abigail doolittle is standing by. abigail bank -- abigail: we are looking at major declines heading into the close. a bit of a flip-flop earlier. the dow did put in an all-time high. nasdaq about 2/10 of 1% down.

let's get a check on the markets , it is friday, off the rebound and midsession and abigail doolittle. abigail: we are looking at gains. down, trading higher -- in the trading higher. new home sales came out and 10 a a.m., better than expected, we have seen the major averages take a lead higher. the nasdaq up about 0.4%, third day higher, the first time in about a month. all three averages, weekly gains, the fifth of the doubt, bullish action -- dow, bullish action. lots of investors and strategists talking about how it could be a friendly intensive day. , theis a five-year chart white line represents volume and the blue circles, these are previous rebound and it is a bit higher than average. in 2016, a huge spike of a volume and we see it is down, well below average. catalan harkin -- kathleen harkin, she said the rebound happens at the end of the day. ad mr. wong said we will see 2 billion shares in the u.s., way above the average of 6.8 billion, stay tuned. as far technology and helping ,he nasdaq, apple, oracle oracle is not in the nasdaq but trading higher up nearly 3% and put up

let's check the markets with abigail doolittle. a majort anticipate megadeal on friday, but that is what we got. [no audio]ephanie: [no audio] at this point we are looking at very small moves for the average. -- abigail: at this point we are looking at very small moves for the average. this is off of the lows. the dow is up ever so slightly, not so far from being on pace for another record close. the nasdaq is underperforming the most. let's take a look at the imap to see what is happening sector wide with the s&p 500. it is pretty evenly divided between red and green with the s&p 500 down ever so slightly. let's look at the worst three sectors. consumer discretionary and staples on the bottom. technology is in there, too. this has to do with amazon buying whole foods. those are two winning stocks within those sectors. "is up 28%. up 28%. foods is investors think there is very little deal riskier. cannotimer saying you avoid the fact that there is suitor coming in. retailers down sharply. no industry is safe. retailers everywhere sh

nejra: thank you to bloomberg's abigail doolittle and bloomberg's oil trading european reporter alexey. great to have you both and fantastic to see your charts. vonnie: time now to check in on the first word news with courtney donohoe. courtney: in flint, michigan the airport was evacuated after an apparent attack on a police officer. one witness says he saw an injured officer bleeding from the neck and a man being detained by the police. the officer is in critical condition. over the next two years, brexit will dominate theresa may's agenda. queen elizabeth outlining the legislative -- priority. the government plans eight new laws to use the u.k. -- to ease the uk's withdrawal from the eu. >> it is to secure the best topical deal -- best possible deal as a country with the european union. fewer billstted than normal, a reflection of her we can status after the election. president trump son-in-law is returning to israel for peace talks. jared kushner will speak with israel's prime minister benjamin netanyahu and palestinian president mahmoud abbas. both are eager to revive talks that

housing markets, so let's get to abigail doolittle. abigail: we have breaking data on new home sales for the month of may. 610,000 versus 590,000, representing a 2.9% month over month again, a little less than expected but it comes after the disappointing april based on an unusual seasonal pattern, so the rebound is largely priced in. we were looking at small declines before the report and we are still looking at small declines. we had small gains for that russell 2000. today is the russell reconstitution, reading a lot about the idea that today could the turned out to be the most frenzied day based on that rebound. we are no seeing that with markets, largely unchanged, but any manager marked to that russell 2000 morning to follow that rebalancing. some movers early in the day, let's look at movers for the downside, that got them beyond, blackberry, down. bed bath & beyond missed sales by 20%. one analyst calling it one of the worst operating in recent history. blackberry putting up a rare miss. they had a good give up until this point.

let's check on where stocks are not with julie hyman today, but abigail doolittle. abigail: it is a friday, and we do not have a lot happening for the major averages. that is typical for fridays in the summer. the dial is trying to beat itself and the positive -- the dow is trying to peek itself into the positive right now, but right now it is higher on the week and higher for a fourth week in a row. nasdaq and s&p 500 are both down, especially the nasdaq. let's look at a six-day intraday chart of the nasdaq. this is last friday's big selloff, and a continuation of it into monday. a bit of bumping us and the more -- and some more of it today. the nasdaq is down 3% over six days, the worst since before the election. investors are a bit jittery. the tech sector had been higher, technology higher by 20% into the selloff, and it is not clear what triggered it -- but it does seem to be continuing. the question is whether or not this will extend into next week. as for today, lots of the big tex giants are moving lower. once again, apple, off, advanced micro devices, and mi

kicking things off today is abigail doolittle. ay i want to take a look at both bitcoin and the stocks. they are both down this week and bitcoin is down about 15% on the week and on pace for its worst week. the question is whether or not there's a correlation. in blue we have bitcoin up to 55% -- 2-iron 55% over the last year. you might think that there is some kind of relationship here, especially since a couple of the chipmakers are thought to be using bitcoin. bernstein and he says correlation does not mean causation. as for the huge gains in whether or not they can continue, we do see this area of congestion here. stand, they're nervous about the chip sector that may suggest declines for both. mark: a great chart. vonnie, what have you got? vonnie: we talk a lot about stock market volatility and how low it has been for most of this year. we do not talk much about the move index. it shows the volatility in the treasury market is at lows. lows that we have not seen since right before, guess what this was, the taper tantrum. the f

