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. the first time we have been

below 2000 since february. yesterday, we had the biggest drop in 18 months. and today, we are looking even steeper at this point with the dow down 345 points. it wille worst week -- be the worst week since 2012, since early 2012. betty: in three years. matt: it is tough across the board. gold futures were down earlier this morning. they have turned back up and are now at 1159. oil had a great couple of weeks. accrued -- but crude falling more than 3% to $40.07, a big drop. betty: it has been. for oil, this is the longest losing streak in almost 30 years. crazy to think about this. on the flip side, we have had one of the best weeks in treasury markets since june. given the risk off trade, people are piling into the debt market, the bond market, the treasury

market. and the yields are coming down on the longer end of the yield curve. the 10 and already-year. -- the 10 and 30-year. the bulls are driving emergency -- emerging markets closer -- lower. we also saw the malaysian dollars falling as the move up meaning those currencies are lower by that much. the real trading over 1% lower against the greenback. let's in a look at top stories at this hour. the internal revenue story is -- internal revenue service is being sued over the massive data breach. the information of 330,000 taxpayers had been breached. in may, the agency said hackers gained access to 100,000 accounts on its website. the two men behind the lawsuit says they will seek class action status. deer cut its profit forecasts for the year.

lower crop prices are making it harder for farmers to buy tractors and combines. here is a conference call earlier this day. >> you would have to argue it would be down even more than a single year-over-year applications. -- than the single year-over-year implications. given the cash receipts and what we are seeing in the early stages of our early order program, it is likely you would see some reduction, for the reduction in large retail sales next year. betty: prices have fallen since falling a record in 2012. ere cut hundreds of jobs. matt: it is not a significant number technically, but it is a round one. oil has fallen below $40 a barrel in new york. the nymex trade of west texas intermediate is down to $39.94 a

barrel, a 3.3% drop. betty: who would have thought $30 oil? matt: citigroup has been overshooting it. $20 said we could touch during the last leg down. recently said they think $32 a barrel is where oil is headed. betty: gary shilling said 20 not -- $10.20 a barrel is not out of the question. matt: oil was $10 a barrel 15 or 16 years ago. it was the cover of "the economist." i was in college of the time so i was not reading the whole articles, but i did read the covers. betty: oil sinking below $40 a barrel. deutsche bank has been investigating money laundering edits russian unit. that pro has widened to whether a senior employee has taken bribes. unexplained funds were found in

the account controlled by the employee and the employee's spouse. matt: hewlett-packard had quarterly earnings that missed estimates. the company is forecasting a difficult environment for personal computers and printers which account for about half of h.p.'s revenue. here is c.e.o. meg whitman on the conference call talking about the chinese market. meg whitman: china remains a big market for us but is very competitive. but i will say our joint venture is standing us in very good stead. we had an excellent quarter in storage andvers and a sequential improvement in networking in china. matt: hewlett-packard is preparing to split into two units. the company will have one unit that makes printers and the other that makes the service and helps with i.t. consulting. it is going to cut more jobs as part of the restructuring plan to remove 55,000 positions.

the stock is down your today 30% forrose today on optimism that good bank unit of storage and services. china plans to invest $109 in uber. bloomberg news reports one of the fund management units will put 80% of the money in uber and the rest in uber's china's business -- china business. it plans to start operation in midsize chinese cities over the next year. the next half hour, amid the attention to stocks, oil crosses below the $40 mark for the first time since 2009. we will continue to talk about that. betty: as we mentioned, h.p. shares are rising after earnings. report raised serious questions about the direction of the business. we learned jim janus is shorting the company. we will talk about that in a moment. matt: plunge in the global stock

