from bloomberg world headquarters in new york, here is what we are watching this hour. opec failing to reach an agreement to put a cap on production. yet, oil prices have paired their losses and turned positive as ministers insist the global oil market is on the rebound. stocks are paring losses in , leadingre and telecom the charge higher. new york's laguardia airport has been called a third world country by vice president joe biden. renovation is underway. one of the ceos in charge of the overhaul joins us. stocks are turning positive here.

julie hyman has the latest. fairly positive. julie: the trajectory has declined throughout the day -- the nasdaq is the big winner today. now that the ecb and opec are behind us come investors are looking ahead to tomorrow morning's jobs report. adp's jobsimmer from report. fallingobless claims for the fourth straight week. volume is relatively light. overall for the s&p, 10% below the 20 day average as investors wait for that data tomorrow. a drop in volume in consumer staples. an increase in tech share volume as well as health care, one of the big winning sectors in today's session.

peeking above the zero line we are seeing at this point -- lingering earnings and still a part of the story here as we have some winners dimensions they. with sales on service contracts. also cost cuts. mcdonald's also with a positive earnings report. mixedike we are seeing a trade in stocks come if you look at the so-called safety trade, it is not really unanimous. we are seeing some buying of the japanese yen today versus the u.s. dollar. if you look at what's going on in the bond market today, you see some buying.

vix.a look at the you would think we would be seeing a big drop. we are seeing a drop, but a very recent drop. for a lot of the day, we were .7,ing it rise above 14 even near 15. david: let's check in on the first word news this afternoon. mark: president obama today delivered the final commencement speech of his presidency to u.s. military members. cadets ino graduating colorado springs, the president said there were limits to -- toresisting the temptation

intervene militarily every time there is a problem or crisis in the world. history is littered with the ruins of empires and nations that overextended themselves. we have to chart a smarter path. mark: the president considers increasing the number of troops he will even afghanistan. new problems for the affordable care law. the largest health insurer in texas wants to raise rates by nearly 60%. a new sign the health care overhaul has not solved the problem of rice spikes -- price spikes. many insurers are requesting bigger premium increases for 2017. year'shitect of last attack on the kenyon college may have been killed in a raid by the some ali army that somali

army. when hundred 48 people died in that attack -- 148 people died in that attack. prince died of an opioid overdose. he was found dead in his estate in the minneapolis area on april 21. investigators have been reviewing whether he died of an overdose and whether a doctor was prescribing him drugs in the weeks before his death. global news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. back to you. shery: tomorrow, may jobs numbers come out. payrolls for the month are expected to match aprils 160,000 increase. we could see the unemployment rate fall to 4.9% from a level not seen since 2008.

for more, we are joined by matthew mcaleer in sarasota, florida. great to see you. ,e saw these jobless claims falling to an impressive low this morning. how will tomorrow's payroll data affect the thought process at the fed? matthew: under five is a great number to look at. it gives the fed a bit of room if they would like to move in the near future. that is one input into a global market. look overseas, you have brexit to talk about coming ecb to talk about, here, we have fomc, unemployment, wage. we try to work that into our allocation account. shery: how do you capture this

fomc premium in this tightening cycle? matthew: one thing we've been looking to do is stay with the consumer, even though we had some pullback three weeks ago. the consumer areas rebounded nicely. there's been more money in the pocket of the consumer the last 12 months. with energy and employment and wage growth. some of the areas we are looking , continuedally health care moves in medical devices specifically. we are close to fully invested. we had the pedal on the gas recently. we think about our cash level percent from- to a 1% -- 8% from 1% last week.

timing going to affect return potential? matthew: the timing really doesn't. we try to look at this in a longer-term scope. from a 25 basis points this month or a couple months down the road is not going to change our major allocation. beginning of the year, we are looking for two prompts from the fed. that will not dictate a lot of capital movement. we are comfortable where we are. selling,e a bit of putting some outcome of cutting back on strength, trying to get money back into the market on weakness. we've been looking at this range for 18-20 months. it pays not to be greedy on the upside.

