>> from a bloomberg world headquarters in new york, good afternoon. i'm david gora. signsof distress shown no of fading away. the s&p 500 headed for a two-month low with strategists cutting targets. >> on target is wrong. 2360 will be wrong. the question is, where should it the? to your point, where's fair value? oil getting hit hard, but the ceo of the largest independent oil trader said that he is not worried. >> the price at the end of the year would be what? >> 48. and then you can come back and kill me. i'm sure i'll be wrong. -- david: can donald trump -- donald trump hold onto his lead? and jeb bush -- jeb bush make a

last-minute push in the granite state? on the markets desk, julie hyman has the latest long session lows. investorsloff today, seem to be feeling uneasy about here. accelerating, as david says, the lows of the session, the s&p in the dow are down considerably as well. close toq looks pretty entering a bear market. take a look at the bloomberg on an intraday basis, going back about one year. this is last july. the high of july 20, the high on that day. tract to the lower today you have a decline of 19%. on a closing basis it doesn't look like it will enter a bear market today, but it could certainly happen soon because technology has really been leading the decline, not just today but this year. look at the heavyweights, many of whom did well last year and are now pulling back this year.

facebook, microsoft, amazon, all sharply lower. we have seen this theme again and again. banks, similar situations. the financial index is the worst-performing group of the 10 groups within the s&p. once again today we are seeing declines and have an talking a lot about what is going on here. lisa abramowicz has a good story on gadfly today, talking about what she has been talking to investors about, but there are enough for -- a number of different things to pick from, including concerns about global growth and the effect on these companies. david: chesapeake energy, there , they there were rumors were denying allegations, what is the latest? julie: they said they are not pursuing bankruptcy, that they do employ that firm and have done so since 2010. was the market reassured? you can see in the halt of the their lossespopped

coming out of that, but now it's down about 33.3%. that doesn't read like complete reassurance of the market, right? with a stock declining to that level? their market cap is about $1 billion. energy transfer equity is in the process of buying williams concerns, but a lot of has been expressed by analysts, traders, and investors about whether that deal would go through. energy transfer said that their cfo was the parting and might take on an advisory role for the company. that all of this uncertainty has caused those shares to tumble further. oil prices themselves in the thereme, seeing declines on the lows of the session, oil at the lower the session. there was a report out of china saying that the december demand in that nation fell by 0.8%. finally, one of the interesting things on the bloomberg today is

the open interest in oil. both on the long and short end, rising at a record. you've got your short interest in oil contracts. oil futures, specifically, along with interests, trending higher so the you again have a record high level going back to when data started on this in 2006. david: now let's get a check on the bloomberg first word news. matt? thanks, david. homegrown extremists will probably continue to pose the biggest terror threat in the u.s.. that's according to james clapper. his prepared testimony also notes potential threats from the islamic state and iran. his testimony was obtained by bloomberg news in advance of tuesday's delivery. from arbing new report u.n. back commission on the syrian civil war. several thousand detainees have been executed or beaten to death in what amounts to extermination

under international war rules. new hampshire votes tomorrow in the first presidential primary. former president bill clinton cannot hold back any longer, accusing bernie sanders of intentionally deceiving voters, going after sanders supporters for attacking his wife's backers. he leads among democratic voters in new hampshire. tomorrow there will be a special "all dueedition of respect," definitely tune in for that. both sides have rested in the trial of a rookie new york city police officer charged with the fatal shooting of an unarmed black man in a housing project stairwell. testified that he heard a noise and his gun went off accidentally. last year's shooting of a black man they're raised questions about police brutality and race. closing arguments are scheduled to get underway on tuesday. record numbers watched the denver broncos victory over the

panthers. the second highest overnight ratings, according to nielsen. super bowl 50 averaged a 49 household rating topped only by last year's game. news 24 hours per day, powered by 2400 journalists at 150 news bureaus around the world. i matt miller. david: stocks are getting pummeled today, the s&p is down 4.5% in the last few days. axel merk, president and chief investment officer of merk investments made the argument last august. earlier today he spoke to my colleague, brendan greeley. -- >> we have had years of central banks compressing complacency in the markets. they were not aware of it. now with what happened last year , the fed decided that they would pursue an exit in earnest.

