♪ [closing bell] betty: u.s. stocks closing lower today, seeing their worst start to the year since 2008. joe: the question is, "what'd you miss?" betty: one guess says that the hard landing school of thought is wrong. joe: we look at the latest move in the ruble and what it means for russia. greece in 2016, what are we missing about the indebted nation? we begin of course with the markets. another day, another selloff. we have resumed the weakness that we saw at the end of last year. we all know what happened in 2008. joe: it's another grim day on the market, it really sort of

started last night. i got home and the futures were down already. and then there was that north korean test where they claim they tested in h-bomb in the market seemed jittery on that. that really set the tone for the whole day. we never got up. we were a little bit off the lows right now, at the end of the day, pretty grim. for stocks were down for everyone that was higher. by 1%.ut of 10 fell of course you had cyclical groups like energy and materials leading the way. 29 out of 30 members finished lower, only walmart managed to buck the trend. that onhink they do january 4 as well. oil, once again getting absolutely clobbered. we talk about oil constantly and there has been this talk that oil will stabilize and then the basic facts -- scarlet: below $34 per barrel. joe: absolutely getting crushed.

scarlet: of course, apple ended the year on a down note that extended into today. joe: absolutely. grim on apple. then you have the vicks measure rising to volatility one-month highs. almost nowhere to look at things are looking good right now. scarlet: what about the economic data? what did that tell us? today we gotoe: nonmanufacturing data and it was not nearly as bad. i want to look at a couple of components of that inside the bloomberg terminal. orders,facturing new that's the white line. not manufacturing employment is the orange line. horizontal line, anything about 50 is expansion. solid in therders, expansion territory.

both ticking up from last month. it's hard to be too worried about the economy as long as there is this service number that is a much bigger component onlye economy that is not in expansion territory, but rising from the month. nonetheless, sentiment is being soured by events from overseas. taking its cue from chinese currency. i have a chart here where you can really see it graphed out for us. the red line for us, the chinese u.n.. you can really see the correlation with the s&p 500 in white. a drop in the red line means weakness. of course, you can see the tumble in august, right there, let me circle that for you. the tumble is the fall in value and following suits.

looking at the chart earlier today vince said that if you 6.8 as opposed to the dollar you could see another 10% to 15% drop. who would have: guessed when it seemed a couple of years ago like they were in their own world that they would be taking cues from them. you can see all of these charts and more on twitter. mcnamara manages assets and joins us now from london. welcome back, paul. joe: why does the rest of the world care about chinese financial markets? why is everyone so transfixed by these daily u.n. moves? why are they setting the tone for everywhere else? complex, but ie

wouldn't exaggerate the impact of china on u.s. stocks. quite apart from what's going on u.s.ina, the last run of industrial numbers have been pretty weak. there is enough uncertainty in the u.s. that i don't think you need the chinese expiration for what's going on there. world, the rest of the especially my part of the world, emerging markets, china is crucial. talking aboute global growth concerns. how are they different this year as opposed to last year? , whatof those played out is priced in now as opposed to last year? >> more of the same, which is not great news. the chinese embarked on a huge credit binge in 2009 to offset the effects of the global financial crisis. while that worked in the first instance, it led them with two issues. tapering off credit to drag

growth down. a lot of trouble. debt burden.shing 200% gdp, towards 300 if you look at the more inclusive measures in the economy. work is going to have to its way through the debt cycle the way the rest of the world has. joe: on the fiscal side for a year you have been hearing about when they might some big fiscal stimulus, but nothing too dramatic seems to have happened. what do you see as the prospect for that? do they have the capacity for fiscal stimulus that would be effective? >> they certainly have the capacity for more fiscal stimulus. unfortunately certain amounts of what has already happened was fiscal stimulus. you get the banks to lend to the local governments. the local government cannot repay the debt.

in the end the central government has to pick up the local government that. alreadyns that we have seen on the one hand a lot of economic activity out of it. on the other hand the credit fundamentals of government are not quite as good as we see. they do retain considerable further capacity to exercise a bit of fiscal stimulus on the economy. all that is going to do is upset part of the drawdown from growing -- from growing credit growth. we cannot see a scenario, going back to 2010 levels. of course, it's making moves in the market right now. in terms of the latest effort, they are considering extending the ban on share sales by major investors. on top of that the central bank has been intervening in the currency market and injecting liquidity through reverse repossession. for years investors have talked about not fighting the fed.

