i am alix steel. joe: and i am joe weisenthal. ♪ alix: u.s.tocks falling along with global equities, and treasuries rise, as chinese stocks suffered their biggest slump in eight years, and a bear market. joe: the question is, what did you miss? call it the chinese route, the shanghai composite plunging. alix: and the former greek finance minister caught on tape. we will drill down the extraordinary phone call. joe: and six years ago, there was talk of a bailout, but now for the golden state, does it finally have its finances in order? alix: you are looking at stocks falling for a fifth day. this is the longest losing streak we have had since january, and, joe, the s&p was flirting with that 200-day moving average. that is a momentum indicator. joe: and it is the big story, that eight point 5% crash in china, but it is not just chinese either, canada on its longest losing streak in years, and this is really sort of a global, order dated selloff. alix: this is the third longest stretch that we have had ever without a correction for the s&p, and

i'm alix steel. joe: i'm joe weisenthal. : we are joined now by the president and ceo todd becker. good to see you. what does it mean for you when you see oil prices down 50%. you make ethanol that goes into the gasoline. what does that do for your margins? >> the good thing is that corn is down as well. that makes it competitive. we are competing well. we compete for our share. we see expanded lens. we are doing well. although prices have dropped, other factors have driven demand. alix: when it comes to corn, we have seen it rally. we've seen concerns that there's going to be a tightening of supply and prices go higher. what is your perfect oil and corn price? >> when oil prices dropped, corn prices did not. corn realized it had to compete, and it has done that. we have seen a recent rally because of weather, but the black swan event was not the weather, it was to back to back bad crop years. yield is not dropping much. futures have rallied. they are expecting the crop will come in worse than expected. that will help keep et

i'm alix steel. joe: and i'm joe weisenthal. ♪ alix: optimism overseas, crisis has eased, the dollar fell after wounding the fed, keeping interest rates on hold. thequestion -- joe: question is, what did you miss? we spoke to the cfo of the biggest home lender about his business and economy. iran, the nation is back in the game of global commerce. joe: we dig into the hughley -- usually asymmetric risk on the fence. is a december rate hike a lose lose proposition? take a look here at the s&p and the moving average continuing the bounceback that we saw yes day. year, looking at its best four-day gain and about five. kind of a mellow feel. joe: kind of mellow. alix: orderly. it was widespread, nine out of 10 sectors in the green. the only one that was down was to be expected, because they are so defensive. for several days in a row we saw the fix collapsing. now it's back. alix: the fed did not raise rates, but so you go. it continues. i want to take a deep type right now at a story that i was watching

i am alix steel. joe: and i'm joe weisenthal. [bell ringing] alix: u.s. stocks falling. joe: but the question is -- "what'd you miss?" earnings fever. as slew of reporting in a moment. alix: when do we get lower gas prices? joe: and it is all about finland. yes, finland. why finland really matters to all of us. alix: you are looking at the s&p closing at its 50 day moving average. you're also seeing the dow turn negative on the year, joe. joe: the benchmark oil in the u.s. officially going into a bear market. we have talked about the bear market. some of these levels are arbitrary, but there we are. alix: the lowest percentage in eight months, meaning there is not a lot of breath, there is not a lot of oomph. joe: the market is looking kind of squishy. alix: squishy, yes. joe: remember a couple weeks ago when all we talked about was the china crash and the government and the regulators through everything against the wall to turn it around? they kind of succeeded. check out the shanghai composite. still a long way to go. still pretty impressive. having accompanied a delay

i am scarlet fu here along with alix steel. tgif! ix: yes, and we are seeing a pretty steep selloff, i might say, the s&p is below that 50 and the 100 day moving average, it is about 16 points away from the average. ofrlet: they get a lot momentum, we are getting towards of the end of the week. there is an unexpected drop in new home sales that certainly didn't help either. alix: it was kind of interesting to see what happened around 9:00 a.m., the fed accidentally released its rate forecast. you can kind of see a little bit of a dip, it goes back up, and then it goes a lot lower, and then it stays low towards the end of the session. scarlet: and there has been a big, big scene today, that is in regards to anthem, and people are going to look at this and regulators still have to decide whether they are going to approve this. alix: regulators have not then nice. -- been nice. take a look at the enormous volume we have seen in the second quarter. you're looking at over $1.6 trillion, about 10,000 deals announced in the third quarter. it

i am alix steel. joe: and i am joe weisenthal. ♪ alix: stocks rising in the u.s.s the s&p 500 plummeted to within-- s&p 500 came to a fraction of a point near an all-time high. joe: but the question is, "what'd you miss?" just somearnings are of the things you have to keep an eye on in just a minute. a new zealander is creating big ripples worldwide and why it matters. joe: plus, we hear from a top china watcher as the markets continue to fall. alix: first, when we continue with the stock markets, we are closing at a record here with the nasdaq, and the s&p is a stones throw away with that record high, with virtually no take catalyst today with stocks -- no big catalyst today with stocks. stillheless, we are looking at the weakest quarter for earnings since the financial crisis. we are looking at revenue down about 4.5 percent. the last time we saw that kind of decline was a while back. joe: did we talk about this a while back? alix: yes, analysts don't always get it right. 47 of the s&p 500 companies have reported earnings and there is a revenue,% earnings meanin

