abating. the s&p 500 looking at its worst week in three years. hong kong and all of asia falling into a bear market. pimm: the stocks that led the market higher are now leading the market lower. we will look at the collapse of the fab live momentum stocks such as netflix and facebook. betty: media stocks collapsing this week. is this the beginning of the end of the pure television business? a longtime executive joins us in just a moment. ♪ pimm: good afternoon. i am pimm fox. betty: i'm betty liu. let's begin with a look at how the markets are at this moment. stocks are tanking again as he conceded the s&p falling below that 2000 level.

we just inched just above. we are down over 300 points on the s&p. the s&p following below 6000 since february. people are calling it a total decimation in the markets. what than half $1 trillion lost in one day, pimm. we are seeing those losses being extended. let us look at the oil markets and how crude oil is trading could nymex is still hovering at that $40 a barrel mark down. almost 3%. brent down almost 3% as well. for is the longest decline oil in almost three decades and they are still hovering at six-year lows. have seen oilu fall about 25% so far this year. if you go from the peak, we have lost about 30% in the oil price. pimm: let us check on the bond market and see how that is responding could with no change

-- how that is responding. with no change, they are poised for their best week since june, since the global market selloff. let us finally take a look at the dollar. it is weaker against many of the major currencies. it seems to be driving emerging markets lower end the dollar giving up a lot of games against the euro. the japanese yen strengthening a gainst the dollar and the pound sterling also strengthening against the dollar at 1.5700. brazil's currency tumbling against the dollar. this is just a little bit of a reaction, but the brazilian currency and the malaysian ringgit down against the dollar all week. i want to take you inside the bloomberg terminal and show you

a chart looking at the daily progression of the s&p 500. take a look at what happened recently and you will see this fall off that has taken place in the last couple of days. looking for levels of support is what traders are typically trying to do, to find someplace where there is a lot of buying activity. to 18.50 in the s&p 500 to see any degree of support. we'll have to see what happens. we are just below 2000 on the s&p. now let us take a look at some of the top stories crossing bloomberg at this moment. the prime minister may use new elections to consolidate power and get rid of the dissenting voices in his own party and alexis tsipras said he would call for new elections and he has been in office for just eight months. he was elected on an anti-austerity platform, but he agreed to more taxing increases and more spending cuts to get that vastly needed bailout money. women, and man, i

want to be absolutely honest with you. we do not achieve the deal we were hoping for before the elections in january. we do not face the reaction we expected. in this battle, we make concessions but we brought a deal, given the overwhelming negative correlations in europe and what we inherited from the absent binding of the country in the austerity measures, that was the best one i could exceed. pimm: they can holdpimm: an election as early as september 20. billiont slice of the dollar bailout money is next week. a key democratic congress and has decided to back the nuclear deal with iran could gerald . nadler represents the congressional district that has the highest percentage of jewish residents.

betty: deutsche bank is investigating money laundering -- russian unit. they are investigating whether a senior employee took bribes. a bloomberg news reports says that unexplained funds were found by an employee and the spouse. no comments from deutsche bank on this so far. china citigroup says it plans to invest $150 million in uber. they will put 80% of the money in uber and the rest in you china's business. a shaky outlook from the world's biggest maker of farm equipment. dear cut its profit forecast due to low forecast. here is samuel allen. more would be down even than just a single year-over-year implications would be. what i would tell you is that given that outlook in cash

receipts, given what we are seeing in the very early stages of our early order programs, it is likely that you would see some reduction, further reduction in retail sales next year. prices have fallen by 65%, setting a record in 2012. last year cut hundreds of jobs. pimm: fans of john stewart have big plans for him now that he has left "the daily show your code they want stewart to host a presidential debate. more than 100,000 people are backing a petition on the change.org website and they are shooting for 150,000 signatures for the request on presidential debates. betty: i would watch that. pimm: i think everyone is hoping that will happen. betty: coming up on "bloomberg market day," he is only 26 and he has an impressive collection of cars, including that one. graham rahal is here to talk about driving and investing. pimm: from driving automobiles

to drive a markets, we will look at how speculation about a september rate increase from the federal reserve may be fueling this week's market plunge. a handful of stocks known as the fab five has fueled the u.s. equity market this year. yesterday, they took a massive tumble. that funds, amazon, facebook, apple, and google not looking so fabulous. joining us now is bloomberg stocks reporter oliver renick. reagan,joined by mike are stocks editor. these fat five and what these movements signified .ood oliver: that was yesterday's chart we continue to see those saved names.

