in june but wages are going nowhere and more people are leaving the workforce. how this will impact the fed interest-rate decision. agrees finance ministers beaks out saying he would rather cut off his arm than to sign a deal continuing austerity. the latest live from athens as greece repairs for the referendum. our airlines working together to keep affairs skyhigh? letter mayp -- whose have sparked the whole investigation. ♪ olivia: good afternoon, everybody. mark: thank you for staying with a spear let's look at the markets at this moment in u.s.

stocks are lower today. investors are reacting to the latest news out of greece. and the mix news from june's u.s. employment report showing wages remaining stagnant. downow jones industrials over .25%. 500 is down at 2072. nasdaq composite down one third of 1%. futures decline following the release of the jobs report. the quarterly decline since tuesday, the longest slump since 1997. gold futures down right now. oil is rising from the lowest level since april as the jobs that appointed to moderate pace of economic growth and oil is trading up nearly one full percent right now. mark mentioned stagnant

wages. you can see some of that is weighing on the treasury market. treasuries are gaining right now. the old on the tenure down six basis points. wages has soment investors betting that janet yellen may prevent a rate hike if that is what she is currently funny on. you can see the dollar is slipping a little bit as u.s. wage growth has gone down. not out. that is really the story of the week. the resilience in the face of the referendum. mark: the polls do not seem to indicate who will win the referendum. hisprime minister is urging people to vote no. some of the international investment committee are urging people to vote yes.

that is a story we will continue to follow. olivia: as we were saying earlier, it is very unclear the greek people even know what they are voting on. some top stories crossing the terminal this past hour. finance minister says he will step down if voters say yes. prime minister met with the greek defense minister live for us in athens. some of what is happening, what have you learned today? erik: we have learned a lot from the finance minister. armaid he would cut off his . i sat down with the right hand man who made it clear to me the governing party has no plan b if

they lose the election and also no plan b if they win. in the shoes of the party. they face a lot of tough choices. without a bailout from the eurozone, the country is about as close to bankrupt as any country could be. a meeting with the defense ministry in the armed forces today. >> despite the fact we are in unprecedented economic difficulty, we must keep the core of our sovereignty. we will decide how to distribute the funds. we will decide where to make cuts and if and how we will maintain the combat effectiveness of the armed forces, which is pretty -- a precondition for our sovereignty. this is a situation for greece. what you cut? do you cut armed forces question mark if not, do you cut pension

payments? the government has tried to make promises for everybody. latest promises to the arms to the the promises made greek people, but mostly the pensioners that they will not lose their pensions. that was one of the sticking points between the greece and europeans as far as the demand for the bailout is concerned. that is really, of course, you're absolutely right. the greek people are not absolutely certain what they will vote on this weekend but increasingly it seems as though they believe they are voting up or down on eurozone membership. that could tilt the vote against the government and for a new bailout. back to you. mark: what about the criticism of the greek government and the sippers government from the international monetary fund, saying today that this version is squarely on greece's shoulders because the country was slow to privatize state assets? is really just

speaking the truth. the more alarming headline had to do with the identification of $40 billion in additional aid the greece would need in the euro zone over the next three years, even if the current bailout offer is accepted. it just gives you a sense of how deep a hole in the country is and how difficult it will be to get out no matter what happens on sunday. i will send it back to you in new york city for now and say happy fourth of july to you and everyone else there. fantastic work out there for us. thank you so much. drama at thelot of washington navy yard this morning. fortunately, for nothing. gunfire was reported but authorities there say there is no evidence of a shooting. no one has been arrested no weapons have been found. the alert about the potential aooter was the catalyst for large police response, heaping protocol established after a gunman killed 12 workers at the very same site in 2013. mark: nascar is taking aim at

the confederal flag. asking fans to refrain from displaying the stars and bars. in a statement signed by the international speedway corp. and 30 tracks, the facilities say a want welcoming environments in all of sports and entertainment. walker says he is entering the crowded field for the public and presidential nomination. they say governor walker will file today and the campaign kickoff is expected july 13. the 47-year-old is in his second term as governor. he won a recall election in 2012 that angered union members by signing a law curbing the collective bargaining rights. staff fore chief of on schumer colostomy me with john emerson to discuss latest reports of alleged u.s. spying on germany. this comes after wikileaks published phone numbers that it claimed showed the nsa eavesdrop

