abigail doolittle is here to give us a rundown. abigail: we are in a selloff. looking at the dow and s&p, dow more than 1% right now, on pace for the worst day since april 24. at the lowest it was down 1.9%. down one point 6%. at that point, both index on pace for the worst day since april 6. we do have sellers in control. you'll notice that the tech heavy nasdaq not down as much, outperforming the two major averages. it has something to do with sector composition. we will take a look at that in a moment. today, tech heavy nasdaq in a bit of a reprieve because of technology overweighting. the s&p 500 in today's selloff has done damage on a monthly basis. last week, the s&p on a monthly had been up nearly 3% on the month on pace at that point for the best month of may since may 2 thousand nine, when the s&p 500 had the boomerang recovery out of the bottom, up more than 5%. now we are looking at a gain of best monthce for the overall since january of this year, when we had a rally for stocks. interesting to see the dent that the selloff is putting into the s&p 50

trading session and abigail doolittle has been keeping and i on things. abigail: this is following yesterday's solid declines after leslie's big rally so this year's theme for stocks is volatility. with theome upside bulls in charge. one sector doing really well is consumer discretionary. 6.4%, onght is up track for the best day of the strong first a quarter and beat metric estimates across the board. sales were gaining for a second consecutive quarter and they boosted the outlook for both the top and bottom lines. it looks like the ceo turnaround plan is working and investors want in, they are actually bidding up other department stores. jcpenney and nordstrom are off the highs closer to the open and both of these companies report tomorrow. it will be interesting to say if it's a secular story for department stores. some outperformance for chip stocks, up 1%, being helped byamd as susquehanna upgrades shares to a neutral from negative citing a solid first-quarter. higher ass trading it's been to close that there was a 2.1% stake in the company and macron

abigail doolittle is tracking the moves. we got a late lower. abigail: we're looking at a selloff.ws. the dow, s&p 500 and nasdaq lower by 1% or more. scarlet's point, a small leg lower to those session lows. the worst day in three weeks for the major averages following last week's big rally. lots of volatility. let's take a look at the 10 year yield. this chart is remarkable. up 11 basis points. that's a backup and rates. what makes it interesting, rates trade in verse two price. that tells us bonds are selling off as stock selloff. investors not liking the possibility that the rates could continue to go higher, caza repricing of risk, cause investors to question the valuation on stocks. february for we are seeing it today with the 10 year yield at levels last seen in 2011. it's influencing the specter of for the s&p 500. if we lot -- happen to the bloomberg -- hop into the bloomberg, all 11 sectors are lower. on bottom, real estate, that is a high dividend yielding sector. it does not look as attractive relative to the 10 year yield. higher.d's financials have been the best secto

abigail doolittle tells us why. res are really plunging on the profit warning -- the electronic retail or at car from patellar saying that earnings are going to slump by 20% this year. we need to go back to last august -- let's hop in the bloomberg and take a look at the long-term chart. we see last year that the shares absolutely plunged, and that is on another profit warning where the company basically said they .ere being hit by macro factors now we see a resurgence of this job innew ceo is on the eight weeks. part of the plan is to close 92 stores out of roughly a little more than 1000 worldwide. most of them are in the u.k. vonnie: who is investing in this? point i havehis lost a lot of shareholders. they don't have a court investor base because of the lack of trust. a lot of new information came out on the conference call today that points to more accounting issues. interestingly, it does seem likely that this is not about fraud. the management team can clean the situation up, perhaps there -- weind value inves

abigail doolittle is with us. >> this story continues. the lawsuit filed by national amusements. the media company that has 80% of the voting rights for both viacom and cbs. it discloses that national amusements earlier this month went to the viacom board saying they are not anxious about a cbs merger because there are so many issues. this may reflect the realization that les is not on board, they need him on board plus the threat of ongoing litigation. if we take a look at this chart of viacom and cbs all the way back to 2006 because our earlier these two companies had been together. they split for reasons of valuation. we see in blue cbs's outperforming, more than 100% over the mast debt last more than a decade. they wanted the merger to try and create some of that cbs value for viacom. to just for today it looks like it is off. vonnie: could it be game theory? >> time will tell on that. -- fact that cbs investors think there could be more ahead. we have a big m&a environment for media. fox, disney, time warner and at&t all in a bid to