think about why this is happening, if you look at these companies like facebook and amazon and google and netflix, one thing they have in common is that they are big winners. it is hard to point a fundamental shift in sentiment or that people need to get money out and there's liquidity in the stocks. netflix is 100% leading the s&p this year. it is a huge winner. amazon around 70% and that is where you can put cash to work. if you look at some names that are specific, that is generally the big picture. betty: do we know what the trigger is? is it china's devaluation last week? what is it? oliver: it has been going for a little bit. certainly, there is an example -- apple specific story there. al these names are reflecting

risk off move. as far as the sell goes, that as we relate to the growth concerns. you look at what happened in october. pimm: mike, i thought people do not buy stocks anymore. you talk about passive investing, but even if they are passive investments, when those indexes the klein, they take the stocks with them. mike: it can mean a lot more than just on the s&p 500. this momentum trade has become very popular could there are a tradingomputerized funds that track these things. the idea is to buy the winners and short the losers good it works until it does appear all the sudden, the men -- momentum is sucked out of the market. betty: is this a sign of a bear market than? far. i would not go that it could be, but i do not know. dips like this are common.

we are down about 6% for the record on the s&p 500. dow is down even worse the last time i checked. it feels like the end of the world and it makes everyone sort of start focusing on all the negatives out there. look at last year and the year before. there has been a rhythm of these dips that people have bought routinely could this one is sort of an open question. betty: we have not had a 10% dip. am i right about this? this is not like what we have seen. mike: we are at six and change wheneve right now. pimm: if you are interested in energy companies, you're already in a bear market and crying. when you take a look at the issues?any operational everyone always says, i will buy it, but i will not buy it until gets less-expensive.

any operational issues with the specific companies? oliver: there are people waiting to get to some of these names. all these are really household names and that is why you get these reactions. everyone knows facebook, netflix, and amazon. it creates that opportunity where at a certain point, you have a couple more highly valued. now the companies themselves pushing buybacks as well. it's not always the best when they buy their own shares, but that should be eight encouraging. some people are still buying these backup. betty: there's time to put some money to work and maybe now is the time. thank you so much, oliver renick and mike reagan. pimm: still ahead, we are going to talk more about what is going on in the markets around the world. the dow jones industrial average 1.25%. we are off our session lows. the s&p 500 lower by 1.3%. ♪

pimm: welcome back. i am pimm fox. betty: and i am betty liu. pimm: there is a shot of the bay bridge in san francisco. there is a fog in san francisco in the summer following mark twins weather forecast. over to oakland and you can see that shot of the loading and unloading peers in the port of oakland. let us take a look at some of the top stories crossing the bloomberg at this moment. in turkey, the president is giving -- gearing up to call elections for november 1. it's an attempt to form a coalition government after last week made little divisions even

worse. the turkish lira at an all-time low against the dollar this week. government that has stored. debt has soared. massive explosions killed 116 people in contaminated area with toxins chemicals. they had detected levels of cyanide as much as 363 times the safe level. normal levels are outside of this zone. the president in china made shift priorities to deal with the them graphic time wrong. -- timebomb. the president may soon emphasize population growth overgrowth and domestic product in population declined over the last two decades in the present may lift the caps on a number of children that each family can have. that is it looking at top stories at this hour. betty: let us look at how the

markets are trading at this hour. julie hyman is looking at some of these stocks, including into it. julie: oliver was just talking about the fab five and there is indiscriminate selling out. there's not really a fundamental reason, but there are some fundamental stories. intuit is one of them. the stock fell short of estimates for both sales and earnings. it said it was going to sell three of its units, including quicken, well-known for tax software. was heard this year by the fact that some of its users were using software to file fraudulent returns. salest managed to hurt and it's trying to refocus on its core business of catering to small businesses in particular and handling taxes in the u.s. and canada. investors not happy about this move. we are looking at ross stores. this is a very different situation from tjx, which