ped. chancellor'cell phone was the monitored by the nfl -- by the nsa and caused friction. foranish-language splash the nasdaq filed for an ipo today, the broadcaster says it will list the shares. the station recently inked a long-term deal to get the content the release 2030. univision sol revenue drive almost 11% in 2014 to nearly $3 million. coming up, dealing with puerto rico's billion dollar debt and we will speak with richard blumenthal, who is leading the charge to allow u.s. territory to file for chapter nine bankruptcy. the new steve jobs movie is finally coming together. we get our first look at the

extended trailer for the film. tesla stocks are resuming after the company sells a record number of cars. olivia: it is job day. the june jones report is coming out thursday. tomorrow will be a fourth. 223,000nomy added dollars last month, a respectable number even if it was slightly less than economist at predicted. diane song thought the number would be higher but also wanted to know what percentage of the labor force really raised its hand to workr rce participan rate dropped in june to its lowest level since 1970 seven. diane joins us from chicago. oh is good to see you. the good news is payrolls overall, a lot of people gave up looking for work. as we have talked many times in the past, wages remain stagnant. >> exactly.

the lackhe reason is of really high-paying jobs like manufacturing and construction just generated. to see the loss in the oil industry. on the flipside of it, the participation rate was sort of the real glass half-empty rather than half full side of the story. it shows in particular young cannot looking for jobs. we had a lot of delays on schools let out. very heavy winter snow. even with that, to see teens drop so dramatically on a one month trend, to see them drop out and not jobs, it is something we've been watching. better than year ago but the participation rating among young people is where a lot of the declines were at, not welcome news. what specifically in today's report makes you think a fed delay until december for a rate hike is now more likely?

we need a reversal, to have this juniper be the anomaly and see a reversal in it. i'm not overwhelmingly confident about that, but a higher risk in december. we need to see tito's months of an increase and not the decline we just saw in june. to good news is we continue weigh those involuntary part-time workers, people looking for a full-time job having to part-time. atcontinue to whittle away those workers per that is good news. the 5.2% unemployment rate, as much as we welcome and number like that, we did not get there for the right reasons. that is the temperature of the overall economy. it is not moving in the right direction for the federal reserve. mark: even with all the noise we are hearing, average americans and consumers are getting bombarded with a lot of information, whether it is the labor force participation rate.

they are starting to spend her how do you explain that? diane: consumer confidence has gone back up to the highest we saw in january. that was mostly due to a drawdown in oil prices are people were quite euphoric about seeing it and not willing to spend it. we are now seeing the spending materialized. consumer spending is picking up again that is welcome news. looking for the vacation season is particularly strong. that is part of the reason in're seeing such strength retail hiring and hospitality. we are seeing the consumer willing to open a bit and kick it feels up a bit. & a little bit of a relief. as much of the number was a mixed economic back, the number one trend was living in the right direction. we are feeling better about the economy and for good reason. will we feel good enough by the time we get around to september 2 of the orb a rate hike? at his probable, but the risk they have to delay it is out there.

diane joining us live from chicago. always a pleasure. thank you. olivia: still ahead, a connecticut lawmaker thinks he has the best solution for puerto rico's overwhelming debt burden. that doj investigation into the air flight capacity, that is a good idea. richard of connecticut joins us when we return. i willthe light will

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was in as is a you you danneing you can will see me welcome back.

u.s. states have the option to declare bankruptcy. that is ther thinks best option. mark: senator blumenthal joins us now from hartford. thank you so much for your time to it we appreciate it. deeply puerto rico needs the right to have a bankruptcy option? senator blumenthal: puerto rico needs the same option every other country has, one of its orlic enemies to readjust renegotiate its debt for example, the electric utility has about $9 billion in debt that needs to be renegotiated. the bankruptcy code covers which enables other .tates there should be no federal bailout or federal money.

