lighting oval global growth concerns, particularly in china. we will look at why oil prices are down after their biggest three-day rally in three years. what many tell you democrats are asking the fec to make this a requirement. >> good afternoon. i'm alix steel. >> i am betty liu. equities are bouncing around at the lows of the session. you can see that the dow jones industrial average is off now by 329 points. financial energy stocks are leading shares lower. beenicks index, we have

watching this gauge rise and rise. look at that despite. over the last three months, how gone upthat gauge has in tandem with the volatility that we have seen -- with the decline we have seen in the markets. much of that is having to do with what is going on overseas. the world market index. it shows that we have seen the worst month since 2012. we are off in the last three months, down by almost 21%. alix'smarkets, which is specialty. we had the biggest three-day rally in 20 years. we're back down 7% now. the year to date, we have been looking at how we have dropped from the peak. there are still concerns. aboutc serious essentially pairing up with other countries to cut back on production?

inventory levels in the u.s., they continue to rise. alex: if you look at the intraday, that little jump where we are signaling we are off the bottom of oil could be important for the market. they attention to that. we want to check on the bond market. where are you going to put her money when you are freaking out? go to the treasury market. you are saying that. yields are coming down as investors are moving into that safety. the two-year has more leverage from any increase from the fed. we want to look at the currency market, there is definitely a safety trade there, as well. that is in terms of the yen. that is rallying the most in a week. the yen and the euro are to currencies that have been very popular with investors, seeking safety, as the dollar comes up. one trend i want to highlight bloomberg terminal is the aussie dollar is down at a six year low. betty: resource currency. of australian exports

go to china. it is very leveraged to that country. that is a direct indication of how it affects global markets. chrysler has kept the winning streak alive. the north american unit of fiat chrysler said sales rose 3.7 percent in august. analyst predicted they would fall. sales have gone up for 65 months in a row. sales have gone up 5.6%. trucks and suvs led the way while ford and car sales fell to her general motors sales fell but not as much as expected, gm is boosting the outlook for a full year delivery. shares of dollar tree are taking a hit after forecasting sales that trailed analysts' estimates. it is trying to observe the family dollar store train which it acquired in july. it's major competitor is dollar general. the bankshowdown over

of america ceo can keep his chairman title. bank shareholders will vote on whether the lenders borchard have a lot of morning and to add the shareholders title last year. a will vote against the bylaw change. they say that the lender has underperformed under his leadership. at least one analyst says they should change the makeup of its governance committee, or out him. promoted toot chairman last october 1 after a bad year with the $4 billion accounting error and the feds trust issues. the ceo was promoted to chairman without talking to shareholders even know they voted in 2009 to separate the post. on top of that, the director gave himself a raise in the midst of this happening. this whole process makes a mockery of all of the effort to the industry to try to improve their reputation and oversight. betty: when the pensions fund managed combined including a

total of $1 billion of bank of america shares, that meeting is set for six over 22nd. drama. a county clerk is defying the supreme court over same-sex marriage. kim davis is refusing to issue licenses for same-sex marriages, despite a rolling by the high court last night. davis says she is acting "under authority." a district judge cannot hold her in contempt. she has been ordered to a federal hearing on thursday. alix: vince goalie has worked 66 seasons calling games for the l.a. dodgers. he says his 67th season will be his last one behind the mic. he will step away from the broadcast boost after last season. he is going to work there in delhi is 88, then be like, that's cool. the other top story.

the markets. all stocks in the s&p are in the red. betty: equities are on their worst quarter since 2011. erratic ands all of mark regan. we are all glued to our screens watching these markets take up i take. all of her, let's start with you. even though this is happening in real time and the markets are one day up and one day down, the strategists are staying firm? absolutely. we have a table on a monthly basis of 22 strategists across wall street. we looked at it again a week ago. the chief technical strategists e-mailed me and said, why haven't you updated your table this year. we said, we have, it has not changed. when you have strategist saying that not only do i believe in

