixth week in a row here in the united states of america. that is your cross asset market wrap. some names that are individually moving. natalia joins us with the individual movers of the day. >> so let's look at shares of eli littley. they're up today by 7%. the company boosted revenue. let's start with bumble. while we have a chart. this is the worst decline on record. the company's earnings came below expectations.

the biggest question for many analysts is will this revenue model work? yes, the company did some adjustments earlier in april, they upgraded design in order to attract more young users. however, it doesn't look like it's working and we see that shares are plunging, now down by 32%. let's look at the health care movers. we see that eli lilly shares are up today on better than expected results. and that's a contrast with nova which posted worse than expected results a couple days earlier and health care sector overall is one of the most anticipated in terms of earnings, this earnings season. if we look at sales beat across all of the s&p 500 sectors, we see that health care is the number one now. and the finally, retail sector, under armour sales are up by 19%. the company beat earnings expectations, boosted outlook

across the world, it's a little bit mixed picture. so we see that sales in north america, they came above expectations. growth in asia is a little bit slow but some analysts are still very cautious even on north american market. now, let's take a finer look on the bigger picture again. and we can see that this chart shows the cost of protection against a 10% drop in the s&p 500, to be more specific, the largest e.t. that tracks the s&p 500, versus the cost of options that bet on rally, 10% rally in the s&p 500. so we now see that this cost of hedging against the 10% decline is now at almost the highest level since 2022. so it looks like some traders are still very cautious on the market. >> yeah. there's a vulnerability out there. thank you very much. a little bit earlier today, i

caught up about the next moves for these markets. >> the fact that we know that there was some flow-driven, something positioning-driven, that almost makes it a little bit better, right? if it's not entirely fundamental. because i think experienced investors who have done this for many decades know you look for babies that are thrown out with the bath water in these kinds of situations. you look for opportunities. i think that is why it's so important to understand where we're going to stabilize. if this thing breaks 10% we're probably going into growth scare territory. >> that is the biggest question. not just of the day, but of the week. let's bring in our guests. let's get dug into this. there's a vulnerability here. you've called this early. we were chatting about this. you were prescient, you've called a suspicion in this market. we've had a little bit of a relief rally but there's still a clear vulnerability to these

markets. you're a seller of rallies, aren't you? >> yeavment yes. i'm bearish on rallies. i believe the bounces can be really big. that's the difficult part about bear markets. i know it's presuch white house to say this is a bear market but that's what we end up with or at least a really deep correction. things just feel a little bit off. the complacency is really widespread. it's almost like we're drunk on complacency. we recently had a decent-sized pullback and there was panic in the streets, everyone thought it was some sort of blood bath but if you look at the monthly chart this is just a drop in the bucket compared to where we've come from. also i've been doing this for a very, very long time and i think today's the first time i've ever witnessed a weekly jobless claims rally. this is really just unbelievable price action. >> it's funny you're saying that. great you have to here with us. i was thinking the same thing. i actually looked twice at the ecodata on the bloomberg terminal, i was trying to figure out what was going on behind this narrative. it is really sort of silly. when i look at the charts and i know that you are a studier and

expert on the charts, you know, the question for the s&p 500, the nasdaq is going to be whether or not right now we're looking at the quote-unquote the bottom that would take us higher or if we're looking at a bearish pause. a pause before the sellers get back together and take us another leg lower. to me it looks like the latter. it could all come down to the yen. we spoke a couple of months ago, you were really tying everything together with copper. so copper now down about 25% from its peak. the yen looks like it's about to take another leg lower. what are your thoughts on these two asset classes and how they tie in to u.s. stocks? >> you're right. so the copper market really hasn't shown any signs of finding a low. i think copper probably bottoms somewhere between $308 and $350. so we're getting closer. historically even if corps bottoms, it doesn't mean the stock market's going down. in fact, usually the two markets lag. when copper tops, stocks follow a handful of months later and on bottom, it's the same thing. so if we do see copper bottom