let's go to abigail doolittle. she has more details. abigail: indeed. a great way to get a quick look of what is happening at the s&p 500. .e see all agreement up top, the banks, up, the best sector of the day. a big green down -- rebound three days in a row. the big banks trading higher helping, bank of america, jp morgan, citibank in nice, rally mode for a 30 day in a row. -- third day in a row. they arest told me looking forward to the stress test coming out and we will find banks willh capital release. it is expected to be $122 billion and that is a positive. rising and that is helping the banks trade higher and investors think that will happen with the lending activity. bonds are trading off. we have popped up back into bloomberg, a look at a greater chart. treasuries andve they are higher on the year. in blue.ook at it that beauty bonds up even more than treasuries. a positive strength. it reports came out recently from moody's telling does that 2016 was a record year for municipal bond default. we have a chart that goes back about 50 years, 47 ye

drops his first album in at 4 years on black -- backget to the markets with abigail plus -- abigail doolittle. abigail: it looks like we are starting to end a relatively volatile week and we have the dow, s&p 500, and nasdaq higher at this point. the dow by the most, s&p 500 by 3/10 of 1%. the nasdaq had been lower earlier but we have not seen a big continuation of the selling that hit the markets yesterday and on tuesday. investors taking a bit of a breather after all the volatility and with saws and down. we have the nasdaq down 1.8%. it's worst week of the year. some investors are calling this serious, there aren't a lot of reasons for actual why investors are selling off those tech shares perhaps too far, too fast. it is still the best sector on the year and a great sector on the quarter despite this decline. for its500 on pace worst decline since the middle of april the look at the small-cap russell 2000 and the dow jones transportation average great we have the dow transport and aboutts best week a month. let's take a look at some of the stocks that are helping the dow transport before

here to wrap up the second quarter in the markets, we are joined by caroline hyde in london and abigail doolittlen new york. abigail, let's start with you. wrap up a snapshot of the second quarter for us when it comes to tech. abigail: it turned out to be an interesting order for tech in the second quarter. we had nice gains until june 9 when the nasdaq hit a roadblock. up until that point, nasdaq was and also we had this tech selloff. while the nasdaq is up nearly 4% on the quarter giving some of the gains back, mainly this has to do with the weakness we have seen in june. june being the first down month for the nasdaq. we have a great chart that exfo scientists. 490. it shows the last time we saw a monthly decline for the nasdaq was in october. that reflected jitters into the election when we had a lot of tech stocks and stocks in general selling off on uncertainty. we have seen uncertainty in june. wall streeters are not sure what is behind it. some of it could be the end of the quarter, windowdressing, managers taking profits and trying to take advantage of the fact that tech has been so hot

let's go to bloomberg's abigail doolittle. thanks so much, on paper, the worst day since june 9, the worst day since tech pulled out that we have seen this month. all the big news are participating. time speak to one long leader. he did say you have to remember this is the end of the quarter. some managers are booking products. there has been a big shift in sentiment. that tech pullout on june 9 has more to go. we do have one chart, at least one chart, that suggests that could be the case. #btv 9306. apple did slice it's a 60-day moving average for the first time since april, but apple did this weeks ago. on june 9, the 60-day moving average for 14 sessions below its 100-day moving average as well. apple went right down to the 200-day moving average and yellow. all of this tells us the recent uncertainty we have seen for technology, the sellers are taking control. the last time it resulted in a 30% drop, a 12% drop some of this chart shows we could see a -- a 7% droppple in apple returning turning to the banks, we can have big

emily: abigail doolittle with the roundup for us, thank you so much.or a broader perspective on the tech landscape we are joined by mitchell green, partner at lead age capital with $1 billion in capital under management. alibaba,ts include uber, and spotify. what is your reaction to the downs we have seen in tech over the last few days? >> we take a very long-term view. thank you for having me on. we have seen dips and ups and flows. we still own a lot of alibaba and we take a 10 year view. silly, but we have a huge opportunity to have time arbitrage. a $400 to $500 stock in a decade, earning $25 per share, compounding it 24%. it is similar to what amazon compounded revenue at for the last decade. emily: when you look at the tech valuations in the private and public markets, do they seem justified? mitchell: in some cases, yes. in many, we think some of their stuff is expensive. there was a selloff, a lot of stuff came down. the reality is, there is too much money for too few great companies. if you're growing superfast, you can still command a premium

