. >>> investors exuberance at all time highs. are stock valuations flashing a warning sign? >> disney with a drop in revenue. investors looking at what's working and what's not at the house of the mouse. >>> and deep divide. why nevada's love/hate relationship with its biggest land owner could have changes with the trump administration. >> good evening. welcome. the nasdaq cranked out a record close. the other two major indexes are within reach and many are optimistic. that stocks could head even higher if earnings growth is sustained and if the white house pushes through tax cuts and other stimulus. today dow jones industrial average rose to 2790. is the s&p 500 eeked out a gain as well. >> the rise in stocks has one influential hedge fund manager concerned. the "new york times" reports that he has described the margaret as having perilously high valuations. in a letter to investors, he wrote that exuberant investors have focused on the potential benefits of stimulus tax cuts white mostly ignoring america first protectionism and the erection of new trade barriers. so is the

i can say firsthand this not irrational exuberance. the most ardent trump voters still hesitant about owning a piece of the action. the notion of buying this is so farfetched. if you are using that excuse as a copout. i expect many people will wait for this market rally to go even higher. the next dip may come on news later in the summer when tax changes are put through congress. the dow is on a record run for consecutive sessions. and this happened without moving 1% one way or the other. etfs and equity mutual funds moving at a pedestrian's pace. no one is going crazy over this market. there is not that kind of exuberance except in the market itself. there are messages that there are something beneath the surface that speaks to anticipation of growth. i poanltsd out to -- i point out to pig movers, it's a global metals move. it speaks to a surge in demand beyond inventory rebuilding. take a look at this etf. it's watch 10%. 151 per there are past 52 weeks. the index is being driven by rio tinto, a proxy for china. and arcelor mittal.

but markets too exuberant or right on the money?> it depends on what market you are talking about. in the united states certain second towards are being prices for perfection. overseas in the emerging markets you could find a lot of stocks trading that larger multiples with better dividends. there are second towards in the u.s. market that are fully. we haven't had a correction in five months. you have need to have cash on the side and be fully diversified. gary: we were talking about the old show and how we have been in the business for so long. i had wch theress conference thursday and i got to si of d i id i can set up my position before that trump press conference, i would have thought the market would have had a violent reaction. what is going on that the market seems immune to everything that the market usually cares about. >> the honeymoon is starting to wear thin. but i think we are due for a 5% correction. it probably started yesterday. but, you know, valuations are okay but a little bit stretched. a couple of months ago we

he goes on to write that exuberant investors have focused on the potential benefits of stimulus tax cuts, while mostly ignoring risks from america-first protectionism, and the erection of new trade barriers. what else? carmen believes that trump's pro-growth policies, and i quote, again, could prove quite inflationary, which should likely shot investors. he notes that the spending could balloon the deficits, and that trump himself could be a huge negative to the market, because of his inherently unpredictable nation. in the end, clarmen says, and i quote, if things go wrong, we could find ourselves at the beginning of a lengthy decline, a rapid rise in interest rates, and inflation and global angst. okay! let's pull these apart. because while clarmen may be quiet and understated, i think he captures the consensus view these days. this consensus view is shared by so many. first, i don't disagree that trump's unpredictable. >> bi blanched when he attackeda judge, a federal judge, in a tweet, nonetheless, the most thoughtless way to communicate since two cups attached to a string! you criti

>> i'm not sure that there's a sense of exuberance, but i do think what you're likely to see is therel probably be a resetting of expectations as we focus less exclusively on the likely virtues that the policy makes and focus on potential execution risks. one of the things you have to do is while you certainly see the pro-growth aspects of tax reform, regulatory relief and infrastructure spending program, remember that one of the things you have to focus on is how much political capital you have left to get those programs accomplished. we do know that early in this administration there's been some missteps and certainly some challenges of getting cabinet appointees through. to the extent you expend political capital then, it means you have less ability to push those programs through going forward. so, while i still think markets will likely trend higher, i expect some volatility as we focus more on the execution risks. >> richard, if we were just looking at the vix, we would think the markets had just fallen asleep pretty much all year. i mean, it doesn't suggest at all the kinds of h