abigail doolittle joins me now with more. t is walmart's biggest deal ever, $16 billion in flip card. the reveal was pretty interesting. hours before both supposed to be the formal announcement, it was -- walmartand followed up, making it formal and this is india's biggest e-commerce giant so it puts .hese companies in that space surprised tonot be hear, this is really to compete against amazon. walmart making this big e-commerce investment to compete against global e-commerce giant amazon. caroline: amazon has gone in organically with a 27% market share but that is trumped by the 130% market share that flipkart currently has -- by the 30% market share that flipkart currently has. caroline: they could be -- abigail: it could be growing per year. estimates ity could be a $200 billion market in the next decade. amazon missed china, so they are really in this to when it -- to win it. they need to prove they can bring on the e-commerce success they have in the u.s., in india. they are going to be competing against flipkart which n

abigail doolittle is with us to explain. l: it is pretty interesting -- they beat revenue numbers and same-store sales. granular,et more investors are unhappy about a few factors. granular, investors are unhappy about a few factors. first, fiscal year 2019 outlook is a little bit light. second non-adjusted operating margins for the fourth quarter still reported. that came in weaker than expected. third, the jimmy to revenue disappointed. 2017-2018, this was a transition year. there were expectations that this quarter would be stronger than and the 2019 guidance would be solid. for this together with their largely good retailers they put up strong quarters. the fact that we don't have shares affected by michael kors weakness suggests it is more of a michael kors-specific issue. does that mean micro course will have to undergo more strategic review or is this a timing thing? abigail: abigail: they have had a turnaround in asia, but they need to reduce inventories and focus on full priced sales. it will be a continued transition

here is abigail doolittle. >> great question from a macro and micro standpoint.y's who put up a second quarter of growing sales and nordstrom is not doing that. same-store sales up 6/10 of 1% in the first quarter. we can look at this using the bloomberg. severalver the last quarters, it has been lumpy for nordstrom relative to same-store sales. they wanted to take the number -- company private and hurting them in the first quarter was colder weather. customers also going online. much of their business is women's apparel and shoes. they need to see a resurgence for sales to hopefully renew. vonnie: abigail doolittle, thank you. coming up, more of my conversation with the general. we get thoughts on iran and north korea next. this is north -- this is bloomberg. ♪ vonnie: let's get back to my conversation with nato secretary jens stoltenberg. geopolitical tensions with iran and north korea here in >> north korea -- full support from all nato allies. they wanted peaceful negotiated solution. the goal is to denuclearize north korea. to stop the development of nuclear

abigail doolittle is here, going shopping for us. e is a lot of retail news but also a lot going on in real estate, as well. abigail: yes, and this is one of the largest mall companies, in 25 states, new york, arizona, california, and one you will be familiar with is across county mall up in yonkers. case, they own various properties, but the main story course, weh -- of had the backup of the yield, and with the bloomberg, we will see why this hurts macerich. gtv is a chart in the function, and it shows percent, relatively high, and that the s&p 500 dividend yield, so on a day like this, when the yields are soaring, even though these are higher, they look more unattractive. joe: they do not like to see higher rates, but this is the higher rates plus the retail weakness. you are right about that. back when the price was close to $96, and we have a chart, there is the double whammy of the mall youspace but, plus, if we lookt function,, the gtv this is a chart one back to 2009, and we see the great recovery in real estate. this is 2016.

abigail doolittle joins us now. there has been a rush of deal making. >> in terms of their products we do not actually know them but they are in everything we eat. israel, they are best known for natural flavorings, especially alfalfa. iff is trying to move into that space. that is the trend. these companies are two of the biggest companies. now, this would be the number two player. ,f we hop into the bloomberg not surprisingly, 52% of fragrances and flavors. operating margins, flavors are more. muchwe don't know is how are the natural products? that is what they are going after. size, itms of relative is expected today. , we arerms of valuation looking at the equivalent of 106 dollars. that is according to the statement. it does have to be approved. the largest shareholder own 36%. they have been saying a have been considering a deal. i would like to return to iff. we have a beautiful uptrend. today, starting to break. you can see this using the g tv function. longer-term this is out of the way. perhaps the strateg

