i am shery ahn. vonnie: welcome to bloomberg markets. ♪ from bloomberg world headquarters in new york, here are top stories from bloomberg and around the world that we are following. president trump steals the show on day three ahead of his highly anticipated speech on friday, he has already met with theresa may and the israeli prime minister netanyahu. also, brazil's finance minister and his take on the former president's corruption charges and whyanimously upheld his absence will make more room for candidates. apple says it is ready to take on amazon again. this time in the digital bookmark. hour.t this let's go to abigail doolittle for a check on the market. gains fore have solid the s&p 500 and the nasdaq. another all-time high for the s&p 500 on pace for a record closing high after a little intraday volatility earlier as part of the nasdaq, slightly lower following what we saw yesterday. having its worst day of the year. gains today but the dow transports once again underperforming one port -- d

commissioner ahn? >> thank you. if the staff for [indiscernible] if the staff from good alternatives could stand at the podium. >> welcome. (laughter) i'm pleased to present this award to the nonprofit that i'm familiar with. it seems fitting to honor an organization there since the beginning at the epicenter for green alternative. you are established during the 2001 california energy crisis and their mission was to make renewable energy technology and job training accessible to all communities, disadvantaged communities but i prefer under served and under employed local residents which is a cause near and dear to me. great alternatives was established with the focus on bayview hunter's point. there's always been a special relationship with the department of environment through the environmental justice grant program that continues until this day. just last year great alternatives partnered with the mayor's office and department to address the fact that some homeowners need upgrades to wiring and roofs. that's a par

shery: i am shery ahn. welcome to bloomberg markets. ♪ vonnie: from bloomberg world headquarters in new york, here are the top stories we are following. latin america political calendar hot as nine countries hold elections and for constitutional referendums. we will assess the impact on the region's economic recovery. tepid u.s. growth for last quarter adding to pressure on the greenback to resume is march. where will be right take the u.s. dollar next? four years after going private, dell considering going public again. new details. first, halfway into the u.s. trading session, the friday one. we are seeing records. abigail doolittle is here with more. >> major averages trading higher and record high for the dow and s&p 500, not yet for the nasdaq but the three major averages on pace for weekly gains, the fourth of week in a row. nasdaq is leading despite the fact it has not put in a record high, much to do with the chip space. up 2.2% after its worst two days of the year, helped today by intel, up 9%, the

i am vonnie quinn. >> and i am shery ahn.ting in manhattan is getting a little less expensive. the city four years, is flooded with a large supply of new york apartments. we bring in jonathan miller, a real estate appraiser and consulting firm. prices, are they an effect of the supply out there, or demanding less because of this new tax bill? >> it is early to factor in the tax law, and i think that will ultimately do -- favor the developers. we have an incredible volume of fordevelopment come in rental that far exceeds what we have seen in luxury condos. the problem is supply. that is why we see record concessions being set in at least three of the boroughs. >> housing changing from the last couple of years? a side note, we are still talking about the median rent of over $3000. >> exactly. the way to think of this is that rents are coming down from a .ery high level to a high level in other words, you shouldn't look at this as a massive discount coming up. it is a slow grind. the supply coming into the market in terms of new

shery: and i'm shery ahn.lesident talk about the tax cuts and possibly unveil plans for infrastructure and military spending. deficit forooming the years ahead. we are at the white house with more. great to have you with us. the chart is showing how the u.s. deficit has shrunk since the financial crisis, but still a monster more than 2% of gdp. how difficult will it be for congressmen to get other legislation through after adding so much to the deficit with the tax cuts? >> it will be incredibly difficult here you have to remember we have not had a budget for the 2018 fiscal year, even though the air began on october 1. continuingn going to resolutions because democrats and republicans cannot come to the table and get on board with an agreement on spending. if you can't get a budget passed, think how hard it would be to get infrastructure bills to pass legislation. it will be very difficult. part of that is because they didn't pass the tax cut last year, and they increased the polarization and made it difficul

