>> welcome to "bloomberg markets ." i am scarlet fu. u.s. stocks in search of direction. traders cementing their bets. you have the s&p 500. it was on a three-day rally but that is stalling out. wholesale inflation did pick up a little bit. small caps outperforming. the russell gaining .8%. we are seeing someone higher

yields across the treasury curve. the 10 year at 3.68%. a little bit of the retracing that we saw last week. a sale of 30 year notes in about one hour's time. the ecb cut rates for a second time. we will dig into that decision and implications from that. let's go back to the equity side and check in with abigail doolittle. abigail: beneath the surface of the s&p 500 we have a bit of a bull-bear battle. shares of warner bros., up 7.5%. the best day in quite some time after a new distribution deal with comcast. their channel is including cnn and others across comcast. investors really liking this news. signaling they think it will be

good for the bottom line. another big winner on the day. kroger up 5.8% on the day. this after they raised their sales view. they are seeing decent demand, good demand for their stores at the grocery markets and a piece of it has to deal with her ability to -- personalizing the experience. the s&p 500 is down. shares of moderna down 17%. they cut their r&d budget. they are seeing less pickup, less demand for the covid vaccine. the stock since the pandemic down more than 80%. micron was downgraded. nvidia on the day, we will be looking at this around 12:30, up for a fourth day. the chip complex overall not so

much, micron being one of those stocks that is down. scarlet: fantastic wrap up. it really indicates there is a lot of movement underneath the surface. the macro outlook is hanging over financial markets from an index perspective. let's bring in bloomberg's michael mckee. you cover everything. we had two data points that get to the heart of the fed's dual mandate. let's start with prices, which came in hotter than expected. michael: both in the headline and the court. most of it was in services, the margins for retailers and wholesalers. it tells the fed the battle against inflation is not necessarily won yet but on a year-over-year basis, prices went down for the ppi and the

cpi. the fed is looking to stay on track to cut rates. we see some areas going up and down but we have more going down than up. scarlet: let's talk about weekly jobless claims. that picked up for the first time in three weeks. it is a high-frequency data point so we tend to see it over the long-term. michael: here you have to put on your nerd hat. scarlet: we do that all day. michael: you can see on the screen, the seasonally adjusted number, the blue line. the white line is not seasonally adjusted and that is mattering right now. that would show you if there was a lot of layoffs happening, that would go up. instead of the number of nonseasonal adjusted claims went down by 13,000. for you nerds, the seasonals

expected it to go up by 14,000. it is not anything for the fed to worry about. . we are still seeing a labor market that has not changed a lot. we are not seeing a lot of layoffs. companies are holding onto workers. the continuing claims rise means it is taking longer for people to find jobs. we know that company say they are not really hiring either. scarlet: the issue in the labor market is companies are not hiring as much. job growth has slowed down but layoffs have not picked up in a material way that is alarming? michael: there does not seem to be a reason for them to panic yet but they are process. some say they are seeing additional orders and others say orders have slowed. there is both the fed who has an issue and the election is an issue. some people suggesting companies will wait to make expansion plans until after the election.

see what the tax and the regulatory regime is. scarlet: what other data point will the fed and markets fixate on before the meeting on tuesday? michael: there is not a lot tomorrow. we get the university of michigan and we will look at the inflation expectation numbers. they do not move fast but if they move in the wrong direction that might give people reason to push one way or another on how many rate cuts we will get by the end of. the year. beyond that, there is nothing until wednesday to get excited about. scarlet: you will be heading to washington to cover it for us. michael mckee, our correspondent. let's continue this conversation from a credit perspective when it comes to the economy and what the fed does next. joining us is winifred:. she has a 25 basis point expectation.

we are talking about traders pricing in this cut in september but -- this cutting cycle begins next week with a fairly modest decline but the next two meetings will feature one that will be a bigger cut. does that sound right? winnie: we think that is a little too dovish. we have been in the camp to expect 75 basis points of god's for quite some time. we have tried to stay true to that. recent economic data highlights the reality we have to balance the inflation mandate with the labor mandate. we have seen some signs of erosion within the labor market but we are not seeing a spike in layoffs or hearing from companies that they are planning to do broad-based layoffs which leaves the fed in a pretty comfortable position to ensure they are not easing too much too