symantec, we were just talking about this one with abigail doolittle, stocks plunging on friday afteromments about an internal investigation led to a stock plunge of 33%. it's holding a conference call 30 minutes from now. the stock rising 9.5%. we will have details of that call when it happens. and sears holdings, this has been a fascinating story. for years -- sears saying it starting a formal process to for potential sale of assets including its kenmore brand. the ceo sears holdings has a , which hascalled esl said it might be interested in buying some of the sears holdings. he has divested some of the assets over the past several years. but sears has not managed to turn it around. we will see if this is what finally does it. joe: that's look at the government bond market, starting in the u.s. with the two-year and 10 year, both of them up across the board. yield back up to 3%. that has been down to around quite a bit. we will see if there's some direction break in the coming days. i want to look at a one-year chart of italian yields. you can see where the election happened -- actu

abigail doolittle is with us. >> pretty amazing. stocks were on pace for their best day since 2018. red across the board and in fact talked about the worst rain and snow in 12 years and we can attest to that. the bright spot is the weather today. they are talking about may being on track. we can see why that is important. these are same story sales. using the earnings analyzer, we can see back in 2014, they almost got to 10%. the last time, all the way back .n 2004, pretty much every day they are trying to get back into that arena. they are so strong that they will make up for the quarter of,s mix, and speaking stepping in as the new ceo, a piece of this, they had the , retiring back in march under pressure to make changes. there was pressure to really turn that ship around. >> what else to they want? >> they would like to see marvin do what he did at home depot. he was there for 12 years and helped bring about operating efficiencies. speaking of home depot, that is what they want. they want close to catch up to home depot and from a revenue standpoint, home depot in the fiscal year

kicking a sob is abigail doolittle in new york. the big stories at 3.05%,year yield its highest level since 2011. what is next? does this tell us the bond bull market is over? it shows the price inverse to yield. the 10 year yield dropped, drop, drop your it bonds are trading at a bullish manner but they are selling off the top of this range this year. we did see this in 2007 only to go back down. this area of consolidation here just may suggest the 10 year yield is going towards 4% or perhaps a bear market may start. nejra: that long-awaited bear market. got?e, what have you vonnie: i'm having a hard act to follow. i the great title already, money market moves. this is seen the largest inflows since 2016. it looks not so impressive, but we did see in a billion dollar inflow last week and that is potentially a sign that u.s. companies are repatriating those tax windfalls. maybe parking that cash in institutional money markets. it is also bringing back some painful memories to some i'm sure. i loved your chart and you almost won me w

abigail doolittle has details. abigail: cap missed the mark on all metrics.sted a bigger loss than expected and had less daily active users than expected 191 million dollars versus the $194.3 million estimate. advertising revenue down. right across the board, lots of weakness here, and behind it, the controversial redesign of the snap app last year. they separated friends and chat from celebrities, and lots of open around that. we have a pretty negative response from wall street. losenalyst said they could their cool factor. how do they prevent defections to instagram. lots of negative chatter around snap and these results. caroline: brutal when you look at the market cap down by $2 billion. what about the opportunity? there is one bright spot i saw an analyst outline -- maybe there will be a merger and acquisition target. abigail: that's an interesting point, caroline. i don't know too much about that and i don't feel comfortable speculating on that opportunity. what this seems to come down to is the app redesign. we saw the ceo last year -- it was really hi

abigail doolittle here to tell us why.res in retail pace for the worst day since 2016 after they put up a disappointing quarter. the turnaround has been lumpy. two quarters before that were positive and last quarter they were down. the overall cop was up 1% versus the estimate of 1.5%. disappointing for investors is the fact the weakness at the flagship store the gap where they are blaming excess inventory for weakness. miss.camp -- comp they arethat perhaps not supporting the sales they need to see. not everybody surprised. if we look at this chart. in white are the shares of gap and short interest inif we look. blue rising. disappointing quarters at around 12%. there are some bears. this will likely continue. mark: were there any bright spots? >> they maintain full-year guidance, considered a positive that on the other hand, maybe they do not need it. co navy was strong, in line mp. other countries -- company strong online but the flagship brand is needed to get back in line to have the turnaround recovery investors are