i'm shery ahn. vonnie: i'm vonnie quinn. of bitcoins most outspoken champions plans to build the goldman sachs of crypto. he says he will start a merchant bank dedicated to cryptocurrency . erik schatzker broke this story and he joins us now from san francisco. it feels like just days ago we were talking about his plans to shelve his hedge fund for now. >> yes. outspoken for sure. brash, yes. swaggering. he is all of those things and now you can call him ambitious because of this merchant bank plan. it was less than a month ago we were talking about mike down the shutting fund. it had to do with concerns that he had about perhaps finding himself in a conflict of tokens for buying clients while simultaneously selling them out of his personal account. this merchant bank results that potential conflict because he's taking all of his crypto assets ine $400 million of tokens ico and startups and rolling them into this merchant bank in exchange for equity. so his interests will be perfectly in theory aligned with those of his fell

shery: i am shery ahn.ay plans to promote new faces from a younger and more diverse generation of formeratives, however, foreign secretary boris johnson and others are believed to remain in the vote. flaviath the latest is on the phone from london. speak a little bit about the prime minister herself, because just a few months back, we were not expecting her to be around this long. flavia: i know. this is the ever surprising nature of british politics. she wasnths ago, fluctuating, and now she is looking shockingly stable. david: on the bloomberg, every 30 minutes or so, there is a new announcement. somebody goes into number 10, goes back out, and then we find out what is happening. what do we know at this point? we are running a blog since early this morning, and it is the big news. so far, it looks like a burger. what you see is the back door, and we know when you see ministers go in and out, people are getting promoted. change as far as boris johnson and others, but a lot of people that would be promoted

shery: and i am shery ahn.as demand side across the northeast and our next guest says this winter could surprise the markets. here with his commodity outlook is michael hague, the global head of commodities association. we have seen the weather with winter storms, the snow bomb and still natural gas prices are not seeing a bigger bump. they are declining. why? >> natural gas, the derivative market, louisiana, most people are paying attention to places far away from that, the northeast, chicago, the midwest. ande are basis locations pipelines feet into the locations. when you get extreme weather, you have a greater demand for natural gas in the areas. not enough infrastructure to get enough gas into the regions and that is when gas prices at $150 per mnd to you versus henry have, less than three dollars. shery: u-revised the year forecast/ >> still optimistic the market should be above three dollars. a very good entry point. the problem with natural gas from a paper perspective, market focus is on wider issues a

i am shery ahn. vonnie: i am vonnie quinn. dalio ringing the alarm on a flashpoint on markets, he says they can come investors are in store for the biggest crisis in decades. sensitive,re more like a 1% rise in bond yields will produce the largest they are market in bonds we have seen since the 1980-1981 time. >> has the bear market started? >> we are in it. vonnie: let's bring in lacy hunt . you have been waiting for what may be this moment for a long time. why should the bear market started to happen now? >> i do not think it is starting. since 1990, we have had many predictions of a bear market in bonds but it has not happened. -- what we have been saying is that while long-term interest rates can rise over the short run, for any one of numerous factors, the economy is to fundamentally week 20 rates to stay up. the race to stay up . we think that 2018 will be considerably slower as we progress. and that the ultimate direction in long-term yields this year will be lower. shery: a consistent trend in your quarterly review out

shery: i'm shery ahn. eurasia group is beginning the year with a fresh look at the geopolitical risks to watch and china is high on the list. kevin rudd joint bloomberg surveillance exclusively to weigh in on tensions between australia and china. >> if you look at the australian dimension to this it's just one path amongst the broader picture which is been painted by the eurasia group risk analysis for 2018. the rise of china, the response of government within the region to the rise of china and of course more broadly the response of regional governments including the united states as well to how china will handle the ongoing challenge with north korea. so i think for the year ahead all roads continue to point to beijing. on the question of geopolitics but also on the future of the global economy as well. where do you see the relationship between specifically australia and china going and will that hurt trade and investment in australia? obviously there are political tensions between the governments at pre

