seven years. we will look at what we found in the markets. julie: a disappointing first quarter for walmart, missing earning estimates as he was sales grew more slowly than projected, plus currency fluctuations eating into profits. mark: we will hear from the menu brought david letterman to cbs 22 years ago. sir howard stringer gives us his thoughts on the deal that change late-night network tv. alix: good afternoon, i'm alix steel denver betty liu. mark: i am mark crumpton. let's look at what's moving the markets now. we start with u.s. equities as julie hyman was telling us, one day after the market hitting its latest record high, stocks fluctuated after data showed housing search to a seven-year high.

than00 is up a little more .25 of percent -- .25%. 29 now, dow jones industrial average is up fractionally at 18,311, nasdaq composite is down and i should correct myself, s&p 500 is up i said 21, 29. let's check on the close of gold and latest on oil. oil falling for the fifth day, taking energy stocks with it. three trading down about and two thirds percent at 5726 and gold features are down as well. and $.60.ne at $1207 alix: we are watching the bond market today and you are seeing some money leave the treasury market and seen yields slightly by .02 -- 2.2r up

7%. it raises the question if the fed will wind up raising rates sooner race on the economic data we have seen. you are seeing that weston play out in currency markets as well. the theme of the day is the weekend euro and stronger dollar. if you take a look at the euro and dollar, you saw it really weekend overnight when you have that -- weaken overnight. that sentiments would continue throughout the trading session as it got better data in the u.s.. now for a look at some top stories at this hour. hillary clinton is on the mpaign trail and going big on business. speaking in iowa, she said she will fight for small business owners. moore to reinn: in risky behavior on wall street and too big to fail banks, not less. i fully support the regulations from dodd-frank on the big banks, but we should pass

commonsense community banking reform right now. alix: speaking at the same thing, secretary linton weighed in on the risky behavior on wall street and the dodd-frank regulations on big banks. hillary clinton: i want to be a small business resident. the president who does make it easier to start and run a small business again in america, so it seems less like a gamble and more like an opportunity. cap to level the playing field for small businesses. alix: meanwhile, the controversy the clinton e-mails, government has proposed releasing 55,000 pages of her e-mails in january that came in response to request. continues to private e-mail account for official does this while at the state department. mark: senator elizabeth warren wants to trade -- wants to change the fast track trade bill to make sure banks of get a free ride. the proposal says any trade deal that includes provisions on bank regulation would not be

considered under fast track. fast track allows the president to submit trade deals to congress without the threat of amendments or filibuster. we will care from senator warren in the next hour. joseph stiglitz says there is worrying sign to the united states. he told bloomberg today that he is concerned about economic growth here. joseph: we expect that when the advise -- revised the first quarter numbers we will show you negative growth in the united's dates, -- states, and increasing that the second quarter will be very weak, maybe negative territory. but far below the kind of recovery that a lot of people expected. tok: mr. stiglitz went on say that outside the u.s., the greek exit from the eurozone is likely unless germany changes its approach to negotiations. he said if greece leads the single currency, they will be, in his words, serious global consequences. alix: the richest man in russia

says it is the right time for investors to come back to his country. vladimir putin tells the -- bloomberg that sanctions but on russia by the u.s. and europe are losing their impact. barring thel thing reserves to try and stop currency collapse and has rallied back. issia's biggest miner estimated at 16.7 billion dollars and it comes from 30% stake in nickel which is not subject to sanction. the greek debt crisis is posing political problems for the german chancellor. he is seeking support for a bailout deal but up to one third of party lawmakers don't like that idea. markel favors helping the government to keep pace in the euro. she is meeting privately with lawmakers hoping they see it her way. sincefor the first time 1960, britain's inflation rate falls below zero, drops in food and energy prices have depressed the cost of living.

