alix: swinging higher with the s&p touching its highest level since july of last year. the dow briefly passing 1800. commodities are gaining and we will be looking at the commodities-based etf. >> outrages growing over donald trump's latest comments about the mexican heritage of a judge. the gop is getting ready to take on hillary clinton. betty: can general motors make inroads against tesla? toy barra discusses plans bring things to the masses before the model three. are closing in two

hours. stocks are rallying today. at the markets desk we have the latest, right, ramy? ramy: right now we are off of that. 17 981 is where we stand, up one third of 1%. up about 4/10 of 1%. marginally up there. let me take you on a bit of a tour over the course of the day. you can see generally speaking that we are headed in an upward strip -- upward stretch. hitting in the 1:00 p.m., 1:30 p.m. timeframe, you can see it is down right now. pointing out this number right here, where we are right now, inching closer and closer every day for the past two days to the 2130 marc, the record closing high. we will be watching to see we can get that. maybe not today or tomorrow, but

potentially soon if things continue to go on. in the meantime, what is actually pushing equities higher? biggestequity, the gaining sector right now. oil crossing pass the $50 per barrel threshold, impacting some of the biggest percentage gainers. up with ug and marathon oil on the order of about four point 5%. also the expectations for a third weekly fall in u.s. inventories when we have the numbers coming up. in the meantime what is also pushing higher are the airlines. take a look at the bloomberg u.s. airlines. it's up by more than 3%, this is actually the biggest jump in three. jpmorgan is pointing out that jetblue is raising its domestic fares by three dollars one-way, representing its six domestic fare hike this year so far, a testament to the health of the airline sector.

.n tandem they are rising 3.5% spirit air jumping on the news, this is their biggest jump since mid-april. vonnie: those gains are offsetting losses and health care? ramy: yeah, health care itself is the laggard on the sector, but it's interesting because there are two equities i want to point out. via jen, plunging the most in , the drug to treat multiple sclerosis failed in its mid-stage trial. alexion pharmaceuticals is down here, this is the biggest drop it had in about the fears. the reason for that is this drug to treat a rare neuromuscular diseas failed to meet its primary goal in the last stage of its trial experiments. valium, plunging the most in three months. down by nearly 13.5% here. its 2016 total

ps forecast below the lowest testament. $6.60 to seven dollars, in that range, which is significantly lower than the $8.50 to nine dollars $.50 that it just saw in mid-march. vonnie: thank you. betty: we are also watching lending club. this has become an embattled stock after the resignation of its founder and ceo amid essentially controversy, right? over its platform. shares have halted here on pending news from an investor presentation yesterday being canceled by the acting ceo. we will be looking for more news coming out on that. vonnie: it has been boosting interest rates in tightening criteria for volatile -- for

borrowers to qualify so you have to wonder if it is going to be a ratings change of some sort. but we shall see. at the moment the shares are holding. on to other news, mark crumpton has more first word news this afternoon. mark: bernie sanders isn't backing down. hillary clinton has enough delegates to clinch the nomination, but senator sanders hasn't jumped on the bandwagon. hoppedts in six states on the ballot today. convinceing to superdelegates supporting mrs. clinton to switch their vote before the convention next month in philadelphia. president obama isn't in ready to endorse a presidential candidate "at this point." that is according to the white house press secretary. he doesn't plan to meet with hillary clinton tomorrow to attend democratic fundraisers and tape an appearance on open the tonight show with jimmy fallon -- "the tonight show with jimmy fallon."

tropical storm in florida flooding roads on the gulf coast. the florida governor declared a state of emergency as the storm churned its way across the state. the national hurricane center said that this marked the earliest that a third named norm has a reformed in the atlantic race in. the european commission says it's working constructively with turkey on visa free travel after a warning from the turkish foreign minister, who says that if the eu doesn't make good on its promise to let turks visit without visas, turkey won't help them reduce the influx of refugees. news, 24 hours per day, powered by our 2400 journalists in more than 150 news bureaus around the world. act to you. fleshing out on that lending club news, the stock has been halted, saying they are not