aggressively to re-stroke -- restock inflation. scarlet: you mentioned hearing from companies. we heard from a group of banks at the barclays conference. i want to get your thoughts on what has been fairly conscious commentary. the headlines include j.p. morgan analyst saying -- goldman sachs morning trading revenue could drop 10% this quarter. what was the most concerning thing you heard out of that conference? winnie: i think from an equity perspective, some comments were concerning. taking a step back, we have been telling investors within the credit universe that corporate credit especially high yield looks quite attractive relative to equity yields. we were a little bit suspicious about forward earnings expectations on the equity side. i think with the comments from

the financial services conference really highlights some of the caution we have had around forward expectations, which have been quite bullish overall, versus the reality that if the fed is cutting, they are probably cutting for a reason. especially on the consumer side of things. we all know when the consumer complex starts to slow down that release moves the market. a consumer slow down is the big thing that could potentially drive and ultimate recession and layoffs and a rise in the unemployment rate. it is clearly not our base case scenario but we think the market tends to overreact to consumer data and we think maybe that is part of what we are seeing on the back of the commentary at the financial services conference. scarlet: you said this is concerning for equities. looking at the bank index, it has fallen in seven of the eight trading days this month.

this comes even as regulators, the fed specifically, has said it would ease up. is there any reason to worry that these revised rules are tough enough for worst-case scenarios for the longer-term? winnie: our banking team has been constructive on the revised rules. as we have seen for the past few stress test scenarios, most of the banks in general have done a pretty good job of passing those stress tests. it is important to understand what are the factors driving them. when we take a step back and look at the fundamental health of the banking system, especially the biggest banks, the regulatory scrutiny and requirements is very strict. when you start to move down into the smaller banks, the category 4 banks, it is a less strict

regime. in general, we are not super worried about capitalization and fundamental credit health of the banking system. it is whether the equity upside is still there. i think that is what the market is looking at. scarlet: great wrap up. winnie cisar is the global head at creditsights. the european central bank announcing the latest rate cut. christine lagarde offering insight. we have more details. this is bloomberg. ♪

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

in europe, the risks are to the downside and some factors could -- christine lagarde spoke in frankfurt after the central bank cut rates by 25 basis points. christine: the risks to economy growth remained tilted to the downside. lower demand for exports, a weaker world economy, or escalation in trade tensions between major economies, would weigh on growth. scarlet: let's check in with lizzy burden of bloomberg news. this was a second rate cut this year. did christine lagarde see anything regarding the outlook in terms of what the market is pricing in? lizzy: it is all eyes on the upcoming meeting. they have cut the growth forecast but they have not changed the inflation forecast.

you heard christine lagarde saying the growth risks are tilted to the downside but there was not any biaz mentioned when it comes to inflation. you could interpret that dovish lead. christine lagarde had every opportunity to signal an october cut was coming or rule it out. if you think back to the june cut, think how clearly she telegraphed it was coming. perhaps she has learned her lesson from that. it was just reported the ecb governing council members are not ruling out an october cut. they are sitting on the fence, she is sitting on the fence. she was all about leaving it data dependent, meeting by meeting, not fixated on a particular data point and you can read into that. before the october meeting there is not a lot of data coming. that means when we get the inflation reading, if it goes down, do not read into it too

much because it could go up again before the end of the year. this is what economists expected anyway. we might have to wait for another move to frankfurt. scarlet: she was careful not to tip her hand in any direction. unlike the federal reserve the ecb is a single made it fixates only on inflation and does not think about employment the with the federal reserve does. when she says the ecb is data dependent, with specific points would you pay attention to the most? lizzy: that is what she does not want you to do. she does not want traders to overreact to every data point. she is trying to avoid volatility between now and october. of course we will be looking at wages, inflation, growth. the question is what are they focusing on more? growth over inflation? she is trying to keep all the

cards close to her chest and said there is not a predetermined path, hence why economist think them sticking to a cadence of quarterly cuts and getting to 2.5% by this time next year. scarlet: lizzy burden, thank you for the wrapup from frankfurt. a major issue across the country for the upcoming election. the new york city market is showing signs of cooling. we have a closer look at housing next. this is bloomberg. ♪

scarlet: this is "bloomberg markets." i am scarlet fu. as the presidential debate showed there is concern about the housing crisis. home affordability has fallen to its lowest since 2006. there is a severe supply shortage.