out or at least stabilize, that's good news for stocks but it's not going to be immediate. it might mean two or three months down the road things might look better. so with that said, markets repeat themselves over and over and sometimes it's even big long-term patterns, for example, when i was in the studio a few months ago, i mentioned the yen carry trade and the potential of it unwinding. and that's what we've seen here in the last couple of weeks. this happened in 2007 and the reason i thought this might happen is that it's almost playing out exactly how it did in 2007. and during that time frame, we saw the yen carry trade start to unwind. we had a big initial push just like we've seen over the last week or two. the stock market fell over, very similar to what we've seen. and then everything pawtioned and -- paused and stabilize and people thought, well, it's back to business as usual. but eventually the yen carried trade turned into a stronger yen, perpetually stronger yen, and stocks starkted getting really -- started getting really heavy. i think we're in the first or

second inning of this correction. i don't think we're over yet. that said, the meltdown really began around 5430, somewhere in that ballpark, on the futures market. it's very possible we run up and touch that tread line. maybe even go higher as we're running stops. so we can get really bill bounces but i think that if you're a portfolio holder and you felt a little bit of pain this week, take this bounce as an opportunity to derisk because there's no guarantee that we don't get another round of selling. in fact, i think that's probable. >> i think it comes down to the cadence and the timing. if you look at the risk-reward over the next three to five montds it's going to in theory be a lower federal reserve, a higher bank of japan, 30% probability of another hike from the bank of japan. which shouldn't come as much of a surprise the second time around. the train has already left the station. so with that in mind, if we break 5100 on the s&p 500, let's say the yen re-accelerates,

dollar's moved up by figures in the past. so to a certain extent that breathlessness has been removed. but if they begin to relock and reload and we break 5100, what does that do to the s&p 500? laurie says that's 14% to 19% potential drop. we're talking about potentially a bear market. >> yeah. and i tend to lean in that direction. when i chart weekly or monthly stats on the s&p 500, i in my opinion, a natural price range would be somewhere between 4900 and about 4100. when i say natural i'm talking about a natural progression. markets are built to go higher. that's just how it works. but they're not built to go as far and as fast as what we've seen in this most recent rally. just to break at 49 pun puts us -- 4900 puts us at a comfortable position. 4700 is what i'm targeting on the down side. so somewhere between 4900 and 4700 would make me feel better.

even as an investor, that's a healthy market. what we've seen on the way up is uncivillized. uncivillizeed rallies are followed by uncivillized corrections. so we should expect some good volatility. i will caution there's a trend line that comes down around 4,000, 4100. that sounds pretty scary. don't think that's going to happen but to be honest, it's not out of the question. so again, derisking is probably the best game plan here. >> last time when you joined, if i recall, and you just mentioned 2007, if i recall last time you joined, you sounded as though you thought we could go into the 3,000's. are you taking that off the table? one thought that comes to mind is the uncivillized rallies. things go much further and longer than you think both to the upside and then to the down side. >> correct. i would like to point out again that we are extremely complaint here -- complacent here. i've heard more chatter about

the market being at the bottom than the top. if you look at a monthly chart thirks there's pretty good argument to be made that we're closer to a top than a bottom. i'm not ruling out the 3,000's. i think it is possible. with the economic back drop and everything that we see today, i don't really see it going much below 4,000 at this point. but i could change that as time goes on, if fundamentals change. even the mid 4,000's i think is something that most portfolios are not prepared for. the reality is, based on the reaction that we saw on monday, the average person is just not equipped to handle a legitimate bear market. and that scarce me a little bit because -- scares me a little bit because once it starts, it might be hard to stop the momentum. you're right, 3,000's is not out of the question. i'm not counting toen it yet though. >> stocks are overvalued but for you, therefore you must be a natural buyer of bonds. >> absolutely. i've been irrationally long treasuries almost my entire port

portfolio. twhreas i'm positioned. maybe i'm wrong but we'll see. >> nothing wrong with a bit of irrationality or drunken complacency. thank you. coming up on the show, a tale of two earnings. the obesity drug competition struggles with supply as eli lilly pulls ahead in the race. both stocks are higher on the day. we discuss right here on bloomberg. ♪ ♪ sweat isn't sweet.