market is raising questions about when the fed might raise interest rates. implied probability of a fed move in september has dropped substantially to 32% based on fed funds futures, and incredibly important number. exty: of course, the fed closely at inflation and unemployment in the u.s. but how much weight will they put on other factors? joining us from chicago is jim paulsen, chief investment strategist at wells capital management. also in new york is the person we have been talking to offscreen, mike mckee, our bloomberg economic editor. because weu, mike, have seen expectations ratchet down. matt: how important is the fed funds rate? mike: it is not important. don't pay attention to it. it does not tell you what the fed is going to do. it is telling you what investors think the fed is going to do,

and we are a month away from the decision they have to make. betty: why is it not important? ke: unless you are trading on it, it is like a parlor game. we will know much more once we get to the beginning of september, we get the employment report. we see how the economy is doing. we will have another update to gp before then. then the fed will start to think about a decision. they are keeping options open waiting on the data, which is what they have been telling us all along. betty: jim is joining us from minneapolis. do you think the fed is going to go in september? jim: think probably yes. the date is pretty baked in. the next report will probably follow the same trend. we have heard on housing and retail sales. we have heard the isn service sector. we know what job trend is. i think the limiting factor is

going to be, does this stock market route turn into a full-fledged panic and collapse. in which case, the fed will cause. if it is just a controlled set off -- selloff, we are not seeing a super rush to treasury yields. treasury yields are not collapsing. we don't see the dollar getting blown up. gold is not up much. if it is a control decline in the stock market, i think the fed is going to start the process in september. if this turns into a rout and full-fledged panic, that will shut them down. matt: what do you expect, jim? is it possible this turns into a full-fledged panic? devalue and then kazakhstan. that brings concerns you can see another shoe fall. do you expect to see another asian country devalue its currency? jim: it is certainly possible. my guess is -- i have been

expecting a full correction for some time. i think this s&p 500 might find itself in the 1800's at some point. low, youf it finds a will see a lot of people buying on the dip. it has been a popular approach. it has worked well for three years. i think you will see that. the issue would be if the buyers by on the dip and it fails again, there could be more panic on the secondary fail. i think we are headed in that direction. whether we do that in september, i don't know. if we get around 1900 with earnings next year of $120, there's good support around 16 times earnings. that would be about where it would come in at. i would not be surprised. i think we are overflowing the commodity collapse. i think we are closer to the end blowoffand an emotional

than anything else. i would expect global growth will bounce on the backdrop of considerable stimulus applied for lower yields, lower energy costs, weaker currencies. i think we get a global bounce more likely than further global witness. mike: their european central bank has been pushing cash into your. the numbers have been better than forecast. the problem is we will have the oil price shocks to china as well as the united states. a lot of people think there might be problems. but the numbers keep surprising to the upside. japan keeps stimulating. there is a lot of stimulus. talk of a chinese rate cut coming up possibly. it is possible you could see a bottoming out if not a huge jump higher. and has been 46 months since we have had a correction, a 10% correction in the s&p 500, third longest ever. how many people have the

interviewed who have set a correction would help the markets? you take these things out of the headlines out of the calculations, which is what the fed is going to do. they are going to say this is what markets do. they go up, they go down. unless there is a panic, it probably will not figure into their calculations. what they will look at is if the dollar skyrockets. it has been relatively stable. if it were to skyrocket and bring in additional disinflation and crimp exports to the point growth slows down, you won't know that by september. the would know that by december but not september. they will have to make a guess as to what is going to happen. that would take a much bigger move in the dollar. the most traded currencies, it is fairly flat through this crisis. betty: thank you so much, mike. matt: thanks to jim paulsen.

