mark: i am mark barton and this is bloomberg television. betty: we will take you from new york to london. we are watching jpmorgan's first-quarter profit beating estimates. 6.7% ande dropping wall street sending shares of the bank of higher, up more than 3% today. it is just the beginning of what is forecasted to be one of the ugliest weeks of bank earnings in years. mark: facebook announces its plans for the future, including artificial intelligence and virtual reality. 's will bring mark zuckerberg blueprints to keep advertising dollars rolling in. betty: very cool. look at sailing.

coming to the waters of new york city for the first time in 96 years. we will speak to the ceo of the legendary event and the big money. let's head to the market desk with julie hyman where she has the latest on the feeling markets and partisan jpmorgan. julie: yes, part is our needs. because of that expectation, we are seeing a lift as jpmorgan came in ahead of lowered estimates. .5 of 1%. up let's get to jpmorgan. we are seeing jpmorgan shares leading banks higher, leading stocks higher, up three .2%. here are some headlines. net income down 6.7 percent. revenue down 3%, fixed income trading revenue down 13%. equity trading down 7.5% and earnings at corporate investment

banks down 22%. each was a smaller decline than had been estimated by analysts. as we have been talking about in recent days, people have been cutting their earnings estimates going into this season. for jpmorgan, no exception. that is one of the reasons why it was able to come in and beat estimates. because of the list we are seeing today, we are more firmly in the green your today for the major averages. the s&p 500 and the dow jones of better than 1%, even as the nasdaq lags, but down less than 2%. it is important to note that there has not been the participation of the financials on the year to date aces. take a look at the bloomberg. i am looking at grr1. a little tricky to read, but the red are is a financial group, down four point 6% year to date. that is one of the reasons that i missed this rally that we have seen, there has been some skepticism because of

financials. the second most heavily weighted group in the s&p 500 behind technology has not really dissipated. -- participated. we will see if that changes, but -- 4.6% hold,, that is out of. betty: and the stock trade. julie: it is the stock trade, but we had talk about commodities. inventories come up at 10: 30 for oil. oil was coming down after the recent run, down by 1.6%. there is a lot of the talks in what may come out of that. also, the industry data that cannot last night she was larger than expected build. we will see what happens at 10:30. gold coming off as we see more risk on. and the chinese data, copper is bouncing this morning after chinese exports rose the most in one year. it has also been feeling the overall gain and not just the bank earnings. finally, we want to check on the

japanese yen. we are seeing the dollar rally for the second day in a row. here's the today chart of the dollar yen movement. still below 110. 10911, but coming back a little bit versus that yen. for a fourthrising day. that has not happened since march 2. every industry group on the banks,00 is gaining, end, insurers, and index are up by 2.3%. the big impetus behind today's move was trade data out of china , exports declining the most in the year. it suggests we are witnessing a stabilization in the world's second-biggest economy. great start today. the u.k. ftse 100 is now trading up for the year, so it has called back its losses for the year. what is astonishing is that only three of the major indices have managed to achieve this, new zealand, canada, yours truly,

the s&p 500 and the ftse 100. this is the ftse 100 since fedora 11 and it has -- february 11 and it has rebounded since then. it is up by 118 percent. glencore up by a minimum of 37%. three stocks of fallen on the ftse 100 since that 3.5 year low on february 11. tesla motors story today is shares with a profit that will be held back this year by the cost of improving the price range. annual profit did beat estimates. great chart showing the last year, specifically since january. shares have been coming in to line with the 12 month catalyst price projection. today's 7% decline has pushed up for thee average past months. this is a wonderful chart showing how much the stoxx 600 in europe is lagging the s&p 500 in the u.s.

european stocks are trading at a .ecord low versus the s&p 500 this goes back to 1986. this is the percentage increase. this shows the ratio difference. the european stocks are trading .6 of the u.s. peers, and it is incredible when you think the ecb is trying to stimulate the economy. it has given the european market much of -- this has been the chart of the day and i know you love it, too. betty: this that mean adam parker is right when he says europe is only good for vacations, mark? mark: [laughter] get out of here. betty: [laughter] let's check in with david gura. david: more than 100 refugees engaged in macedonian police along the country's border with greece. they fired tear gas and rubber bullets at the protesters. no injuries reported and no arrests. the violence stopped but toward

