move over a shorter period could be 3%, 4%, as retail money drives equity markets down. , those are adrops whole lot harder to come by. romaine: you are hearing the closing bell. record highs. 3345 is what is on the s&p. nasdaq up towards the -- scarlet: we are awaiting earnings from the likes of pinterest, activision blizzard, uber. as we wait for the numbers, volume has slowed a little bit. volume on the dow off by 7% from the 20 day average. for the s&p and nasdaq come anywhere from 3% to 6% higher than the 20 day average. people definitely stepping back a little, and we heard that from citigroup and j.p. morgan. romaine: we had a lot of earnings to the downside for a few individual names. one of the more interesting stocks we have not talked about was wwe.

they were down 9% today. this is the second worst performer in the russell 1000 over the past couple weeks. off about 30% of its value. i bring it up because i love the headline we had on the bloomberg terminal. wwe's stone cold outlook slams shares to a 20 month low. whoever wrote that headline, i will buy you a beer. scarlet: let's dive deeper into the action with our markets reporters tracking equities and commodities. abigail: it will be hard to beat that headline on wwe, but all new record highs for stocks, it is interesting because since of the breakout of the coronavirus, this is quite a chart. what we are looking at his we really have not had a true recovery. what we are looking at in oranges crude oil, down 13%, on the year down more. copper down 8.8%. china of course the world's largest user of natural hitting those commodities. those are also risk assets.

at some point for the overall risk appetite. pink, down about 4%. s&p 500 with today's gains is .5%, erasing the 3.1% decline you were talking about. the winner over this time period, not surprisingly, the bond rally. treasury future bonds, bond treasury futures up 1.2%. overall, this looks a little more risk off than risk on, at least right now. taylor: i will pick it up right here. the coronavirus is also impacting luxury cosmetics sales. because of that, estee lauder is warning ahead of time that the third-quarter sales may be most negatively hurt by the coronavirus operate. but today the stock is up because estee lauder saw better-than-expected earnings. second quarter adjusted earnings per share was better than expected. but estee lauder did cut its profit outlook because of the coronavirus.

taylor: i am taking a look at the 10 year treasury yield. if you want to take a look at the chart here i am showing inside my terminal, we are now falling about one basis point, hovering around 164, reversing what had otherwise been three days of yield higher, price lower. holding in at about 164. still at the highest yield going back since january 24, when the quarantine of the wuhan city again. it is telling a different story than equity markets. looking at the three-month 10 year, bonds are looking a little more bearish. you are now at about seven basis points or so after inverting earlier this week. we are still now hovering down near the lows of october. bond markets telling us there is a little more nervousness out they are than the equity markets are saying. scarlet: thank you so much. and the market seen. pinterest's fourth-quarter loss was six cents a share.

revenue topping analyst estimates, just shy of $400 million for the quarter. analysts were looking for 371.4. active users grew 26% versus last year to 355 million. the stock up higher by 8%. resorts, revenue coming in at $1.5 billion. you can see the shares moving slightly, down after hours. macau operations, adjusted property even a. we will try to figure out a little more as to what is going on with this company. scarlet: t-mobile also coming out. we should pull that up. romaine: we are waiting for quite a few earnings, including uber and t-mobile. scarlet: fourth-quarter revenue 11.9 billion, which is slightly ahead of what analysts were looking for, $11.84 billion. four score -- sure what the consensus

number was here overall. in terms of fourth-quarter adjusted ebita. none of this is moving the stocks that much at the moment. we will keep you posted. romaine: a lot of earnings obviously coming out. we will keep tabs on that. uber earnings are coming out right now. 18.13 billion, the estimate was for -- estimate was for 3.7. the loss per share for the fourth quarter, 64 cnts. the estimate was for 65 cents. $615 million loss. than expected. we will have to wait to see what they say about the uber eats

