we are focused on what is going on in the center of europe. betty: that is right. also the supreme court. the supreme court may well in the next few moments on whether to declare same-sex marriage a constitutional right. we are waiting for that decision on obamacare as well. those subsidies and much more ahead. matt: we are losing patience and creditors are, too. greece still not present an economic reform plan that meets the requirements. finance ministers said they do not know what to think anymore and they have just taken a break. waiting for greece to reply. arey: fear that millenials catching the travel bug. more than half are using their days off for, yet, vacation this year. betty: good morning.

i am betty liu. matt: and i am matt miller. let's see how stocks are faring this half hour into the trading day. board.gains across the not to put the s&p 500 about .2 of 1% at 2111. the dow jones gaining 30 points at 17,995, just shy of 18000 and -- nasdaq up .2 of 1%, 61 5132. betty: breaking news in washington. the supreme court is gambling into session, their final workdays of the year and we are waiting for huge decisions that would have a major impact on our lives in the u.s. bloomberg is watching for headlines. phil, two in particular are on obamacare and gay marriage. phil: seven decisions left and three days, today, tomorrow and monday. the two that are the biggest are the affordable care act, whether insurance subsidies that are crucial to 36 states to their

federal exchanges and whether they will be allowed to stand. the one everybody is looking for for the essential component of the president's legacy and underscoring the massive public shift in opinion on gay marriage over the course of not only the last five-years but over the last 6-12 months. thecourt will consider possibility of legalizing gay marriage nationwide. there is no guarantee that either case will come today. seven opinions are expected but asked total cases, betty, that are really major. also cases dealing with lethal ajection, fiscal impact and really big deal on housing discrimination for businesses. issues like redistricting. basically, there are a lot of they can headlines coming right now. we do not know when they are coming or whether they will be today, tomorrow or monday but a lot of big news coming out of the supreme court probably in the next five or 10 minutes. betty: exactly. still, what is the speculation on how the supreme court is going to lean on gay marriage and obamacare?

have seenything we from their willingness not to put a hold on states approving gay marriage 15, 16 states of the last months and that has been indication that the court will rule in favor of legalizing gay marriage nationwide. again, we have learned this over and over again, particularly in 2012 with the question of the constitutionality of the affordable care act, gauging what the supreme court will do and trying to read the tea leaves is a bit of a dangerous game. you might as well as wait and see for those headlines to hit to really get an idea of what is coming next. idea orn't the inclination asked him which way they will rule on obamacare easier to decipher? the idea on which way they will roll on obamacare easier to decipher gekko earlier, the justices told us they were more understanding for the government's case. phil: again, it is a little bit tough to call right now but i think greg is the best in the

business and he is following headlines right now, including one major when i want to get to first. housing discrimination. according to headlines, housing discrimination lawsuits are backed by the supreme court and they are allowing the impact to continue. to break this down real quick, a 1960's era statute and what it says is basically the legal. you do not actually have to show intentional dissemination to be able to sue on housing discrimination based on race. just have to still -- joseph's agreed that it had occurred. the obama administration has taken basically cases and settlements of hundreds of millions of dollars in -- hundreds of millions of dollars from banks over the past years and they were so concerned about this case reaching the supreme court that they had reached -- they had worked behind the scenes to undercut and settle cases that would have gotten to this point. it is somewhat of a surprise that they ended up winning this case according to headlines that are coming out right now. this is a huge victory for the obama administration and their

ability to go after civil rights cases and a big lawsuit that has been pushing very hard over the last five or years to get this case to the supreme court solely to cut down on their ability -- on the obama administration's ability to pursue the cases. matt: thank you very much. we will continue to follow headlines. they will be coming out probably as we speak over the next couple of hours, so definitely stay here for that. breaking news on the supreme court -- on the gay marriage issue and obamacare issue still to come, so we will bring those headlines as soon as they will across the ticker. betty: that is right. you mentioned we will be on standby. matt: and greg store as well. betty: let's look at what else is making use on bloomberg this morning. list.i will give you a first of all, start out with the latest on greece. and the of progress german finance minister is saying that the greeks have actually moved backwards. actually, the german chancellor said she thinks the greeks are