i'm alix steel. joe: i am joe weisenthal. alix: stocks closing just under a record level for the s&p, barely holding on to its gains. commodities take the spotlight. joe: the question is "what'd you miss?". turn around big blue? we are watching apple. will it be another win or a miss? alix: the nasdaq is the story in terms of stocks, closing at a record high. the s&p could not hold on, closing relatively flat. seven out of 10 groups in the s&p did close flat. energy was a big drag. joe: energy was part of the overall selloff in commodities. gold, oil smoked. wheat and corn taking it on the chin today. that's the other huge story we will talk about. alix: can the s&p continue to grind higher to another rally when it is led by things like utilities and consumer discretionary? joe: you have to wonder what underlying the commodities selloff. is it something darker on the horizon? alix: we will get into that deeper with gold. taking a dig into halliburton. earnings came out earlier today. this is the number you need to know. this i

i'm alix steel. joe: and i'm joe weisenthal. ♪ [closing bell] alix: stocks ending the day higher after the federal reserve says the economy has improved and moves closely to a rate hike. joe: the question is, what did you miss? the fed has given no clear signs on when it is hiking rates, but it is looking for improvement in the labor market. alix: facebook earnings reports moments away. are there growing pains? joe: the productivity puzzle. how does grand theft auto explain what of the biggest puzzles in the economy? alix: first, a rally is underway in the markets. the s&p closed about its average, a few days ago it was very different. joe: we got some very fun stuff that happened after the dollar died -- dive. and then it spiked to a four-month high. alix: nevertheless, if you take a look at the breadth of stocks that we look at what a bit, 36% of listed stocks are above the 200 day moving average. quite low, the lowest level since last year in october. joe: it continues to be something that vexes th

alix: alix steel. joe: and i'm joe weisenthal. ♪ alix: u.s.quities closing low after apple's disappointing forecast. joe: the question is, "what did you miss?" qualcomm could -- prepares for big changes. alix: as commodity prices tumble, the world biggest miner makes plans to cut its production of oil copper and cold. joe: three tries from around a while you can't miss. alix: we begin with markets. you're looking at the s&p closing around those opening lows at 2110 that many traders are watching and to see what kind of momentum easy in stocks, all in all the dow is looking at its worst two-day drop since june. at one point it was falling triple digits. a lot of that is apple. joe: i think this selloff is pretty unimpressive. we were here and the market is down 1%. we heard from apple, microsoft, and yahoo!. and then we get a .4% decline on the s&p? pretty minor. alix: to be fair jpmorgan is , backing that up, saying today that they see the s&p leaving its month-long range behind, saying -- look, capital returns are good, corporate america is n

i matt miller, here with alix steel. ix: we have a look at markets right now, it looks like a stealth rally because we don't have any killer moves. it is a solid rally underway. investors seemed buoyant off the news from greece, nothing seems full in the markets off the highs and the s&p 500 is up by 1%. ,he nasdaq has been the most the dow jones seen positive territory for the first time this year. energy news that i want to talk to you about, one big energy acquisition, mpl x has agreed to purchase mark we energy -- marcus energy. mark west is up by 12% here. that deal is up by $78.54 per unit. right there. over to gambling, i want to talk after about in -- wynn the government of macau said that they make his bands -- ease bans on smoking -- bans on smoking. stocks did see a drop in hong kong. netflix, trading up 4.5% because goldman sachs raised price targets to $780. ,ight now it is the $7.11 mark international subscribers could jump to 460 million by 2020. finally, apple is one of the biggest winners today on the dow

all right, we will be right back. ♪ alix: i am alix steel. joe: and i am joe weisenthal. you miss?" alix: oil and gas prices. take a look at my terminal. these are two natural gas prices -- this is millennium and natural gas -- you can see bam. $1.20. at henry hub, not so good for profits. joe: probably not. another thing you do not want to miss -- the beginning of every pmi numbers, manufacturing date around the world. we get these previews. we get these previews. onight we get ♪ ♪ ♪ get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things taylor swift. emily: amazon shares spiking after-hours. the secret behind jeff bezos' surprise -- profits up 17%. i am emily chang. this is "bloomberg west." pandora shares also rallying after-hours. the company optimistic. at&t looking to drive growth. we will ask former fcc chairman bob dow list they