did you want to get a final word? jim: historically, we look at this is a terrible one-off situation where commodity prices are collapsing in the middle of recovery. sinceality is three times the 1970's, commodity prices have collapsed in the middle of recovery and it ended up being a stimulative result for the rest of the recovery. i think this is more like that. we will see. matt: that is a valid point. still ahead on "bloomberg market day," we are watching oil sinking below $40. is this the end of the route? stay with us. ♪

betty: welcome back to the "bloomberg market day." i am betty liu with matt miller. matt: julie hyman is giving a

look at markets which look to be hitting new lows this afternoon. julie: were talking during the break about craving cinnabons. many something to distract us about -- from what is going on in the markets. it is a painful set of days. this is the fourth down day for the major average. it looks like we are at the lows of the session for all three major averages with the dow down 357 points right now. big declines. how far down are we from the highs of the year? i have been tracking the correction, the progress towards correction. progress might not be the word depending on your perspective. from the high of the year on the s&p 500 on may 21, we are down about 6.5%. 10% is the common definition of correction. selling does accelerate today. looking for friday selling

to abate are not getting their wish yet. i want to look at momentum groups giving up the ghost, so to speak. the semiconductor index entered a bear market yesterday and is still going down today. down 21% from its highs of the year. this is up about 240% since it reached its low in november of 2008. it has outperformed the market. today, decidedly underperforming the market. the other group i want to look at his biotechs. the index is up 490% since it reached its low in march of 2009, along with the broader market. it is down about 13% from its highs of the year, so it has entered a correction. pimm pointed out the stately earlier that one of the groups astutely earlier that one of the groups doing valero, all of,

them falling in today's session. once again to repeat what you were looking at earlier because it bears repeating, look at those oil prices falling below $40 a barrel. there you have it. this big drop we saw, everything is rolling over in the markets today. betty: what a collapse today. stocks atks julie: the same time to the lows of the session. betty: coming up on "bloomberg market day," cinnabon on your doorstep. we will talk to the c.e.o. about their new suite deliveries, matt matt.et deliveries, ♪

matt: we have breaking news from jim bullard. he is speaking on xm sirius

business radio. that is the wharton school of business radio station on serious. he expects the unemployed rate to fall further into the 4% range. it is very interesting. that has two mandates ealing with inflation -- the fed has two mandates dealing with inflation. the fed wants to push inflation and keeping unemployment low. jim bullard is saying he expects the jobless rate to decline further because a lot of good things have happened in the labor market. he says u.s. growth is looking good. he expects unemployment to fall below 4%, into the 4% range. betty: and the fed is not reactor likely to equity markets. matt: that is an important thing for him to say. a lot of people would not believe that. he also says they will wait until september to make their september decision, which we would hope they did not make it already.

global markets are seeing dark days. we have been pointing that out for the last week. currencies are following. commodity prices plunging. concerns over china's growth are causing big losses in stocks. betty: what does the stage look like for u.s. companies abroad? i want to bring in kat cole, c.e.o. of brands like cinnabon and carvell. we talked about this before, your international operations. you operate stores in over 60 companies. they are in asia, russia, the middle east. are you worried when you see these numbers in emerging markets? kat: we are worried and cautious. focus brands as so many different levers to pull. traditional franchising is our core model, but we have the ability to launch licensed products and other segments of retail that give us more flexibility when markets start to fluctuate. we watch it cautiously but we

had unique levers to pull most restaurant companies don't have. betty: do you feel you are at the point where you may need to pull some levers given the currency declines? kat: not yet. we look at what is happening in geopolitical stability and disposable income in the markets where we do business. even in russia, in a smidge of recovery for 20 -- from 24 months ago, our middle eastern operations are strong. asia has been a mixed bag over the last several months. the united states has been consistently strong with a little slowing in year-over-year sales but still positive. the fact we are launching consumer packaged goods and direct to consumer on-demand delivery gives us more strength in diversification on how we reach consumers during times of uncertainty. matt: why do you think you are slowing in the u.s.? i'm assuming the lion's share of your revenue comes from here at home. i love cinnabon cinnamon rolls.