business. they had been aggressive when it comes to spending on that business because of the fast food potential. joe: we see the market reaction down 3.5%. this company has had a little bit of momentum in the market over the last couple months. some gains but giving back after hours. we will find out a lot more as we dive through. romaine: still trading well below the ipo price. still with us sitting patiently, global markets strategist jack manley. jack, when you take stock of the earnings that we have had so far, it has not been that, but not good either. folks were not expecting much to begin with. did you see what we are seeing right now as the start of an upswing in earnings growth, in revenue growth, or are we going to muddle along? jack: i would be hesitant to say this is the start of an upswing. this is coming in around where we thought it was going to be. year-over-year the numbers are

looking pretty good. our internal models are tracking around 10%. so much of that is coming from financial earnings because of the accounting adjustment made in the fourth quarter of 2018. when you remove that from the picture, earnings growth is low single digit for the first quarter. overall, we are still looking for 4%, 5% for 2019. and same for 2020. i do not think revenue growth will pick up meaningfully in the absence of the economy. i think margins will probably be neither a headwind or a tailwind as things even out. i am not sure if buyback activity will be as prolific this year as last year, because stocks are not cheap in the way they were 12 month ago. scarlet: more earnings are crossing the wire. activision blizzard, fourth-quarter numbers by and large beating analyst estimates, whether the eps of $1.23 or revenue of $2.1 billion. activision blizzard seeing first quarter adjusted, three cents

below the estimate. revenue also a little lower. but it raised its annual dividend by 11%. that might be accounting for the rise in the stock price and after hours trading. the forecast deftly is doing it. romaine: real quickly, the videogame maker also out with earnings right now. rry,sted eps coming in -- so the forecast. 70 cents to 90 cents. a little light. 3q numbers also a little light, 163 on eps, 175 was the estimate. joe: still with us, jack manley of morgan stanley -- sorry. [laughter] to, we areo back talking about earnings and we interrupted you about three times now. overall, are the main numbers

coming in -- we have heard this so many times in q4, there has been this incredible surge, earnings will be really good. i am curious again, based on this, is that the case? jack: i think overall this fourth quarter has been a little bit of a disappointment. looking at numbers first coming in, 12%, 13% year-over-year growth. we have seen some disappointing figures the last few weeks which has dragged that number lower. but we are still flirting with double digit numbers. it is a recovery in process from the fourth quarter of 2018. i do not think it changes the broader story for 2020. scarlet: talk more about jp morgan's call overall to cut the overweight on equities to 5% fro m 7%. and whether that is tied into coronavirus, or at this stage of the cycle, we need to just pull back a little. jack: first of all, that will be

more of a tactical trait. we like to look at things more strategically longer-term. i think it has to do with the coronavirus and a lot of other sources of uncertainty, whether the election or what we are seeing with the iowa caucus. scarlet: but iowa caucuses did not move markets. jack: everything seems to move markets these days, seems like. -- markets are in good shape. you see evaluations not really working in our favor or against us. i am overall optimistic. scarlet: jack manley, jp morgan strategist, thank you so much. thank you for being patient. that does it for the closing bell. what did you miss is up next where we are taking a deeper look at all the earnings from the likes of uber to pinterest. this is bloomberg. ♪ is is bloomberg. ♪

>> live from bloomberg's world headquarters here new york. here is a snapshot of how u.s. stocks closed today. dow, s&p and nasdaq moved to record highs. scarlet: you missed pinterest earnings which came out, and the stock is soaring, up 14% after sales at the digital search and scrapbooking company rose to about $400 million better than estimated. for the full year, for the first time it had revenue above $1 billion. this is the latest digital advertising company to report strong fourth-quarter sales joining facebook and twitter.

romaine: activision, kind of a mixed bag. they beat estimates, the forecast for 1q coming in a little light. wynn resorts slightly down after hours trading. 1.65,rating revenue at the estimate was for $1.75 billion. coming in a little light with regards of adjusted ebita. joe: uber earnings, that stock is up 1.8% after hours. most of the numbers look better than expected. billion., 18.1 slight narrowing of the loss per share. estimated loss $.65, 64. uber eats. adjusted ebit up -- on every number it looks like a little bit of a beat for uber