this bill would not it anyway involve involved any transfer or federal funds. olivia: critics of this say that giving puerto rico to go bankrupt is a bailout in disguise. senator blumenthal: no bailout at all. puerto rico would receive that money. states do have the authority to enable, for example, stockton, michigan,county, alabama, other states, to enable those two renegotiate debt. to make sure the obligation's are paid. mark: you are quoted as saying the fact of puerto rico's challenges have

existed for some time. what are those facts? senator blumenthal: there are a lot of fundamental facts about the borrowing done by the puerto rican government, the issuance the deficit financing that has existed perhaps less vividly than they are now. and ans still a need urgent one for puerto rico to confront the fiscal challenge and do it in a responsible way. electric power authority, its aqueduct, water authority, highway and transportation authority, those are three separate public transformations that have to be funded now. for the benefit of the creditors as well as puerto rico. the governor of puerto rico said a few months ago they would pay out all their bills and then came out and said they will not. he is in charge in a. -- a time in which --

what is your assessment of him? if he does get the right to go bankrupt now, responsibly manage puerto rico's finances? the reasonsenthal: for this legislation go beyond any particular leader. puerto rico needs to exercise some finance of discipline no question. the rational readjustment of this debt for the sake of the creditors as well as all americans who live in puerto rico requires this kind of step. rico iny puts puerto the same position as any other state. for the same reasons that other states can authorize their municipal corporations to use chapter nine. the reasons for chapter nine is -- approve of wasteful spending or irresponsible deficit. state toeans for a

enable that kind of public corporation to help creditors face ap the markets situation in a rational way to work out a debt. let's switch gears to last month, you asked the u.s. justice department to investigate whether airlines are maintain pricing power p what prompted that request and is the justice department undertaking that investigation in earnest? senator blumenthal: it is very much in earnest. the reason is, frankly, the same reason i called for the investigation. there is evidence. not beginment does investigations out of idle curiosity or on a whim. it needs evidence. that is the reason i called for the investigation. industryatterns in the , as well as evidence of among the airlines themselves, the concentration of market power and the potential misuse of the market power in

reducing the number of flights so as to raise fares and costs to the consumers, the detriment those reasons are fundamentally the ones that motivated for me to call for the investigation. i think that evidence of well as other evidence available not yet made public prompted the investigation. let's be very clear. let's be very clear. airline prices are at an all-time high. the cost of an average fair last year, the cost of an average fight is 390 one dollars, the highest it has been since federal statisticians began counting and measuring the cost of airline flights. olivia: really? if we could pull it up on screen, we found data that actually shows airline fares, the average price per's is now that $80 lower than it was back in 2000. if you lookenthal:

at all the data, fares are now at an all-time high, but they of us who come all fly no, the additional charges for baggage, for changing reservations, for access to sites, this hits the industry itself, fraught with a history of collusion. the justice department itself bears a responsibility here. it approved the last merger. right, senator blumenthal of connecticut joining us from hartford this afternoon. thank you for your time. we appreciate it. coming up, and head of the three-day weekend, we will take a look at some of the biggest movers in the market. ♪

welcome back did i am mark crumpton here with olivia sterns. olivia: a quick check on the markets. starting with a big merger in

health care this morning. first off in the health insurance sector, a big takeoff ntene.17 -- ce you can see it as falling as a buyer, it usually does. health net is up. we had seen this stock at nearly 20%, little more than 20%, earlier in the day. , $37 billion in revenue. acquisition between paypal in zoom third paypal is buying zoom for $25,000 per share in cash, a premium from wednesday's is closed. zoom is up 22% here. paypal does get access to the international markets. tech equities in the hard disk drive maker section, western digital and seagate both on the move, up by 1.4% and 2%

respectively. said they should recover after estimates for the second half of the year get reset with earnings they will be out with next month. .et go into dupont shares are also moving right now, trading down to .25%. -- 2.25%. i'm hundred $85 million. olivia: thank you very much. i'm signing off. this has been fun. happy fourth of july. mark: i'm hungry. i will just rank my water. stay with us to we will talk with the ceo in nasdaq yesterday. we will be back. ♪

