>> welcome to "bloomberg markets ." i am scarlet fu. traders refresh their bets. here is how it is playing out in financial markets. stocks stumbled out of the gate. the s&p 500 falling 1.6% after consumer inflation unexpectedly rose in august. the nasdaq down .25%. you have financials, the main decliners. treasuries have been all over the place.

they plunged initially after the cpi print. the 10 year yield now marginally lower at 3.64% before a 10 year option of $39 billion worth. crypto has become part of the trump trade. assets that move in tandem with trump's election prospects. let's zero in on individual movers on the equity side. we bring in abigail doolittle. applico: -- abigail: this is berkshire hathaway. it is one of the most highly taxed entities in the world. the former president talking about the possibility of a 15% corporate tax rate. that would benefit an entity like berkshire hathaway, along with apple, microsoft and other largely taxed entities. over the last two days, down.

after the debate, down 2.5%. i would argue in some ways it is a proxy for the s&p 500. we take a look at what is happening beneath the surface to the upside and downside. solar up 13%. you could say that is in favor of vp harris. nvidia up 2.9%. that could also be in favor of vp harris given the idea that jd vance, the running mate of donald, is perhaps wanting to break up big tech. big tech for the most part doing ok today. humana down 5.5%. this health care insurance company -- this could be seen as an anti-trump trade. in addition some medicare stocks trading higher, which would go in favor of kamala harris.

yesterday, the worst day in quite some time after the president of jp morgan said analysts are -- some jitters, that could be shipping market action. a completely idiosyncratic story. take a look at the shares of designer brands, down 16.6%. the parent of dsw. they missed numbers. there is some weakness here. another tell on the state of the consumer. dsw, where you can get designer shoes at a more discounted price, they are not doing so well. it speaks volumes about where the consumer is at. scarlet: thank you so much. we will check in with you later. earlier today on bloomberg television, jp morgan's david

kelly gave his take on inflation. david: it is very much on track. i have been talking about how the insulation is cooling too slowly. it is now at room temperature. 2.5% year over year, there is not a significant inflation problem. scarlet: for more on the latest data, let's bring in stuart paul. the big picture here is disinflation is still intact but one part of the report indicated core cpi rising more than expected, .3%. >> it is great that you used to terminology that disinflation hit a bump in the road. we hit a deed to her because of travel in august. seven basis points month on month came from hotels, which increased in price 120%. airfares -- increased in price

1.2%. we should see some of this come back. as we see future inflation. seven basis points coming from those categories alone, which we think will be temporary. we do not take much of a signal from the core cpi that anything will stop the fed from cutting. scarlet: also according to the bls, a shelter was the main factor in the overall advance. what is shelter mean? rent? stuart: the three primary subcategories of shelter are primary rents, owner's equivalency of rent and hotels. hotels picked up at a pace. owner's equivalent just up. that housing inflation we have

seen persist, the choppiness we have seen is continuing to be a problem. it is the fed reads through because of how slowly housing inflation moves. scarlet: does shelter become a leading indicator, a lagging indicator or a coincidence indicator? stuart: it is primarily a lagging indicator. the bls infers owner's equivalent of rent based on actual leases signed but there is a six-month process window that bls uses. it also takes time for leases to turn over and for price pressures to wayne for actual primary rents. it can take upwards of a year for waning price pressures experienced by the consumer to actually show up in the bls data. scarlet: bottom line, the fed

cannot declare victory on inflation yet but things are heading in the right direction? stuart: things are heading in the right direction and a lot of the drivers the fed can read through when setting policy. scarlet: fantastic stuff. stuart paul, thank you for putting that into context. for more on how the data is being received, let's bring in pgim strategist robert tipp. you look at the market reaction and stocks tumbled out of the gate. treasuries had a more inconsistent reaction. what is your take in terms of the signal that investors are giving to the latest data? robert: sure. stuart was going through the underlying message. the inflation is coming out of -- the inflation situation is coming under control. a year and a half ago, inflation was high and broad-based.

