matt: welcome to bloomberg markets. i am matt miller. on this monday, investors are searching for direction. let's get a quick check of where markets are headed. right now, about the s&p by about 0.3%. big, big stocks hitting record high. the biggest one of all is a record. the u.s. 10-year yield rising just a bit as investors sell off a little of the debt. 3.6985 is the level they are. we are talking about $1 trillion of treasury issuance in just a

moment. the bloomberg dollar index off a little at 1240. crude is only $1.30 up to $73.03. another one million barrel per day cut in july. the stock sitting at a record highs the company begins its worldwide developer conference, this hour we are looking at a company worth a little more than $2.8 trillion. katie: heading toward that $3 trillion mark. apple is at a record high. you still have the s&p 500 flirting with a bull market, but still below its own record high. if you rewind back to the very start of 2022, both apple and the s&p 500 hit the record highs on the same exact day. but now, you can see a big goal has opened up, as apple has powered higher. it is up over 40% so far this

year. the s&p 500 not quite as much. these are the stakes. we are sitting on a huge rally. we are expected to get one of the biggest product launches from apple in the past decade. let's see if tim cook delivers. matt: absolutely paired we are going to go live to the worldwide developers conference. but spring and ed ludlow. he is there. alex webb also joins us, covering technology out of london. let's kick it off with you. what are we looking forward to from tim cook today? >> where looking to a headset, being mixed and augmented reality. we have reported it will be in the range of 3000 u.s. dollars. 16 gigabytes of memory powered by apple, a mix of carbon fiber

and aluminum and glass. if you work looses like me, you have spare contact lenses in your backpack. as the name suggests, the worldwide developers conference, this is also software. we will look at updates across os, not just the ipad. matt: thanks very much for that. off you go to the conference. alex webb, join us for a moment and talk about what this means for apple. what this means for the industry. there have been mixed reality headsets out for a number of competitors for many years, but now apple is getting into the fray. alex: this is apples worldwide developers conference, and that is significant here. apple's has long considered to be the tens of millions of developers building software for its platforms. that is where it seems to have an edge, not the least over facebook, which at the moment, at least looks the most

perplexed in that space. our colleague has reported that apple does not expect to sell more than 900,000 in the first year. that's $3000, see put those together and you get a revenue of $1.27 billion. that's good, but far less than 1% of the $400 billion predicted next year. it's really about building a base, so when they bring in products at a lower price point, purchasers can play with stock. matt: they are getting into this and don't expect to sell a lot. to me, 900,000 cells -- sounds like a lot. you're going to get a new apple watch operating system. is that a big deal? we will also be getting import upgrades to the iphone. do i need to upgrade? alex: so far, we're seeing updates across the range.

we have ios 17 for iphone and ipad. you will have mac os 14. all of these will have incremental additions. we won't see a new iphone today. we may have hints of what's coming up in the next iphone, depending on the software being offered. the big headline change is the new ios is going to have a new lock screen that can function as a sort of display with the time, calendar, and a few widgets on it, which is akin to some of the smart displays that google and amazon already produced. that is a relatively successful product category without necessarily introducing a new product. in the watch, there's likely to be more widgets as well, so you add more complications to the screen. matt: katie and i were just talking about the record stock price. now, they are worth more than 2.8 3 trillion dollars.

ahead of this worldwide developers conference kicking off, what does this all mean for tim cook's legacy? alex: it is the valuation piece here, not just the fact that it is getting close to that $3 trillion mark. it is also trading at about 30 times its forward earnings, each is high, but not near its peak during the pandemic. tim cook has not had a brilliant track record out of the gate with new products. the apple watch came out under his, unfortunately, "watch." it took 5, 6, seven years to show scale becoming meaningful. you had that graphic up showing the categories, showing the apple watch is nowhere near the iphone still. unfortunately, it's a big call, but nothing is ever going to be successful as the iphone. if they can get this to match the watch in a few years time, it will be deemed a success. matt: thank you so much for joining us. bloomberg's alex webb covers

tech for bloomberg opinion. ed ludlow stepping in now the worldwide developers conference. a reminder, you can follow along and visit them yourself on the bloomberg terminal. we are going to get headlines across terminals, reaction from our team there, and we will bring them to you as they break. outside of this story, there's a lot more going on in these markets. in fact, the u.s. treasury just out with some auctions as it starts what is expected to be a tsunami of new bonds to refill its coffers. as much as $1 trillion of issuance through the third quarter. let's bring back pretty guy failed, as well as chief correspondent for global macro markets liz mccormick. we were just getting headlines about these auctions. i never know how to read these headlines or what they mean, i will admit. liz, is it good? liz: it is not about the yield,

