care but they move on the headlines. how were you thinking about it overall? >> the knee-jerk reaction in the market is not a human the market is pulling back initially. you had semiconductors getting a slight move up. that dissipated. the issue is for the market on whether or not the u.s. and china are on the same page as far as what each side actually ones from this. the u.s. is about tech transfer, intellectual property. the giants will come back and say we will buy more and have a list of all the things we can buy. that is not the answer. until the sides understand that the other side once this and the other ones that, we will be at

loggerheads. scarlet: we are looking at a market closing with little change. about 27 points and the nasdaq is falling about a quarter of 1%. caroline, you have imap on your bloomberg. more of a defensive posturing here in the market overall. telecom, health care doing better, financial and tech was a big drag. tech is the quarter of the pie there. caroline: apple is falling on the back of a lackluster event in the store. andyone already anticipated bloomberg scooped what apple would be telling us today. energy is up. mike, give us a sense of the anticipation of the hurricane hit and how that makes trade more exciting underneath what seems to be flat benchmarks. mike: for the energy sector, that is the case. it is not a hurricane that will recap make on the energy

infrastructure, but whenever you are even waiting one million people, that is an unexpected boost, short-term boost in demand for gasoline obviously. caroline: is that what is helping consumer staples and consumer discretionary? quincy: absolutely. take a look at the shares of home depot and lowe's. they were getting a bit before this. mike: the other retailers as well. they get flooded. is: one area we have seen the banks. goldman sachs is down. how is that is that significant and what is that about? quincy: that one was interesting because that was about trading. they trading numbers are not going to be good and you have the loan growth on the regional banks. all of that said and done, there is a direct positive correlation

whether you like it or not. the print is the print. if the market believes the 10 --, butld will move up, overall, the banks need restructuring and moving away from areas that do not do well to areas that do. i suggest that will happen with goldman sachs. joe: you mentioned the 10 year yield. names andlot of macro they are very good at making headlines and saying dramatic things. you said the 10 year yield will drive a lot. how do you see the rates picture going forward? quincy: again, this is up for debate. we are at the point with the 10-year gilts that could be breaking out to the up or down side. that will affect the stock market. one would be defensive and one will be more cyclical. we have to remember that pension

funds have been a large buyer of treasury. the tax break they get ends on september 15. the question is, -- of course they will buy games on the equity side and go into treasuries, the question is, how much? how much will it be? we had an auction today and it went very well. demand was high on the 10 year. the question becomes also, does the fed pause? if they pause, at some point in this year or next year, or talking about pausing, that's will also affect the auction. caroline: interesting. ray was talking about central banks in there are concerns about what could indeed spark the next crisis coming up. policymakers waiting. take a listen -- eighed in -- weighed in. take a listen. >> it would be more of the

dollar crisis and stead of a political crisis. >> i'm worried about a couple of things. that policy to the extent we get into a trade war that would not have a good outcome and, number two, the fiscal sustainability of the track the u.s. is on in terms of budget and the debt. ending the cycle with a deficit gdp is a horrible performance. >> if we will have a global crisis, it will be out of china. i do not say that this time will be different. gdpi think they will have troue keeping the growth rate up at the rate they need politically without having debt to continue to rise. that is absolutely a point of vulnerability in the global economy. --the trade tensions become between the united states and into thee spilled over acceptance of both countries toward m&a.

a transaction was stopped by china for no reason other than they were a bit peaked at the u.s.. caroline: what a lineup of guests and all making key points about the future. scarlet: china comes up a gain and again -- again and again. quincy, we talk about trade being the catalyst. what else in china could be the catalyst? quincy: if you don't see any growth. president xi wanted to move the economy and transition it to consumer goods. they want to do cleanup the debt situation but that has been shelved as they cushion for the potential trade war. therefore, you have the debt issue floating and not cleaned up. it must be done. now, rather than later. mike and quincy, thank you for joining us. caroline: let's go back to california where apple took the

wraps off of their new strategy showing up atrial of phones, but shares remained negative following the announcement. emily chang is here. what was your key takeaway here? caroline, i have come back from inside of the theater where i got my hands on the new phones. the upgrade to the iphone x and the big one. they are brand-new, upgraded. that said, i did not see a huge difference between the iphone xr xs.iphone that is what has investors confused. if they are similar, why do not people just gravitate toward the cheaper model. a lot of people say they are buying the big one and the cheap one. --ding the middle phone

there is concern that more consumers could graduate toward the lower end. that said, apple has intelligently released the two more -- phones first. the cheaper phone you cannot get until the following month. iphones are very much upgrades to the iphone x. not a lot of huge new bells and whistles, but the higher price point is going to push apple's revenue higher depending on the mix. joe: were there any surprises for you today? emily: not a ton of surprises. one thing that had some of us keep your folks -- some of us abilities theyas added to the tenant and the next -- meaning you have you have flexibility.