abigail doolittle telling us why.apple supplier europe receives 77% of revenue from apple, the fact that apple put up a decent quarter, is notones -- the iphone going anywhere soon and shares are rallying in a big way. also true for their competitors in europe, including infineon, ams, and others feared -- others. if we look at a one-year chart of dialog semiconductor, it is in the gutter. ,ell below the moving averages not fears about apple iphone but apple may bring in a particular chip in-house. that could hurt dialogue. -- dialog. mark: check out european equities, up for the fourth day in five as investors await the outcome of today's fomc meeting. three minutes and 40 seconds until the finish of the wednesday session. this is bloomberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. ev

we are 30 minutes into the next trading session so let's get an update from abigail doolittle. abigail: a bit of a bearish tone. first bearish open for the major averages in five sessions. the dow, s&p 500, and the nasdaq are all sharply lower, almost down 1% for both the dow and s&p 500. nasdaq down more than 1%. 10 of the 11 s&p 500 sectors are lower. financials ever so slightly higher. one piece of this could be the fact that investors are mulling whether or not the earnings growth in the first quarter represents peak earnings growth. david carlos says that even if that proves to be true, stick with technology and other growth stories. one area that is not appear to be a secular growth story, home depot and the homebuilders. home depot is a pretty big drag right now on the s&p 500. this after the company missed sales estimates, running up nearly $25 billion in revenue for the first quarter, but that missed estimates by about 1%. same-store sales came in up 4.2%, versus analyst asked of mists of up 5.6%. investors are faring that perhaps this suggests that the u.s. housing mar

shery: thank you abigail doolittle.next, as vladimir putin navigates controversy after controversy, european leaders are trying to get close to him. why? we talk with a former u.s. ambassador to russia. and president trump pending out diplomas -- handing out diplomas in annapolis, maryland. you are seeing live pictures. live from new york, this is bloomberg. ♪ >> ♪ >> this is bloomberg markets, balance of power. i am david westin. >> i am sure young for it -- i three theeung nasdaq is up a quarter percent. the 10 year for a third consecutive session. the dollar reversing this week's losses and rally and that largely due to euro weakening. wti, it is following and the lowest level since may 1. saudi arabia saying that supply would likely be boosted in the second half. >> big move in oil. for first word news -- defense secretary says that there is "a possibly some good news about a u.s.-north korea summit." mattis said diplomats are working to get a summit on track. he is called the recent back-and-forth between president

abigail doolittle joining us with details. is this a specific morgan stanley story? uestion. it is a little bit of both. those are on pace for the worst they since the brexit selloff. starting off at the micro, we had the head of morgan stanley wealth management present at a deutsche bank conference, and he talked about the idea that transactional revenue has been down since march. that should not be much of a surprise. all the volatility means retail investors are less likely to trade, and assets could be worth more. somecould make investors surprise. -- surprised. relative to the bigger story, we have banks down sharper on the day. underperforming, more than 5%, the bank index down 3%. david: as morgan stanley tracks down, to other banks as well? really gotnks crushed today, financials in general as well. what is causing that? abigail: it really has to do with the italy woes and the uncertainty around european financials and what is going to happen there. it is a reminiscence of the pigs crisis, not in the same degree, but that crisis back in 2011. at that point, mo

vonnie: our thanks to abigail doolittle. nejra: let's see what equities u.s. markets are doing.00 on the front foot. the stoxx 600 closed flat. the dax close lower. this is bloomberg. ♪ mom you called? oh hi sweetie, i just want to show you something. xfinity mobile: find my phone. [ phone rings ] look at you. this tech stuff is easy. [ whirring sound ] you want a cookie? it's a drone! i know. find your phone easily with the xfinity voice remote. one more way comcast is working to fit into your life, not the other way around. bloomberg's world headquarters in new york, i am david westin. >> welcome to bloomberg markets balance of power. david: here are the top stories we are watching at this hour. president trump says he wants to --p vte as trade negotiation the united states formally oceans its embassy in jerusalem protests as palestinians are fired on by israeli forces. speaker paul ryan says they need to get a new deal on nafta early this week. we will talk with been cente fox about whether that deadline is realistic and what will work for mexico. >> president trump is toning

