caused a lot of business folks to say we have a problem here. this is not just about economics, it is about politics. we don't know trade will is causing -- i think we are stuck. in the stock today market, we aware of -- we were up higher. we are back in relatively a jury -- rally territory. once again there is a desire to buy. the dow -- scarlet: the dow stringing together four days of gains and we are now seeing it up 3.7% so far. sixth.day is the that is pretty impressive. caroline: very weak volume. as you mentioned before, unless determination to buy a rally. let's go deeper into the action. what are you watching? >> one area on a tear is

utilities up 25% over the last year and it is continuing this week. the s&p 500 utilities sector near 4%, putting in new record investorse exchanged are taking look at this. as you can see at the end $625 million entered the etf yesterday. that is the largest in the fund ever since it was created. there are a couple of reasons. you have the relative other of safety of utility stocks -- of safety ofre utility stocks and investors want that, have that thirst for yields. we will see if the strength can continue. that is the question. there is a lot of talk about oil but natural gas was throttled, down .2 .3%, heading for its third straight weekly

lost. we continue to see this selloff in the space with concerns about demand, the weather and about the stockpiles. we got those numbers which showed bigger than expected gains in stockpiles up for a 10th straight week. take a look at the storage of circle. when you look at that versus what it was a year ago it has expanded 10%, the most since august 2016. the deficit is wiped out on the five-year average we had. don't know if we had data but it is remarkable chart. traders expect natural gas prices to go even lower than where they are today. one trader we did interview in the weekly report actually said they expect natural gas prices to go below to dollars. that is something we haven't seen, caroline, since 2016. great perspective. the latest news now on the lack

of a deal with mexico, near no deal but talks are to continue. on developmented and immigration talks says the mexican industry -- ministry on this. the u.s. is focusing on immigration control in the insurance. they stay higher. joe: consistent with the bloomberg skew earlier today what we are getting is it is serious, not headlines like going more talks have stalled, the talks are real. and they continue without resolution tomorrow which doesn't unlikely. we will be seeing 5% tariffs imposed on mexican imports. still with us, bob dole and michael -- get me your take on what we have seen in terms of the different sectors. energy stocks were good, oil prices at a bear market and today they went off on a tear.

how do you position for oil companies? these are trading stocks and the price of oil gets waxed for whatever reason the stocks are down, you buy some and the other way around. absent a strong, global economy, it is hard for me to marry the energy stocks so i'm using this trading vehicle in a world where cyclical stocks including -- not doing so well. check want to go back to in the way those stocks got slammed. it hasn't had spillover. people sort of realized for as much as we talked about the importance of these companies, maybe they are not big but they don't mean much for the other companies. somethingade with investors hadn't really thought about in years, so his trust busting by the government. there was the knee-jerk negative reaction but people are coming to the reaction that this could

drag on for years and the u.s. doesn't tend to be like europe and give these massive fines. they might ask for some corrective behavior. a little bit of that reaction is on the one. scarlet: look at where microsoft is, doing just fine. joe: are they the biggest in the world? [speaking simultaneously] caroline: i am interested in where youin terms of want to be putting the money, whether it is cash coming in from the sidelines as we speak. cash coming in, i would be patient, not chase the market that is up. i like buying on the weakness in choppy and frustrating environment. i still to get more constructive want to see betterpatient, behat of the cyclical areas, the average in stock. this is the second day in a row the russell 2000 light of the russell 1000 almost a full

percent. the average stock is not participating like the big stocks are. we need that precipitation to get carry through. caroline: we have the new earnings from this one, $40.2 million. this is a company that has searched 300%, the best-performing out there. this is something we have been keeping a keen eye on on where we expected numbers to come in. first quarter were in the realm million to $48 million. we are moving higher, they closed down 3%, making up -- 315% fromase of year-over-year. this case on the company is nothing to do with the valuation but how big they could get if the alternative is huge and they are at the stage at the life where they are growing hundreds of percent a year. ofrlet: first-quarter loss