you do not have to manually insert a new sim card. this is something the carriers have been pushing again. says they have carriers lined up around the world who are working with them on this. it means becoming carriers of the service that carriers provide, in the future, could be much more like a commodity. the way one analyst puts it is that you will not say i am a t-mobile or verizon user, you will say i am a in iphone user -- an iphone user or since on user. peopleng to some, more will be switching to t-mobile because it becomes easier. remaining to be seen how this extra sim card could impact consumers. quincy: the consumer has more power.

more ability to decide where it wants to go or more of and ability to make an informed decision. i want to go back. last year at the same meeting, the share price barely moved. the only time it moved was the initial introduction of the watch. then, it pulled back and there was an issue with the identification opening up the system. it has a history of pulling back after this meeting. scarlet: important context of their. emily chang in san francisco, thank you, and quincy cosby -- .uincy krosby that does it for me and romaine bostick will be stepping in for "what'd you miss?" next we look at how businesses prepare for the massive storm. this is bloomberg. ♪

caroline: live from bloomberg world headquarters in new york. here's a snapshot of how the u.s. stocks closed today. it would seem a steady-state for much more activity on the rise. joe: the question is, "what'd you miss?" caroline: bracing for impact. hurricane florence is heading for the carolina coast threatening catastrophic flash flooding. testing appetite for electric ipo --hina made its u.s.

and the numbers behind the pot rush, high valuation for cannabis companies remind some investors of the.com europe -- the dotcom gearup. joe: here's something interesting. around 11:00 this morning when we got the headlines of a potential restarting of trade talk, not surprisingly the s&p 500, the white line, popped up. also, the gold etf also spiked higher on the day. it goes to show gold is not behaving at all like the safe haven asset it is stereotypically. at some point, gold may regain some characteristic where volatility helps it, but now, it is trading in line with stock. i think that was a nice demonstration today off of the

trade related headlines. caroline: fascinating synchronization. we will see if it regains its luster is a safe haven. florence looks like it will hit the u.s. mainland. it continues as a category four storm with high wind productions and huge rainfall. is it still a category 4? >>

hours. what has changed, and it is really interesting, initially it was forecasted to make landfall along the coast of north carolina but it has shifted further south. this has tremendous implications for south carolina and georgia. joe: how much of what is key here is the landfall versus the size of the storm, how long it will sit there, which side of the storm hits, in terms of thinking about potential damage and risk? shunondo: if landfall location is important, which it is, but what is scary is the fact that it may stall a little. it is such a huge storm. miles ofbout 450 coastline currently under a storm surge watch or warning. that is tremendous. the fact it may stall raises tremendous implications around the fact that there could be a lot of flooding even in certain locations. romaine: what do we have to worry about in terms of what is in the line of the storm? are we talking residential or industrial factories or things we have to worry about their? shunondo: as far as commodities are concerned, in the ad space, there are things to be worried about. we have been looking at to nuclear facilities. the southeast contends it -- contains a quarter of the u.s. nuclear fleet for power generation. plants are within

the wind field of the storm and are required to shut down by regulations. joe: thank you. now, companies are preparing for the arrival of hurricane florence by shutting factories and encouraging workers to keep their homes and families safe from the storm. here with the latest is ivan livingston. from the corporate side, what do you have your eye on ivan: we are looking at some of the visit goose -- some of the biggest companies. some companies are closing operations because of the widespread evacuations in the area. we are also paying attention to banks and we have heard about brink -- branch closures. romaine: these are fairly routine closures were people will start right back up after the initial damages over or some sort of prolonged shutdown? ivan: the answer to that