it has paid to have some cash for pullbacks, being able to put it to work. shery: we had the ecb as well talking to us this morning. it failed to significantly raise inflation forecasts even as they carry out this extensive stimulus. how worrisome is that to you? of itto the concerns possible brexit. matthew: from a treating and portfolio standpoint that trading and portfolio standpoint, the wording and information out of the ecb will not have a large change or us. we've been trying to take advantage of what we saw four and five years ago here domestically. we are trying to take advantage of that same kind of move internationally. where we are positioned in europe and asia is trying to be on the mid to dollar capsize.

that's mid to smaller capsize. we will try to make some money with the consumer, both on the stable side and discretionary side. some of those numbers have picked up nicely in japan. were you expecting the decision out of the opec meeting today? where do you see oil going from here? matthew: great question. when weot so oversold were down in that $28 a barrel -- we've takend that trade off, took it off in

the equity. we are still long some commodity on the gas side, not on the street oil. that's straight oil. personally, did not expect much to come out of this. you have some real political headaches in opec. i would think the saudi's feel what they are doing is working. we will see if that is a long-range successful decision. we've had to take our foot off the gas on some of our production. hereechnical improvements may let us get right back to work quickly if we see $60 a barrel. matthew mcaleer, thank you. it's a sprint dialing up a turnaround or passing the fault

-- default? takataide story of the airbag crisis. disappointing auto sales yesterday. gm down .3%. they saw bigger declines in u.s. auto sales than expected. ♪

shery: welcome back. this is "bloomberg markets."

two former deutsche bank traders face federal charges in new york, accused of being involved in a conspiracy to manipulate the interbank rate. bringtest prosecutions to total number of bankers 15. walmart is testing drones it says will help manage its warehouse inventory more efficiently. the rollout could be in the next six to nine months. the move is yet another sign of how walmart is trying to compete against online leader amazon.com , which is testing drones for home delivery. ceo has died.sico he was credited with signing

michael jackson and other celebrities for pepsi, pressuring rival coca-cola. he retired in 2001. roger enrico was 71 years old. sprint is facing a mountain of debt and its financing plans are leaving many scratching their heads. they said the strategy will enable it to break even. network to slash spending to the lowest since 2010. why are people concerned with this turnaround? michelle: the question with sprint right now, is this plan sustainable? they are mortgaging off their assets to raise cash and they had $30 billion due in the next three years.

people are wondering how sustainable this solution is. if you had to get through all these creative dancing mecnisms, how long can you do that before something bad happens? shery: back in april, we saw sprint racing $5 billion -- raising $5 billion. michelle: sprint did that to raise cash because it is shut out of the bond market right now. half of their bonds are trading at distressed doubles. the bar when costs are almost double. -- borrowing costs are almost double. they had to reach out to stop tank -- softbank for this lifeline. capital not commit any -- the hope is that will get them through this next line of

maturities. shery: you brought up softbank. they have deep pockets. wooden softbank step in and helps out -- wouldn't softbank step in and help sprint out? they were structured opening it tooid any more risks. what is the worst that could happen for bondholders? michelle: sprint goes into bankruptcy or default on its debt. they are left fighting over these assets, these deals are secured.

they do not have as much recourse as these new lenders do. are they basically supporting these bondholders for the short-term lifeline? shery: thank you so much, michelle davis of bloomberg news. julie hyman has a check on company movers. julie: controversial stocks we've been talking about today. kumors being targeted by citroen research. he said this is a morally bankrupt company. chemoursan for declined to comment. chemours was designed to go bankrupt as part of a spinoff from dupont.

people livingfrom near a plant in west virginia. they claim they hurt by one of the chemicals from that plant. the amount of liabilities that will be assumed by this entity. one of the chemicals this , park place said earlier this year the prices for that chemical will not recover. the stock has been down sharply ever since that spinoff. there is the case of signet jewelers. observerest rate brings together a lot of the bearish commentary coming out about the stock as of late. he's talking about the company's credit positioning. he says the quality of that debt is not high.