our next guest said he cannot remember when the -- cost of housing was such an important topic. david schwartz. thank you so much for joining us today. david: thank you for having me. scarlet: each candidate has proposed how to fix housing. kamala harris wants to give tax credits and a $25,000 assistance. donald trump wants to reduce regulations. talking about new york city, when either solution do anything? with a move the needle? david: thank you for asking. the important thing is we have a supply-side issue. we do not have enough units. that has been going on since the gmc. how do we build more units? if we are in north carolina, florida, there is a nationwide

issue and needs a nationwide solution. abigail: how did we get to this will -- how did we get to this point? david: it has been going on for some time. after the gfc we stopped producing units. we produce about half as many units a year. abigail: why is that? is that developers getting gun shy? david: the financing fell apart. we saw what happened with the subprime. more regulation. we produce fewer units. a lot of units we produced were at the super high end. scarlet: that does not address the affordable housing shortage. there are commercial buildings not in use. what about the effort to turn those into affordable housing? david: we are working on a hotel

conversion to 100 percent affordable housing in queens. we want to build 318 units as affordable housing. were talking about everyone from teachers and firefighters to fast food workers. everyone who needs affordable housing, we will have it. we will produce those units quickly. it takes about three years to build a building in new york, we will do that in half the time. abigail: information came out that the overall median price of rent in manhattan has come down to just about $4300, probably more than the mortgage for most people in the suburbs. that is the price at the super high-end that has come down. what is the price for the affordable housing units for the teacher or the fireman, someone not making a six-figure income? david: less than $1000.

phrases that working people can afford. one problem is if prices come down at the very high end, it only helps those at the very high end. $4200, even if it goes down to $4000, that will not help the teacher find a place to live. scarlet: it is not enough to address the bigger problem. not enough homes. david: we have 318 units. this is something we can do across the country. it is a start. we need 3 million units. we are talking about 3 million as a good start. we have to start with 300. scarlet: when it comes to rezoning properties from commercial to residential, i know there are a lot of costs involved. there is administrative costs. what kind of infrastructure costs are people not aware of, including policymakers? david: the problem is it really

is very localized. scarlet: in new york for instance? david: in new york, the zoning is better but a lot of areas. it is something that has been proposed by the local administration. it will make it easier to build affordable housing. abigail: we would be remiss if we did not mention the fact your father is gridlock sam. congestion has been. $15 between 96th streeter 14th street or below. the governor said they might be putting in a milder version of it. what does that mean for new york city businesses? do you absorb the money that the mta needs? david:david: one of the great things about new york city is our mass transit. we have the greatest mass transit system but it is aging. we need investment.

that is what makes new york work. sitting in a car all day in midtown manhattan is not efficient. scarlet: we had another real estate guest who was talking about the idea that at some point your businesses is what absorb those costs because it would not be coming through with congestion pricing. do you agree it will be passed along and some other form? i do not know the specifics. you could ask my dad. scarlet: your dad being the former traffic commissioner. i am curious, when he think about congestion pricing overall, is this a selling point for people who want to live in new york versus other markets? david: i think it will make new york operate more efficiently. how do people get to their job, how do they get to work?

people are not living in -- midtown manhattan because of the rent. if we want to add millions of the two new york, where will be add them? abigail: we had your co-founder with us a couple months ago. very quickly, david, i know your financing business is picking up. are you providing shadow banking? david: we are. one of the things with a local banks closing down there is a shortage of money. we need to produce more units and we need more money. we are filling the void where people do not have access to capital. we have financed thousands of units of new construction. we need all of it. we are happy to be filling that void as lenders. scarlet: slate property group co-founder david schwartz, thank you for joining us. david: thank you. scarlet: coming up, we will dig

further into the data and what it means going forward for central bank policy. this is bloomberg. ♪

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scarlet: welcome to "bloomberg markets." i am scarlet fu. let's take a look at where things stand. the s&p 500 holding onto a gain that is not very large. this is after the latest economic data showed faster than expected price increases across the wholesale industry. inflation coming in a little hotter than anticipated. there are weekly jobless claims that indicated a number of people filing for first-time unemployment. that cements traders bets that

we will get a 25 basis point cut next week. there are mild losses across the treasury curve. the 10 year yield moving up by four basis points to 3.69%. gold is at a record high. 2545 an ounce. when it comes to the inflation data i was referencing, ppi, it is said the numbers should keep the federal reserve on its rate cutting path. >> this morning, slightly hotter than expected read on the ppi. not enough to dictate the fed's intentions to open the door for rate cuts but it is a reminder of the fed's ongoing focus on stability. scarlet: for more on what is happening across the u.s. economy let's bring in economist ryan wang.