meaning that they took the lid off the pressure cooker with the risks rising. rather than buying them, people are going to sell them. it's a process, people will not realize immediately that the markets have changed. people realizing they have more interest in presuming -- assuming capital. we have janet yellen looking at somethingmarkets and like inflation expectations. labor markets are backward looking indicators. she will be slow to react to this. the market will cascade much, much lower. >> there is no sign anywhere in consumer or market indicators that there is inflation pressure , so why would she change her mind based on assumptions about inflation? let's just compare janet yellen and mario draghi. they are looking at related sets of data but they have completely opposing interpretations. is the glass half full or half

empty for investors? for central banks is it a problem or not? we are talking about the long-term expectations that are highly correlated to the price of oil. how has oil changed in a bad market? the question is -- which one is true? my view is that based on economic recovery with asset price inflation, when the fed takes a step back and those prices deflate once again, it's going to cause economic head when. it's that aspect that they are not embracing or recognizing. that's why we will have these headwinds. economic growth will be down. they will be caught flat-footed. down the road they may realize that they may have done something. they are literally asleep at the wheel. >> i was struck by two news items this morning. one, news out of china the $99 billion supporting the yuan, but

that's a massive number anywhere. and then in nigeria there is concern that they are doing too to propending too much things up. are we on our way out of an old currency regime and into a new one? >> we have been for some time. in china keep in mind the reason they have to subsidize their currency less is because of the capital controls that have been more efficient. talking to countries like nigeria, the imf will come to countries,of some but what's going to happen is they are just going to extend the agony. they will keep oil production higher for longer. because of the low interest rates, people can sustain bad business models for longer and the imf is going to do it here. these are all reasons why these markets are going to be in havoc for a. . -- a period. central banks are look much less

effective than they have been. ,avid: that was axel merk speaking earlier today on bloomberg television. coming up, following the selloff and headed to break, session lows for the major indexes, 3% down. the s&p 500 down 2.5%. 45 points. the dow at about 2.25%, 336 points. more markets after the break. ♪

david: stocks are selling off and gateway and the nasdaq is leading, down three point 1%. abby doolittle's live in the

marketplace. that's a big selloff, the nasdaq is less than 1% away from entering of their market, feels like a waiting game at this point. following garishly in the biotech sector, they've entered thethird bear market from july 2015 record peak earlier this year. be aown near 40%, it could signal of what's to come for the nasdaq. .eading it down today, facebook down the hardest on the news that the company will not be able to offer its site in india under a free basic plan that they had been pushing for. this is somewhat of a stunning reversal last week. they had been up year to date, now down as a sitting duck for investors to sell short. now the stock appears to be heading for its moving average for the fourth time in 12 months and it will be interesting to see whether or not that support can hold.

almost as much of the story as the potential bear market shares at the nasdaq, apple, getting pummeled and down sharply 20% since the november highs, up more than half of 1% earlier today. that their news opening stores there in a global expansion plan. apple is still above the buying ,upport for last year's lows perhaps why the nasdaq is not an a bear market yet, it's the biggest number and whether or not they can stay above those numbers may be an important tell. much, thank you so abigail. for more on what's driving the global selloff, let's go to joe seeley and denny burger. levy start with you, the selloff was at the end of last. to what extent is this an extension of those facts? >> tech lead the selloff, we are

seeing that again today. selloff onart of the friday and we are seeing that continue again today. looking at some of those assets we can see it as a continuation. some of these companies, these names with high valuation, they are the ones taking a really big hit. i can definitely say that there is some continuity from friday. david: i wonder about the degree a fearh recession is factor that is driving everyone. >> that is something on people's minds, turning the credit sensitive aspects of the market with weaker balance sheets. you are seeing that today with chesapeake energy, once massive and now it has a market cap that has lost half of its value in one day on the rumor that it's going to be somehow restructuring.

that is somehow weighing on the banks as well, as they have roads and portfolios. if any of those were to default go into bankruptcy protections, they would also feel the wrath of that. however, goldman sachs, the chief economist there came out and said that there's only a 25% chance that we will see a recession right now. that might give confidence, but clearly it's not losing prospects. david: a lot of chief executives were saying that they were protected from things like energy, is that starting to shift a little bit or affect more the banks on the smaller side? joe: these banks are combining to make them less attractive to investors. here we have the lunar new year, but that doesn't seem it has translated into markets

outside china. notart of it is that oil is going anywhere. piggybacking off the idea that banks are down a lot, if they are taking a hit because energy companies have taken out lots of loans to fund their projects, if they can't pay it back things will take a hit and they might tighten their credit line. that impacts the market as a whole. that he is only have quiet from asian markets, the worries that we have been having and have been having since the and of last year are really not going anywhere. and so i think the question now is -- are we seeing a bottoming process? will we get back to capitulation where people say the nasdaq is headed towards a bear market and is that enough to jump back in? words of the foreign exchange reserves have been drawn down radically over the last will of years. how worrisome is that to investors?