it is not helping my bottom line much, if you know what i mean. kat: i think the real driver is the fact we are rolling over literally decade record-setting cops from last year. the year over year slow down is about how strong we were last year rather than actual traffic slowing. our strongest brands happen to be health positioned, schlotzsky's, middle-of-the-road, southwestern fare. matt, it may be easier for you to eat cinnabon. now you have on-demand. you are launching on-demand. kat: no matter where you are, on-demand delivery companies are in that market. you can sit on your couch or in your office and get a perrigo. -- a perrigo -burrito.

kat: it is the cooper of food. -- it is the cooper of -- it is the uber of food. you pull it up and you can have it delivered in under an hour. matt: how is the cinnabon business doing? i have to assume people in america are looking for healthier alternatives. to treatis great yourself, you cannot eat them every day. you are not eating a cinnabon cinnamon roll every day. people still want to indulge. they want to know what is in their food. they are not necessarily looking for fat-free, sugar-free all the time. if they are going to invest discretionary calories, it better be so delicious it is worth it. and cinnabon is. betty: did you see the op-ed from coca cola? use disappointed in

the way they have conducted themselves. kat: at first i thought it was great of him to address the public and the issue. companies are trying to do research to understand what their next paths are in the best use of ingredients. in this case, he said we would like to be more transparent. i think that was fantastic of him to say that. i also think coca cola being such a legacy company and brand, it is such a big target for these discussions. they have better for you, good for you options and some indulgent, fun for you options. he is in a unique position trying to promote the business at the same time. betty: thank you, kat cole of focus brands. ♪

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with iran. a white house official says jerrold nadler of new york agreed to support the deal after receiving a personal letter from president obama. the president wrote the u.s. could use military force if iran violates the agreement. nadler represents a congressional district that has the highest percentage of jewish residents in new york. under the president one is gearing up to call for elections november 1. an attempt to form a coalition government made political divisions even worse. currency at an all-time low against the dollar and debt has soared. in greece, the prime minister may use new elections to consolidate power and get rid of dissenting voices in his party. alexis tsipras said he is going to quit and call for new elections. he has been in office just eight months. elected on an

anti-austerity platform and then agreed to more austerity than the country has faced previously in a badly needed bailout. i want to bes: absolutely honest with you. we did not achieve the deal we were hoping for before elections in january. but we did not face the reaction we expected. in this battle, we make concessions but brought a deal. given the overwhelming negative correlations in europe and what we inherited in terms of the memorandum austerity measures, it was the best one that could succeed. matt: greece could hold an election as early as september 20. it received the first chunk of the $96 billion third bailout this week. yale university is defending the way it manages and spends $24 billion of its endowment. an opinion article said yale overpaid investment fund managers at the expense of students. yale responded by saying the criticism was based on speculation and it provides students with extraordinary

support. those are some of the top stories we are following from the bloomberg terminal. in the next half hour of "number two soldiers have become the first women ever to complete the army ranger training program. will expanded combat roles be next? we asked the first four-star female general in history. we will tell you why exchange traded funds that had gently strong dollar are outperforming -- hedge out the strong dollar are outperforming. oil is headed for the longest run of weekly declines in almost three decades. the price dropping below $40 a barrel today. you can see $39.96 a barrel. what is next for commodities and the dollar? the bloomberg surveillance team asks jeff currie. >> you go back to may of 2001, the dollar was at its strongest point in most of our lifetimes. what happened later that year?

you had september 11 and the tech bubble burst. weakyou kicked off the dollar era that lasted from 2001 to last year when he saw oil and euroollar or at least the rollover at the same time. that also helped to stimulate emerging markets. stronger growth puts upward pressure on commodity prices. higher steel and copper prices puts pressure on oil prices. it feeds on itself over the last decade. very similar to the story we are seeing now feeding to the downside. >> september 11 is the definition of an exogenous event. last things we would have been able to see already been? >> we got bullish on commodities in 2002. during that time, we were looking primarily only at the commodity fundamentals.