let's get to abigail doolittle. about: can i tell you u.s.x, down 2/10 of 1% based on stronger euro and stronger yen. mexican peso has strengthened to where it was before donald trump was elected, which is interesting and the 10 year yield is the haven today, 2.13% for the yield, taking out before us we had seen around election time. emerging market movers including venezuela, where the u.s. ambassador to the united nations has called out them for human rights abuses. the central bank is trying to interject liquidity into trading and traders are anticipating weakness for the currency. we will get more on emerging markets as the week goes on but let's get to abigail doolittle. >> what you are talking about this haven rally, we have the yen and gold higher, the best day in three weeks with the 10 year yield below 2.1 private percent. -- 2.15%, its lowest since the election. this is 9161. maybe easy to think the haven bid is out of nowhere but actually has been developing all year and in-flight we have a 10 year yield and in orange, the dollar a

let's get a check on the markets , it is friday, off the rebound and midsession and abigail doolittle we are looking at gains. down, trading higher -- in the

we are halfway into the trading day and abigail doolittle joins us now with the latest, mostly it is about oil. be getting very moment. now we have a divergence. abigail: we have the dow trading slightly lower. the nasdaq up 6/10 of 1%. that is being held down by technology along with biotech, the s&p 500 also off slightly. no record today. it seems investors are taking a breather although again, we have that tech heavy nasdaq outperforming after yesterdays pullback. relevant to the s&p 500 and energy, let's look at the bloomberg and look at the eye message. a great way to see things happening. few investors are higher than self health care, but moments ago it had actually been the worst sector. oil has been on not only a bear market relative to the near term but also this whipsaw action. the oil movers on the day, we will see the oil is down. slightly down by 4/10 of 1%. after the inventory report where there was a bigger brought down the expected, initially oil spiked higher but at this point investors will focus on u.s. production. that will focus on the energy related names. we ha

julia: checking on health care with abigail doolittle now. lth care is a bright spot today for the market. we have the s&p 500 setting another record high. this is up now nearly 3%. yesterday and today. the last of the bullish activity appears to be ahead of stocks in the neck -- next technical analysis three and it is out of the overbought into the oversold. health care is benefiting now, the second-best sector on the year behind technology. before a look at some of the bright spots in health care today, this is one of the bearish spots. the hospital index is down about .% of the next -- past two days mitch mcconnell could say we theect -- could suspect draft of the senate health care bill online tomorrow, so hospitals have a lot to lose if obamacare is peeled -- repealed. we do have strength for health care today, all about biotech and some of the big pharma names. this is for the s&p 500 and the nasdaq, and behind us, we do see -- spend some time on the phone that -- and see some movement that is helping the dial tech fate -- space, -- biot

vonnie: abigail doolittle, thank you for that. restaurants, it looks like it has hit a plateau. sales growth projected to slow to 6% from 8% growth according to one estimate. joining me now for his outlook as well as other things is the very interesting boston market ceo, george michel. we should remind viewers that boston market is a closely held company, so no franchisees yet. that might be in the future but certainly not yet. george: we have 50 restaurants operated by the army and air force exchange. we just opened last week our first franchise restaurant in kuwait. vonnie: yes, let's talk about this. one of the things scheduled for the five years to 2019 was a great expansion by boston market in the middle east of all places. you are domestic and really almost nowhere else except the middle east. where are you? george: we opened our first restaurant and the next one will open next week in kuwait. once we establish the brand in kuwait, we will move into other countries in the gulf region, saudi arabia and potential egypt. vonni

let's get the back story from abigail doolittle.q up 1% and on pace for its best day since april 24. the question is can it last? 209.is g #btv on the recent pullback, the nasdaq actually did not catch that 50 day moving average and that suggest that there could be movement to the downside ahead. it has not appeared to be a breakaway gap. it appears that be the kind of gap that could phil. today's bullishness could be replaced by choppiness. as for what is helping out today, the top moment for the nasdaq with lots of the big names with alphabet, microsoft, and facebook. these stocks with amazon did account for the pullback, but we are seeing a rebound in high beta nantz. mes. let's see if it does continue. turning to one of this year's hot ipos, snap is seeing a bit of a rebound. earlier and had been up more than 3% after being lower on the day. this on a "wall street journal" report that time warner has invested in a deal for shows and adds. test the $17act ipo price. it is a sign of the times on whether or not investors are going

let's check the markets with abigail doolittle. ipate megadeal on friday, but that is what we got. [no audio]ephanie: [no audio] at this point we are looking at very small moves for the average. -- abigail: at this point we are looking at very small moves

drops his first album in at 4 years on black -- backget to the markets with abigail plus -- abigail doolittle

abigail doolittle is standing by. you, joe,riday to scarlet, and all of our viewers.he dow is down ever so slightly, being weighed down by home depot. that's an reaction to the better-than-expected home sales, but we have the s&p 500 slightly higher. the nasdaq is on its third update in a row. all three major averages are on pace for their third weekly gain. and then take a look at the russell 2000. into the bloomberg and take a look at the s&p 500 weekly sector composition. 3%.op health care up and not surprisingly, energy is down in oil. let's look at some of the biggest recliners, drags on the s&p 500. oil is down sharply on the week. on pace for its fifth weekly drop in a row. oversupply concerns. all of those have been downgraded to underperform with liquidity. energyarish action for this week. up until today health care had put in five record closes in a row. strategist equity inside as the top winner for the s&p 500. all these biotech companies -- i did speak to a bloomberg intelligence analyst. he says behind this, a confluence of positive factors including da