in a position to provide a state of company report. the annual meeting due to have taken place today has been post down and will reconvene on june 28. those are the headlines we are reading from the bloomberg in the last few moments. the stock has again been halted. investors really want to know the fate of the company, more delay will not help at all. crude, andbeans, sugar are leading the way in data. the indexes in a bull market, but will the rally last? they haven't calling it a high potential growth. joining us now the ceo of global x management. bruno, lithium is just one small part of this major commodities bull market story in the etf in particular. : when you look at it in general, to your oil coming out

of a disappointing orman's what we like in these types of bullts, sort of the early market is to blame for the stocks that participate in those commodities that are said to be level plays. well many stocks are doing , but lithium we like in particular because of the growth story associated with lithium having to do with lithium ion batteries in to killer, and electric cars. the commodities rally has and fueled by the weakness in the dollar, really. there is some fundamental reason why, that this is really predicated on what the fed does, right? a lot has to do with the strength of the dollar and supply and demand. you see very different dynamics for gold and oil. for silver and for lithium.

we think commodities have been a driver inside each one of those commodities. you have to look at the reply to the story. vonnie: so, the lithium etf is up in the last few months. when it comes to silver i believe it's much much more than that. how does a retail investor look at this the etf's priced so richly? we are early on in that bull market and we continue to like commodities. we would prefer the mining played on the commodity. looking at those dynamics for of the fed is going to be much more of a driver. silver is a hybrid. you have the sort of currency aspect of gold and you have some industrial use. economic growth is important. a bit of a hybrid. said, it's really

an industry that is expected to grow very dramatically. really it is a bet on the electric market. betty: indeed. elon musk said that about the electric market as well. i want to talk specifically now, bruno, about the emerging markets and where commodities are going. i want to drill down into one particular etf and get your view on this here you guys, let's bring up chart on the vanguard ftse etf emerging-market. i want to show you how the and that seemsen to indicate in this chart that thisps even when we see rally over the last few days and emerging markets, there are still a lot of that's that we will see an implosion here. bruno: it's interesting with the emerging markets, to some than it's a similar story with foreign currency being a part of it.

it is out of the emerging world and a lot of these markets are very driven by commodity prices. not all markets, but a lot of them. our view for the emerging world is that they have underperformed for a long time. looking at overall valuation over a long markets areemerging these types of evaluations that tend to rally quite a bit. 20% to 30%. vonnie: a quick word about flow, where are the capital inputs coming from? it's interesting, a lot of it has been going to equity but some of it has been too low volatility. there is a bit of wanting to play in the market but be somewhat defensive. it's a good illustration of market intimate.

it has really run the gamut and energy as the and dominic commodities. betty: thank you so much, bruno del ama. lending club has resumed trading? vonnie: yes, following the notice to the ftc that they are putting off their annual meeting until june 28 because they are just not ready. we will be right back on "bloomberg markets." ♪

♪ betty: this is "bloomberg markets." i'm betty liu. vonnie: and i'm vonnie quinn. ramy?

* lending club -- ramy: lending club released the news that it would respond its annual shareholder meeting. after atession lows high been altered, shares resuming in trading of the company, which they said today given the development of the past few weeks the company is not in a position to provide the stockholders position on the state of the company. moving on let's go and see what's happening terms of company movers. over to a chemical plastics axiol jumping on its session -- axiall jumping on its session highs, south korea deciding that they would make a takeover or -- takeover billion, working $.40 per share. we can see that we are just below that here right now. this also raises -- raises the

off -- prospect of left lake chemical giving a bit of $23 and $.35 per share. let's head on over to another company, zillow. the biggest jump in a month right here on the order of 6%. the reason for this is because they have agreed to pay $130 million in a lawsuit alleging that they misappropriated trade secrets. analysts are going to list and gangbusters on it. equal weight from underweight with morgan stanley maintaining its overweight ranking. let's head on over to a merger and acquisition just a cap. landauer up by 1.5%, biomet down the other way. up the highest in half the year, december of 2015 is when we last saw the stock is high. zimmer says they are going to cash,em for $1 billion in

making zimmer one of the biggest conglomerates putting together andgs like replacement hips things for people with spinal problems. betty: thank you so much. much more ahead. vonnie: we will be talking politics with prominent republicans. forcing a democrat in to the race for the outgoing senators seek. -- seat. ♪