that was also when the weak dollar that kicked off. it is one of the issues we think about what happened. there was no russian ruble. it did not start trading with liquidity until the early 2000's . it was those currencies that started going up and appreciating that helped drive up the cost of producing money. >> where are the adults in the room? you and i know this august fix by politics at the end of the day, are we there or do we need more pain? >> substantially more pain in the market right now. we saw it in metals but you have not seen it in energy. you're just now beginning to see it in the agriculture market. we are getting to that point. i think you need to see more pain across sectors. emerging markets are a classic point. when banks decide to refinance, is that a tipping point? >> i saw you can't -- i think you saw the tipping point yesterday. when we had the resets, that was

going to cause the backend to selloff. the backend sold off yesterday. december of 2016 -- >> what is a revolver reset and why is that important? >> it is important because when we think about access to credit, the basic credit line is based on where the banks see the long-term price. let's say they put it at where the old long-term price was, at $75 a barrel. now you have the backend in the $50 barrel range. >> could go below $20 a barrel? what would it take? >> if we end up reaching storage capacity, surplus gets a big you don't know what to do with it. spot prices have to collapse to cost price. >> bloomberg, $29. >> we would argue their of sources. the oil sands in canada is between $30 and $40 a barrel.

has strong balance sheets. they can withstand this longer. you have to go down to the cast caught -- cash cost of the u.s. producer. now you are talking $20 a barrel. >> what does that do to dollar canada? can we get it back to trudeau levels? give me a quote. you can weaken further than 1.35. i think most people view this as a temporary event. it will drop. you get a production cut. >> this is critical. ed morris of citigroup says it is a temporary event and we rebound. you are saying lower for longer. >> lower for longer in terms of the long-term price. the equity market is trying to price in something closer to $80 a barrel long-term. we are talking $50 a barrel. matt: jeff currie, the head of commodities research at goldman

sachs on "bloomberg surveillance" this morning. meg whitman says expect more difficult quarters ahead for h.p. as she splits into two companies. will the road ever get easy for this one time tech pioneer? ♪

matt: welcome back to the "bloomberg market day." i am matt miller. the dow is closest to a correction. let's get a check on the markets with julie hyman. by correction you mean? julie a pullback of 10% from the highs. mike mckee and i were talking about the idea of correction. a lot of strategists have been calling for it saying it would be healthy.

now that we appear to potentially be in the midst of it, it does not feel great when we are seeing a selloff like this week. all three major averages not quite at the lows of the session but close to it. we had the dow earlier touching its lowest since last october. the s&p and nasdaq, their lowest since february. we will see where we end up on this friday. take a look at my terminal for the dow. the dow is neck-and-neck with the nasdaq. the nasdaq reached its highs for the year july 20. the dow reaching its highs for the year on the closing basis may 19. now it is down 8.9%. darlier today, it dippe more than 9% from that high. we will see where we end up today and if it does meet the definition of a correction. in terms of the selling today, it is very broad based. not a spot of green on this screen today. energy and discretionary selling

off the most. energy taking the top spot in terms of the steepest decline is because of what we have been seeing with oil prices. oil dropping below $40 a barrel for the first time since 2009 ad took a sharp like lower little while ago to reach those levels. right now, it is above $40. a bit of yesterday, suspense heading into the oil close to see if it will be able to hold above that level. there is one more chart i want to look at on my bloomberg terminal. let me put in the right number. what we have seen over the past couple of months is a global selloff in commodities and emerging markets. the emerging markets down sharply from the highs earlier this year. this is a bloomberg commodity index. at the same time, u.s. stocks were holding up relatively well.

