the microsoft system has to interact with the adobe system and etc. as the systems grow more complex and more interactive, they're used out there in the field on many ships. we're constantlyhaing the snm a variety of ways. so one of the things that recently the accident report observed is, new people come on and the system evolved in ways beyond. this is not just reflected at the begin bug also continuously. that's a different kind of talent. >> so i absolutely agree with a front the risk isn't loaded, some is back loaded or appears in operation. for all the reasons you just said. and i'm also very sympathetic to the notion that the risks are wild. they are very difficult to quantify or identify, what not. and so i'm very much in favor of being broad minded when considering all the things that can go wrong but when one starts to bringn this concept of, it's just undefinable risk, it's infinite risk, that's what it shakes out to mathematically that leads to a trick injury spot. you still have to act, you still have to choose between options. and in choo

dispatched, modified and interacts with other things, the microsoft system has to interact with the adobe system. the net effect is the systems are more complex and interactive they are used in the field on navy ships that are constantly changing the system in a variety of ways, and people come on and the system evolved in ways beyond their dreams. this points to the need for reflection at the beginning and continuously and that is a different kind of challenge. >> i agree with a lot of the risk that isn't frontloaded, a hefty percentage is back loaded or appears in operation for all the reasons you just said. and i am sympathetic to the notion that the risks are really wild and difficult to quantify or identify and i am very much in favor of being broad-minded when considering all the things tt wng but wh it stts to bring in the concept, this undefinable risk and that is what it shakes out to mathematically leaving you in a tricky spot because you have to act and you have to choose between actions. in choosing between options you are hopefullylicitly but often implicitly making judgments, if we

apple, microsoft, cisco, adobe systems down as their that company forecast sales just about in line with wall street estimates, but the stock has rocketed up 90% in the past year. that is something that is weighing on the stock. we are seeing a general drift downward in technology over concerns over tariffs. we are seeing specific stocks down, but we have not seen the tariffs actually going into effect as of yet. will see if there's more of a reaction as we get to the enactment of these tariffs. oil production, we saw numbers related to energy. 1.6% after rising 3.7 percent in april. also we saw the capacity utilization rate for trolling and coal products declining a little bit. it looks like some of these numbers may be related as we saw production increases. that may be related to the declines in oil, and energy stocks are the worst performing group in the s&p 500. mark? mark: we've opened up higher after being lower today. it comes after the biggest increase to the european benchmark stoxx 600 since yesterday when it rose by 1.2%. still on track for the biggest weekly gain since march

the microsoft system has to interact with the adobe system, et cetera. the net effect is that the system grows more complex and more interactive, they are used out there in the field on navy ships. we are constantly changing the system in a variety of ways. one of the recent reports observed is beyond their turning. this points to the need for not justhe beginning, but also continuously and that's different. >> i absolutely agree with a lot of the risk isn't frontloaded. some hefty percentage is backloaded or appears in operation. and i am also very sympathetic to the notion that the risks are really wide. they are difficult to quantify or identify. so i am very much in favor of reading broad-minded considering all the things that can go wrong. when it starts to bring in this concept of just undefinable risk so it is infinite risk and that's what it stakes out to mathematically. that leaves you in a tricky spot because you have to act and choose between the options. in choosing bet optio y e hopefully explicitly, but often implicitly making judgments. so

the microsoft system has to interact with the adobe system, etc. and so the net effect is that as the systems grow more complex, and more interactive, they are used out there in the field on navy ships. we're constantly changing the system in a variety of ways. so one of the things that recent navy accident reports observe is new people come on and the system evolves beyond their training. this is not just reflection at the beginning but continuously and that's a different kind of challenge. >> i absolutely agree with a lot of the risk isn't front loaded, some hefty percentage of it is back loaded or appears in operation for all the reasons you just said. and i'm also very sympathetic to the notion that the risks are really wild. they are very difficult to quantify or identity, what not. and i'm very much in favor of being broad minded when considering all the things that can go wrong, but when it starts to bring in this concept of it's just undefinable risk so it's infinite risk and that's what it shakes out to mathematically, that leaves you in a