he also highlights some reports that alleged the company has swapped out some of the gems and its customers jewelry or lower quality or -- for lower quality or man-made gems. we have not gotten a comment from this company. oracle as well in focus today. here, there is natural lawsuit underway from a former in leave from the company who says she -- asked to cook the books the shares are down by 4%. shery: thank you so much. historicad, takata's airbag recall and how it could have in -- could have been avoided. ♪

deadly airbags recall as becomes a massive, it is the biggest auto recall in history. bloomberg businessweek took a look at how takata ended up in so much trouble. ,he biggest in u.s. history more than 60 million airbags being recalled. as of may, only about 8 million have in replaced that have been replaced. there just aren't enough replacement airbags to go around. it is hard for car dealers sometimes to find the owners of used cars. a lot of the cars and most danger are older. recall notices have arrived at the homes of people weeks and

months after they been in an accident. shery: we've seen these criminal investigations, personal injury litigation's. -- litigations. has been settling some of the personal injury lawsuits, once where shrapnel has damaged, injured somebody. and honda have been settling those cases. there is a big class action that is coming up. there are a few cases where people have decided not to settle. shery: how much could this cost takata? susan: it is hard to say for sure. there's estimates of $11 billion. backtakata starts paying the automakers. shery: what is the problem with

these airbags? switchedkata propellants, choose to use one with ammonium nitrate. it has problems remaining stable over time. heatthe propellant is in or humidity, the degradation occurs were quickly. -- occurs more rapidly. , the: still ahead commodities oil prices on the rebound today as opec leaves production unchanged. we will hear from the opec secretary-general. ♪

shery: this is "bloomberg markets." let's start with the headlines

on the first word news this afternoon. mark crumpton has more from the newsroom. germany's parliament has voted overwhelmingly to recognize the ottoman empires 1916 killings and deportations of armenians as genocide, setting up the next potential source of comfort between angela merkel and the turkish president. federal prosecutors are trying lifeock the payments on insurance policies taken out by one of the center no gunmen best san bernardino -- taken out by one of the san bernardino gunmen. mother ask named his the beneficiary of both policies. hillary clinton and bernie sanders are locked in a tight battle in california. mrs. clinton with a slight lead over senator sanders.

cut short a campaign swing in new jersey to spend more time in california. clinton leading sanders 49-47%. the primary is tuesday. annual hurricane damages in the u.s. will be $39 billion by the 075 due to climate change and coastal development. effort tow global reduce emissions could lessen hurricane damage between now and 2075. global news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. shery: commodity markets closing in new york. let's take a look at today's biggest movers.

iron or at risk of losing all of this year's gains. signs of a demand revival in speculatedspurred a rally -- supply is still increasing and demand remains weak. oil recovering from earlier losses. wti closing the session at $49.08. it had dropped after opec announced a would stick to their got ation policy, then crude a boost from the stockpile reducing for the first time in four weeks.

ryan: they wanted to show the world they could be unified. there were two real tests of that. can they reinstate the production target they drop at their last meeting in december? they failed to do that. that was perceived as a signal or sign of weakness by the oil market. the other real test was can they choose a new were secretary -- a new secretary-general? the opec ministers have been unable to agree on who should get the post as the factions within opec have been pushing forward their own candidates. today, they achieved that and chose a new secretary-general. in time toin place get the house in order for the meeting in december. on the policy front, they kick the can down the road.