it's salty. lmnt. more electrolytes. zero sugar. you feel the difference when you get it right. stay salty. >> it's bloomberg markets. just gone 12:14 and the health care sector is in focus. top performing sector as far as the earnings season is concerned

and today top spot was eli littley. the shares got a boost after they talked up their revenue and profit outlook for the year. their obesity drug having its best day since, well, this time last year. let's bring in madison, she joins me around the desk. go on the g.l.p. good to see you. why are they having a better day in your opinion? >> it's interesting to compare the two over the last day. yesterday we govey and ozempic missed sales estimates. it really comes down to supply. novo is still struggling to get a handle on their supply. eli lilly's investments are clearly paying off. >> how quickly does that supply chain mismatch? it takes time. that mismatch, does that status quo remain unequal for a period

of time do you think? >> we're already actually seeing, because this has been going on for a while and they're anticipating this massive demand for their drug. so we are starting to see that novo supply getting better in the f.d.a.'s drug shortsage database right now, most of the doses of wegovy are available now. but it takes time for that to show up in the sales data and novo is also dealing with price concessions and rebates given to p.b.m.'s so that's another factor that's sort of dragging the sales down for novo. >> the f.d.a. may act on zepbound for sleep apnea this year. this is where you begin to understand the breadth of these g.o.p. wands. smoking, obviously weight loss. and now sleep apnea. i could cure sleep apnea, cure smoking and not eat as much when

i stopped smoking years ago. >> it's amazing. it's interesting to see, one, how many conditions obesity is linked to. there are -- it's a risk factor for a lot of other issues like heart disease, sleep apnea. but then there's also all these indications that drug makers are studying that aren't necessarily related to obesity. so they're looking at alzheimer's, they're looking at so many other things that they think there might be an independent effect of these drugs beyond just the weight loss effects. >> i'll take everything. in various sizes. i want to focus on the big take. great story today. it's a time called bowling in kentucky. this is a great story. well done to you and your team. 4% of the population in this time has taken ozempic. and it's going to be one of the most perhaps per visaed set of data i would imagine. 7 4,000 in the time on ozempic.

it's like the time that scientists dream of. >> right. it was almost like somewhat of a case study for us to go there and see, we are hearing from c.e.o.'s across the board, food companies, from grocery chains, wal-mart, everything saying that they are seeing an impact on sales or expect to see one because of these drugs. we wanted to go to this town and go to a place where there are a lot of people taking these drugs and see what's happening. and we found that the town is changing a lot. but maybe not in the ways that you would necessarily expect. the restaurants are still full. the gyms are still full. but there's this side economy that's sort of growing around the ozempic boom with medical spas cropping up to offer copycat versions of the drugs, the g.n.c. vitamin stores making pretty good business off of selling supplements that help with the side effects of these drugs. so it's just -- it really is changing sort of the fabric of -- >> not all down side in terms

of, ok, you might eat a few less burgers, you might not have as many frys but there is an entire ecosystem around this. which can generate jobs. but the question i have, and it was interesting, sort of reading through it. it was about your insurance company may well allow you to have it at start but then cut you off. are people jumping that rubicon? >> yeah. that has really been the struggle is that, especially in this town what we saw is a lot of people were on the drugs and then six months in, their insurance companies stopped covering them because it is quite expensive for employers, for insurance companies, to cover these drugs for everyone who might need them because so many people are potentially eligible for them. >> ok. madison, thank you. and a great read. i would encourage everyone to jump on and have a read at the big take. a town called bowling green. that's on ozempic. coming up on the show, warner bros. stumbles, $9 billion writedown on the tv networks. there were green shoots in the streaming revenue but still, the