shery: i'm shery ahn. get a check of the bloomberg first word news. mark crumpton has more. mark: jeff sessions was interviewed last week by special office.robert mueller's a justice department spokesman said sessions was question about possible russian meddling in the 2016 presidential election and whether president trump has obstructed justice since taking office. this is the first time mueller's team is known to have interviewed a member of the president's cabinet. kentucky governor confirms one person was killed this morning in a high school shooting. nine other people were wounded. officials say a suspect is in custody. the fbi says it is working with state and local law enforcement in responding to the shooting. it happened in the town of ben 10, 120 miles northwest of nashville. a new international partnership against immunity for the use of chemical weapons has been launched in paris. the plan championed by the united states and 20 other countries, seeks to better identify and punish anyone who use

shery: i'm shery ahn. hitting a wall.sident trump rebuffed a bipartisan immigration plan headed senators to urban and lindsey graham yesterday that would have protected the so-called dreamers. our next guest says every element of the plan was undetectable and warned the white house would be in deep trouble with its base if the president signed it. directororian is the of the center for immigration studies. what was the big issue for you with this proposal? mark: every part of it. it looks like-- it was designed to be a deliberate insult to the president. not justce, it did amnesty the people with the talk of work permits, who were the subject of what we're talking about. all theamnesty to so-called dreamers. so probably 3 million people, rather than 700,000. this is maybe the part that really got my goat. it gave work permits to the parents of all of those so-called dreamers. but the whole point of the dream act, and all of his push for daca, is that these people came as children, came before they turn 16, they did not br

i'm shery ahn.s is "bloomberg best," your weekly review of the most important business news, analysis, and interviews around the world. on tuesday, eurasia group released its top 10 global risks for 2018. in a bloomberg "surveillance" special, a distinguished panel of guests discussed it in detail. tom keene began the conversation by asking why the prevailing talent is so gloomy. >> because when the global economy feels the way geopolitics do today, people respond. they see it is a crisis. they know they need to do something. they've got to bail things out, do infrastructure projects, get the banks ready. we had that back in 2008, and everyone knew -- we talked about this -- we all knew it was a crisis and we had to respond. geopolitics are easily as bad today as the economics were in 2008. they might be worse, and yet, there is no crisis, no sense of we have to respond. in fact, if you look at the americas, the one superpower in the world, the one country that could conceivably help to respond and

shery: i'm shery ahn. up at one point topping 26,000. right now paring back those earlier gains. the nasdaq is unchanged at the moment. take a look at these big moves on the fx market as well. at the lowest since january of 15. during back its first gain in five days. handicapped by the risk of a potential government shutdown. the euro round is halting after concerns of the german coalition facing new challenges while the british pound is falling after three days of gains. data shown u.k. inflation eased in december for the first time in six months. david: let's get some first word news from mark crumpton. >> homeland security secretary kiersten nielsen said today numerous people use profanities during an oval office meeting on immigration which she attended last week. she told the senate judiciary committee she didn't recall president trump using a specific paul garrity. -- vulgarity. >> the conversation was very impassioned. i don't dispute that the president was using tough language. others in the room

shery: i am shery ahn.e have seen pressure from markets across the board with dow nowt now down -- down .1%. the dow is falling. energy is one gator because wti antinues to see gains above barrel. 66%.nasdaq is gaining . the dollar gaining ground after three straight weekly deadlines. vonnie: let's get to bloomberg's first word news with emma chandra. emma: thank you. time is running out to avoid a government shutdown. the next deadline is january 19. republicans and democrats are far from passing a spending bill. there is no negation on either side with key issues, immigration and the budget caps. once againn -- they may once again passing short-term spending bill . a fire on trump towers roof. son, eric,rump's called it a small elliptical fire. -- electrical fire. boat began sinking saturday due to a puncture. the coast guard has rescued 86 people. police in copenhagen say a gold in silver bottle with a diamond encrusted cap was stolen from a bar. the thieves appear to have consumed the vodka and dumped t