♪ betty: this is "bloomberg markets." i'm betty liu. vonnie: and i'm vonnie quinn. betty: hillary clinton has enough delegates to clinch the nomination, according to the associated press. but she won't confirm until the states have voted in the

primaries. vonnie: overshadowed, however, by donald trump making racist for months -- racist remarks judge ruling in the case against trump university. his paul ryan basically saying that it's ok for the gop to be racist sometimes? >> it's a tough position for many people in the party. they don't like this. he has said so many controversial things as a candidate and over the years. they are torn between the reality of what the voters decided and their own view of what's right and wrong and what should stand for. you are asking a question a version of which will be asked all over the country by a lot of voters and journalist. the hope for the republicans is that not only trump stops saying these things, but that he clarifies, apologizes, and do -- does whatever he can to put the

remarks he's used in another light. betty: is this guest going to make trump do even more? newt gingrich and mitch mcconnell made statements that trump should start talking about the issues, that he should start getting a message, is that just going to needle him to be even more outrageous in some ways? it could. he does what he wants. what he will likely do is what he did in the past, talking about the issues that reporters ask him about. but the reality is that a lot of republicans care about this. this is not dividing the country along a traditional left right divide. no one is defending the remarks he's made. we haven't had a lot of rolling -- pulling on his numbers and it is deserved by more than one republican that until they see the numbers from these that

suggest he's been hurt by this, his instincts are that this is hurting him. about: as more comes out trump university and the whole scandal, with mitch mcconnell talking about the issues, then there's the actual case itself. will this have the potential to be the thing that brings down the caseump? mark: itself does go to a lot of issues that trump has sensitivities about. the nature of his business success. a lot of democrats think -- think that this is the area they will go harvest after. he calls it a private matter and says it has nothing to do with his status as a nominee and it is a source of great delight for them at that's making controversial remarks on what the country has no investment in. betty: hillary clinton on the verge of history. reluctant to greatly declare that she's the nominee for the democratic party, but we will know by the end of the night?

mark: she has been on track for a while. -- in thenow more sense that until the superdelegates cast their ballots, it's not official and hasn't been reported. we learned that the florida recount, silva officially, you can't really know. certainly after tonight, the democrats allocating their delegates into the presumptive nominee the way trump is, until the convention he can't release a its history and a formal way. let's bring in josh eidelson. why are republicans in california rooting for a democrat? tell us about it, josh. josh: by the time the votes have been counted tonight, it looks likely that every republican running for the barbara boxer u.s. senate seat

will have been eliminated from the race. the ballot in november will just have two democrats running against each other for some. it's possible because under their 2010 referendum they went to an unusual system where you throw all the candidates from all the parties on the same ballot. there are 34 in this case. the third -- the two who do the best whatever party therefrom advanced to the november elections. that system makes it possible in heavily democratic state like california to get just two democrats. that's made particularly theible now because republican party is not in great shape in california and particularly is going to have a harder time getting voters to the polls. because their presidential race is, as you said, already at the weather is a presumptive nominee at a contest sanders. -- and a contest between clinton and sanders. vonnie: what makes a democrat

able to be a senator and republican stronghold? mark: it's changed, like a lot of america, the demographics of the country have changed. while it is still one of the more republican areas of southern california, a lot of democrats know. what exactly happened here? isn't it true that not since arnold schwarzenegger was elected governor there hasn't been republican who has held a state my position? josh: that's right. there hasn't been a republican elected to a statewide position in 2000 x -- since 2006, speaking to the room -- decline of the republican position in california. it's widely believed that in california that pushing for a referendum to reduce and in fact eliminate the government and if it's in many cases available to undocumented immigrants hurt

their brand permanently. ironically now you have some consultants worried the same thing could happen all over again with trump and in this particular race, even on top of this system you have three republicans who have been splitting the vote among them, each getting single digits. it's a great story. we'll check it out. mark, quickly, with democrats take the senate? mark: today the democrats have a decent chance of chait -- taking back a bare majority. vonnie: thank you. betty: still ahead, a commodities close. a quick check on where oil prices are trading. ♪