$.95 per share and analysts are looking for the full year as well as $.40. we haven't gotten that, but the initial read is something for the quarter that ended. caroline: how are the expansion plans moving into europe and i hong kong market as well and where does it see if -- we are down by 1.5%. [indiscernible] says all about -- joe: facebook, google, and beyond. we have a look at the outlook, and expect revenues to exceed more and hundred 40% year-over-year -- 140% year-over-year. it will be approximately breakeven as well for all of 2019. that is not really helping the stock much at the moment. joe: when you run up this fast

and i don't even have, what were they today, -- [speaking simultaneously] let's get a quick perspective now with bob dole. your perspective on earnings, how we have seen ipo's, mixed results with that. the mixed results is similar to what is going on in the market and the economy but we have a consumer in good shape. the jobs number tomorrow in light of some of the things we have seen this week is very critical. manufacturing is slowing. , there is weakness. can the consumer kerry is through until businesses get more confident? we spend money and go back to improving rather than decelerating gdp. you.et: bob dole, thank witha recap, coming up

results as a publicly traded company, 40.2 million dollars, indicated it would report in the neighborhood of $30 million to $40 million. now the stock is up, seeing revenue above $200 million. it did report a loss of $.95 per share. that does it for the closing bell. romaine bostick is stepping in for what did you miss, looking at financials and futures. this is bloomberg. ♪ ♪

♪ caroline: live from bloomberg

world headquarters in new york, i am caroline hyde. here is a snapshot of how u.s. stocks rallied again, volumes lower. central banks versus trade wars, terror headlines giving investors on their toes. the jobs report takes a stop. meet beats but will it be enough to fund dictate its valuation? and people withdrawing the merger with renault walking away from a deal that would have created a brand-new opportunity. -- ecbet's talk president mario draghi pledging to revive inflation, taking a listen to what he said in lithuania today. act in caseined to of adverse contingencies and also stands ready to adjust all

of its instruments as appropriate to ensure inflation continues to move toward the inflation and sustained manner. caroline: sounded pretty dovish but it fell flat. here to talk about it is -- the euro was up .5%. it was the dollar weaker day but the market wanted more from mario draghi. >> you could tell from the defensive way he was going to talk what he was suggesting. there was a lot of room for him .o return to qe in the 1980's we went from whatever it takes to having max headroom, but people don't quite believe it. this time they are much more inclined to call him on it.

if you take a look at inflation expectations, they are falling again quite rapidly the eurozone in a way that is very troublesome if you want to anchor expectations and move back up to 2%. you have much more of a problem there. expectations for less than 1% for the next 10 years in germany. joe: the various lovers and pumps and whatever mario draghi has to play with, it feels arcane to me and like the realm of theoretical physics. what are they going to do, nothing with the real world of the economy. is it impossible because what europe needs is not really what is on the ecb toolkit? >> you have got to bear in mind these political situations which make things difficult but i

think the critical problem he has which is different from what the fed has been dealing with, he has got a weaker banking system. there is a good reason for having this much more arcane tinkering with banks through targeted lending because the banks in europe are weaker. you can see how the market still doesn't really trust the strength of those banks and you have also got this problem. they can push on supply of credit. it appears the problem is more the demand, it is in the interest in expanding and growing. romaine: do you think market reaction has -- no real sense of who his successor is going to be? do you think we will have some clarity or continuity with regards to policy and messaging? if weould be surprised

don't have a fair degree of continuity because it is one thing that the eurozone has managed to achieve, very credible institution made a number of risk -- you have a fairly good idea of what makes the ecb tick. i agree it is troublesome, draghi, until recently has been very good, skillful at talking the markets. it takes time for any central banker to build up that kind of trust. i remember some traps with the bernanke regime and jay powell, this would be a good time for somebody else to be starting a dialogue with european markets getting into trouble. you mentioned jay powell, we have conflicting headlines in terms of mexico-u.s. deal not agreed today but tariffs could be

delayed. is the fed going to be able to backstop this? will the equity market saying higher, bonds get money poured in? like some risk aversion trade as we expect a rate cut to save the day? -- if therey assume is 25% tariffs on mexico, -- caroline: there could be a 70% chance. opinion really see that columnist, there is no point analyzing it other than totally stupid thing to do. done, hurts america probably more than it hurts mexico and -- i don'tg at all

at thede coming up border and the business model for all of the manufacturers in the u.s. rate cut fromof the fed would help very much. mexican situation is very difficult to play partly because so many people assume it just isn't going to happen. we see republican senators running away with this like they haven't with many other issues, and therefore further so much of it depends on the material mind of donald trump. i think basically people

caroline: is nvidia reported and beat significantly, significantly, first-quarter earnings, 4.6 cents, also looking better than expected, and that revenue, more than half a billion. $540 million is also a beach. the shares as you can see in

rally mode remain. romaine: shares doubling the ipo but the bigger on the year is beyond meet. they have their first earnings reports since may and did beat along these metrics investors were looking for, sending shares soaring. you can see up 12% now, and joining us now to talk about this is bloomberg ipo reporter crystal. you have seen the numbers. i always felt like the expectations for these new ipo companies are out of line with what we would expect with a more sure company. uporter: this company is 300% and in a way you can argue it was underpriced. so this is not really, given its track record it is not something that -- it is outsize. we have seen that as a rosy .erformance, a rosy result