moving backwards on some issues as well. now the eurogroup meeting appears to have ended and they suspended the meeting. hans nichols is in brussels at the finance minister summit, how bad is it? meeting?ension of the hans: this is why i am envious of phil because he has determinative deadlines. it is unclear how long we will be in brussels but here's what we know going into the most recent meeting. this is the leader's meeting. these are eurozone leaders heading in. on july merkel said there has been backsliding and france says they are not far apart from an agreement on which is served from the greek prime minister saying that he is confident the deal will get done. the only certainty on this is that we will have more negotiation. we have about 36 hours if you more negotiations to get done. we had a late night last night and i suspect we will have another late night tonight.

in terms of real deadlines and i know you always ask this, the only real deadline is june 30. if you do not have an agreement by then, and i mean something that has been passed by on july inkel's -- by angela merkel german, that gives us the next 36 hours and in eu time, that is a eternity. matt: thank you very much from brussels. month, we saw consumer spending rose by the most in almost six years. buying was up .9 of 1% and sales of cars and other durable goods led the way. finally may be spending the savings from cheaper gas. meanwhile, first-time claims for unemployment benefits stay below 300,000 for the 16th week in a row and that signals a tighter labor market. that may help propel growth in the second half of the year. barnes & noble comes up short in the fourth quarter. the bookseller posted a loss of share and that is four

cents more than what analysts expected. however, the company revenue estimates of about 1.2 billion dollars and barnes & noble shares have increased at about 13% since the beginning of this year. and 26% over the last 12 months. matt: subway restaurants named suzanne greco to take over the role of president. the move comes as her brother and company cofounder fred deluca beats -- battles leukemia. change -- the sandwich chain is getting more and competition from jimmie johnson and panera bread. u.s. sales fell 3.3% last year. from the supreme court and i will go to fill on the obamacare ruling that we are seeing. phil: this is everything, red headline on the bloomberg terminal. tax subsidies upheld by the u.s. supreme court. that is what everybody has been paying attention to. this case was not the prime case that they expected to undo the affordable care act. two thousand 10,

challenging the constitutionality. lower boards ruling on it and making its way to the supreme court and it was literally about four words in that thousand plus page law. stating whether or not states were the only ones who could create exchanges to provide insurance. based on the very, very controversial nature of this law, 34 states the client to create those exchanges, therefore, the federal government was are, and create exchanges on its own. what this case stated was that according to the language written into the law, only states could get subsidies or federal support for the exchanges, therefore, those federal exchanges, had they won this case, essentially would have been moved. there would have been 6.5, 6.6 billion people who would have calling off their insurance because of the lack of subsidies. it would have created huge problems for insurance companies, for the law, and also capital fors on the republicans. they would need to figure out a

way to close that gap. according to the headlines that crossed, the tax subsidies were upheld. basically what they are saying is that the court went with the intent of the law and not the specific language. it will be interesting to read this opinion. this was the latest and biggest threat to the obamacare and affordable care act and probably the last one for this administration. this sum is the president's cornerstone achievement for his legacy, for his two terms in office and they will stand. betty: hang on. i want to bring in shannon who covers health care for us at bloomberg. channing, this is not only a victory for the president here, but what about all these other -- and americans who are on obamacare, but what about the hospitals and the pharmaceutical companies and others who rely on subsidies? shannon: this removes of the overhang that has been over these companies since the law was passed in 2010. we have had 50 votes to repeal obama care and there has been previous supreme court challenge and not this one. there has been so much

uncertainty around this law that now we should really see hospital stocks and health insurance stocks and to see that move and they should see stocks go up. expect to see hospitals shares go up. some analysts predict as much as a percent today because for them, this is all about having more paying customers. this threat that people will lose their health insurance and they will start showing up at the emergency room saying i cannot afford coverage, that is on. at least for now. this trend that has been going on for more people getting insurance and more paying customers coming into the hospital, it looks like that will now continue. the was, until we have another this sortal election, of does not make it permanent but if we get a republican in the white house, who knows what will happen then. the more time that this goes on and the more that the levels out, it looks like it will stay. betty: the s&p health index shot up. hyman, who is in