. ♪ alix: i am alix steel. joe: i am joe weisenthal. "what'd you miss?" ix: german party members said they would break ranks and vote against angela merkel. joe: let's get to the headlines. greece getting a different bailout. france sending planes to fight fires. the blaze forced evacuation of villages. 200 people trapped. high winds fanned the flames. alix: ludicrous mode for tesla, zero to 60 in 2.8 seconds. ludicrous speed is a reference to the movie "space balls". joe: three tank cars leak oil, homes evacuated, no injuries. alix: we hear a lot about oil trains derailing. it's important because calls for retrofitting tankers could cost up to $2 million, and new designs more expensive, adding $.40 to a barrel of crude oil. it's a problem. it's a lot of money. joe: we've seen a lot of these stories, major problems. alix: something you may have missed. and new designs more expensive, adding $.40 to a barrel of crude oil. it's a problem. it's a lot of money. joe: we've seen a lot of these stories, major problems. alix: something you may have missed. conoco

♪ i am alix steel. alix: joe: and i am joe weisenthal. what did you miss? alix: stocks sell off.: companies making cashmere sweaters and the like ours inc. -- arehares short, seeing their shares short. the luxury market is enormous, and giftgiving is enormous. joe: there is also the expectation of massive demand in the future, so even if china is not huge, the expectations could be ached into the stocks. -- could be baked into the stocks. alix: picked over washington and san francisco and los angeles for the 2024 olympics, austin. public support was low. -- boston. the u.s. olympic committee may back los angeles. can you imagine the traffic? that could be be worse. espnthe disney ceo says will eventually be sold direct to consumers without a cable subscription, but bob iger said it would not happen any time soon. it would not happen as a big change. they have been a big money marker for disney. and another headache for struggling toys "r" us, and some credit and insurance vendors are removing the chain from some policies and declining to renew coverage in other cases. losing cove

i am alix steel. china is selling off their cotton reserves.said the government will sell tomorrow, one million tons over time cotton was down again today. the government is charging more. -- one million tons over time. cotton was down again today. the government is charging more. the government is struggling. india might not plant as much cotton because of china. joe: is this like our strategic oil reserves? alix: i don't know. joe: that would be cool. janet yellen is speaking tomorrow about the economy, china, greece, when the fed will high grace. everybody will be watching the janet yellen speech tomorrow. a great economist had a line, the u.s. economy is an island of mediocre tranquility. that is so beautiful. we will see if that is how janet yellen season two. -- sees it too. alix: a bloomberg reporter saw a transaction on his these a card n greek out in droppe currency. biggest slip. good to have you back. joe: i'm exhausted. alix: thank you for emily: google fights back. we debate the future of the economy. ♪ emily: i am emily chang. thi

alix: i'm alix steel. joe: i'm joe weisenthal. "what'd you miss?" : we were talking about soul cycle. joe: the company has grown rapidly, to 2.9 million rides. alix: you were not one of those. our producer blows it. she was so excited about the idea that she cheered. joe: with us now to discuss technical charts is a technical analyst and we want to start off ,ith a series of charts particularly a long-term chart of gold. what do we see? guest: this is an interesting chart. remember in 2009, the. 1000 is a big deal. once we roque out in 2009, we almost doubled from there, so that was a powerful move. the market has a lot of memory there, though for a long time he figured that was ultimate target and that's the lie should turn into some kind of demand. is theundamentally, that issue everyone is talking about. what about short term? guest: short-term, we recently had a nice break. we are in the context of a major air market, so when things in a down trend things to consult -- tends to consolidate -- that's what we have over the last couple of weeks. if

i'm alix steel. >> and i am joe weisenthal. ♪ alix: u.s.tocks fluctuating throughout the day with the s&p closing slightly higher and the dollar rose. joe: the question is, what did you miss? the u.s. economy expands gently. what does it mean for the markets? such a gap why between the performance of the stock market and americans' social mood? is about to report its earnings as a social media darling making a progressive push into education. alix: we want to begin with a stocks. it was a wishy-washy day across the board, stocks closing relatively flat. the dow closed below the 200 day moving average. it really flirted with that level all day and closed below it but not a lot of stock movement all in all, with utilities the best performer in the s&p. joe: i would call it boring. we have had a lot of exciting days in recent days. this was not one of them, even with a lot of economic data. alix: the dollar was at a four-month high. felt 2%. china only what is that? alix: it's true. i want to take a look at inventory accumulation, one of the o