why are they fighting chinese regulators? >> i don't know if they are really fighting them. we have seen them we can quite a bit against the dollar. if you look at it against the broader basket, china does a lot of business to other emerging markets. does a lot of business europe, the euro is weaker. it's really only against the dollar that they look. even then compared to the rest of the world it does not look especially week. all that the chinese are doing is trying to pace. just to stand still in the effective terms of the exchange rate. poor against the dollar. pretty much every currency on earth looks bad against it right now. it's confusing what the dollar effect is. joe: today we got the fomc minutes.

we are obviously in the hiking cycle. few hikes taking a this year. what is the impact on china from a fed hiking cycle at this point? we are talking about the cycle that most people are predicting this year, that's definitely at the extreme end. china is in a perfectly reasonable position to cope with that area the problems are domestic. it's a big debt bubble. they don't have a lot of external debt. they are relatively well insulated from the fed. what decides whether china lives or dies is what the chinese decide to do. they are much less at the mercy of the fed than a lot of other countries. of course there's been great debate about the likelihood of a hard landing in china. take a listen to this. a hard landing in the

stock market already. we had a hard landing in commodities. we might have a hard landing in the economy. we have a colossal credit bubble in china. viewsard landing school china as growing worse than expected, therefore on the cusp of rising unemployment. -- socialtability instability would bring the miracle to an end. nothing could be further from the truth. joe: who is right, paul? paul: we are leaning into the later group. that much debt that quickly, as china has in the last seven or eight years, there has to be a risk that there will be bad loans the shadow banking system and what they've extended. what we have learned, keeping these conditions loose, if you

support the economy from the fiscal side, those are things they are looking to do and you can have a fairly soft landing. although it will feel like a hard landing if you are selling iron, copper, or a lot of other things into china. think that an economic soft landing is achievable and we have seen credit growth coming down and they have done a lot of slowing down. would lean toe the more optimistic camp. i'm not a natural optimist. staying withare us, paul mcnamara. a rough start to 2016 for emerging markets. when and how will those markets breakout,. ♪ -- breakout? next. ♪

scarlet: coming up, the confirmed chairman and ceo will be joining us. don't miss that conversation. let's get to mark crumpton. mark: thank you, scarlet. the un's secretary-general is condemning the north korean announcement of the night -- latest nuclear test, calling it profoundly destabilizing for regional security, warning of new sanctions. they say that the initial governmental analysis finds the activity north korea is not consistent with the claim of having conducted a hydrogen bomb test. house committee is looking into the deadly 2012 attacks in libya, interviewing david betray us. the investigation is now in its third year.

a tray us is the first of four former obama administration officials that the republican-led committee is interviewing next week. on panettaeston we on friday. all four interviews are being conducted behind the doors. iranian diplomats have left saudi arabia and returned to tehran after they severed ties with the islamic republic. offering tong -- act as a mediator. the crisis began after the execution of a shiite cleric and following the attacks on two of their saudi arabian diplomatic post in iran. russia has also offered itself as a potential mediator, though it's unclear whether saudi or iranian officials have responded to the proposal. a european union meeting over border controls and refugees is all down to finger-pointing today. refugees to go elsewhere. sweden confessed that it is

being overrun with refugees. all of this has threatened the policy of no passport travel in much of the european union. sweden and denmark have instituted border checks because of the onslaught of refugees. global news, 24 hours per day. i'm mark crumpton. back to you. the ruble, weakening marketemerging amongst currencies, they've lost 18% over the last year. when and how will emerging markets break out of their slump? we are back now in london. paul, you saw the ruble slammed today. much more pain will it get and what does it mean for russia? tell me what happens to the oil price and i can tell you

what happens to the ruble. the key variable is the oil price. about 40% of government revenue comes from energy exports. if the oil price drops by 10% in dollars, the line of resistance for the russians is to allow it to fall further. last december when they really needed to stop the following they did an aggressive overnight, 500 basis points overnight in a rate hike that eventually stopped it coming off. but the only real relief that we've had in the first order of last year was when the oil price was stronger. particularly like the colombian peso, it's the price of oil that determines what happens to some of these currencies. until commodity prices stabilize, most emerging market currencies will struggle to stabilize. scarlet: that has been a theme, but if you look at the trade balance we have seen some adjustment as it has improved since early 2013, ever so

slowly. to that end, what kind of opportunities does that provide? say, we have seen an adjustment. it has been interesting. it comes on the import side from places like brazil. imports dropping off. in december brazil reported its monthly trade balance, the first since records began despite lower iron and soil prices. but this is a lilly being felt in the currency markets yet and to be honest we have been a bit surprised by that. we don't think that growth is going to pick up until the credit cycle returns, which is a really likely before the fourth quarter of this year. but it definitely in credit terms, in terms of stabilization, it's very reassuring to see the trade balance swinging back with considerable deficits into quite widespread surplus.