now you have inflation that is low. over the last four months, inflation is running at less than .5%. the only thing holding it up are the factors in shelter. when you are down to -- when inflation is narrow, that is not something the fed can control. that is not a generalized problem for them. totally different world. in june, you could not tell inflation's role. we had seen low inflation second half of last year. it popped up earlier in the year. as you can see in your diagram, it is all core services holding it up. very good news on inflation. scarlet: services is more of a concern because sometimes prices and services can be stickier. the fed has a dual mandate to

maximize employment and manage inflation. you could argue inflation was the number 1 priority during that cycle. employment will be the fixation for the cutting part of the cycle. how do this week's cpi print and the ppi print we are getting tomorrow, how much will it answer whether the fed cuts 25 or 50 basis points? robert: i think we have all the information we need. the differences between the u.s. and europe, services in europe are sticky. the inflation rate is high and wage inflation is running high relevant to productivity. in the u.s., it is the rents, not the wages. the fed's degree of anxiety on inflation is something that will watch but the anxiety is gone.

it has shifted 100% to employment. employment that as of june, looking backward, was growing at a solid pace. you could quibble if you like the kind of jobs being created but it was a solid base. between the prints we have seen and the revisions, you have an unacceptable rate of job growth. the fed i think will start with 25. before the blackout period, they did not signal 50. they do not want to alarm anyone. the notion that they may need to be neutral or accommodative, they need to bend the line. that need to get a higher rate of job creation. for most of the components of inflation, they are running below pre-covid levels when they were going from the twos and a threes to the ones.

scarlet: you mentioned europe. ecb is expected to cut rates for a second time. i know this will not influence what jay powell and company do next week but talk about the ecb being ahead when it comes to cutting rates and what that means for how investors adjust their holdings of european sovereign debt versus treasuries. robert: the ecb was at minus-50, now they are 375 and on their way down. we are at a dramatically higher level of interest rates than the higher decade. in europe, even though it is lower than the u.s. the service inflation is holding up in europe. they will be more cautious. their mandate allows them to manage growth such that it is at a level they think will be consistent with 2% inflation and growth in europe is too slow. they will be cutting rates but

at a pace that is probably slower than the fed because they will need to see more information on the inflation side show many they are really getting back down to target. scarlet: robert, really appreciate you joining us and sharing your perspective. robert tipp is pgim's chief investment strategy. coming up on "bloomberg markets ," we had to philadelphia for a live report on the fallout from the presidential debate. shares of trump media down 11% over the last two days. we will talk about the upcoming u.s. election and where things stand. this is bloomberg. ♪ [city noise] investment opportunities are everywhere you turn.

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>> she has no policy. >> his plan is to do what he has done before. to providing tax cut for billionaires and big corporations. >> what they have given to china is unbelievable. >> his next big court appearance is in november at his own criminal sentencing. >> in springfield, they are eating the dogs. the people who came in, they are eating the cats. they are eating the pets of the people who live there. >> the president of the united states incited a violent mob to attack our nation's capital bank. >> i probably took a bullet to the head because of what they said about me. >> donald trump was fired but 81 million people and he is having a difficult time processing that. scarlet: this is "bloomberg markets." i am scarlet fu.

americans saw donald trump and kamala harris face-off. this morning, the two four at the 9/11 memorial in lower manhattan, along with president biden. you were at the venue for yesterday's debate and were in the spin room. this happened last night and we have moved on but i am curious about what your impression was about the mood and divides in the room after that -- about the mood and the vibes after the debate wrapped up. david: you go back to the debates in june and there was a weird silence. it took about 10 or 15 minutes for the democratic surrogates to meet with reporters. this was a more normal spin ro om. the debate went longer than it was supposed to.

we talked yesterday about the objectives of each candidate and vice president harris wanted to talk about policy, efforts to bait president trump. this was a big success for her last night. she came across as someone who could seem presidential. she was able to get donald trump off his game. his advisers wanted him to talk about policy, talk about immigration from a policy perspective, the economy, a line of continuity that he sees between what a biden presidency and a harris presidency would be like. over and over again he kept taking the bait and this was not the debate he or his advisers wanted to have. scarlet: were you able to see on

any monitors what was going on during breaks between the questions? david: we were not but i read the pool report and got a sense of the frothiness. they were standing near each other. we talked about this mute button and the effect it would have. vice president harris did not want to have the mute button and you saw her mouthing phrases like "that is not true." she was able to do that effectively. in the spin room, there was a good deal of reaction to the debate during the breaks. afterward, we have the surrogates come in and there was an announcement from acer against that was not present -- from acer against who was not present.