the office of national statistics say consumer prices are at .1% in april from one -- declined .1% in april from one year earlier. the bank target is 2% and they are under pressure to raise the key interest rate from a record though of .5%. britain's prince charles meets with gerry adams for the first time. jerry -- charles and adams spoke at a reception during his official visit to ireland. this is prince charles first visit with any leader of the sin feigns party. it is his third trip since i recall a 1994 cease-fire. that is a look at the top stories we followed this hour. coming up in the next half hour, we will look at what is driving the rebound in the u.s. housing market as you home construction rises to the highest level in more than seven years. alix: are the nation's top banking executives overpaid? we will look at how their

packages compared to other companies. mark: we talk about the decision yearsn david letterman 22 ago as he gets ready to do his final tv show tomorrow. alix: april housing crushed estimates, rising to a seven-year high. developers are optimistic about the next six months. mark: those numbers offered a glimmer of hope for an economy struggling since the first order. here withzer is analysis, the chairman of the index committee at s&p 500 and joins us from new york. you are so much for your time today. i have to ask because the rest of us solve these numbers, too. we're just as surprised by the strength? this number was definitely a big surprise and up something like 20% year over year which makes it a strong number. i would caution not to get carried away that this is the great rebound in housing we have been waiting for. probably since 2007 or something

like that. it's going to take at least one more month before this looks real at this point. we have had too many false starts in housing going back three or four years to be willing to bet everything on just one report. the: david, it seems to be market interpreting the data as a signal that perhaps the fed could be more optimistic and might raise rates earlier, what would you say to that market rate action? david: of the date of the fed has seen recently, the report from a couple weeks ago i would put as much more important and significant then housing. it isg while very visible relatively small part of the economy. what i think the fed is looking for is a pattern across the lot of numbers, not just one or two hot ones, one or two surprises, but really a reasonably consistent pattern. i don't think there is anything in here that makes them at all think about doing something in june.

they will be our dreams about september or later in the year, not just in june but well in july and august. dogs are slightly greater for an earlier move but we are really splitting hairs at this point. they want to see consistent data and right now they have got a good employment report erasing a bad one and they have a nice surprise in housing, but we don't know if it's a pattern or just a one-time surprise. mark: you talk about consistency in the data, why have we not seen that? as far as housing is concerned, it seems like it is two steps forward and one back. david: i think we have to look at the housing market in two segments, maybe even three. existing sales, single-family homes which are running over 5 million in annual braids look at the latest update in a couple of days. those numbers look pretty solid. they have been pushing up home prices, the index shows about

4.5% year-over-year gain and home prices. that segment looks good. that is about where it should be, it's fine. you home construction has been weak except for multifamily housing, building apartments. apartment construction has been there strong. it's building single-family homes that has created the problem. some people argue that that is a lot of first-time homebuyers. these are the people who may have a lot of student debt given that they are probably 25 years old, 30 years old, 35 years old. they probably are younger, have less income, make less desirable credit risk, they probably don't have a history of having a mortgage and paid it off, at least somebody buying a second or third home. that is the soft spot. it's beginning to come around, banks are not giving the money away but they are a bit more generous. so there are positive signs, but

it really is going to take a couple more months before it is solid and we are willing to bet on it. what lines up happening with the markets continue to expect the fed to raise rates and with the increase in short-term and long-term rates, what does that do to the housing market? david: the person think the fed 02 ais go from basically quarter point. that won't do a whole lot to the housing market. there will be a couple days of excitement and it will fade out. to me the big question is what does the second movie,? -- wind is the second move,? the interpretation will be they will push rates up, if it becomes 3, 4, 5 or six months after the first, things will be safe. we will have to wait a while to find out. alix: thank you so much for

joining us. good perspective on the housing market and head. still ahead on the bloomberg markets day, we have heard for years that apple will make a tv set but apparently plans have reportedly changed. mark: we will tell you why apple is ditching tv goals and what they will be doing instead when we return. ♪

alix: welcome back. i am alix steel in for betty liu. mark: i mark crumpton and let's go straight to julie hyman with a look at the markets and breaking news. julie: let's start with breaking news. the national highway safety of transportation --

administration, excuse me, will be holding a briefing this afternoon and in it in is expected to announce that takata corporation has reached an agreement with u.s. regulators who had accused him of not cooperating in an investigation in faulty airbags that have been linked to six deaths and more than 100 injuries. also, the recall of almost 30 million cars worldwide. all of this according to people familiar with the deal. the u.s. transportation department is set to announce the fine and reveal possible causes of those the defects in the airbags. all of this according to people familiar with the situation. we expect to get more details and confirmation of this once we hear from officials at 2:00 p.m. we will be bringing you some of their comments live from washington. again, this could be a potential settlement between the u.s. government and takata. takata has already been paying a fine to transportation