. ♪ alix: i am alix steel. joe: i am joe weisenthal. "what'd you miss?" ix: remember those gold go-go days? >> with gold at an all-time high, now is the time to send your unwanted gold for cash, lik e these gold cufflinks. alix: gone are the days of the golden cufflinks. gold has lost nearly 70% of its value since its peak in 2007. now, the portfolio manager for westshore funds, a gold glover and believer. and david is also still with us. in reality, look at that commercial back in 2009. gold is pretty much flat since that commercial played. what does that say to you? jim: gold hasn't lost any value. what's happened is the dollar has gotten stronger. if the dollar is the measure of gold is down a lot, but make gold the measured value. a dollar used to get you a 1400 ounce.014 of an if you look at commodities around the world, they are all down. what we really have is a global dollar -- the strong dollar is deflationary. the fed wants inflation. how can janet yellen raise interest rates when she has a deflationary crisis around the world? joe: all of these

i am scarlet fu, here with alix steel. o get straight to the unbelievable market we have seen today. you are looking at the s&p actually in the green right now. during the day was really ugly. earliein

alix steel: it's a level to watch. if they stay below, they will have to cut some marginal production. let's take a look at barrett gold. goldone of the largest miners in the world. their stock is the lowest level since 1991. these are the big guys. these are the big guns in the market. are we looking at some sort of supply crunch down the road? when you measure supply and demand for gold, you can't base it on anything. it's not oil. we don't eat it like corn. how much interest there is in gold coins. scarlet: last question, i know that for the long-term you believe that fundamentals for for the strong, short-term, what is the disillusionment versus previous cycles? ed: sentiment among the institutional investors has been very negative. that's going to weigh heavy on gold. the supply that is going to make a difference. every time we have seen in the last five years, the dip is because of the miners breakeven cost. demand for both india and china, that is strong. it gives support for gold around this range. scarlet: it'

i'm alix steel. joe: and i'm joe weisenthal. alix: u.s. stocks ended slightly higher as optimism of the end of the greek debt crisis faded and they look ahead to tomorrow's jobs report and oil is down in more than three months. joe: the question is, what did you miss? the clock is ticking. we have the key deadlines that you may have missed. alix: and trying to predict tomorrow's big jobs number. it's joe's favorite day of the month. joe: and we'll talk to southern company and how they're transitioning to renewable energy. alix: first, we again, of course, with the markets. stocks are finishing higher in two days. recovering from the terrible slide that we saw earlier in the week as well. and this all after you had the debt financial minister saying there's no ground for further greece talks. you had the s&p take a dip and then higher. joe: pretty much green across the board. the airline sector on these reports that justice department is looking into conclusion and price fixing so that's something to keep an eye on. alix: absolutely. and th

alix: we are moments away from the closing bell and i'm alix steel. joe: i'm joe weisenthal. ♪ [closing bell ringing] alix: u.s. stocks climbing and european equities capping the biggest rally since 2011 on greece's bailout agreement. the euro sliding on speculation the deal may clear the way for higher u.s. interest rates. joe: the question is, what did you miss? greece avoids a under very tough terms. was it an agreement among lenders, or a brutal coup? alix: we have not one but two nobel laureates here to discuss one of the biggest economic stories and years. joe: also weighing on the economy today hillary clinton , had fiery words for wall street. can she really play the role of populist? alix: but we begin with the stock markets, with a pretty important day for the s&p 500. it bounced and closed above the 50 and 100 day moving averages. the reason i bring this up is that they were key levels. they close below the 200-day twice last week, and yet, they close higher. some technical momentum continuing to claw higher. joe: the 200 day moving averages

i'm alix steel. alix: u.s. stocks falling. you earlier gains as protesters clash with the least in athens. the s&p dropping after four days of gains, and treasuries rose. >> rate rumbling. yellen says arise is likely. the market shrugs it off, should you care? alix: intel and netflix report. >> in rising chaos, debating a bailout of $95 million. the question is, will it be enough? alix: we will begin with the markets. stocks closing flat on the day, but it was a dramatic afternoon. once the headlines crossed and then protests in athens. we were still only off by a quarter of a percent. things are looking contained and then the s&p 500 climbed a bit higher. >> greeks protesting dramatically makes me think of the flash crash from before. it always gives me flashbacks. today was a little lower. huge gains in europe. best rally there since february. they gained $700 billion in market capital in the last few days. it is down, but not a big problem. alix: earnings crossing. cory johnson has more with intel. >> intel is crossing. thi

alix: and i'm alix steel. scarlet: i jumped into your introduction. ix: european leaders are pointing greece to the exit door. the european union is breaking dramatically with years of denial about the possibility of breaking of the union. hans nichols joins us. can you give us the latest? i know it is late there, but have there been any development?hans : there have. angela merkel says things do not look good on greece. these are the first public comments we've had since the other night when things broke up. no optimism from merkel. what greeted today was formally send their letter to the european stability mechanism, basically a bailout fund. they have asked for a three-year program and have promised to make some changes on tax reform, take a look at pension construction -- they didn't actually say pension reform. and they have also talked about having a longer term opportunity for long-term debt restructuring. that has always been a no-go area for the germans. the ecb in a closed-door conference call has decided to keep emergency liquidity assistanc