♪ ♪ ♪

get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things taylor swift. mark: welcome back to her now to some of the top stories crossing across the bloomberg terminal at

this hour. the federal government says employers added 223,000 jobs last month. the unemployment rate fell to a seven-year low of 5.3%. the share of working age people in the labor force fell to its lowest level in more than 38 years. wages were flat. here is white house reaction from the president council of economic advisers. becky: anytime you see flat wage growth in a given month, you want to look around and see what more we could be doing to grow wages. that is something the president is thinking about every day for a long time now. what are the steps we can take grow wages? mark: there will be two more just reports before fed policymakers hold their meeting. $18.7 billion to solve claims by and fived states states tied to the 2010 oil spill. $5.5 billion will cover

penalties under the clean water includingve states louisiana will receive payoffs for harm done in the worst offshore spill in the u.s. history. yelp is saying no to a sale and pulling its process to find a buyer. hired goldmand sachs to review transaction after getting interest from several suitors. the company's cofounders and ceo put the process on hold. shares of yelp have fallen 17% since bloomberg reported the company hired a bank back in may. one of the nation's oldest learning institutions has been modern crime.a harvard has been hacked in a data breach that affects more than half a dozen of institution's colleges and administrations. the intrusion occurred last

month. harvard said it is working with federal law enforcement on the investigation. saying sorry is sometimes hard to do but the ceo's is of whole foods are doing just that. john mackey and walter robb say the company accidentally overcharged customers for sliced fruit and sandwiches. it said it had uncovered what it called systematic overcharging by the company. both men say they are retraining workers to make sure the mistakes do not keep happening. next half houre of the bloomberg market day, from the turmoil over greece, we will look at the factors driving the international markets. yelp has decided not to pursue a sale since sales went tumbling. we will see if the site can survive going alone. tesla powers up deliveries and

while investors are loving it, tesla hast to deliver on key promises. investors will get a chance to tech out the dna as the generic jeanette -- the genetic testing company makes its public debut on the nasdaq. right now, shares are higher. the company's ceo joins us now from the nasdaq. thank you for joining us. what we're talking about here is dna testing. tell us how it works. >> the way it works is we have taken statistical text -- intoiques that we used medication's systems like cell phones and spaceships and apply those technologies to analyze tiny amounts of dna one can see in the plasma. sometimes, levels of dna as low as a single molecule.

the goal is to detect genetic diseases like down syndrome and breast cancer more accurately and easily an earlier, even -- either in the production of the cancer, so we can make better health care decisions and improve the outcome. in detecting cancers earlier, we can improve life spans. in the prenatal space, we have a series of tests. when you say this type of testing, i will break it down into a set of tests that we offer. soyffer a set of analysis woman can understand why she has miscarriages. we have a screening or you can screen for inherent genetic conditions. both of those are well covered by insurance. offer a prenatal test

that has changed the way one manages printed these all over the world. previously, a woman would have to choose between a screening test, for example, they would miss about 100 cases for down syndrome, or a test where they would stick a needle in a woman's belly, and that had a risk of pregnancy. jet -- just do a broad drug nine weeks into pregnancy. that is covered by insurance, predominantly in women older than 35. we expect now that many women younger than 35 also want access and we kind of testing expect insurance reimbursement will come over time. mark: how much does this reduce the weight -- the rate of false positive results? at modalities which use ultrasound, you have

got a falls positive rate and we are talking about the prenatal space of about 5% with these tests that look at dna like the panorama test, you have a rate , wellis well below 1% below .1% in many cases. you detect many things with much more accuracy. the company is showing large losses and given those two factors, talk to me about the timing of the ipo and how you will go about turning things around? >> we are making substantial bets for future growth. the growth for the company has been strong and ongoing. we are making substantial bids in two areas. bet inst is a large testing for the prenatal space, about 80% of the market. the women below the age of 35, most of them really want the panorama test and other tests we offer alongside of that.

is notorama test generally reimbursed it we're running a lot of samples now without reimbursement. making a major bet they're running those samples without reimbursement. we're spending a lot of research on cancer area the cancer tests will be well reimbursed when we offer them to the extent that most of the test are offered cancer.st diagnosis of there is a lot of research going into various cancer trials. that is an investment in the future. the markets will continue to grow. mark: speaking of investments, you attracted a lot of attention from silicon valley's hottest funds. >> we have got wonderful investors. we were backed by silicon valley's test.