regulators during the u.s. $14,000 a day find, we will see what that settlement amounts to. also in breaking news, we are keeping an night on sales force today. you can see the chart on the screen behind me. according to deal reporter, a website, salesforce.com talks may have died down. bloomberg news has been reporting that it the company bankerstalks and hired to look at those potential offers for the company. you can see the shares falling off as headlines came out. but then they rebounded again. also, another stock we are watching is not ask which once again is rising to a record. the analysts over pivotal research has come out with a price forecast for the stock, 850 bucks a share, the second-highest forecast out there. it is based on netflix's game in international subscribers in

particular. alix: thank you so much for recapping all the breaking news on those companies. we do want to turn to apple, we are watching very closely today. the company suspending plans to make a tv set more than one year ago according to "the wall street journal." they are focusing on a new tv box focused on online services. mark: one of the reason he thinks apple shares are undervalued and actually worth 200 and two dollars per share, joining us from washington, bloomberg news opera reporter tim higgins, thank you for your time. talk about apple and perhaps apple tv has been all the rage, what happened here? tim: will apple do its own television set? a few years ago, 2013, a report was out that apple had set aside the idea of doing a tv and focus on doing apple watch or a wearable which we saw them announced last year and hit the

market in the past month or so. they have been putting their efforts into the wearable market and we have also seen them try to beef up their apple tv essentially a box at kenexa to your tv that den does other things via the internet. they announce the deal at the same time they were selling the watch that would allow you to get hbo on the device without cable subscriptions. alix: what this really pointed out to meet is that you have carl icahn yesterday saying a tv could be great for the company and generate revenue of $15 billion next year, selling 10 million units. then you have this journal report and what that says is questioned about apple's growth, how will it keep going at this explosive rate? tim: that has been the question ever since apple reported , another blockbuster quarter, two blockbuster quarters in a row driven by the, six plus, larger screens which are doing well in china. investors are beginning to ask

what is next for apple? the question apple receives quite often is can they continue the magic? can they continue to capitalize on whatever secret project they had in the works that they don't want to talk about? mark: if there is no apple tv, what is the focus going forward? tim: we will continue to see them in the entertainment space. musicave acquired beats and we are expecting in the next month or so we will see more development with that as they try to beef up streaming music services. we are also expecting in the future more over-the-top services for the television set, maybe other channels in addition to hbo that could be available on apple tv that would create more of an ecosystem in the entertainment world for your apple devices. you have to keep in mind that people are not watching tv on the tv set anymore exclusively. you can watch it on your phone, your ipad. there are lots of ways to

consume media these days and apple is trying to figure out where it's best positions are for that. alix: thank you so much, tim higgins. our apple reporter. apple updated the 15 inch macbook pro today to the point where, oh, right, they make computers. mark: that's how we became apple. alix: coming up, critics argue the bank ceo our way overpaid. mark: you will not believe how their pay packages compare with executives in other industries. ♪

deflate-gatete on because you obviously have not heard enough. patriots owner says the team will not appeal the

national football league's penalties for using underinflated kobolds in the afc championship game against the indianapolis colts. the patriots were find $1 million and they were docked to draft picks. quarterback tom brady is appealing his four game suspension. alix: there were two votes today on executive pay and jpmorgan's annual meeting in detroit. the bank shareholders voted to improve the pay package. over at morgan stanley, shareholders find out -- signed off on their compensation. mark: bloombergs david girl looks at how their pay packages compare to executives in other industries. david: the median pay for chief executives in big banks has grown from $3 million in 2009 to $11 million. jamie dimon has been the head of jpmorgan for on this one decade. lastly, he brought home $21.5 million and its contemporary at