♪ from bloomberg world headquarters here in new york, this is "bloomberg markets." vonnie: mark crumpton is here

with more from our newsroom. nancy pelosi has endorsed hillary clinton for president. the california democrat held off on a formal endorsement of finally made her choice public today. she told abc news that she believes that senator bernie sanders will be a constructive force for 2016. the head of the transportation security administration says significant progress has been made on shortening screening lines since earlier this spring. he told the senate and all that over the busy weekend 99% of passengers at u.s. airports weighted less than 30 minutes. more than 90% weighted less than 15 minutes. on theut strategic focus seven largest airports in the system. if you can prevent problems there, you prevent problems from cascading. they: they are -- mark:

are exploring better speed technology. david cameron says that campaigners are lying to voters. he is not worried that the remains side round. polls suggest the campaign is losing momentum, bolstered by the argument even the block is the only way to control immigration. cameron says that the resident side is resorting to total untruth to con people to taking a leap in the dark." the russian president -- president, vladimir putin, saying that his country is expanding the fight against israel. he made his remarks in moscow following a meeting with benjamin netanyahu. talks focused on boosting bilateral ties and trying to resolve the situation in syria, where russia has conducted air campaign against those opposing the government of president bashar al-assad.

global news, 24 hours a day, powered by 2400 journalists in 150 news bureaus around the world. back to you. commodity markets are closing in new york. oil extending its gains from his highest close in almost a year. another gain of about over 1%. investors are looking at data out tomorrow at 10:30 a.m. that could show crude stockpiles falling for a third straight week. maybe the rally will continue. vonnie: copper falling over 3%. betty: gasoline futures falling, consumption set to decline the

summer. the lowest pump prices encouraging more americans to get in their cars and take the road trip, right? the summer. vonnie: absolutely, national parks are seeing record numbers of visitors this year. these days companies like gm are also investing plenty of time and money and electric vehicles. betty: david westin spoke exclusively with mary barra about the upcoming chevy volt and the race to build the first mass-market electric car. >> you have the chevy volt coming out this year, who is the audience for that car? miles, it you are looking at a vehicle that will get more than 200 miles of range at an affordable price of $30,000 after incentive, it

opens up for a lot of people come to their use and say -- not only is is a car that i can drive to and from work, but for my lifestyle this is a vehicle that is going to meet my needs and be my only vehicle. we are excited about that and excited to be worst into the marketplace. there are other vehicles out there that at least think that they will be competing. they may be wrong, but they think it. we can meet -- we can name them. unique? is really there a moat around that car? the volt has done well and we have listened to the customers to make the next generation even better. but the thing that makes it work is that it's all electric and affordable. that's what distinguishes it. yes, we are unique in the market base in offering that to the customer. david: there's another company

out there that starts with a t and they say they're coming out with a new vehicle in a years time, more or less. tesla, the series three. your people were nice enough to let me drive of volt. -- drive a volt. it's a great car, but if you look at it it's very different from the series three. they don't the same all. why did you target it the way the you did, which seemed to be more utilitarian, more family-friendly? why did you pick that market to go for? mary: if you look at how you generate and provide an electric vehicle for everyone, they need the utility of the able to comfortably seat five people and have a's richest rear. what you look at the vehicle i hope one of the things that you notice is that inside it is like a car.

we have been able to package and create of the car in c car cheerier the right the space and room that people need as a part of their everyday lives. that's why we went to say -- make this more suv like, it will provide the most value for a person where might either only vehicle. david: why do the investors like tesla so much? mary: it is one of the reasons we're trying to an autonomous conductivity. it is about the future, where you are going and how you will create value. we are working hard to make sure we will create substantial shareholder value earlier you ask about how we make capital decisions. ice and edible amount of time it sure that we do that in the best interest of our investors. our core business allows us to fund that. as people see, general motors is it tech company needing multiple