taylor swift. people were looking at their phones and the now famous instagram post of taylor swift and a cat, endorsing kamala harris. scarlet: donald trump, did he say anything about the taylor swift endorsement? david: they did not address it specifically. he did not have a pessimistic outlook. notably he said he would like to see more debates. that is in stark contrast to what we heard from former president trump this morning. you look at the other candidate, vice president harris, i spoke to a number of her surrogates and they help there will be at least one other debate between these candidates. there is a vice presidential debate scheduled october 1.

scarlet: you mentioned the vice presidential debate. trump did not do his vp pick any favors by contradicting what jd vance said about a so-called abortion ban. is jd vance helping or hurting trump's ticket right now? david: jd vance has proven to be a difficulty for trump. we talked about taylor swift and "childless cat ladies," this is a comment jd vance made that has taken on a life of his own. donald trump does not like to have any distraction from his messaging. he is a liability in that regard. you bring up the issue of abortion. there was a moment during the debate when donald trump talked about abortion policy in a traditional republican way sank

it should be left up to the states but moved to conspiracy theories. the point of contrast with jd vance is he talked about allowing a national ban on abortion and donald trump said he disagreed on that. there is the nagging history of what jd vance said before. scarlet: bloomberg's david on the scene in philadelphia. thank you. coming up on "bloomberg markets ," we will head over to the trading forum with nfl star victor cruz. this is bloomberg. ♪ you founded your kayak company because you love the ocean. not spreadsheets... you need to hire. i need indeed. indeed you do. our matching platform lets you spend less time searching and more time connecting with candidates. visit indeed.com/hire

scarlet: this is "bloomberg markets." i am scarlet fu.

on september 11, 2001 they lost 58 employees in the terror attacks. more than a dozen celebrities are on the trading floor and calling clients to raise money for their own charities. we are joined by longtime new york giant victor cruz. how is it going on the floor today and how much money are you making for the victor cruz foundation? victor: it is going well on the floor. there is a lot of energy. a lot of different celebrities making their way through. we are making some money. i do not have a full tally yet but we are raising money. scarlet: i know that celebrities like you are asked to fulfill some orders. can you give us a sense of what people are buying or selling? is there talk of nvidia or the trump media company?

victor: i cannot tell you that. i have no idea to be honest. i know i have been making solid trades. it is interesting when you are throwing $20 million, $30 million around like it is nothing. it is fun to call those numbers out. scarlet: [laughter] i can imagine. it has been a big off-season with the nfl allowing private equity, individual investors to take a stake in teams. i am interested to hear from you how you think this will change the player experience for big money to come into the game like this. victor: it will be interesting to see how it changes and how the players think about their deals differently, think about their extensions differently, what markets to play in, what markets not to play in, who is owning the teams and what investments they can do.

i am excited to see the future. you can see more ownership going to the players and having more control. who knows? maybe we can have a former player own part of these teams. scarlet: curtis martin, football hall of famer is part of the efforts to get more players of color involved, too. you did not play football in an era of legalized sports betting but it has to be hard for the players now. victor: it is difficult. you have seen some guys get in trouble. it is hard to police. especially with how legal it is. all my friends around me are doing it. it will be interesting to see how they police it from within the game if you are an actual player. scarlet: victor cruz, always a pleasure. thank you for joining us. former new york giant football

star victor cruz. we will turn back to the markets as investors make sense of the latest inflation data. this is bloomberg. ♪

scarlet: welcome to "bloomberg markets." let's take a look at the markets right now. stocks have come off their lows, still down but it went point s&p was down 1.6% on the hotter than expected inflation print. the nasdaq, better performer, gaining. we will get into some of the individual movers. a lot of movement in the treasury space. right now the 10 year yield, up almost two basis points. there's a big auction coming up, $39 billion being sold in about 30 minutes time. bitcoin up by more than 1%

following yesterday's presidential debate between vice president harris and former president trump. let's get to those made to equity movers and bring in abaco doolittle. abigail: one reason we are off the lows, we did have the s&p 500 down more than 1%, even more than 1.5%. take a look at nvidia at session highs, up 4.3%, holding well above $100 per share which seems like a dividing line. it is one of the biggest readings of the s&p 500 and nasdaq, taking both of these off their lows. nasdaq 100 positive the last time i checked. you can see the other chip stocks, is going higher. it is not clear why nvidia is higher. i don't see any fundamental reason but it just seems as though ditmars are moving in. as for what is still dragging on the s&p 500, take a look at the