it is about the treasury selling them. it's about $70 billion in all these auctions today. it is just the start of the tsunami. think about the cash coffers cut down to almost nothing. not nothing, billions, but they really needed many, many multiples of that. so, they have to be selling. katie: the estimates have been pretty enormous. matt mentioned the $1 trillion number floating around. who is going to buy all of these? liz: that is the key to how much this causes a liquidity crunch. it is getting into the walkie weeds. but who buys them? you will see bank deposits during out and they buy these bills because yields will be going up. but also, we have got several trillion dollars in the fed's reverse repo. it is a nice place to park money. but if rates and bills go up, some of that money may come out. you may see money market funds

pick up on some of those bills. that is what is yet to be seen, who exactly is the buyer. it will show us how much liquidity it is actually going to be for reserves. katie: let's talk about what this means for the fed. there is an estimate out by bank of america saying that this insurance -- issuance made could be worth a quarter-point of a hike. are they alone in that? liz: to get that height, 90% of the buyers are going to come from an avenue that is going to drain reserves. that is like at the fed drain reserves, that's tightening. i have seen barclay say, well, more of it will come from the rrp and some from reserves. i don't think everyone agrees on that quarter-point hike. jp morgan has been out on this being a big liquidity hit. i know that you listen to the podcast. they were talking.

one of my favorite lines is "janet yellen's qt." she has to do is she has to do. it's kind of common. matt: it's interesting. the same time, heather grover has an amazing take on the story today about how much assistance has been given to banks that isn't really for boosting mortgages. i wonder if that kind of thing will be carved out and if regulation is going to hit banks even harder, they are going to have to increase capital, right? 20% is at the top of the terminal today. how much of all this is going to contribute to the tightening mechanism in the u.s. right as we need it most? liz: as the fed is having a hard enough time for going outward tightening is coming from, the tighter lending standards, now you have all this going on. you know the fed is supposed to be good at their job, but it is not easy now. it's very hard to gauge how much

financial conditions are tightening. i think all of that, like you said, is going to weigh in. thanks have to raise more capital, that should reduce liquidity, too. you guys know this one better than me. it just seems to plow onward. it seems like we should have all forgotten what we learned about diversification and put it all and apple, but that's another topic. matt: if apple and nvidia don't continue to do well, the market will pull back. thank you to liz mccormick. liz: we have been americanized. matt: katie greifeld, great to have you as well. coming up, apple's worldwide developer conference is underway. we will hear more from cupertino next. this is bloomberg. ♪

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>> i am john hyland with the first word headlines paid former vice president mike pence has filed paperwork to run for president today. that sets up a clash with former running mate donald trump. bloomberg has learned pence will formally announce his candidacy on wednesday in iowa. the j.p. morgan chase chief is not running for office. that is according to a coveney spokesperson. a political career had crossed his mind. there was speculation he might run for president. trump's legal team is at the u.s. justice department to discuss investigation and white house documents found at the former president estate. he asked for a meeting with

attorney general merrick garland to discuss "the ongoing injustice being perpetrated by special counsel jack smith. a separate federal investigation is being led into efforts to overturn the 2020 election. global news 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. matt: inks very much for that. we are continuing to follow this worldwide developer conference in cupertino. we are getting new headlines across the terminal from apple as we speak. i will go ahead and sort those out for you. first of all, a new 15 inch macbook air has been forecast by our own mark gurman. this is something customers have apparently been clamoring for for years, the first large mac air. it will be 1290 nine dollars. i don't know if you need the prices, but they are cutting prices on the 13 inch macbook by