the newsroom, is looking at reaction in shares. julie: we are seeing a big movement in hospital stocks, betty. it was there that analysts were in -- were anticipating the biggest risk in subsidies were removed, particularly in companies like hca which geographically have the biggest exposure to states where the tax credits could have been disallowed. community health is another that was at risk and you see these stocks are sorry now as this really does remove an overhang. look at that chart there. really a dramatic leg up in shares of hca and in community health. really this was viewed as a pretty significant risk for these companies. what were they going to do when and if indeed this tax credit had been disallowed and they had to figure out another place for that revenue stream? are watching the insurance stocks. it was not anticipated this would have necessarily identical to affect on insurers -- necessarily as a detrimental and and this would not

necessarily be the most affected, but aetna of the insurers may have been -- may have been the most affected geographically as you look at exposure to states with the tax credits were at risk and the states that are the most exposed to patients that are under obamacare. you are seeing movement upwards and many of these insurance stocks but have nearly astronomic as what we are seeing in the hot load related stocks. moving out for a company like cigna means it still is only up about .75 of 1%. a quick check on medical device makers as well. of ae seeing somewhat positive reaction, but again, it is not as dramatic as we are seeing for hospitals. of these of subgroups and subsectors within health care, hospitals are far and away seen the biggest reaction here to this decision. matt: as betty pointed out, we are seeing a huge jump in the entire s and p health care index. it has not overtaken telecoms as

the biggest gainer as far as the 10 industry groups in the s&p 500, but it is a big jump for health care. -- 6-3 was the decision and anthony kennedy and john roberts joining the majority. it was kind of telegraph that this would go this way. the bloomberg terminal did say it was likely obama would win this case. i have seen sentiment and the around and going into this, a lot of people thought it was a 50-50 shot that it could go either way. when this case sort of made its way into the mainstream with a lot of ceos and executives, they thought, no, it will never have a chance. i am not worried about it, but in recent months, i saw that change, especially after the oral arguments. i think it was a surprise for a lot of people. there was no certainty as to how this would go. couldit the controller brought my terminal and take a look at the health care index on the s and p, we will be able to show you the amazing jump here.

it is still under 1%, but take a lot that. i will: out and you can see what has happened in the last -- i will hold it out and you can see what happened. health care stocks were down into the decision came out. by at the moment it cost, you can see bright about here, that is where we saw the big jump. shannon: -- betty: back on politics, the conservative arm of congress is already saying that they are not fix this in congress. they threw cold water on any ability of congress to be able to fix what they had sought in the supreme court, and my right about that? phil: sorry, i apologize. i am trying to catch up. say it again. betty: how will congress react to this -- particularly the republicans? phil: it is done. they have majorities in both chambers. they do not need to do anything

because it was upheld. if this wasn't struck down, they would have to do something to keep from some kind of devastating impact on insurance politicallyreally dangerous idea tossing $6.5 million on health care insurance. they no longer have that worry. now basically, shannon was making the point, you wait until genuine 20th of 2017 and hope there is a republican president and you maintain your majorities. maybe by then you can push some kind of major change, but guys, the big question going into this is -- the assumption from president obama and we have talked about this and i spoke with him when i covered the white house and events is, the longer it is lost eight in place, the longer it would would ingrain it out into the fabric of how u.s. society works unlike medicare and social security. the longest the law stuck in place and actually, according to the obama administration, start to work, the more it would become ingrained. this was the major robot that was left and it is now gone. betty: tengah, i want to bring in bloomberg politic editors. and anchors of "all due

respect." john, is this not going to be addressed, as phil mentioned, until he get a new president? john: there was nothing us to say about it for now. on the standpoint of the law, i think there was a relatively broad consensus on the legal side that it would have been a pretty dramatic thing to overturn the affordable care act on the basis that would be addressed here. on the political side, there would be a lot of complaints among republicans. and conservatives who are unhappy with justice robert to read the first go-round will be more upset with it now but as a practical matter, we now are going to have to have a new president before we get any kind of change, if there will be change. this actuallyes -- is this a sigh of relief for the 72 men and women running for the republican nomination because they no longer have to really talk about it question like it has been decided. -- talk about it? it has been decided. mark: for them i think it may be a good thing. one congressional republican did