-- most of the -- most of that was in stock options. if you were to look at the pay index, the highest paid are not from the big banks. william foley, executive chairman, $104.9 million. margo belli at $80.5 million. and stephen schwarzman at $85.9 million. of the 100 highest-paid executive last year, only two of them were bankers and both of them worked at the same firm. --yd brought in 38.1 million 38 point -- $31.8 million and gary cohen made 29.6 million. something you have to keep in mind, he is the founder of that company which means he was paid a lot in equities. number two was michael freed, the big cable company owner, he pulled in $139.9 million.

you have to keep in mind that media compensation tends to be very high. made -- bob iger at disney made $51.4 million. of course, most executives stand to make a lot of money when they step down. jack welch, the longtime head of general electric ceo got a package worth $470 million which in today's dollars would be worth well north of $500 million. alix: david joins us now. where are the women? i did not see any women on your magic wall. david: not my fault. being, what goes into these pay packages and why do these guys wind up getting paid so much? this: in fact, we just had at j.p. morgan and morgan stanley and that was a big focus, not just money but compensation of packages. what are you incentivizing and

that is a lot of what the debate was about. mark: where the boats close? -- where the boats close? jp -- at j.p. morgan it was close but stanley morgan it was not. 51% approved it at j.p. morgan. and said it was too close they will talk about how these packages are composed. alix: thank you so much. get women on that board next time. change it up. david: will do. alix: i say bye to you. i will be back. mark: alex will be back coming up at 3:00. sir howard stringer signed david letterman to cbs 22 years ago. ♪

[baseball crowd noise] ♪ ♪ [x1 chime] ♪ ♪ [crowd cheers] oh! i can't believe it! [cheering] hi, grandma! ♪ mark: welcome back to "bloomberg market day." i'm mark crumpton. the islamic state has rounding

up and killing of enemies in ramadi. the militants seized the city two days ago. victims bodies are being thrown into the euphrates river. the united nations says 25,000 people have fled. will be tsarnaev allowed to speak during the hearing where he will be formally sentenced to death. a judge in boston is expected to schedule a hearing today. a federal jury voted in favor of executing the boston marathon bomber. his appeals process could last at least a decade. has chargedtates six chinese citizens with stealing mobile phone technology that can be used for military purposes. prosecutors say the suspects sold -- stole technology from two us-based companies. one of the suspects was arrested saturday in los angeles after a flight from china. prosecutors say two of those who have been charged met while studying in the u.s.. regulators in south africa say they are investigating currency trading.

standard chartered bank is among 11 organizations cited today by the country's competition commission. also checking is on barclays, citigroup, and j.p. morgan chase. those three banks will plead guilty soon in britain for manipulative in currency markets. foreign price rigging has been under investigation worldwide for two years. and the corruption trial of thailand's former prime minister is underway. she pled not guilty today. she is blamed for a program that cost the country billions. the conviction could mean 10 years in prison. investigators say a bullet did not hit the windshield of that amtrak train before it derailed in philadelphia. fbi agents performed forensic work on a crack in the windshield. they haven't ruled out the possibility that something else hit the train in the moments before the crash. in the meantime, for passengers hurt in the crash have filed suit against amtrak. needed surgery after

his car crashed during practice for sunday's indianapolis 500. doctors say james hinchcliffe of canada will be ok. it is the fourth frightening clash -- crash in a week. they tweaked this bead in power rules to make the time trials safer. those of the top stories. in the next half hour, the bloomberg market day, howard stringer tells us about his decision to sign david letterman 22 years ago, as letterman gets ready to do his final tv show on cbs tomorrow. you what was driving a rally today in european bonds and stocks. and we will have a preview of our exclusive interview with senator elizabeth warren as she plans to take her fight over president obama's trade agenda to the floor of the u.s. senate. david letterman is bringing down the curtain on his final late show broadcast on wednesday. it is the end of the illustrious 33 year career for the talkshow host and comedian.