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>> warner bros. discovering shares dropping to the lowest level ever after a $9 billion charge writing down the value of its traditional tv networks like

cnn and tnt. joining you know with a little bit more depth on the story is chris. when you look at the reality check that warner bros. have just given us, traditional linear tv, the advertising market is getting hard. people aren't using it the way that they used to do. so is this a kind of truth and reconciliation moment for that part of the business? >> certainly looks that way. that's how investors take it. i mean, as was explained to us, the company took a hard look at the valuations of its traditional tv networks, these are ones they just bought in this americaner a couple of -- merger a couple of years ago and in particular in light of them losing the nba rights going forward, their determination was that these networks are worth a lot less than they were currently on the books for. that says a lot about where consumers are going. and where advertisers are going.

in the tv business these days. >> do institutions give david zazlav more latitude? how much time does he have to make perhaps a more radical decision? i mean, i know they were talking about spreading the business it's up, etc. do you think the performances by the market today shortsen the lead time for him to deliver a more radical solution? >> we're not hearing anything directly about activist investors or any disenchancement by the board -- disenchantment by the board. but you have to believe that give the stock performance that investors are extremely dispointed and -- disappointed and certainly some must be voicing criticism to manage the and the board because the performance is just certainly dispointing -- disappointing. >> down 70% since that deal went through in 2022. more than $40 billion deal that went through. which takes me then to the paramount/sky dance deal. we're going to get the numbers

from paramount later on. what goes through my mind is, if you're living in such a tortured world over here, in various parts within warner bros., what does that set the stage for for paramount and when are we going to know what sky dance are going to do with it? >> i would put these two companies very much in the same situation. both legacy, cable tv businesses, trying to make the transition to screaming -- streaming and right now it's not clear they're going to make that migration on their own. will they find partners? i think david on the call yesterday sort of talked a lot about mergers and acquisitions. his company was up for sale, he said, certainly these are things we're looking at. paramount obviously doing this big deal with a deep-pocketed investor, the ellison family. but their strategy isn't all that different than what current management is doing. which is cut costs, try to find partners and reinvest in content. >> it's certainly a crowded

market. you look at your own television when you switch it on, i'm paying $9.99 for this, $14.99 for that, whatever, $15.99 for the other. it's becoming harder to differentiate all the time. the going to be interesting from koon tent point of view -- from a content point of view. thank you very much. chris on the entertainment sector. i want to check on markets. you've got equity markets taking a breather today, hitting the session highs. why? on jobless claims. jobless claims. the biggest drop in a year. so that's going to take some of the heat out of the narrative of this drop in speed of the u.s. economy. bemo says we're on a solid footing, it's not a bleed. we're waiting for the 30-year auction to come through. will it be knocked back? that's hellishly long duration. the 10-year auction, there was slippage there. you're seeing a little bit of a drop in some of these bigger tech names overall. the nasdaq being down well into

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>> you had an uncivilized ride. that is what was said 20 minutes ago. that rally has led to complacency, significant complacency. you have a small bid to these markets. the s&p 500 did not enter a correction, the nasdaq did. a small bounce this morning in nvidia but still down over 27% from its high. it is all about relative perspective. carly said, she is not at all sure this rally will last. if

anything, you sell into these rallies and you may well trade into the 4700 level. at 10 years, of this backup, and her view, the bonds act with sharonville saying they work pretty splendidly. relock in reload. take it and relock and reload. at the same time, crude up this morning. yet the juxtaposition between waiting for the iranian response mechanism to israel taking out hezbollah and hamas leadership and a stockpile sinking for the six straight weeks in a row. either way, have a really rally in equities. we are counting down to payrolls and the fed along with cpi. this complexity with information will fill or kill as to whether this is a moment of pause and lack of goldilocks or a real

u.s. recession. that is what we've been tracking. the executives on bloomberg in terms of their thoughts on the potential for a u.s. recession. >> i do believe there is resilience in the u.s. economy. >> we do not yet see in a sign of having the economy moving in recessionary territory. >> there have been several calls free is recession. in fact, they just turned out to be -- >> i think you're getting a correction after i long market. >> we think the economy is still strongly set. >> we probably all have to live with more than we're used to but overall, i think the trend is our friend. >> ahead of the elections, maybe the market is a little bit muted. all in all, the united states was always a result market. >> the u.s. economy is stronger than given credit for. >> the economy will chug along.