not have quite consent to deal with it. there would have been a lot of pressure from the grassroots, including from ted cruz and other senators who would have said, we need to use this opportunity not to store the subsidies but to get some recurring and i think that would've been a face-off that washington has seen too much of. second, the people that the subsidies, a lot of exciting hourly for people who would always the subsidies in states that relied on the federal exchange rather than the state exchange. finally, i think for the health care history, this is being implemented and has a huge effect for a large percentage of the economy and this provides some stability. make no mistake, the democratic nominee for president in 2016 will be for keeping the affordable care act and making fixes to it. the republican will before appearing it -- repealing it and replacing it with something else. others have said, this was the last chance for both inside before the political season to try and fix and change fundamentally the affordable care act. john: the biggest sigh of relief and most obvious in the white house, i think the white house is pretty confident on the basis

of how they read the law and that the subsidies would get upheld. but still, president obama will now finishes second term with -- in the clear and i think he has still suggested there has always been a great confidence on the president's part and part of the presence people that the longest is lost in a place, the more ingrained it would be in american society. he now has a clear runway way to get through his administration without anymore legal or significant legal challenges or political challenges that will matter. matt: this does not take it off the table. it is not such a done and decided deal like medicare and medicaid that no one is even going to tamper with it. goes by,ry day as he more and more people rely on it. the health-care system adjusts to it. the health-care system it replace was complicated, chaotic, expensive. this is, too, but more americans are adapting to this and ensures our adapting, hospitals, doctors, etc. by the time we get to january 17, if a republican has won the white house saying they will change it, they have congressional majority in the

house and senate, they still have to confront a lot of americans who say, you know what? we like a lot about what is going on with affordable care act. betty: i want to bring in michael cannon on the phone. he is the did -- he is the director of health policy studies at the conservative cato institute. he has been very outspoken against the subsidies and obamacare in general, so michael, we are raising this question here -- is it really over? i always think it is not over until it is really over, is it really over? notael: the debate is remotely over. what happened here today was a supreme court switched. they are so afraid that obama care with throat cancer patients out of their health and for a second time, it just decided to rewrite the statute and let the administration rewrite the statue, writing congress out of the equation entirely and ultimately letting president obama borrow and spend $700 billion that congress never authorized. now obamacare will continue to disrupt people's coverage for years to come until congress can

enact a healthnd care that will make coverage secure. matt: how will the distro people's coverage of everybody has shifted over to this system? isn't that the system they use going forward? michael: we see it happening right now because the coverage that obamacare offers is very thin. the people are having difficulty getting coverage for the treatments that they need. there are very high cost. it is designed to discriminate against the sick. matt: i did not want to turn this into a debate on obamacare because that would be a really boring tv show, but did we decide this issue now for good or do you think there is a chance, and how would that work that republicans could come back and change or repeal it? michael: it obamacare is still unpopular and you have the majority of plurality and american public who is against the law for six solid years. we have a presidential election coming up and let's not forget

there is another very similar legal challenge making its way through the courts. it says that the administration is spending billions of dollars and subsidizing obamacare that congress never appropriated. of the another example administration trying to rewrite and a walkable ball rather than let the democratic process work. than letle law, rather the democratic process work. shannon: michael, do you think at this point rather than the appeal or replace strategy, what do you think now of trying to thathe aspects of the law you have disagreed with or you do think are causing problems? repairing the law, is that a possible strategy going forward? sohael: i don't really think and the reason is that the most dangerous part of this law is the centerpiece which is what they call the community rating price controls or the pre-existing provisions that are supposed to help the sick but

ironically, they only make health insurance less secure for the sick by encouraging insurance companies to discriminate against the sick. that is the centerpiece of this law, not the subsidies and the mandate. and you cannot make health care better and more secure for people until you get rid of those provisions. those other provisions that -- that is the heart of this blog, there is no fixing obamacare. he can muddle through four years complaining about how sick people are not getting secure access to health care, but it is not going to get any better until we get rid of the law. betty: that's the entire basis of this note. nominatedrepublican justices voted with the more liberal justices on this. do you think they have a different view of the law then you do? to think they were voting to keep their from being a political of four? what do you make -- political uproar? what do you make of their decisions?