$100 to 1099. there also announcing the new mac studio will have and to max and ultra chips. let's bring in bob bowdon all, -- bob o'donnell, as well as caroline hyde. thank you both for joining us. bob, let me start with you. what do you make of the latest headlines here? i guess it was widely expected we would get a bigger macbook air. i don't really know much about the m2 chips. bob: this is exactly what we expected. we had already previewed this would be coming. people do like the bigger screen sizes. squeezing it into the air formfactor is a nice package for certain group of people. in addition -- sorry, go ahead, caroline. caroline: i hate to cut you off,

but you are talking about the m2 chips coming into play. first talk about large language models, first talk about language reference. how important do you think it is to have these chips brought to bear by apple? bob: it's very important. the question overhanging all of today, to be honest with you, is, what is apple going to say about this? theoretically, this is something that could impact mac os, watch os, the headset driven by siri, and we are seeing more and more digital assistance technologies that first came out 10 years ago being converted over to something being powered by generative ai. in my mind, that's a big question. the powerful chip helps to some degree, but the reality is, a lot of work is still being done in the cloud, not as much on the device, the pc, watch, ipad,

what have you. i think this is more designed for video processing. the studio series in general is for people doing professional music, video production, things like that. it will be interesting to see what happens on that generative ai story overall. matt: absolutely. another headline, macbook pro with apple silicon is going to start at about $7,000 next week. guess that is their own chips. as you point out, a lot of people are going to be trying to use these things with ai in mind. what do you hear on bloomberg tech about the importance of siri? i've been really disappointed by the intelligence of siri compared to chat-gpt. caroline: many would say that you are not going to hear that much from apple this time around about artificial intelligence. they are already leading the charge in many areas and it

comes to the future of their devices, when it comes to siri. that is the next iteration. you will really see them leverage large language models and get siri being not only deployed within connected devices, but ultimately the headsets that we are anticipating. the excitement about large language models, writing and generating these games we are playing. that is when it will be more powerful come to bear. but for now, they have been able to rest on their laurels about artificial intelligence because they feel they don't need to win the race or join the likes of microsoft vis-a-vis google. at the moment, they need the hardware, and the software will ultimately come. matt: it just isn't really good enough. this today, i asked siri to play me a soundboard quality show by the grateful dead from 1973. of course, she could not do that. but if i could go on to chat-gpt

or ai powered being, they could tell me the best shows. when will siri be able to keep up? bob: that's a good question. that is probably going to be a year from now. the question is, that's a long time. we have seen how fast generative ai has evolved. a year is like a decade in any other tech area when it comes to generative ai. the big concern is really, how do i interact with this headset? and if in fact it turns out siri as a means of interacting with the and it does not work that well, that could be a serious frustration point that could be a challenge for apple. it is going to be interesting to see. clearly, their focus, i think, on the hardware and the things they are doing there. the reality is, the impact of apple's stock and performance will be all around ios. not as exciting, but that is clearly where the bulk of the business will continue to be.

the headset, whatever it turns out to be, will be a tiny fraction in terms of apple's overall income. philosophically, it is incredibly important. those are the questions i think people have to consider as they think about how this impacts apple for the long term. caroline: ultimately, this is tying together an ecosystem that is rich in content, at the same time being a way in which we can be productive. they have to win the hearts and minds of businesses, as well as consumers. initially, it will be about a small amount of consumers. they are thinking less than one million sales in the first year. eventually, this product we are anticipating, that ar/vr headset will become cheaper. when you are looking at a mac pro to be almost $7,000, that is a height increase come about $1000 more. they still think they can charge the sorts of phenomenal prices

because it is an accessory that tells people something. bob: it does. the mac pro has always been a very specialized device for a very small set of people. it is essentially a workstation. apple does not call it that, but it is. if you look at some of the intel powered workstation devices, they get close to that range in some cases. they call it a regular mac. it is nothing really like that. so, it is for a very specialized device. after the headset, the question for me ultimately is going to be, i'm sure the demo be great and we are going to think it is cool. the problem we have seen in the past with headsets is they are great for about 10 minutes, then they start to fill -- start to feel gimmicky. will it feel like that after we have used it for a while? that remains to be seen. matt: we are looking forward to seeing anyway. thank you for joining us. thank you, bob, as well as

caroline hyde. still ahead, what the oil markets reaction to saudi arabia's supply cuts says about commodity market environments and really what it says about the economy as well, if they can cut one million barrels a day and we are still looking at a 72 handle. that does not bode well for the future of demand. this is bloomberg. ♪

>> it was a good deal, a historical deal, and we look forward to monitoring the market. but that is getting clarity to the market, giving the market visibility on next year. matt: this is bloomberg "markets " and i'm matt miller.