alix steel is going to nerd out about this in the next hour. in chicago, this is the final trading day, goodbye, everyone. remember the final scene of " trading places"? alix: i know. have you ever been reporter there? scarlet: no, but i know that you have. alix: this was a gracious picture. there were not that many options didbut oil the most business and it seems really sad. but the idea is that buying is electronic, you don't need that many humans. it is a sad and big day. hopefully they can still trade from at home. alix steel will be joining us to take us to the close, but in the meantime let's get your at the top stories of the hour. for as overturned -- courts have overturned the conviction of high-frequency trading consumer code. a new york state supreme court judge handed down the decision today. arrested six years ago, his conviction was on federal charges and was also overturned. eric holder returning to private law, rejoining the firm of covington and burling is a partner. he worked there from 2001 to 2009, when he became the attorne

i am alix steel. joe: and i'm joe weisenthal. alix: it is a summer friday, friday, u.s. market ending lower on earnings. joe: but the question is, "what'd you miss?" oil in crisis. producers are canceling oil rigs, is the industry taking a hit? alix: and the vulnerable markets that could be dragging down the world economy. joe: and we talked to the economist who tried to save greece. his take on the ongoing crisis. alix: we want to begin with stocks. stocks pretty much flat on the day, but you are looking at the dow lower for two days in a row. trimming gains for july. it is the last day of the month. volume is off by double digits in the s&p 500 and he will have rebalancing. joe: the stock market was sleepy, the real action was in commodities. everybody knows this was a terrible month for commodities. by the end, it was in the toilet. oil diving, gold is weak. very ugly all around. alix: earnings surprises, and the overall sales for the s&p 500 is 1.2% and we have seen a revenue surprise for energy companies this quarter. that is shocking. considering the rollover. joe:

i'm alix steel. joe: and i'm joe weisenthal. [closing bell ringing] alix: we've got some cheers there. stocks are falling ahead of greece's referendum. the dollar declined. the jobs report fueling doubts about the timing of higher interest rates. joe: the question is, what did you miss? there is a ton going on today. mixed result in today's unemployment number. we dive inside the data. alix: and the countdown to greece's crucial referendum. who do you think will win? joe: and we talked to the ceo of popeyes about food costs and the state of the fried chicken industry. alix: stocks snapped a two day winning streak. the dow is still negative for the s&p, this was the first weekly move of about 1% we saw since april. we did see a lot of movement in stocks. you can imagine, everybody quitting their trades and just go to the beach. you're not going to see a lot of volatility or action, but the markets were interpreting the number is more dovish than anything else. joe: nothing too dramatic. one interesting sector -- some developments

alix steel.op stories at this hour, the european commission is investigating the proposed takeover of a dutch company by fedex. fedex agreed to pay $4.8 billion -- the deal may lead to higher prices or to regulators blocked ups from buying tnt two years ago. investors to an american express for losing its contract with cosco. express failedn to inform investors of the importance of the relationship. the cobranding deal would account for 8% of american express's revenue last year. inmates could get free college courses thanks to a new pilot program. the education apartment is offering prisoners access to pell grants -- those are typically for low income students and do not have to be repaid. around that ban because still in trial. -- it is only a trial. shares of expedia surging to a new high. reporting better than estimated second quarter results yesterday. the company is on track to close its acquisition of orbits this year. mark chang sat down with come expedia's cfo for exclusive interview. sh

i'm alix steel. joe: i am joe weisenthal. alix: u.s. stocks down, treasuries fall as the chinese stock markets stabilize. joe: what did you miss. commodity collapse, the rout causes, but will it delayed the fed rate hike? alix: will they finally announced their new ceo? first we begin with stocks, you're looking at the s&p closing below is moving day average. a solid rally. u.s. stocks gaining the most in two weeks. looking at a rally across the board. joe: and comes after the selloff. it came right after we got some ugly economic data this morning. a weak consumer confidence number, one of the biggest plunges in a wild. the market ignored it. alix: you talk about how strong this rally is. today greenhouse had a no doubt about that. he mentioned if you look at the s&p game, 88% of that was amazon, taking in account through yesterday's close. google was about 40%. apple 73%. it cannot exist on top tech alone. joe: this has been a top topic lately. the advance decline line deteriorating, this is a big story. alix: more stocks are closing

we doubled in korea versus a market that is shrinking. ♪ alix: joe: i'm alix steel. joe weisenthal. what did you miss joe:? alix: more than a thousand workers in new york city airports say they will walk off the job starting tomorrow night. they voted unanimously to authorize a strike at jfk and laguardia airports. the union represents security officers, baggage handlers and wheelchair attendants. the strike would be the largest since the union began organizing. joe: it is the fifth anniversary of a measure that seemingly made nobody happy. 2010, president obama signed the dodd-frank wall consumerform and protection act. it was the most sweeping reform since the new deal. but it remains a work in progress. a bipartisan group is already looking for ways to tweak it. alix: the republican presidential field is getting crowded yet again. there are now 16 field in the race -- 16 in the field. john kasich making his did official today. he served 18 years in congress of ohioecoming governor for yourself. a quarter of s&p 500 companies report their earnings this week. apple i