let's talk about letterman's beginnings with a man who signed him in 1993. howard stringer was the cbs president who launched the late show on the network. i interviewed him earlier today in an exclusive for bloomberg tv. i began by asking him if he worried whether letterman's loyal nbc audience would follow him to cbs. workthought he would really well at cbs, possibly even better. i never had any doubts about the timing. i thought for one thing, cbs had nothing. we had an empty slot, we filled it with occasional movies and drama series. but we had nothing that can compete with david letterman. from our purposes, this was an opportunity not to be missed. we never worried about anything, any of the details. you gave david letterman $40 million to move from nbc to cbs. voiceffiliates did concerns about dropping those reruns, which were making them a lot of money. thed you convince them of

economics of your decision, and how long was it before cbs earned a profit on his letterman investment? >> i have no idea. but not very long. this is a long time ago. lots of water has flowed under the bridge. the affiliates generally speaking understood why we were chasing david letterman. had we chased a stranger, they might have raised more objections. i didn't really have any difficulty. i didn't have affiliates yelling at me a lot. you were quoted as saying part of your selling point to david letterman was cbs's rich history of news and entertainment. when youseal the deal mention jack benny and ed sullivan? >> i don't know if it's seal the deal. i think it helped. he is kind of a proud man. and he knew a lot about the networks. fox wasn't strong then, there wasn't a bloomberg, for him, cbs was an obvious choice.

we did have this long a catalog of iconic people and a list to which he belonged i thought. when i said that to him in a room and on a panel, i could see him brightened. i think it was convincing. but i never said is that the reason you came? because once again come i didn't really care what the reasons were. during any point during negotiations, to do think it would fall through -- that letterman might go back to nbc? >> i was more worried about rupert murdoch. rupert, as we found out, is very convincing. i lost many battles later with rupert. i didn't win many. this was one that i knew he would be a formidable adversary and i didn't know what he had in his pocket and i didn't know what else they can offer him. letterman wanted to be on one of these networks.

i didn't really think he was going to change his mind. mark: what were your first impressions of david letterman when you met him? >> i knew him so well. to me, he is a familiar figure. he's very smart, well educated, very original. i had seen this program a lot. he reminded me, though i'm not sure he liked it, with the david frosts and john cleese and the smart people from the satire world of the bbc and beyond. to me he was very familiar. had been to indianapolis a lot, which is where he was from. he had kind of a sophisticated adults humor with a satirical edge the belonged on cbs. cbs was a mature, smart company. did it matter that jay leno consistently be david letterman in the ratings? >> no, i didn't. it's a different kind of humor. for a different kind of

audience. i knew it was a very high-profile audience, a very good audience for advertisers. i didn't think about that. 9.5ere going from zero to out of 10. i was very happy. and i liked the show. in the end, when you are running programming, you don't bring everything into the equation. you ask yourself is this what the network needs ? this is going to be good for the network and the audience? i thought it was. he never disappointed. mark: how would you assess the current late-night landscape? has it lessened because of cable tv or on-demand offerings? >> every thing is fragmented, everything has so much choice. timeshifting means you can watch david letterman all over the place, and probably, people are. late-night is changed. i think. i think the one single change that will be messed with david

is david listens. relationship with the guests is what makes them special. he is so smart. if you watch the people who have been on the show this week, whether it's adam sandler or tom hanks, those are people who appreciate their conversation with david letterman is going to be funny, but also substantial. the really requires them to be on their toes because it is full of wit and understanding. that's what made him very special. that is harder to achieve. you can sit in a chair and be funny and entertaining, but your job in the real sense of the word is to bring out the guests. i once spent a lunch with johnny carson, just the two of us. it was the funniest lunch i ever had. and i said how come you don't do more of that? he said i have guests in front of them. ask, if mr. to

letterman catches you are in this interview, do you have anything to say as he retires? >> i will miss him, i wish him all the best. it has been a privilege and an honor to be associated with him. it's one of the best things that i was ever involved with. i think the network has gotten a great deal out of it. i think he did go into that iconic lineup along with all the great names of the past of cbs. stringer,howard former ceo of sony and former president of ces, and the man who brought david letterman to the network, joining the earlier today from london. toccata hason the defective because of airbags. ♪

