uber beats back a plan from mayor bill de blasio to stop its growth. >> southwest airlines takes off after earnings that beat analyst estimates. will be hearing from the ceo. mark: if you think a billion dollars is chump change made to be due to put it towards an island in the maldives. but there is a catch. ♪ mark: welcome. i'm here with scarlet fu. scarlet: u.s. stocks on a three-day losing streak and that is not happened since late. june in industry groups lower. currencies you have a resumption of the stronger dollar trend against the euro and versus the . what is interesting is

how that has trickled down to commodities. a selloff once the index isls. sitting in a 13 year low. anecdotal evidence from caterpillar is that they have not seen sustained signs of improvements from customers like miners and energy companies. wgi the lowest since april. what is driving the dollar up in value> jobless claims in the leading indicators if you comer data. inside to the bloomberg terminal, we have the bloomberg economic surprise index which does not track growth in numbers or improvement. it tracks the degree to which economic data points to the upside order the downside -- or the downside. the trend has been for the data here in the united states to exceed economists estimates and therefore expectations. feeding the idea that the fed will raise rates this year. mark: i think it will happen

sooner rather than later, probably september. the obama administration sales pitch for the iran nuclear deal turned into a showdown today on capitol hill. secretary of state john kerry is appearing before the senate foreign relations committee. he is joined by jack lew and energy secretary ernest moneys. opponents told him it is a tough sell. -- twoake you to years years to negotiate the agreement in two months to negotiate final details. we are on day four of our review of 60 days. i have not reached a conclusion. >> from my perspective, mr. secretary, i'm sorry. not unlike a hotel guest that leaves only with a hotel bathrobe on his back. i believe you have been fleeced. mark: the u.s. and five other

world powers struck the deal. it would ease sanctions in extent for iran's promise not to deal nuclear weapons. congress is infected to vote on the plan in september. scarlet: there was good news on the implement front. the smallest number of americans in 40 years while for unappointed benefits last week. jobless claims falling to 255,000. mark: mcdonald's ceo steve easterbrook predicts they will start growing again in the next six months. investors could use the optimism after another lackluster quarter. same-store sales fell 2% through seven straight quarterly declines. he took over as ceo in march and he did promise a turnaround. scarlet: one of the best-known names in financial journalism is getting a new owner. piercer and -- pearson is selling "the financial jetimes."

it has a circulation of about it let. selling tft now them focus on a slowdown and are education unit. the ceo says it is all about timing. >> to the employees of the financial times, to the current and future readers of "the financial times" felt the time was rectified a new home and a new proprietor that was every bit as committed to the editorial independence, to the breadth and quality and serendipity of journalism. scarlet: they are fetching about $1754 per prescriber. mark: bank of america ceo is shaking up the ranks. bruce thompson is out of the and of the month. he will be replaced by the head of the strategic s merrillnit of bma' lynch unit, paul did offer you.

the relationship between moynahan and thompson had deteriorated. the two battled over where to make investments to boost revenue. bank of america shares about 1.25%. scarlet: aftervers many resigned x-ray to text messages has a new job in public relations. anthony weiner has been hired to create -- work for crisis pr firm. nadia eckley a big surprise because his wife is one of hillary clinton's top advisers. using his connections maybe. those are your top stories at this hour. coming up, dow chemical which you know is the largest u.s. chemical coming by sales posted sales that beat analyst estimates. we will be hearing from the ceo. mark: if you have a next of $1 billion on hand you can buy an island in the mall dives but there is a catch. scarlet:

southwest airlines is flying high after it recorded earnings that beast it analyst estimates. all that and much more coming up on "bloomberg market day. " mark: uber has just won its biggest campaign yet. new york mayor l de blasio backing down on a plan to cap the growth. scarlet: taxisay it is putting owners at a business which could take an economic toll on the city. joining us is the founder of .arthweb and dice.com is david who is been covering the story. necessarily win or call a truce? >> this is been a big push they have made of the last few weeks. the legislation being a cap on the another -- the number of

cars they can have in the city. the city council is quick to say that is been table but not off the table entirely. we could see a cap in the future. a history, you have with the taxi drivers association. is a threat would help them? >> great to be with you hear from silicon valley. this is a really interesting story. we do want to know that island in the uber existhis on the island? [laughter] >> moving on to the story. we are seeing ube fight this a multiple frontsr. france, asia. back here on the home front multiple cities having issues. i want to see the taxi industry thrive but this is not the way. the way to success is not by legal action. the music

