declines. what drives the price swings? greece is too distressed. what does this mean for the cash-strapped country? we will continue to talk about greece. clicks the new york stock exchange computer malfunction prompts --. democratic lawmakers respond. matt: good morning. pimm: let's look at stocks. 5%.500 index adds

the nasdaq higher, gaining more than 1%. look at what is going on in european markets. gains across the board. almost 3%. the dax is up 2.3%. big gains around the globe. we will talk about china. that is kind of a different story. pimm: let's take a look at our top headlines. mario draghi suggesting the greek debt crisis is getting too hard to fix. do not reporters -- i know. this time it is difficult. the ecb refused to extend emergency lending to greek banks because there is no bailout plan. the summitel says

meeting is important, but she cannot predict its outcome. as far as sunday is concerned, it is impossible to speculate. andill be a divisive important session. the people of greece are suffering. banks are closed and we have the obligations to make decisions. are ongoing ins the view of what greece is preparing for the three and the two shins and we need to -- the three institutions and we need to see it in the next few days. pimm: eurozone leaders meet sunday. the monetary fund has lowered its forecast for economic growth. much of the downgrade is driven by performance.

china and greece were underscored as potential trouble spots. the labor market hit a speed bump. data can be volatile this time of year. it is because of a fourth of july holiday. jobless claims stayed below 300,418 straight weeks. -- stayede largest 300,000 for 18 straight weeks. coty --oing to buy olbermann is leaving espn. his talk show is being canceled after less than two years on air.

in the 90's, back before having a fallout with management. famous at nbc and the fallout there was more famous. coming up, we are going to talk about bondholders. what italian bonds reveal about spec relation on a greek debt deal -- speculation on a greek debt deal. questions of market structure remain. we will talk to a top democrat on the house financial services committee. in an interview with douglas hodge, we will find out what he thinks about the crisis in greece. stories and more on the bloomberg market day. matt: a volatile couple of days and weeks for oil.

double-digit percentage moves. oil down 10%. the biggest slump in quattro years. -- in four years . joined by our guest, daniel, from washed staci -- wash d.c.. that is what you talked the beginning. the general sense of a weaker world economy. lowered to 3.3. not long before that, they lowered it. pervasive worry there

is going to be a weaker global economy. -- can have it rainy and oil iranian oil coming back in. meantime, the asian economy is having difficulties. how important is china when you look at oil? how important is china jk weakness? the driver of oil demand. a lower demand from china is something important to the oil market.

that is an underlying factor. -- >> should everyone throw out the peak oil theories? >> some already are. we have seen new areas open up. when non-is in the oil price right now is geopolitics. the new technology gets oil out of the ground where you could not have gotten it before. if you are going to drill shale, you need to pay people more. >> that is what opec sought last november. they thought shale oil and high-priced oil. it is not high-priced.

a dollar spent at the end of this year is going to be 65% more efficient in terms of production. an innovative industry. pimm: tell us what happens to the economy of russia. daniel: what is giving it some is down.n, the ruvell they get paid at less dollars, but the dollars by more rubles. hit asnot been as big a might have been sought. those are thes, ones suffering more from the price to klein. what happens when we see more cars in the introduction of this

sharing economy. daniel: we have had peak demand. we had the top around 2005. 2025, 55.5e law by miles per gallon per car. consumers are voting with their feet. they are buying more suvs. what is striking, u.s. gasoline over what it was last year. price matters. pimm: with u.s. drivers consuming, what does this mean for the future of transportation

projects? daniel: i would like to see the rail service improved. pimm: thank you. he is the author of "the quest." matt: fascinating stuff. greece, the uncertainty. it has scared off investors, even the ones who invest in distressed funds.

matt: welcome back. pimm: let's go to jamie with a look at let -- let's go to julianna look at what is happening. julie: it is a rebound rally. these have been our crisis etf's we have been watching. rebounding by 6% today. market rallying. greece remains closed.