reported earnings earlier in the week and the estimates. comparablen 7.5% sales beat estimates, but the company is leaving some room for it to miss estimates when it comes to full year earnings. finally, you just talked about this in the last block. we are seeing the steepest drops in its stock in about six years after it cut .15 profit forecast, saying equipment sales will fall 21% this year. agriculture and turf sales will fall 25%. corn,of this goes back to but the slump that we have seen in grains more broadly. you talked about it and i want to put a fine point on it. taylor to look at my bloomberg terminal. as i was looking at the numbers, it is exactly three years ago today, august 21, that we saw in 2012. record back since then, we have seen that pullback of 55%. obviously, demand would be

falling for a company like deere. for corn a recovery earlier this year as it like by growing conditions were going to cause a crimp in the crop, but the usda came out with a larger crop forecast. corn or one ofr the elements that has been pushing down: just like it push down other commodities, but when farmer saw these high prices, they planted more corn and wanted to take advantage of the high prices. but when your crop gets bigger, the prices tend to fall. happening and farmers, like an oil drilling, your costs are relatively fixed. andpay the same amount out you're not may be taking as much and it made he will not buy that new tractor. pimm: there was a point made earlier by kate of bloomberg intelligence dealing with the construction of the business suffering in north america. betty: quite a cliff there.

what has not fallen in the last few years? pimm: our confidence. thank you very much, julie hyman. betty: still ahead, if you think working at a tech startup is all fun and games, think again. pimm: a new survey says that technology workers are among the most unhappy. we will tell you why next. ♪

♪ betty: i am betty liu. pimm: i have pimm fox. betty: let us look at the stories making headlines. another sign of improvement in the labor market -- payrolls up in 34 states last month. 81,000nia added almost jobs, followed by texas with more than 31,000. includedat lost jobs new jersey and north dakota. hewlett-packard missed estimates for they are forecasting a difficult environment for personal computers and printers, which account for half of their business. here is ceo meg whitman talking about the chinese market. a big andemains important market for us, but it is very competitive.

i will say that our joint venture is standing us in very good stead. we had an excellent quarter in servers in china and quite a good quarter in storage. and substantial improvement in networking in china. betty: hewlett-packard is prepared to split up into two units and may cut more jobs as part of a restructuring plan to remove the d5000 positions. in australia, it was a record-breaking bond sale for apple. raised $1.6 billion in its debut on the australian debt markets. int is the biggest bond deal australia for a nonfinancial firm. by apple was, bond only sold in the united states. yen, euro,ndeed pound sterling, and now the australian dollar can tesla showrooms are getting a facelift. is electric carmaker

launching a wholesale revamp of stores worldwide. they will add information kiosks and be selling merchandise such as $300 to nag's rate this comes as the company prepares for the debut of its first suv, the model x. that is a look at our top stories at this moment. technology workers may be getting richer, but a new survey shows that they are less happy as well. that is according to tiny polls, the startup that helps companies like airbnb conduct employee surveys. betty: techies were unhappy compared with non-tech workers in nearly every category from professional growth to feeling recognized by their boss, as well as the quality of relationships with coworkers. pimm: earlier this week, amazon founder jeff bezos and the new york time gotten to a skirmish after the newspaper printed next was a describing the largest internet retailer as a cruel company. betty: i think the survey shows that tech workers are richer,

but money does not buy happiness. they are richer, but they are still not that happy. one question that they asked these tech workers is how much opportunity do you have for professional growth in the organization? 26% of i.t. employees said they had that opportunities. 31% outside of i.t. said they had it. pimm: just generally disgruntled. when ever anybody says money theynot matter, that means know where to shop. itbe they have this if visions with the company, but it seems a little bit out of place that you would not feel that you can advance with technology skills that everyone says you need to have. toty: right before we went break a few moments ago, we showed how many employees these companies now employed. pimm: 156,000 at amazon. betty: facebook has even over 10,000. pimm: but facebook and amazon

are not the same kinds of companies. facebook has engineers working on technological problems. but amazon, you have people in factories. betty: not all of them. pimm: and poor people are probably not happy because they are not making as much money c. betty: for every company, i do not care what industry you are in, the bigger you grow, the odds are that you are not going are going toloyees be less and less happy because you are a big organization. pimm: i am happy and i will leave it for you for the last half hour. betty: much more ahead. ♪ the only way to get better is to challenge yourself,

and that's what we're doing at xfinity. we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20.

it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. ♪ betty: welcome back to