the border fence plan between the presidents from [indiscernible] people often living in the camps for weeks. macedonia close their borders to refugees. a possible influx of refugees from libya. italy and malta may need u.s. support to cut. nearly half a million people have been uprooted to establish a presence among the mediterranean sea. tax officials are meeting in paris to discuss the fallout from the mass leak of offshore panama, and from the penama disclosures have shaken the rich and powerful by disclosing how they use networks of shell companies to dodge financial obligations. a few details were released but the meeting was close to the media. syrians are voting today in parliamentary elections. some 3500 candidates are fine for the seats. opposition groups of boycotted and the president voted earlier in the elections that are taking

place in government controlled parts of the country. they cast their ballots at the assad library in damascus. more turmoil at the brussels airport, but this time it is a walkout by belgian topic or controllers. the terror attacks killed 16 people and today's strike is disrupting flights and it is over a dispute about extending the traffic pages 258. global news powered by our journalists and news bureaus around the world. betty: thank you. street, it on wall kicks off at j.p. morgan's first-quarter results. reporting stock and bond revenue that were not nearly as bad as analysts had feared. shares are rising over 3%. ceo jamie dimon spoke about the trading business earlier this morning on the earnings call. million plus sales improving in the quarter like

this, indecent terms, we have good margins. not quite sure about shares, and anding losses or six days it was almost like $40,000, so the results are really good. i look at that as very healthy business. betty: our next guest is a bank bowl. pretty much every other wall street bank he covers, except on the are joined now phone with jeff. producing that the jpmorgan results will underscore a new set of bar that was set too low for wall street earnings? jeff: it was a good kickoff turning season for wall street on jpmorgan results that you don't specifically get better than we feared. it was down 11% year over year, soak still not a great trading environment but better. that should be good news for

their bigger peers. i think jpmorgan business stem a little bit more to the macros, inks like fx, so relatively better news for citigroup or bank of america then goldman sachs and morgan stanley, but across jpmorgan's results, pretty solid. we sought the interest margin improved, so i think this means in general that the expectation for banks in the first quarter may be too far down. betty: what about the key hurdle for jpmorgan and other banks? i read it as pets. cuts are going to be the biggest hurdle for the banks. jeff: i did not catch that. betty: bank cuts will be the biggest hurdle still. it is a big hurdle for the industry in general. i think the key almost becomes

what we will see an economic/operating environment and what that drives. enougheconomy is strong for rate changes, that is good news, but expect it to keep cutting and getting more efficient. that is the name of the game. that is one thing i like about the big banks. the jpmorgan's of the world really have the scale and they should be the most efficient banks. they're not inefficient, but they will get better and better. mark: is it too soon to give up on capital markets related to revenues for 2016 for the industry? yes, i think it is. more often than not, and we are talking 90% of the time, the first quarter is the best quarter of the year and we hope that is not the case this year, but there have been of the years where the best. what we are seeing, volatility spiked earlier this year and the high yield markets are open again and we are starting to see

equity capital market transactions getting done, m&a get amounts, and i think the stability is leading for more risk appetite on the trading side. i think this will be one of those unique years. i am hoping it is a unique year where the first quarter is not dominantly the best quarter of the year. that is one thing that has me bullish on the space because i was not as bullish six months ago as some capital market expectations have gotten kind of two negative. at the people of a tendency to take the current environment and is stop the late forward and i don't think that is the right way to look at it. i think the wall street revenue line will prove 2016 to be better than people are thinking right now. mark: you are a bull on banks and you have a by rates on jp morgan since 2008 three i think the target price is $57. are you going to tweak that? jeff: to the extent i was.

i focus onait until it, but i think the regan -- but i think the rebound has come into the quarter rather than necessarily improving it. good to see you. thank you for joining us. jeff harte joining us on the phone from chicago. coming up on bloomberg markets, what is the state of global financial stability and what are the challenges ahead? the director of the monetary capital market joins us next. ♪

live from london and new

york. i am mark barton. betty: i am betty liu. it is time for the bloomberg business flash. spice maker mccormick says they are dropping their claim to buy british goods maker. companieseen the failed. they rejected mccormick's most recent offer to buy the company for about $764 million. major brands include packaged cakes. willaceuticals pearson comply with the congressional with an and go forward investigation. depositionl give his on april 18. he will also attend another hearing on april 27. i decision means the panel will postpone the vote to hold pearson in contempt of congress. plantswitching to a solar to the shape of mickey mouse years. it is located on 22 acres in the

