feds talks about how they are not to raise the rates. and there could be billions of extra cost. pimm: and there is a horrible, no good, very bad day. of award-winning biographer talks aboutmilton how he is going to be getting the bomb's roche -- bum's rush. ♪ scarlet: good morning everyone, i am scarlet fu. pimm: and i am pimm fox. let's look at how the markets are faring right now. the dow has an increase of more than 1%, the s&p 500 is up 18.5% -- 18.5 points.

the report out of the federal open market committee that the interest rates may be in the cards for september, but that is still leading stocks higher today. let's take a look at other markets and see what is happening. scarlet: here is the currency market, the euro is strong over the dollar. we look at the dx y which measures of the currency against , which measures the currencies against each other. we are going to see whether they can come up with some kind of solution as to whether greece can overcome its default. at theellis take a look headlines in the top power. there is a manhunt for the shooter who killed nine people in the charleston, south carolina church last night. a white man walked into a historic black church last night and opened fired -- opened fire. images ofe released

the suspect and he has been identified as a 21-year-old from south carolina. police have identified this as a hate crime. police chief: this is an unspeakable act by somebody who is filled with hate and with the deranged mind. -- a deranged mind. pimm: the fbi is assisting the charleston police. was a the people killed pastor, the other was a south carolina senator. bloomberg's hans nichols has more on her . hans -- on our next story. the eu has been

pessimistic about any sort of deal that comes out of this story, but that june 30 deadline seems to be firm and fast and seems to be harder after madame lagarde is not going to give any special grace. to greece to pay back that 1.5 billion euros that they go. it is the austrian finance minister, he is the first to say that the game is "over, greece simply cannot reject proposal after proposal." he is the first financial minister not just to be pessimistic about the meeting but about the entire negotiating process and the prospect for keeping greece inside the eurozone. --m: bloomberg's tom nichols bloomberg's hans nichols reporting from the eurozone. scarlet: and the factory index came up at 15 when the forecast that it would be at 8. meanwhile, the bloomberg

consumer confidence index stabilize after a record nine straight weeks. an increaseed with in gasoline prices. the supreme court came out this weekend with a ruling on child abuse. justices ruled that statements of that children make to teachers about possible abuse can be used as evidence, even if the child does not testify in court. pope francis is calling for a colts roll revolution to save the earth. and a long anticipated statement, the pope blamed global warming on a model that hurts the earth the most. the energy lobby quickly criticized the popes -- poope's -- pope's attack. and these are our top stories. pimm: kleiner perkins is waiting cover $1.5on to

million in court costs. we have an exclusive interview feinberg doerr and set -- john doerr. coming up, the singapore air is to reclaim the longestitle from the flight from singapore to new york and we will also show you the longest flights currently available. pimm: and california courts decided yesterday that uber drivers are employees and not independent contractors. we will also look at a separate suit in boston. scarlet: and janet yellen urged investors not to focus on when the central bank raises rates but instead at future increases. with matt miller spoke merk investments about janet

yellen's comment yesterday. >> i think the term coming out of yesterday's meeting was watchful waiting. there is the thought that a september high could happen. they probably could hike that this year, but they gave no indication that it could be september. matt: is her plea that they are data dependent at odds with the implicit promise that they will raise rates a tiny little bit sometime this year? richard: they want to have it those ways, they want to stay independent, but they want to guide the bond market. we need to get used to this. it is going to be a little messy. as wet: over to you now, get closer to lift off eventually, and everyone is talking about september, was the language more or less was sick, is the bag -- the fed getting more vague? >> they are reading the tea

leaves just as much as all of us do, and notably, when you look at the fed, you look at inflation expectations, where is this a fed is in particular so focused on employment. it you could argue that as long as unemployment is low, they don't have to do anything. just like the late 90's, the fed could keep the low rates lower for longer. a betternot giving idea of the trajectory. they say it is slow and whatnot, but what is it that they are looking at? a central bank is supposed to give forward guidance, they are not doing a, and that is why we are sitting here trying to read the tea leaves, and they are doing the exact same thing. that is why we are also frustrated. scarlet: bloomberg news's simon kennedy published a story this week about how they are becoming less market friendly. this was in discussion with the