abigail doolittle has more. ail: we are looking at mainly declines for the banks heading into the release of the fred stress test. we have bank of america, citigroup and wells fargo all trading lower. j.p. morgan has flipped higher but the second worst sector for the s&p 500 down three days in a row today in sympathy with yields. let's break down what it looks like. the fed stress test release. now, it does come in two parts. today we have the quantitative part. basically playing out different scenarios on hypothetical scenarios on each back's capital. did i speak to charles peabody an analyst over at compass point financial. he says today is not significant. what could prove to be significant is next week the qualitative part. this will include risk management, plus data collection and pore processes. now, it is expected for the first time or the last seven years, that the 34 banks to be tested are going to pass. the one exception could be wells fargo. both u.b.s. and morgan stanley have said that on that qualit

down half of 1%. .6%.asdaq is down let's get the details from abigail doolittle. we're looking at technology stocks on the nasdaq. let's look at the s&p 500. and oil down down 2.5%. down for a fourth day out of five days. in a bear market from the recent high down about 20% this year, of course are continuing global libya did add to the surplus. the light -- 45 to 55. head of technical analysis, he told me the outlook is bearish for oil. thought it could go and we could see oil down to 38. oil names, including exxon and chevron are trading lower. worst drag on the s&p 500 here williggest question is there be an overall drag on the s&p 500? g #btv 257, a two-year chart. in blue, we have the s&p 500. white, we have the oil. the s&p 500 was lower in the oil ofshed in the beginning 2015. take the s&p 500 with it. correlation is strong but look at the big diversions. s&p 500 trading near highs. a bear market on the last peak or the high. we are likely to see a reconvert just there. they could be bearish, especially now that we have dollar strength. they made the point

let's get more detail now from abigail doolittle. l: certainly lots of attention going to that tech selloff, but let's look at the bright spot. we have the energy complex trading higher. oil is up nearly 9/10 of 1% at this point, up a second day in the row. saudi energy minister believes within a few months that worldwide inventories will drop and that opec reductions will accelerate. i spoke to a bloomberg's intelligence analyst in the commodities space says that it is giving the space of the of a bid. -- a bit of a bid. this is a bright spot. you would think that this would hurt the airline space and that is something we are seeing. typically airline's fall when higher, but this is all reflection out of a note from ubs. analysts say that revenue is likely to be hurt. there is a revenue estimate for seat mile and this is having to do with the overall decline in oil that the typical companies over promise. ultimately that revenue will lag. fergusonak with george and he agrees on the point that fares are likely to be dropping, somethin

for more on how technology stocks are faring, let's get to bloomberg's abigail doolittle. l: it has been busy for the tech sector. we are seeing a relief rally after the two-day selloff. the worst for the nasdaq since september of last year. tech is the biggest sector of the s&p 500, being led by the names that sold off the most. apple was down 6%, the worst days since april of last year. it is not entirely clear what drove the selloff. some say it was an overly do selloff in a sector that had been of. -- had been up. chiefoomberg equity strategist told me something different. she thinks the tech selloff was driven by the ecb being less hawkish than anticipated. she thinks the fed tomorrow am it will be important not only for tech but for the banks. the banks are up for the fifth day in a row. we had rotation into the value and safety of banks. a five-day chart of the 10-year yield, it is rising by seven basis points. haven bonds are selling off. the fed is likely to want to keep the rally in the banks going. it could set a more hawkish tone than investors are thinking. it

the latest now on the markets with bloomberg's abigail doolittle. : something that really stands out with a divergence you s&p higher bythe the nasdaq lower is that nasdaq showed improved volatility . up 6/10 of 1% and then taking a clear leg down. this intraday volatility, it really does stand out. i reached out to five traders one has anyt and no conclusive reasons as to what is behind this. that's interesting information because it points to the idea of a selloff out of nowhere. investors are somewhat jittery and uncertain. let's look at the stocks that are producing that fault of an aspect. ll for the nasdaq. the chinese internet company saying they are replacing the current ceo who resigned for personal reasons. trading loweret after the company announced that its self driving unit has struck a deal with avis. it.a trading down on stratus is one of the big laggards for the nasdaq overall. to ang cut from goldman cell saying that analysts saying the considerate margin and competitive pressures having its worst day of the year. let's hop into the

let's get to abigail doolittle, at why some of those currencies are lower. >> in dp or it one of thetories is certainly oil. last down for out of the five days new session lows down about 3%. down about 13% over the last year. noay's plunge in oil, we are at levels seen last august. watching a range between 45 and 75. global securities, it earlier told me he thinks with this break, we could go down to 38 and that would be pretty bearish. supplys on global concerns. something they were talking about in europe, energy, these are some of the worst performers theus to have transocean, driller down about 4%, a big loser for the s&p 500. year, so really a lot of bearish action. question is whether or not it will drag on overall. he thinks it could. let's take a look at we watched it before. in the 50cently put day moving average moving below the 200 day moving average. that happened recently. sellers are taking control. the last crossed back here in .014, usually bearish into oil it may suggest we could see something potentially bearish. we just look at the technicals. let's take a look at