epcot theme park. it will provide renewable energy to the disney world and the resort. that is your bloomberg business /update. mark? uncertainty and falling commodity prices in china, just three of the risks according to the imf. joining us now is jose vinals, the director of the monetary markets department. good afternoon. what can government and policymakers do to sure up financial stability given the three risks you mention in your financial stability report? the main thing that policymakers can do is to accompany the only weapon that has been fired now which is monetary policy with other

policies, including microeconomic policies like special reform, fiscal policies and financial policies. for example, to appeal with the had during thes crisis, particularly in europe, and also in emerging markets dealing with the vulnerabilities in the corporate sector after this corporate sector has a lot of debt, and making sure the banks are resilient. these are very important. also, fully implementing and completing the global reform agenda for banks and nonbanks. mark: we had china trade data today, which was encouraging. how well is china transitioning bright now, making a more balanced pace of growth and moving toward a more market-based system? progress.a is making

they are rebalancing their economy from investment to consumption, from manufacturing to services, and from external demand toward domestic demand. and they are also putting policies in place to move the financial system towards the market-based system, but the transition in which china is inverse are complex -- is immersed are complex and they require a lot of skill and policymakers. when addicting we pay attention to in the report is the need to address the debt overhang of corporations in china, and also to make sure that banks are sufficiently resilient to cope with the potential bank losses that may come from corporate defaults in the future. these rethink our fundamental sets that china can take. in addition to sustaining

growth and maintaining stability. betty: i know you also talked about negative interest rates. you mentioned that they actually net positive because it will suck demand. explain this. nominalthink negative interest rates are net positive for the economy. in that sense, they are like other unconventional monetary policy instruments that central banks are deploying. in order to lead to easier monetary and financial ,onditions that can lead consumption, investment and support, adding to demand an inflation, so from this point of view, i think there are talks and i think that negative interest rates have limits in terms of how far down they can they can be along

negative territory because that a sadlead to negative or affect, but overall, think there and that positive for the economy. it would be better if monetary doicy did not half to all the work and was accompanied by a structural reform policies, which now are absent in terms of this report in many economies, bank and emerging markets. mark: can you tell us how big shock the possible exit of the u.k. from the eu, the so-called to europe, thee u.k., the u.s. and the rest of the world? jose: the potential of roads in the u.k. -- potential vote of the u.k. would be a significant shock for the u.k. and for europe. that would also be a shock to global companies.

that is something which could contribute to higher volatility. i think that the consequences would go well beyond economics and finance, and i think that it would be quite a significant shock globally. mark: thank you for joining us. jose vinals, the director of the monetary capital department at the iss rate still ahead, facebook chief executive mark zuckerberg outline a 10 year plan to alter the way people interact with each other. does the social networking giant had the right vision of the future? ♪

you are watching "bloomberg markets." i am betty liu in new york with mark barton in london.

let's move to julie hyman. julie: let's start with netflix. the greenfield is raising stock price from 150 to 136. he said the content is leading to better than expected subscriber growth. he says in 2016, the net streaming subscriber additions should be 20 million and the previous estimate was 18.7 million. they did a team survey that shows that netflix is dominant over other movie rental services and streaming services like amazon or hulu which has vastly bigger market share. they are moving up by 4% today. in media, a preliminary step in california to approve charter communications merger with time warner cable. recommendedve lot that the approved the deal and the vote could come us in this may 12 but it needs to be approved on a federal basis, but

this of the the last state to approve it. finally, amazon coming out with a new kindle, the kindle oasis, the eighth generation. 289 dollars, three times as much as the lowest cost kindle on the market. it features a protective case that doubles as a next her battery and provides as much as nine months of reading without a charge. betty: how long? julie: nine months. who could be bothered to charge it at nine months? betty: you might forget you have it. much more ahead on "bloomberg markets." we will be right back. ♪

from bloomberg's world headquarters in new york and london. i am betty liu. mark: i am. mark barton and this is "bloomberg markets" betty: we are moments away from

oil inventories reported. we have seen this big rally lately after falling to that 13 year low of $26 on february 11. we were like, oh, my god. is $10 oil around the corner? more thanes are up 60%, leading asked to wonder if we found a bottom in crude. the inventory numbers are out. julie? julie: a much larger than expected build, rising 6.3 million barrels according to the energy information administration, said that build not necessarily good news for oil. the largest estimate was a buildable link 733,000 barrels. we did see a bigger than estimated drop in oklahoma, in andicular of crude, gasoline inventories also down by 4.2 million barrels and discipline inventories up 5000 barrels.