shares of tesla. they are down 1.5% maybe after the debate last night. ceo elon musk is aligned with the former president donald trump. there is some idea is showing in the debate last night was less strong than vp harris post visa, pepsico, mcdonald's are lower. i would argue these are the value stocks that they could be associated in some ways with the trump trade. this board i think the case could be made it supports the idea markets are weighing in saying that donald trump did not perform as well as harris yesterday in the debate last night. when we put it altogether with the s&p 500, one reason to think nvidia probably is going to struggle moving forward is this chart on today's earlier weakness really turned very heavy. this is a consolidation area. you could call it a range or a possible double top. that is pretty wonky.

today's candle, bar you can see, almost below the last low, setting up for what could potentially be a very fast drop back toward the summer's lows. this chart does skew bearish. scarlet: thank you for that set up. with these downside risks present in the technicals as well as eco-data, we caught up with rebecca patterson about the latest inflation numbers. here is what she said. >> it is time given the inflation data, the labor market softening, for them to move closer to neutral. the question i don't think is resolved yet is what is the speed of that easing to get back to neutral and what is neutral? i think there's debate on what the long-term mutual rate is. scarlet: for more on how investors are interpreting this data, let's bring in victoria fernandez.

it is so good to see you. i look at what happened in the markets at the open, the s&p 500 plunging within the first 70 minutes of trade or so. it up like an outsider's reaction to a modest move higher in the core cpi month over month basis. everything else seems to be in line with economist estimates. was this an outsize reaction to you? >> i think it was so surprised to many people. if you listened to what a lot of them are saying, they were not worried about inflation anymore. inflation was going to be moving in this downward trajectory and they were focused on the labor market. we always put an asterisk by that insight, we are not sure inflation is going to continue to move down consistently. there is some stickiness and some areas of the markets that are going to be moving higher. i think that is what we saw today. you saw airlines move higher, used cars move higher.

year-over-year, everything in the core component is 5%, most 20% higher year-over-year still. i think maybe it was a little bit of a shock to some in the market that inflation could still be a concern, therefore, probably took 50 basis points off the table for the september meeting, which the market had already priced in. i think that was the catalyst for such a big move. scarlet: how much nervous as do you think there is ahead of tomorrow's ppi report given the cpi print we got today? >> usually there is a little less volatility around the ppi report. i don't think we will see such a large move even if it is a little higher than expected. however, ppi report usually does not give us so much angst as the cpi report does. it will give us a look into do we need to revise earnings expectations going forward? there are people who still have double-digit earning

expectations. if ppi moves higher, we know those margins are going to take another hit in the coming months, so perhaps there will be some revaluation going on if ppi is significant higher. scarlet: really important points. i'm glad you bring up a earnings. i think of the financials and the kind of pressure they have been recently under. jpmorgan chase is down. it was just yesterday the president daniel pinto said analysts are being too optimistic and projecting the banks expenses and net interest income. that took down the entire bank sector overall. how big of a surprise do you think that was to investors who had kind of put aside the idea of banks as being an area of digital negative surprise given they have done so well with higher rates and with rates going down going forward, the funding cost become easier for the banks? >> look, submit an area we have liked all the cash banks have been an area we have liked all year.

-- ang said in an area we have liked all year. they have done well. they were probably ready for a bit of a pullback. financials are still in an uptrend. if you want to look at the technicals of that sector. we look at some of the pullbacks you are seeing as buyback opportunities, especially leading into the first fed rate cut. historically, they come off a little before the first cut and then following the first cut, up to about six months, you see them trend higher. if you can buy them now at a little bit of a lower price, i think you can do that. but from a bigger perspective in regards to earnings, i do think the market will have to reset some expectations across the board for earnings on the revenue side, especially leading as to some concern around the consumer and around jobs as we head into 2025 because we know as revenues come down, in order to give the earnings higher, they start cutting jobs. i think it starts a snowball effect that we could see in the rest of this year and into early

next year. scarlet: really important points. speaking of the different sectors, you mentioned consumers when talking about the financial sector. i look at the worst performance for the past five days, past month, past three months and it is always energy. energy is the bottom of the pile , down about 620% and oil prices have been going down. how are you viewing the sector? >> you're asking the girl sitting in houston right now. long-term, you want to have exposure to energy. have we had this pulldown? we have because now the united states is producing more and more. there was concerns around opec-plus and the supply they were going to have, increasing supply. that came off a little so you had prices rebound. you're going to have a lot of volatility with geopolitical events. we have the hurricane that should be making landfall if it