pegging the swiss franc. also this month, we had carew to of the j -- karuda of the bank of the bankkuroda of japan saying that the yen will not weaken further. kurodaraghi and desperately wants it to weaken further, and janet yellen is still new in her job still. she hasn't really seen a true market tantrum. instead of the central bank trying to teach us to be more -- when it comes time for them to do it, when they try to recover an asset price inflation, and that we will see a rise in than they will scramble to backpedal. but initially at least, there historic raise to be

and ultimately when they see these financial markets have the spillover effect into the real economy, they will have to backpedal. so there is going to have to be a common dialogue between the markets and the central bank. matt: let's listen to what she had to say about the crisis there. the united states has very limited exposure to greece, either through trade and financial, or financial channels, but to the extent that there are impacts on the euro where the economy or global financial markets will be spillovers to the united states that will affect our outlook as well. much,i wonder how richard, we are going to see, not only a spill over in the u.s., but an impact on the eu. they are fairly confident that they have gotten this issue,

certainly they have not been trying, they have not done their jobs. how well have they done? richard: they have done a better job than three or four years ago, but the odds of that diminished -- of that has diminished somewhat. paper or loansek is held by the ecb or brussels or the imf. so i think they have done as good of a job as they can -- imf. so i think they have done as good of a job as they can. i think they have done as much as they can going into this, certainly. scarlet: they have had years to prepare for a greek default, and what does that mean now versus say, 2012? area of we are in the the unknown, and i think the particular challenge for the eurozone is specifically designed not to have an exit mechanism, and i think what european officials want to avoid evenat it takes to exit,

though it will probably be a disaster for greece. even up until now, it has been a disaster for greece, so no good choices right upper greece. scarlet: that was richard and axel speaking with us. pimm: and ellen pao's discrimination it sued rocks silicon valley. >> i'm sorry this happened to ellen, it happened to us, it happened to the tech industry. pimm: we will hear more from kleiner perkins's john doerr after this. ♪

scarlet: welcome back to the "bloomberg market day. i'm scarlet fu. pimm: and i'm pimm fox.

and we got a little bit of a rally today in equities -- we've got quite a little bit of a rally today in equities? julie: that's right, and for the s&p, the best in the last three days since march. 5131 .91 wasg at 5131.91 was the all-day intraday high for nasdaq. were rallyingages after the fed yesterday, but there has been some debate over what exactly the fed is going to do next. of course, they are still data-dependent. that is according to matt miller. the fed is going to be gradual in its rate increases, and that is being read as positive for stocks today, heads of rally.

especially the broad-based rally. and the worst performer in the s&p 500 is the dow, in fact, it is having its worst day in two years. andissed analyst estimates, oracle was down lower than anticipated. relateddue to expenses to migrating customers to the cloud and also sort of a moving around revenue as some of its customers moved to the cloud. those shares are getting a hit -- getting hit hard today. also shares of rite aid, the company also looks to be cutting its fiscal 2015 forecast. it'snheim is saying prescription weakness may be partly to blame and that may continue, guys. pimm: thanks very much, julie hyman. nellis to go look at some of the top stories crossing our terminal right now.

president obama's trade agreement is getting its second chance at a house that lawmakers are expected to vote on the proposal. the measure is attached to an unrelated bill. democrats blocked the trade legislation last week. company isbuffett's increasing its insurers to 2.5%. this comes after the catch maker's merger with kraft foods. investors could put stake in heinz for just one sense to share -- one cent a share. burger that added supersize to the american vocabulary is slimming down. a decade,st time in mcdonald's plans to close more restaurants in the united states that it plans to open this year. scarlet: it has been almost three months since ellen pao lost her suit against kleiner

perkins. pimm: in the firm's first interview since the trial, emily chang spoke with john doerr in an exclusive interview. emily joins us now. emily, tell us about this conversation. hey, pimm and scarlet, very interesting to hear what they had to say, we have not heard from them in a really long time except for when they were on the stand. won inid that we won, we court, but they know that there was a different ruling in the court of public opinion. take a listen. so tell us about ellen, she was your chief of staff, you were her mentor. how did you feel when she was suing? john: i was sick. it was painful. ellen was a good chief of staff. but when i read the charges, i knew from that very moment that these had no merit.