joe: i'm sure you can see it on the screen, emerging market credit growth slowing down, so what will from an economic standpoint -- you make a point that it should be theoretically helping currencies of it. whatan economic standpoint will it take for these emerging markets to see acceleration and growth? we've got dragon growth coming from the credit the you mentioned. that's 10.r that's a very significant negative influence. that will probably play out once a comes down to nominal gdp growth in gdp stabilizes. we think that's what to be quarter three, quarter for this year. with on gdp growth commodity exporters without the boost of commodity prices for places like india, poland, and mexico, we think that they can define.

countries that are less dependent will see their surge sometime before russia or columbia. being onehose extreme, with saudi arabia belonging in that camp as well. a lot of investors targeting it, betting on some sort of weakness --de -- eep tagging depegging. paul: the saudi's have held the peg for over 30 years now. good times and bad. now, they start talking about the valuation, but we think it's unlikely that it's going to move and you don't have to believe there's going to be a big move. we are seeing a 2% premium and the one year sector and you could regard that as a 10% chance of a 20% move. people are just buying the option that there is a small chance they could move but the

base case is that they stick with the peg. they know from past experience can'then you do that, you just do it once. there's uncertainty. a,rlet: call macklemore thank you for joining us. coming up, cory johnson spoke eileen beatty in las vegas. we will tell you what he had to say about the new electric vehicle market.

scarlet: "what'd you miss?" the new chevy volt, aimed at everyone, according to the makers. it could be ahead turn. cory johnson is in las vegas and he's up with the north american president, alan beaty, about it. >> it is a breakthrough in that

it will be the first electric vehicle that connects directly to other people. we made a commitment when we showed the concept one year ago that we felt we could bring this to market for around $30,000 with a range of 200 miles. we delivered on that and what we think we can do tomorrow is show for the first time the production variant on that. we will have that on the road by the end of the year. >> why is that number important? what been anxiety over concerned them a lot, so we believed all the research that we did, at 200 miles in the right range, we've got the bold, and extended range vehicle that basically gives you even further distance with a backup generator on board. >> do you imagine a certain kind of usage? >> a lot of people asked will electric

vehicles sell when fuel prices are so low? but what you actually get is the latest in technology, so it's much more than just the battery pack inside the vehicle. if you look at this vehicle, we have packed it with the latest technology and for us we believe really0 mile range is the sweet spot. if you look at the way that people travel, most people travel less than 40 miles per day. that means you've got a lot of flexibility. >> is the infrastructure there for charging? >> it is, and with a 200 mile range you can charge it every time you go out. >> what's the demographic appeal of a target like this? these young people in many cases, they have a very active lifestyle. they like to do climbing. lifestylean active and we think that this is that

have a vehicle that will appeal to them. >> these are at smaller rates than we have seen historically. that havethe things gone slow since 2007, 2008. >> i think that what many people have missed is the fact that what we are really seeing is the underlying market for automobiles -- coming off 2015 at was the biggest market we had ever seen in the u.s.. we are also seeing a lot of people in cities saying -- i don't need to own a vehicle, i would like to get into a mobility program that means i could use a vehicle when i want one, but i don't need to own it. are seeing is a new, emerging market taking place. companies like uber -- we made an investment yesterday in a company like that. >> do you see this as the kind of car that can support a fleet?

, like zipor sharing car? or is it something that is cheap enough that someone might be inclined to own this as opposed to a $75,000 car? >> getting into that space, if you look at this vehicle is very unique. it's got the exterior of the beast sized car. what you have is a lot of interior room. get in and outto of. it's got a huge screen. we've got technology that's really going to be good. >> that was cory johnson, speaking with alan beaty. up, the fed today released minutes from their december meeting. we will speak with one economist to find out if the rate increase was the right move. that's next. ♪

when you're on hold, your business is on hold. that's why comcast business doesn't leave you there. when you call, a small business expert will answer you in about 30 seconds. no annoying hold music. just a real person, real fast. whenever you need them.