they did not push the architecture necessary back in place to intervene on the market. at least they have a new leader. , ryan spokeer today with the man picked to be the next opec secretary-general, mohammed barkindo. he weighed in on the future of opec and the direction for oil prices. hammed: it will not be appropriate for me to comment on decisions made at this meeting. going forward, we will have ample time to review these issues with you and other colleagues in the media community. ryan: what can you do to bring about unity in opec? we've heard about the acrimonious atmosphere inside the meetings. mohammed: you have to give opec

being the only organization i know of that had warsssed the turmoil of between its members and yet survived as an organization. withis currently happening opec being overregulated come i'm confident the future is bright. we will continue to adapt to within the global industry and the world at large. ryan: you are no stranger to the oil market. run nigeria's estate owned oil company the past. the markets reached a the market is

steadily rebalancing. expectations are that from the fourth quarter of this year to q1, q2 of next year, we will begin to see some equilibrium in the market. shery: that was mohammed fromndo with ryan chilcote the opec meeting indiana. coming up in the next 20 minutes , vice president joe biden once called laguardia airport a third world country. now, a massive renovation is twor way to run a vital -- it.ve it -- to revive ft is making inroads and has

becomes apple's preferred ridesharing service. trading onok at the the tech heavy nasdaq them rising .2%.asdaq, ♪

shery: "bloomberg markets this is -- this is "bloomberg markets ." shares of chemours tumbling today. by chris we are joined at princeton. falling as much as

15%. -- shares of chemours falling as much as 15%. price we may see a increase in one of its key products for the first time in three years. nothing has changed in the chemours story today. todaye issues discussed have been well documented by bloomberg intelligence. there's nothing new out today. shery: explain to us a bit of these issues that chemours is facing. chris: the first is the large debt load that du pont spun them up with. the leverage ratios have been

increasing as those companies have been tromping. -- troughing. dupontmical plants from facing trials. those cases will set a precedent to size what the ultimate dupont-chemours would be. chemours would be paying dupont's portion of the liability. shery: the last time we saw chemours stock plunging was back in january when we heard that prices of titanium dioxide will not recover. now?s the market doing chris: there's four players. chemours is well-positioned in

the market. those players have been pushing through price increases. they are starting to gain a bit of traction in the market. we will see what they are actually able to realize. the stock has improved in regard to the business since the start of the year. shery: thank you for talking to us. once likened to a third world country by vice president joe biden. now, laguardia airport is getting a serious rebound, breaking ground on a multibillion-dollar redevelopment project at essential terminal b. it includes the use of bridges islands. joining us with more on the , the ceos george casey

of one of the companies overseeing the renovation. thank you for talking to us. not been to laguardia, but i've heard horror stories about the airport. where is the project at right now? what is the timeframe for redevelopment? commenced the lease with the port authority of new york and new jersey yesterday. the governor announced the redevelopment of laguardia, starting with the central terminal building. the gateway partners. they taken over the operation of the central terminal building and commenced construction program that will take place over the next sears to revamp -- next six years to revamp the terminal. shery: we have so much news these days about the long security lines at airports. is the rebound going to help that in any way?

we looked to simplify the flow of passengers and what happens in and around security. understanding the tsa controls security at laguardia and across the nation. experience, we worked closely with those types of agencies. ring we do whatever we can as a key stakeholder. as laguardia partners will look to work with the tsa to make that experience as efficient as possible for the passengers. our design incorporates more flow of passengers, more centralized screening which we hope delivers a better outcome. shery: you are a canadian company as well. how is this helping your profile in the u.s.? what other projects are you looking at in the country?

george: we've had experience around the world. we have brought that experience to bear here with our partners for laguardia central terminal building. we believe this public-private partnership which the port authority was bold enough to undertake and the governor has supported to the overall airport redevelopment is a good model to use going forward, not in its entirety, but there are good, strong points in that model that can be used in the u.s. market where there is demand for new airliness, where the are looking for cost-effective facilities and where the passengers are looking or a world-class experience. potential projects could be at other larger airports across the u.s. we hope other entities entities enter the authorities look at this as a potential to move forward. to can see things happening

change the passenger experience , even here inston places like jfk. shery: how has the airline consolidation affected how airports operate? financialeir stability and strength is very important to us. they are key tenets and key partners. if airline consolidation brings together better allocation of aircraft and network planning, that is a better business model. the strength of passenger travel through our airport terminals allows more revenue to be generated. that is good for the business all around. shery: i know you worked in new zealand. the asian market is just booming when it comes to aviation. any prospective projects there? george: we continue to look at the asian market. there have been transactions that have evolved.