michael corbat the entire court claimnd the plaintiffs arguments are strong but then they turned to the context and structure of the act which means that the court essentially admitted that the plaintiffs are right. the law says what it says on the congress never authorized the 700 -- i'mo tax sorry, 70 million of americans in federal states but they will go ahead and assume that congress wanted to do that and rewrite the law. mark: again, what conclusions do you reach then about justices robert's and kennedy regarding their legacy and their jurisprudence based on this decision? i think this will count against them because what they essentially did here was they struck a blow against democracy, against political accountability. i think justice scalia had it right when he said instead of

calling this law obamacare, we should call it still does care because the supreme court has showed itself willing over and over again to rewrite this mall rather than let the democratic process work. betty: thank you so much. michael cannon from the cato institute. let me post this question back to you guys. john, what do you make, particularly of cheap justice roberts siding with the liberal justices? before, i have said michael is making a reasonable point which is that it is clear the justices decided not only the play law but the plain words of the law are what matters and that legislative intent and context matter. you could argue and what is itious or arguable is that is an illegitimate point at a way of looking at jurisprudence. there has been a long tradition of not looking at claiming the main meaning of what the words say because in many cases you cannot define exactly what the words mean, but looking at the full debate. what did the legislators say

when the bill was passed? what was the framing of the arguments? that is not merely a liberal point of view but there are many conservatives, in this case justice roberts and kennedy, they agreed there should be a broader understanding of what the law was intended to do beyond what one person or any person other particular sentence might be. betty: thank you so much for joining us. matt: when you put it that way, it is fascinating. [laughter] john: nothing i like better than fascinating matt. betty: watching how health care sectors react to that. matt and i will be back in a few minutes with much more. ♪

betty: good morning welcome back . i am betty liu. a lot ahead including that

breaking news that just cannot moments ago about the supreme court upholding the subsidies for obamacare. julie hyman is in the newsroom with the reaction in shares. we saw a huge jump in health-care stocks. julie. julie: leader maddock leg up because this was a decision -- really dramatic leg up because this was a decision where we did not know the outcome. in particular, we are seeing hospital stocks gain the most and the most erratically. stocks like hca are trading higher by 8% and we saw an enormous job after the news came out. community help is up as well. analysts over a bloomberg intelligence were saying that if the decision went the other way and if these tax credits were struck down, that it could cut the hospitals by 2%-5%. would bepany like hca more exposed geographically and in terms of the types of where it gets its revenue from acute

care, for example, that it was at the top end of that range and could of been cut by as much as 5%. these things now rallying release over this decision. as for health insurers, less of their revenue comes from folks who are in this public health exchange. they come from their own customers. they are rising as well but not nearly as much as we are seeing the hospitals. the hospitals are really the remarkable aim that we are seeing in stocks today. thented to mention universal health services, hospital we did not look at, their shares are up by about 7.5%, betty. betty: thank you so much, julie. i know you will keep your eye on the market and stocks. i want to bring in former senator from south dakota tom daschle on the phone with us now. he has been a key ally of the white house. the republicans -- we just heard from a very conservative voice in the cato institute

blanked.at scotus they capitulated and they did not want to cause a political firestorm and chief justice roberts and kennedy, they blinked. how do you react to that? is anell, i think that erroneous interpretation. what the supreme court in this case is what they do often times -- they looked at the entire bill. they looked at the whole context of the legislation and the law as it is enacted. when you look at the entire ball, there is absolutely no doubt that this is the entire -- this is the only interpretation one could make. there is only a four-line discrepancy that could have been corrected and technical corrections in the bill at some point that never got attention. matter toly puts this rest and i'm delighted. 6.5 million people can't exhale at long last. betty: does it really put this issue to rest, tom? could this still not be fought in other jurisdictions?