york tous now from new help us dissect the decline, our bloomberg news the reporter, abigail doolittletell us about the biggest winners and losers. abigail: today was really interesting from the standpoint there was tons of selling going on. sellers were in control. it is important to break it down that way because it confirms that selloff that started on june 9 is on. yesterday we had a bit of a rebound, but now, we are down in a bid way -- big way, telling us tech has been and still is the big sector in the year. what is interesting is nobody knows what is behind this. wall street does not have a fear he or hypothesis, and that is pretty rare. r called ite mysterious. good point,ade a some of it could be window dressers taking a profit, but even so, it's pretty clear we have a pretty big change in sentiment, jitters and uncertainty on the part of investors. this has been the top trade all year, really a hot sector with facebook, apple, amazon, alphabet, netflix up on the year and now dipping down. asked what was behind this fundamentally, and our bloomberg analyst said nothing fundam

turning to the recent selloff, abigail doolittle from new york. abigail, give us a rundown?echil: we did have dipping down sharply, down more 1%, and point sent -- we saw the loss is really being paired. even so, the nasdaq finished down when 5% -- .5%, but we saw a little bit of that mentality overall. to your point about the last five days, the s&p 500 tech index is down more than 3.5%, the worst five-day stretch, emily, since the brexit last year. are selling, a lot of big names participating, like apple, amazon, facebook, and outlet -- alphabet, which had a fair, unusual downgrade. what is probably a plays whether these highflying stocks deserved to be highflying? that is true in the tech space. the of the chip index up sharply over the past year, more than 55%, lots of big valuation there. a lot of guys on the street have been wondering that sector -- when that sector will come back down to earth, happening now with some groups like ag, macron, and other groups giving back to that. even the losses were paired at the end of the day, this is still going up a little bit. e

let's get to abigail doolittle now. indices moving is the nasdaq.nd the tech-heavy nasdaq. of the a two-day chart nasdaq 100. now on the day, we have the lows, aell off the small inverse head and shoulders pattern, a by the dip pattern. flatuld take the nasdaq to on the day, but a bit of relief, down 2.9% on the day, the worst of selloff since september last year. is the biggest component to the nasdaq 100, nearly 12%, down 4% on friday, down 2.6% today. two-day selloff since april last year when they put out that horrible quarter and revenue growth dropped for the first time in a long tan. downgrade, so a bit of the cell the high flyer mentality. apple taking many suppliers down. some real selling here. we may have a little relief for the nasdaq and nasdaq 100, but , about 8% of apple the nasdaq come the selling may continue. is #9306, a one-year chart, and we see around the election that apple did slide below its 50 day moving average. friday and today, below that 50 day moving average, suggesting we could see the stock moved to the 200 day moving

abigail doolittle is here tell us more. nterestingly, we are looking at mixed trading averages. we had pretty bullish trading earlier. all majors up .5%. vonnie's 0, to allusion, we have to take a look at the s&p 500 imap. tech downtom, we have about .6%, helping to explain why the nasdaq, which had been up more than .5%, is now down about .4%. let's look at the biggest movers on the technology sector. it seems to be starting up with bitcoin, down about 11%, the worst day since january. a partner told me earlier that this has to do with chinese capital controls. the reason it is dragging on the tech sectors, we have both nvi nddia amd, both create -- vidia and amd, both create graphics chips. citi has downgraded shares to a neutral on in tuit. be a dragurned out to and taxis in. we have alphabet down near session lows, down about 1.25%. this as we have the news about self driving unit has touck a deal with avis, set manage autonomous driving units. it is having its best day of the year. tesla, though, mark, not so much. down

ine of the worst performers those indices, let's go to abigail doolittle.orst are in the text face. we have been downgrade. interestingly, these names were downgraded to neutral. not a huge move, we have outside declines. mattel down 8% after da davidson neutral.ating they also cut the dividend more than expected. brinker international, this is chili's and others, the worst day in october 2012 with j.p. morgan saying it is a value drop . and we have time down 5% on a downgrade to neutral. we also have laggards or losers in grocery stores starting off , on kroger, plunging 17.5% pace for the worst day since 1999. this is after its last the full-year earnings. they also posted a decline for same-store sales for the second quarter in a row. and grocery deflation is really behind that weakness. we see that in sympathy we have spread trading lower and walmart trading lower. it is interesting for walmart because the competition is said to be one of the things eating into kroger. overall space declined. here is a five-day charge of the 4%.500 check index, down out