we probably won't see a recession. manus: from the top, no recession. resilient. it will chug along stop valentin marinov is my guest. good to see you. yesterday we had the bank of japan put option to put a -- to take the heat out of volatility. listening to that stream of ceo consciousness about the state of the united states, they are not talking about recession. they are talking about a fairly healthy economy. why is the rates market so hell-bent on pushing every now and then for 50 basins -- basis cut? there is this push by the rates market against the normal process of 25's. >> it was the collective fact

data surprises we have had from the u.s. in recent weeks and months. the kicker was the fairly weak payroll number, the last one we got. and i guess talking to clients as well, focus will likely remain on the outlook for the labor market as a potential precursor of anything that could resemble recession down the road. to your point, the broader picture in u.s. still remains fairly robust, resilient. we are not falling off a cliff any soon. i believe you have retail sales next week and we also have cpi and more data to come between now and the september meeting. yes, the u.s. economy slowing down but, no, a recession is not imminent. manus: this as to give the dollar preeminence? -- does that still give the dollar preeminence against the yen?

jp morgan sang most of it has been done, three quarters has been done. i quest that because it is an otc market and i am a skeptic and that is my point of view. call me old-fashioned. is the carry trade undone? if it is, what is the consequence for dollar? >> the dollar, i guess, part of the story behind the dollar on the performance was positioning, including overhang of carry trade's. i believe that bit has corrected significantly stop the additional aspect you alluded to, the put, will materialize but only when the fed is come to bow with cutting rates. that means -- comfortable with cutting rates. that means when inflation is under control and the real economy needs their support. i am afraid -- that is corroborated by what the fed speakers have been telling us, really, repeatedly, that the

time to really deploy the fed put hasn't arrived yet. we are going to hear from chair powell in jackson hole, hopefully. there will be more information about how he feels it will evolve from here in the markets are already expecting the fed put to be deployed as soon as september. the thing is, i do believe the put, the real time when the fed will be cutting aggressively, is not now. potentially, won't be this year. we may have to wait until next year to see the exaggerated cuts the markets are pricing in at the moment. the time to sell on the back of that hasn't come just yet. manus: we are so liberal with the phrase "the fred put" but it makes great for tiktok and for twitter. 25 basis points september, november, december come is not a put option, it is just at the

money, steady as she goes, monetary policy. that does not qualify as a put option for me. >> i would describe u.s. real rates, essentially, what the fed to potentially be doing is maintaining stable rates, keep the pressure on, trying to bring inflation under control, and hopefully, not push the economy into a deep recession. that is their strategy. they put would imply a more aggressive easing that could ultimately mean favorable, stimulative, monetary conditions . that is not what we are going to get. i believe the other important aspect of what the fed will be doing is the forward guidance that will accompany any rate cuts. those hoping for a fed put will be helping for signals of further aggressive easing ahead. i am afraid that is not going to be the case.

it will sound like one and done in september if you want to use that description rather than a dovish cut on investors seem to be hoping for the moment. manus: the movement higher let's say in the yield spread, it is still low relative to pre-pandemic. i would say until we see a blowout or pop in those markets, the veracity of a fed put is challenged. >> that is an excellent point. to tie the truth, -- to tell you the truth, we've been calling for recession time and again. we have been trying to really time recession in the u.s. for so long that it is becoming an ongoing story in and of itself. part of the story is the fact what we are not seeing yet and we may not yet see anytime soon is a notable tightening of the

u.s. financial conditions including wider credit spreads. fiscal stimulus has been behind that pretty remarkable recovery in the u.s.. until the u.s. is challenged, until credit risk for the u.s. sovereign starts increasing, i don't think the tightening in the u.s. will be significant to push it over the edge into a recession. manus: thank you for joining me, valentin marinov. coming up, restaurant brands set a cautious tone as consumers pull back on their spending. the stock is higher on the day. we dig into the numbers next on "bloomberg." ♪

