welcome to "bloomberg markets." vonnie: we are it bloomberg world headquarters in new york. over the next hour, covering stories out of san francisco, dallas, and washington, d.c. donald trump is taking the stage in detroit to outline economic policy. from former chair laura tyson in just a moment. shery: stocks are slightly lower this afternoon, i continue hovering near all-time highs. meantime, crude climbing as opec's president for next to the current bear market will be short-lived. vonnie: in a bloomberg scoop, apple is unveiling a new apple redesigned.

they locked on the revenue source before the crucial holiday quarter? julie hyman has the latest. shery: slightly latest, but still near all-time highs. a level on friday, touch a record earlier today before stocks fell backward slightly. what's been notable, not just about today's session, but a long streak of sessions we had is how little movement on a daily basis there has been, even as we've been hitting new records. it's really by inches. bloomberg, at the this looks at the daily percentage move in the s&p 500. you have to go back to july 8 to get a 1% move at the close. you see a very tight range of movement that we have seen, even with friday's gain in the s&p here,t did not exceed 1%

it's been interesting, this drift higher that stocks of experienced. interestingly, there was just a story out on the bloomberg little while ago from josie ling , would mean a six straight quarter of decline. it hasn't slowed them down that far. we are seeing more movement in oil prices. you see a continuing bounce for oil, making new highs up 3.7% and above $43 a barrel. opec president was making some noise about talks in algiers, even though couple of delegates from opec say that these will not involve a renewing of production talks. we still seeing will move higher. that's helping stocks in the energy industry.

-- exxon, schlumberger, and apple in that story. new features for the next iteration of the iphone. on the downside,, balancing the gains in energy, drug stocks are falling back. wrestlers with falling after negative drug results. allegan reporting sales that missed analyst estimates. .ealth care on the downside vonnie: this julie hyman of the markets desk. mark richt and has more from the newsroom. clinton'sing hillary policy as more of the same, donald trump thought to portray himself as the presidential candidate who is focused on the future. his speech was interrupted by protesters, and he focused on job creation and tax reform.

donald trump: we will limit the carried interest adduction, a well-known deduction. and other special interest loopholes that have been so good for wall street investors, and for people like me, but unfair for american workers. tax amplification will be a major feature of the plan. mark: hillary clinton will deliver an address on the economy on thursday. dissatisfied republicans have an alternative, conservative edward mcmullen is running for president. is a cia veteran and former chief policy director of the house of representatives. he told abc news, i humbly offer myself as a leader who can give millions of disaffected americans a conservative choice for president. delta air lines canceled around 450 flights so far today, after computer systems crashed worldwide. thousands of passengers have been stranded on a busy travel

day. that number is likely to grow. more than 1000 flights were delayed, according to flight tracking site flight stats. 11 hours into the outage, limited flights had resumed, but widespread delays and cancellations were ongoing. has slammed france's tourism industry, and the government says overnight days have fallen about 10% this year through july. international flight bookings to the city of nice are down 57%, and luxury hotel bookings are the hardest hit category. ipanema won a gold metal in music streaming following the opening of the olympics. spotify says the song was strange more than 40,000 times a day after the olympics kicked off in rio. the grammy-winning song was released in 1964. global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries.

i am mark crumpton, this is bloomberg. shery: mark, thank you. let's get back to donald trumps big economic speech, here is a quick highlights. on top of halting new financial regulations, donald trump lower the top individual tax rate to 33% trade he would also cut corporate taxes and 35% to 15%. reporterspolitics were watching the speech and sahil kapur joins us for more. did we get enough details? sahil: we saw he changed his top proposed tax rate to 33%, that brings them in line with house speaker paul ryan. we thought and propose a moratorium on new financial regulations, something the financial industry will really like. this is something that ultimately amounts to this

entire speech really amounts to a big all of branch to republican elites elected officials, and donors. he spent the last week feuding goldstar his bat with parents and last week he landed in a feud with paul ryan and john mccain saying he wouldn't endorse them. this is kind of an attempt to move past that. slipping in the polls, and this is an attempt to bring his campaign back on track. --ry: is it implantable implementable? sahil: the parts he outlined today are the parts the republicans in congress will like. can he get big tax cuts and deregulation through? such as the repeal of dodd-frank? yes, he can. proposed rejecting the transpacific partnership and a massive public works program, something about half $1 trillion