industry is a great case study of what not to do. suing university students when downloading stuff from napster was not the way to success for the music industry and the same thing here. if the taxi industry wants to survive and thrive, they need to counter with their ride.com isogy. dash a piece of software they can use to make their own uber. that is not -- how they should be fighting this, not in the court of law. scarlet: when it comes down to it, people are not over agnostic. they are either pro or anti- uber. do to turn some government officials and the fans? >> the customer has voted. it is a service loved by millions of people and make their lives easier they are using it in all kind of ways. uber will not only offer more

dispatch to moving people around, but now it has uber rush and uber grocery. my suggestion to folks, either legislators or is to offertaxes, business models with better services. it is all about the user experience in the customer service. the feedback loop you see in uber you can give a rating to the driver, that is critical in improving the service. we need the same for the yellow cab industry. >> i am curious. you mentioned the taxi industry could use some reform and adopt some of this technology. to what extent is the horse out of the barn? you have uber with such genetic growth in the city. can taxes taxi's catch up? >> right now uber does not have any pre-reservation. it is all

on demand. you can imagine some will jump the gun and get ahead to reservations. you can have a reservation-type customer and uber does not offer that right now. a service to move kids around in a safeway. the fleet guys have to start the creatively about opportunities while uber is successfully great to see of an american start of now going global, it is also -- there are opportunities when you look at the total opportunities of moving people around. mark: when david did his report earlier in the last hour he was telling us about -- it seems like a political ad. they had some of these uber drivers on television saying mayor de blasio, don't take food off my table. don't penalize my family. what did you think of that strategy?

>> uber is an aggressive company in they've hired great talent. david being one of them. they are really smart and what they are doing. the big picture is we know the case studies. we know what happened to the music industry. we know what happened to the book industry. we have seen this movie before. this is not the first time we looking at these types of classes but -- clashes between incumbents and disruptors. if you want to win is the incumbent, you have to do it with the customer in mind in with your own technology. fighting in the court of law in these political cases, this is not the way it will go down well. that is really what we -- where we need to go in the big picture is there is a big opportunity set across america now for more companies to come in, more startups, even as big as uber is you will see more innovation. people no longer want to drive themselves. they want the convenience of mobility on-demand. mark: jack is the founder of

earthweb and dice.com. thank you so much jack. david, thanks so much. scarlet: still ahead, dow chemical reported earnings that beat analyst estimates. investors do not appear to be convinced. we will hear from the ceo next. ♪

♪ back. i'm here with scarlet fu. scarlet: let's look at the markets right now. tamrami, our theme for today is planes,

trains, and automobiles. >> i don't take credit for that. first up is southwest airlines. the stock ticker is luv. this is the best day in six months. the shares are trading up by 5% after posting a record second-quarter profit. southwest said it earned $608 million which is up anyone percent year on year. at one point the stock was up by 10% which would and it's just -- best day in six years. union pacific is down the most in seven months. it is trading down 5%. it suggested it would miss analyst estimates for annual earnings and that is because cargo shipments are falling. north american carriers saw a 2.3% decline in freight with less coal being shipped. other real companies including kansas city southern and csx are accompanying that on the fall. another reason right my bloomberg terminal. what you

were looking at is a one-year stock chart of union pacific. the white line the stock rise. the pink line in the purple line is the 50 day moving average and the green here is the 200 day moving average. don't want to continue to much but let me get to this point. they are paying attention to this right here. this little cross, the so-called death cross, and it happened in may. it is windy 50 dam dropped below the 50 -- 200 dma. that signals a bearish signal. to make matters worse, you can see it tested the 50 day moving average and then failed and we are seeing declines even accelerate throughout the course of the day. union pacific down about 22% year to date. planes, trains, and automobiles. gm shares are revving up 4.2% right of. date reported q2 income

$1.2 billion because of more sales of light trucks and the price showing up from china. this is its best day in five months. board following the wake higher by about 1.8%. hertz global holdings is falling. morgan stanley downgraded it to underweight. scarlet: thank you so much. followed by the most in two weeks. mark: top stories we're following at this hour. big changes are on the way a qualcomm which is posted its biggest sales decline since 2009. the smartphone chipmaker will cut 15% of its work horse, reduce executive pay, and shake up the board. qualcomm review strategic alternatives including a breakup. under armour is on a winning streak early because some of its endorsers are. fast rising golf start jordan spieth is hoping to raise the profile in the sporting goods company.