howy: how aware of you -- aware were you of the situation? john: you know, i would rather not get into the past. ellen did some really good things, and i wish her well. emily: now she is the ceo of reddit. she is making some old moves -- bold moves. john: there is a difference between being an operator and being an investor, and i think alan can be a very great -- ell en can be a very great seo. emily: -- ceo. emily: have you talked to her at all? what did she say? ellen."said, "hi i haven't spoken with her sense. -- since. emily: why didn't you try to

settle? john: we just didn't believe that we could do the outside the courts -- do it outside the courts. emily: why not just pay her and be done with it? it were that easy, it would have been done. but i can tell you it was not possible. >> we have tried. emily: how hard did you try? >> very hard. john: the details there are not what matters. all we can say is that we tried and it is not possible at this time. emily: did you feel that if you paid her it would be an admission of guilt? john: i am sorry this happened to ellen, to us, and to the tech industry. emily: is it an admission of liability? john: the jury found that we are not liable, so no it is not. scarlet: just a portion of their

very full and wide-ranging interview. we also get into the future of the tech industry and what they are doing and what it comes to diverse city. they say it also comes to hiring a new partner and that partner will be a woman. pretty: john looks comfortable, pretty casual. kleiner perkins is back in court today. he again does not look very worried or concerned. emily: first of all, ellen pao is proceeding with her appeal, she has filed an opportunity with her appeal. we will know in 40 days if she will plan to proceed. this is a case that could go on for several more years. the jury in this case found in favor of kleiner, and today they are back in court again, and they will talk about who owes who and how much money. some people are in favor that ellen pao owes kleiner over $75,000 in court costs.

so it is very interesting to hear some people coming down on kleiner's side. even though they won in court, they do feel, to a certain extent, that they lost in the court of public opinion. the court found the jury -- the court of public opinion, they found against the technology industry because of their are not enough women in the industry in the positions of leadership. pimm: emily, just quickly, what else can we look forward to the inter--- in the interview? i know it is coming up. emily: we talked about stuff on the technology front, we talked and inhere is no bubble, fact, we are in a long, sustained, and unprecedented boom. does that mean that some companies will fail? yes. but there are also business cycles. johnso talked about how doerr is very close to steve

jobs -- was very close to steve jobs, and he had a really great anecdote with talking with steve about making an apple car, and steve refused at the time because he was so focused on what he was doing. a lot more interesting insights interviewward in this through "studio 1.0" tonight. pimm: thanks so much, emily chang, that is tonight at 7:30 p.m. eastern and pacific. scarlet: coming up, would you spend 36 hours on a nonstop flight from newark to singapore? flight company hopes that you will. that is coming up. ♪

pimm: singapore airlines is

looking to restore its a nonstop flight from singapore to the united states. the airline is in top with airbus -- talks with airbus to allow the planes to fly nonstop from the united states to singapore. the flight would run 19 hours -- 10,000 38000 miles. scarlet fu, would you like to take a 19 hour flight? scarlet: i would mind if i was flying is this class or first class for that matter, but the longest what i ever took was from hong kong to new york, and it was 16 hours and 40 minutes. -- and i flew business class, so i watched the movie and it was not that hard. pimm: you could stay on the ground for that kind of feel. scarlet: no one can call you and no one can bother you. we aregoing to -- pimm:

going to miss you. i will see you later this afternoon? scarlet: that's right. pimm: still coming up on the "bloomberg market day," a potential problem for over -- uber. ♪

pimm: welcome back to the "bloomberg market day." i'm pimm fox. now let's take a look at the top stories from this hour.