the underpinning economic strategy in the united states, the economy is growing at a solid base, and the bull market has given me 200% plus returns until this correction. correction.asonal september is the worst on record. since the bull market began we have seen gains from now until the end of the year every year since 2009. you get a little support from that. on average we go up and percent. targets are now 14% above for the s&p is trading, so it might be getting a little stretch, but we hop -- but hope is not lost at this point. a handfule has been of cuts, but they are not did wild cuts. adam parker is cutting his year and focus to 2200 from 20 to 75. you figure at this time of year, it is tough to cut more than once. if you're going to make a cut, you should do it now and get it over with. day, i alwaysthe

feel sympathy for these people. imagine trying at the beginning of the year having to tell people where the s&p 500 will end. that is what they are paid for. mike: it is predicting the weather on next new year's eve. it is almost impossible. they are flat lined and not cutting too deep even after all of the volatility. you can commiserate with these guys, because some after the october drop said we are below were i want to be. i will move my estimate down. some of those that were more polish were right at the end of the year, even though they were lower. they got burned again. even though we see people move down, we'll have one strategist that is saying the s&p will end of the year lower. that is sean darby from jeffries. alix: when you look at the volatility that we have seen, that does not seem to want to go away anytime soon.

inside my bloomberg terminal, i can show you the discrepancies. this green line is where volatility futures were a month ago. they were meandering along at no big deal. in a year you're looking at 18 on the vicks. this is how the futures curve is looking for the vicks. you are looking at around 26 in a few months. this, in essence, tells a story of what we have seen in the market. is a great observation. a lot of the time you can see the spot fix shoot up higher signaling that people are worried about the short term. looking at other futures further in the year they remain low. what you are seeing is the futures coming up, so it indicates that people in the options market believe the thisility is not fleeting time. it will last for a few months. betty: oliver, what is the strategists' targets. what are we pricing with these targets?

olive: they still have some faith on the basic corporate story. faith that earnings will continue to be pretty decent. a lot of these guys, they will say we have to look at this x energy, so i will decide if that is something you want to do. betty: and they pick it out on the upside? olive: saying that in energy we had a 5% earnings growth last quarter. they do have faith in me economic -- in the corporate back strap. i will point out that stocks have done well even despite economic data that sometimes misses. the stock keeps appreciating. we have that in account. the guys on the flipside are saying that i want to pull down my estimates. they are pointing toward issues that we saw crop up in the first and second quarter, which is oil. the energy aspect and the dollar -- the multinational companies when the dollar appreciates. even the guys that are pulling down their targets, it is not for anything grand or incredibly new that we did not know until last week when the market started feeling back. the market is not just a

quarter story as some guys have told us. mike: guys and ladies. alix: what part of this is technical trading that we have seen in the out goes, or the volatility mechanism, the risk parity mechanism -- it is not fundamental which could be a explanation -- and expiration on white has taken strategist longer to -- there is a lot of semi automated strategies double and leverage when they see volatilities go up or they readjust their portfolio based on volatility. there has been notes on that. a lot of strategists believe that that is the quant quake. if you like the a liberation, there you go. i did not claim that one. that was andrew low. if you are able, that makes you

if you are a bull, that makes you think, this is eight fleeting spasm in the market, and eventually the fundamentals will take over and go higher. at this point it is anyone's guess. if that is the story, how long cannot last, and what damage that will do to confidence in the fundamentals as we go forward. alix: good stuff. betty: great stuff. not for anyone that is invested in the market. alix: if you are short, this is making you happy. it is making traders weep, i would guess. still ahead on the bloomberg "market day." we are staying on the market while almost all the stocks in negative territory. betty: we will look at the stocks moving the most after the break.

alix: welcome back to the bloomberg "market day." i'm alix steel. the dow is down as session lows. we will go to matt miller with a look at the markets and some of the best and worst performers of the day. 3.50 we're moving down to on the dow. 16,177 right now. .30. right now we're 60 points away from the august lows. theously, a 2% drop across board. it does not help on the first day of the month, which is typically up, if you will recall

from my analysis on the seasonal moves. in september, we are typically 3.08% on average. today, we are 2% down. let's look at some of the big movers. interestingis an one. it was taking off this morning after an analyst at raymond james raised his rating on the stock and put a price target of $400 on it. a 33% gain is what raymond james think you will ask deked out of biogen idec. on a down day, it does not take much to be the biggest gainer. this is of 9/10 of 1%. 300.st about an interesting call from raymond james. has already been down 70% over the last 12 months. look at the stock right now.