and the stock is still green after hours. it looks kind of straightforward. is this a company now that we can envision a path to profitability? mandeep: i think on the ridesharing side, yes. marginsthat the ebit a improved. rate, it billion run looks really healthy. the problem is on the eats side, they continue to lose money. if you continue to see the difference between eats and ride sharing, the price increases is driving faster. eats, not the case. part of it is because eats continues to see a lot of

subsidies being deported. scarlet: let's talk more about the ridesharing part. he said the pricing trajectory has gotten better. how much does uber really have? so much of the initial growth came from subsidized rides, and it was competing with lyft. it needs to show investors the numbers. but at some point it will top out. mandeep: in this case this was the first quarter where we know both uber and lyft increased prices and it did not have any sort of negative impact on the trip growth. that was about 30%. you are going to see an impact on the user growth. that seems to be tapering a little bit, because decelerated slightly than its previous quarter is north of 25%. so you are going to see that, but those are not the kind of riders where uber wants to invest in because there will be very little repeat rates when it comes to those kind of riders. scarlet: got it.

romaine: we are hearing from the press release talking about this idea of profitable growth. not just growth at any cost, that jerome that so many of these tech companies beat over the past. their focus is on discipline allocation. what does that mean? mandeep: they will pull out of certain markets. they started to do that with pulling out of india and south korea. onse were 200 million drags ebit to -- joe: i want to talk more about that. on the one hand we know food delivery is a brutal business. everyone is killing each other on profits and no one seems to be making any money. reallyless, for uber to realize its potential as a company, does it need to keep playing these markets that expand its core logistics

platform beyond rideshare? does it have to ride it out? mandeep: at the end of the day uber is a marketplace company. at marketplace you need scale and network effects. haveay you do that is you a big cluster of companies or drivers or with eats, restaurants on its platform. you hope at some point that the bundling gives you the road which you can leverage and show the operating margin and scale. at that has not happened yet because eats is so unprofitable. just bad economics. scarlet: i have one last question about the food delivery business. everyone is trying to grab market share while they can. softbank, which is backing a lot of those players, is now coming under some pressure. looking to engage with management over how to ring out more value. what does that mean for the food

delivery business? what do you think that will mean six months or one year from now? mandeep: more consolidation. we have already started to see that in the industry. there has been some consolidation and south korea with delivery hero by the local vendor. stakes ingiven it has all these companies, will probably force consolidation in some way. because the food delivery business, otherwise given its low growth margin profile, will never get profitable at its current state. scarlet: thank you for your context and insight. coming up, travel troubles. the trump demonstration suspends new york residents from enrolling and renewing their membership in traveler programs. joann remain cannot get through the airport quickly anymore. this is bloomberg. ♪ more. this is bloomberg. ♪

steps toa taking monitor and contain the coronavirus outbreak. his country is placing more resections on travelers. the chinese doctor who first warned of the virus has died. here with the latest is bloomberg's shery ahn. was stunningory when it came out today and it caused a huge reaction in china as people see this person who is kind of a hero, one of the first to warn about this, has succumbed to it. shery: there was a lot of criticism after this doctor came out with a warning last month in december, that this coronavirus was a new type of virus that could resemble something like sars. then he was actually confronted by police. this came out, there was a lot

of criticism that this was a systemic failure from the chinese government. now, we have conflicting reports on what is happening to him. the editor of the global times, after announcing he had passed, came out and said now they are trying to save him at the moment. joe: i believe in the last several minutes they are now saying he has in fact died. what is a very strange day a back-and-forth headlines. romaine: let's talk about some of the travel resections. obviously we know that wuhan and certain sections are kind of on lockdown. we have heard from chinese officials that they seem to be either upset about some of the travel restrictions that other countries have placed on chinese travel. is that the case? shery: the foreign ministry spokeswoman coming out and talking about this not going against the recommendations of the w.h.o. and civil aviation authorities as well, that they have said it was not recommended to cancel flights. 14 countries and territories