mark: welcome back to "bloomberg market day," i mark crumpton. julie hyman is standing by. it looks that we are rising to the highs of the day, such as they are with the major averages. the dow in the s&p, and again today will be a new closing high for the major averages. the dow earlier touched an intraday high as well. it looks like it is there once again. the s&p 500 looks like also has passed through that intraday high, 213195, the previous high to be was 213178. both of these are new intraday highs. you do have a little bit of a push, pull in the market today. if you take a look at financial

stock, they are the best performers. more thanent, it's making up for the declines we're seeing in energy stocks. that wasn't the case earlier today. what is driving financials and energy has a lot to do with that housing report we got earlier. housing starts at a seven-year one --p 20% month over month over month in april. that's fueling the selling we're seeing in the treasury market. with rates pushing higher, we have been seeing as a late a lot of this regional consumer focused banks performing better as rates go up, that could be good for their profits, particularly if we see the yield curve widen. let's take a look at yields, you got them going higher. in addition, as that has been driving the financial on the flip side of things, oil has been driving the action. we have been seeing with those energy stocks, oil is down for the fifth day in a row. and at its lowest since the end of april. hyman, thank you.

today's market action in asia and europe, yvonne man reports on a breakthrough mining deal. but first, let's go to london and caroline highs. caroline: i want to focus in on games and bonds for stocks. a bit of handwringing going on that the ecb. it looks as though comments coming from the ecb board member seems to have driven the market. he said it in a dinner that hedge fund managers were attending. many people are worrying about how messages are put across on the ecb. andnly the comments, spurred the market. we got germany coming down, even coming down for greece. after that the $400 billion selloff in the bond markets over the past few weeks, suddenly the appetite is coming back because the ecb saying we going to up

our purchases of bonds up until the low in the summer holidays when we see many in the continent and europe go on holiday. maybe make him a maybe june you will see more than 60 billion euros being snapped up everything all month. suddenly we see appetites back in the bond market. also appetite seemingly being dwindled in the british pound and the euro. less checking in on the euro. we did see big news against the dollar currently off by 1.5%. things,lip side of there was appetite because of the construction and your housing starts. lower, as mostd of the british pound did. inflation at the going negative for the first time since 1960. maybe we can't see any interest rate hikes that much. speaking of the pound, down goes the pound. nearly every tradable counterpart. on the upside, we have the dax rallied up more than 2%, and even greece, though at the moment there are still concerns

about no deal yet done in the debt debacle. back to you guys. >> mongolia back to business. deal in thelargest country, the third-largest compromise in the world. operation, forecast to account for one third of mongolia's accounting -- it opens the door for more than $4 billion in new investments. it caused foreign investment into the country supply by 90%. turquoise hill resources owns two thirds of the progress -- the project. shares have been up 40% for the year. let's get a look at the top stories. a $25 agreed to play -- million to settle claims it illegally enrolled members. misleading advertising

and failed to address planes. paypal would refund $15 million to customers. patriots owner robert kraft says he will reluctantly accept the punishment handed down by the national football league for deflategate. speaking at an owner's meeting, kraft said he respects nfl commissioner robert duvall and will not appeal. -- robert goodell and will not appeal. he says the progress has been going on for too long, and he doesn't want to continue with the rhetoric. the patriots were fined $1 million and lost two draft picks. tom brady has already appealed his suspension. the force is strong with george lucas. fortunately for him, so are the disney shares. the financial times says lucas has made a $2.2 billion paper profit on the disney stock he received in exchange the rights to the star wars franchise. and those are top stories. now to a developing story -- sources told bloomberg that takata reached an agreement with

you as regular readers, who accused the company of failing to cooperate in an investigation into faulty airbags. the transportation department will announce a fine and release possible cost of the air flag -- airbag defects. scarlet fu joins me now as we look ahead to the next hour. this is a story it seems like has been in the works and we just got these headlines crossing the terminal about a half hour ago. this is a big story, it's not one of those things where you just say and other automaker, oh another fine. considerings huge the numbers involved. there's been at least six deaths at least 100 injuries as well. do know in washington they will hold a news conference at 2:00 p.m.. we will get more details on the numbers and exactly what washington is proposing here. the u.s. government has already .ind -- fined takata

mark: how do they recover from this? they been talking to their bankers on a daily basis to make sure they have the cash flow to pay off these fines. they are asking whether they can pay these in installments which would basically clean them out of the cash they do have. it's not good news for takata right now. automakers themselves have to parse out who is at fault. if you can't figure out who is at fault, you can't decide who will bear the cost of the recalls. will be standing by for the news conference in any headlines the come out of this. .he rangers lost last night scarlet: it was an ugly game. i had to stop watching. ofmuch for the record winning games or losing games by one point margin. hopefully they will regroup and it will be better on yet -- next time. mark: we talk about the highs and lows of rooting for a team of.