question depends on what kind of storm,there is from the along the storm stalls over the coast, what kind of flooding there is and a storm surge, how long atrocity -- how long electricity is out afterwards. i'm hoping -- i'm sure the businesses are hoping to start right back up but it could take weeks for power to be restored in some areas. matt, let's talk insurance. matt: the insurance market is important. we look at some of the retail numbers today and one firm was calling for $700 million worth of sales from the storm. for the home-improvement retailers, they treat this like a military operation. they have command centers tracking the storm and plan

logistics. they have these hurricane relief teams where they recruit employees from other parts of the country to come in and get a store open as quickly as possible as we know -- they know of the huge amount of demand after storms. joe: we have seen home depot shares rise and that is something we frequently see ahead of storms. matt: it is. there is a surge before the storm of people buying water, sand, generators, things like that. then, you see the surge after potentiallyich is the best scenario for home depot or lowes is people get worried about a storm and go buy stuff, and nothing happens with the store staying open. it's like the store surge demand without the closure. we usually see a boost to home lowe's.d analysts come out with expectations about a half percentage point boost to sales in the second half of the year because of florence. romaine: what about other

retailers not sailing -- selling contraction products? matt: it is a negative. dillards chart showing and 50% of their stores or something like that is in the path -- are in the path of florence. for department stores there is not huge demand because of hurricane, but stores shut down, people evacuate the region. for non-necessity based, it hits the sales. caroline: thank you to both of our reporters covering this. this is bloomberg. ♪

caroline: time for the smart charts with abigail doolittle. abigail: thank you so much, caroline. joining me is david keller. thank you so much for taking your time to fly in. so many exciting things happening. one thing investors are paying attention to is the divergence between u.s. equities and the rest of the world. you have a chart that exemplifies this. talk to us about it. >> there is no doubt the u.s. has been leadership relative to the world. the divergence has been more striking overtime. that therens me is are plenty of times in history where the u.s. has gone up and the rest of the world has gone up about as much. you would expect the u.s. to potentially lead, but rarely there is a situation where the establishede in and uptrend with others in a downtrend. one of two things has to happen.

the u.s. will catch up to a weakening global story and pulls it down a bit. abigail: you think this is probably a selling opportunity for u.s. equities as opposed to a buying a with the -- buying opportunity for others? we have talked about biotech in town and it has been a great story with an established uptrend. you compare that to global markets we saw and it is a consistent uptrend breaking the highs above the 200 day moving averages. for me, looking at and to quantitative model with momentum factors, it looks to capture things like this. the weaker short-term trend gets you in at a lower price. we have the ibb etf pulling back to the 50 day mulling average -- moving average. biotech has been a consistent

performer and pulled back to a trend line using the lows on the index. it is in a healthy configuration and this is the type of chart you want to be on. abigail: you think this is a buying opportunity so what if we saw some of the weakness you talked about on your first chart and we saw biotech breakdown relative to the s&p 500 ridge that line? would we go down to the 200 day moving average and blue? david: that is the concern. we are at the decision point which is why this should be on someone's radar. if we break lower, the 5000 level on the bt k is previous support. that is the first line in the sand i would be looking for. if we break there, the 200 day moving averages a good potential target. abigail: let's take a look at the xlv. david: health care overall has been a very compelling chart from a technical's perspective -- technical perspective.

these are sectors that have done well consistently but falter on relative terms. health care is one that is completely stepping in and taking the leadership role when some of the faang stocks have struggled. we are now breaking down through a trend line using the most recent lows. in the last six months, we are in a sideways trend now. the most important thing on the chart is the bottom which is the relative strength index. a lot of people think when the rsi becomes above 70, they consider that to be negative. when he gets to about 80, happening a number of times in the last 18 months or so, most of the time when it happens it has been a short-term crotch in and is option of the long-term trend. suggests to mern the momentum long-term will be higher. abigail: overall you think the u.s. could join the rest of the world in some sort of bearish action but health care is a goodbye? david: a good spot to be. abigail: thank you david keller.