the downgrades hurt even more. especially when you look at the fact that you have not had a serious gold rally. the producers in the biggest publicly traded copper producer. here's a look at my terminal. i took a one-year chart of freeport back -- freeport macnoram.eport- its competitors could be producing more copper. that would be a huge problem. look at apple and netflix. i want is what apple was doing because of its partnership announcement with cisco yesterday. in today's news, it is making tv producers, film producers, to create original content. if apple does that, a lot of people have noticed that could be a threat to netflix and amazon.

that flex right now is down about 7%. it even got an upgrade. a price target upgrade. apple is down 2%. the moves and apple have a tendency to affect the average is more, since it is worth 10% of the nasdaq 100 alone. the netflix move down with a price target of $133 from the of a week as of the japan launch. netflix was to be global by the end of 2016. it is launching right now in japan. alix: thank you so much, matt miller. we want to take a look at the other top stories at this hour. american factories have not expanded this slowly in more

than two years. manufacturers are hit by the slump in china and other emerging markets. the stronger dollar is making it tougher for u.s. companies to sell overseas. for the first time since google isght its net labs it upgrading its digital thermostat to get more homes and devices connected to each other. the new nest thermostat will have a larger screen and can sync with other devices like a smoke alarm by a single mobile application. expecting twins girls. the ceo of yahoo! wrote on the company blog that the twins are likely to arrive in december. she said just as she did with the birth of her son three years ago she will take limited time off and work throughout. she came under fire for only taking two weeks off and critics claim she was setting unrealistic goals for women. still ahead on the bloomberg "market day." after his best rally in 25 years. we will talk about what is really moving the market after the break. ♪

alix: this is the bloomberg market day, i am alix steel. a turnaround in oil prices. the west texas intermediate is trading lower. down to 7%. oil is climbing on monday after the u.s. government put estimates for the first half of the year. there were reports that opec said it is prepared to speak with other producers about getting "fair and reasonable prices", but they say that that is in doubt. we're joined by andrew cosgrove, the energy analyst for bloomberg intelligence over at princeton. take out the fundamentals. what is technically moving coil right now? andrew: you can look at sure covering in the market. oil dropped to a critical whole number level of $40 a barrel. i think that the market was sensitivee and more

to positive new flow rather than negative new flow, and that is what happened. you had a short covering rally and we saw the biggest price rally in 25 years unfold. alix: i'm trying to pull it up on my terminal and look at the total short contracts. you can come inside my bloomberg terminal. how many shorts have come up in the last few weeks? kind of bullish headline and you will see those shorts covered. would you make of the opec headlines yesterday, and why the market no longer believes them that opec will join and cut? andrew: the saudi's are going to stick to their guns. .pec report was a nonevent nothing has changed, fundamentally. opec production will grow the next year. cap x is growing in the middle east. theyil service companies, are touting their releases as being one of the best performers.

cap x is growing in the middle east. if you look at the saudi rate count it is growing this year. if you look -- everyone focuses on the u.s.. it is more or less meaningless at this point. the other part of the equation is the non-opec and non-us supply. people are calling for a fail. these have long lead times and projects were sanctioned. he will not get a job in canadian or brazilian output. they are looking for that long short investment to be hit, that will take time. any weakness from norway or the u.k. will be offset by higher production elsewhere. alix: non-producers getting together and trying to cut production, that happened in the past in 1998. you had mexico and russia joining forces. why wouldn't something like this happen this time? andrew: i think the market is too fragmented. everyone has their own self interests that they are dealing