the exuberance we felt and wall street is not caring to asia. take a look at the nikkei. it is in a downward pressure from a stronger japanese yen. we are seeing the dollar index reversing that earlier rally. gaining ground 2/10 of 1%, you can not just fight that rally in hong kong, the highest since 2015. increasingly the focus has been on commodities. we do have oil gaining ground. take a look at the bloomberg. you can see this chart. that as we see this correlation, going into the green after being in the negative, you are not seeing that anymore. breaking news out of malaysia. moment, you at the are seeing the dollar oil correlation now. we have commodity prices filtering in to the inflation story. beating expectations. one countryking where we are not seeing those price gains. yousef: definitely a bit of a surprise here. the latest coming out of saudi official terms of statistics. deflation. take a look at this chart to tell you the story here. i have highlighted this for you with the circle in yellow. that white line is the bloomberg dollar index. the saudi re-l, we

a lot of exuberance and enthusiasm the trump victory.lly market friendly condition, good business practices, corporate tax rates may be being lower, that rhetoric means american companies have rallied in the past few months. what indicators are there that global growth will continue? we had some better—than—expected figures about chinese output. chinese data has been strong, they are using a lot of commodities, the fear, some quarters ago, was that china wasn't going to be growing at that same pay the fact that they are using larger amounts of commodities is helping things. commodity producers were some of the highest performers, gaining a couple of percentage points. what is it about european growth at the moment, it's getting especially critical when looking at rising debt in greece and ongoing debt in italy, basically the southern countries. greece and ongoing debt in italy, basically the southern countriesm will be a big challenge especially this year with so many elections on the horizon for many years economies. greece is the probl

the ceo cannot have the best to rain and the exuberant spending that was going on in the other projectsust have looked at this. she don't think to it slightly about the expenses. the health care best may have as well. a similar system that has not produced a big payouts yet that they have a similar one. the advertising money machine, you couldn't sit around and make a lot of money. they wanted to isolate these projects and save windows do well, you will do well as well. caroline: working at a startup almost. the problem was these companies did it too well. reporter: the car project one is tricky because they have not generated any revenue. on a traditional level of success they are not done much yet or if if you look at it from the point of view of changing transportation and getting these other companies to respond, they well. caroline: how about allowing them to exit a little too early in whatever form that five b. great piece of journalism. a great story, i urge you to go and check it out on bloomberg.com that does it for this edition of "bloomberg technology" tuesday we will hear of

is there exuberance?ake a the earnings call last week, and expectation for the next iphone sales, but since then, it has only been tracking the market. forecast for how the sales could go, that has people very optimistic. analysts'digging into buys on thisns, 41 particular stock, alex. i we likely to see this continue? interestingly, we are getting very close to the target price. it is at about 142, the average we have on the system, so it will be interesting to see, particular by the end of the year, to see how compelling the next iphone is, how they are attracting new customers, particularly in asia and china, and that will speak to the attractiveness of apple. we have seen that the competitors in asia have increasingly succeeded in developing phones that are as good as the iphone or approaching the quality of the iphone, but they do not have the kind of plan cache that apple thatthat sort of shininess apple has and its attractiveness as a brand. say they have got about one billion pieces. and this is w

that is the whitest in six years, that exuberance is probably peaking.oldman sachs cites the retail investment preference for stocks over bonds has almost fully reversed. this tells the bigger story at play here. confidence may be starting to wane, as well as the reflation trade. functionhe gg on the bloomberg. trading flows in fx markets have been erratic. traders seeking fresh cues. the dollar-yen was closely tracking treasury yields. now we are seeing sovereign bonds in asia following treasuries higher, the australia kept cash rate steady at 1.5%, the yield losing seven basis points, but we are hours away from trading in the middle east. what you watching? yousef: absolutely. it looks like we are gearing up for an interesting day. a mixed picture for the most part, moves to the upside in dubai. in abu dhabi, we expect interesting numbers from the company. .n saudi arabia, up low volumes, pressure, report sales were car weakening in egypt, the lowest 45-6 years. kuwait had been standing after the massive selloff and profit taking, 20% in less than 60 d

i think at the same time, they're not exuberant about markets.ke that and put it together and that's a bull case from our perspective. >> even your logo is a bull. you know what, it's an anatomically correct bull. have you ever noticed that? >> sure. >> that's a male cow. >> absolutely. well, you'll remember the thundering herds. >> i always thought it was kind of funny they actually -- it's a drawing. this is a bull, andrew. have you looked? it's a bull. >> i haven't paid attention to that part. >> we are proud. it's our symbol. >> i agree. a great firm. are you ready now to say be a little careful, be ready to sell? >> not feeling shaky, actually, no. in fact, i think a lot of what's driven the market more recently has been a huge improvement in fundamentals and macro. the next leg will come from policy and perhaps a deregulation, but i think andy makes a great point. small business owners, medium size business owners, even large business operators are feeling much more constructive. a lot of this kind of reflation and sort of macro momentum st