. >>> adobe system's second quarter and earnings beat forecast results were driven by strength from theigital media business which includes the creative cloud software, but shares are down today as adobe expects third quarter revenue to fall in line with estimates. >>> h & m reported second quarter revenue that missed forecast they continue to be hurt by discounts eating away at sales as they try to reduce a record level of inventory back over to you >> kate rogers, thank you. >>> we are just getting started on a friday on "worldwide exchange." on deck, call it a mcshakeup mcdonalds making changes to the way we drink. >>> and later, the countdown to opec why yesterday's world cup soccer opener may have actually been a grade metaphor for the very testy meeting next week. stick around . >>> welcome back good morning happy friday here's how your money and investments are setting up the week the week is weak dow futures down 99 points at the open it is early. things change. treasury bonds on the move higher the yield at 2.91% >>> mcdonald's rolling out super sized changes to some restaurant

there is not a stock that appears in all four of them, but some come pretty close so a name like adobe systemss all three of them. delta airlines was an interesting pick. alphabet areout bu the most common. julie: not surprising because those are widely owned anyway. what about flows wise? have we seen them be pretty popular? >> the biggest one of the four is ai eq. $154 million in it. julie: not very big. >> foreign etf just launched and getting the attention is a good thing. these products are not competing on fees. thes 75 basis points so performance and flows is an encouraging thing sign. julie: thank you very much. caroline? caroline: thank you could still . still had, something's got to give. and forree overhauls ceos, deutsche bank's chairman is ready to break the loop of them and commerzbank might be the outcome. we will discuss. ♪ julie: live from bloomberg's world headquarters in new york, i'm julie hyman. caroline: live from bloomberg's european headquarters in london, i'm caroline hyde and this is "bloomberg markets." let's check in with bloomberg first word news with kailey leinz

was at the end of the month let's dig into these numbers he is the chairman president and ceo of adobe systems welcome back to "mad money." >> great to be on the show, jim. >> all right tell me, i know that the stock is up 47%. there's going to be profit takeaway but there's just a tremendous surge in commerce being done over your platform. i'm trying to figure out where it's all coming from a lot of people felt it had to be tapped out by now it seems like it's accelerating to me. >> well, the entire digital transformation agenda is front and center for every enterprise and like you said, we believe that every shopping experience needs to be commerce enabled and so i think whether you're a small and medium business, whether you're travel, whether you're retail, whether you're hospitality. you want to engage with your customers directly online and transact online and that's a tail wind that's going to continue for many years. >> let's talk about that that brings meto the acquisition which is what most excites me when you do one of these acquisitions it's very important. to me it gives you the c

adobe systems second quarter earnings and revenue beat forecasts. sults were driven by strength in the digital media business, which includes the creative cloud software shares are down today as adobe expects third quarter revenue to fall in line with estimates. they have given expectations they should stay out of the short-term expectations busin s business >>> h & m is lower this morning. they are trying to reduce a record level of inventory. >> the white house is planning to release the list of products from china that will face a 25% tariff kayla tausche has more sounds like the chinese are ramping things up, too this gets us back to the question of whether we are looking at a trade war >> this ends that one-month truth that the treasury secretary was doutding in t itoe middle of may. the first step is releasing a new list edited down from a preliminary list released two months ago of products that would get charged at the u.s. border from china. the new list is about two-thirds the length of the lidge nall li - original list. according to the a.

adobe and lego. also this new operating system.sed one controversy last year, the solar battery in the older phones. with the new ios, compute as fast as the new phones. trish: thank you very much, susan. we'll keep watching shares of apple. meanwhile the dow is doing pretty nicely. stocks rallying for the second straight trading session on heels of much better jobs report out on friday. our own nicole petallides on the floor of new york stock exchange with more. hey, nicole. >> trish we're up 154 points holding on to gains on the dow jones industrial average. as you noted on the better th expected jobs report which shows 18 year unemployment low and it is not inflationary either. that was a surprising jobs add. look at dow jones industrial average, mostly winners by the way. merck had good news on a drug, keytruda drug. walmart selling off a brazil asset, 2.7% to the upside. home depot, visa, proctor & gamble, helping leading the way. we had susan li at the worldwide developers conference from apple, exciting things happening ther