with. it is not something that i think there is a high probability of happening. it is a situation that you cannot rule out, but for right now, it is remaining off of the table, more or less. i do not think we have seen enough stress in the market. we need a lower oil price to clear the market, and we not getting that right now. alix: another thing that moved markets was the iea revising downward its first-half production forecast for the u.s., saying that it actually was 94 4 million barrels a day, that was less than some had estimated. how do we debunk that. 9.4 million is still a lot. andrew: the u.s. production will grow on an average basis this team versus 14. the modeling that we have done in 2016, even at the current count, we could still get production increases in 2016 if uncompletedn the well backlogged that we could have coming on. we could move into the high 50's

or low 60's. from there you will see prices be capped as the market anticipates that coming online. we will see more of a bathtub type recovery in the u.s., meeting subdued completion in drilling activity throughout 2016. and 28 and you make way for u.s. supply to grow, but we see subdued activity and the next quarter. alix: bathtub recovery. that is the coolest thing i've ever heard. joining us from princeton. coming up, it is back. the debt limit returns with plenty at stake. we will discuss after the break. ♪

betty: welcome back to the bloomberg "market day." i am betty liu. we will look at how currencies are doing. you have the yen.

you can see, the subject of that safe haven buying, in one week we have seen the yen gain almost one percentage as you can see on this one week chart. the euro is also being benefited by the safe haven buying. what we have seen and the market in the last few weeks is volatility. that is the keyword. on that note, let's look at how equity markets are trading. we have an bouncing along. the lows of the session so far in equities, the dow is down by 400 points. 2.3%.p is now lower by energy shares, financial, those are the ones being wrought down, or bringing down the indexes. on energy, let's look at where oil prices are trading. they are resuming lower, again. nymex is down 7%, same with brent. the three-day rally is pretty much disappearing. the best rally we saw in 25 years. it is down with concerns about

inventory moving higher in the u.s., that is pricing down oil. futures are moderately higher, 6/10 of one percent. the safe haven buying continues in the bond market. yields, and even on the shorter end of the yield curve, continue to come down for the two-year, 10, and 30. you're seeing lots of buying. fear is what is going on in the markets. lots of fear. let's look at some of the other top headlines making news this hour. an unprecedented announcement from pope francis. he is calling on all priest to party in limiting up at abortions if they seek forgiveness. typically only senior church figures can forgive the son of abortion. lies for thein of whole year, the traditional time for remission and forgiveness. some wonder if the plunging stock prices will make the fed put off raising interest rates. one wall street veteran thinks the higher rates would squeeze the volatility out of the

market. jacob franco explains why on bloomberg "surveillance." >> when interest rates are zero, it means that investors think that everyone is chasing after the yield. if you're not chasing after the yield you are looking for activities that are more risky. activities that are more risky is in the system. people go to the financial markets, they start to reinvest. that is why, if it is so important -- it is so important that the fed finds its way into the interest. betty: he's up nearly a decade as the governor of the bank in inael and specializes foreign exchange issues. donald trump is sharing the top spot in and i was told. they found trump tied with retired neurosurgeon in carson. each a 23% and the monmouth university poll. carly fiorina is third at 10%. rick perry's campaign is fading fast in the state that votes

first in the primaries. he has only one paid staff member in iowa. the latest batch of hillary clinton's e-mails show that she and her staffers were wary of security issues. 7000 more pages of e-mails were released, many were concerned about protecting information. ms. clinton's e-mails from her time at secretary of state are being reviewed because she is the private server instead of a government system. that is a look at the top stories of this hour. securities and exchange commission is being dragged into the 2016 presidential race. it has led to do with how it regulates wall street. more than 40 democratic senators signed a letter to the sec senator mary jo white urging her to require that public companies spending on political campaigns. a bloomberg national political correspondent has that story from washington. on the other side, republicans are pretty opposed to this idea.