maybe this is actually what they are worth. joe: obviously it is not making money, won't make money anytime soon. which can be set some about these recent ipo's including uber and lift, they are not making money either. but when it comes to the business model, what do you think the difference is in why investors are more enthusiastic about this? this particular money loser. look at it is a different sector. it is a different, household name. they talk about expansion internationally as well whereas uber and lift have gone through all of that and say it is not as successful as they want it to be. it hasn't been done. romaine: their losses have been shrinking. they are going in the right direction. one's is alls

about our obsession with the company we are blogging about, -- 7% of sales. they are able to bring this back, a relatively strong price. what are investors baking in for the future of this company because competition is coming. they actually bought into beyond meet with some disagreement, and tyson foods is making his own competitor. they have one called fermented meet which grows meet out of cells. come petition is here and live. reporter: there are the ones we reported on, you see the progress everywhere. they are the most advanced compared to everybody else in the market now. you see it more than anyone else. they have somehow managed to create into your marble -- where youger places

don't have a veggie burger anymore. in some cases you are not having a veggie burger. [speaking simultaneously] romaine: i have had both of them. it was interesting. the other thing, when you go in to the grocery store and go into that i'll, there is a billion rand. it is not just beyond meet, so -- is are in the frozen foods so it is sort of differentiated with the pork chops and stuff. we already heard a big canadian company said they will do the same thing. they are moving veggie burgers out of the freezer case and into that refrigerated case because they feel beyond meet gets all the attention. caroline: it makes them sign a deal as long as -- it would be retail. it is up 15%. i want to point that out. caroline: these former vegetarians not buying it so

much. thank you so much for that insight. now a quick check on business flash headlines and j.p. morgan is closing its bank after rolling out the brand nationally. [indiscernible] j.p. morgan found millennials aren't wanting a separate digital experience. accounts will be closed and the money transferred to chase checking and savings accounts. former hewlett packard had meg whitman was accused of trashing the reputation of autonomy founder mike lynch without understanding what had been committed. she clashed with his attorney during a second day of testimony at the $5 billion trial. lynch was fired before the money was uncovered. and an american supply-chain drying up huawei. the chinese tech giant has hired thousands to develop around-the-clock to [indiscernible] added huawei to

a blacklist of companies that block it from buying american software and components. that is your business flash update. romain, amain, -- half in u.k.,der, joining the british team as a skateboarder. it is making skateboarding and olympic results. [speaking simultaneously] joe: i was only impressed when i thought she would -- [speaking simultaneously] romaine: probably still make her one of the youngest competitors. i wonder what is the youngest ever. joe: they have snowboarding in the summer olympics, the winter. caroline: they are adding surfing. romaine: this is to bring in a general younger of a graphic. bumpsne: we will see who

it. rising to the pack, talk about the 2020 presidents. ♪

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in need. experience the leesa hybrid mattress. right now, it's on sale. order today. go to leesa.com. mark: i am mark crumpton with bloomberg's first word news. frenchnt trump and president emmanuel rick rahn and --andful of surviving d-day french president emmanuel macron and a handful of surviving d-day veterans were at a ceremony in normandy today. president trump praised the

veterans saying they were among the bravest americans who ever lived. president macron praised their sacrifice in liberating france. president macron: we owe what we , our freedom. on behalf of my nation, i want to say thank you. [applause] over 4000 men were killed on five beaches on d-day. german chancellor angela merkel caused it a gift of victory that she was able to attend the ceremony commemorating the 75th anniversary of d-day. she told reporters, "this unique military operation eventually brought us a liberation from the nazis." to attend thed

indication. west point officials say one person was killed and several others injured when a vehicle overturned in rough terrain. the u.s. military academy says the vehicle was headed to a summer training site just before 7 a.m. no word yet on what caused the crash. runs summer military training exercises for cadets in heavily wooded hills outside the main gates in upstate new york. a german court found a male 85se guilty of murdering patients. he was sentenced to life in prison. he had earlier been convicted of two other killings. during his first trial, he said he intentionally brought about cardiac crises because he enjoyed the feeling of being

able to recess a tape them. prosecutors noted that many of the victims were not terminally ill, but on the path to recovery. police have clashed with protesters, lahouaiej in recent weeks -- protesters in malawi in recent weeks. they are protesting what they described as a fraudulent election. global news 24 hours a day and on tictoc on twitter powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. joe: 2020 hopeful elizabeth warren has been rising in the polls. the massachusetts senator has made inroads with potential voters on a number of issues ranging from breaking up big tech to forgiving student debt. her latest proposal calling for