that was the minister for the united arab emirates. he announced the uae will boost its quota for next year. saudi arabia, on the other hand, will make a one million barrel dollar -- one million barrel per day cut in july, possibly going forward. what caught my eye was the reaction to all of this in the price of oil, which is to say that we are gaining a little bit, but not by much. this is brent. it is the global benchmark. we are still sitting at a 77 handle on it. we just saw a 72 handle. if you look at this chart, you can see we continue to trend lower and lower post-pandemic. no matter how much opec or the saudi's do, in terms of cutting production, it does not seem to be convincing traders that they need to buy these barrels. coming up, we will talk about why the former apple market executive believes the mixed

reality headset that they are expected to release at the worldwide developers conference today could be a huge flop. this is bloomberg. ♪ rates or filing returns. avalarahhh ahhh three nights, esg... the broker will take your bonds. -diversification, futures, options. fiduciary. leverage. [whispering] -frothy markets. psst. virtual real estate is a lock. ♪ cold hard cash ♪ j.p. morgan wealth management knows the world is full of financial noise. i'm looking at your asset mix and plan. you are right on track. great, thanks. our easy-to-use app and local advisors are here to help you figure out what's right for your investments. j.p. morgan wealth management.

>> ukraine says its air defense forces down four missiles and six drones overnight. note survivors were found over -- for the plane that crashed overnight. the new york times reported four people were aboard and they included a two euros girl -- year old girl.

attackers explored the same software that resulted in compromises and affecting government systems in nova scotia, the hacking campaign could ensnare thousands of victims in the coming weeks. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am john holland and this is bloomberg -- john hyland and this is bloomberg. ♪ >> let's get a quick check on the markets right now. we are looking at gains on the s&p 500, up 1/10 of 1% so coming in quite a bit.

4287 is a level on the s&p. there is selling going on in treasuries but not by much. the dollar -- bloomberg dollar index of 1241 and oil, we see crude coming up $.84. that is pretty amazing considering we had up cut of one million barrels a day from saudi arabia. >> a reporter has been speaking to a lot of traders and we will wait to see how that plays out because oil is off his best lows of the day and with the energy complex, -- you have in my chevron that is negative. we are watching a company getting a bio bid from unitedhealth and in technology,

a lot of focus on palo alto networks, they join the s&p 500 so that name getting a lift and we have been watching the reaction at the apple event. we are seeing intel shares down 3.5% and apple holding gains on the day and they are up $184. mark: we watch -- matt: we will watch the apple story and apple ceo tim started the worldwide developers conference. >> we are going to make some of our biggest announcements ever at wwdc. we will talk about the future of our incredible software platforms as well as introducing exciting platforms. >> let's bring bloomberg's ed ludlow who is at the event and so far, we have heard a few things including a bigger macbook air and a mac pro that

will cost $7,000 with apple silicon. what are you looking forward to? ed: the macbook air, 15 incident -- inches. a real emphasis on apple's competence in silicon. the mac pro is six $6,999. what apple did in its presentation was compare the performance of your latest generation mac with their own silicon versus prior generations that were powered by intel so that is interesting. one pointing on ai and machine learning during the presentation on mac pro and m2 ultra, the latest generation chip. they made the point this is perfect for machine learning but also training the foundation models which is something we

have been waiting on. nothing yet about the headset. matt: we are looking forward to that. john, i wonder what you are looking forward to. >> this is one of those things where it sets a potential roadmap for the path ahead. in terms of how they are going to navigate not just this product today but what seems like, especially through bloomberg's reporting, a long-term process of introducing -- from a headset to possibly classes and maybe at some point, less of an emphasis on the iphone. ed: what we are expecting is a mixed reality headset, mixed being be out -- the important word. we had analysts on the show digging in on that. one person made a simple point, build it and they will come. such is the reputation of

apple's history of developing technology. $3000 is a lot but why launch at wwdc? this is where the developers are and they will buy it because they want to learn the software they can write to power future use cases. another analyst pointed out to mark gurman's reporting on apples host -- hope of selling 5000 units in year one. we are waiting on the details and we want to know when it will be released to consumer and if not the consumer, at least to the content creator and the developer audience. matt: we will be -- >> we will be checking in with you on that and our next guest thinks the apple headset could be " one of the great text lots of all-time." michael gartenberg joins us now along with nbc -- mandeep singh.