reports, the number of bulls is at the highest level since 2005, which suggests things are getting exuberanceother reason bears say things are overdone. >> to contrast that, larry fink yesterday at the yahoo finance summit was saying he was concerned because consumer confidence numbers have picked up, that that is a leading indicator and positivity is priced into the market. the other observation is what mike santoli was saying on "closing bell," that stocks in the last three or four months of a rally have not had a meaningful positive day on a day where yields have been falling. so he this money is coming out of bonds and into equities. wh resilient is the right word to frame t but we won't get meaningful yields higher if rates are still slipping down. >>> at the white house today, the president is set to meet with airline executives. the sitdown comes at a crucial time amid disagreements of terms granted to some foreign carri carriers. ceos and airport operators will attend. the three large efst carriers a set to push the president to renegotiate with europe. >> they also want to push for i

he also went on to write, quote, exuberant investors have focused on the potential benefits of stimulative tax cuts while mostly ignoring the risks of tax cuts. >> so has the post election excitement led to an over valued market? joining us is casandra taroyan, steve grasso from stewart frankel. our very own rick santelli at the cme. steve grasso, go to you first. you're sitting here. do you agree with seth klarman? >> no, i don't. we're looking through a prism where we had eight years with the same administration. things are going to change. when you factor in are valuations way out of whack? maybe if we're looking at valuations backward but we have to look at them through the prism of forward. you have to look at lower taxes. you have to look at a different regulatory environment. once you do that maybe valuations are more affordable. >> the question is how far forward does this stuff become? market has placed a lot of chips on the table thinking that the stuff is going to happen sooner rather than later. >> and also when i look at this individual investor i always have to look at it thr

one senior administration official blames the roll out in part to irrational exuberance at trump aid'so keep campaign promises but lacking experience to get it done right. >> trump aid's say one of the biggest systems failures was with fundamental communication. preparing not just the agencies that would execute travel restrictions but are main alabama lice and advocate with talking points on how to defend it. >> message strategy is usually the job of white house communications director but team trump doesn't really have one. sean spicer does double duty. to remedy that cnn is told that trump senior advise sor kellyanne conway will take on more of the responsibilities. they are trying to course correct. organize the white house more traditionally or at least as traditional as possible when the president who himself often guides message or better or worse on twitter. >> both political and diplomatic missteps are why the white house is looking to shake things up. let's talk to someone that's been inside the white house for some perspective on what could be going on. he's the former direc

see how stocks can keep hitting what seemed like unbelievable new highs but i'd say our rational exuberanten the federal reserve speaks and fed chief janet yellen spokes like today, we want to hear business is doing better, that he needs to raise rates. this desire we want her to chant tighten income a theater is to anyone that's experienced money. in the context of the last ten years wanting higher interest rates seems crazy, right? you have to recognize is we now have real economic growth that doesn't mock the trajectory of average but confirms them. i can hear you snickering, retail sales isn't anything to write home about. i disagree. if the fed tightens when business is weak it's disastrous but good, then there is tremendous validation of the stock move and we crave validation. sometimes i wish janet yellen watched "mad money" that would be a nice valentine because she would realize al kelly on tonight and especially an e commerce, she'd what we're talking about on the show. for the longest time i thought the federal reserve, i thought they had the most data. i no longer believe that.