david: abigail doolittle, always love the technicals. great to have you here. as the u.s.h nuclear-related issues with iran and north korea, our chief correspondent is live in washington with a key voice on the issues. normalwe are here with -- it has been a battle week since donald trump announce he was withdrawing from the iranian nuclear deal. >> european and iranian rhetoric watching freight giants such as mse and risk pullout -- and mersk pull out. we are watching a series of large international and midsize international companies pull out, with the exception of one british company that has invested a billion dollars. just within the last 24 hours, we heard from the european union threat of retaliation against the united states. should we call their bluff? again, european investment in iran is about $10 billion to $20 billion overall. to risk the massive exposure that would follow with sanctions notnst united states does seem logical to protect such a modest amount of investments, particularly when companies are walking away from the market themselves. meanwhile, you

abigail doolittle joins us now with all of the details. all, it is not the most well-known name.ernet-based service. they serve more than 100,000 practices, health care practices. willing, he records, health records, management for patients in terms of appointment notification. they even had workflow around data along with drugs. lots of information. they have collected more than $31 billion in drugs. profits more than 61 million claims. they knew that elliott management is seeking the $160 per share all-cash. what happened is using their own function, we will look at some of the top shareholders. we will see the top shareholder at 12.6% at the margin. elliott is all the way down at a less than 1% stake. with options, they have an 8.9% stake. >> while they want to buy it? >> they are an active investor. january, no talks. they failed to correct a host of operational issues. what they would like to see is improvement for merges. we will take a look at the margins. we have an 8% margin for the end of the fiscal year. up to 12%, 14%. it said they would like to be closer to 15%. perh

emily: ok, abigail doolittle, thanks for the update. deep dive into tesla's report, comparing it to its peers. more on that next. this is bloomberg. ♪ china won't succumb to before talksde, begin the delegation of the trump administration officials. the official told bloomberg patient want except any u.s. that knows the trade gap by $100 billion. stimulus planp's is adding to the debt overload issuance ofo a long-term debt this quarter to $73 billion and investigating adding another five years cells regular calendar and issue a new tomb of bill later in 2018. rudy giuliani says the president repaid his lawyer michael cohen winner thousand dollars in hush porn actressto stormy daniels. trump was aware of the planet but did not institute a camping violation. to keep she was paid quiet about the sexual relationship with donald trump. global news, 24 hours a day, on the air, and at tictoc on twitter. powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. markets, somehe relief as aussie shares ext

let's get a check on markets with abigail doolittle. we are looking at gains for the major averages. with the s&p 500 and the nasdaq on pace for the best days of the week since last thursday and right now all three major averages are at russian highs. this follows yesterday's pullback, last week's rally. the big source of volatility, the 10 year yield. that's how long ago the dow had trading and it's actually in 10 year yield chart. this is a chart showing that concern around the financial market easing. intraday start. not so long ago the dow had actually been training -- trading just slightly lower. the 10 year yield traded higher going back to levels seen yesterday. now easing off producing this small like a. that's how sensitive stocks are rates and the possibility of inflation. as for the big gainers on the day let's take a look at macy's. up 10%. its best day of the year after the company beat right across the board. beating sales estimates. like the ceos turnaround plan is in place. we also have macron trading higher. this is aft

and abigail doolittle has more. looking at very small moves for the major averages. the s&p 500 and the nasdaq is slightly higher. the nasdaq of the most -- of the most -- up the most. hadier the 10 year yield been down as bonds rally for the third time in 12 sessions. at this point we have haven bonds trading off again. yields rising. that seems to be pressuring stocks at this point. the question of whether or not inflation is on the way and repricing of risk. if you were talking about oil let's take a look at an intraday chart of wti crude. all over the map here. spiking sharply higher off the lows. down almost 1% on what appears to be a bullish department of energy report where there was a bigger draw down for both oil and gasoline. we still have oil trading slightly lower. that could be another drag on the overall market. nejra: we have some breaking news on deutsche bank. it seems that a bit of a tense manhattanlded inside tower just hours before news began leaking that the firm was looking for a new ceo. just to get more details on this let's bring in steven ar