i wonder about some of the smaller market teams, when they playoffs, stanley cup how they reap the rewards financially for getting to the playoffs or it obvious they come ticket sales in more revenue. and people are coming to these games. that's just an extra perhaps unexpected boost. you talk about the tampa bay lightning, they were smaller market and they have one stanley cups. won mark: speaking of winning traditions, scarlet fu will be joining me again. peter cook will join us and talk about his upcoming interview with the massachusetts democratic senator elizabeth warren. ♪

mark: senator elizabeth warren is not backing down her fight against president obama's trade legislation. the liberal democrat from massachusetts is now proposing an amendment that would prevent fast-track trade deals from weakening dodd frank financial regulations. peter cook will be speaking with the senator in the next hour. peter joins us now from capitol hill with more. senator warren capable of stopping this deal by herself? peter: she can't stop it by yourself, but she can play a big role in having other stand in the way. it looks like this trade promotion authority is likely to clear through the senate. if mitch mcconnell has his way, by the end of this week. is overer question mark in the house of representative is where democrats still and says that most of them are going to stand in the way of the steel and the question is can was with

warning courage enough of them to stand in the way beyond that? there is still debate andromeda play out here on capitol hill. it.is at the center of her very public dispute with president obama over trade. personal?t peter: she hasn't had much of a chance to respond to the president's direct criticism, he's accused her of acting like a politician, of being absolutely wrong in terms of her fact with regard to this debate. has been some questions among democrats here on capitol hill whether or not the president cross a line. i want to get her sense of whether she feels she has been disrespected by this president. a president who she has worked very closely with on a whole host of issues, including the creation of the consumer financial protection bureau. the whole dodd-frank debate, elizabeth warned the president are very much in lockstep on those issues. this is one where there clearly is a big divide and a big question mark as to whether

could be lasting damage after all is said and done. there risk that this divide among democrats over trade could spill and other areas? peter: we haven't seen it play out yet, and a lot will be determined as to whether or not the president gets his way in the end against the votes he needs. you can tell the white house has been very upset by some of the criticisms aimed at them and this deal, lobbed by senator warren and by other democrats here on capitol hill. there is no indication yet it spilled over and other areas. but there are some frayed relations between democrats and this white house. it will be interesting to see where it goes from here. you have other big decisions where the president could be on sides with democrats. keystone for example. we will have to wait and see. so far it hasn't reached that point, but i can assure you that democrats worry that's exactly the case. president is getting

support from unusual corner, from senate republicans. i saw warning -- on the senator floor praising the president for this initiative. peter: mitch mcconnell has been quoting the president directly and pointing out how unusual that is. there are some strange bedfellows. sense of the sensitivity, hillary clinton is in iowa today pressed by someone at a roundtable, her position on it. again straddle the middle line, not taking a position. she wants to see a final agreement. bloomberg's chief washington correspondent, peter cook. peter's interview with elizabeth warren is coming up this afternoon. also in the next half hour, takata. we will have that story next. ♪

mark: it's 11:00 a.m. in san francisco. scarlet: this is the bloomberg market day. mark: u.s. regular letters are moments away from announcing a

settlement with takata. elizabeth warned wants to make sure any trade deal doesn't weaken the dodd-frank bank regulations. we speak to her about her proposal. may --hile credits thatt -- critics may argue executives are underpaid, they make top dollars. good afternoon from bloomberg world headquarters in new york, i mark crumpton with scarlet fu. scarlet: we're looking at record highs for u.s. stocks, for the s&p dowell -- s&p 500 and the dow have been flirting with these marks. this is on the back of some confusing econ d