guess playing at a time when we should be looking for more andnd post memorial day, let's get to abigail doolittle having a deeper look at this trade. abigail: we do have oil plunging on the day, which is why build investors have been looking for a drug. bloomberg intelligence analysts say that this suggests that the path of least resistance is lower than we could see. not surprisingly, this is driving down lots of energy names. the e&p names, newfield exploration down 5%, devon energy, chesapeake energy, this is the worst sector for the s&p 500. named are that these in the wider side of the beta weapon, which is why they are reacting more so. some bearish action there, but this is a sector that is offsetting the weakness in energy, and this is the chips sector. stocks are trading nicely higher, and we are looking at eight chart of amd being up. lack of bullish stuff happening there. our amd analyst did tell me that right now there is positive talk about capital using amd chips, -- apple using amd chips, but the club -- question is whether or not the gains can last. this uptrend is starting to bre

bank stocks, the one of the more interesting sectors, let's get to abigail doolittle. >> the bankingy, the financials, one of the worst help students when what we do on the small declines. have the bigger banks trading lower. jpmorgan is managing to put green and morgan stanley is down a half a percent very this is familiar team. we have the s&p 500 bank index down. seven out of the last nine trading days. particularly the assets, we have a decent haven bid today. we have four basis points near level around levels come at levels, in fact, since the election. bonds move up in yields and has reversed itself. the inflation trade coming up there. the week move down -- the move helping the yen. this is a big haven bid on the day. as is consistent with what we have seen on the year. certainly not consistent with the reflation trade, though. it has been reversing sometime. this is jihadis check metv. -- at the beginning of veer, the bloomberg dollar index has started to decline since the election taking the 10 year yield with it. the two are trading in tandem at this point. stocks or near a

we are seeing the buying of asasuries decline the yields abigail doolittle pointed out to me a few minutes ago. is the biggest single day move since june of last year in the post brexit vote reaction that then followed. we got retail sales falling by the most since 2016. the movement upward in the yield or downward in the yield is putting pressure on the financials. energy under pressure today and financials under pressure today as well and we have got the fed meeting this afternoon and the dollar as well reacted to the economic data. we saw a big drop when it came out. i want to note about all these reactions that as we get the headlines out of d.c., once again we see a similar playbook for the markets are not much reaction to all the reaction i am talking about is because of economic data. we get markets shrugging off a ,otential political risk whatever it is associated with, all of this uncertainty, a really good reaction with economic data and not headlines out of washington. mark: earlier, we were rising with fed meeting and inflation and retail sales, we saw the stoxx 600, this high.

vonnie: be a dill doolittle, thank you for -- abigail doolittle, thank you for that. senate republican leaders unveiled a closely held plan to replace obamacare as this morning. the additional $50 billion over four years to stabilize insurance exchanges. one of the things republicans have criticized in the past. here's senate majority leader mitch mcconnell. >> we agreed on the need to improve the affordability of health insurance. and policies contained in the discussion draft will do that. it will eliminate costly obamacare taxes that are passed on to consumers. so we can put downward pressure on premiums. vonnie: joining us now is bloomberg's national politics reporter sahil kapur who is on capitol hill. sahil, let's take it from the top as i said. mitch mcconnell calling this a discussion draft. he apparently was -- his aides in secret came up with this big plan. what did he end up with? sahil: what he ended up with is a similar in many respects to the house-passed obamacare replacement bill. it's similar in its basic structure. it unwinds and cuts medicaid pretty

we want to get to abigail doolittle having it deeper look at technology companies. >> we do have recorday, including the nasdaq. recorditting another high, now a market cap of $62 billion. it means tesla is the fourth-largest automaker in the world. toyota,ll behind , buter, volkswagen surpassing gm and ford. this is remarkable given that gm produced 10 million cars relative to tesla's production of 83,000. delivering 76,000. #9263, surpassing, ford, gm. let's turn to two other big movers. one out performer and one under performer. single the out performer up 60%, 47% year to date after morgan stanley raised his rating to overweight and took the price to $4.50 per share. endo international down 15%, its worst the day after the fda suggested the company pull its opioid with the growing opioid crisis and addiction. bloomberg intelligence says this is largely expect it and they have been moving away from this drug. mark: thanks a lot. of all the things, and certainty is not what the economy needs. with theresa may's lack of majority comes lack of clarity on sterling. what a day. iyc s

joining us from new york to help us dissect the decline, abigail doolittle. across thedown board. ll us about the biggest winners and losers. abigail: today was interesting in terms of the standpoint of the selling going on. at the sellers were in control. it is important to break it down because it confirms the tech selloff that started june 9 is on. we had a bit of a rebound, but now we are down and he did way for a second time this week, telling us again that investors are selling the top sector on the year. what makes it interesting is that i have talked between half a dozen and a dozen -- nobody knows what is behind this. they do not have a theory or hypothesis, that is rare. one said it was mysterious. or -- sell sider said managers could be taking a profit. a big change in sentiment here, jitters and uncertainty on part of the diff -- the investors. top trade allhe year, a hot factor with all the names, facebook, apple, netflix, alphabet, up more than 30%. you can see this in the chart in the bloomberg we are taking a look at. i said, what is behind this and she said, with n