. ♪ alix: i'm alix steel. joe: and i'm joe weisenthal. "what'd you miss?" ix: let's go to julie for whole foods action. julie: facebook sales topping estimates, monthly active users are ahead of what were anticipating. but it looks like spending might be an issue. also has the company revenue rising 39%. looks like a mixed report with traders focusing on the negative right now. 76 cents of their ad revenue from mobile last order, up from 73% in the prior order. -- quarter. shares up to date, rising by a record and now falling. whole foods is falling sharply. topsails rising just 1.3%, less than half of what analyst had been anticipating. whole foods is known as a consistent grower interns of comparable sales. these are the lowest numbers i can recall. earnings per share coming one penny light of estimates, the company cutting its forecast for the full year, shares down sharply in the after-hours session. alix: thank you so much. joe: i want to bring martin in from rosenblatt securities, the senior equity analyst joining us on the phone. martin, real quick, w

we will be right back. ♪ alix: i am alix steel. pple earnings, they are expected to, 10 minutes from now. quarter, is made up 20% of the revenue, last quarter beyond that it was only 9%. alix: gentlemen, welcome. the first question that you when i talk about when we think about china is the stock market and the slide we have seen overall year-over-year. what does that do for apple when you see those kinds of decline? howhe question for apple is much do people see that they need the iphone. how much will they use that discretionary income? we saw some very bearish signals from ibm, talking about china not able to quench a big deal. the idea for analysts is how much will that carry over to a whole. i think apple is distinct from ibm in this. think this big enterprise business has concern about china because there is an active the foreignplace tech providers with domestic, homegrown technology. that is a very bearish signal. athink apple is unexceptional case. >> he nails it. the government is not what ibm doing there's the great they

i'm alix steel. on days like today utilities can be a popular safety trade.ion resources is one of the largest gas and electric utilities in the u.s. joining us is ceo tom farrell. typically what do these kind of big event risk days mean to you? guest: thank you for having me. people back send into utility stocks. we still have this overlay for our whole sector, most dividend paying stocks, guilt stocks, waiting for the fed to take its action whether in september or later in the year. alix: moving on things not necessarily our fundamentals. do have a big growth portion of your business, your the second company approved to export liquefied natural gas abroad. you are any for completion by the end of 2017, 2018. what does the low oil price mean to you? guest: perfectly understandable question for many of the lng exporters. our facility is under contracts the go until 2037. whether the shippers use the gas are not, they will still be paying for our facilities. to natural gass prices, oil prices makes no difference. we are selling at half of it through companies

. ♪ alix: i'm alix steel. joe: i'm joe weisenthal. ix: we told you about hillary clinton going to be tough on banks if she becomes president, but tougher than what? no wall street bank had pleaded guilty to a felony this year. joe: and there have been record fines. but the main focus was how to grow the middle class. she even took a shot at ronald reagan's legacy of trickle-down economics. >> it explodes the natural -- expose the national that, concentrates wealth even more, and does practically nothing to help hard-working americans. alix: still with us is nobel laureate paul krugman. what do you think about what she said? prof. krugman: what she is reflecting -- there's an emerging consensus, kind of a liberal consensus, that you can do quite a lot to make the distribution of income somewhat more equal. that you can do everything from them wage changes to enhanced bargaining power, to overtime rules, all of this stuff that the economy is more malleable. that wages are more affected by politics and less determined by the invisible han

alix steel joins me now, my cohost for the next hour. alix: here is the thing. on to their positions. check this out. data from the china household survey finds in the second ofrter of this year, over 8% households invested in that china stock market. ok, that is more than double the participation shown a year richest was china the largest category. scarlet: beijing, shanghai, and guangdong province, those are some of the wealthiest parts of china, and you can see the idea that the people in these places, these cities owning more stock, it really is that a wealthier class of people are investing in equities, and it is interesting as they tried to go from the export-driven model to one that consumption driven, letting people invest in the stock market, but if you only have rich people doing that, how much more money are they going to spend? alix: it is good for wealthy people, but there is no up to -- scarlet: exactly. gdp numbers. alix: and goldman sachs had a great note over the weekend, saying, hypothetically, with the gdp in china, if we had growth, what woul

i'm alix steel. joe: i am joe weisenthal. ng just under a record level for the heat, barely holding on to its games -- for the s&p, barely holding on to its gains. commodities take the spotlight. joe: the question is "what'd you miss?". ken ginny remedy turnaround -- mmetty turno around big blue? we are watching apple. will it be another win or a miss ? alix: the nasdaq is the story in terms of stocks, closing at a record high. could not hold on, closing relatively flat. seven out of 10 groups in the s&p did close flat. energy was a big drag. jo