their second-quarter results topped estimates. defense secretary ashton carter is on an unannounced trip to iraq right now. he landed early this morning in baghdad. a spokesperson says he will meet with the iraqi army's plans to retake ramadi. the city fell to islamic state forces in may. secretary carty wants a progress report on the iraqi government's effort to settle sectarian conflicts. secretary carter's first visit to iraq since taking all caps -- office in february. those are your top stories at the hour. scarlet: dow chemical reported earnings this morning that beat analyst estimates. they both record profit in its plastics business as well as richer profit margins because of lower energy costs. mark: betty these books to the dow chairman, president and ceo about the cheap energy boost. >> it is oil to gas ratio that matters. three quarters ago we had people thinking that our

equity price corrected because they thought low oil would be but for us -- bad for us. it's giving us competitive advantage in locations like europe. would also is happening on the demand side, operating rates in places like europe is in the 90% range is now. that is because demand is picking up. has oil goes into the economy. very true in europe and now really happening in the united states. it today while here. the savings rate when of to about 8% but the consumer is finally spending some of those low oil price bonuses. we have lower input costs. we have lowered gas advantage in the u.s. in the middle east and we have demand. that is how margins are expanding because we can actually manage the expansion against healthy demand. betty: it seems that a perfect storm for the company than for lower prices. the oil price drop your on

your is roughly 42%. the lower plastics prices are about 15%. you can see the expansion there. the imports of gone way desk on down way faster than the price of the output. and because we have less of a commodity mix, we are not the company we were five years ago. we have sold most of our commodity plastics. today we have things a good high and uses. price atrophy is not as dramatic as the import atrophy and that is margin management against healthy demand. we are going where growth is, not just in plastics, but in all of our diversified units. this is where a structurally hedged or folio changes the profile of the company. 11 straight orders of earnings growth under this economic edition is basically the structural and/or portfolio. this quarter -- last quarter, electronic serials and consumer materials really hummed.

ar portfolio is playing on objective because this way the little bit of wobbler the earnings versus the big swings we had 10 years ago. betty: speaking of your portfolio, there is a lot of buzz about monsanto and the book -- deal to buy. if they do, they will spin off or so of the seats business. they say the phone is ringing off the hook from companies that want to buy those assets. i get interested in buying them? >> as you will know we are a top five player in agro sciences. we are number three player in crop protection. we are already in crop protection products that monsanto looking to get into with her bid. our seats, we do not have a seed channel. we have the traits, the g -- the dna investors th, we have been weag but organic investors.

are great partners with the companies you mentioned and others. if there is a rent of consolidation that makes sense for the shareholders, we will be at the table the matter what. we have said that over and over. we are growers and investors in a gross science, but we will always look at a better deal for our show folders. -- shareholders. betty: are you actively looking at the assets? >> i don't think anybody can be active right now because of the nature of what is going on between the two printable players. we are all watching an understanding and like you what is going on in the press and reports like this. out there somewhere there could be an opportunity. we will be at the table. scarlet: that was dow chemical chairman and ceo speaking with betty liu earlier. mark: now is your chance to buy an island in the mall dives -- maldives. scarlet: and the

government decides of the buyer is right. we will be back. ♪

♪ back. want to own a slice of the maldives? now you can. the government just pass a law which will allow foreigners to purchase land on one of its 1200 islands. scarlet: the minimum price is not insignificant. investors must spend at least $1 billion. who has cash to park in hard assets like property? mark: china. scarlet: some officials that the new build is late for the chinese to gain a foothold in the indian ocean. they could easily set up aces -- basis on the island and their arty industries with japan, and the philippines with who owns what in nearby waters. mark: and india considers itself

a regional superpower. we were working on -- over our notes that our producer put together for us. maldives third most endangered patient because of carbon emissions and flooding, a.k.a. global warming. scarlet: a former president said that if carbon emissions continue with this case -- case, they will be underwater in seven years. if you just wanted a piece of your sovereignty for a country like china, it could go a long way. mark: scarlet, i'm out. good to see you. scarlet: we have much more coming up including southwest airlines flying higher than the other carriers after the earnings beat analyst estimates. the ceo will be speaking with us next. ♪