let's get to abigail doolittle who looks at tech stocks rebounding today. some overlooked stories.ry yesterday we had the nasdaq finished 1.6% but lost in the news out of washington, d.c. that news out of washington, the senate has postponed the health 4re bill vote until the july took stocks lower. a three-day chart at the nasdaq, down monday and yesterday, that lower after the post moment of the vote. a bit of the rebound today. not clear what was behind the selloff, i talked to wall street people who said they are not certain, perhaps just anxiety and uncertainty. that is taking a cold -- that is taking a toll, down 2% from the record high. the hind the weakness, yesterday, overall a pullback, apple, microsoft, facebook, alphabet, today a rebound. i heard moments ago this is where the growth is at a reasonable price syllables have to go here. out of that down a third day in a row after the $2.7 billion fine from the eu. alphabet down a third day in a row after $2.7 billion fine from the eu. the last record was in 1986, 150 six days and now on 161 days, not as though a 5% drop on

let's get a check on where the markets stand with abigail doolittle. >> after a flurry of activity the $13.7ng on billion acquisition of whole foods by amazon, we are looking at small moves. investors are tired, not only do we have that deal they are contending with, but we have the fed early this week, the tech selloff. all three major averages are lower. the dow had been higher, on pace for a record close. the nasdaq drowned -- down by all three major averages are about .10%. the dow is up for weeks in a row, while the nasdaq is down. the worst sector for the s&p 500 , consumer staples, done more than 1%. it seems that amazon whole foods deal is leaving no sector untouched. sharply.liers down united natural foods kraft heinz, general mills. the one i want to focus on is , paring itsal foods losses in a huge way. earlier down 25%, the worst drop since 1996. the company received already 4% of its revenue from whole foods. investors were panicked that that could be disrupted. the company saying the contract will remain in place. it will be interesting to see how this plays out in the we

abigail doolittle is standing by. abigail: very small moves. dow and s&p trading modestly, slightly higher. nasdaq down nearly .2%. that doesn't really tell the story though. all three averages had been a .5% or more. the nasdaq is now down more than 5%, a one percent swing. we have intraday volatility. i reached out to people on the street. no one really knows what it's going on. sometimes, that volatility could be noise. we have intraday volatility. relative to the nasdaq, one drag we reported on earlier could be bitcoins, down 13%. since january 2015. one person told me that could have to do with chinese capital controls. the effect on the nasdaq has to do with chip stocks. nvidia makes graphic chips thought to be working in the crypto currency. we see some weakness there. one of the bigger points, alphabet. it reached an agreement with avis for avis to manage its autonomous driving unit. that is dragging tesla. tesla not getting that deal. bloomberg intelligence analysts think the weakness in alphabet has less to do with the avis steel and

abigail doolittle standing by. abigail: thanks.e are looking at majorly averages, but the dow is creeping ever so slightly higher, not so far from putting itself on pace for a record close, but the nasdaq taking lower, down near session lows, so that is a bit of a divergence . it exists on the week as well. the dow is on pace for its fourth week higher in a row, while the nasdaq and s&p 500 both lower on the week for a second week in a row. perhaps probably on that tech selloff, which has really taken a backseat to the big news of the day, which we will get to in a moment. here is that tech selloff on the week. apple, alphabet, netflix lower on the week, but facebook higher by about 25 percent. the question here -- which side wins? will the gains we are seeing from facebook continue, or the losses from those other sector names? turning quickly to the big deal on the day. of course, that is whole foods and amazon. amazon buying whole foods are $13.7 billion. paul sweeney, a bloomberg agent, says amazon has been wanting to get into t

let's get to abigail doolittle having a look at the deal of the day.hat is amazon and walmart. -- whole foods, excuse me. you would think that would send the shares of amazon lower, but not so much. today amazon is having its best day since november of last year. still sharply higher on the year and whole foods and amazon are not so far different in terms of what they are doing this year. both up 30%. typically the acquirer trades down, but it is pretty bullish here. they are saying this is a turning point in retail very similar to when walmart bought jet.com. there is a lot of positive synergy and clearly amazon is trying to get into physical retail. walmart, these sharks are sharp -- these stocks are sharp -- shares are sharply lower. look at the carnage. kroger down 13% -- excuse me. on paper it is the worst -- on pace for its worth three days since 1988. target down sharply. cosco, it seems investors believe this space, these companies -- editors are going to have a hard time keeping up with amazon in this space now that they are entering into the

abigail doolittle standing by. abigail: records. we are looking at records for the major averages. big weekly gains and the weekly -- the average is on pace for in a second weekly gain row. look at the nasdaq -- at session highs, up more than .9%, almost up 1%. we will be getting to why, but in terms of stocks rallying despite the weaker than expected jobs were orton, some analysts think investors are still holding out, hoping for tax reform from president trump's administration. he thinks the potential meeting when the fed raises rates in june could be the dividing line. time will tell. stocks hitting record highs today. paul sweeney, bloomberg intelligence analyst and director of north american research, told me in a phone call moments ago he thinks it has to do with the fact that tech is the top sector this year and investors are hoping the trump inflation will somehow play out and that they are willing to pay out for growth. as for broadcom, take a look at those shares. theher record bid after chipmaker did put up a very strong quarter. susquehanna calling it a classic beat and