abigail doolittle joining us with details and something to do with using of -- easing of trade tensions there's hope that the deal between qualcomm and nxp will go forward and there is this using of trade the u.s. andeen china. china is starting to look at that deal again and whether or not they would approve it. the ideas that there is hope. the first bid for qualcomm made for nxp was back in october of 2016. it's more than a year and a half out from that. we still don't have a deal. the final date for this deal to go through is july 25. there's lots of hurdles, but the big piece there is china. nxp receives 30% of their revenue from that country. right now again there is hope. david: who need to the deal more? abigail: it is definitely qualcomm. a stock issued. qualcomm is structural. 40% of their businesses are related to the auto segment and qualcomm wants to get away from that area and to handsets. as we look at the chart of these stocks from the initial acquisition in 2016, we see that qualcomm is basically down since that time, down about 17%. nxp had been hired, but as things ha

abigail doolittle has details. >> you are right. the best day of the year.ive deal for both of these companies. this is ge making good on some of its promises for turnaround as they streamline and make their business more simplified or they are essentially merging their locomotive business with -- and this $11.1 billion field. they will retain as 16 point -- -- they'retech, they rail equipment services company, they will nearly double their revenues. it will allow them to better address the cyclicality of the business. the company is saying this is a once-in-a-lifetime opportunity. it will transform their business. stock hasint, ge's been transformed. chart,ake a look at this we see the big downtrend on lots of the disappointment around the company. right now, the stock is starting to put into the bottom. investors are really liking some of the improvements this company is starting to show. again, making good on one of the promises and simplify. >> lots more to come. ge transportation is complex for us. >> this is one of their smaller businesses. very profit

abigail doolittle has details.tein, who had been an analyst at jpmorgan for 26 years. let's talk about what medtronic does. they are best known for their heart therapies, 18% of their revenue. urgent solutions, 17.5%. we are also looking at diabetes, surgical solutions. quite a bit of different businesses with the health care industry. what has happened over the last year or so, the stock is flat. perhaps they need to jump things up. they brought and mike weinstein as the senior vice president of strategy. he had been an analyst at jpmorgan for 26 years. is an md, well respected by analysts. he also knows the competitors. it is thought that he can help this company do their best. a $30 billion company, so bringing more of that to shareholders. david: given what he has done to the stock, lp got a good pay package. the markethat believes a single person in strategy can turn the company around? >> before i answer that, i want to go back to your point about the pay package. his compensation is mainly stock. he has a lo

a check on the overall equity markets with abigail doolittle. abigail: not a lot is happening.l day long. small gains and losses. we have the down the s&p 500 slightly lower. .1%.q up by look at the small caps really out forming, up .8%. despite the relatively calm surface, a lot of earnings movers including apple, on the downside, on earnings, but we want to take a look at the s&p 500 relative to the fed. we have seen the s&p 500 slightly lower and round the time of the fed announcement where they tweaked the inflation language, saying they will not tightly,e it as classic fashion, a small reversal. a very small move down. we have seen a more distinct move, perhaps the dollar index. the bloomberg dollar index similar to the s&p 500, not to a much all day and then in the morning, we saw this move higher and around the fed announcement, a big move lower. again, perhaps some looking for a more hawkish tone. at this point, up higher. andy, a lot of meandering small moves. let's hop into the bloomberg. here isre looking at the probability in 2018. 39%.or more, in a matter what way

abigail doolittle is next with the charts you cannot miss. this is bloomberg. ♪ retail. pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. wall isstreet's famous long gone. most moved in midtown, though some have opted for exotic locales before returning to manhattan. now the big shift is to the west, a boon for the area. a worrying development from midtown, where they wanted to find new tenants. twitter and get the latest updates on tictoc. scarlet: some of our reporting from tictoc. this is bloomberg markets. abigail: tempora charting features, where we go through the charts and today we are looking at bonds, some global risk off over the last 24 hours. as you can see, we have a little bit of a pullback for