"bloomberg market day. have le" let us look at the top stories at this hour. commodity investors looking at the end of the bottom of the oil barrel. the longest losing streak in 29 years. earlier, the head of commodities for goldman sachs explained why it prices seem to have gone to extremes. >> commodities go from corner solution to corner solution could they give you an idea of where the prices, where the market thinks it's around $50 a barrel to right now, they want to run a surplus until they hit a wall. betty: depressing prices are likely to persist in u.s. stockpiles are almost 100 million barrels above the five-year average good and other sign of improvement in the labor markets, payrolls rose in 34 states last month. almost 81,000ed jobs, followed by texas with more than 31,000 states that lost jobs included new jersey and north dakota.

unemployment rate falls to five point 7%, the lowest it has been in seven years from the city added almost 108,000 private sector jobs in the last year. increase of 3% while the national growth rate was two .4%. for jeb bush, it is no more mr. nice guy. for weeks, he has listened to donald trump mocon repeatedly. yesterday in new hampshire, he fired back at the front runner. >> there is a big difference between donald trump and me. cut taxes every year and he propose the largest tax increase in mankind's history. i have been consistently pro-life. he until recently was for partial-birth abortion. i've never met a person that thought that was a good idea. betty: bush said that trump clearly has talent, but he pointed out that trump has been a democrat longer than he has been a republican. that is a look at top stories at this hour. coming up in the next half hour,

they are some of the best of alternative investments. investingking about in cars with indycar driver graham rahal, who is in the hunt for the indycar championship. and ice cream may become to your doorstep with your mobile phone. on-demand cinnabon's -- we most the man speak with behind anti-and pretzels and a lot more. for more, hans nichols from london. hans: nothing but negativity ity and read. we have the ftse 100 down 2.47%. the euro stocks composite down 2.75%. ax is a negative territory.

you look at the last two weeks and they are down almost 12%. declined --tons of ufthansa declined and they were rated from cut to sell to neutral. we had the german utility down 2.5%. in 10 year bonds, it is a mixed picture could german bond numbers may have influenced things a little bit. that lifted the european composite pmi to 54.1. it has been 53.9 in july. that is close to a four-year high that was reached in june. the french business index still point at at a four-month low. take a look at german yields and they were down just a little bit. up and down throughout the day, down less the 1%. we also saw the u.k. yields down about 6%. the u.k. clearly has the biggest rally in their bonds .

i-17 basis point prop for greece's debt. they are trying to figure out what is going on. ou.k to y asia whereng over to stocks stalled with the shanghai composite down. all this on more disappointing numbers. manufacturing numbers out of china dropped to the lowest level in more than six years . stephen filed this report from hong kong. it has not been this low since early in the global financial crisis. pmi coming in at 47.1, indicating a six month a row of contraction in manufacturing. new orders,oyment, and new export orders are all falling at a faster pace as the economy grapples with industrial overcapacity. the fallout from a downturn in

pot -- property investments and a downfall in housing markets. we have much more ahead. we are watching the global selloff and how markets are trading here. we will be back. ♪

betty: welcome back. i am betty liu. we are coming just off of our lows in the session, but they are still deeply in the red. hyman, let us get to the big stories, including a solar city and a short from jim chanos. julie: he has short of the stock. this is the largest provider of

rooftop solar panels in the u.s. and the stock is down 20% for the year today. it has dipped as he began talking about solar city. we saw a little bit of a bounce off of those levels. he called it a subprime finance company. elon musk is involved with this company and one of the founders. a relative of his is the ceo of the company. interesting here this movement that we are seeing in the stock. turning to the broad market and let us look at the major averages. betty just mentioned it is bouncing a little bit off the bottom, but a very little bit. we saw the low for the dow today around hundred 38 points -- 338 points. still very deep declines across the board. look at the one-week performance here, it could set up for its worst week, down 4.2%, since november 2011. we have not seen a week like this in quite some time.