scarlet: welcome back to the bloomberg market day. i am further with you. leading economic

indicators rose more than forecast last month. -- i am scarlet fu. the conference board index rose .6%. americans have grown more downbeat about the economy. the bloomberg consumer comfort index declined to a five-week low last week. five of the statement -- five of the seven major in groups down. the lowest in six weeks. ford is now looking to shake things up in contract talks with the uaw today. for workers have the most generous contract dating back to 2009. that is because ford did not seek bankruptcy protection unlike ford -- gm and chrysler. one of the best-known names in supercars is going public. the act for our unit is being spun off and will list on the new york stock exchange. he sees ferrari being valued at more than 11 land dollars.

this is part of plan to cut debt and invest in other brands. those are your top stories. coming up in the next half hour on the bloomberg "market day." copper getting crushed out to a two-week low. goldman sachs warns of more losses ahead, blaming it on china. we will hear from the ceo of union pacific on the heels of the company's earnings and this month in coal. distressed denim. how levi's is with dancing or perhaps not doing much of a job with standing the from yoga pants. that and much more coming up on it looks "market day." like a lot of americans are on vacation and choosing southwest. the low-cost carrier profit of andbecause of lower fuel operating cost. chairs are rising by 4.4 percent this afternoon. earlier today step numeral and matt miller's to the chairman and ceo, gary kelly.

>> we are a low-cost producer. it is a cost-driven business. service is also very important. southwest has been famous for having the right balance of service and cost. you keep fares low. don't nickel and dime your customers, phil of airplane and you will make a pretty decent profit. i feel like when we speak to your peers, they already hedged -- london ine in advance. we hedge, too. i think of it fabulous job unwinding before prices well so low. we will have to manage through that ourselves over the next couple of years. all lane, we are still paying sick frequently less, even with some hedging costs. million was down $419 in the quarter we just completed

, so even with some hedging, it is still a very significant year-over-year savings. >> where you stand on the international matches plans today? flex we are continuing. we launched international july 1, 2014. this is new for us. we're opening up a five gate terminal in houston in october. we will launch flights there. we're adding two new international destinations along with that. one to believe and one to the area of costa rica. belieze. --ernational is about an percent and a half of international capacity. right now we attended the nations. we will continue to ask and and add destinations in the future. stephanie: can you give us an idea when you think of the economy, given the amount of flow?

you are a low-cost airline provider. it would be great for you to give us a sense. what do you think america looks like? for that question. we are low cost, and also the largest airline in the united states in terms of the number of customers we serve. we do have a pretty good sense of the pulse of the economy. i would say what we have been seen for the past 90 days is very consistent with the headlines you read, which is a little bit of inconsistent the, choppiness. like theeel to me consumer is beginning to spend a little bit more. i think a lot of the week this has been the oil and gas sector and cutbacks in the business travel. thinking all that in, i the economy is solid. there has been a soft patch. you look at the result. record low factors. we grew the traffic 5.6%.

i am very pleased with the current result, despite the bit of softness. the results at least better than the street had estimated -- street had estimated. shares are down. over the past 12 months you are up 20%. you are down and the weakness coming with the doj announcement. are you giving the doj everything you can? how long do you expect the investigation to go to >> i think the shares are down for a couple of reasons. one is the revenue environment is a little bit softer as we were just discussing than what people thought perhaps at the beginning of the year. investors and a stirring concerns about the capacity of the industry growth of the doj is investigating. and wefully compliant,

are fully compliant with federal securities laws, and we still want to be transparent with shareholders. that is all i can report at this point. we are growing. southwest airline grew 7% in the second quarter. we plan to grow at about that rate or the full year. we had some great opportunities to grow. we are getting record level of earnings. they collect business class for reason, but corporate america is cutting expenses right left and center, do you have business travels on southwest? of course we do. we are about the largest airline in her cup. 30-40% of customers are traveling on this. possibly we care for more business customers than any other airline. scarlet: the southwest airlines ceo, gary kelly speaking with

stephanie ruhle earlier. from one ceo to another. we will hear from union pacific on the heels of a big slump. ♪

scarlet: welcome back to the bloomberg "market day." as we head into the commodities close roundup, i want to talk hogs in headfirst. the plane -- place where you can get a three dollar can of broth. .ast three dollar can it is closing its doors after 23

years. what you are seeing here is video from the movie coyote ugly . the bar in real life is yet another victim -- victim of a too hot to handle property market. steel is with me now. jumping to 60,000 dollars. the meatpacking district is not what it used to be. when hogs opened in 1992, the rent was $3000 per month. 20 years ago that area was not an area anyone wanted to live in, and now you have the shop, tons of studios and really fan restaurant, so there is no place for hogs and heifers. i wonder what part "sex and the city" played in that. a totally different neighborhood now. you have paul mccartney, brad pitt, gwyneth paltrow opening something up there as well.