tom: it can still be fought, but i do not think there is any stomach in the courts any longer for further contesting of this issue. the supreme court has ruled not once but twice in favor of the affordable care act. i have every expectation that we are going to move on from this. this really puts to rest the efforts to repeal either legally or legislatively bell affordable care act. it is here to stay and millions and millions of additional americans will benefit from exchanges as we go forward. betty: how do you think this will play out in 2016? tom: i think the republicans will be hard pressed to say that they want to repeal the act once you've got the kind of expanded effort through the exchanges and their medicaid that we have seen just in recent years. it becomes harder and harder to do. a quest they have yet to come up with an alternative. because they have no alternative, my guess is that you will see the rhetoric and

republic changed to one that says we have to reform it, tweety, make changes, but i think they will -- tweak it, make changes, but i think it will give up on the effort to repeal. betty: that is something that is an option but as we heard from michael cannon, he would to completely reform it. there will be that hard-core conservative wing that will continue to fight for that. in terms of areas of repair, the president himself has often noted that, look, this is not solution, butct it is what we have to address the fact that there are millions of americans who do not have health care. are there going to be areas where the republicans and the democrats can agree in the coming years that they can fix parts of obamacare? tom: absolutely. i am very confident that you are going to see the real possibility of republicans and democrats coming together on a number of eggs. on payment with them, moving service and putting

more emphasis on technological applications to help, including precision medicine and population health. and finding ways to emphasize the opportunities for better access and to technology like telehealth. all kinds of possibilities for republicans and democrats to come together. i think this really will trigger an effort to do just that. cannot see this but on our screens, we are seeing some folks coming out of the courtroom. chan tien clearly with their arms raised in the air and the tories in this decision. what did you make of chief justice roberts and kennedy siding with the majority, tom? tom: i am not really surprised, frankly. i think chief justice roberts, in particular, but justice kennedy as well, they both understand the implications of some of these things, not only legally and politically, but practically. i think as pragmatists, they

really want to see our country address these challenges and they want to contribute in a way that is both judicious as well as appropriate a practical point of view. they have done that again in this case and i think they are going to be served well in history. betty: tom daschle, thank you so much. the former democratic senate leader and ally of the president on obamacare. much more ahead. back to the other big story -- the chaotic negotiations going on in europe between greece and its creditors. we will be back in two minutes. ♪

betty: now to our other top story that we have been following all the overseas.

the euro area finance ministers now meeting again trying to hash out a deal for grace before their bailout is set to expire. will the two sides be able to come to an agreement in time or will greece default on their debt? laws is a partner at the firm of alan overy in london and he worked on greece's 2012 debt restructuring and how painful it has been to see this process. how do you compare what is going on now to what you saw three years ago? yanis: thank you very much a good morning. how does it compare? nailbiting ire would say. back then, it was really a discussion between the private sectors on the one hand and then united greece act by the eurozone, the imf, the ecb. now it is really the private sectors are out.

it is just a discussion between , the imfd the eurozone and the ecb. it is a lot more different because it is at the state and level of state sovereign differences where ordinary, if you a normal law, does not give you. betty: i agree with you. it is really greece and the troika. given that and how it has played out, we have watched this over it just two weeks and plays out in the press, on television screens, and in newspapers. as the damage been done, the confidence, has that already been done here? that a i have no doubt lot of damage on that front has been done, but again, i also all thedoubt that principal players are adults and

mrs. use the expression of lagarde to know what is at stake and to sit down and to take it slow. and there will be ups and downs, but they will all see it through. betty: it sounds like it. once they see it through, yannis, what happens next? alexis tsipras says today that he believed there will be an agreement, but once they get that agreement, what is next? yannis: it will very much depend on what this agreement will say. my personal view is that this agreement is only going to be an interim agreement in the sense that more will be acquired and we will need to see the greek economy start up again. to the extent that it starts up again, maybe less will be acquired and to the extent that it does not, then maybe it will be acquired in the future. betty: in the meantime, it feels