>> very worrisome. china has been carrying up flag for the last six months or so. other things have crept in, but if you were to remove the strong dollar and valuation concerns, we would still have this china albatross weighing down sentiment. thank you both so much. next is a markets desk julie has more on company movers. look atirst i want to the market internals. you can see the bloomberg advance and decline line. stocks, this is just another way of measuring the health or lack thereof when you are looking at the stock markets underlined. here you have the numbers arising over those declining. obviously you had a big drop that was even worse than it was in the august selloff. another way to look at that is to look at high and low on the

bloomberg. stocks making the 52-week highs as opposed to the ones making the lows. the number of lows spiked early in january and now the number is starting to creep up again. all of that said, i actually want to look at the stock's doing better. those around the green part, the advanced part of the advanced decline line. one of them is the apollo group, which is being acquired by a group of investors. we are talking about $1.1 billion, it's a buying consortium including funds associated with the group and the company. 950 per share for class a and class b. they recently said they were exploring alternatives for themselves. another stock that is up today, tyson foods, rising friday after earnings. a number of analysts have raised targets on the stock in the wake of that. continuing their upward momentum today. finally, gold is empowering gold

miners higher, going above $1200 per ounce for the first time since last june. we are seeing an increase in gold prices of more than 3%. i think we have a screen of the gold miners as well. some of them not doing as well now. newmont and barrick gold are holding on to those gains. got to fix the bear. gold is definitely higher than a gold. nice pun, well done. you've got it. the broncos were not the only winners at the super bowl. we will look at the ads that scored a touchdown and ones that were flagged for going out of bounds. next. ♪

david: it's time now for the bloomberg business splash. toizon wants tim armstrong

lead talks to explore a possible bid for yahoo! according to some with knowledge of the situation. the largest u.s. from carrier has not hired anyone to conduct an offer and is in no formal talks. they are interested in purchasing some or all of yahoo! , making its go 90's streaming asface -- streaming service a potential asset. the ceo of google is on the verge of becoming one of the highest-paid executives of a publicly traded company. their parent company said the stock was worth about $199 million. investors withdrew $14.8 million last month from the janice bond fund according to bloomberg estimates, the third straight month of net redemptions. the fund is up 3/10 of 1% this year to last week.

that is your bloomberg business flash update. celebrities, singing animals, babies, all feature last night in the super bowl ads. and shelled out money attempt to reach what promised to be the largest tv audience of the year. in the end, peyton manning gave the biggest plug of all. it struck me, walking the game on cap -- watching the game on television with twitter open, how amazingly well-timed it would seem to be. all of a sudden in my twitter screen there would be a promoted at from toyota, just in case perhaps i wanted to share with friends and followers. >> exactly. if you are going to spend that much, you want to get the biggest bang for your buck that you can, trying to employ all social media to try to leverage that message. they spent a lot of money on that. a lot of ads were previewed inc. social media leading up to the super bowl, trying to build an audience for the add.

then he mentioned the follow-up coming out of the big ad, keep playing it in social media to get the thing to go viral. does that lead to a diminishment of the value of the ads? if i can see it before, before, immediately afterward? >> i think we are seeing actually the opposite. $5 million, goes up every single year for these big ads. what's happening is in the super bowl and a couple of the other big o wow events, those are the ones where you can generate these huge audiences north of 100 million in viewers. you can only get that in a couple of places on any given year. i think that what we are seeing that his big advertisers turning smarter, integrating their social and digital media advertising and marketing plans to again try to leverage that by. >> i was struck by the way that these ads were used, being used here with lots of celebrities.

halftime show, over the last 10 years they have been able to get a list quality people. whether it's bruce springsteen, the rolling stones, beyonce. she takes that to leverage the launch of a world tour, as well as releasing a new song for the super bowl. we are seeing artists finding thisto get value out of really unique opportunity to get in front of a huge audience. all right, paul, thank you so much as always. as we had to break, here's a look at where oil prices are trading right now. crude oil down, more after the break.