but now we are seeing a rollover of u.s. stocks as well as they get caught up in these concerns about global growth. they had until now seemingly withstood. that appears to be changing now. we will see if u.s. stocks bounce and end up leading the rest of the world. until now, we held up surprisingly well because we have had stronger economic data in the u.s. but now there are concerns about what it will mean. matt: it is unlikely they fall as much as commodities down 16%. although, you never know what can happen especially when you have this kind of crisis in asia. the last time it was not pretty. thank you, julie hyman. i want to get a closer look at what is going on overseas. here is hans nichols from berlin. hans nichols: nothing but negativity and red in the major european equities. they are down more than 2%. the cac 40 down 2.4% last i

checked. the ftse is down 2.47%. the cac was down 2.7%. is a negative territory down 2.4% today. you look at them over the last two weeks, they are down was 12%. today, lufthansa led declines down 5.5% on the day. in the morning, they were rated by goldman from cut to sell to neutral. that could have affected their price. the german utility also down 2.5%. in 10 year bonds, it is a mixed picture. we saw german factory growth numbers may have influenced things. they came in better than expected. that lifted the european composite to 54.1. it had been 53.9 in july. that is closely four-year high reached in june. the business index is at a four-month low.

take a look at german yields. they were down a little bit, up and down throughout the day. down less than 1%. we saw the u.k. yields down about 6%. the u.k. clearly had the biggest rally in their bonds. a 17-basis point dropper greek debt. everyonee in greece as is looking at uncertainty trying to figure out what is going on. matt: moving over to asia, stocks tumbled after the u.s. market fell. the shanghai composite fell 4.3%. the nikkei down 3%. all of this on what happened here and mainly on disappointing economic numbers in china. preliminary manufacturing gauge fell to the lowest level in six years. stephen engle filed this report from hong kong. china'sengle: manufacturing pmi has not been this low since early in the global financial crisis. the preliminary august pmi coming in at 47.1, indicating a

six-month in a row of contraction in manufacturing. this surveys mostly private sector manufacturing. factory employment and new orders are following at a faster pace as the economy grapples with industrial overcapacity, the fallout from the downturn in property investment, and a volatile stock market. janus is no fan of hewlett-packard. you shorting the company is it has toward a split -- he is shorting the company as it goes toward a split. meg whitman says there is a difficult business environment for several quarters to come. cory johnson is with us. say it islarify to possible jim janus is a fan of the company, he just does not like the stock at this price. i do know he watches bloomberg

t.v.. if i speak, he will shoot me an e-mail. cory johnson: he is a nice guy and i'm sure he does not wish ill toward anyone a hewlett-packard. the stock is up in the midst of a market route. good on them for the day. stock down about 20% for the year. i would imagine jim janus still short the stock. does it offer some hope this good bank-bad bank thing will work out in the form of margins and they also offered hope restructuring talks might come to an end. cory johnson: whether that be amazing? think about how ridiculous that is. someday, they would stop taking one-time charges. matt: they are firing 55,000 people. cory johnson: initially it was

30,000 people. part of meg whitman's bonus is boast on a pre-restructuring process. ,he more restructuring they do the bigger the pool for part of her bonus. you wonder why someone like jim janus would be short on the stock. one reason is it is a shrinking company. not only is the company shrinking, the pace of the shrinkage at hewlett-packard is accelerating. look at that. that is their year-over-year growth. that is shrinkage. that is what is happening at hewlett-packard trade one reason the stock is up as they beat the number yesterday. was worse thanr expected, earnings-per-share were better than expected. you have to peel the onion to see how they were able to get that. two cents about was other income. twice is good as the previous quarter. the biggest thing not many have

focused on is the restructuring charge. restructuring is continuing. they say it will continue further even after they split into two companies. strangely, the quarter they just reported last night took a restructuring charge from year ago, $649 billion, and they only took $25 million of that in the quarter yesterday. if they had picked an average number -- matt: you are implying some financial engineering is at work. you are saying they could have put almost any number in there. cory johnson: the analysts calling it an eps beat were not calling on a number they badly was anticipated. matt: it is not hard to beat analyst estimates considering 70% -- 76% of s&p 500 companies do it. cory johnson: it is not an indication of strength of the company. it is an indication about analysis. matt: they want to turn the