that there has been a time bomb on greece, period, but the banking sector in greece has essentially been given liquidity by the ecb. how much longer that will last is anybody's guess right now. how healthy is the banking sector and can they withhold and with stand all of this uncertainty the longer it lasts? goods: that is a very question. indeed, it seems to me that the key question that everybody ought to be focusing on because this is the link -- the banks are the link of greece with the eurozone -- and everybody is aware of the liquidity that the banks have been suffering principally because of withdrawals. at the same time, the economy is weakening which creates more nonperforming loans and aids into that classic business. we need to also remember that

the greek banks as banks and although they are very large for the greece economy, they are not terribly complicated and they don't have funny things on their balance sheets. they basically raise money, including from -- and they lend it to individuals in the businesses. them, the for recovery is even more important in the future. at the same time, we also need to remember that the ecb has been looking at these banks. and itd a quality review monitors their position every day. we have not heard anything sort so they suffer together with the overall economy. my view is that for as long as that is going forward, the ecb will keep them within and under its umbrella will keep providing liquidity. betty: right, because the ecb

does not want to be responsible for the possibility that greece might eventually implode and exit out of the euro, right? they want to keep that going. before i let you go, you are involved in the debt talks back in 2012. imagine if you were involved right now in these talks directly. would you do anything different? yannis: [laughter] ison't know exactly what going on, but certainly what i would want to focus on is on changes that need to be made to get the economy going again. i mentioned this before, greece is really in dire need of that. that is what is going to bring unemployment down and that is going to help increase the tax pace. that is what i would be focusing on. thatforms that really help entrepreneurs do, start new businesses and people to bring their money and get people working. thank you so, much.

it joining us in london on the greek talks. still ahead on "lumber market day," a look at the summer travel forecast, including some surprising millenial trends on vacations and cruises. we will be back on "bloomberg market day." ♪

betty: welcome back. breaking news out of washington. president obama will be speaking on health care decision by the supreme court and he will be's unit 11 1:30 a.m. lots of celebrating -- he will be speaking at 11:30 a.m. eastern time. lots of celebrating. let's get caught up on the market action around the world. we were just speaking about greece and the reaction in the markets there. bloomberg is in london with more on the european market.

mark: the finance ministers meet in brussels for the fourth time in one week. they are lining up literally to comment on the development and talk. my favorite, it's on the german finance minister who said rather than making progress, the greeks have actually moved backwards. have beenarkets moving between gains and losses throughout today's session. it is very much a week of two house for the first two days of this week. stocks rally on hopes that deals struck, but as you know in the last couple of days, there have been no sides of a deal. this impact, it is actually unchanged on the day. the mood in the bond markets is relatively similar. money moving out of peripheral government bonds and the core as well. this is the german 10 year. interestingly, the haven today is the u.k. bond market. this is the yield down by a couple of basis points, two

point 11%. i wanted to show you the euro as well. rarely changed today against the dollar despite this impact among the creditors in greece and greece itself. interestingly, we have had thinking and they say the euro will go down to 106 in a matter of months, but right now it is stuck in the tightest trading rates in one month versus the dollar. despite all of this excitement out of brussels, the markets are not really doing much. julie: we are feeling some of the same sentiment over here in the united states. it's teams as though investors are waiting for a concrete solution. in absence of that, they are not really trading on the greek headlines, at least not the blow-by-blow. what they are trading on is the consumer spending data that we got up this morning that shows the u.s. economy gaining momentum. the highest level in nearly six years in that consumer spending.

also, if you look at major averages, we are seeing gains. not huge gains and that is because the economy is counterbalanced by concerns about rising rates on that stronger economy. of course, the other big thing in today's session has to be what is going on or what just happened in washington at the supreme court and that ruling on the affordable care act which is sending health care stocks higher and in particular, the hospital stocks. that is because the hospitals have a mandate to cover and treat anyone who basically needs treatment. they were getting more income as a result of these subsidies. i was just talking with bloomberg intelligent analysts who said some of the hospitals were writing off as much as 30% or more of revenue from treating folks who did not have insurance. now that has stopped as a result of the aca and that cannot continue for them. they are not writing off this big amounts. in terms of higher rates that i mentioned, utility stocks which have been the worst performers