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david: from bloomberg world headquarters, i'm david gora. matt miller has more from our

news desk. matt: david, thanks. president obama is about to ask money to fight the zika virus. u.s. health officials detailed efforts against to the virus during a briefing of the white house today. towe are working 24/7 understand this virus, to detect it where it is occurring, and prevent its spread. this will not be easy. officials say there will not be an explosive outbreaks of virus in the u.s., but they are preparing for the worst. nearly a quarter of south sudan's population is in need of food aid. that is according to the u.n. that says at least 40,000 people are on the brink of catastrophe. in interrupted in the nation 2014. ofth sudan has a population

12 million. have releasedties a video in connection with that bomb explosion on a plane. it shows two men handing a laptop bag to the man believed to be the bomber. the plane was forced to make an emergency landing. and a hacker has disclose the details of employees at the department of homeland security and workers at the fbi maybe next. "the hill" reports that the data appears to be genuine. more than 70,000 football fans watched the denver broncos shut down the carolina panthers in santa clara's levi stadium sunday night. meanwhile, thousands of people

lined up in downtown denver, cheering as fireworks lit up the sky. police arrested 12, but have not reported major damage or injuries, and that is better than the 25 people they arrested when the broncos one back in 1998. day,l news before hours a powered by our 2400 journalists and more than 150 news bureaus around the world. i'm a matt miller. david? look at today's biggest movers starting with zinc. climbed to highs -- an upward slope for gold. the precious metal gaining over 3%. are currently closing slightly under the highs of the session. and oil -- oil fell for the third day. brent is closing -- it just

announced, at $33 a barrel. the world's largest oil trading that prices will remain low because of china. ryan chilcote. just but there is a possibility you will not necessarily go above $100 ever. i know i have been in the oil business for far too long, but if you think about the last 40, 50 years, it has only been above $100 for a few numbers of those years. and china has changed. china has huge growth in the 2000's, something very dramatic. happened at a time when the oil industry was investing, happened at a time when we did not have things like shale, and that has changed. ryan: you say that you see the

oil price at the end of this year at $40 a barrel. the year after, the year after that, where do we move? we imagine a band, and i aink we would naturally see $40, $60 turned down. but something -- you can bring on some of the oil fields that will probably go out. there are huge amounts of discussion about that. .o us, it was clear a lot of the oil was going to be shut down in the next year or so because it is simply too low a price. some of it could come back. know, we see that possibly above 50, 55 for sure. ryan: and this lasts until when? natural declines

every year. i could think about that lasting five to- lasting for 10 years. david: the dow is treated nine unit -- 389 points -- let's talk about metals now. investors headed back to commodities they dumped as recently as a month ago. the bloomberg mining index jumped last weekend. what is driving the rally question rejoining us, our commodities reporter from chicago. a real about-face. we are seeing this in the hedge funds. what is causing the hedge fund managers to change their minds? reporter: thanks, david. we were looking at combined holdings across the gold, silver, and copper market. the latest data came out last friday, and investors, money managers had improved their outlook for gold and silver and

decreased their bearish bets on the copper market. it seems to be coming as the macroeconomic picture has shifted a little bit and global growth is more uncertain ahead. how much of this is about the speculation about what the federal reserve is going to do? they projected there would be for rate increases in 2016, and now far less optimism that is going to happen. reporter: investors seem to be their outlook that the federal reserve will soon.se interest rates the bank of japan turn interest rates negative unexpectedly at the end of january. in creasingbe stimulus going forward. that could make commodities, including the metals market, look attractive as an alternative investment. the dollar dropping last week, that can also affect the

commodities market as well. david: make it seem more attractive for sure. what is the since you are getting we will see that this trend continues? reporter: some of the investors eyes spoke with, particularly in the gold market, said they were coming back to gold. markets also posted some games today. copper -- you know, some of the investment managers we spoke we could useing more signs of growth out of china to give that market a longer-term boost knowing forward. we will see what happens. megan, we appreciate in, ouregan duris bloomberg commodities reporter. a last-minute pitch to voters before the primaries in new hampshire. the trump primed to claim