in for structure spending. coming is of things unlikely to be able to get through, no matter who is running congress, especially if it's republicans. the parts of the speech he outlines today seem to be the ones that republicans in congress would be most receptive to. he needs a lot of cooperation from them. it's unclear what congress is going to look like if he does get elected president. kapur, thank you for that overview of donald trump's economic plan. with some perspective on how the clinton campaign views today's speech, i want to bring in dr. laura tyson, chairman of economic advisers under bill clinton and is now supporter of hillary clinton's campaign. you for joining us. your immediate reaction to the changes in the speak -- in the speech from what we were expected to hear. dr. tyson: there are no significant changes. the change in the top tax rate, but the overall approach of ,elying on significant tax cuts

the disproportionally benefit the wealthiest, that's a very traditional republican position. by republicanted candidate after republican candidate. there's also a supply-side part of his speech, because he talks about the importance of growth, he says his plan will double the rate of growth, there's no evidence that that is the case, except to say there will be trickle-down effect from this massive tax cut. there weren't any surprises him what he's been saying about trade. i think hillary has made it clear that in terms of trade, she is looking at trade agreements in terms of do they create jobs and raise wages, and that's why she was unable to support the final version of the tpp. by the way, donald trump talked today about prosecution of trade violations. hillary clinton has proposed several months ago that she will

appoint a chief trade prosecutor, who will go after aggressively violations of trade agreements by our trading partners. shery: it seems like donald trump has approached a more republican side of the debate. some are saying that he's even mirroring a little closer to paul ryan. would you agree with this? how will that impact republican leadership? apparently he is agreeing with paul ryan on the top tax rate. that seems to be the main point. but he is proposing, and your interviewer pointed this out, trump is proposing a major infrastructure spending agenda. proposinginton is that as well, and i think there is a very important role to be played for infrastructure investment in the future of the u.s. economy. what differentiates trump from clinton is that candidate clinton as a detailed plan which

shows how she will pay for stuff. there isn't any explosion of the deficit or trillions of dollars added to the deficit in the short term or the long-term. here's the structure plan and how we will pay for. here's the tax breaks for childcare, here's how we pay for it. here's the tax cuts with a program for college education, here's how we pay for. we don't see any of that in the trump plan. shery: hillary clinton does give her own speech on thursday. there's a lot that would appeal to wall street, and obviously from is looking for donors and friends in her publican party. how will clinton respond with her speech in order to hold onto those donors that trump is now according? -- is now courting? dr. tyson: clinton has reached out and has support throughout the business community and throughout the financial community. thatas made entirely clear she does not support any rollback of dodd-frank, and that

in some areas, in the shadow banking area, for example, it may be the need for additional -- certainly a look at the situation to see if we really have a stable financial system going forward. clearly, on the issue of wall street reforms, clinton has made it very clear from the beginning that she supports dodd-frank. and that she will continue to look for -- are there areas where more things need to be done to ensure the stability of the system? trump this time around has tried to cast hillary clinton's camp as an ineffective relic of the past, not to mention attacked clinton's record on job creation well to a senator. how will clinton be able to respond to that? dr. tyson: first of all, it strikes me as almost amusing that there would be an attack on clinton by the trump people is at least that this is more of

the same. i basically started out my comments with the view that the trump plan, as i understand it today, is basically hearkens right back to the major driver as trickle-down supply-side economics, which has been discredited. we know it's been discredited. oldestack to the playbook and basically say this is the heart of my plan is something that i think people should pay attention to. clintons when senator was in office, she worked extremely hard on issues related to manufacturing in the state of new york. she worked to get additional manufacturing jobs in the state of new york. she has many times as secretary thetate also worked with chinese and negotiated very toughly with the chinese on all kinds of issues. she has come out in favor of stronger penalties on currency manipulation. she walked away from tpp because the rules of origin weren't tough enough to support the

location of jobs in the united states. she will be a very tough trade negotiator. officerwith her chief for the prosecution of trade violations. you for your thank time and perspective. that was hillary clinton supporter and former bill clinton economic advisor laura tyson. coming up in the next 20 minutes of "bloomberg markets," delta systems slowly coming back right now after computer failure halted flights for hours and grounded thousands of passengers. the latest on the second-biggest carrier in the u.s. vonnie: an oil rally is underway after comments from opec's president and plans for informal talks. the commodities close is just ahead. get a check of the markets. in new york, the dow is down against --p 500 down down about as much. this is slipping after record close on friday.