economic patriotism even has the interest of some of the others of the aisle. we have seen elizabeth warren's poll numbers rise. it really feels like of all the candidates, she is the one who knows how to manufacture positive news momentum for herself so far. >> she has figured out how to do that because any topic in the news, she comes up with a detailed policy for it. one thing after another. when abortion was in the news, she came up with a plan for that. this has been her brand and voters point to that. she has a plan. she has a plan. that seems to be catching on with democrats. joe: talk a little bit more about that because sometimes detailed policy proposal can work against you. risk of run the being like hillary clinton who has a lot of great ideas but how to really know

communicate them? >> hillary clinton mostly wrote her proposals for a general wroteon audience and proposals that would get through on a compromise, but elizabeth warren is going big. she is writing proposals to forgive massive amounts of student debt. voters haven't seen anything like that. and her proposals are the kind of thing she knows how to communicate. she is very good on the stump. caroline: she has sort of taken a lead out of bernie sanders book from the last election. is he losing for her winning? >> there is a lot of convergence between bernie sanders message and elizabeth warren's message. bernie sanders has been talking about this for decades. elizabeth warren has been talking about this for decades. before she was a senator, she was writing books about the shrinking middle class. they are appealing to a similar

type of voter. thing about economic patriotism, even tucker carlson was praising it on tv. we have a clip from his show. let's take a listen. tucker: even more remarkable? many of her foreign policy prescriptions make obvious sense. she says the u.s. government should buy american products when it can, and it should. she said we need more workplace apprenticeship programs because four year college degrees are not right for everyone. that's true. she says taxpayer should benefit from the research and development they pay for, but we often see companies use that research to manufacture products overseas like apple did with the iphone. american taxpayers are subsidizing the creation of low-wage foreign jobs. she sounds like donald trump at his best. best.onald trump at his do you think tucker carlson represents something emerging on or is it more like

larry kudlow so far? >> there is a parallelism between populism on the left and populism on the right when it comes to trade protectionism, protecting u.s. companies. that's something trump has talked about, including managing the value of u.s. currency. that's not something barack obama did, george bush, or bill clinton did. hearing this from populists in the democratic party. leads warrenbiden and sanders. >> he is definitely the frontrunner early on. amaine: but he is not populist. >> he is not, and this is a big test. is there still a silent majority of more moderate democrats who

prefer obama style governance to the new warren-bernie style? we are going to follow this until 2020. we are going to stay in washington. talks with mexico concluded with no deal. jon erlichman asked vicente foxx about tensions between the neighboring nations earlier today. take a listen. >> because we are in the hands not wise in he is making economic decisions. trading in north america, canada, mexico, is reading -- reaching a trillion dollars every year. it's high impact. not done ourhave

job on the migration issue. .t's incredible both issues have nothing to do with each other. he says he would go up to 25% in tariffs if needed. we are worried. job.o must do its we must have the policy to -- we have to develop opportunity because people have hunger, lack of jobs and income, violence. that has to be corrected. >> do you feel like a resolution on all of this can be reached before the imposed deadline week ? >> we have been negotiating

partners for 25 years with nafta. mexico and the united states for hundredsghbors of years. the should be solved using guy we have in the white house. gutskes decisions from his and not from his mind. share his decisions. he just goes out and does it. shoot first and then find out later what happens. >> are you saying for u.s. officials in washington talking with mexican officials while the president is overseas that they are not communicating with each other? have a wise, to intelligent strategy, use all its brains.

many in the political world in the united states, very few are in favor of the position trump is taking. foroesn't benefit anybody people to pay high costs for products that they are not paying today. mexico will react, imposing tariffs. think he is wrong on his position with china and his position with mexico. >> we had former foreign affairs minister peter mackay on yesterday to talk about what this means for free trade. that deal could create or if this ultimately does not get resolved. mexico andfeel about canada being able to ratify that free-trade deal?