scarlet, back to you. caroline: not scarlet, but i will take it. the goldman call is adding to the concern out there that we could see some start of -- we could see some start of correction. joe: the health care stocks -- romaine: the health care sox has been one of the havens. joe: i also feel because it is the 10th anniversary of lehman everyone is in the mood. stocks are a straight line of ups since then. caroline: glass half-full. we needed it. take it back after the decade in the rearview mirror. coming up, we see where the high valuation for cannabis companies can be sustained. this is bloomberg. ♪

mark: i'm mark crumpton with first word news. hurricane florence has been downgraded to a category three storm. forecasters warned it is still big and still extremely dangerous. florence's maximum sustained winds are clocked at 125 miles per hour. fluctuations are expected through thursday morning. florence is expected to make landfall late on the carolina coast thursday or early friday. a surge in people coming to the u.s. illegally as family site -- family has contributed to illegal crossings from mexico. border protections says nearly

16,000 families arrived last month. that is an increase from july, one of the highest on record. officials say this is due to what our legal loopholes including a court order prohibits holding children for more than 20 days. the united nations commission of inquiry says it syria this year has witnessed levels of internal displacement not seen before in the seven-year conflict. they also warned a possible offensive on the northwestern province which generate a catastrophic humanitarian crisis . >> for many of the women and children in italy who have already been displaced from other parts of the country and for those leaving in terrorist controlled territories. mark: government forces massed troops on the edge in preparation for an offense on the last major stronghold in syria.

vladimir putin, the chinese president, and shinzo abe held talks. this takes place as trade tensions increase between washington and beijing. china's news agency quotes the foreign minister saying the new dynamism to china russia ties open up new prospects for regional cooperation. global news, 24 hours a day on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. romaine: "what'd you miss?" cannabis stocks are seeing their market cap sore. let's take a look at canopy and kronos. one of the best-performing stocks since it had its ipo back in july and kronos is up about 69% during that time. canopy is also doubled during

the same time. it is not just the actions in the stoxx itself. we see volume go up in the options market and options on tilray talk about volume alone. looking at the other stocks, a lot of folks are moving into the space to get a piece of action whether it is betting on the stoxx to all up or down. when -- stocks to go up or down. we are seeing its much more weighted to the put side. people are looking at the valuation on the stoxx and saying they have gotten out of control. you have companies like tell ray -- tilray up in the valuation of something like 5 billion and 2 billion for renault's and revenue is still only $10 .illion per quarter it's based on the promise of what they will earn in revenue, not necessarily what they make now. we will toss to julie.

>> i'm julie hyman and i popped appeared to continue to talk about the cannabis conversation. todd harrison is here and a founding possible are -- a founding partner of a company that invests in cannabis for medical uses. we talked to you before. this was before ]= the ribbon the stoxx -- before the rip in the stocks. . are there pitfalls to all the --husiasm we have seen >> seen? >> i think there are pitfalls. we talked about tilde ray -- tilray, chronos, and canopy. they are getting people trying to drive up the price. on the canadian exchange, it is comparable on how to rate is up trading at the 10th of the

valuation. you have u.s. names where institutions can still invest and you confront run institutions and australia is the tale. this is a global phenomenon. joe: it is pretty clear in the big picture of things in the sense that this will be a huge market when it is legalized in more places. most of these companies are tiny and will make a lot of money selling marijuana. know who investor to will have brand modes, pricing power, things like that? who will have distribution? how do you identify the winners when there is no market? todd: that is the opportunity for the people doing the work. there are no analysts covering the stoxx or no institution -- institution. to your point, what other people are missing, who is going to

smoke all of this weed? cannabis are tempered ingredients in things like clothing, building materials, food. it is pretty ubiquitous. we are trying to think through here. when we look at the total global cannabis equity market, there is about $70 billion in valuation of the stocks. if you look at the cash crop in cannabis, it is mainly flour and 300 billion. if you contemplate this as an ingredient, you're talking a two to $3 trillion market in 10 years versus 70 billion of equities now. that is the mismatch and why investors are driving up the stock. >> you have a big black market or gray market depending on where you are. i was at the west campton farmers market this weekend and there were several stands selling cbd oil. it is not cheap by the way. >> they love it out there.