julia: it is time for smart charts with abigail doolittle, where we look at three charts on timely topicsweek we talk macro. let's start with the europe. what do you see here? >> any time we are looking at global markets, we have to be mindful of the credit backdrop. these are high-yield spreads that have blown out. when you look at what has been a pretty good rally over the last to view itwe have skeptically given the weakness in credit. thisig question is whether is a redux of prior years. one difference is leadership within the european market is not that defensive here it industrials and discretionary are still quite good. we think it is early to say it is the end of this move. >> looking at the technicals relative to the stoxx 600, testing that 200 day. are you concerned about that and does that give credence to what you're seeing with spreads going wide? is bad, but the stocks are higher, so sentiment may be a little overdone. >> let's bring it to the u.s.. we had a big pullback yesterday for the s&p 500. today, big rally. what do you see here? levels a tested these number of times

but get to charting futures with abigail doolittle. futures today, we are starting and sticking with oil. you were just talking about oil and the they pledge -- the big plunge in wti crude. oil down 4%, its worst day in about one year, and this as you are talking about saudi arabia. they have gone from advocating higher prices to try to stop the rally in crude, perhaps after and in intervention of sorts from president trump. last month, the president did tweet "looks like opec is at it again. oil prices are artificially very high." that does not take into account the iranian sanctions and the collapse of venezuela's energy industry. thate technical suggest increased supply will continue to weigh on oil? let's hop into the bloomberg and view this chart of oil using the jgb function. it is a longer-term chart of oil. in blue is the 30 day moving average, above and below it by about 10%. the moving range for oil has protected its trading action quite well. right now on today's drop, plunging back below that 33 day moving average, suggestin

abigail doolittle has been keeping track on the moves in the market. abigail: we have the s&p 500, the nasdaq on pace for its best a since last thursday, the dow up about .3%. so a bit of a reversal from what we had yesterday, declines produced around uncertainty around rising rates, despite the fact that the 10-year yield is 1% higher today. investors looking past after take look at the russell 2000 with small-cap index up 1.2%, slightly more on pace for its best day and more than a month. in fact, at a record high. it has been a long time since we talked about record highs for any of the stock index. let's look at the technicals on the russell 2000, and you can do this chart using the btv function. it is a longer-term chart. there is november 2016, the big pop higher on the presidential election, president trump very protectionist. companies that receive more revenue in the united states. sort of meandering sideways, this area here, i talk about a diamond top frequently around the s&p 500 and some of the other indexes. the russell 2000 is even a bit

abigail doolittle has been tracking all the action. the 20-dayown from average. re right, small moves. investors consolidating. look at the dow, s&p 500, and the nasdaq, modest gains. we are continuing to see outside gains. philadelphia semiconductor there index at highs. is outperforming the majors. here are some of the major semiconductor stocks helping, notably nxp semiconductor up 13%, qualcomm up 3%. trade tensions between the u.s. and china have eased. china is looking at that deal once again, so there is hope maybe it gets done by the july 25 deadline. that is helping the entire space. let's go to the bloomberg and see about these trade tensions with china. ece president trump has probably not liked is the u.s.-china trade balance. you can view this using the gtv function. imports from china into the u.s., more than half a trillion. exports to china, less than 200 billion there for china into the u.s. there is the trade balance moving higher, not the right direction. nonetheless, tensions easing right now hoping the chip sector. look at a lot of the outside

. ♪ ♪ ♪ it is time for smart charts with abigail doolittle. here we look at three charts on timely topics. ons week, a lot of focus a.m. volatility. tell us what you see. abigail: you are right. joining me to break down that volatility, marked -- mark newton founder. , thee talking about this turkish lira, down. at that time commit was down. i put the title on turkish lira oversold based on your readings and then it bounced back. mark: a lot of these emerging-market currencies have shown signs of deterioration. you see the turkish lira had gotten down to the lowest level, almost that for 85 per dollar before snapping the back. almost 5%. that is in consequent of the dollar moving higher. i think a lot of these currencies have shown signs of parabolic declines. it doesn't seem to be metastasized and over to the u.s. we don't see a sign of stress based on what has happened. it seems to be much more per valent in the currencies -- prevalent in the currencies. abigail: let's look at a broader jpmorgan affects. we see a clear breakdown. is going bac