right now have imposed some sort of restriction. this is what you have to say would deplore and depose those come -- countries who went -- it sowed panic, and would not help control and prevent the epidemic. these are some very harsh words coming from government officials. we know that wuhan residents have been told to report their body temperature daily either by phone or social media apps. a port city has imposed some restrictions as well. scarlet: when you look at the market impact, people are kind of looking past all of that and focus -- and focusing on the fact that china will stick to what it promised with the phase one trade deal and cut tariffs on u.s. imports. shery: yes. china saying they are cutting by half of those tariffs on $75 billion of u.s. imports. of course we have seen some speculation that perhaps they

don't have the capacity to really implement all of those commitments. the global times had pushed back on that, quoting our researcher, saying this is an annual target, they are doing it right now is the first step, and those tariff cuts will happen february 14. we will get january trade data again this week as well, so we will be able to see the u.s. imports going into china more clearly. -- in all is the academic economic impact that will be concerned. -- concern. herlet: be sure to catch exclusive interview tonight at 8:00 p.m. eastern. let's get you now a check of the latest business flash headlines. it is not surprising that these two companies think about hooking up. we have learned the owner of dating app tinder has approached rival me group about a takeover. competition putting pressure on

the dating app providers to combine. spacex will probably spin off its satellite-based internet service star lake and pursuant eight -- star link and pursue an ipo. shares of wwe are getting hammered. posting fourth-quarter earnings and sales forecast that missed estimates. they warned initiatives to drive growth and monetize its content are subject to considerable uncertainty. interesting given that people really applauding what the wwe was doing on that front. that is your business flash update. here's another story that has really taken over the bloomberg when it comes to most widely read story. travel troubles for those in new york. the trump demonstration has suspended new york residents from joining trusted traveler programs. this comes about two months after new york's green light law

went into effect which allows undocumented immigrants to obtain drivers licenses, and of course the trump administration, the president in particular, who is not happy about that. romaine: this is a program run by the federal government. so the plan is to have fewer people into that, so we will know less about who is going through the airport? scarlet: the plan is you and i can no longer go through these things when our current never ship expires. joe: i never had a membership. scarlet: so you were just waiting in line. oh the tsa check? romaine: you just drive around everywhere. joe: yeah! romaine: where are you going next? joe: i will tell you during the commercial. scarlet: joe does not want to share his whereabouts. romaine: coming up, the rise of went somewhere. more on the increasing -- the rise of ransomware.

this is bloomberg. ♪ ♪

mark: i'm mark crumpton with bloomberg's first word news. a defiant president trump took a victory lap today and took shots at house democrats and other critics a day after the senate acquitted him of impeachment charges. at the white house, the president said of his impeachment "it was evil and it was corrupt." he added "this should never ever happen to another president ever." trump: this is sort of a day of celebration because we went through hell, and i am sure chuck, the only time i ever saw them cry was when it was appropriate. crying chuck.

but i am sure they will try to cook up other things. mark: earlier today at a prayer breakfast with speaker pelosi seated nearby, the president said "as everybody knows, my family, our great country, and your president have been put through a terrible ordeal by some very dishonest and corrupt people." senator bernie sanders is declaring victory in the iowa caucuses despite being essentially tied with south bend, indiana, mayor pete buttigieg as the count was ongoing. speaking in new hampshire, the vermont senator sized the democratic party's of the delayed caucus results as "unfair" with 97% of the results uncounte counted. senator elizabeth warren was in third place with joe biden and forth. calling for a re-canvas of the iowa results. a chinese doctor who was

reprimanded by police after warning colleagues about a new disease emerging in wuhan has died. the hospital where he works says the doctor was admitted in early january and was later confirmed to have the coronavirus. he died early friday in china. >> we are very sorry to hear the loss of any front-line worker who has attempted to care for patients. we ourselves have lost our friends in the front lines, so we should celebrate his life and mourn his death with his colleagues. posted in a social media group in december about the illness, police scolded him for spreading rumors and officials later apologized to him. the drippy in that the jury in harvey weinstein's case will hear his side of the story. six women took the stand to say the former movie mogul assaulted them. now, weinstein's lawyer will

start calling witnesses of their own, including a psychologist who specializes in human memory. the defense is hoping to poke holes in the women's recollections of encounters that are sometimes more than a decade or two old. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. scarlet: just an update on some breaking news. ceased exploring opportunities with ebay. this follows a report that ice had been in talk s to acquire ebay -- in talks to acquire ebay, which puzzled people. ishares lower and ebay shares lower and- ice shares ebay up. romaine: all right.