reminded me of walt whitman, in that if you have read whitman, one of the things you know about that exuberant poet is he uses lists. and once william gass talked about lists too, very different kind of writer than either bob or whitman and he said something to the extent that if i go to the store and i buy fruit, that is pretty boring. if i go to the store and i buy bananas and apples and cherries and mangos. i'm running out of fruit. you get the gist and that is something is one thing bob eloquently talked about in that review piece is lists. >> everyone was telling me nobody would read a book about that. i was hearing that year after year but i was coming to feel it was really -- i really wanted people to read this book because i felt he did something by understanding his career, we live in a democracy where power comes from the ballot box, he was never elected but he had more power than anyone who was elected. more than any governor, more than any mayor, more than any governor or mayor, shaped the whole metropolitan area, so i was thinking how do i get people to read this book? you have go

a littlehink, maybe irrational exuberance, if you will.ted because they have been making good money. joe: another thing, which is maybe kind of related. you pay attention to the impact of the slowing real estate demand from chinese buyers on cities. how big is this affect? how widespread could the fallout be? >> we have heard this before. that they were going to limit capital outflows. it does seem it has happened in january. again, this is a week time -- we year.e of the i think there are areas of california that would be hit hard. .ike, san francisco e.vin that ripples into neighboring communities too. if there is less demand in the height and communities, there will be less in the navy ones. scarlet: pricing in california is in a different stratosphere for chinese buyers. they're not going to nebraska to the same degree. >> california is different from the country. they are not comparable, except for new york, or something. we have a very strong economy out here. it is multiple factors making it drive up. one thing i put in the blog pos

our worry is not enough exuberance. it is too much. we are not there yet.re watching the indicators as they come in. that is probably something to watch out for. anna: thank you very much for your time. stephen gallo is still with us here on daybreak -- on "bloomberg daybreak" we're seeing these numbers come in better than expected. how do you approach the mining iron ore to mark futures the highest since 2014. this is all seemingly positive. guest: it has been. i don't believe it is unashamedly positive over the next 3-6 months. not resoundingly said. a large reason for that is that china once again has managed to stabilize its currency. trade in base metal prices which helps fuel the rally. people tend to elected by the balance. people like to get involved. ofould be looking to fade the 77-78 range and aussie dollar. we think china's currency will resume the downtrends. we think it will weaken. strengthneral dollar over the balance of the year. php and the australian dollar in one place. comments from the ceo speaking on a media call. this is something to

what could derail this exuberance in the stock markets and in the overall economy? is it a policy misstep by donald trump? to be honest, we've seen a lot of policy missteps from him. would it be a policy mistake from the fed? >> could be if rising rates too quickly start to hurt the overall growth. i think a couple things. first, a lot of promises are coming from the trump administration. deregulation, lower taxes, if he doesn't step up and make those things happen quickly, there could be disappointment. here in europe we're hearing a lot about elections. some disappointments in election for sure. they could surely affect the markets as well. i think overall, as we are here looking at markets hit all-time highs in the states, and, yes, granted, a lot of folks are looking at the u.s., they're disenchanted by what's going on with the trump administration, but global markets also like what's going on. so when you look at some of these global etfs, they continue to garner new assets, and now just today new record levels of $3.7 trillion in etfs worldwide. it's something

look back to the rationale exuberance in the '90s. look to fears about housing market, in the early to mid 2,000s. things eventually correct. the more haters kid like to say, the more it wants to go up. david: veronica we have to give you another shot next time you're on. we have to leave it at that. a lot of breaking news. thank you for being here. cheryl: we're waiting on gap and nordstrom to all of you. new york police commissioner is telling officers not to help with federal immigration arrest, telling nation's largest police force at odds with the white house. former police officer bo dietl with his take. david: i think he is running for mayor. he says that president has done enough to be impeached s this exactly what his party want to hear? we have a fair and balanced discussion. cheryl: we'll take you live to cpac, host to the biggest names in the republican party, even bringing two unlikely people together from the trump administration, reince priebus and steve bannon. they say don't believe everything you read. david: boy, th

adams forgets that because he's so exuberant. the election of 1800 was that. neither of them campaigned and neither said anything about the other publicly. that's their followers who do that and make charges. ad a neither of them are quoted although privately they had damaging views about each other. it was very difficult to repair. in 1804 abigail adams makes an effort. she writes a very consoling letter. jefferson responds, but he makes a mistake. he makes one complaint. that's enough for abigail to sound off and say what do you mean. she comes in with charges against jefferson. jefferson doesn't know what to say. he comes back and tries to apologize and they exchange a few letters, but abigail's f furrious and writes him off. in 1812 rush works on both of them and manages brilliantly to have them have each quoted and that's enough says jefferson. >> it brings them back together. >> yeah. adams makes the first effort. he says i'm sending you some artisan products of boston to you and jefferson being so little minded he writes a long letter on manufacturing i