i want to thank you and the department, as always, for standing by us, and thank you commissioner ahnor your long-time leadership" -- on this issue and thankful we can bring this issue before our commission. >> commissioner: hopefully. at this point with the permission their president, i'd like to recognize commissioner mapras and see another commissioner in the room and in that order perhaps we can start. >> good evening. commissioners, thank you for inviting me. i am here as a resident of san francisco not as my official capacity as a commissioner. i'm not usually apologizing for people but it's disappointing the invitation by the retirement board would not make themselves full lay available to you to answer questions to make the moved informed decision you could. selectively releasing material, not informing the public, keep tight wrap on material the wrong way to do business. in my own capacity, i'm here to support what you're doing, to encourage what you're doing and i am an advocate for divesting and advocate predominantly because we're note good when it came to investing in thi

shery: i'm shery ahn.ie: keurig is combining with dr pepper snapple group reveal -- in a deal that will ring dr pepper brands such as 7-up under the same roof as keurig's singleserve coffee beverages, creating a coffee giant but will have $11 billion in annual sales area -- annual sales. joining us now is at hand and the. we were speaking about how secretive many of these parties are, public shareholders are few and far between. ed: certainly on the keurig side, that's right. it's an interesting entity, they familylot in the diamond and outside money getting involved in this. they have been a huge consolidating force in the food industry, we've seen them do a lot in coffee, d d d oh. they added krispy kreme's this isly recently and the latest piece of empire building for them. they are huge, competing with the likes of coca-cola and pepsi. amassed a very good position in the hot drink's, have some front and stuff with that and for their and krispy kreme. they didn't have a natural route for retailers for c

shery: i'm shery ahn.r washington's business is robert mueller's continuing investigation into russian interference in the 2016 election. it is a pro that has ensnared to top trump campaign officials and an adviser. there is no signs that the investigation is concluding, contrary to the insistence of white house lawyer. here with an update is the managing editor for u.s. government and the trump russia krogh -- probe. give us a sense of where we are at the investigation. is this the middle of the probe? is this near the end of the probe? kevin: i think a straight answer is we do not know. this is a big probe. it has a lot of different aspects. we have only had very narrow, limited glances into it. leaks coming from third parties, whether it is lawyers or other officials and sometimes other places. it has been challenging to make sure we have a full picture of where mueller's investigation is. that is by design. this investigation is intended to be done behind closed doors. it is not like this will have a f

i'm shery ahn. vonnie: bitcoin fell a little bit.y went below the 10,000 mark earlier before recovering slightly. the drop comes as bitcoin's forks are on the rise. those forks are a type of spinoff in which developers clone bitcoin software to capitalize on the public's familiarity -- similarity. 19 bitcoin forks came out last year. as many as 50 could spread up this year. joining us now to explain what a bitcoin fork is is robert them in start there. what is a bitcoin fork? >> it's totally different from a bitcoins been or knife. it's a product of anarchy. bitcoin is a system. since -- no central bank, no government. pretty much anybody who has the tactical know-how can create a gives us a new type of currency. the reason why they call it a fork is because if you think of the blockchain that keeps track of the records, it would be a side path off the blockchain. are increasingly popular. i didn't realize until my colleague, olga, reported today that there were 19 last year, i knew of.two that bitcoin cash and bitcoin gold. are popu