side, aefined product mixed with slightly positive picture, but not the positive on that headline crude oil inventory number. again, looking at those numbers and the effect it has on oil prices, still look like we are seeing oil bounce around a little bit. on my bloomberg, i see it take up and oil prices at the moment . up stillsay tick negative, down about .6 of 1%. we do this every week and it does tend to take a little time for this to settle and for people to digest the numbers. mark, to you. mark: let's stick with this take story. let's bring in will kennedy for more on the latest oil numbers. your early thoughts on big build in inventories? i think one of the things we have is this big draw last week because there was in the

houston ship channel with limited imports. that cleared and we have seen crude build, but at the glue should be talking about gasoline because one of the things that we see in the u.s. oil market are demands that are up more than 4% to the year and you are seeing the figures with fervor. i think that would be the real picture into the summer and one of the things driving crude oil. mark: this is beyond trade ahead of the big meeting at the weekend. we have had entree to the entree with hopes and expectations. will our hopes be dashed? will: i think the consensus is there will be some form of agreement. it matters out for the commitment is, what level it is said that, whether iran says anything about how it may or may not contribute in the future. that is what we are watching. it is hugely symbolic because it

would be the first time in many anrs that we have had agreement between opec and non-opec producers, and it which are the producers are taking steps to stabilize the markets and people feel bullish about that. betty: bank of america came out with a report that says if there is a freeze, we could see oil about $60 a barrel. what are you hearing? will: i do not think that is consensus. i think that is a bullish call. i think some people in the market that are saying this is a cosmetic move because most oil producers are prompting setups already and going into the meeting producing every battle they can. you look at russia's oil production and really freezing at those levels is no hardship at all, so some people think it is cosmetic and will not move quite as much. mark: the big oil traders yesterday basically said we bottomed. is that the consensus by now? will: i think that is the

consensus right now. the big picture is that we are starting to see u.s. oil production fall quite rapidly month on month, and we are seeing some basis from demand. indian demand is flying, u.s. hassling is at the strongest, so i think -- gasoline demand is at the strongest come so i think we have to work through some industries, but i think people think they are seeing signs of balancing happening. mark: thank you for responding to the inventory data. will kennedy. let's check in with david gura from our newsroom. david: spain has arrested a frenchman that supplied weapons to one of the terrorist attackers. and swan was arrested in -- antwaun was arrested in the southern coastal town. it left 17 victims and three attackers dead. they say a man from serbia and montenegro or also arrested.

the fbi paid professional hackers a one-time fee to access that i put at the center of the legal fight with apple. --kers used a software law software flaw to access the phone that would not trigger a security code that would erase the data. the government is still trying to decide whether to disclose the flaws to apple. to the republican run senate move forward on merit garland. that is according to an associated press poll, which shows defiance may not ultimately hurt the party because to many people, the very bigis simply not deal. the affluenza teenager is due in court, ethan couch could face more jail time for violating his probation. we are learning new details of a court-ordered rehab stint in 2014. taxpayers put $150,000 to pay for the treatment because his

parents said they cannot afford it. thethe attorneys used affluenza defense, claiming he was too spoiled to know right or wrong. global news powered by a 2400 journalists and more than 150 news bureaus around the world. mark: european stock markets hearing 55 minutes before the close. they are boosted by the china trade data, hopefully showing many things of stabilization, so all the big forces arising and industry groups rising. have a look, led by basic resources, bank, auto, energy. propelling the ftse 100 higher and rebounding from losses earlier this year. looking at currency and bond market, this is the euro against the dollar, a little bit lower. some movement with stocks rising

and 12 european bond rising as well. .14% on theand german bond. u.s., weving to the have seen those gains as well. abigail doolittle has the latest from the nasdaq. tech side, facebook. abigail: we have the nasdaq trading higher. one of the bigger boost is a split. chairs are higher following the annual developer conference in san francisco, where according to james, the stars are messenger video. theye messenger, they say believe the facebook message or could offer a far more effective class for business to consumer interaction in the future. gave a little bit more skepticism and he thinks the company's messenger platform could be challenging to pull off. as for the stock relative to the