>> the point is, this is not a publicly traded company sitting stand at the farmers market. todd: we think there will be two distinct markets. you have the beverage market and you see the beer companies moving into that space now. that is a robust market in and of itself. the real plays on the biomedical side going through the fda. there are applications for epilepsy but that is the tip of the iceberg. community have never studied this yet. this is frontier science and even those who know about it will tell you there is a lot more to learn. we don't know a lot more than we do know. we do know, from an efficacy standpoint, is the wellness side. caroline: there is $70 billion

of market cap at the moment and, romaine, it seems it is held up by a few companies. romaine: it seems i collect a promise. i wonder if this is all on the medical side or recreational because a lot of the play in that could market is on the recreational side then it is on the other. todd: i think it is a fair amount of semantics. a lot of people have been self-medicating for so many years that the lines between recreational and medical are blurred. there are certainly going to be -- a pathwayations through the fda. the only way a government could take the bite they want is through the fda. there will be two markets. the valuations we are talking about in the canopies of the is a function of that there is really no place for the average investor. they cannot treat canada or australia. are,is where the values but they're not in the once you will see in the most traded on

the new york stock exchange. joe: there are some states where it is legal and market data against her to see how things evolve. i was looking at the oregon website where they track their marijuana data. there is interesting things -- there are some interesting things. the dollar volume is already starting to flatten out in oregon. going back basically a year ago, dollar volume has not gone far. ofking at another chart units volume or pounds of marijuana, that continues to surge. it is obvious what the upshot is that the players are losing pricing power. you can see the volume whether it is concentrate, edibles, smokable's, that continues to rise. how much could that concern these players that, one year into the organ experiment, it is obvious they are losing pricing power? todd: i'm happy you asked me that question. as prices go down, those people using cannabis as an agreement

-- an ingredient, their input costs are increasing. that is what most people are missing. as prices go down, if you use cannabis for your medicine or for your beverage, your margins are increasing because the cost of goods are going down. that is one of the biggest mers --aersk -- mr. this is not going away. people talk about crypto and cannabis and say this is the second coming of crypto. a, crypto is the best thing that happened to cannabis because everyone was chasing the bright, shiny stock.- some of these, you will see a pretty heavy shakeout. >> let's get some of the names. you eluded to that a couple of times.

most of the companies you look at our in canada, australia. one name you're not mentioned is constellation -- you have not mentioned is constellation. why not? he is playing checkers while everyone else is playing chess. he has switched his type of company many times. when prices go down, the consumer package and high-end luxury stuff, that is where the most -- where the marjorie's -- margins are. we are looking at the companies that have not had these types of runs. for all the stocks that people are going crazy for, there are contingencies of people who own them for $.70 on the dollar. this is not new. >> what is your favorite? todd: in canada, village farms. they are the cheapest. in the u.s., we like liberty health.

in australia, it is a canned group. , andve about 30 positions that is trying to be as selectable as possible. >> todd, it was great to see you. giving a check on cannabis. todd harrison, thank you. second andot more a talk about tobacco because i'm noticing a move in stocks today. we saw a rally in tobacco stocks. this is counterintuitive because the fda announced a crackdown on a flavored e-cigarette in particular because there has been this rise in teen use and children use of these types of devices. jule is one that is really popular. it is a privately held company. what is the pressing about this in seeing stocks are rallying is that the thought process is that if they are not doing

e-cigarettes, they will be smoking traditional -- >> best gain in years for altria there. caroline: food for thought. up next, turning a corner. fell on its best day of trading but managed to finish higher. can it take on tesla? this is bloomberg. ♪

joe: it is time for asia ahead. ni

share. many think it is a strong challenger to tesla, but it does not seem the market is excited about it yet. for more insight, we're joined by triton ceo. what is nio? are they a tesla challenger? >> they are trying to be. they are one of the largest in china and one of the largest in the world. the problem is that so far, they have only manufactured 2000 vehicles total. joe: it is impressive when there is a car company that makes has ability to get cars out the door -- >> they say they will make 10,000, but even their rival is saying that is too much. they do not have a manufacturing facility and are borrowing from another who is manufacturing those cars for them. it is no prize investors have been a little more skeptical, especially as what is going on with tesla. caroline: your reaction to this?