top spot, who will finish second? foropening up a key market apple. and consumer discretionary's leading a decline. more bloomberg markets after the break. ♪

david: welcome back to bloomberg markets. i'm david gura. head to the polls in new hampshire. the latest tracking polls show bernie sanders leading hillary clinton, with donald trump in the lead on the republican field. the primaries expected to overshadow another big political

story tomorrow, the president releasing his latest budget plan. the executive vice president at corbett's, who previously worked on the house budget committee. notays that this budget is so much as dead on arrival as not getting any attention? and it will be the same day as the new hampshire primary. it will be overshadowed i that political story. and they will not hold hearings on it, so it will deprive the white house of even further headline stories. my guess is by the end of the weekend, this budget will be all but forgotten. david: just putting this in the context of governing today, the fact that congress is not going to hold hearings on the strikes me as something way outside the norm. unprecedented is the way to put it. i have been working on the

budget for 40 years. i have never seen congress refused to hold hearings -- even to criticize the president's budget. they just said, no, were not going to do this. even in 1994 when republicans took over the house, john kasich was the incoming chairman of the budget committee, and he went around saying the president should not bother delivering a budget. were not going to look at it. and even he held hearings on it. this is not just outside the norm, but way outside the norm. have been up against the wall wondering whether the government is going to stay open. does this portend more continuing resolute -- continuing resolutions, more shorter-term funding bills in washington? i am not sure about the funding mechanism, but i would bet there would not be a shutdown. it could be devastating before the general election for the republican majority. it would be a problem for mitch 24 senatorsecause

are of for reelection and about 10 of them are in invulnerable purple or blue states. bring shame ond both houses, but mostly the senate. a shutdown is very unlikely this year. david: the white house is trying to get this budget to get some traction -- a couple headlines that have gotten attention are the request for several millions of dollars to pay for research into the zika virus. a similarly ambitious proposal to fund the cancer moonshot vice president biden is in charge of. do you see any sign of those issues making traction? pretty sure that congress will give the president what he wants on these eco-virus, particularly if it gets worse. the question is, what will they demand in return? it could be more on defense. the moonshot is a little different. everybody is against cancer, but

it's not clear how quickly we can spend the money or what we should spend the money on. it's going to require the cancer community, the researchers, the treatment folks -- and i am a cancer patient -- it will take everybody to come together and say, this is what we're going to do. people are going to want to hear about results this time. guest: thanks very much. stay with politics, let's look more at tomorrow's new hampshire primary. joining me, our politics reporter who has been in the granite state since last wednesday. he will be covering the polls. let me ask you about the debate this weekend. the part we have seen play over and over again was this exchange between marco rubio and governor chris christie, chris christie saying that marco rubio -secondally has a 30 speech memorized and in the context of the debate he did it three times. >> he did it three times.

i was sitting in the debate hall and you could feel people groaning around you when he was doing this. and from what i hear, people watching television were doing the same thing. this was a big moment. we will see how it will affect the race in the coming days. coming into new hampshire, marco rubio, even though he placed in iowa -- he had the momentum. there was energy, a lot of people, everybody talking, not just about him emerging as the lead establishment candidate, but even chatter about whether or not he could close the gap with donald trump who has been leading in new hampshire for quite a long time. that talk has subsided. now the talk is who is going to come second-place? marco rubio, ted cruz, chris christie, jeb bush, and don't forget about john kasich. he has been working really hard. he has been trying to say above the fray. it's an open field for the second-place spot. david: what it seems to crystallize for me is this argument chris christie has been

making for a long time. you do not want to elect a senator, a senator has no experience governing. and elected governor, like chris christie, he was saying, does have that. do you see this as an advantage to the other governors on the stage? en: that is the argument you are making. all three of those guys have at thisood numbers moment. the problem is, there are three of them. by three. 30% it would work for one person, but the question is who? ich, who iswn to kas trying to stay above the fray, and jeb bush, who is looking to do well not just here, but south carolina. those are two states that or do or die for jeb bush. and chris christie, some talk about him may be fading in the polls in new hampshire.