technologies. i look at it as what we need to do to prove the value that we are relating. that is where ice a focus. david: is it realistic for general motors trade in an increased multiple as they get ready of india architect company? absolutely. undervalued.re we will work to make sure that people understand the mission of general motors, the investment, capabilities, and strength that we have. i come to work every day believing we will do that. that is something that will take her of it self. -- take care of itself. vonnie: an exclusive interview. betty: really heating up the electric car market. much more ahead. it could be a huge win for

lockheed martin. the world's largest private defense contractor, congress considering reinstating the $67 billion raptor, one of the most expensive jets in the military. vonnie: then it is in the heart of silicon valley, is stanford --versity too cozy with the with silicon valley? betty: looking at the tech heavy nasdaq, gaining just a touch. ♪

♪ this is "bloomberg markets." vonnie: time for look at some of the biggest is this stories in

the news right now. betty: the nation's capital approving a $15 minimum wage. pushing the city's minimum wage to $15 per hour by 2020. the democratic mayor has pledged to sign the measure. vonnie: glencore is one of the final bidders in assets according to people familiar with the matter. the deal makes -- may fetch $1.5 million. the deal could happen as soon as the close. betty: mortgage prices may slow down soon. prices rose almost 9% in the last year to an average of $310,000. that is your bloomberg business flash of eight. moving to the skies from the terrestrial and the celeste

deal. deal -- celestial. cancel years ago, deemed unnecessary and unaffordable. betty: new threats of congress questioning if it was a mistake. the house subcommittee is asking the air force to investigate what it would cost to put the most the most advanced fighter plane ever built back into production. we have more on this from our bureau in dallas. justin, specifically first tell us why they stopped production. at 22, how many are out there flying around right now? -- f-22, how many are flying around out there right now? >> it is a small bit in the grand scheme of what you would take to war. part of the problem is that it was such a big burden on the budget, at the time president

obama and robert gates said that this was not an affordable program for them. vonnie: a lot of the money has already been spent on r&d for this. is it not better to go ahead and build some more? you are of course creating jobs, to. downn: the line was shot -- shut down in early 2012. what has happened since then is that they have really focused on the 35 lightning to, and aircraft design for the marines, navy, and air force, coming in three variants. that plane has really gotten the bulk of the budget right now. the latest tally is that that is going to fly for another 50 years or so. lockheed martin makes oath, so how would that work?

justin: he would probably see money being siphoned from one program to another. but it is likely a safe bet that they don't want to see the budget messed with at this time. it is a program that has gotten a lot of. the plane is delayed. the plane has at some operational problems. it is a case where they really need to focus on the f 35 at this time. in the grand scheme the f-22 coming back is a long shot. betty: isn't it right the parts are classified? a lot of these features don't even know. it is definitely a plane that's more advanced than anything else out there that flies in combat. at the same time part of the argument has been -- do we need this aircraft? are there threats? you are seeing house

subcommittee language with somebody saying -- china is making some moves. maybe there is a threat. vonnie: do these aircraft get technologically progressively more better? you would imagine that the f 35 is that are than f-22, so why would it need to come back? justin: the f 35 has technology that the f-22 doesn't, but in terms of maneuverability and stop technology, it probably is a better aircraft. but at the same time it is a bit more expensive and the decision has been made. frankly there are more than 2100 in the order book that the pentagon is buying. the f-22 has been shut down. to really change the map on that is going to take a big hole in congress. i guess it doesn't affect where the jobs are either. it's not like one factory closed

down and another opened. they are all the same areas? justin: right. the defense budget, if you wanted to build them both at the same time you are talking about a major expansion at a time when that is probably a very large thing to try to get through congress. vonnie: justin, thank you. betty: if i was in those airplanes going upside down, i would be passed out for days. ramy: [laughter] you and me both. right now the spider home index is up by 1.8%. this is its highest in the past two weeks or so. we are basically seeing a broad rally across the board in terms of the constituents. 33 equities are up.