over the past few years, malicious software that encrypts data and allows hackers to extort named ransomware has become a problem of increasing volume. despite public warnings from the fbi, it seems launching an attack is now easier than ever. joining us now is someone who did it himself. drake bennett joining us. you are the story and the premise of the story is you, just an average joe citizen, able to launch your own ransomware attack. drake: i would say i am below average because of my tech savviness. isically, part of what driving this explosion in attacks is the fact that it has gotten much easier. you have this d skilling -- de-skilling where anyone is able to do this. joe: you rented ransomware as a service and sent it to your boss. approaching the margins

of the ransomware makers that had to hand make their code? drake: they are moving up the value chain. it is sort of, you know -- if you can make money without the risk of having to carry it out yourself, that is what you do. they see it as if you can get enough people to buy your service, you are making money. you are insulated. scarlet: how exactly did you do this? you say you are not that tech savvy at all. how do you go about looking for ransomware to launch? drake: you have to go to the dark web, which is part of the internet that is configured to not be accessible by normal web browsers. you have to use a specific browser and have one of the address of these. like hacker forums. they are like marketplaces. people are talking about, i heard this one is good. i heard this one was good. people are selling things, selling bogus things. it is a bit of a wild west

environment, but you can get working product there. romaine: how much are you paid for this -- paying for this? drake: mine was $100. it worked. i was working with a very smart security researcher who had to step in and fix my ransomware. romaine: you get what you pay for. joe: sometimes you hear about the ransomware cases and someone is able to come in and fix it and they don't have to pay the ransom. was this like if you had just gotten it in its raw form -- drake: a couple problems. one, it would have triggered the antivirus. there is this arms race between the antivirus programmers and the malware programmers. basically, the malware programmers are constantly trying to come up with ways to evade the antivirus. mike was not good at that. steps arehat kind of you taking to prevent yourself from possibly getting hacked into? joe: or will you go to the other side?

drake: exactly. a foot in each camp. some of the stuff is basic. try not to open emails that seem shady. for the point of view of the organization, you want to have backups that are off-line if possible. you even hear some of the information security officers talking about putting stuff on tape. there is a weird way where they are trying to have a backup in case because these attacks are encrypted troubling. joe: our thanks to drake bennett. departure with an electronic trading in a matter of days. we will have more on that story, next. this is bloomberg. ♪

look at time now for a

what stories are trending across the bloomberg universe. a new softwareed problem on the ground at 737 max plane. data,e of how they handle they like indicating a system was not working and was not turning on when it was supposed to. the company says the flaw will not set the goal of returning the plane to service in mid-2020. bloomberg.com has a story on major-league soccer. it will give players higher salaries and a share of the next media rights deal in the new elected bargaining agreement. they will get the deals for 2024, and this is the first time players will get a cut of media. returned to earth after setting a record for the longest single spaceflight in history by a woman. 328 days all the way up there. she earned bragging rights for another milestone as w as well.

she and a fellow asked her not first all-female spacewalk in her extended spac stay aboard te international space station. you can find these on bloomberg.com and quicktake. scarlet: let's get you a recap of the earnings that broke as the closing bell rang. we can tell you that wynn resorts is lower in after-hours trading. the fourth quarter operating coming in below analyst estimates. what we are paying attention to is it is losing $2.5 million each day on the closure of casinos because of the coronavirus. obviously, that is something that will be weighing on investor minds. the ceo says it is still too early to say when macau will reopen for business because they are taking measures to contain the outbreak. joe: and we have earnings from take-two interactive, the videogame company. that company going slammed down 9% after hours.