still sitting at a record high, the nasdaq down .3%. we will have more, this is bloomberg. ♪

shery: this is "bloomberg markets," i'm shery ahn. vonnie: i'm vonnie quinn. delta ceo says he is sorry about disruptions from a power outage that the stop to some global travel today. about 300 625 flights were scrapped and delays and cancellations will continue even as systems come back online. thousands of passengers were grounded around the world. the airline is now struggling to bring things back online. for the latest on the outage and the restart of the network, let's bring in justin bachman,

who covers aviation from dallas. justin, how serious was this glitch? justin: a very serious glitch, all delta affected flights worldwide. unlike the southwest situation, which was domestic, you have an airline that has global operations and planes they could be stranded all over the world. shery: explain to us how severe this computer outage was. purely operations or did impact airplanes as well? severalit impacted delta systems. the city began with a power outage in atlanta, their headquarters. we don't know a lot of the details about what exactly happened and how that interacted with other systems, but definitely affected the mobile apps, the website, the flight operations. in just a number of systems that led to a really, really tough problem on a busy summer day. will people tend to not

book delta for some time now? is that when they came out with a video apology so shortly afterwards? justin: i don't think it's themy going to hurt long-term. may not be able to get on another flight for a day or two or three. long-term, financially, it is something that delta can easily handle. vonnie: how does something like this happen? you imagine their backup generators, could there be more of a story? of weeople be suspicious don't get more transparency from delta? people are suspicious and exasperated, a similar problem just last month at southwest caused 40's of problems. of problems. they had all hands on deck to get the problem fixed. if you are an airline traveler now, you are saying why don't these airlines have systems that

are more redundant, so we don't see this kind of crippling outage that affects flights everywhere? it's a little hard to believe for people. vonnie: the stock is down about one third of a percent. justin bachman from bloomberg news, based in dallas, thank you. still ahead on "bloomberg markets," how they keep millennials happy after they quit and move on. this is bloomberg. ♪

vonnie: this is "bloomberg markets," i'm vonnie quinn. shery: and i'm shery ahn. bloomberg businessweek put out its annual interview issue, and ey'se magazine, you why -- ceo explains that a keep millennials happy. we asked jim ellis. >> i was interested in him is such a why -- ey large employer of young people. i figured if anyone had their finger on the pulse of how you deal with millennials, it had to be them. accountancy,of

public accounting, young people is not exactly the first thing that comes to mind. >> it's surprising because so much of the workforce now, you think of people who are in the middle of their careers, especially for corporate jobs. it turns out that things like consulting and accounting, a lot of professional services draw heavily from college graduates. that puts them in that sweet spot of dealing with people who are in their 20's or maybe early 30's. the medianlike ey, age is 29. half the people there are under 29. it's a big change versus what most people in the corporate u.s. are used to. copies change that most look for, or did it respond to a pool of people who can work for them is coming from? >> it's a response to what's happening in employment today. people come in, particularly millennials are much more in tune with the notion of going to go where my career takes me. i will do this for a few years

and then move elsewhere. it's a big change from boomers, who say i find a company and work there for 20, 30 years, i get a pension, and moved to florida. that is not what today's worker wants to do. >> i was struck reading the transcript of the interview, how cool he seems to be with that. he's not hiring people with the hope -- a hope that will come to fruition, that you could keep people 10, 15 years. he is happy if they go elsewhere. >> i was surprised. i would've thought this to be a really big challenge from employer standpoint, that my people are going to leave. instead, they figured out that nothing they could do about that. that is the nature of the type of people they are going higher. it's high potential millennials with good college backgrounds of people who are aggressive and think about their own benefit here. what they decided to do is make the best of that. which is a train you, i make sure that you feel good about me.

if you do leave, which is most likely a thing to happen, you will go out with a really good taste in your mouth, and you will spread the word what a great place i am to be employed at. will also send business back to me from your new employer. you will say i know this great company that can do this job for us, because i used to work there. you can read the article in the latest bloomberg businessweek and hear from the magazine's reporters on the week's most talked about stories every saturday and sunday on bloomberg television. still ahead on "bloomberg markets," it's a commodities close after feeling the pressure in recent weeks, oil is moving higher in rebounding from the last session. we have the latest on that with tom petrie. ♪

>> this is bloomberg markets.