a lot of love -- celebrities drop by to pay homage. how many broth do you think were hung on the walls? 16,000. i have thought. 0-- not. i grew up here so you do not develop new it here. apparently julia roberts went there in 1996. with realing commodities. we will take a look at how the prices settled in new york trading. we start with proper because it was an ugly day. alix: copper it fresh six-year lows. copper down for the straight day, the longest losing streak in september. if you take a look at the caterpillar numbers that came out today, the full-year sales forecast, they sell the companies that mine -- they sell

to companies that mine copper. anecdotal evidence there is too much supply of whether it is metals will fuel. talk about the demand from china as well. that is a big part of why a lot of analysts are verizon copper. literally goldman sachs took copper to the woodshed. lower the long-term forecast for copper to 5000 tons to 6000. it sees fit to be 4500 to 7000. really brutal downgrade from goldman. that demand side. part of it was not enough demand from china, and part of it was oversupplied. china consumed 45% of world copper. as they shift to more private consumption, there is not the demand to support the growth rate you have seen.

just 12ts demand percent. is 5% of total world demand. those are the things we will see the chinese i. that is not enough to support the market. scarlet: billy arnold, the said oil slow -- closed in the settlement. falling for a sick time in seven days. inventory data has shown no shortage of supply. no shortage of supply here. we've been seeing tankers move to go different places. are they being, offloaded, and how much is being offloaded before sanctions are lifted? i keep reading about refiner s not doing well. if they are not doing well, they will not buy the oil we are expecting them to buy and that will lead to less demand as well. a 10 daygold was on

losing streak. up until today. look right we would break out of this slump. look what happened. could not do it. alix: morgan stanley had a worst-case scenario, saying it could hit $800. three stipulations. one, u.s. policymakers have to start raising interest rates. there has to be another corruption in china's stock market, and there has to be a l down a reserved by central bank. that is the biggest wildcard. central banks have been fighters rather than sellers, which is a huge fundamental shift. -- buyers rather than sellers. scarlet: is that of you that is really out there, $800? jeff curry said below $800. what is the consensus? are people not as bearish? extremely bearish and that is conflict morgan stanley is more bearish.

stopped in fees it as a possibility. depends if we can they around the level or drift lower. the point is around 1086 is a 50% retracement from the rally we salt from 2009-2011. you are giving up half the game you got. that would be extremely bearish. that could lead to a lot more longer-term thing shaking out. scarlet: catch up. thank you. in the meantime, we will stay with commodities. heavilyany that relies on commodities is union pacific. they get most of the revenue from transporting items, which is crude and coil -- cold. the first quarterly sales declined since 2009 hurt the most by coal shipments. the shares are calling the most in eight months. olivia sterns and i spoke to the ceo. we started by asking him if the slowdown in cold is cyclical or structural.

>> for slowdown is being driven by a couple of things. the first we came into the year with pretty good inventories at the utility plants. natural gas prices clearly driving more electricity production to natural gas. and, the weather was not all that good in the second quarter. that added up to pretty significant headwinds and coal business. >> do you see a bottom for coal? does note hope is that get any worse. there are reason to be optimistic. current run rates are improving. looks like regular seasonal weather is showing of. piece would be who knows what will happen with natural gas prices. if they went up a little bit, that would be a real high. scarlet: what is going to make up for the decline in volume? >>

on the positive side we had a real good volume in automotive, both finished vehicles as well as auto parts. we also had good strength in parts of the chemicals business, specifically in plastics and liquid petroleum gas. we also had a pretty robust domestic intermodal product line. is beauty of union pacific our franchise is broad and diverse. we are asked those two really good business development opportunities. scarlet: we know you're had to furlough workers to cope with the slowdown. how many workers have you furloughed so far, and how many more do you anticipate that we'll have two? we reported this morning we had 1200 people either furloughed or alternative work status. that has grown as we have entered the third quarter. with the number will be dictated