i will start with you because you heard ed saying build it and they will come and i'm getting the sense you do not buy into that. >> it is build it until they come unless they don't come. this is the first product of maple -- major importance that apple has introduced in more than 10 years. there is no reason to think that past performances is any indicator of the future for tickly with able product like be -- this was is probably the most un-apple product i have seen them introduced in maybe forever. apple makes products in the millions and they want to be -- prox to be an affordable luxury. i don't see people standing in line for a $3000 headset that they can all use for perhaps two

hours a day or even $1500. the market is pretty much owned by meta and that is with a $399 product and that has sold 20 million units to date and the idea that apple will sell one million of these in the second half of this year seems overly optimistic. that is the number that iphone sold. i don't see that happening even if every developer buys and every apple enthusiast decides to purchase this. this is not a and post purchase. matt: when the iphone came out for $500, it is not like you saw other smartphones going for $80. they were in the ballpark of other smartphone makers. what is the market for these mixed reality headset even look like? i know that meta has one for

sale. i have never seen anyone using one and i have not seen one in a store. mandeep: what meta is trying to do is expand their install base and i think they are pivoting to a lower price point but the biggest advantage that apple has is there you can system and the -- their ecosystem and the app store. not everything can be recorded but some of that can be ported over but that is where the power lies in terms of apple being able to monetize their ecosystem better and attach this reality headset to their overall iphone and mac ecosystem. their products would work better. >> you outlined why this seemed unusual, maybe building on mandeep's point, maybe this

complements other apple products. if you had to find a reason why they will move ahead to this product cup -- with this product, why would this be? michael: this zoomers are going to buy this because they can see ipad apps and some sort of virtual reality. the only application anyone has shown interest in is games and that is being filled nicely at $399 price point and sony at $499 and is not clear how this will fit into an ecosystem. it doesn't seem is something you can wear outside of the house. it seems like something you can wear inside the house. i am skeptical. this may be about apple showing and trying to leapfrog its competitors. google has shown us a foldable phone and a tablet that converts

into a smart display, and being able to access it to multiple members of the family. this may be an attempt to leapfrog over google or microsoft with something out of the park that really stands out. it is a huge risk. millions of dollars have been invested in this industry. no one has come up with anything except for meta at a low price point with one application, gaining. -- gaming. matt: michael, let me ask you about the car because if you ask people on the street what new product will apple come up with, most of them would probably say the car. we have been reporting on it on and off for years. is that the product you think fits with apple's dna? michael: apple would be more likely to create a software platform for automated companies to introduce into their systems.

they chose something like that at the developers conference last year. companies have adapted the google stack into the car so it is -- it will make more sense for apple to be the software play into an automobile someone else makes rather than get into the autumn was -- automobile manufacturing. i would probably give it a better chance of success than this mixed reality headset whatever they will introduce. -- or whatever they will introduce. matt: michael gartenberg is a former director of product marketing at apple and mended -- and mandeep singh joining us. we will get more insight on the market for vr and ar headsets from dan scarfe, ceo of xrai glass, the company that makes software that changes speech into words.

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>> this is mover market. i am jon erlichman with matt miller. time for the stock of the hour. apple shares getting to a record high and that puts the year-to-date return and more than 41%. -- at more than 41% and not too far from the truth -- $3 trillion valuation. matt: it couldn't have been any other stock of the hour today because we are so focused on apple. we are about 46 minutes into the worldwide developers cart -- conference and there is no mention of the mixed reality headset but we are waiting for it. joining us now to discuss the

market is dan scarfe, the ceo of xrai glass. the -- company has developed software turning speech into subtitles. tell us how big this market is. dan: there are different glasses which have either come out or are coming out. the glasses that apple are rumored to announce today, extended reality glasses, something more analogous to the meta glasses and those devices have sold in the low tens of millions but the exciting market, market that is coming is the augmented reality market. we move from virtual reality into augmenting the reality we live in with these artifacts. that market is even smaller. augmented reality glasses sell in the hundreds of glasses today

but look to explode over the coming years. jon: what is that timeline look like? mark ehrlichman has done some reporting about the road mac -- roadmap getting to the point. how long does that transition happen for apple? dan: i think this is probably a 5-10 year journey. it depends on what destination that we are talking about. we might imagine in a decade where we have these all in one, all day wearable glasses, no wires and all self-contained and perhaps beast may replace mobile phones but that is a long way to go and we have adjourned to go before we can get there. i think increasingly for now, this will be about extending experiences on mobile phones.