it is still worth $6.7 billion as a company. what was interesting to us is that this company had a low score. usually, it is customary to go public before -- to prove you can make a product before going public. on: your firm scores ipo characteristics that are not purely profit and loss. you look at other things in the filing. when you look atnio what do you see -- at nio, what do you see? rett: can the company make money? $7 million of trading sales and they sold less than 200 cars. they have orders for 1000 cars they don't even make. there is not that much to score here. ,t is a very early story especially since the deal is

bigger than all the other ideas filed put together in tech land. >> how much of it has to do with raising global awareness of the brand itself? there is mixed opinions about the value of being public for your brand. the big american premium car company has a difference of opinion. ,he interesting thing about nio is that they are the premium carmaker in china. nio is carving out unique territory for themselves and investors could look at that and say if they can do it and make the cars and seldom into the category, they have the category 2 themselves. romaine: hasn't that been the narrative of a lot of ipos lately? we don't have ipos based on revenue. rett: open promise is selling at the great premium now. we saw the chinese deals a quarter of the year to date tech calendar and half the tech calendar filed right now. some of these companies did not exist three years ago.

onre is a lot of hope going which is why we think it is so useful to get into it this and terror to part. if you see a company growing 400%, it sounds good. joe: it is interesting there are so many chinese tech ipos in the pipeline because we have seen whether it companies is jd.com, alibaba, who are the companies you're looking at and that we will see on american exchanges? rett: there are companies that we have been waiting to see. that could've launched their ipo a week ago and another that could of done the same thing. total.re six of them in nio and 111 had a very low score. these are companies that, it raises the company -- question where the cool companies are.

onesnies like airbnb, the that people are waiting for. what is interesting about the chinese companies is that they are small and not well-known, but the american market is open for companies like this. caroline: and there a deep pockets for the private people in the u.s.. thank you rett wallace. coming up, hold your horses. details on our next story next. this is bloomberg. ♪ mberg. ♪

joe: "what'd you miss?" the september sale is in full swing. top forces are being sold for top dollar including relatives of some of the famous horses to recently hit the tracks. here with more is our managing editor, david papadopoulos.

you are our in-house force expert.- horse what is happening right now that has your attention? >> this is the year american pharoah's babies have hit the auction ring. american pharoah won the triple crown a few years ago. the first triple crown winner in three decades. auction ring, this has created a lot of excitement. a triple crown winner is a rare thing and there is the hope and excitement that the american pharoah's offspring will be the great runner he was. romaine: what is the track record for the offspring? is this something you can measure to see how good they are? david: there is a breeding legend in this country who had the best expression, you breed the best of the best and hope for the best. it is a little bit of a , but when you look at

the ones getting into the gate for the kentucky derby, it is not old yeller. it is blue blooded pedigrees. caroline: they are beautiful. let's talk about who is buying. david: one of the interesting things about this year's sale is it marks the return of sheikh mohammed of dubai. he was a little out of cash after the 2008 crisis ended hit dubai hard. he was and has been for the longest time the whale in these are overhead -- thoroughbred auctions. the first timer in a decade and has been very active. in the first two days, he spent some $13 million including ofing a $2.2 million baby american pharoah's joe: we talk about our genitive investment asset classes whether it is rare sports cars, wine, or fine art.

when,ses track the market in good times, people bid up horses and in bad they been down? david: as a traditional thinking pattern, the thoroughbred market is a lagging indicator in terms of what it tells us. we are starting to look at data suggesting that it might be a leading indicator in terms of telling us where other markets go. joe: we should just be airing this all day. [laughter] horses aree gorgeous. caroline: not a diverse crowd, is it? david: no. i guess it's isn't -- it isn't. sometimes it is more of a leading indicator. we will not have a good sense of how the sale ended up for a few more days. stay tuned and we will give you more on that later.

you can start seeing some of these as yearly -- as early as spring of next year. you will get a chance to potentially by some of these as two-year-olds. -- soe: so for splitting horse flipping? david: horse flipping. caroline: david papadopoulos, thank you. the queen is a buyer of forces but the bank of england announces its rate decision tomorrow. joe: i will be watching the ecb as it announces its rate decision tomorrow all of by a briefing from the government. romaine: and a turkey announces its rate decision as well. that is all for "what'd you miss?" caroline: "bloomberg technology" is up next. joe: have a great evening. this is bloomberg. ♪ this isn't just any moving day.

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emily: i am emily chang and welcome to a special edition of "bloomberg technology." live from outside of the steve jobs theater in california. in the next hour, apple unveiled a faster iphone x next, a bigger one, and a cheaper xr. will this kickstart more growth for the $1 trillion tech giant? some investors are not convinced. ap