has not already in louisiana today that could affect prices. there is lots of volatility going on in energy. what i would say is these are companies that have strong cash flows and pretty spoke -- pretty solid balance sheets. i think you can have them as a long-term holding in your portfolio. that would be a little cautious looking at trading them on a daily basis because of volatility will remain high. scarlet: it will. we certainly see that with wti and brent consistently moving lower. i know they are a little higher with branch currently about $70 but unclear how long that will be the case for. going forward until the fomc meeting next wednesday, what will you be focused on? what will the market be fixated on until then? >> i think there are a few elements. you did say we have ppi coming out tomorrow but on top of that, we have more jobs numbers coming out. even though these are not going

to be the main numbers everyone looks at, it is going to help either help build a story the labor market is weakening or it will give us a little support to say things are maybe stronger than what they anticipated. i do think we are saying that sector we can. we will see what the weekly claims look like. it is important because some of those people on continuing claims are moving off of those roles and into the ones that are 27 plus weeks. that area is moving higher, causing some concern. we are seeing full-time workers decline and part-time workers increase. that is not a good sign for the labor market. there are some elements that i think people will be focused on since the fed is saying that is what they're focused on. scarlet: initial jobless claims and the estimate is 227,000 claims for unemployment. victoria fernandez, thank you so much. joining us from houston. coming up, nvidia says it has been a scramble to satisfy some

or passionate customers. while dealing at the same time was supply limitations. nvidia is our stock of the hour, next. this is "bloomberg." ♪

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>> delivered of our components and our technology and infrastructure software is really emotional to people because it directly affect revenues and their competitiveness. we probably have more emotional customers today. scarlet: that was the nvidia ceo jensen huang in san francisco. investors have been anxious to get updates on the rollout of the black lung chip, next

generation shuffles of joining us for more on this is melissa otto. good to see you. the manufacturing delays has agitated investors over the past month. these are normal things in the production of chips, isn't it? >> thank you. it is great to be here. i just came from that presentation at the goldman conference. it was fascinating to hear jensen. he had a lot of exciting things to say. i think in terms of black while, a of critical points -- lack well, a couple of critical points he highlighted, demand is so great. as he highlighted, it is an emotional time for customers. i think as we look out and think about what the expectations are for blackwell, there is a lot of debate out there.

consensus coming into the q4, consensus is expecting $2.5 billion in revenues from blackwell and looking ahead to next year, that chumps to $55 billion. at the -- that jumps to 55 billion dollars. the range is significant. we see estimates that are significantly above that 50 $5 billion as well as below. i think that maybe contributing to some of the volatility and debate in the market around what the real valuation is for the stock going forward. scarlet: that is an important point. one thing huang said nvidia expect to bring in several billion dollars in revenue fromw blackell and was not specific enough. is this a right data point for everyone to fixate on? >> this is the next gen. this is where it is all heading, which seems to be where the

investment community is very focused. coming into the q3, there is not much expectation for blackwell so it means the guidance the company gives in q4 and what they deliver actually in q4 are going to be critical data points whether or not they exceed expectations in the quarter and whether or not there outlook for next year exceeds that expectation of that $55 billion revenue faked into the market currently. scarlet: i think that is important, the factor is isn't a whole lot of expectation placed for third quarter so it is really going to be on how much they can narrow or how much he can narrow his commentary for the fourth quarter. that being the case, do you think jensen huang has set a good job managing investors expectations? what grade would you give him? >> he is an exciting speaker to listen to. he is very inspirational. you know, it is really going to

come down to a lot of moving parts and how the company is actually able to, one to deliver this next generation of capabilities to its customers. and that is not just about one person. that is about his whole company really working together with suppliers and the whole ecosystem with customers to ensure that those expectations are aligned. that is certainly no easy task. scarlet: melissa otto, always a good time to speak to you. coming up, sonali basak is on the trading floor with was raising funds for charity. we will bring that to you live. this is "bloomberg." ♪