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manus: stock of the hour, restaurant brands international sales grew less than anticipated in the second quarter. that is just the latest sign of consumer weakness hitting restaurants. the results were not as bad as feared. let's get to andrew charles who is with me. he has a buy rating on this stock. good to see you. if you look at this, a burger king, morton's, popeyes. i have it on good authority that popeyes is pretty good. is it enough to carry the bulk of this brand through a tough time for the consumer? good afternoon. >> good afternoon.

what is interesting about the release, tim's, which is a canada-based brand as well as international, did pretty well. the challenges for the brand were domestic where it came to popeyes as well as burger king missing our forecast. what i think you will see is they talked about the back half of the year seeing a similar environment. the expectation is that the u.s. business will continue to see challenge the back half of the year. we like the tim's playbook that you saw manifesting in the quarter. during a good job of picking off the strong parts around cold beverage menu innovation, food attachment, as well as digital offers as well. two different parts of the business performing in different ways. manus: this is about belief in the strategy, back to basics and thames. it sounds like from what you have said, and i haven't had the

opportunity to visit a tim's recently, but you believe in the strategy on the ground, yes? >> absolutely. i think what you sow work for starbucks in recent years, tim's is in the early stages with this. i think the flatbread, now doing interviewed drinks. these are positive parts for their brand. manus: you walk into an average coffee vending story here in new york and it is pricey for a coffee and a bagel. this comes down to the point, if i'm noticing what i'm paying for the coffee, bagel, and dip, christ does begin to bite at a certain point -- price does begin to bite at a certain point. i've not had a burger since 1995. i want to say that. i wish. i've had plenty of burgers. but we are in a war of burgers. what does that say about the fragility of the consumer and that end of the market? >> quick service skews more to

consumers, trade down to at home to grocery stores. what is not been spoken about his being picked up within our proprietary server data, looking at value perceptions, fast casual which is your chipotles, etc. there seen the value pay for versus what you get at a fast casual restaurant is -- has converged with quick service. they're trying to discount more aggressively. it is not necessarily what the franchisees want, just that they are the ones funding these offers. but it has been benefiting the fast casual category, which has been a bright spot of the restaurant industry so far in 2024 and we expect in the back half as well. manus: we are up against the clock. you quite like the deal in china. spend $45 million in economy

slowing economy but you say value will win and maybe that is the thesis of the deal in china. >> what they're doing in china, it is really done by a new advisor in the pacific reason -- region, providing liquidity to the partner as well. what we like is the key growth opportunity is popeyes in china. nearly 11,000 kfc's in china and 14 popeyes. they want to take the popeye agreement, hold on it for the for siebel future, give the 14 stores to develop the region -- for the foreseeable future, give the 14 stores to develop throughout the region. manus: good to have you with me. there is another retail brand, under armour. the company raised its guidance after a surge in sales amid a restructuring.

they brought back the original ceo. he is cutting and getting this company back to what it was, what he dreamed it to be. what does this say to you as an analyst? >> he is making progress. he is putting in the right steps to get the turnaround started. make no mistake, there's a long way to go. we are in very early stages. sales were still down 10%. they are still expected to be down double digits for fiscal 2025. there's a lot more room to grow. while they are making improvements, the consumer backdrop is still a little volatile that anything could happen over the next nine to 12 months. manus: where does kevin plank want to position under armour? my perception of it is it is sometimes in the discount bin. not quite that bad. but it is on discount quite a lot. where does he reposition this product range to?