the company sees q4 adjusted revenue in a wide range, 540, to 590. analysts expected 560. revenue also missing. lot ofthe flipside, a building optimism about uber. firster when the numbers came out, down and then up. now up 8% after hours. the company now expects it will achieve profitability in q4 of 2020, which is a year earlier than expected. in 2021ear profit expected. does this company have a path? they are saying the path to profitability is there. meanwhile, the numbers for this quarter, all revenue bookings, it said, coming in better than expected. romaine: cost discipline is what they said. scarlet: pinterest is the latest digital advertising company to

benefit from sales permit investors like what they see. the monthly users added was 13 million so that brings the total global user base to 335 million. a beat in the fourth quarter on revenue and user growth. for more from san francisco on pinterest is our bloomberg intelligence senior internet and consumer watch electronics analyst .♪ we talk about how -- analyst. we talk about how they are delivering on earnings expectations. is this because the economy is doing better and you have advertising companies doing what they had projected? seehe consumer demand we continues to be strong here. with pinterest specifically, all the investments they have been making in 20 to improve the product to make the recommendations more relevant, they redesigned the app, that is paying off. the good that we saw in the user

numbers, i think that was pretty robust. that is what gives investors confidence into what they can execute against the growth use. advertisers as they comemore roi -- with users advertisers as they show more are away. romaine: they are not facebook. if you are an advertiser, you can go to facebook and hit pretty much everyone in the world. what is the main selling point for a company like pinterest? jitendra: the main selling point is most users who come on the platform are brand agnostic. they do not know what category of product they want to buy and what brand to buy from. what pinterest is doing a better job of is pitching the chapel ads and uploading catalogs from different brands. products, discover they have access to buy the product eventually. as the gap closes, it becomes

easier for pinterest users to buy that product on the platform. the revenue growth will accelerate. what you see in 20's warts was coming out to do exactly just that. shoppable ads and videos will help them. the monetization gap with alexa facebook and twitter. joe: i want to ask you a question about twitter. that company soared today after its quarterly report. it seems like the enthusiasm for the company is about users. i remember in the old days not long after it became public, don't worry about the mediocre user growth. look at our profitability. now it feels like the story has flipped where it is not that profitable, at least by the standards of many other big ten companies, but the user growth. more and more people are finding twitter and always on it. that seems to be what wall street is banking on. jitendra: yes. that was the strongest part of the results.

what twitter is showing is all the investments they are making in improving the health of the platform and adding more product features and things like that. it is helping them drive users. when you saw the revenue growth against that, that was supporting the argument that as we go into the election year, as we go into key sporting events like the other picks, twitter has organic tailwind over here which can help them convince advertisers now that they have the user growth behind them to spend more on the platform. it is a good set up for twitter for 2020. if they continue to deliver these results on the engagement, on improving the platform, the longer-term perception of this company, like can this company continue the robust growth for years, will change. scarlet: thank you so much. pinterest is up 16% in after-hours trading. twitter closed higher by 15% today. let's get you a check of the latest business flash headlines. managersed fundraising

in deutsche bank. it is unveiling a 3.1% bid today. the investment is seen as an endorsement of a turnaround plan. fiat chrysler's profit growth in america was things to pick up trucks. it was a sharp drop in shipments to asia. all of this highlights the italian automaker's problems as it prepares to merge. that is your business flash update. its goldman sachs took up tech division last year by bringing in outside executive to replace long-term veterans. now it is happening again kind of as the three top leaders have informed the firm in the past week that they are leaving. here with more is bloomberg's sonali basik. why are all these tech leaders -- for years, people talked about their advantage, but why are they leaving the firm? sonali: is a new era at goldman

sachs. some great reporting by my colleague who has been on the tail of these executives coming in and out of this bank. came in, so many people just two years ago as a partner at a very high level here. it is not that this part of the business is not important to the business right now. that is the whole unique part of the story. these are people leaving at a very important part of change at goldman sachs. scarlet: if that is the case, it is a case of goldman not able to hold onto talent because others are willing to poach them? or do we have a sense of where they are going to order where the -- to or what they are planning to do? sonali: some may go to private equity firms, hedge funds we have heard of, venture capital firms. so away. with that said, let me read you a text today that one of the competitors sent me.