this weekend, he came out strong. people are talking about him again. it is unclear how much it will help them. clinton on the campaign trail, wearing a red and black flannel shirt. a harsh allegations against bernie sanders in this campaign. steven: yeah, there is a lot of history here for bill clinton here. this is the state where he made comments in 2008 about barack obama's foreign policy being a fairytale. followed clinton's campaign to south carolina and he got into a lot of trouble and hurt his wife in south carolina because of that. , bill saw yesterday clinton coming out, a little strong against sanders. today he held an event here in manchester. he walked about a little bit. he said, i've got to watch what

i say. beish sometimes i could just a former president and not the spouse of somebody running. speech, not as hard, but he still went off on sanders. he will be a big player and we will see how he holds. thanks so much. do not miss "with all due .espect" tonight a program reminder -- we will have a two hours special on the new hampshire primary that begins tomorrow at 5:00 eastern time on bloomberg television. let's look at the markets and go to julie hyman at the markets desk. julie? julie: [indiscernible] david: we are having a little trouble with julie's mic here. down, 2.41%. more bloomberg markets after the break. ♪

david: welcome back to bloomberg markets. stocks are selling off. let's go back to the markets desk where the technical issues have been -- julie: resolved. let's look at the individual movers. yelp and interesting story. yelp, an interesting story. you'll said because of a vendor error, numbers came out early. we saw the stocks by can come back down. the numbers largely eat estimates, whether -- beat estimates, whether you're talking about earnings per share or revenue. the chairman will be leaving in the coming months. they are searching for his replacement. shares remain where they were or have come back to where they were before that were came out. so, interesting reaction. also looking at shares of under

armour and gopro. was a report in barron's over the weekend that gopro might be up for grabs and under armour, perhaps a company like sony might, in and be interested. and finally something called navig barron's lender.ant, a student it is the hillary clinton effect. she said "i am totally appalled by navient." that is putting pressure on the stock. there has been rhetoric about students are debt carrying into school. bernie sanders also vocal about that. david: thanks so much. .ulie hyman at the markets desk apple on track to open its first

retail stores in india. ceo tim cook is looking for more 1.2nue, and a country with billion people is not a bad place to start. samsung currently has 22% of the nation's smartphones. what are the hurdles that apple faces? first off, we have a report out that the indian government is ready to give apple the go-ahead for stores in india. there is this weird law in india brand inou sell a india, you have to make 30% of your products in india. but apple found a way around that, because they qualify as cutting edge technology. the prime minister of india has

been trying to cut red tape to give companies like apple in a -- companies like out bital -- companies like apple a foothold. they are third when it comes to revenue in the market because their devices are more expensive. they make so much money on that 2%. it's a difficult market to operate in, especially for u.s. businesses, but retail stores could be a good step forward. talking about facebook, the complaint trying to make tooads providing more access people in india. mark zuckerberg posting to missing he will keep working until everyone has access to the internet. a huge step back for mark zuckerberg and internet.org, his project here trying to provide access in india. backward, andep

this is another case where the prime minister of india was working closely with mark zuckerberg. now they have said that they will not do any deals with companies like facebook. createve been trying to an app whereby facebook and other operators would offer products for free. another audience where facebook has fairly low penetration. -- 800 million people not online yet. that's a huge potential audience for facebook. this is a big blow for facebook. of the biggest countries in the world, one of the fastest-growing countries in the world in the telecom regulator saying, no, thank you. david: when you look at india and how far along it is, how behind are they? people..3 billion 800 million are not online.

let's see. 375 million are online, but only 30 million are actually on facebook. in his post today, zuckerberg said while we are disappointed with today's decision, i want to personally communicate we are committed to keep breaking down barriers to conductivity. david: all right, a special on the market selloff starts in just a few minutes here on bloomberg television. ♪ looking at the markets quickly, the dow down. more bloomberg markets, the special, coming up here after the break. ♪

>> it is 3 p.m. in new york. on bloomberg special reports

the selloff. i'm brendan greeley. joe: i'm joe weisenthal. alix: and i'm alix steel. we want to get to julie hyman at the markets desk we continue to deteriorate. right, julie? julie: yes, and there was not a particular catalyst for this selloff. there did not seem to be anything new that was out in the markets today, so that is findingg investors are unsettling here, especially when the nasdaq is down more than 3% and approaching a bear market. look at the s&p over the course of the day and the lows as it continues to bump along the bottom in the session. also take a look at the breath of the market. if you look at the imap on the bloomberg, all of in