>> it's a missile ready to , which has been so good for the three of us. the united states has benefited, of course. we are the leaders in the world , and theis region leadership of this region is to defend values of the free market . all of this could be destroyed because one guy is stubborn, one guy needs the wall, one guy .eeds to be reelected trump is making nonsense out of this. former president of

mexico vicente foxx. some interesting news on the u.s.-mexico trade deal. the u.s. is moving forward with mexican tariffs says the white house. we will continue to see how the peso trades. it's currently losing ground. you on have to update beyond meat because it's completely crazy. at one point after hours, the stock was up 25%. currently up 22%. the outlook is well. really impressive. going to sayre more about it, i'm sure. , talks and in a blame game as a path to a deal narrows. we have all the finger-pointing coming up next. this is bloomberg. ♪

they are blaming each other for the collapse in talks. this time yesterday, we were breaking headlines that there was going to be a deal struck with the french government. i get home, and the whole deal has been unwound. does this come as a surprise? >> yes and no. this is really complicated. you have the french government. lt andve renewal -- renau its shareholders. you have fiat and nissan, and whether they are going to support a deal.

renault was trying to push for a merger with nissan, which was already their partner. even though the french government was going to end up , it's not% stake really clear what they wanted, whether it was a more board seats or what? the french government might have wanted more of nissan's participation or time to figure all of this out. one thing we know is that both sides seem to be leaving it open that a deal could come back. everybody calms down, they can get back to the table. it's not like jobs were going to be cut in italy or france or vice versa, some kind of major deal with big, ugly political

ramifications. joe: it's a precarious time for the car industry between disruption on the technological front and trade demand. how challenging is it that these companies cannot consolidate and are potentially weaker on their own than they could be if they could consolidate? always companies have had a tough time merging. this was seen as a successful alliance for a while. this deal we are talking about today has fallen apart. fiat-chrysler fell apart a couple of years ago. are national treasures, these companies, and the jobs they create. politicallmost pressure to keep them intact.

on the other cited as what you bring up. they need to get to get -- side is what you bring up. they need to get together to scale up. what you are seeing with the mergers is things like general motors working with honda. volkswagen and ford getting .ogether and combining vehicles if you cannot out and out to virg because you have family ownership or political can -- youand out converge because have family ownership or to becal issues, you want able to combine what you can to build to the scale. but these mergers are so hard to pull off. joe: david welch joining us from detroit. thank you. coming up, banking on stimulus.

will it help a slowing economy? that story ahead. this is bloomberg. ♪

earnings some notable after the bell today. we have to check out the rally. up 18%, a $6 million valuation that could become 7 million. joe: it was already out of whack. they are kind of out of whack right now, but a lot of this is that the market is going to continue to grow. twitter, theyw on have built up restaurants by 500%. if you can just expand into

restaurants and make it a thing, that's why people are so excited. up 10%.: zoom is also another ipo on the rise. romaine: up 9.5%. we are going to turn to asia ahead. china unveiled a stimulus plan andelp sales of automobiles electronics as u.s. tariffs threaten the nation's economy. >> i try to be here. it's my friday. happy friday. romaine: let's talk about once actually in the news. this is a big deal. they are trying to get people to buy more cars in china. >> yes, but what is really interesting is it's not compulsory spending. it's not like the national government is doing anything. they are not putting money into it. they are telling local

governments, if you have the capacity, do try to stimulate people buying cars and electronics. that's what it's really interesting. cutsd these massive tax earlier in the year. the government may not have the capacity to keep spending. but this is watts happening in the auto field market. we have seen a downturn in the car market in china. we are now seeing the national government stepping in and telling local governments to do more. joe: can it do more? to beatistics continue pretty dismal. >> yes, especially when it comes to that. we are talking -- comes to debt. we are talking about national debt. and because they are not mandatory, more local governments step in and do what is required to get things going. they have not talked about and need more subsidies.

they are not increasing the number of car licenses. is only thing they are doing encouraging people to buy cars and electronics. andline: there is amazing piece today about huawei and how they have reengaged wealth culture, basically, and have people working around the clock to get the bits made themselves. alreadyhis is happening in a culture in china where these tech firms really work their employees to extreme levels. now you are seeing huawei, really inside huawei, all of this fire and passion happening in order to revive their business, and yet, the chinese government now approving four licenses for 5g networks. four carriers will be able to build theirtry to 110 thousand 5g base stations.

this was very fast approval for what usually takes time in china. the chineseed that government did not want all of these carriers backing down with huawei being in so much trouble right now. quickly, whatsapp with u.s. china talks? -- what is upot with u.s.-china talks? >> right now, we are not scheduled for anything until after the g20. caroline: no pressure. thanks for joining us. meanwhile, do not miss this tomorrow. economicll be watching data. there's like a jobs report coming out tomorrow? some big number coming out at 8:30 a.m. an first-quarter earnings before that jobs

number. joe: bloomberg technology is up next in the u.s. have a great evening. this is bloomberg. ♪

emily: in emily chang in san francisco and this is bloomberg technology. coming up in the next hour, washington discusses antitrust with big tech but big tech is ready. plus, the administration reveals new possible timetables for tariffs on mexico. what could slow down the global trade war? and if you are being