when you look at the two data points we got, which is more critical to how the fed determines its next move to start the rate cutting cycle? ppi print or jobs claims print? ryan: it is interesting how you framed that. thank you for having me. we have been trained to pay attention to these inflation numbers. every month it is the cpi or the ppi and we have been watching it closely because inflation has been so high and these two reports are key inputs into the fed's preferred measure. what we have seen in recent months is core inflation is below 3%. it is not as critical as it has been because we are still wondering and the fed is concerned with getting inflation back to 2%. the bottom line is it is much

lower than it was one or two years ago. that has turned attention to the labor market and a key reason the fed is likely to cut rates next week is evidence of softening conditions. this is a nuanced story. the fed is getting the confidence to cut rates with an incremental 25 basis point. scarlet: everyone talks about the labor market data being backward looking. by the time it really shows, there is damage and it is too late because it is already happening. when it comes to jobs, is the picture really that companies are no longer hiring at the pace they were so the growth has slowed down but there is not necessarily a material pickup in firings? that gives everyone room to wait and see but the wait and see carries a lot of risks, does it it?

ryan: once again you put it exactly right. the initial jobless claims we get every week might be one of our best leading indicators but it will not give you much advanced notice if the u.s. economy does at some point head to a clear recession. that is the issue. it is the best of a bad lot in terms of what signals we can really look at to determine what will happen in the future. that is clearly why over the summer there was intense focus on the jobless claims figures. the last five or six weeks have been lower. that is pretty much all we have to go by. broadly speaking, the numbers we have in hand and but companies are saying support the characterization of what you said. businesses are not hiring so they filled a lot of those previous open positions. it is the most logical thing in the world. it is leading to slower net employment growth.

it is not necessarily something to be overly concerned with but markets are right to think if businesses have reached the desired level of employment, what is the next step? we will be waiting into next year, always a little concerned that the next step could be outright reductions in desired workforce. scarlet: i like how you put it as the best of a bad lot. no one makes a determination on conditions of the labor market based on weekly jobless claims because that would be incomplete. what is it about the jobless claims that does not give us the fullest picture of the labor market in the u.s.? recent immigrants cannot file for unemployment benefits. ryan: there is some ambiguity about it. from a historical standpoint, jobless claims have a strong empirical record in the data. there are so many things unusual about the economy today.

always questions about what we should be looking at. we really know the fed is using a dashboard approach to look at indicators. it was not just the most recent jobs report last friday but also the job openings and labor survey we know fed policy are watching closely. you look at metrics like rose hiring. not net hiring but how many millions of people are being hired into new positions every month. it has fallen below comparable levels seen in 2019. for the fed policy makers, they are thinking it has been useful in the fight against inflation to have labor market conditions cool but are they cooling too quickly? that is the push and pull. there are also metrics like voluntary turnover. that is something that correlates well with wage growth. it is a dashboard approach. scarlet: when it comes down to

it, investors are looking for any data point to hang their hat on and give us an answer for what the fed does next. kind of like a blueprint. when you look at the economic calendar before the fomc makes this decision, it looks like we have university of sentiment. it is a survey, a soft in a point. retail sales next week. will either move the needle for policymakers? ryan: the main factors driving fed policymaking are directly related to inflation data and that is no surprise since that is the fed's dual mandate. the retail sales figures and their impact on the gdp data and how gdp growth is progressing in 2024 is still relevant. there have been signs companies are hiring less but you have not seen any significant with this in the gdp data.

the third quarter is remaining resilient. for a long time, several years, the entirety of this after the pandemic economic period, there have been concerns retail sales would fall. evidence of that -- there has been a lot of expectations we would see a downturn but it has not happened. we will have to keep waiting and watching. in a way, i think wage gains are still slower but still positive employment growth. once again, it might be premature and a little bit to -- looking too far into the future to think the retail sales figures will deteriorate in a significant way. scarlet: ryan wang is an economist at hsbc. . we have university of michigan consumer sentiment numbers due out tomorrow at 10:00 a.m.