>> commodity markets are closing in new york. julie hyman has more on this sharp rebound. it is a few sessions old, give or take, from the lows after entering a bear market. crude up by about 3% just over $43 a barrel. and renewing freeze talks is not on the table but they see this pessimism passes. that is evidence by money manager. here's the price of oil itself. and this is short positions. they are now at a record aboard this past week. bouncing by a little bit.

calling for a soft bounce. this is what is going on with retail gasoline. coming down pretty sharply. that is evidenced by the latest numbers. gold had been trading at about a one-week low. prices up just a little bit. it looks a year returns with gold and silver. in the context, it is olympic medals.

he saw gold and silver printing a can act. silver will outpace gold. >> that is so much fun. i wonder if there's any correlation. after oil tumbled. what can you expect. chairman of the partners. thomas many decades of experience and has advised on more than a quarter trillion dollars. it is just some position

squaring. >> the correction we have is not one, can we test 40 or a little three stepsacca forward and one or two back. they help that along the canadian fires, for example. i think we are in a normal correction now. are still headed for the

capital starvation process. an undermining of the global producing base away from opec. up thisy, opec went last time by the full amount wentthe u.s. and other down. the ability to sustain that in 2017 and beyond is doubtful in this price environment. >> we see money managers decreasing their bets. as i have it on my bloomberg, and just as julie showed earlier , the money managers are increasing those bets. will the influx of these make the market more vulnerable to a rebound? >> it would. you could have a real round of short covering.

mentionedthat you reflects the beliefs that this was correlation between the stock market. not convinced it's a good long-term bet. >> what can they do? >> i don't expect a lot there. i think what we will see is more discussion. saudi arabia still calls the shots within opec. iran is also an important player. there is a virtual cold war. i think it is much more important that the supply and demand fundamentals are really beginning to work in favor moving higher but with the periodic downside.

>> it shows they are going back to work. is that sustainable? should they be putting them back to work? . to putrtain areas, into perspective, we need to see 50 or 100 rigs go back to work to bring on new supply. even that will happen with the delay. i think picking up single-digit numbers are moving into 15 and 20 will change that.

>> we are seeing that we are in that seasonal refinery. so how much will this put downward pressure on demand? >> there is a seasonality kicking in. it was the fear of the looming seasonality. we are into it now. at $52 or $51, you worry about it. it's not as big a concern in my mind. walmart ceo saying that they will lead the lawn -- online efforts.

it was founded and headed up by mark lori. that news, we can tell you that walmart is down about .6%. let's check on the headlines now. mark: democratic presidential nominee hillary clinton backed by 46% of registered voters versus 34% for donald trump. the previous survey taken before the party convention had clinton leading 43% to 40%. the latest survey had libertarian gary johnson at 7% and jill stein at 2%. the taliban faction has claimed responsibility for a government run hospital in pakistan that left 67 people dead.

103-63. it the americans are unbeaten in two games and swimmer michael phelps has hit his individual event. they easily advanced to the semifinals. the entire russian team has been banned from competing in the upcoming paralympic games, punishment for the state-sponsored doping competition. a directly condemned moscow's involvement while stopping short of blaming russian president vladimir putin. global news 24 hours a day powered by 2600 journalists and analysts in more than 120 countries. i'm mark crumpton.

it is merger monday and walmart has taken a giant leap into e-commerce acquiring jet.com for $3.3 billion. area ofook on the whole interview partners. >> and the iphone catapults apple to the largest corporation in the world but demand has been waning the last few quarters. to bring some of the magic back to the tech giant. the s&p 500 is at 2178, a drop of four points. the nasdaq is down .33% as well. ♪

>> this is "bloomberg markets." >> time for the bloomberg business splash, the biggest stories in the news right now. holding over $1 billion. it is a 43% increase. the deal from the canadian company would increase financial strength. a traditional ingredient, such as beef, tomatoes, onions inside of a flour tortilla.