. ♪ ♪ alix: i'm alix steel. joe: i'm joe weisenthal. uber:" -- i'm joe weisenthal. "what'd you miss?lix: check out this chart. precious metals declining 50% since 2011, and if they go below that we're looking at 1000. big tension. will it break the line and collapse more or bounce out? alix: we do have breaking news for you about uber:. it seems that: the deblasio administration has blinked, backing away from the fight over according -- their blocking --ber, agreeing to drop the potential inck for a cap on vehicles new york city. this is been a very contentious fight. people logging income messages that said what the wait time would be, a propaganda campaign, but it would the if this cap was put in place. someone told me that she was taking robo calls. agreement, the city plans to conduct a four-month study on the effect and other for higher vehicle operators on the effective city traffic. it was supposed to come to a vote as early as thursday. they had called for a caps on growth while the study was being conducted, but now it seems as though any vote be pushed to after the study is

i am scarlet fu, here with alix steel. alix: want to get straight to the unbelievable market we have seen today. you are looking at the s&p actually in the green right now. during the day was really ugly. earlier in the day you saw the s&p falling below its 100-day -- disney 200-day average -- excuse me, 200-a average. then it has been clawing its way to the upside could scarlet: the dow fell as much as 217 point. we got a look at the other asset classes oil -- it is amazing because crude oil has made a comeback. .25%.crude is up by alix: it was really ugly. and if all is a hedge fund manager. -- andy hall is hedge fund manager and he expects prices to rise. there are buyers out there when you have this kind of selloff. scarlet: there is a lot of money going to treasuries. when you are looking at with --s chart, the 10-year yield you had to laugh. alix: it's true. the reason why is amherst securities had a cool note out saying that it is the 10-year bund yield that is setting the tone for the global bond market. watching th

. ♪ alix: "what'd you miss," i'm alix steel. joe: and i'm joe weisenthal. ix: some top stories this afternoon. in the last six months, the u.s. has removed cuba from its list of state sponsor of terrorism and made it easier for americans to travel to the communist country. joe: hillary clinton's presidential campaign has set a record. it raised at least $45 million in the first quarter. breaking president obama's old mark. the clinton campaign says more than 90% of its donations were $100 or less. meanwhile, the government has released 3,000 pages of mrs. clinton's emails from when she was secretary of state. alix: and macy's has cut ties with donald trump. the department store chain is pulling from branded merchandise from its she was. this comes after trump made disparaging remarks of immigrants from mexico and other countries as he announced his candidacy. but trump said it was his decision to part ways with macy's. and those are your top stories. joe: all right. tomorrow is jobs day and we still have deutsche bank chief economist torsen stok. first, i am

i'm scarlet fu here with alix steel. word that the new york stock exchange will be reopening around 3:10 p.m. today. in the meantime, you can see the s&p the load of the session. and we are seeing a selloff, but it feels very orderly. scarlet: and there are plenty of reasons to be bearish. if you look at what happened overseas in china, the document it meltdown continued there. mention, everyone is keeping an eye on what is happening in greece. no new progress, and the dead

alix steel is with me now.eral reserve of kansas city study the trends and has some big numbers on it. predict that our rent vacancies -- rental are near 21-year lows and the median price across the country is $1367. that is up 14% from four years ago. one crazy example in this article, you had a 28-year-old man who -- living in the same community as his 90-year-old grandmother. raising the question, is there actually in the rentals and properties to go around for you and your grandmother? scarlet: in between all of this is gen x. a lot of them lost their homes in the housing bubble crash, so they remain in rentals, and you have a lot of demand. those who are homeowners are trying to figure out how their kids will be able to move out of home, or are taking in their own parents who are aging as well. this will be a generational demographic conflict to come in years to come. if you look at housing starts, you have multifamily starts rising 30% in june and this exceeds this kind of trend. so how much will this sav

we have alix steel. this is our moment. she is busy looking through all the numbers. this earnings per-share number. matt: versus almost three dollars last year. it is an amazing drop. alix: we do want to hear where the miss actually happened. the common theme for earnings has been production and job cuts. what they do with production is mattering a little less. can they keep their dividends? do they have cash flow to cover it? that is the focus. every quarter, it is usually production, production production. that came in bang in line. those metrics matter a little more. we are getting a reading on capex comeing in at $8.3 billion. scarlet: we were talking about production. why is it significant to meet production target? alix: big oil has had a tough time growing. it is important that they keep these production targets study. exxon has had an aggressive growth profile for a major. expectations are down sequentially. last quarter, they made about 4.2 billion oils -- barrels of oil equivalently. matt: how is it going to look going forward if they start reducing workforc