between attrition, which are employees leaving the work force and needed to be replaced, productivity and whatever will happen on the demand side. >> normally when you have declining volume, prices, the pressure. how have you been able to raise prices? i am so proud of the commercial team for being out in the marketplace pricing for the value of the product we deliver. that is exactly how we deliver. we price to the value we represent. we were able to get 4% pricing -- pricing in the second quarter. there is a number of headwinds in the business. still have an opportunity to realize price by having a better service product from the competition. you don't give profit forecast, but i would like to hear what you think is a critical component to how

perform competitors going forward given the macro environment with following carloads. -- falling. we did not talk about is shale energy exploration and production. that is a big part of the story in terms of downed volume in the second quarter. as we look for work, the whole business model is predicated on excellent service and being demonstrably better than other alternatives. we will execute that, as well as getting the resources right, and getting back on track to showing freel productivity and efficiency in the cost. all of that is possible and expect it. scarlet: that was the union pacific ceo lance briggs. now, look at top stories. a deal that would create the largest health insurer in the u.s. anthem near an agreement to buy

cigna. the price $48 billion. the announcement could come later this week. earlier another big takeover in the insurance industry with humana.ing but by dunkin' donuts is prices could rise when minimum wages increased in new york because of panel advising $15 per hour for fast food workers. i should say this is across the state. the governor does that this plan as well. hollywood getting bad reviews. european union making an antitrust plaintiff against disney and five other studios. paramount, nbc universal, sony and 20th century fox. they are accused of illegally limiting access. those are your top stories. coming up, levi, the maker of jeans has blue whipped through the civil war, great depression into more world

wars. yoga pants are not testing the resiliency. ♪

scarlet: levi strauss has survived wars and depression for 100 years but it turns out yoga. could be what finally does the company in. higgins wroteen the cover story and joins me now from san francisco with more. has to yoga pants, but it is not as it yoga itself -- we myself yoga here. the women's jeans market fell about 8%. that affected me by sales in the

women's line. they do not want to get in the business of making levite yoga pants. what they want to do is for more the genes modern times, put in new materials and more stretch salutes more comfortable, fit better but still has the classic denim look. scarlet: you talk about more modern materials, the stretch factor. what has levi son to innovate? surely they responded to some of the changes, whether it is skinny jeans or some kind of lycra? there has been stretch material and genes for years, but really they have increased dramatically with the . part of the key is they work to develop new fabric that would allow them to vote more stretch in. not lookroduct would like yoga pandora look like something it was not. they would look like jeans or denim. it would have the texture denim and the complexity you with the

when you look at your favorite pair of jeans right now. they would fit that much better and be that much more comfortable. notest: i have in the levi has never strung together three consecutive years of growth in the past 20 years. the fact that this is a privately held company means it has been allowed to insulate it from the knee to change with the market. -- needs to change with the market. ceo is reallynew driving the mantra of consistent growth every year. he has had it for two years now. because of the health of the women's line, he is hoping to year.e third scarlet: what is levi spending on? namedw there is a stadium after them where the 49ers play. trying to do some more with women's wear, but what does it need to do to become relevant again to the modern audience? pretty successful in

the men's market. 25% of the men's market globally. very established in that role. the new ceo sees a real opportunity in the women's line to grow the business because they only have 5% globally the market for women's team. just wrote there could really help them and help them with the company-owned doors, which they have been expanding. -- just growing there could really help them. reducing the complexity with the . higgins, thank you. joining us in san francisco. you can read his entire levi's cover story available on the website. back with more. ♪

scarlet: it is noon in san francisco, 3:00 in new york -- in hong kong.

keywords for bank of america in light of the cfo shakeup. mike mayo after all. an aspect ceo has plenty to think about in the aftermath of the new york stock exchange outage. we will hear from him just ahead. seattle it is all about at the close. amazon and starbucks to report quarterly earnings. everything you need to know ahead of the results. scarlet: good afternoon, everyone. i am scarlet fu. alix: overall it seems like we're seeing a decline, that really feels like it is the micro leading the way. off half a percent in the s&p. seems like the nitty-gritty making in cap and. to put it into