should companies be worried that they might have to disclose this? to one comes down person, mary jo white. she is the decider on his boat if it ever comes to that in the fec. commissionersic that are not mary jo white are all for this. here is the issue that companies need to pay attention to. at the moment, mary jo white has given no sign that she was this on the sec's agenda. the danger ofk on politicizing the sec, something this would likely do. you once to hold off on the pressure coming from democrats. more than one million people sent in letters during the comment time for this potential role to the sec. there is a lot of pressure there. at this moment, mary jo white has given no sign that she is going to consider this rule in change her mind. betty: who makes disclosures now? companies.2% of

this goes back to the 2000 10 supreme court system that unleashed a new wave of campaign finance when you talk about super pac's, 501(c) fours, unlimited spending groups. they do not have to disclose how much they can give. they can get unlimited amounts. they can also give unlimited amounts like the chamber of commerce or trade groups that do not have to disclose. the issues that you hear for advocates -- from advocates is that investors deserve to know at public companies are spending their money on, even if it is political campaigns or causes. at this point, shareholder demand and ballot initiatives have all failed when it has come down to this. the secave pointed to as the one group that can make this happen. as long as mary jo white is on board, this is going nowhere. betty: do shareholders once th -- do shareholders want this as well? phil: on the survey side it looks like him yes. they have tried to bring this up as ballot initiatives, but so far more than two dozen have failed. does not look like it has a

ground swell enough to move it on the company by companywide basis. that is why you are seeing the focus on the federal level. there's a recognition among advocates this needs to be enforced from the sec for this to work. company by company it is too difficult to pull off at this point. betty: on another matter that is happening in washington, it is the debt ceiling. the government is expected to reach this limit as early as mid-november or december. lawmakers have no plan on how to raise the debt ceiling. i really at this again? phil: yes we are. about talking mid-november. as we lurched from crisis to crisis in washington dc as we have for the last couple of years, we're looking at mid november as a dangerous proposition in and of itself. they have to fund the government passed october 1. i was talking to leadership capitol hill aides over the last couple of weeks, and they're looking ahead, and they see serious problems. the reason is that the white house has said that it actually

will not negotiate over an increase in the debt ceiling. not consider spending cuts or anything. they want the increase in the debt ceiling to be standalone with no attachments. republicans now control the senate, which they never did as we were going through the debates for the last couple of years, and the house, and a key component is that three republican senators are running for president. this will be a month and a happy for the iowa caucuses. you can bet that they are all going to make this an issue on the campaign trail. all that debtors put republicans that need to control the house and senate in a very difficult position as they try to the euro to way to increase the debt ceiling, something market participants say is an absolute necessity for the u.s. economy. those three could have a big impact. this is likely to have a big market impact. how good this impact markets? big question, betty, through the last three years, no

one has been able to quantify -- what is the impact of failing to increase the debt ceiling, but of the gridlock and the debate itself. the government accountability office just released to lob acres on capitol hill, a 74 page report looking at the 2013 impact. there are real impacts. more than $70 million was lost in the u.s. due to increased borrowing costs during this time, and you had a market based systematic avoidance of certain treasuries that were maturing about the time the debt ceiling was to be reached. a dramatic increase in rates, a halt to accepting collateral. 20 market participants were interviewed to make this report happen. banks, clearing banks, mutual funds, credit rating agencies, this is an excellent report looking at the real-life market impact. not only did they have major problems of 2013, but every one of the market participants interviewed said that when we get to this debate again, they

will take the same measures when it comes to strategy. all that will do is cost the u.s. government more money. that is not even considering the possibility of going over. that is just leading up to it. a lot of problems are caused by this. and a lot of issues for lawmakers to consider as they go into the debate over the next couple of months. betty: let's hope we do not get into that situation again. thank you. our national political correspondent for bloomberg politics. still ahead, boomerang employees are on the rise. white shifting employer policies are letting former workers come back to their old jobs. ♪

betty: welcome back to the bloomberg "market day." let's look at how the european markets have closed. >> five letters, ch nih. china dictating how european markets for every single industry group on the stoxx 600 fell today. look at the color on the screen. last month had the biggest fall for european equities and 4 years. more of the same on this first new day of the month. the get the tax in germany, 19% below the high said earlier this year. 14 out of 18 of your -- of europe's main equity markets have gone 10% from the highs this year. it was not all about china. we had manufacturing data out of a french. -- out of france. not as much as estimated. unemployment in the eurozone fell to a three-year low. something for the ecb to consider when it meets on wednesday, the third day this