year, it is up by 7%, avoiding volatility into the february below. more recently, the stock has been a little volatile, trading below the 10 day moving average. this has been pretty harish in the past, but they have a strong history of beating quarters and the report their first quarter on april 27, so maybe they will have an upbeat report. betty: thank you. abigail doolittle at the nasdaq. it more deeply into facebook feature and here with us is tom giles. and also, the head of the internet and p are groups. tom, let's start with you. are we about to see an armory? tom: absolutely. you will be hearing a lot more about that, not just facebook but other companies. what they want to do is give you a good reason to spend more time on their platforms and take you away from these other competing google, amazon

and apple. mark zuckerberg outlined a grand plan. he called it the 10 year plan and a big part of it, on the bots., is in mark: and you said run with a start making bucks for facebook. before will be a while we see any revenues. in messaging, it has been a very, very difficult business model for yahoo!, a well, really anybody else, except for bloomberg over the last 10 years, so for them to take this messaging platform with 900 million users and build it into an ecosystem that will keep people plugged in for an extended period of time will eventually transform itself into an e-commerce platform and they have not really talked about how they will be monetizing it. our best guess is that what they

will try to link facebook advertisers and they have millions of advertisers into the messenger. drive and leadl to the other, but none of this is reflecting our numbers are reflecting the street numbers. we think it is all crazy, it -- gravy, if and when it happens. betty: this is the 10 year plan, but should google or apple -- are they quaking in their boots? tom: i'm not sure they are worried because they are working on their own generations. you will see a lot of crowding into this space. basically, it is a way for you to kind of interact with an artificially intelligent service behind seeing an idea, and use it to work as a personal concierge, i want to order a pizza, what time did the

warriors play tonight, all these things and it makes sense that the brand would want to use this said,h out, as youssef push up products to me, different commercial opportunities. betty: what was mark saying, he said something along the lines of physical things, what does that mean? is talkingk he about, right now, you have to go to -- if i want to interact with something on my mobile phone, we don't to the mobile web anymore. we have downloaded apps, but is that an effective way for us to interact with the particular brand of a bank, a car service, whatever it is? what mark zuckerberg once to do is to use facebook as a platform for interacting with all the different brands in your life, whatever it may be, so if you can get accompanied by reason to stick with facebook longer, it does not have to worry about an app for mobile website, and it

gives the company, ideally down the road, more recent to stick with facebook, whether for the marketing budget, advertising dollars, development resources. that is what the idea is down the road. i am looking that are wonderful analyst recommendation page on the bloomberg, and basically, it shows that facebook can do no wrong. a $100e a buy rating, target price, and only one aalyst out of over 50 has got seo rating, 90% have a buy rating. what could go wrong for facebook in the near to medium term? planef: mark, this 10 year with notifications on the pnl movement is in the next two years, but the recent it is trading where it is is because the company has shown growth over the last several quarters.

you do not have too many large-cap companies in the internet or other spaces that are accelerating the topline growth. that goes against the law of large numbers, so people got excited and that is why we did it isock is worth what trading at. i think what could go wrong is if they say the video opportunity has not materialized as quickly as we and others expect, and that revenue growth would decelerate and that would have a huge impact. if margins start, because of all these investments, and they start deteriorating at a faster rate than other state, then that would also be impacting the stock short-term, but i think there is scarcity value. a lot of large-cap growth managers want to own this. they want to own google. again, and amazon, that would be

the third one. you don't have too many other companies with the stock profile. team: youssef squali, right so much. also, tom giles, thank you so much. to tune in this afternoon at 3:45 p.m. to talk more about this. do not miss that interview. mark and i will stay with you on "bloomberg markets." we will be right back. ♪

barton withark betty liu in new york. it is 3:46 in london. the past is brokerage is a stock you may never have heard of, the commission free trading with the

chief executive explaining their mission to bloomberg's business week. matt joins us now from washington, d.c. tell us more. matt: good morning. robin hood is a commission free trading app. purelybuilt basically for a mobile, and it is geared toward millennials who are looking for a way to get a little bit of their savings into the stock market. it is not for professionals and doing quite well. it is the fastest-growing brokerage out there. they have more than one million customers. mark: does it make money? matt: it makes money in two ways, one, it collects amounts of interest on on invested cash that customers hold in their account. the are getting ready to roll out margin trading, it is where the brokerage loans their customers money and they can turn on margin. they tell me that would be the