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scarlet: this is "bloomberg markets." it is the 23rd anniversary of 9/11 and celebrities are roaming the trade for today: clients an effort to raise money. sonali basak is there and she joins us live with one of the celebrities, nfl star. sonali: you may remember rob gronkowski of nfl fame, formerly of the patriots now here for charity day at cantor fitzgerald. what brings you here? >> this is my third year coming here with cantor fitzgerald stop my third year in a row coming with my girlfriend camille as well. when i first got asked to come, it was a no-brainer. cantor fitzgerald is a wonderful job remembering those that are diseased from the 9/11 event in

2003 that occurred. just an amazing tradition what cantor fitzgerald is doing just to remember everyone that has passed away and just bringing awareness to that situation and raising money for great causes as well. today we are raising money for my foundation as well, the youth foundation, which is really cool. sonali: what has been interesting is watching you and many other celebrities here placing trades. what are you thinking about in terms of your career now after football? you seem to be quite the businessman. >> i am quite the businessman. i'm doing a lot of things out there. my favorite opportunity is a new sale adventure i have invested into, cofounder and it has just started in the florida area, tampa geography. we have three stores now and will be expanding rapidly. i want to bring the stock market back.

i heard it is down right now the election thing and everything going on. i am here at cantor fitzgerald to do some trays. i want to bring the stock market so it is booming back up to the sky. sonali: we will let you know where the day ends today. i'm interested in other forms of business and sports together. we have seen recently the nfl approve private equity interest in teams. i'm curious about where you think that is going to take things moving forward? >> i did not know about that. that is the first time i was aware of situation. i really don't know how that works, the private equity with teams in the nfl. i am not at that stage of being an owner of a team. sonali: would you want to be? >> yes, i would love to own a team. i feel like the nfl only goes up and up and tom brady is on the verge of owning a team and what an excellent gig to get into. maybe he can break the barrier of players getting in to ownership. i'm hoping that all follows

through and he deserves it as well, everything is done for the game. with the private equity stuff we're talking about, i'm not too familiar with it so i can't really comment. sonali: you mention tom brady starting his career as an announcer for fox. how do you grade his performance? >> he did really well. i highly anticipated rookie. there was a lot of hype. i think there was more than there should have been. kind of put him on a pedestal like he had to perform but i thought he did and excellent job. i feel like he is only going to improve. i know him personally. he likes to work on anything, any chance he has, any opportunity to get better he is going to do. he's going approve week in and week out. i give him a passing grade. he got the win on his first opportunity of being an analyst. sonali: what is your future immediate career looking like? you see the deal amazon struck with the kelce brothers. do you what something like that? >> maybe.

i want to do some stuff that i love to do. like i said, i have the business cofounding the salad place. i'm a cofounder of my brothers business. i only have this on because i thought it looked cool with my shoes and i put my protein shake in here because i was on the go and spilled a little bit right here. that is what happens. i love getting into the business world. i am starting a podcast with julian edelman and we are filming are -- our first two episodes. we will release them on thursday nights throughout the football season. i am enjoying doing what i'm doing. i am set for life from my football career. it is about doing what i love to do and hanging out with julian and that crew, fun hanging out with the fox guys when i do the pregame show. they are great guys to hang out with most of all the business ventures i'm in with my friends and family. i'm happy where i am at.

sonali: too early to ask who is going to win the super bowl? >> i think the kansas city chiefs are going to be the team. you have to knock them off. i had baltimore but they just showed once again they can't beat the chiefs come they can't amp up the game. . sonali: rob gronkowski. scarlet: thank you so much. rob gronkowski making the call he is looking for the kansas city chiefs to be three-peaat super bowl j biz. we will take a look at the markets because he was to bring them back up. earlier falling 1.6%. nasdaq is higher, gaining led by some of those chip makers including nvidia. we have a tenure auction coming up in minutes. the tenure currently at 3.66%.

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joe: cpi drags on the market the day after the big debate. we pick up the pieces from the first debate between kamala harris and donald trump in which inflation was a featured topic. while not coming up with anna wong. we will distill that debate and talk policy with our signature panel. jeanne sheehan zaino and rick davis are with us for the hour. return to wall street, the cpi data. charlie pellett in new york. charlie: cpi wednesday. dow jones industrial average and s&p both lower. nasdaq advancing, up by about .4%. it had been down by about 1.5% earlier in the session. we have nasdaq up .4%. s&p down 14 at 5481. a drop of .3%. dow jones industrial