there is word that the individual accused of the south carolina church shooting has been caught. the 21-year-old dylann storm black churchnto a and killed nine people last night. federal officials have opened their own investigation and president obama is scheduled to give remarks on the shooting and we will carry those remarks live. the head of the international monetary fund says it will give greece a grace. if it does not make its payment at the end of the month -- grace period. if it does not make its payment at the end of the month. the greek bailout agreement expires in less than two weeks. and the shares of fitbit soared on their first day of trading. they have been up as much as 50%

and the maker of the fitness tracking devices has increased production because of an increased demand. rmb and thisubled year we have tripled r&d spending. most of that is in software but we do continue to innovate in hardware. pimm: there was so much demand for the initial public offering raised $250hat it million more than it had initially set out to do. and the u.s. state department will up and years of traditions this fall. the u.s. is going to abandon the chinese-owned waldorf-astoria hotel for the yuan general assembly meeting. u.n. general assembly meeting. chinese-spyars of

-- chinese spy eavesdropping concerns. aboutknow and certainty greece is spooking the market, but i want to show you the impact of that uncertainty over the last three months. look at that. you can see the benchmark hit a peak back in april, that since it has dropped. dropped so much that it is heading towards its worst quarter in three years. this is the most the stocks have rallied in the first three months of this year. that is really the impact of greece over three months. you look at the one day chart, you can see trade is pretty flat now. we look at the national equity benchmark, you can see a number of them have rallied, rebounded. the dax up more than 1%, that is in germany. you could say that there is

surprising information here, given the european finance happening in luxembourg. there are no signs of compromise with greece. i can tell you that some of that rally is down to better than expected u.s. data. if you look at the euro, you can see that that is rallying as well. about the u.s., inflation rates come in a soft. euro-dollar volatility hit its lowest rate today. pimm: a weaker dollar, a stronger euro. and another bump in the road for uber. labor commission says the driver and right hailing service drivers should employeesred and not independent contractors.

this opens up other potential lawsuits against uber and the other ridesharing company, lyft. with shannonined who represents another ridesharing driver. shannon, what did you take away from the ruling yesterday? laborn: the california commission makes the same argument that we have been making in our class action lawsuit, in that it is not a car service but it is a ridesharing company. therefore, under california law, and it there a lawyer, is required to comply to laws. pimm: is there a particular distinction between the number of hours worked or the relationship tween the drivers and the companies that would as topeople guidance whether they are contractors or full-time employees?

employees can be part time. you don't have to be an employee -the court will look at who is an employee and who is an independent contractor. as your lawsuit goes, is it similar to what was ruled on yesterday in california? yes, our lawsuit is speaking on behalf of all of the and this could, be very helpful for our lawsuit. it could set a precedent. federalroceeding in court again to recover those expenses for all of the uber drivers and it could is going to be -- it is going to be very helpful to her case. pimm: can you say that a driver doing this work part-time in order to make extra cash and

does not even consider themselves an employee can also be helped? shannon: it does not matter of somebody considers themselves an employee -- them self an employee, the legal requirement is that they are required to provide the legal protections that an employee has. inc. california, that includes the right to be reimbursed for expenses like gas, car maintenance, etc., and other compensations include unemployment if you lose your job. the law requires them, it does not matter if the business wants those or not. company have to pay for medicaid or insurance payments as well? shannon: exactly, that is why uber once to classify -- wants to classify it drivers as

independent contractors, so it is benefiting massively by making the drivers pay for these things. if this precedent is upheld and we win, uber is going to have to pay for those things. --: shannon, either are there other industries where there are workers classified as contractors and reclassified as employees? shannon: yes, i have been doing this kind of case for more than a decade, and i have seen this this happen in so many industries, the cleaning industry, the trucking industry, the adult entertainment industry. had, many industries have to adapt because they were saving on labor costs because of using this model, so uber is really no different. pimm: the ruling of the california labor commission, does this have any weight in the legal system?