this won't be a tech where everyone jumps into the new world but this will start with applications they may already have but there will be additional optionality that come through attaching glasses. matt: what kind of experience will this be behind -- beyond gaming. i play the xbox more than ice. -- i should. for people who don't sit in gaming sessions, what will you do with these glasses? will i be able to experience a movie or story situation? what is? -- what is it? dan: where it gets really exciting is the focus around augmented reality. virtual reality is a solitary affair. you put these glasses on and you can see anything and you go into this virtual world.

augmented reality is about the real world. this is about the actual world that we live in and for me, the metaverse will come to be defined by overlaying digital assets on the real world, not about going into these digital worlds necessarily. that is where things get exciting because i can put these glasses on and i can walk around and start to do incredible things. take xrai glass, it is the perfect example. we work with these consumer augmented reality glasses so these glasses bring -- we partner with another company and others and our app allowed -- allows you to have real-time subtitles. i can have a conversation with someone and look at them face-to-face and everything they are saying is appearing as subtitles. the real killer app with augmented reality in my humble

and nonbiased opinion is fusing together extended reality and artificial intelligence and that was the genesis of our company name. this is about how can we start to get more situational awareness of what is going on? how can we get fronted -- prompted about things that we may want to say? this notion of ai could be a killer new space that lights up augmented reality. jon: we will see if apple tries to connect those dots. dan scarfe, ceo of xrai glass joining us. we will continue to monitor the apple latest but the s&p 500 briefly reaching bull market status. strategists are sending different signals. we will explain when we come back. this is bloomberg. ♪

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jon: this is bloomberg markets.

time for today's for what it's worth. 16%, that is how much earnings-per-share -- according to andrew street. --sheath. it is why morgan stanley cc s&p losing momentum and finishing the year at 3900. as ringback katie greifeld -- less ringback katie greifeld -- let's bring back katie greifeld. katie: they will see earnings-per-share for the s&p 500 dropping 16% here to $185 per share. the median projection among strategists is about $206 per share. we will see if that materializes. a lot of analysts have been calling for earnings already drop off a clip -- cliff and we know earnings have been more

resilient than most expected but. one person wrote we think the downside risk to u.s. earnings is now. that is the base case for them and that is why they see the s&p 500 around 3900 by year end. right now, we are sitting below 4300. matt: i am checking on apple stock, it is only up 9/10 of 1%. it had been up 2.7 -- 2.25%. do you see anyone else out with this kind of bearish take or is it only this analyst? katie: you had a note from city --citi saying if you look at the rally that has been built, they said this is a sugar rush will stop those are my words but they point to light positioning and this ai hype we have seen and they see that fading and ai will be a hot topic at the moment but it will take years for it to materialize in business corporate models. they see the s&p 500 at the year

end as 4000 and not as bearish as morgan stanley buffalo where we are now. matt: we are waiting for this mixed reality headset to come out from apple. anything else you are expecting or hoping for out of bertino -- cupertino? jon: i thought beat point from dan scarfe of connecting the ai dots, -- how does it want to connect to this next big new product versus the apple watch? the comment about a 5-10 year journey is a very important one. we started this half hour with a conversation with a bearish view of what this product will mean for the apple story and we will have to continue to see what the company has to say. matt: if these glasses can read lips and tell me what people are saying without me having to hear

it, that is fantastic especially for those who are hard of hearing and when you talk to somebody from x-ray specs, what is beyond that for virtual reality. for jon erlichman, i am matt miller. this is bloomberg. ♪ -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh a third kid. what if she likes playing golf? it's expensive. we're outlawing golf. wait. can i still play? since we work with emower, we don't have to worry about planning for a third kid. you can still play golf... sometimes. take control of your financial future to empower what's next. it's easy to get lost in investment research. introducing j.p. morgan personal advisors. hey david. connect with an advisor to create your personalized plan. let's find the right investments for your goals okay, great. j.p. morgan wealth management. we moved out of the city so our little sophie could appreciate nature. but then he got us t-mobile home internet.

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>> wait and see, the cyclical stock rally in the u.s. put on pause admit fresh signs of an economy being put on ice. romaine bostick kick you off to a on this monday -- mode -- romaine bostick kick you off to this close on this monday. the gains have pushed the index 20 above -- 20% above the october low. the russell 2000 their coming -- today, the biggest underperformance in two months.