abigail doolittle is standing by. abigail: after several days of not really having big moves, today we have very big moves and lots to talk about. first, the nasdaq down in a big way. all of these averages had intraday highs. dow on track for a record close, but the nasdaq down sharply, on pace for the worst day since the record of last year. the turn lower started around noon, and it appears there is a momentum shift out of tech into financials. we will be getting more on that in a moment. all500, nasdaq, nasdaq 100 on pace for weekly declines. a bit of a diversions for the nasdaq and nasdaq 100, worst weekly declines of the year. this is what's behind it, apple, microsoft,'s -- facebook. slicing through its 50 day moving average, apple will be taking control. a number of buy ciders and sells ciders and they believe there is a rotation out into financials. we of course have had tech on last many months, certainly this year, so taking a little bit of a breather here. forlso have take selling the chip sector. this has r

let's get a closer look with abigail doolittle. or the major averages here on the open. the dow, s&p, higher. any records yet here on the open but it is worth knowing that even with the out closing down yesterday in the morning, it did put aside another all-time high. on the week, it is interesting to note that we did have a flip up. yesterday, a rally. a pullback. investors could be on hold ahead of the energy inventory report at 10:30 as to how that could be an influence on the market. let's take a look at nike and other athletic wear makers. nike higher, big losses for foot locker, finish line and d. nike could be close to starting a direct relationship to sell products on amazon. -- right now,the nike only sells through third parties on amazon budget analysts says this could be a large and growing channel. investors are positive on that for nike but the other athletic companies are trading down. speaking of flip-flops, there was a flip-flop on small caps. the lines here represent either the net when the short went below zero or

abigail doolittle is standing by. igail: we are looking at very small declines for the averages heading to the close. nasdaq, s&p 500, and down fractionally. these losses might be very small but we can see them flip to the green by the close and it would be a new record round for the major averages. the nasdaq earlier today did put in an all-time high. at tech names are carving out highs including microsoft, amazon, alphabet, and nvidia. one stock notably off the board's apple. if we look at an intraday chart, the shares are down about 1% on the day. really range bound here. not a lot of movement as the worldwide development conference does get underway. the faster mac, and upgraded ipad. we also have a newly developed or completely refurbished app store. and that home plot you were talking about, then is part -- the new smart speakers. in terms of the overall movement relative to products, let's hop to the bloomberg and take a look as to why that matters. #btv 8524. phone contribution to revenue. and in yellow, we hav

julia: let's take a look at where the average media averages stampeded bloombergs abigail doolittle istanding by. abigail: we have the dow and s&p 500 and the nasdaq all trading higher. , both of those indexes on pace for their best session since june 1. the nasdaq up one and one quarter percent. really nice there driven by technology. we will be taking a look at that. let's take a look at the haven assets. we have the 10 year yield higher by four basis points. we also have the yen trading lower against the dollar. not having much of an appetite for those haven assets. the banks standing at 3% since that tech selloff started. one we certainly not seeing today. many are talking about this as a sector rotation out of technology at the time into the banks. chief equity strategist here and bloomberg. raising rates and certainly has helped this sector. there was a selloff they are but not today. we are looking at a nice rally. microsoft, facebook and amazon. 70% of the pullback we have seen. egg mentality.ne take a look at 516, this is a long-term chart in the s&p 500. and then much35% lowe

abigail doolittle is standing by. igail: we are looking at smaller modest declines heading into the close. that is remarkable because earlier, we were looking into significant declines are the dow just up fractionally. the dow had been up half of 1%. and the nasdaq -- than half down less of 1% come earlier down 1.4%. seems as though you have it on the day and tech continues to be the story. not surprisingly, the biggest drag on the s&p 500, technology space including apple and amazon. down 7% since last thursday before the selloff began. 5% over that time, it is still not entirely clear what is behind this. some people say this bearish for goldman sachs. jim martin adams had an interesting series saying she thought it on friday had more to do with the ecb being less hawkish and she thought the fed proved to be somewhat hawkish, that could bring a continuation. it is interesting how the fed can steer the direction of asset classes. afterorst day since 1999 slashing the earnings field. the entire grocery market this is a

abigail doolittle is standing by. abigail bank -- abigail: we are looking at major declines heading into the close. a bit of a flip-flop earlier. the dow did put in an all-time high. nasdaq about 2/10 of 1% down. all of these averages are near session lows. it is worth noting for the s&p 500, only two of 11 sectors are higher. let's look at the best, health care, that is s&p 500 health index, putting in an all-time high, rising for a third day in a row. being helpedeld -- out by biotech and pharmaceutical sector. the hospital, the bloomberg hospital index. this come a bloomberg intelligence analyst told our team earlier, he thinks it is a senate republican health care bill. we did have sent majority leader mitch mcconnell, this afternoon saying we should discuss a draft on the build thursday. turning to what is really dragging on the market, energy. four out of the last five days. scarlet was mentioning a bear market. the dollar is trading higher, putting some pressure there. there is the worst sector for the s&p 500.