the following week we have retail sales. that is day 1 of the fed's policymaking meeting. boeing workers cooking -- boeing workers could strike. that is next. this is bloomberg. ♪

scarlet: this is "bloomberg markets." i am scarlet fu. let's head to ou stock of ther hour. we are focusing on boeing. if workers do not agree, a strike is expected to begin admit midnight in seattle. let's bring in bloomberg's sid phillips. what do we need to know about this? >> boeing on the union hashed

out a deal last weekend and came up with proposals that would basically give workers a 25% pay hike over a four-year period and other benefits. the workers have been asking for more. this is the first full-scale negotiation that boeing has had since 2008 for a labor deal, this is a big moment for the union. the union has been saying this is the best deal they could get given that boeing is in a precarious situation. the management of boeing said this is the best they can do, especially in the circumstances when the company is going to a rough period. they have struggled with free cash flow and raising money. this would be a massive disruptor to boeing's production and could hurt them from adding

more cash. scarlet: as much of a struggle boeing has been in, there is a lot of demand for their aircraft. building the airplane in washington. is there an explicit effort to sync up the next timeline for the next plane with the labor agreement? sid: so far they have been talking about if they plan to build a plane it will be billed in seattle. there has been no definitive move toward building a next-generation aircraft. there has been speculation they will have to do it but there have not been any signs from boeing management about them building a new plan. scarlet: really appreciate you giving us the broad brush strokes on the deal being voted on. let's get another view on boeing with sheila kahyaoglu. sid told us about what is in contention. who has leverage? sheila: they are both at a

really good place. boeing and the union have come along faster than anyone anticipated. the headline number is a 25% raise over four years but really it was 33% and we were looking for a 40% raise. this comes out to about $900 million. there are a few other sticking points. i think boeing and the union are a lot closer than one might think. scarlet: what is the likelihood of this will get through? i have seen reports indicate it is not a certainty this will get approved and we could see a strike. sheila: we could see a strike but it will be short-lived. we will go back to the 2008 strike, i do not think we will see that. we could strike for a few days and by monday morning it will all be resolved. i think they are so close to

getting essentially 33% to 40% and maybe a bonus or two to change things around. scarlet: once the new labor deal is fast, boeing can breed a sigh of relief. boeing is in a position to improve financials. do you expect a fundraising effort? sheila: there are a lot of catalysts to get boeing into positive territory. this is just step 1. they are not the only person dealing with this. we have seen airlines go through it. other companies have looming strike deadlines. scarlet: we will get to that in a moment. sheila: q3 will be in line with what we saw in 2q. $2 billion to $3 billion. we are looking for monthly deliveries to start to tick up.

that should be helpful. defense losses is the second thing we are watching. a lot of catalysts to get boeing into positive territory. when you have 57 billion dollars in debt, cash will be an issue. they have $12.5 billion in cash, they are burning $3 billion. not a great place to be but they do not need to access equity markets. the new ceo has taken hold. to find the spirit deal and go forward, and little extra cash on the balance sheet never hurts. scarlet: i'm glad you brought up the new ceo. how much blame or credit does he deserve if the deal goes through or does not go through? sheila: a conference we hosted last week, a lot of management teams do not meet with the union. that is something kelly did two weeks ago. he met with the union for the first time since 2008.

scarlet: he was at the negotiating table? sheila: yes. that is what we know about his days from rockwell collins. he is a good listener. i'm sure there are many parties negotiating nonstop. he seems to have a nice touch. scarlet: speaking of companies dealing with labor strife, i want to talk about air canada. it is asking justin trudeau to intervene in contract negotiations with itslace than . sheila: they have a looming strike deadline on september 15. they have been in negotiation since june of 2023. we do not know what the public wage numbers are. we just hosted their union on a call yesterday. they are not disclosing those numbers. we could see a strike happened. air canada is the dominant carrier in canada. scarlet: the supply carrier. sheila: there are not many

places to go for pilots. they are at a different bargaining table. scarlet: how are you thinking about this in terms of how you recommend companies as potential equities to clients? sheila: we continue to have a buy on boeing. maybe even divest some parts of defense that are diluted. we think it is a great asset. we love the aftermarket names. they have been huge beneficiaries of the lack of deliveries. older plane staying on longer means aftermarket dollars come through for those names. these companies are close to 100% over the last 12 months. scarlet: thank you so much forfn what is going on inside boeing. johnson & johnson working to maintain its status as an innovator for medical technology. we will hear from the cfo about