shery: i am shery ahn. welcome to bloomberg markets. ♪ shery: from bloomberg world headquarters in new york, here are the top stories. television,st watch did president trump strike the right chord in his first state of the union address. we will break down the speech. janet yellen prepares to step aside as she hands the baton to jay powell, what to expect from her final meeting at the helm of the central bank. for tech earnings with facebook kicking things off later today. we will discuss what investors are watching. vonnie: all that straight to come. julie hyman is with us halfway into the trading day. after the bloodbath yesterday, may be an overstatement, how were earnings? >> relative basis, it was a bloodbath because of tepid action over the past year. the rebound today is becoming ever more tepid. fellh care stocks, which sharply yesterday on the news that amazon, jpmorgan, and berkshire hathaway were teaming up on a health insurance venture for their employees are the weakest group again today even

shery: i'm shery ahn.al harassment allegations steve winn, has reached around the world. the news is sending shares of resorts plunging for a second trading day. gaming us for more, our and lodging analyst. gaming law stipulating the reputation of the operator and controlling shareholders considered in the bidding process for licenses. this could be huge. >> bear in mind that they operate within a concession that expires in 2022. what the regulatory body and the regulatory body in that nationstate has cared about is the addition of amenities that draw more non-casino macauipants to build up as a gaming destination. certainly has raised scrutiny with respect to u.s. regulators. david: macau is such an important part of the company. they were planning on expanding further? they have a fracture property on the peninsula, the older part. they have another that opened in late 2016. operating properties and other competitors are expanding. maa company they get 70% for cau and only 30% from vegas. shery: how stro

i'd like to thank commissioner ahn and hoyos for this measure. debbie, the commission, putting this in front of you all and victor makras with whom we'd be nowhere. when the board of supervisors passed this fossil free sf was born. and it was born as me going alone to the retirement board and getting glared at. luckily things changed shortly thereafter and it's only continued to grow and grow and grow. as you've heard the retirement board has been recalcitrant to say the least. so i want to thank you supervisor avalos and peskin and the staff of the offices for getting us to this point. i don't really have anything to say besides this is an exceptionally common sense measure. we need to put the city's money where its mouth is and i guess to lee hepner's point in terms of specifying the motion i want to provide an example of the retirement board and the commitments they make and the follow through. so one of the milestones was to divest from coal as a good first step. they have been forced to do that by the legislature. so they took a vote, i beli

shery: i'm shery ahn.ng again of half a percent after an upgrade from bank of america. emma chandra is here with the latest. this all because of an upgrade. >> a bank of america analyst upgraded the stock from underperform to buy. to $64s the price target from 42. onretty bullish report american airlines this morning. he cited the benefits of tax reform specifically for american airlines. he said tax reform is going to be positive for corporate spending and we are to see a isving corporate pricing going to benefit american airlines and what we have seen as the corporate pricing has over the last several years and now it is likely to go up as tax reform means other countries have more to spend. --id: all these big z business executives flying around the country. >> he said it is more likely to benefit the legacy airlines. aboute corporate makes up two thirds of their revenue they are doing slightly better. are falling today. it's a bit of a mixed bag. we have seen a number of reports. december they were say

i'm shery ahn. david: i'm david westin.e for the first word news. >> president trump says his administration has a plan in place to establish peace in the middle east. he discussed the matter in davos during a meeting with benjamin netanyahu. have a proposal for peace. it's a great proposal for the palestinians. i think it's a very good proposal. thatvers a lot of things we over the years discussed and agreed on. >> the president angered leaders in the region when he recognized jerusalem as israel's capital. mr. trump's ed today lands to move the embassy there are way ahead of schedule. iraq's prime minister says the iran nuclear agreement should remain in place. the prime minster made his comments during an interview. >> it is very important. any claims of relation between the u.s. and iran is harmful for the region. it means there will be some conflict, some friction somewhere and iraq will not be -- for that. i think we are trying very hard to keep things together. this is beyond us. nuclear agreement is outside us. >> t