let's check in with abigail doolittle for a status check. we are pretty mixed. small moves for the dow, s&p 500, and the nasdaq. the dow is slightly higher, the s&p 500 and the nasdaq slightly lower. this is par for the week, switching back and forth between keynes -- gains and declines. we are looking at gains for the week on all major averages of about .5%, but the semiconductor 1%ex performing down, down space,day, and in that applied materials is down nearly 8%. at that point, on pace for its worst day since 2008. they beat earnings and sales, but the forecast was lackluster. that is a copy -- company that makes company that -- company that makes the claimant that makes chips. so the equipment is even more of a towel, as orders reflect chip demand. we also have campbell's soup down, and these are all the biggest drags on the s&p 500. applied materials is also dragging on the stock, but these are the three biggest on the s&p 500. 12%, this soup down on an earnings report that the company announced that ceo denise morrison is stepping down. investors are a lit

julia: it's time for our sector spider report and our stock of the hour with abigail doolittle. xl wire, the sector spider. you can see it is down. a small decline. down 2/10 of 1%. one of the downside is weighing on the s&p 500. as it flips between small gains and losses. as for the xl why, this is a fourth out of the last six days lower. a little weakness. modest. despite the fact that we have the small declines for the xly, a lot of movement beneath the surface. what's look at one of the big winners on the day. this is tj maxx. over the last two days, popping higher. this after the company did put up a strong quarter. right now, shares are hitting trading at a new all-time high. not only did they put up a strong quarter, they boosted the full-year outlook. it looks like they have a disproportionate amount of millennial shoppers helping the result. it seems like those millennials like that treasure hunt aspect of shopping at t.j. maxx. thever, as for some of laggards for the discriminator discretionary space, look at holes. down 6.7%. this is at the company -- as the company be

. ♪ >> live from new york, i'm abigail doolittle.the futures market to the charts, and we are going to cross asset class today to see how that analysis trade and s&p 500. after the risk off sparked by political uncertainty in europe come the we see investors are reassessing the action today with a rebound rally for stocks and a pullback for bonds. in fact, the reverse of yesterday's trading session when stocks dropped and bonds rallied. but the year yield dropped in a big way, today we see a higher anwe are iersely the yield. d very adjusting about yesterday's trading action, the yen was much stronger than stocks. take a look at the chart, you can view the chart using the function. we are looking at blue, the 10 year yield, white is s&p 500 going into the brexit. on brexit, a huge haven bid. 10 year yields dropped and the days.0 shed 5% in two yesterday we had the equivalent drop for the 10 year yield, but the s&p 500 dropped 1%, so one question could be whether or not there is more selling ahead for stocks. to talk about this, we wa

julia: this is "bloomberg markets come code and it's time for -- markets," and it's time for abigail doolittlethe day, spikes going on the cost sector for the s&p 500. nine sectors are lower, two of them are higher, the x ok is the winner. coming free from facebook. ace book might not -- facebook might not give up that much. but now it is reversing the loss as mark zuckerberg is that the developers conference and saying that they will be rolling out a -- dating feature for non-friends. match.com, not liking it so much. another big source of rank for the tech sector today, let's take a look of the stocks in philadelphia, currently higher, off more than 1% being helped by lots of apple suppliers because apple does report after the bell , our stock of the hour. look at it over the last few days on paper, since the and of february, investors sending shares into a correction over fears in the march and june quarter guide. what will the demand for iphone look like? get answers tonight. investors and buyers, moving quickly into the bloomberg. you can take a look at this .hart using your gtb function

doolittle,abigail thanks for the update.ther deep dive into tesla's report, comparing it to its peer s. more on that next. this is bloomberg. ♪ mark: you are watching bloomberg technology and here's a check of first world news. the president of the red cross is that syria is at a tipping point to stop the war or things could get more dangerous. impression that we interesting threshold moment. nearly 2000 people have been killed in the seven-year conflict. withio guterres help talks resume in london and discussed a range of issues, including working closely to reestablish international norms against the use of chemical weapons. the dutch prime minister says the european commission's proposed new seven-year, $1.36 trillion budget is unacceptable because the netherlands will pay a larger share. the netherlands contributes more to the eu that it gets back. in spain, and melted group says it has completely dissolved and considered in a letter that it failed to resolve the vast political conflict. the group is blamed for killing m