line share of the revenue and they are getting ready to roll that out. betty: tell us about the founder, baiju bhatt. matt: he is 31, physics grad from stanford, first-generation indian-american. he and his college roommate and in 2011 moved to new york. they built their own business where they were designing and building high-end sophisticated trading platforms for hedge funds, large institutional investors, and along came occupy wall street and it affected them in a big way. they started asking themselves, what are we doing to address some concerns that people and their generation were having about their access to financial industries? it took them a while to hit on this idea of commission free ,rading, and they have launched two years ago, and it has been a success.

betty: fiscal commission free trade, is that enough to drive young people onto their platform? matt: it seems like it. what is interesting is the online brokerage industry was innovative when it came on the scene 10 years or 15 years ago but they stopped innovating and you have not seen the commissions come down below five dollars or seven dollars. they think by offering a zero commission free that they will push young people on to platform. it is not just in the street. it is a simple design. you can open up the phone and you can see your balance and trade some stocks. betty: matt, very interesting. thank you so much. interesting article as well. you can read it in the latest issue of "bloomberg businessweek." still ahead, pork the first time in nearly a century, returning

to new york city in may. what kind of the race are we going to see? we will find that went the ceo joins us. ♪

today, we are talking about the world's oldest running yacht race, the america's cut. it is headed to new york city for the first time in on most a century, and it will feature the best sailors and racing their best boats. a five-time winner of the americas cup and ceo of the race is organizing body joins us now. great to have you with us. tell us, what is the importance of bringing this back to new york city? >> this is where it all started. it challenged the british fleet and it won, showcasing american technology, and that is coming back for the first time in a

long time. the u.s. defended the cup for it has been in the finals all but three times in 165 years now, so obviously, there is a strong connection. colleague mark in london knows a lot more than i do, however, i am curious about what brought it back to new york and how much marketing you put behind this. russell: we want to bring it back to the people here. the race these days is close to shore. it is free to the public to watch, whether from the shore or they bring a boat. they are racing right out on the hudson river in front of the statue of liberty, outside battery park, so it is going to -- and of course, the boats these days are past. what is your favorite one

or what is the fastest? boatsl: the america's cup can do up to the ds, what is that? 60 miles per hour? so, it is an impressive speed. mark: how do you replicate the team usat of 2013 oracle team usa, which of course you were part of, it came up from a type in one behind, won the final eight races, some calling it one of the greatest comebacks sports. i suppose when you are trying to find sponsors, it is a great linchpin, the 20 13th -- the 2013 america's cup? russell: absolutely. you would be interested in the british team, headed by the most successful olympic of all time, so that team has a good chance.

there is a competitive field this time, probably the most competitively have seen in recent history. iscourse, the u.s. team headed by john the, and that was an amazing comeback. of course, a lot of people were turned on by that race. it was an exciting race with lots of passing, competition between the boats, so as you say this time, we have double the amount of sponsors involved america's cup in the cash involved in the america's cup because they have seen the changes that have been made have been beneficial in making it more available for the public to enjoy. the gold medal at the olympics, you wanon the america's cup five times, which are you most proud of? russell: they were a lot of

special moments in my career. i am no longer active as a sailor. these votes command a physical command of- boats physical condition for young people who race than these days, but i definitely enjoyed being part of the team in america's cup racing. it emphasizes cooperation and that group enormously. mark: thank you for joining us. good luck in new york. russell coutts, the chief executive officer of the america's cup authority. you can read more, you know where to find it. stay with us. ♪

,etty: 11:00 a.m. in new york four :00 p.m. in london, 11 p.m. in hong kong. i am that he lived in new york. and youam mark barton

are watching "the european close" on bloomberg. erik-- betty: i am betty liu in new york. you: i am mark barton and are watching "the european close" on bloomberg. a look at my options traders today, the most there is up the british since native began. the recent rally continues. betty: after yesterday's big rally, oil moves lower ahead of this weekend's opec meeting. how a potential agreement to freeze production at historically high levels could affect oil prices. mark: shares of tesla are following, tumbling, posting their biggest drop since 2014 after the u.k. promised growth would not be smooth. there will be a significant amount to achieve.