company around. they have a plan. it is going to be painful. not look like it is not going to work out. of a gooda good idea start for one unit. not a lot of competitors. almost every business unit saw the clients on a year-over-year basis. the margins were better in one part of the business. every business unit was shrinking. it is a company -- matt: i'm trying to make the argument for they have a good shot in this business because yesterday, you pointed out how many competitors they have. a lot of companies are rolling their own anyway when it comes to servers. cory johnson: he was talking about growing something and rolling their own. it sounded like he was in san francisco. matt: a lot of big companies are building their own hardware. cory johnson: apple, facebook,

google, they are building their own servers and routers. not entirely, but it has hurt the business of the white box, off-the-shelf manufacturers of routers and servers which is exactly what hewlett-packard sells. they are in a tough spot because that is not the preferred device when it comes to corporate america. matt: cory johnson, thank you for joining me on this friday. i appreciate you not wearing a tie. i rolled up my sleeves. still, women are heading to the front line combat situations. we will speak with general dunwoody on the new military roles for women and changes ahead. ♪

matt: this week, we are seeing historic strides for women in the military. two women have become the first to graduate from the ranger

school. the navy seals have announced they will allow women to try out for the elite team. general ann dunwoody is the offer of "a higher standard, leadership strategies from america's first female four-star general." thank you for joining us. we are honored to have you here. how did you get to where you are in the military? how have you come so far? i am sure it has not been an easy task. general dunwoody: i had a lot of great mentors, a lot of great coaches throughout my military career. people that believed in me, who believed i was capable. i tried to be fair, professional, and live to a higher standard. hence, the name of the book. i think women believe they have to hold themselves to a higher standard because they need to do that to be accepted in the ranks. what i found out is all good leaders lead by higher

standards, live by our standard, and encourage others to do the same. the women's graduation from the ranger school is the latest in a series of first for women in the military. what do you worry about as women reach more milestones? what do you worry about as women achieve more milestones? general dunwoody: worry about? i am thrilled and proud of these females as they have opened another door for women in the military. i spent almost four decades in the army. i witnessed doors continue to open throughout my career, from joining the wac corps, the all women's auxiliary corps integrated into the regular army. we integrated gaze into the military. and now, women into combat

positions. makes me proud when we see women capable of demonstrating they are capable of meeting and exceeding the standards so they can too become all they can be and the army can leverage the talent in its ranks. matt: how is it possible physically? training for the navy seals and army rangers is difficult for even the strongest and fittest men to accomplish. how can women who are not as strong, biologically not as strong as far as their physical bodies are concerned, achieve that? hat's offnwoody: my to every member who graduate from the ranger course. i'm extremely proud of the women able to demonstrate they were capable and professional. when i think back on my career, when they started to let women jump out of airplanes and go to

airborne school, there was not a huge support for that. what are we going to do with women that jump out of airplanes? and now, they have women instructors, women pilots, and they have demonstrated they are part of the team and very capable of doing this. had i not been able to go to airborne school, had i not been able to go to jump master school, be part of the 82nd, i would probably not be here talking to you today. matt: we appreciate your time. general ann dunwoody, the first female four-star general in the u.s. scarlet: quite accomplished. matt: very impressive. you're going to take a quick break. i will see you back here at the top of the hour. ♪

mark: it's 11:00 a.m. in san francisco, 2:00 p.m. in new york. nothing but red, the selloff continues showing no signs of slowing down as markets in the

world enter correction territory. >> a veteran trader tells us what is next after emerging market currencies collapse. community is ne trying to improve its estinations. good ann, i'm mathieu here with scarlett suh. scarlet: t.g.i.f., if you look at how stocks are performing right now off our sessions lows, you can see losses of at least 300 points, now 282 on the dow industrial, the s&p 500 almost at 2,000 even, the nasdaq down by almost 80 points. come inside my bloomberg terminal. certainly this is not limited