we have a way to track it. it is rebounding by 3.7% today. prospects look a little better in greece today. it could change. a look at individual stocks, walgreens boots alliance out. it raises forecast for the full year. preparing to close about 200 stores. that helps the bottom line. walgreens named its acting ceo to the permanent role. to take a check on shake shack. this is not rebounding. it is downgraded to sell. that is the call from goldman. this is a stock in its coverage universe that has the biggest

gap between target price and the actual price of where it is trading now. goldman says research suggests lockup expiration happens for these new ipos, the stock tends to go down. the stock is more than doubled. it is down 40% from the peak where it was. matt: thank you for that. a look at some of the top stories crossing the terminal. the confederate flag will come down from the grounds of south carolina jk statehouse. nikki haley will sign the bill legislation this

afternoon. pepsico's second quarter earnings be analyst estimates. exchange rates will reduce earnings by 11 percentage points this year. the company is the world jk largest snack maker and his second when it comes to nonalcoholic beverages. more than 2ed million customers last quarter and has almost 89 million subscribers. they have been challenging the wireless industry to match its offers. cap twiceas a market the size of sprints. not as many customers, but twice as big in market cap. greece scaring off

investors who are used to investing in turmoil. lisa is here to tell us more. everyone is too scared to participate? lisa: scared is the wrong word. we are talking about a political mess. we have been dealing with this for how many years? outeting headlines coming from people in greece. you do not know what you are betting on. who you are betting on. a euro or a draw,. drachma. or a this is what traders want. they want the volatility. isa: you do not know what

going to be available. greek banks will be on the hook for a lot of the debt. guys a spend time in greece with politicians, at the ecb, they know the heads of the banks that own these. that is how they get their edge. there are very few of these guys in the world. how big was the market to begin with. humes saidhans investors are waiting to see to get clarity. they has said we are on the edge, watching what is going to happen. there are so many variables, even within the european central banks. pimm: how many people trade this stuff on a good day?

lisa: in fairness, talking about the credit default slots tied to greece insuring against losses in great debt, -- in greek debt, it is about 500 million dollars. to your point, it is a much smaller amount. what may tell us about a potential or not a potential for a greek deal? lisa: there has not been peripheral obligations. you see the compression in yields between italian debt and bunds.

people are saying it is copacetic. you heard about nowhere to hide. the safe havens were disappearing. point 2%, 2.3% yield. who is holding those yields down? lisa: this is the question for bond traders. dammed if you do, dammed if you don't feeling now. if you sell treasuries now, you could be sunk because yields could go lower. i am a said blame the u.s. for imfbal growth slowing -- said blame the u.s. for global growth slowing. you could look like you are on the wrong side of history because the fed is expected to

hike rates. yields are expected to rise. there is a lot of uncertainty. it is unclear how it will reflect on the u.s.. people are saying the chinese stock market is insulated and greece is contained. you highly into u.s. bonds, if in ah picks up, you are tough spot. follow lisa on twitter for these kind of stories. fascinating stuff this week. pickg up, a new way to stocks using satellite. little, tiny satellites. ♪

matt: investors seeing data that you cannot see. there are small satellites helping change our understanding of life below. images combined with big datasets -- big data software are helping pick stocks. pimm: they are very small. they are hand-sized satellites. there are a lot of them. there could be 50 to 60 of a particular model. they are thrown from the international space station. dumped -- t labs

-- she hasy who is a -- here is a recent story. you may know jessie from her valley girl show. planet labs.n >> you have black sky -- black sky global. matt: bloomberg has a small investment in that.

>> it is taking pictures of planes, trains, and automobiles and the brightness of cities to produce analysis about the economy. they say it is sometimes different than what you hear from the international monetary fund. matt: that is how they get their edge. jeff wrote this story. macroscope. opposite of microscope. they throw up a whole bunch and get a picture. >> and it is direct.

pimm: welcome back. top stories at this hour. the greek prime minister has

until midnight to come up with reforms in exchange for a bailout. a creditor suggests there may be breathing room. all of to bloomberg an hour ago. oliver: we are working on an agreement between greece and creditors. we have played an important role. we have made clear it is possible to ask less of the greeks then in the original program. there has been a democratic election. this has to be taken into account. the greeks should probably be asked to do less than what was intended. leaders insist there must be spending cuts. greece has promised to implement reforms. mortgage rates dropped in the united states for the first time in three weeks. the crisis in greece may have helped.

nervous investors have put money into government bonds. the average rate for a fixed rate 30 year mortgage was just over 4%. ibm has achieved a breakthrough inch ranking the size of computer chips. they are seven nanometers. of would need about 10,000 them to get to the width of a human hair. american express is making it easier to leave home without it. they are offering an online wallet to use your account password and the checkout system fills out all of the information. burberry, ticketmaster and hulu are taking part. europe.closing in let's go to mark barton.

the latest deadline approaches, greece has until midnight to present officials with a plan that includes spending cuts in exchange for a new european bailout. summit on sunday to decide the response to greece's proposal. from the block is more likely than not in the next two to three years. the greekt from crisis can be contained. that is why we saw european stocks rise. bmw rebounding from yesterday's loss. rallied boosting carmakers. the homebuilder here in the u k slumped yesterday. profits will increase 45%.