is a really, if it is upheld, would be applied in california. we have a class-action case going forward now in california. for a moment, the case is limited to california, but we are seeking to have it extend to drivers across the country. that is an issue that we will take up on appeal later in the case. but this could have applications for drivers throughout california for now. to thank you very much for joining us, that shannon, a lawyer in boston who represents uber and lyft drivers. now let's go julie hyman who has seen a record. the nasdaq said this about a month ago, and now it is breaking through once again in the wake of the fed's commentary, that is being

indicating -- that is leading investors to think there is going to be an increase. jen --ft, apple, and amgen are all heavyweights within the nasdaq. overall, if you look at the s&p and the sectors that are the tech heavy nasdaq is having its day as well, and it is the best performing of the three major averages. now it is up 1.3% and trading at that new record. pimm? pimm: thanks very much, that is julie hyman on the news from nasdaq. and more breaking news from attorney general loretta lynch. she says the shooting suspect from south carolina is in custody. nine people were killed in the shooting in charleston, s.c.. president obama will speak later

on that situation and we will bring that to you live. is the father, he of the united states financial system and is about to get kicked off the $10 bill. we are going to talk to and alexander hamilton biographer of how this change -- biographer about this change. ♪

pimm: welcome back to the "bloomberg market day." i am pimm fox. the $10 bill may be getting a feminine they slip. treasury secretary jack lew says put on aman will be $10 bill and he is accepting

suggestions. i spoke with the author and hamilton biographer about the founding father's legacy. >> alexander hamilton is the most important person in american history who never made it to the presidency. he deserves his place on the $10 bill. let me just rattle off some of his accomplishments. he takes over the federal government at the time when the government was bankrupt. he creates our first central bank, the first bank of the united states, the forerunner of the federal reserve board. he creates the coast guard and the custom services. he creeps our fiscal and monetary service. he creates the entire financial of the united states and was the architect of much of the federal government. now: he is also the subject of a musical, i understand that is where you are now headed. tell us now about the biography of alexander hamilton. the musical is hip and

entertaining at the same time, eruditethralling and and very exciting. it sad that when this musical is bringing alexander hamilton to a new generation, that the treasury secretary is trying to downgrade him on the $10 bill. this is a moment where we should be celebrating alexander hamilton, but i think the show does really ellie. alexander hamilton was alive and was sensitive to the practicalities of finance, who do you think you would like to see on the new $10 bill? greatamilton was a abolitionist, he formed the of newbolition society york. he lent his name of prestige to the creation of a school to educate native americans in upstate new york, so this is somebody who had a broad vision

of the country. he promoted immigration. hamilton would be sympathetic to the idea of -- expanding idea the variety of people on the currency, but i think he deserves his place on the $10 bill, and among other things, he is the figure most identified with american currency. it was hamilton who endorsed the american dollar as our currency, he was the one who divided into smaller coins, and it was hamilton who proposed a mint. so it takes somebody, someone who is a really great visionary, to make this currency happened, and to root for -- and to remove him from the currency seems wrong. jack lew gave you a personal telephone call and asked you to give your personal -- if jack lu gave you

a personal telephone call and asked you to give you personal you ats -- jack lew gave personal telephone call and asked you to give a personal recommendation for a woman, who would you recommend? ron: i think hamilton was a misunderstood and neglected founding father and now he is having his moment in the sun. -- thess is clearly up person who is up for reconsideration is jackson on severalbill, he owned hundred slaves, he saw the forced relocation of several hundred indians from the east coast to oklahoma, the so-called trail of tears where hundreds of cherokees died, so he is a candidate for reappraisal, but i would really like to see hamilton maintain his place on the $10 bill. there is no memorial to hamilton

in washington like the way that washington, lincoln, and fdr, as wallace jefferson have, he is not carved up there on mount rushmore, that i feel there is canly the place where we honor him is on the $10 bill and we should keep him there. pimm: my thank you to you. of let's take a look at some the top stories crossing the terminal right now. breaking news on the church shooting in south carolina. the suspect has now been arrested. police have identified the suspect as dylann storm roof. he is 21 years old. he walked into a historic black church last night and killed nine people. the killings are being called a hate crime and federal officials have opened an investigation. president obama will speak about the massacre any minute now and we will bring that to you live. and in less than an hour from now, the president's trade agreement is expected to get a second chance and the house. givekers are expected to

another vote on this, and it is attached to another unrelated bill. blocked thecked -- trade legislation bill last week. facebook is looking towards football to increase diversity. that somenews reports facebook departments are now required to interview at least one minority candidate for open positions. and those are your top stories. we've got more on the "bloomberg market day" after this. ♪

pimm: the 2010 dodd-frank financial reform law brought the most significant changes to american financial regulations since the great depression. now, barney frank, one of the namesakes, is joining the board of signature bank.