we will continue to look at that market. the middle class is growing their. -- is growing there. we will continue to look at going forward. a formatu started as infrastructure investing since 1994. how has it changed since then? seen is aat we have validation of the model, the model being the private that model is being brought to the u.s. market and we think there is a lot of entities the airport to create a different model that still looks out for the public's interest and delivers cost-effective facilities for the airlines and we think it can be a good model going forward.

shery: looking forward to visiting la guardia now. george casey, ceo advantage airports group. julie hyman has a look at health care stocks. lv is what we are looking at today. there is a meeting coming up, the american society of oncology -- we've had analyst coverage from other various reasons for these health care stocks to rally, they are up by 1.1% today. we are also looking at a couple of the insurance stocks today. humana and aetna -- and not raising money in a debt sale. -- aetna raising money in a detail. pharmaceuticals --

sales numbers a couple days ago. if you look at the year to date performance here, this etf is not much changed, up just fractionally. here are the best performers year-to-date. and bostone sciences scientific as well. there's been a lot of activity in pharmaceuticals and generally within health care. you've always got study approvals that help move the stocks as well. shery: let's get to "bloomberg may be king of

the road right now when it comes to ride sharing. lyft is gaining, slashing fares in the process. ♪

shery: welcome back. this is "bloomberg markets." time for the bloomberg business flash. gannett is leaning towards dropping its bid to acquire tribune publishing. shareholders will support the current board of directors. the newspaper company is waiting to see how tribune shareholders vote in today's annual meeting for making a decision. has 150 million people using the service each day. the four-year-old

messaging app more popular than twitter by daily active users. has less than 140 million active users each day. lyft is looking to lou were more corporate travelers, recently winning apple's corporate business. to lure more corporate travelers. cory johnson joins us from san francisco with more. is lyft likely to steal more business from uber? cory: both companies are gaining market share away from taxis. are more people going to just services period? came into the san francisco market at launch, it

not only won most of the market, there are more black cars driving in texas is go -- in san when uberthan started. the right sharing business is growing with uber and lyft coming into the market. raised moneyust from saudi arabia -- quite unusual pair. --y: this is the rise it $3.5 billion, the largest fundraising for a private company ever. it shows you how excited some investors are. in uber some the service is very uberar -- in saudi arabia,

is very popular with women who were not allowed to drive. shery: in china, competition is fierce. cory: uber is the number two player. it is a big coming future market, there are a lot of people on the roads there. is seen as a platform for a lot of other goods and services, whether it is delivery of food or even kittens on these we are days when event promotions. days when they do these promotions. they do not have to change the user behavior -- they are spending a lot of money on car services. shery: thank you so much for joining us.

cory johnson telling us about lyft and the right sharing business. you can see more on the battle for corporate travelers today on "bloomberg west," coming up at six clock p.m. -- 6:00 p.m. eastern. i will be speaking to the ceo of citizen financial group. we get his take on the state of banking. the three major averages all trading slightly in positive territory. the s&p 500 now near a six-week high. stay tuned to bloomberg television. ♪

>> it is 8:00 p.m. in london. welcome to bloomberg market. ♪

from bloomberg world headquarters in new york, good afternoon. here is what we're watching at this hour. one hour to go in the training day. stocks rebound to fluctuate near a six-week high. investors are awaiting the job data for clues on the timing of the federal reserve's next policy move. company.res, a comical stocks have dropped after research says that is waiting to happen. the world -- we will have an exclusive interview with ceo bruce. we will talk bank regulations, the stress tests, and the economy. close one hour from the of trading. let's head to where bloomberg's li