so your business can get back to business. sounds like my ride's ready. don't get stuck on hold. reach an expert fast. comcast business. built for business. scarlet: let's get kumar crumpton with first word nude. -- mark crumpton with first word news. mark: the house is ready to give final passage to a bill repealing the affordable care law. the first time after dozens of the failures that the repeal legislations has made it as far as the president's desk. the man who bought the guns used in the san bernardino massacre has pleaded not guilty to federal charges. henrique marquez junior appeared briefly in federal court in riverside, california to answer to a five count indictment alleging he conspired to provide

materials important to terrorists. a jury trial set for february 23. he spaces 50 years behind bars if convicted. the latest el niño storm hitting parts of california today. heavy rains are expected over the next few days. the storm toppled trees, flooded streets, and caused havoc on some roadways. officials are still urging residents in the drought stricken straight to monitor their water usage. united nations secretary-general ban ki-moon condemned the apparent testing of a nuclear weapon by north korea. he says the act is profoundly destabilizing for the region. the white house is skeptical about whether the task actually took waste. -- took place. global news 24 hours a day. i'm mark crumpton, back to you. scarlet: let's go to a quick recap on how u.s. markets closed. ugly date. three trading days into the drill, and global equities are a sea of red.

the dow having its worst three-day start to a year since 2008. all of these indexes are at three-month lows. >> pretty grim stuff. oil got clobbered. apple fall below $100 a share. this tone was set last night, futures were already down over 100 points. down from the beginning and never recovered at all. now we have an ugly three days to start the year. scarlet: 29 out of 30 members in the dow finishing lower. all-time groups lower. 4 out of every 1 stock, 4 stocks for every 1 stock sell on the stock exchange. remarkable breadth. >> we had the fed minutes out today. we have begun the hiking cycle. when you have these volatile days in the market, when you have data that is not so strong, the choice by the fed to commence the hiking cycle makes

people more nervous. scarlet: lots of second-guessing. i want to dive into the bloomberg terminal. holding cash did not cost investors much last year. it may pay off again this year, according to sean jarvie. our dave wilson here made a chart that you can compare the total return from stocks in cash inth blue, and white, the straight horizontal line. cash returned 0.2 percent. but stocksty piddly, and bonds only returned 0.5% by the end of the year. they saw big ups and down. you had to time everything properly. sean darby says that technically holding cash will give investors a better chance in the dips. stocks in government bonds of the developed markets are looking pricey right now.

speaking, of safety i want to talk about gold. this is a chart of junior gold miners, one of the ugliest charts in the world. a few years ago, junior gold miners -- they are doing the exploration in the far reaches of the world. if they find gold, they usually sound -- usually sell to a larger miner. it went from 160 to $20. but if we zoom in, in recent weeks -- you have to zoom in even more -- it's one of the better performing areas to start the year. didn't well last year is getting clobbered. and something that people hated is doing a little better. scarlet: i can think of a couple people happy with that element. joe: some people vindicated

after this time. scarlet: the fed rate increase not a slamdunk. minutes released today say that the committee was confident in its explication that inflation would rise over the medium-term to its 2% objective. but for some members, the risks attending inflation forecast remain considerable. a university of texas austin professor joins us now. i know you said that the fed it should have held off on raising rates altogether. the argument to raise rates in order to have room to ease if there is a downturn makes no sense to you. why is that? >> i wonder who made the argument why inflation was set to rise. when you look at the oil price in the last few days, i think you would have to say that is a very powerful question. i think there were in fact two arguments behind the move away from this cost of the funds. one was that inflation was going to rise anyway, the other was that the economy was strong

enough to support a return to higher levels of interest rate that would prepare the fed to act in the event of a new downturn. to first argument seems thwart the present evidence. the second makes no sense at all. the fed was in a position where it could do practically no good, but a lot of damages to certain asset mortgages. best asset markets. joe: you mentioned oil, but the fed said they did not hike rates because they thought it was transitory. now they are not holding them when it is plunging because it's transitory. why don't you buy that argument, that excluding oil, other measures, that it's not that bad? why not look past the oil price?