olivia sterns, my coanchor for the next hour, barney frank on the bank board. there is olivia: something a little weird about this. the one who made the crackdown on the financial sector is now, two years out of congress, joining a bank. so he is joining the bank, signature bank, he is going to join the lord, he says he likes the model of this bank because it does not get into fancy exotic derivatives. as far as how much he is going to make, board members get about $60,000 a year, plus he is going to get about $200,000 worth of stocks he is going to invest in right away. and i would expect that if they need somebody who would help them understand a little bit more about dodd-frank that they have somebody on the board that can help them with that.

olivia: right? here you go, you've got the co-author. but it is all just a little bit the size of banks and financial institutions that have been most hamstrung by all --the new regulations pimm: but having said that, is there any comment of the general idea of horny frank, who i don't think they are going to give an award for from the banking industry, that he is joining the board of a bank? there are many other companies that he could join the board of. olivia: there are, and there are many other companies that he could join the board of. he says that he is very supportive of financial institutions. will all right, we certainly watched signature bank. thanks very much, we will see you in a few moments.

thanks very much. all right, coming up on the "bloomberg market day," we need some more market insight, so here is julie hyman. notablet is a pretty day, the dow is having its best three-day rally since march, and the nasdaq is trading at a record. all of this after we heard from fed chair janet yellen. joined by max brier, and we are seeing the big picture coming in. you and i were just talking during the break that we have not seen on the option side of things any big shift. max: that's true, the statement was very much in line with expectations. the market hasn't changed that much other than there is a little bit more certainty because the fed wants to raise rates very gradually.

some have fallen because the market -- because the insurgency has been removed from the market. julie: one of the groups that have been very foldable or sensitive to the increase in rates and sometimes benefiting from it has been financial. you were talking to be about the trade that you noticed which is xlf. i thinkt's right, and that the dots coming in and the more gradual pace of rate increases means that the financials may not benefit as much as before from the rising it yield curve. julie: now all everybody is talking about the fed, you are still looking at greece, of course. it has not gone away. optimist on greece. it is adorable, max. max: thank you.

[laughter] some people believe in fairy tales. julie: what do you think of the's ring on both fronts? max: in the end, i think it is likely that a deal will be done in the 11th hour. julie: what trade du put on that would benefit that view -- do you put on that would benefit that view? atdji happen to like because it is hedged against the because it is hedged against the euro. so there is the deadline for greece to make the payment to imf, and if they make that payment on the 29th, then you were a soul -- then you will still be sitting along -- and europe will get a deal getting done.

julie: what is your outcome if you were wrong? max: it is a premium that you pay up front. hedj shows ain risk that you pay. julie: very interesting, we will see what happens on greece. we will hold you on that. i'm very curious to kerry -- very curious to follow up with you on this. and there will be much more on the "bloomberg market day," right after the break. we also expect to hear from president obama on those shootings in south carolina. much more after this. ♪ ♪

(ee-e-e-oh-mum-oh-weh) (hush my darling...) (don't fear my darling...) (the lion sleeps tonight.) (hush my darling...) man snoring (don't fear my darling...)

(the lion sleeps tonight.) woman snoring take the roar out of snore. yet another innovation only at a sleep number store. it is 9:00 a.m. in san francisco and new here in new york. olivia: this is the "bloomberg market day."

fitbit earned more money than expected in its ipo. pimm: and president obama will get a new vote in the house for his trade bill after it was blocked last week. olivia: and mcdonald's has a turnaround plan as well as summer menus. ♪ pimm: good afternoon. i'm pimm fox. olivia: and i am olivia sterns. let's take a look at the markets of the sour. equities are higher across the feds said they would raise great more -- raise rates were gradually. so you are seeing oil risi a