in the later stages, we brought in some of the top late stage. we are positioning the company to be a culmination of health care technologies. the idea in the long-term is we believe sequencing will be appearing and our goal is to piggyback on sequencing with new tests that can catch diseases earlier and substantially improve quality of life around the world. we enable test in the cloud or labs all over the world, more than 17 lab partners around the world, including some of the top and every continent. they will be able to run the samples themselves. we crashed to data and generate the results. that is how we scale worldwide. remiss if i did not ask, does your industry face

any ethical challenges as it relates to the science? >> that is a great question and there are ethical questions, many things we could test in theory that we do not test. we do genetic diagnosis. we just focus on serious disease conditions. some of the screening we do, differently toct the results but our goal is to give them the information as accurately as possible so they can make decisions with their doctor. mark: joining us from the nasdaq market site, thank you. we appreciate it. not always a flattering portrait we will show you michael fastened vendors -- michael fastened under's

portrayal. ♪ -- michael fassbender's portrayal of steve jobs. ♪

mark: welcome back. let's get a look at the european markets close. mark barton reports from london. and: you have to be honest say stocks were trading higher than today passes u.s. jobs report. investors are in the wait and see mode today ahead of sunday's greek referendum. creditors are like these vast, immovable, intractable objects, waiting for the big day on sunday.

the finance minister is telling us he thinks greece will vote no. he said greece desperately wants to stay in the euro. do not be low old by this small moves today in the european stock market relative to earlier this week. stocks just below the three year it hits on tuesday. i want to throw you the big three movers in europe today. 10%, the biggest fall and quite sure years. that is throwing its $3.3 billion takeover, it is about repeat. the oil giant will pay the record to settle trade by the u.s. and five states, relating to the oils bill of 2010. the biggest rise since january of 2014. the governing coalition of germany agreed to not and she is a coal levy that has and discussed for months.

investors are sitting on their hands. back to you. a choppy session overnight. the shanghai composite dropped to a three-month low. david is in hong kong. david: the shanghai composite fell a further 3.5% wednesday. mid-june,se from only we are below this level. 4000, some of the market told us -- we are caught in a vicious cycle. the selling pressure amid unmet marching calls, people are shorting futures, which feeds into more panic when people see that happening. it is generally agreed despite efforts from regulators to smooth in the unwinding debt that is going on. mark: let's get a check at the markets. let's take a look at major

averages right now. the first up, the s&p 500 is down .2%. the dow and the nasdaq are lower into the red. all paring gains from earlier after the june payrolls said the 223,000 jobs were added there. the bloomberg terminal says that out of the 10 sectors, several are in the red right now. glitches in gas companies are on the rise. to lookom that, we want at treasuries right now. the tenure prices are rising. they are snapping a two-day losing streak. the yield right now is at 2.38%, just down right there. those are slower than expected, it shows the economy is not as strong as many were hoping. the havenld, commodity has been pairing declines after the jobs reports. it had been down by nearly 1%

earlier today but now it is down by nearly .5 of 1%. earlier today, it was higher up 1%. more people need to use fuel to get to work. mark: thank you so much. let's take a look at some of the top stories we are following. the largest amount in three months, they declined 1% in april when orders retreated .7%. much of may policies weakness was due to a big 35 .3% fall in demand for commercial aircraft. even outside the volatile transportation category, orders were up only .1%. antiwar hall's painting one dollar bills over certificate went to only 30 -- almost 33 million yesterday, surpassing the high estimate. no word yet on who the buyer was. bacon's studyncis failed to sell.

it was expected to bring up to $55 million. viewers of michigan's public access show got quite a shock. i have beenert: itching to host a talk show again but my new theater is not ready yet so i decided to head over to monroe, michigan, look around, and give it a gander. mark: the former comedy central his stephen colbert and crew did a family takeover of a tv studio in michigan. he interviewed locals and then chatted with a michigan native, marshall matters -- marshall mathers, better known as rapper eminem. colbert takes his late-night seat at cbs in early september p are got to invite him here. >> eminem looks really fit. mark: he does look thin. hereen colbert, come on and we should do market day.