james: i have no reason to believe that wages are on track to start off an inflationary cycle. the general level of them asian -- general level of inflation in the u.s. in the last 30 years has been determined by external circumstances, including oil and commodity prices. we are seeking worldwide, just no evidence that there is a buildup of inflationary forces. that is the first thing -- firms that -- furthest thing from the minds of stock investors. joe: one of the things in the minutes, the staff said they increased the growth outlook for the coming year due to the budget deal and their expectations of more expansive fiscal policy. projective gdp growth was revised up slightly from the previous forecast. do you think a, that we are going to see fiscal expansion, and b, should we have had way more fiscal expansion throughout

the last several years to combat the downturn? james: the economy could have used a stronger fiscal expansion in the earlier part of the recovery from the crisis. the argument that there is some expectation of stronger growth in 2016 is very weak. you have a buildup of anxieties, not just in the u.s., but around the world that are going to affect export prospects. people i follow are worried about the future of nonresidential construction in the united states. there are a great many reasons to be at least balanced on the psychological outlook, and perhaps to join those of us who tended to be chronically pessimistic. scarlet: james galbraith, thank you so much, university of texas in austin. you are sticking with us. some breaking news before we go to break from transcanada.

they filed a lawsuit in federal court saying that the president's decision to delay and deny construction of the keystone and so pipeline exceedances power under the constitution. the company gave notice of its intent to initiate a claim under nasa and take a $2.5 billion canadian to as much as $2.9 million canadian tax or cap write-off. -- tax write off. it these are write-down of up to $2.9 billion canadian as a result. joe: morgan stanley says that great from wing as president has decided -- greg fleming as president has decided to leave. no much in terms of details right now. turnover at the top of morgan stanley. scarlet: much more coming up on "what'd you miss?" is greece's turnover getting worse or better in 2016? we discussed the next.

on bloombergng up television in two hours, john chen will be joining bloomberg west at 6:45 new york times. do not miss that conversation. it is time for the bloomberg business flash. macy's saying it's closing three dozen stores early this year after suffering a worse holiday season than predicted. it says about 3000 employees will be affected, with half relocated. the largest u.s. department store company producing stocking level and store count to match the sale volume. macy's is lowering its fourth-quarter earnings outlook. weakness in the developing world. the agency expects the world economy to expand 2.9% in 2015,

down from its june forecast of 3.2%. the u.s. economy is forecasted to grow 2.7%. slightozone with a slowdown in china. a major expansion for netflix underway with the company selling its streaming service to 130 new companies, including india, eden egypt, and saudi arabia.-- indonesia, and saudi arabia. they mentioned it was the birth of a global tv network. but one missing footprint -- china. they just learned that morgan ing has's greg flem decided to leave the bank. the ceo disclosed the memo today. that is your bloomberg business flash. joe: "what'd you miss?" greece is still ongoing. back with us is james gorman, university of austin texas professor. you were an advisor to greek

former finance minister, who had a very different view of how they should deal with the rest of europe. the market seems stable. what are the risks in 2016? how difficult will it be for greece to comply with the austerity terms? james: greece is complying with those terms. they have raised taxes, cut engines and spending. the effectiveness -- cut pensions and spending. greek businesses are going into bankruptcy, people cannot afford mortgages. they are being obliged to sell of everything that it owns. the result of this is that the greeks are being liquidated out of capital assets in their own country -- houses, businesses, and estate asset lialike. i think over time that's going to increase popular passive and

active resistance. that will emerge as the crisis over the course of the year. -- crisis deepends over the course of the year. joe: are you skeptical that the government will have the political will to continue along this path? will it some point they hit a breaking point? james: at the moment there is no very strongly organized coherent opposition on the left, or for that matter, the far right. but yes, i would expect that opposition to begin to consolidate as time goes on. it should become quite difficult. joe: the refugee situation in the eurozone has added a new dimension causing pressure. a lot of the refugees come through greece. there has been frustration on the part of other eu members on how greece has dealt with this. how does this play into everything? james: it is a surreal aspects

of the european discussion that the germans are blaming the greeks for not policing their frontiers. the greeks have about 8-9000 miles of shoreline. there is no possible way they can police them. if the police the islands that are close to turkey, then boats will go around, more bodies will wash ashore and otherwise it will have no real effect. the greeks have no money as well to beef up the police presence on those beaches. it's an absurd position that the europeans are taking. one of the more attractive things about the greek government is that it is taken in open approach to the refugees, gotten people the boats and into the camps. you could say that they could do better, but pretty well compared to the difficult situations. joe: what about attention elsewhere in the eurozone? we've had the election in rain -- in spain that ended on decisively. expect the more radical

elements in public -- in politics will continue to try across europe? james: the left is a coming thing. we had the election in portugal, there is a left coalition in power there. the right wing and government in spain was unseated in the last election. the outcome is still unclear. we have at least the idea that the greek and spirits would intimidate voters -- greek experience would intimidate voters in the south. it certainly did not play out as expected. in the north of europe, the far right is the more significant threat. that is also still there. the french regional elections were certainly a big check to the progress of the national front in france. joe: james golf rate of the university of texas, thank you so much. one of the biggest homebuilders earnings reports. we dig into kb homes'finances

and how it plans to take advantages of trends in the american population.