that would be commissioner ahn? >> commissioner ahn: just a question or a general comment for the commissioner. it's great to see you back in san francisco, of course. your local city and county community, i remember your commitment to go solar as well as your closeness with dr. jackson who unfortunately passed a short while ago. it's great to see you play on the state and global stage at this point. i think your presentation's really exciting in the context of our next item, item 8 on divestment resolution. and i wanted to unpackage a comment you made. hopefully that will inform the commissioners because the retirement board has actually issued an 87-page staff memo extolling the virtues of oil. i was wondering if you could talk a little bit more about your comment that oil as a fully mature industry and what that means for oil growth being capped or what's the time line for renewables to transition from oil economy as well? >> well, i think the choice for cities like san francisco, you know, we get to pick what ki

i'm shery ahn. vonnie: i'm vonnie quinn.me for our stock of the hour. shading lower -- trading lower. release preliminary q4 results. abigail doolittle joins us to break them down. what have we learned that was so bad? abigail: it was about the company saying there headwinds for this year are continuing into this year. if you recall at the end of last year, investors were expecting a hurricane bump at the end of the year. that didn't happen. the stock fell after they reported this third quarter. they did not get to the hurricane related bump. it was neutral to negative. relative to the overall headwind, we were just talking pressure., pricing there are too many cars out there, too much capacity. they were able to get rid of their cars after the hurricane. even though, there is too much capacity out there. there is a sense that may continue into 2018. i think there was an internation that travel one of the strong this year. not clear as to why that will be, and many saying the tax cuts will help consumer spending. and oblique

ahn, you have been more than whip up in be have been fantastic on the taxes and the tax cuts and the reform and the success of that. certainly, it wasn't easy. it went right to the last minute and you are right there. we want to thank you for the job you did. it's fantastic. senator gordon? >> thank you for having us here. generouss the most country in the world when it comes to illegal immigration. that generosity has been abused by people who are exploiting the vulnerabilities we have along the border with a lack of enforcement. we saw the previous administration that tried to usurp the authority that only congress and the white house have in passing immigration laws . they tried to do it by executive action and the courts have struck that down. i do think this is an important opportunity for those of us who care, not only about the people and about our legal immigration system, but are determined to eliminate and stop illegal immigration along with the drugs and the harm that that causes. i hope we make the most of it. coming from the border state with 1200 miles of common border

shery: i'm shery ahn.etails are emerging about jeff sessions recusal from the russia probe and possible interference by the white house . we welcome alex went from washington. there was some lobbying of jeff sessions to stay. alex: donald trump directed his white house counsel to lobby jeff sessions not to recuse himself from the russian investigation. this was after it was revealed that sessions had held an undisclosed meeting with the russian ambassador during the campaign. democrats in congress were urging sessions to recuse himself and despite the lobbying, he did. that led to the appointment of the special counsel. david: explain what this is an important story. he didn't order sessions not to recuse himself and did change what happened anyway, shape, or form. doesn't the president have the right to lobby people? alex: interesting question. i'm not sure a law was broken here for example. is a question of appropriateness perhaps. there are certainly democrats like jerry nadler of new york saying that t

followed by eddie ahn. >> hi. i'm wayne roth. i'm urging you to divest and for this reason -- if we don't kill fossil fuels, they will kill us. we have very little time before we pass over climate system tipping points that will make it impossible for all of our efforts to try to stop climate change. if you don't get out of fossil fuels and use clean energy, we're leaving a world uninhab uninhabitable for our children and grandchildren for tens of thousands of years. let's make the right move, moral move, the move that divests from fossil fuels now. thank you. >> thank you very much. up next, we have mary jean -- >> mary jean -- [inaudible] >> thank you very much. up next, eddie ahn, followed by john stinson, followed by jonathan coker, followed by betty holiday. thank you very much. up next, we have john stinson, followed by jonathan coker. >> i'm john stinson. i'm a 43-year member of the pension fund. i came 30 minutes early to this meeting and you started 30 minutes late. i don't think you've ever started a meeting on time. wi