>> i think he goes by stephen colbert now. accuracy. steve jobs, the movie. there is a trailer out. did you see the trailer? >> i did and it looks exciting. this movie has become so notorious for people and those who dropped out who are no longer attached to it. sony pictures acquired the rights and now it is universal studios. be director was supposed to -- he dropped out. it is now danny boyle. kristiandicaprio and bell, both reported to play the lead. do you know who plays the lead? >> michael fassbender. slave ownerbrutal in "12 years a slave."

>> the scenes take place in 1998 macs.pple launches mark: part of the portrayal shows steve jobs being a little more to radical. >> your apple stock is worth $441 million while your daughter and her mother are on welfare. >> she is not my daughter. >> she looks like you. >> contradictory instructions. >> i am looking forward to it. it will play in october. >> we will probably have to go. field trip. what is coming up? >> i'm excited. charles will be joining a spirit i want to get his take on what is going on in greece right now and what he thinks should be happening and where he thinks things are headed especially

because it has been made clear there will be no negotiation until after the referendum on monday. mark: this story keeps going and going. much.t, thanks so ahead,n the markets tesla is riding high, posting a new boost in delivery in the quarter. elon musk, we will have that story next. ♪

♪ mark: welcome back to "the bloomberg market day." tesla reports record second-quarter delivery's of its model s sedan. the 52% gain in your over your deliveries, some analyst upgrades, are sending the stock tire. first, we have big news on yelp.

bloomberg news has learned yelp has decided to hold off on a sale this moment. joining us, the blumberg media editor at large, cory johnson p or why the change? interesting there were offers at all. very interesting business. they see topline revenue growth, better than 60% last year, but barely profitable. $350 million in revenues, about $5 million in revenues here. only showing about $10 million profit. so they keepble things going. ultimately, they would like to have bottom line results as well. assets they have are greatly desired across the internet. they have got listings of local businesses, a sales staff that will hit up the local businesses. they have got analytics to help customers find what they want.

it is an intriguing asset. as a business, it is not massively profitable. barely profitable will let them get bigger and bigger and that appears to be the choice they decided. make themselves bigger and build their food delivery is nice. they will be doing well on their own. mark: let's switch to tesla. is this a victory lap for the ceo, elon musk? cory: the company has decided to start to drop the numbers. they drop to delivery number before they report full results. that will be interesting because when a report full results, they would be able to adjust the numbers. the most cars they have ever delivered in any quarter before, more than the last quarter, they tell the 50%, 52% year-over-year increase. i think it is most useful to look at this in a sequential basis. it is a young company. is stillr of cars quite small and the world of

automotive. when you look at the sequential -- a sequential growth number, has beenhe business uneven at the very least. this is so much better, the 15% sequential growth. it is so much better and much worse than the fourth quarter, where they essentially raised theire car, prices, then had problems with the lockup and everything in the first quarter. the second quarter, 15% decline shall growth and maybe more evening of the trend. will bestory ultimately the model three, that affordable, $35,000 car, which is a few years out. the president rene james stevan down as ceo and will receive another ceo job elsewhere. talk about that. left, there was a little battle to see who would take over. will it be rene james, a woman

running one of the biggest companies in all of technology? all got the nod and is by accounts doing well there. stacy smith is still the chief financial officer. to thismes extended level of president and coo and decided to take her talents elsewhere. bloomberg media editor at large cory johnson is joining us from san francisco. thank you so much. hour, up in the next half a former aid to presidents reagan and george herbert walker bush, now chairman of partners group, gives us his take on solving the greek debt crisis. we will be right back. ♪

embattled finance minister promises to quit if

voters don't support the government on sunday's referendum. scarlet: president obama is due to's heat at the university of wisconsin. mark: as oil struggles to climb back from the worst decline in years, we will hear from the president of shell oil. he joins us live. mark: good afternoon. scarlet: let's get straight to look at the markets right now. that wesurprising given are going into a three-day weekend that the volume is down. the s&p 500 index losing a quarter of 1%.