it debuts nationwide august 15. the burrito burger mash-up could attract others that avoid aaa chipotlecoli -- avoid after the e. coli outbreak. investigations into interest rate manipulations, the first at the false rate commission that inflated borrowing costs linked to offered rates. the attorney general eric schneiderman's office said that manipulating rates from 2005 to 2009 matched the port -- masked the poor health during the financial crisis. that is her business flash update. the deals report. every monday, we zero in on the m&a business and the big players behind the deals.

blair efrin is known as one of the biggest dealmakers on wall street. bloomberg news managing editor asked about the ceo perspective when pursuing deals. >> m&a starts with a micro question. do i need to do something to either stabilize my port folio or enhance my portfolio? it is a very macro question. it does factor in importantly. doing something inorganic is a -- he or she can take the business and do something more with it. that company could have done that. the most important time for the

success of the transaction is the first 18 months. to make an assumption on overall and then benment wrong and faced with headwinds, it would be a very difficult position. >> is almost awaited turnaround if you don't succeed. >> it is really difficult. you are careful. it is an you have the sense of accommodating. what will that acquisition look like under various macro scenarios? what will you do if you hit an air pocket. >> how does m&a look for the rest of the year? >> it has slowed down.

the $10 million deals seemed to have gone away. how do you view 2016 or 2017? >> it is down 20%. >> they run it half the level. every week, we see a few transactions announced. it show a pretty healthy market. this has longevity to it. you don't have a year where you have 50 transactions over $10 billion. i think it's fine. i think between now and the end of the year, it will be slower.

and you have a better sense of what the political environment looks like, you will see a decent level of a video. -- of activity. environment,ust the regulatory environment, a lot of deals have been pushed back whether we talk about the pfizer deals or the humana deals. or is it that companies have to digest the deals that we've done? idgesti is a period of -- digestion. that you will recommend a huge transaction that really vets the not having enough certainty as to when it will close or how it will close, that is leaving an impact. the present of deals that are not getting done i dollar volume is no different than serving them but because we did so much last year, the number itself looked pretty large.

close the transaction. a big time of exposure. to still be able to maintain the base business. i also say that valuations are high. pay askedl routinely team times really means that you better by business it has one. , a return criteria that, for most companies, will potentially be difficult for the shareholders. if you want to do something to your opening point, it's pretty good.

withat is blair efron double managing editor jeff mccracken. and gettingnging up ready to revamp the iphone next month. will the move give a much-needed jolt to apple?

>> this is bloomberg markets. apple is widely to expected to unveil new iphones month in what could be the biggest product event of the year. the update ahead of the holiday quarter comes at a crucial time for apple which has seen demand for the flagship product wayne recently -- wane recently.

joining us from san francisco is bloomberg technology reporter mark berman. you are first to report the new iphones will have a dual camera . what does that mean and how big a deal is at? it will have two cameras on the back. it means two cameras will capture the same image. it's not going to be two pictures. the clarity will be substantially better. the lighting will be much improved, colors will be more accurate. picture used -- pictures you take it night will be crisper. >> walk us to some of the other a rates. >> one of the important things about this phone is it is removing the headphone jack. generation,rst

removing the headphone jack is a big deal for those that remove expensive headphones from people like bows or beats by dray. apple will push headphone makers to go bluetooth. or plugging through the lightning connector. >> how does this fit into the cycle for iphones. that, the iphone and manyand the iphone 6 people might be expecting a new iphone design but it will be fairly similar to the ones from the past few generations. >> they are waiting for a great brand new version.

>> if you have a success, i don't see much of a reason to of grade. it will have a bit of a cleaner look. >> iphone demand has waned in recent quarters, so how crucial will these new models be for the holiday quarter? >> they boost the quarterly numbers. in quarter over quarter growth when they announced the q1 results.

in the one to two weeks of the q4 cycle. >> mark gurman in san francisco, thanks. they're pulling back from record highs. he said stock valuations still look reasonable. this is bloomberg. ♪

>> it is 8 p.m. in san francisco -- in london.

>> welcome to bloomberg markets. >> stories out of san francisco, detroit in beijing. we are pulling away from those record levels. companies new features like a dual camera and the pressure sensing home button. donald trump took the stage in detroit this afternoon to outline his economic policies and tear down hillary clinton. have analysis.