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scarlet: this is "bloomberg markets." i am scarlet fu. johnson & johnson cfo joe wolk is a focus of bloomberg's latest episode. bloomberg sat down with joe wolk to talk about concerns over new regulations in the inflation reduction act. >> it is something that is misguided and will cheat innovation. >> i do worry about the long-term effects of innovation. i'm not worried short-term. we will pursue the path. we have a stable of products

that will offset any losses we have for a few of products subject to that new regulation. >> i think a company like yours will be able to continue being successful in the context of the inflation reduction act but the number will be less because of less investors would be putting money into developing. that is the ultimate. it will be less attractive for investors to put money there. we are globally diversified. we have the diversification of having medical technology. it is something we think we can navigate better than any other company. scarlet: joining us now with more on j&j is david. you sat down with both those gentlemen in june. they kind of inform each other how they strategize and building up the company. what did you learn about how those two men work as they try

to bring johnson & johnson into the future? david: it is fascinating to see how long the two of them have known each other. they are lifers. they are familiar with each other. the role of a chief financial is changing so much. there is a component that has to deal with quarterly earnings but it is a more strategic driven role. they have a complementary relationship with each other. they have a sense of where the company should be heading. it is a company that split in two last year. you have a personal care business on one side and on the other is dealing with medical technology and pharmaceuticals. ed is entering a new phase of existence and that is something joe wolk is so integrally involved with. scarlet: in many ways the

company is simpler than it used to be. band-aids on one side and drugs and technology on the others. the split up is something that makes things easier for investors to value. at some point companies need growth. did either of them talk about what kind of dealmaking they are thinking about or wanting to pursue? david: this is a company with a solid balance sheet. it has a aaa credit rating. it has been doing a lot of m&a. they are thinking a lot about the patent cliff. you spent a lot of money on research and design. in the course of doing that it will be a sunk cost. they have been acquiring drugs for their portfolio. it is one of the many financial considerations they have had to spend more time focusing on. scarlet: what is the most

interesting thing you learned about j&j? david: how it all works together. the way the innovative pharmaceutical side works and how they are looking at something we talked about so much, the advent of generative ai. something that stuck with me is the advances we will see in 10 years will exceed what we have seen over the last 100 years. in research and trying to more effectively find drugs and medication that can bring to the market faster. both of them and their willingness to enter a world they have not been a part of before is fascinating. scarlet: changes are coming at warp speed. david: they are. in the context of a company that has been around for a long time. scarlet: thank you so much. the latest episode of chief future officer facing j&j's joe wolk is available now.

i am scarlet fu and that does it for "bloomberg markets." this is bloomberg. ♪ the moment i met him i knew he was my soulmate. "soulmates." soulmate! [giggles] why do you need me? [laughs sarcastically] but then we switched to t-mobile 5g home internet. and now his attention is spent elsewhere. but i'm thinking of her the whole time. that's so much worse. why is that thing in bed with you? this is where it gets the best signal from the cell tower! i've tried everywhere else in the house! there's always a new excuse. well if we got xfinity you wouldn't have to mess around with the connection. therapy's tough, huh? -mmm. it's like a lot about me. [laughs] a home router should never be a home wrecker. oo this is a good book title.

we're here with chris counahan of our local leaffilter. tell us how leaffilter is different from every other gutter protection on the market. with leaffilter's patented filter technology, there are no gaps, no openings, no place for debris to get in at all. we install leaffilter on your existing gutters. you'll never have to climb a ladder to clean out your gutters again. you know, that's peace of mind and then some. so, how do people sign up? call 833 leaffilter today to schedule your free inspection. or visit getleaffilter.com >> from the world of politics to the world of business, this is balance of power. live from washington, d.c. joe: jobless claims pickup.

so does wholesale inflation. what does it mean for the race? welcome to the fastest show in politics. fresh data in the air just as the campaigns get back on the road. we will talk about the data with our bloomberg global economy reporter. big into politics, lawmakers back on capitol hill. nicole austin hillary, who runs the congressional black caucus foundation, will join us live from their legislation of -- legislative caucus. joining us, rick davis and kristin han. that's all after a look at wall street. ppi day. how is it playing, charlie pellett? charlie: another move higher for the dow jones and its nasdaq, solidly in the green. a rally