salpem is 2% lower. it lost a contract to lay a russian gas pipeline. monthset waited seven for the work to start. i will leave you with this. the sentiment is positive. tick tock, tick tock. back to you. pimm: mark barton reporting from london. coming up, an interview with pimco's chief executive. a potential nuclear agreement with iran is chugging along. we will get a check on the progress of those negotiations. 's homeaid on jared fogle is not just a problem for subway. we will check in on the latest

challenges. all of those stories and more ahead. yesterday's three plus hour shutdown of the new york stock exchange raises questions about capital markets. it captured the attention of lawmakers and regulators in washington and could lead to congressional hearings. sherman is a senior member of the house financial services committee. he joins us now. thank you for being with us. what can you tell us about your analysis? sherman: we had three major computer problems yesterday. it is good that we have a systemnt stock trading so people who want to buy and sell yesterday could use a variety of other platforms. at the same time, i am concerned

high frequency trading is overloading the system, leading , and is always a situation where we have misallocation of resources. brightestr best and make large amounts of money for not providing any real's social benefit. -- providing any real social benefit. need to make a profit on stocks go to real investors. people who are buying shares to tod for a while rather than people who scooped up the opportunity in milliseconds. on thean you comment idea that we have too many exchanges? congressman sherman: it was good we had extra exchanges yesterday. the real problem is we have too many trades. is average holding period down to under 20 seconds.

a few years ago, it was measured in many months. years before that, in years. financialo have a system designed to finance real companies with real investors making real investments. not a situation where our best and brightest are trying to scoop in, buy a stock for one or two seconds and try to sell it. will you hold hearings on such traders? wouldssman sherman: i like to have hearings and the subcommittee on the general issue of high the trading and the stability of our markets to handle it. as for taking a risk, you buy a stock and sell it in two seconds, you are not performing a risk absorbing function for the greater economy. can you comment on a proposal by senator bernie sanders, a presidential

contender, that there be a levy on the stock transactions. supportman sherman: i those in concept. most of the other people propose rates so high it will drive business offshore. tax, itsd a very small primary effect would be to help real investors make sure profits inn't scooped up by people four milliseconds. i would like to see such a tax, but at a low rate. based on the suspension of trading, it seems markets ignly tothe nine -- ben the trade. i do notan sherman: think the crash is going to be

good for the capital markets long-term. sees thisge investor as one more risk, one more reason to demand a higher rate of return before they enter into equity investments. pimm: you do not think the average investor is more sanguine about the move higher and lower? are they really daytraders? congressman sherman: people who did not even have any investments yesterday, what do in their headlines? new york stock exchange shuts down. headline one saw in 1929. you do not like to see those headlines. there are multiple markets, the new york stock exchange is one of the many stock exchanges the trades went through. that a communication issue rather than a market issue? sayressman sherman: i would

, when you have a failure of for several hours of your most prominent stock exchange, that is not a good day for wall street. thank you, congressman brad sherman, a democrat from california, joining us from washington. when you shut down the main banks that help companies sell products overseas? we will find out what trade looks like without the u.s. import export bank. ♪

pimm: welcome back.

top stories. soccer's world governing body has expelled one of its top ranking members. wask blazer's guilty plea unveiled in may. he served on the executive panel for 16 years. rolling out a fantasy sports service. football,n create baseball, basketball, and hockey teams and compete for cash prizes. playing fantasy sports for money is permitted. the time for apple's smart watches come and gone? a research firm says sales are down 90% since they were introduced. the of the watches sold are lower-profit styles.

not released figures and is not commenting on the report. franklin roosevelt created the u.s. import-export bank to help u.s. companies sell goods and services overseas. it provides loan guarantees. last month, congress let the charter lapsed. officials say it is federal intrusion into private markets. the bank is important to manufacturers such as boeing, but matters to smaller companies. requires heavily on exports. us.k you for being with tell people about what your company does, its export market, and the relationship with the facilities. >> we have been in business since 1908, we sell all types of

safety and firefighting equipment. some of our customers outside of projectswant to have that include funding. it could qualify for some of these projects and we would need a u.s. export bank to be there to support such a project. the: if the charter of export-import bank were not reformed, what would it do to business? peter: it is going to hurt us. we will not be able to compete for projects in certain markets. it would be a shame. it is not just our company, but a lot of companies that sell equipment overseas. a lot of buyers overseas are requiring funding so they can get goodyments out and value on what they need. speak about the competition from other countries