this year as we have seen rates go higher, that is continuing. utility policy today and we are seeing the 10 year yield go up as a result of that consumer spending data. that is putting pressure on those utility stocks. betty: interesting. thank you so much, julie. julie hyman. in asia, markets turned negative. ei drop by on this one full percentage point and looks like it fell off of cliffs, plunging, as you see, 3.5%. even after the provided much needed -- much needed liquidity in the system in china. david ingles filed this report from hong kong. david: the chinese central bank is stepping into the markets today, injecting liquidity's for market operations for the first time in two months. it was quite over incident. as questions being raised on whether this crazy

rally is of what happened today. we are also looking up funding and mad money markets have crept up to a two-month high, plus, dozens of fresh appeals where approved this week and the sovereign funds that were in china failing to raise the target amount. strong argument that it was a very high news. betty: that was david ingles in hong kong. aaa says that nearly 50 million americans will travel this orchid july weekend. they will be spending more on their vacations this summer than they did one year ago according to travel and hospitality marketing firm and angie why global. joining us now with a look at the biggest trends in child is the ceo of the company clayton reed. his company released their 25th annual portrait of an american traveler and i was looking through some of the highlights of this report, millenials, interestingly enough, they are doing more vacations. areton: i think millenials

miscast in the media quite a bit. they considered them that 18 -25-year-old who is very adventurous and wants to go to exotic places but the fact is we define them as 18 to 35-year-old when it comes to travel. in fact, the largest vendors in millenial spenders are millenials with kids and families. we see a lot of room for millenials to travel shorter distances and more time which allows for their budget. they still want to take exotic trips, too, but there is interesting travel in their own backyard. betty: more than half of them are looking to stay around the area? claim: that is right. and different times of the year. for those who take longer trips and want to take more exotic trips, they are using travel agencies than any other cohort for demographic. we think they are less experienced travelers and they want guidance. betty: not travel websites but agents? clayton: these websites, to. in terms of index, the use agents.

it is counterintuitive when you think about how millenials are defined. betty: i guess there is kind of a great area when defining millenials. why do you define it in a group? age claim: another misperception. millenials are the largest in the graphic in the united states today. 84 million live in the united states and contrast that with boomers who are only 78 million. that is 18-35-year-old for millenials as defined. things that you cannot expect, for example, they want a cruise at a high level. you typically think of cruises as the province of older people and it is. betty: 65 and older. clayton: a lot of them take cruises and it is an all-time high for us in our study, it is at an all-time high. 40% of americans say they want to take a cruise and 58% of millenials say they want to take a cruise which is counterintuitive. betty: that is. also speaking about the travel websites -- it reminded me of

the online share travel services. others, are you seeing any impact on those kinds of companies from this western mark layton: 80% of u.s. travelers have used a shared economy service and travel at some point. that could be like an airbnb or home away or uber for example. of those, millenial's are the largest segment of roughly those 18% of millenials and 74% are gen xers and 72% are rumors who are using services. it relates to major lodging companies, for every 1% of growth at airbnb and home away and home accommodation, the lodging industry, the traditional industry is looking about -- is losing about .25%. betty: i know this that trip advisor is what is topped across the board or among certain segments?

just reported delta pulling out on the trip advisor cyber trip advisor is the most important influencer of lodging decisions in the united states. one of the things that came out of our studies, traditional online travel agencies like expedia, price i, travelocity are losing traction with the u.s. traveler. trip advisor and other engines like kayak, like tuvalu, i begin up some of that volume. advisor id for trip guess. i do use it, too, when i travel. clayton, thank you so much. much more ahead on the bloomberg market day, including more on the reaction in the supreme court ruling on obamacare. the president will be speaking in a little over 30 minutes. we will be back. ♪

pimm: welcome to "the bloomberg market day."

this up in court upholds obamacare subsidies allowing millions of americans to keep accept cities to help them pay for health insurance. betty: coming up, president obama will take to the podium to speak about the case and his reaction. pimm: we cannot forget about greece. a key meeting has ended without any agreements. prime minister alexis tsipras is still optimistic. betty: good morning. i am betty liu. pimm: i am pimm fox. we are 90 minutes into the trading day. let's look at u.s. stocks with a