they are also limiting about taking shares from goldman sachs in these businesses. traders to bankers happening at goldman sachs. we are listening to them speak today at the economic club in new york. scarlet: the cfo. sonali: the president. scarlet: got it. ok. sonali: he was interviewing senator's ken griffin, which -- citadel's ken griffin, which is a frenemy. technology is the big edge in the equities businesses. romaine: ok so that is fine and dandy. we have lost these people. are they being replaced? we heard they have a deep bench but we did not get names. sonali: remember, this is the

latest state. we saw people leave last year as well. george lee, who was a longtime goldman sachs banker, is still there. we have someone who came from amazon. we have someone who came from the verizon midea group. that is what i was trying to get out before with the cultural shift happening. we have two major outsiders now leading the technology efforts at goldman sachs. to see how that culture changes under them as well in terms of technology in the bank remains to be seen. romaine: good to have you. thanks to sonali. quickkly recap -- a recap on the uber earnings, up 28%. the real news is the forecast for profitability. the company saying it expects to be profitable in q4 of this year and a full year of profitability in 2021. you can see lyft shares moving

higher also on the news. from new york, this is bloomberg. ♪

romaine: the u.s. jobs report coming out tomorrow is likely to show a healthy start in the new year, but it could lose its luster. here with more is mapped to talk about it. headlines ofing 0.3 percent on wage growth. is that good or bad? >> it is all right. not too bad. not as good as it has been the last couple years. that is some of the interesting storylines emerging in the monthly jobs report. we have seen a deceleration in wage growth the last several months to a year. that is something that is starting to look interesting and unusual. joe: we have a chart of the deceleration of wage growth for all employees and production and nonsupervisory employees. what is the theory behind it? matt: that is a great question because these year he says those

should be going up right now. we have low unemployment. it is a thought that once unemployment gets down to a certain level you will have this continuous upward pressure on wage growth. what we are seeing is something that looks a little more like perhaps the rate of wage growth is related not to the level of unemployment but the rate of change in the unappointed rate. we have seen the unemployment rate flatten out over the past year or so. now we are seeing the wage growth measures flattened out. this is raising long-standing questions about the relationships. those have important implications for policies. scarlet: we are also digging into the numbers overall, the job numbers in terms of gains per month. there are some revisions coming out. will that change the way we think about how the labor economy looked over the past years? matt: expected to show job growth was not quite as booming as it has left over the last couple years. we have big numbers month after

month of a lot of job creation. that kind of cuts both ways because on the one hand, the big job numbers month after month even with the low unappointed rate would suggest we are mis-measuring the amount of slack in the labor market. we are not seeing upward pressure on wage growth. it looks like even with the downward revision, maybe we are not quite there. certainly investors and fed watchers are going to be looking forward at the forward-looking numbers and not paying so much attention to the revisions, but it underscores the general picture. romaine: can you talk about the trends we are seeing in the types of jobs being created and how that feeds into the wage growth numbers? matt: yes. manufacturing has been a hot sector over the last two years but it slowed down more over the last several months due to the trade war and some of the global economic slowdown. that is something that may have been boosting wages compositionally, and now it is starting to unwind a little bit. the interesting thing is a lot of the wage growth we have been seeing has been more of the

lower paying larger employer sectors like leisure and hospitality and that sort of thing is starting to cool off. that is another thing we will watch very closely. scarlet: thank you so much. matt will be all over the jobs number tomorrow at 8:30 a.m. eastern time as well as the wage gains numbers. coming up, don't miss this. reported fourth-quarter earnings before the bell tomorrow. joe: as we mentioned, the jobs report comes out tomorrow at 8:30 a.m. romaine: joe's favorite day, and my favorite day. the bank of russia tomorrow. scarlet: that does it for "what'd you miss?" romaine: bloomberg technology is coming up next in the u.s. joe: have a great evening. this is bloomberg. ♪ when it comes to using data,

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welcome to "bloomberg markets." riggs into different cisco with paul allen in sydney francisco with paul allen in sydney. ♪ taylor: coming up in the next hour, tariff cuts. while the coronavirus continues to spread, chinese markets rally. uber edges out wall street expectations. we will look at the growth and losses.