just three are down. a big reason for this is what's home.ing with pull teeth rising right now, you can see the pop earlier today up on the order of about 5%. this is its highest share price. since december. the reason for this is that the elliott management corporation has decided it is going to take a stake in it after a time when actually cofounder called on the coo to resign because of much criticized behaviors and decisions he's pull through. off of that, let's see with the other homebuilders are doing in tandem. d.r. horton, lennar, toll brothers all rising to as much as 3.6% there. thing ir interesting want to show you is with happening in terms of new home sales over the past year.

taking a look here, you can see that we are at our highest ever. 619,000 for the month of april. this is the highest the year 2007. pointing to seasonal sales in the spring, i want to show you etf.you the homebuilder over the past year interestingly while the new home sales index is higher, this is still not caught up to it. still down on the order of 2.5%, but it is worth it to know that in february it is up by 25%. betty: all right, thank you so much, ramy. vonnie: john hennessy, has stamford focused too much on technology? what is the state of higher at asian today? ♪

betty: this is "bloomberg markets." i'm betty liu. vonnie: i'm bonnie -- vonnie quinn. samford university has been in the headlines for the conviction of a rapist. vonnie: -- betty: hennessy stepped down. emily chang caught up with him and asked how stamford has changed under him. john: two big changes that have .ccurred that are or shall one, we dramatically increased the amount of financial aid we can give to students so that we could attract students irrespective of their family income and ensure that if they were all a fight, they could afford to go. as a result, net tuition for the

average family has gone down in real terms over the past 15 years. the other thing was to reshape the search commission so that we would be more outward focused and more collaborative and we would devote more energy to trying to attack the world's biggest problems. environmental sustainability, global health. issues around peace and security around the world. i think universities have the ability to make important contributions to those problems and we wanted to see stanford do more of that. what has made stanford so successful in fund raising in and the goals of the university has been a he. people find it very appealing to help ensure that the doors of

the university can be open to the most qualified students. or when you talk about working on neurodegenerative diseases or cancer, people find those compelling investments where the university will make a difference in the world. i think that is what we have done so well with philanthropy. he will be working closely on the program are you taken scholars focusing on leadership and innovation. what are your goals here? to help create what we eventually believe will be great leaders around the world. as i look forward, the void in leadership that we see in all walks of life, nonprofit, for-profit, government, seem to be getting overwhelming partly because of the problems of you face in society being so difficult.

we thought we should be training people who are those potential leaders and educating them, propelling them into the future. that's the goal for the program. emily: former freshman was for sexual assault and the has been outrage over the six months. do you think that is fair? onn: i'm not an expert prison sentencing. but the outpouring of empathy for this poor young woman, who when you read her statement has gone through something incredibly traumatic, i think we should be focused on how we support her and take her forward . on campus and in our society we need to focus more prevention on of preventing sexual violence so that it never happens on our campuses or in our society. give me some specifics

there. what are you doing to make sure that students feel safe, parents feel safe, to make sure that these kinds of things don't ever happen again at one of the most elite institutions in the world. we have put in place a mandatory training requirement for every student now. every undergraduate and graduate going forward, to learn about sexual violence and understand their responsibilities. so, we are working on that issue and trying to eliminate other factors that seem to have an influence. where the zipcar, all kinds of other issues. we want people to feel so ordered. we want them to feel like they have a partner and a ready in the system. thingk that the one good that came out of this incident was we had two students who intervened. we are focusing a lot on training people to be not just

by standards, but to actively get involved in trying to prevent this kind of thing from occurring again. vonnie: much more of that interview later on "bloomberg more ahead inmuch the next hour. wells fargo releases a midyear outlook for investors. the global market strategist for the wells fargo institute joins us for more context on that outlook. ♪

♪ betty: it is 3:00 a.m. in hong kong. 3:00 p.m. in new york. vonnie: welcome to bloomberg

markets. ♪ from bloomberg world headquarters in new york, good afternoon. i am betty liu. and i am vonnie quinn. investors are looking past weakness in the labor market to focus on the likelihood that interest rates will stay low for longer. shares plungeiant as their earnings and sales forecast has that a turnaround is a multi-year process. the u.s. auto market is running on all cylinders since the crisis but seeing fueled in part by subprime loans. on whether the bubble -- chuck stevens on whether the bubble is about to bu