said, we are not seeing a correction in the s&p 500. down 6% for the highs of the year. let us look at my bloomberg terminal and another way to look at these declines is to look at the breadth. these are the stocks trading above their 200 day moving average/ /only . only about 21% above the average. it is a broad breakdown that we are seeing. h, one of thereadtj complaints was that it was supported by a few big names and momentum stocks. those stocks are breaking down like apple and facebook in that -- and netflix. netflix is now following today after falling sharply yesterday. oilave been talking about

falling this week and continuing a long streak of weekly declines. it looks like it will be the longest since 1986. it is getting very close to $40 a barrel. just a quick mention of gold because we are seeing people looking for safety anywhere they can. safety they perceive a anywhere. gold having its best week since late january and we are seeing people buy and treasuries. not surprising as we are seeing some evidence of panic in these markets. betty: julie hyman, thank you so much. of that selloff, media stocks were among the big losers in the s&p this wicked cbs, disney, and time warner all seeing red. they took a bigger hit after sent onebernstein clear message. everything has changed in the media world. the firm says "we believe that the u.s. television industry is riod of longeio

structural decline to less ad supported platforms pic." across their focusing on all media platforms. look at how much the media world has changed in just one year, do you agree with the assessment? >> i would have added the word seismic in front of change. we always expected and evolution and we expected it would be fairly precise and frankly quite dramatic. it has moved to seismic levels. you are putting at risk the bundle sooner in the wrong places than it should be. betty: what do you mean in the wrong places? leo: the bundle has served america well. we have this bundle of programming that serves our diversity quite well -- our ethnicity, gender, faith.

even the things that we do vocationally are all covered in the bundle. what has happened is that a piece of it got inordinately expensive. the bundle the suffering for that. sports has become so dramatically over cost -- overpriced, i'm sorry -- that services that were designed to serve that gender and ethnicity and fate are going to suffer. and that is unfortunate. betty: which is why now it is being unbundled and some companies saying we might just offer standalone then. leo: there is no scenario in the world where 100 million television homes are getting a little bit and that can never equate to 6-8,000,000 homes paying a lot. the equations do not work. the other thing is that you take your children. the younger generation has a

quality expectation that does not match up with all of cart. carte. if you go that way, we have a situation now where every household is paying for it. betty: do you think the quality will go down? leo: i think it will suffer dramatically. it is like the bbc example. why is "downton abbey" so wonderfully put together? every home in the u.k. pays to $50 to pay bbc's coffers and they put together quality programming. betty: this is where i differ though. why do you think nbc universal has put money into vox and buzz feed? why did a any put money into vice -- amd put money into vice? they are becoming over the top providers of digital video and digital content that will

perhaps one date be just as good. a distinctionl be drawn acutely stand between a channel in a show. what you are talking about are shows, events, sort of bursts of programming. that is opposed to the 724. betty: but they getting mainstream media money now, right? leo: this is not a good example of bloomberg news. it should be paid for more households than this. you take a fox news and 100 percent of american households pay for fox news every morning, but i definition, it cars itself away from half of those households by politics. fansin new york, yankees subsidize mets fans every day and yet only 30% of households are watching baseball at any point during the day. it is getting out of whack really fast. it was always going to be under

pressure as the youth generation arte meets mya c needs better than the bundle. we thought it would be more evolutionary. we would grow into it and figure it out in baby steps. betty: it is like a hammer. leo: we are actually on a follow of last week. last week is when they did the earning announcements. they said that people are watching less and they are cutting the cord. the advertising is being devalued by the dvr. of thewe had the number decline that we have seen in cable subscribers. back in 2009, we were at 104 million. now we are likely going to have by next year to below 100 million. leo: i actually do not believe these numbers. betty: why? leo: i think the decline is more dramatic and the basic services could be down in the low 90's.

betty: don't even worse? -- so it is even worse? leo: i think it is worse than that. there is a lot of foresight without going into the quickness and that is disturbing. betty: and a lot of people saying of icom is not doing it right. if they going to be -- if there is a seismic shift, who are the casualties than? leo: the casualties our faith communities and ethnic communities. let me tell you how. i get up in the morning and i subsidize african-american channels because they are paid .or by all households i am obviously not african-american. it is widely important to me that the ethnicity of this country have these channels. betty: i do not know about that. youtube, there are a growing number of minority voices on you too. and they would not get a chance on venturing media.

leo: wash of the low-cost services be confronted with these challenges simply because the sports costs. so inordinately out of hand so quickly ? the average household in a big metro market is paying directly or indirectly paying $45 a month for sports. if you ask him that question, are you comfortable with that? they went pass out at the question. they had no sense they are paying that kind of number. in a handful of years, espn has been joined in the rest by cbs sports, nbc sports, fox sports, collegiate regional sports. tnt, and fox in golf. the average woman and man in chicago and l.a. is paying $35-$40 for sports. that is a shot. betty: you mentioned minority

viewers. let's talk about minority voters. had a conversation yesterday. i asked him a question on the national stage -- donald trump is blowing his competition, but how is he going to play to minority voters? this is what he said. listen to this. >> there is no resentment to donald trump in the african-american community. there is aspiration. a want to emulate him. he is showing that the american dream as possible. african-american leg other progressive -- unlike other progressive immigrants, actually admire success and want to emulate it. betty: do you agree? leo: that is ridiculous. donald trump has no appeal to the minority community's. what donald trump is cruising on is that there have always been people who were on the fringe of the voting population.