is it at lululemon? who is he taking this product challenge to? >> i think he wanted to be more premium brand. think of the nike and adidas of the world. brands that discount but not aggressively. the mistake that amber armor made -- under armour made is it started to discount to aggressively as inventory got out of control. you saw it at t.j. maxx. they are pulling back on discounts. we saw that with the gross margin expanding this morning. we expect it to expand up to 100 basis points for the fiscal year. they're making inroads to make that improvement, but they do need to pull back on promotions. i think that is the right strategy moving forward to make it a more premium brand. manus: their signaling a meaningful change which would shift the discussion from being a struggling growth story to an undervalued brand turnaround.

what will be the proof point for you that undervalued turnaround brown is really working? is it the margins? >> the margins are already expanding. for me, it is topline. i need to see them get topline growth. right now we are nowhere near that. under armour has tried this in the past before, so this is not the first time there pulling back on promotions to expand gross margin and to build their brand profile. it has worked but they slipped again. the real question is, this time around, will they make the changes and then will the changes continue to drive outperformance and maintain their brand perception is a premium brand? i don't think we will see that just yet. i think we are at least a year away from that. manus: dev done it once and as you say, they can do it again. there stocks come the best stockade since 2018 on intraday

basis. go, under armour. thank you very much for being with me. coming up, a billionaire is on a hiring spree. are you on his speed dial? if not, why not? ♪

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lmnt. more electrolytes. zero sugar. you feel the difference when you get it right. stay salty. 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. manus: it is "bloomberg markets." billion hiring spree. are you on his call list? here's what he recently said about life of a traitor -- trader. >> number one, up to make sure

you want to be in this industry. there are lots of ups and downs. if the only reason is you think you'll make a lot of money, that is not a good reason. you have to have a passion for trading. number one. once you have -- you decide that is what you want to do and have a foot in the door, there's a great podcast recently from jerry seinfeld where his best advice was just work. i think that is right on. once you are in the right industry and it at a decent firm, just work. manus: does just a little more. the up to it. you met one or two. why this pivot? that is quite an opening of the purse. >> well, basically, they had a strategy before when they would take younger, less expensive people and train them and get

them to a stage where they would be great editors and not cost the firm a lot of money. they decided it wasn't that successful so now they're going to hire more senior people. manus: they're going after some pretty big fish. the payouts. what kind of incentives are they offering? if you look at those three faces, what is the difference between staying and going to steve? >> some are cultural differences. some of it is maybe you get more payout for the prophets that you make. a lot of the pay they give is not guaranteed. you have to make a certain money -- amount of money. manus: that is a very healthy incentive. in the end of the day, the

clients actually pay for the hiring and the opening of pursestrings because it does come down -- it gets passed back to the clients. >> exactly. that is why balyansny are hiring fewer people but more senior people. manus: and there for that. catherine, thank you. let's make sure everyone has their cv dusted off and get a mobile phone. that is it for the markets addition. we are on a bounce back. i'll accounts, it is going to be a quiet lull in a friday. we have a low point on the data. we will bring you results in the next hour. s&p 500 up. it has not corrected. the nasdaq has.

yields just over the four benchmark. good morning, good afternoon from new york. ♪ ryan t. writes, "moving is stressful. can you help me take one thing off of my to do list?” ugh, moving's the worst. with xfinity, you can transfer your internet in just a few taps. just a few easy moves. did somebody say “easy moves”? ♪ ♪ oh no. no, i was talking about moving your internet. this will move the internet. ♪ ♪ ooh, ooh. -let's keep it professional. professional dancers! -ok! stay connected during your move with the best in home wifi. easily transfer your services in the xfinity app. bring on the good stuff.

announcer: this is balance of power. live from washington dc.

joe: donald trump calls a news conference but will he answer a question? the harris-walz ticket continues the roadshow. interesting to see if donald trump speaks or gets into policy with voters in swing states curious to hear about the economy and the border. kailey: he didn't say what the subject matter will be. you have to wonder if the point of this is to have the news conference. the trump campaign is becoming critical of the harris campaign. joe: maybe he's holding a news