. ♪ betty: good afternoon, i am betty lou here with alix steel. ix: let's go right to the markets right now. you're seeing a little bit of a deterioration in the stocks. the nasdaq is up. betty: we are off the highs. alix: yeah, we are off the highs. this is the last day of july, so you could see some rebounding going on, and that totally caught me off guard in that respect. betty: it did, and is could be a sign of a top august. lowerthe s&p is at 13.5% than this time last year, and most people trade and they go to the beach. betty: go to the beach. plus, it is a friday. energy stocks i know have been hammered, in fact, hammered today quite a bit. the earnings you got from was lower, buton for a midday hit, we spiked up a little bit. alix: definitely the biggest loser of the day in terms of the s&p. but take a look inside my terminal and it tells a very interesting story as we look at the dollar index. there is a big dip down there lowest wagews the growth ever on a record, at least in the last 35 years. the dollar took a take a leg down. is relati

i am matt miller here with alix steel. : we are going to take a look at the markets with julie hyman. julie: we're looking at the major averages, of course, and i just want to point out the movements we have seen in the s&p 500 in the last hour or so. so here it is. in other words, we have seen a little bit of a pop up in the s&p and now we are a little bit tiny bit lower. that apparently we are still lower. but in other words, we could finish up on the day for the s&p 500. much like we have seen in the confirmations to the nasdaq if you look at what has happened in the s&p 500, there it are a lot of gains -- there are a lot of gains when it comes to google. take a look at my google terminal and we have a sort of breakdown on the movements. the reason i want to bring this to your attention, although it may be difficult to read, is that there are two big green bars. although them are google. this is something the math and i have been going back and forth about today. classes of google shares, both of them are included in the

♪ matt: good afternoon, i matt miller, fortunately here with alix steel. r get to sit next to this man anymore. i'm excited. straight to the markets right now, we have a rally underway and it seems to be somewhat stealth. not a lot of news, per se.

changing food cold your is becoming a big problem. ♪ matt: good afternoon, i am matt miller here with alix steels go straight to a look at the markets on this friday. oh yeah, we're looking at a record a couple trevor google, but we are looking at a four day winning streak for the nasdaq, it i

i am scarlet fu with alix steel. ix: julie hyman has a look at some of the biggest movers, not apple. julie: linear technology's is important for the broader technology trade. you heard alix talking about all the casualties of apple today. also some casualties from what is going on in the chip industry, a combination of apple and linear and arm holdings, which also submitted estimates. and sales missed estimates, in particular, disappointments in the industrial segment and computer segment. computers were expected. industrials was surprising to the market. linear says sales this quarter, quarter over quarter, will fall 7% to 12%. arm combined with apple to is really casting a pall over chips. i want to talk about a company in oil services that is not baker hughes or halliburton. fmc technologies missing second quarter estimates. continued decline in the land drilling market in north america. shares are down 9%, among the worst performers in the s&p 500 today. that is why it initially caught my eye. earnings,s side of

i am scarlet fu here along with alix steel. tgif! nd we are seeing a pretty steep selloff, i might say, the s&p is below that 50 and the 100 day moving average, it is about 16

alix steel will take you through the market close.n you look at the top stories at this hour. expenses climbed and profits fell at mastercard. -- ad quarter earnings stronger dollar has heard mastercard overseas. that is where the property generates most of its revenue. hurt mastercard overseas. shares up in arab red is setting a record day after the bakery chain reported that sales have rebounded -- shares of nara ra bread.pane the next round of job cuts could hurt users. -- chevron00 jobs eliminating 1500 jobs. drillersroviders and have been the hardest hit. coming up on the bloomberg market day, a big question for suppliers, what to do with all miles, one cup he says use them to pay for college expenses. ♪ canada, starting with frequent flyer miles pilot pretty quickly. airlines are making it harder than ever to redeem them for flights. why not cash in those points on something useful like college education? a company in canada does just that. she is the founder of higher ed -- she joins us via skype from toronto. tell us how your

for that, let's bring in alix steel. oil prices are around $50. p in commodities prices has prompted some big miners to make changes to what they are producing. oversupply has been the theme and bhp is responding. alix: the question is when miners and drillers will stop turning a product and tighten the market. bhp billiton is doing its part, announcing there will be a fall in petroleum output by 7% over the next year. copper will fall 12%. part of that is due to declining copper grades. the less good cover you have, the less production you get. they will close some minds. up 6%.re, output will be dow the point is, when you see the commodity index at 13-year lows, you are seeing the big guns take action. scarlet: maybe we will see the price respond. wti, $49.20 a barrel. brent oil falling 1.7% as well. earlier today, the global head of commodity research at macquarie group says that brent could fall to $50 a barrel, from 56 right now. >> there in mind, we are still and we are still talking about a surplus of 2 million there is a day. we are still b