scarlet: alix "what'd you miss?b home will give us an anecdote about how big the u.s. housing market is. the focus of this week's "the numbers don't lie" segment. kb homes lost half their value in contrast with gains in the broader market. one reason is the bottom line, which are gross profit. they may be increasing, as you see, but so too are there expenses. portion -- margins, the orange line, are getting smaller. when you look at revenue, that

has held up. that trend does look set to continue. overspending on land is paying off and exceeding through improved orders and the highest backlog since 2007. here is what is helping boost sales. kb home's new strategy of targeting new up buyer,t h the purple buyers, 71%. five years ago, they were the lions share of kb customers. now they are only half while move up wires have increased -- move up wires have increased to 35%. a better job market is crucial in driving up home sales. california, florida, the northwest and southwest are outperforming the rest of the country. kb home is positioned well in the rest of these region with 90-30% of the closing in the sun belt. the report of their earnings before the ball tomorrow. joe: joining us is jonathan

miller, ceo of miller's daniel. but alson appraiser, in other areas of the country. atyou saw scarlet's look labor force regional numbers, where are the most distant parts of the housing market -- the most interesting parts of the housing market? thene of the big reasons northeast is lacking is because of the cost of land. land is the absolute clear problem that is shaping home building today. andorder to keep the pace, l prices have skyrocketed over the last couple years. that forces the builders to target a higher-priced audience. on top of it, as starlet was saying earlier, the tight credit conditions are why builders are targeting move up buyer instead of first-time buyers.

we have a first-time buyers 30% nationally, down from the nearly 40% market share. it's harder to get a mortgage, and that is translating into what markets are going after. scarlet: do they target new homes, do they target existing homes? existing homes make up about 85% of the existing market. tough.n: it is the market share of first-time buyers are larger than the move up buyers. the problem with move up buyers is that the new product being built is skewed a little bit above -- i don't want to say that it is a reach. i love that word, the new wording real estate -- aspirational pricing. that is the challenge right now. on the positive side, there is less the tendency on credit conditions as you move up in price.

joe: we recently got housing sales numbers that were not so good. people blamed the fact that he regulations were put into place, increasing the amount of paperwork involved. you are in the trenches of the involving market -- of the housing market. is that true? jonathan: oh, it is a morass. now, but forions different reasons, at least her home mortgages, not auto loans for commercial loans, but for mortgages -- we are still grappling with the legacy of that decisions a decade ago. credit conditions are about the same for mortgages right after lehman others collapsed. qe andis the product of low interest rate. the banks are afraid of their own shadow. that is why housing essentially

has not normalized. you are singing is odd -- seeing this odd behavior, aspirational pricing. not so much in terms of affordable products. affordable housing no longer means publicly assisted, it means middle-class housing. that is the big void in the market today. scarlet: there are a couple of functions to measure housing prices. you said there is a real danger to measure it as if it is a stock. jonathan: there are a couple reasons. the index was designed for wall street to hedge housing. it was not a consumer tool. it lags the meeting of the lines between the buyer and seller by about 6 months. it's a different asset class. it is not liquid, like stocks are. scarlet: thank you so much.

jonathan miller, ceo of miller samuel joining us in new york. what you need to know to gear up for tomorrow's trading day. that is coming up. ♪

scarlet: you have bed bath & beyond reporting earnings tomorrow after the bell. earnings to begin in earnest until next week. it is coming up again. it will be interesting to see how the housing market is doing. joe: also tomorrow this friday, we get the big jobs report. but we get a sample, appetizer in the form of the jobless claims. they have ticked up a bit in the

week before, but they are low by historical standards. we will get info about the health of labor market tomorrow. scarlet: that is all for "what'd you miss?" we will see you

john: i'm john heilemann. mark: and i'm mark halperin. "with all due respect" to north korea, your latest claim is kim jong un-believable. ♪ tonight,our playlist you have a friend in me. tuneirst, "o, canada" the donald trump is sort of humming about ted cruz. in an interview with the washington post, the paper asked him about the white house eligibility of