i am shery ahn in new york. david: i am david westin in washington.ouse surprised the business and political world yesterday by announcing president trump will join the world economic forum in switzerland. this is the first time an american resident has been at the meeting since bill clinton, 18 years ago. here is bloomberg's washington correspondent here with me. what is he going to face? >> the president will see a very skeptical audience. obviously, the president campaigned on being a populist and an america first president who derives this idea of wealthy people have gathered in the house talking about localization. the america first message over to davos but he may have things they may like as well. tax reform, deregulation, business leaders and other countries might like what he has done thius far. potentially taking on iran and north korea and really having the bellicose language. those of the types of things that scare international investors and world leaders. it could be a very interesting discussion of the president will have with some of t

i'm shery ahn. david: and i'm david westin. bloomberg businessweek editor-in-chief megan murphy. great to have you at hand, and josh green, who was on the phone with us. what we know about this yet but this is quite a developing story? josh: the excerpts from the book became public today, and they were the breaking point between donald trump and steve bannon, who was the architect of victory.residential his most important advisor in the white house early on, merely and relationship was rocky did not work out. now, trump, over a course of months, owing to media profiles of bannon, books like mine, and thinksly like wolff's, bannon is taking too much credit and is insulting his family, and he has decided to toss him overboard. understandknow and steve bannon, and when he left, he said i will go to war against theyone who is against president, but i am for the president. in writing this book, wouldn't he have had to understand that he was declaring war on donald trump and his family? it is a good point, but it is one that does not

. ♪ ♪ shery: this is bloomberg markets, i am shery ahn. vonnie: i am vonnie quinn.enate is back and so our fears of a showdown with two white house officials, mick mulvaney and the legislative director mark short will head to the other end of pennsylvania avenue to meet with congressional leaders of both parties. lawmakers repeatedly punted on the issue of a spending plan last year and now have until january 19 to get something together. is there progress being made? we had the latest. what will democrats be pushing for, daca is the main thing but they will have to give something in order to get any kind of agreement on daca. >> they are pushing for parity between defense spending and domestic discretionary to spending. they want a dollar for dollar increase on a raise for the pentagon for programs like health care and education and pell grant. rulehas been an ironclad democrats have held to four years and they want to adhere to that which is creating problems with republicans who say becoming got is hit hard by this automatic cuts and they want to boost funding for

shery: i am shery ahn. markets." "bloomberg ♪ from bloomberg world headquarters in new york city, here are the top stories that we are following. the state of american business will speak with u.s. chamber of congress president and ceo tom donahue. what he sees as the top challenge facing the business community. another market bombshell, or potentially from china. they may pull back holdings of u.s. debt. ofld this be the beginning the end of the bull market for bonds? ford in the hot seat. it has become the latest carmaker to be accused of diesel emissions cheating. what it means for carmakers' futures. we will have the details. julie hyman is with us. we are halfway into the trading day, and julie is keeping an eye on the market action. julie: we are seeing a breaking of the winning streak to kick 2018. the s&p 500 rose for six sessions in a row and is breaking it in this seventh session. it tied the longest stretch of records ever to start a year, as we were seeing records not just for the s&p but for all major av

i am shery ahn. >> and i am vonnie quinn. more earnings rolled in, bank of america and goldman sachs reporting earnings. goldman's revenue from fixed income rating tumbled 50% to the lowest level since the financial crisis. laura keller is here. anything to be concerned with, if that isn't too leading a question? >> i think with goldman any concerning trading drop that you have is concerning. that is just how it is. goldman is a bank that has always profited off trading. any time you see fixed income down, that is a cause for concern. i was not listening to that call, so i am not sure if analysts were able to address that question. is fixed incoming seeing a bottom or will we be seeing an uptick. shery: it has some positive turn on investment banking. >> investment banking has been pretty strong for a lot of these banks. m&a has been generally pretty good, maybe not as good as we have seen in past years, but certainly nothing to sniff at. in things like underwriting from the debt side have been pretty good as well. vonnie: th