, china, the kind of financing they offer their own domestic businesses. peter: to my knowledge, china does not operate under the regulations like the u.s. 80 different countries or so have these type of banks. there is a lot of competition. countries support these companies that operate in their countries. to have close to a level playing away -- ifm goes goes away, people are going to lose their jobs. china is aggressive. they are trying to expand wherever they can. there are parts of the world we are trying to have success in and without exim, our chance goes away. how do you explain to

workers in your company that might be affected by the exim charter not being renewed, how do you explain the position of democrats and republicans in washington? peter: it does not make a lot of sense. it seems some of the politicians are barking up the wrong tree, it is misguided thinking. how do you explain that to an employee that has a family, needs a job, that has worked for us for years, or a new employee we might be able to hire, but that work goes overseas somewhere else because we cannot have a level playing field. pimm: what response have you received from your federal representatives? representatives seem

to be positive. our feeling is there is a lot of positive feelings about exim and the politicians want to do the right thing. hopefully, politics does not get in the way at the end of the day. your what would happen to business if this was not renewed? would you expand or cut back? peter: it is going to be tough. with exim, competing today is tough. we are not going to go out of business. we are going to operate overseas, but we are not going to be able to compete in a lot of places or on a lot of projects we would like to be able to. pimm: and you might have to cut jobs. absolutely. it would not just affect our company. we have quite a supply chain.

we work with companies in america that supply goods to us. it is going to affect more than just us. pimm: thank you for spending time with us. on the bloomberg market day, the chief executive of pimco weighs in on greece, the market, and life after bill gross. ♪

pimm: of being interviewed to talk about. him code come back. they have overhauled management. betty liu spoke to douglas hodge. she joins me now.

betty: we sat down for a panel and an interview. nine months since bill gross left pimco. he is there, i would not say to pick up the pieces. this is a trillion dollar firm. he is there to reassure clients things are on track. they have gone through redemptions. 26 consecutive months of redemptions. people pulling money out. this was before bill gross left the firm. he said things are on track and i am proud of the team. i want you to hear what he said. douglas: i am very proud of the way we have performed. even during a period of

heightened withdrawals, we deliver category leading performance. and speaks to the markets t to pimco's ability to manage those withdrawals. betty: there is money flowing back into pimco and the fun run by dan iversen. what kind of ceo is he? is he different than bill gross? betty: he does not manage the money. he is different from mohamed el-erian. he is often on television. frequently, in fact. he is more of an economist. he is not an economist. he does not want to pontificate about where interest rates are going to go. he is managing the company. he is in charge of client

relations and he focuses on regulatory environments. so much on what is greece going to do next? successfulat for his cio team. pimm: we will look for more of that. i will see you in a few moments. miss douglas hodge coming up at 2:00 p.m. eastern on bloomberg. it is time for the options in sight. we are approaching the top of the hour. let's look at how the major averages are performing. a broad rally across the board. all in the green. the dow is up. nasdaq of the highest. earlier today, they had been higher, but they had been pairing the gains.

for the option insight is joe. from chicago.n thank you for being with us. i want to ask you about a temperature check. we saw those losses today. what are you feeling? joe: a little bit of relief. ads considering we are off of the highs right now. a huge yet to create sigh of relief. if we get above yesterday's high , the market will fill -- will feel a easier about the technical side of it. had a large reversal day in the middle of the week and a lot thought we were back on our feet and the next day we sold off and were at a

low. this may have been what happen yesterday and the day before. we saw the reversal in this selloff and created a double bottom and created a tradable buying opportunity. ramy: volatility right now. is down. do you think we will see more they pull back? a cold that?f if it is ever low, it tends to go higher. if it is high, it tends to go lower. potential news comes out this weekend. that will be a catalyst to drive volatility lower or higher. ramy: you are looking at the s&p 500. what is the thinking and strategy behind that? joe: a lot of people are telling

me they are long on the investment market. they are concerned. trade -- this is an investment. instead of buying in, they can sell he put going -- they can sell a put going forward. they will be doing that with this trade. my trade is to sell the august 200 put. that is about a 3% decline. you would not lose money on the downside. you so much. do not go anywhere. there will be more on bloomberg market day. ♪

♪ is 9:00 anday, it san francisco, it is noon in new york, and midnight in hong kong. scarlet: welcome to the bloomberg market day.

the s&p 500 climbing amid a four-month low. it is a crucial moment for --ece, the puzzles do for proposals do today from alexis tsipras. thelet: we will talk with ever colorful john ledger as the company adds 2 million users to narrow the gap behind sprint. pimm: good afternoon, i am pimm fox. scarlet: and i am scarlet fu. let's take a look at the markets. we hit our highs one minutes after the market opened and since then we have been drifting down.