week. have a some of the big movers in europe. it was not all about the decline. roughly 15 stocks that rose. electric, up by 8%. the swedish maker of medical devices is forecasted to return to growth in the second half of this year. the get glencore, the world's biggest commodity trader, the minor, 9% lower today. it has been hammered since china devalued its yuan and lost 33% of its value in three weeks. man group is the world's biggest publicly traded hedge fund. 7% lower today. why chinese authorities took the chairwoman of its china unit into custody to assist with a police probe in market volatility -- while chinese authorities took the chair assistnto custody to with the police probe in market volatility. the first day in september, oh dear. china, that was the big

story in asia. what we saying with chinese benchmarking as the pmi gauge is contracted to a three-year low. stephen engle's reports from hong kong. interest cuts have not revive growth in the chinese economy that has been said by overcapacity high debt and weak demand at home and abroad. the official manufacturing pmi fell into contraction for the first time in six months to a nearly three and a half year low of 49.7 in august. a second pmi does a second pmi a mostly privately run companies also sewed contraction. the private sector is showing volatility. it is still expanding, but weaker than july. going through a bumpy deceleration. it has been exacerbated by the current stock market route. betty: the stock market route is going on today in the u.s.. bloomberg's matt miller has more on the market day. as i understand, we have 90% of

the s&p stocks in the red so far? 95% as we move lower and lower. at one point this morning, we only had three s&p 500 stocks gaining. right now you can see that we are off 400 points. as the session lows for the dow jones industrial average, off 2.5% on the s&p 500, 19 went 23. getting closer and closer to august lows. we were down to 18 point 77 at the lows. look at a couple of the chinese index trackers that i want to pull up. a shares is one. fx i is another one. you can see ishares, she mock, 4.7 5%.he index is down the deutsche bank ex trackers is down 3.5%. thisked to see how closely track, the show engine 300. if you look into my terminal,

you can see a little spread -- the show engine 300 -- the show part of the bottom, you can see the spread. it has gotten tighter and tighter. obviously, with this horrible down trade over the last three months. the a shares was down 18% last month. 15% in july. eight percent in june. it has been a horrible summer. much worse than it has been for gen 300. they're getting closer. looking at the s&p 300, i'm going to pull up the imap function. let's look in my terminal. the s&p 500 imap. can you switch back to my terminal? you can see red all over the place. consumer staples, some of the big losers, energy and financial actually driving all of the losses.

3%, three point 2%. there is basically no green on here. this morning we were seeing a little bit of gains in energy. a little bit of gains in airplanes, delta, and american airlines. we are not seeing any of that right now. chesapeake was interesting. it was gaining this morning even as oil fell down. you can see the biggest drop in oil in seven months after the last three days. we had the biggest gains in 25 years. today, we are down 6.5%. the $5.98 a barrel. gold is not doing incredibly .ell gold is only doing the best that it has done in one week. 11.40. and they are seeing the biggest gain in treasuries. it looks like there is nowhere to run and nowhere to hide. betty: nowhere indeed. thank you so much, matt miller with a roundup of what is going

on in the economy in the jobs market, ever heard of boomerang employees? the chances are that you will. workers who returned to their former employer are becoming more commonplace. a survey of hr executives showed that 80% or more excepting of hiring former workers. joining us to discuss this hiring policy shift is mark crumpton. people withnt skills. sometimes it is easy to bring people that have work with you before back into the fold because you do not have to train them from ground zero. they can hit the ground running because they know the culture, the system, and what is expected. this was an interesting story, because you get to the point -- remember to be during the financial basis, they were discriminated against for being over a certain age and if if they had been unemployed for a certain amount of time,