the total number of women and men seeking to vote has been three or four. the one takes 20% and the other three share the other 80%. the problem is that trump is taking his 20% of very , the sort ofters push back voters, and 16 others are sharing the 80%. that is what people's does not understand. the african-american population is not going to support donald trump. they believe in you make an dream. we all believe in the american dream. donald trump's american dream is antagonistic and it's hobby. -- haughty. the cleverness of the trouble election is the 17 who are running good without the other 16 to take off the balance, his 20% gets dwarfed. betty: we will talk more and we will get to more fun topics. leo: i saw this in the green

room. graham is an old friend. it will be great fun. betty: we will talk racing cars. graham rahal is in the fast lane, winning two races and adding to his car collection. leo and i will talk to them next. ♪

♪ betty: in today's good life segment, we welcome graham rahal, one of the top stars on the indycar circuit. he has won two of the last four races and is only behind juan pablo montoya with two races to go. his team is co-owned by david letterman and his father will be racing at abc's 500 at the pocono raceway. he does not just race cars, but

he is also a car collector. we were talking about that in the commercial break. who won? graham: i had a great coach drivers, so i won that one. . betty: and matt miller, are auto and disease. t: i said, after the for resale at pebble beach, his 61 to 50 -- the topic of car collecting and investing is hot. his dad also invests in collecting cars. i thought it would be interesting to discuss. betty: seinfeld does as well. matt: this is a car that just recently sold and unfortunately only made my hundred eight of

those. if you were lucky to get one, you had to pay a million dollars for a. for now, i would be offered $2 million fe. graham: car collecting is always a fine line. you win some and you lose some. i grew up around my dad and he was always a big collector. as he would say, you talk about cars sold at pebble beach. for $13s one that's all million. i remember my dad had an opportunity to buy one use ago for $1 million. there are cars that can appreciate at such a quick rate. betty: that is doubled in a month. graham: that did. -- these cars are something i took kind of a chance on getting my name on that list. as you said, they are pretty limited. this is the only one in the world with that color so it increases the value. it is a historic 1973 porsche

color. it is a color called viper green. you also have to be smart about what you do that because that can change the value of the car significantly. i got on the list for it and they sold out literally in about a week after. the price instantly doubled. betty: so what is hot right now in the classic car luxury collection? way: i took a look by the at what has appreciated the most. ferreri has made the most money, but historically porsche has not -- obviously this is a different story. porsche has not been as expensive as ferreri. and a lot of people say that is a place to invest in. graham: which is exactly what i did. that is wanted to in the world in that color. it unfortunately got the name again when paul walker passed away in a crash, but having said

that, the car is such a magnificent car, but it was always underappreciated. when that incident happened, good or bad, it drew a lot of attention back to that specific car. i bought one last spring and it is the third one that i have owned. that car has almost tripled in ofue in a very short period time. betty: your racing career is on fire, right? now, but cars are a huge passion of mine. my dad is a big collector and you have to be smart about what you are buying and you have to have good collectors and good investment advisors. betty: graham rahal, thank you so much. maybe we will get you in a car again. matt: i will go down to poconos and watch the race. betty: thank you. ♪ nine

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10:00 in san francisco, 1:00 in new york, and 1:00 a.m. in hong kong. matt: this is "market makers."

the s&p plunges to the lowest level since february and a slowdown in chinese manufacturing hits investors hard. betty: the fight over a higher minimum wage has taken center stage in the fast food industry. we will hear from the president of one global chain. matt: to soldiers have become the first women to graduate from the army's rigorous ranger training school. we will talk about this milestone of america's first female four-star general. betty: good afternoon. i'm betty liu. matt: and i matt miller. let's look at the markets. we have had stocks falling around the globe. the s&p 500 falling below the 2000 mark. it is off more than 2%, as are all of the other major indexes.