they were pushed to the side to get millennials. that does not seem to be the case anymore. i wonder what that says about the overall economy. betty: it says the jobs market is very tight. you might be able to think this millennials -- thank the millennials for this trend. we keep hearing that they go from job to job. they want to do many different things. they're less loyal to their employers. that contributes to the need for talent. mark: this was interesting, because from a workplace trends study, 76% of 1800 hr professionals were more accepting of hiring former employers then -- employees than ago.were five years two thirds of managers agreed that they would hire former workers. workers considered they would return to their old company. i found that fascinating. some people believe want to have broken ties with someplace you look forward. it seems like you're taking a

step back if you go back to where you are from. betty: clearly, not anymore. i have never been a boomerang employee. mark: me either. actually, one time. when i was 22 or 23. i went back to my old employer in pittsburgh because it was a different job. i got bumped up a couple of levels and got more money. betty: the lesson is do not burn your bridges. what is coming up? mark: we'll stick with the big story, the markets. as matt miller was telling us, the global market selloff, oil had its biggest drop in seven months, it is all part of the sectors of the s&p 500 that are down today. we'll be talking to the kristof and senior managing director of midmarket securities. we will be talking about this, we will be talking about the euro migrant crisis, which the

humanitarian scope of this cannot be underestimated. it is heartbreaking. betty: there is an economic toll? toll,there's an economic a lot of politics are involved. the vatican's getting involved. pope francis is saying to some countries, even if you're having financial problems you have to work amongst yourselves to take some of these people. these pictures are heartbreaking. people that are drowning trying to get from war-torn areas into europe. a lot to talk about. stay with bloomberg tv, not only for that, but the markets. there is a lot or read. you are wearing red today. betty: i am, but i did not plan this. you are exactly right about the market. the dow is at session lows right now. the s&p and nasdaq are not falling far behind. let's look at where they are as we go to break. mark: 15 points. ♪

betty: welcome back to the bloomberg market day. i am betty liu. let's look again at where we are in the dow. we are in new session lows. we had taken a turn for the worst. so far in the session, every single one of the companies, 490 nine in the s&p, are in the red. the only one that is of a sigma aldrich, the chemical company. but that is barely in the green. it is only .04%. almost all of the companies in the s&p are declining. the dow is down 410 points off 2.5%. we will keep an eye on the markets. last month, u.s. car companies ramped up sales as car buyers snatched up more pickups and suvs and took it vantage of cheap financing.

two pointells rose 5% of gm and toyota reported a drop in sales, but they were not as painful as wall street expected. what is happening? let's ask our auto editor in detroit. we were expecting an ugly august, what happened? bad asit has been not as we thought. it is funny, because all of the estimates came out last week, before the weekend. it was hard to tell how the real economy was going to respond to all of the stock market turbulence. we have seen them separate and say maybe that is my retirement savings and that is something else. they feel confident in their jobs. they feel good about the financing that is available. they went out and bought cars like they had it all year, especially the last 4-6 months. betty: to expect this to hold up? jamie: all of the fundamentals appear to be strong. there is aces that august would

be a pullback and the september with get the bumper because of the labor day weekend being in september. theet the bump because of labor day weekend being in september. it is less exciting than had been anticipated, but we saw gm raise their outlook for the full year, even though their sales were down this month compared to a year ago. they look at the industry as a whole, and they have bumped up their estimate by three hundred thousand units, that is more than a whole auto factory's worth of output. that is a significant change. betty: thank you so much. jamie butters our auto editor. those numbers are not helping the stocks. the dow is at session lows. ♪

betty: it is 10:00 a.m. in san francisco, 1:00 p.m. in new york, and 1:00 a.m. in hong kong. in chinesewdown

manufacturing causes ripple affects around the world could it causes great concerns about the fate of global economic growth. betty: all but one stock is in the red today. the global stock route continues. mark: apple was talking with hollywood executives about making exclusive shows for apple tv. what the move could mean for the television industry. ♪ betty: good afternoon. i'm betty liu. mark: i'm mark crumpton. thank you so much for joining us. if you're taking a breath and taking upon's, what do you think we are doing here? rout andbal market selloff continues. matt miller was telling us earlier. let's bring us this cha