get this replacement right before the exuberance on repeal? >> we have to get health care right. our health care system has had problems going back decades and obamacare didn't solve them and it didn't because the access to doctors is still strained. what we saw over this past week is anxiety and stress that americans feel about health care. i know families that have been helped by obamacare that feel that anxiety and stress and i know families that have been hurt by it and health care is a stressful thing and when we repeal obamacare we have to get it right and we have to make sure that our solutions deliver personalized care for all americans that they have control, choice and freedom over their health care. >> that promise sounds good. do you understand why some people think that's an impossible promise to keep? to make it affordable, make it wider. it seems like you're selling something that can't be done realistically. >> i know a lot of americans are skeptical about their government on a whole host of issues and they should be given the poor performance from recent years fr

the recent rash of exuberance scaring some of the biggest market bulls over to the bears team with yourthe line. we've got a trader showdown you can't miss. because there are traders going nearly all to cash. the first businessman in chief promising the antidote to job loss is to slash regulations as president trump aims at signing a new executive order aimed at u.s. businesses, not just coal

is there is a about the apple -- is there exuberance about the apple business model?lex: it did take a boost off the earnings call, and the expectations for the next iphone sales, but since then, it has taken a spill two weeks ago, and since then the forecast for the present quarter and how that could imply sales will go for the next iphone have kept people very optimistic. caroline: i mean, if i am digging into analyst recommendations on apple, one sell, 41 buys. that is on this particular stock. are we likely to see this stock rally continue? alex:, well that is certainly the implication of those stats, yes. but we are getting close to the target price. it is not vastly above where it is now. i think $142 is the average on the system, so it will be interesting to see how it -- in particular by the end of the year how compelling the next iphone is, how they attract new customers, particularly asia and china, and that will speak to the attractiveness of apple as a brand. we have seen that the competitors in asia have increasingly succeeded in developing phones which a

the recent rash of exuberance scaring some of the biggest market bulls over to the bears team with your money on the line. we've got a trader showdown you can't miss. because there are traders going nearly all to cash. the first businessman in chief promising the antidote to job loss is to slash regulations as president trump aims at signing a new executive order aimed at u.s. businesses, not just coal bitten and singed by u.s. regulations. we have a look at an industry burned just as bad as coal. the shocking sector that saw business slashed in half and the somewhat complicated road ahead for untangling the red tape. >>> a cold relationship growing warmer just as another involving a closer ally freezes up. we're talking to two men on the front lines of key negotiations with both russia and mexico under president's clinton, bush and obama, as president trump looks to turn policies of the past on their heads. >>> and snap, inc., a $20 billion price tag and buzz abounds for what could be the biggest ipo in five years can. this unicorn take off like facebook or will it go the way of twitte

one senior administration officials blames the sloppy rollout to irrational exuberance of trump aideseep campaign promises but lacking experience to get it done right. trump aides say one of the biggest system failures was with fundamental communication, preparing not just the agency's who execute travel restrictions but are allies and advocates with talking points on how to defend it. message strategy is usually the job of white house communications director. but team trump doesn't really have one. press secretary shawn spicer does double duty. to remedy that, cnn is told that trump senior adviser kellyanne conway will take on more of the communications responsibilities. trump aides insist they're trying to course correct. organize the white house more traditionally or at least as traditional as possible with a press who himself often guides message for better or worse on twitter. >> dana bash is joining me now. the chief strategist as you reported, plays major role in the drafting. now that they're trying to play cleanup here, what does that mean for his role? >> it is hard to imagi

words adequate to describe my supersmart, exuberant, ever loving spouse. early on in our marriage, it became clear to him that cooking was not my strong suit. [laughter] appreciationsting of our food loving children, we became four in 1965 when my son james was born. marty made the kitchen his domain and became chef supreme friendsome, on loan to even at the court. marty coached me through the birth of our friend. he was the first critic of the present drafted. he was at my side constantly in and out of the hospital during two long bouts with cancer. i betray no secret in reporting that without him, i would not have gained a seat on the u.s. supreme court. then associate white house counsel ron klein said of my 1993 nomination -- i would say for the record though ruth ginsburg should have been picked for the supreme court anyway, she would not have been picked if her husband had not done everything he did to make it includedhat everything gaining the unqualified support of my home state senator, daniel patrick moynihan, and enlisting of the of many members

if anything, they're exuberant about trump's make our military strong again plan, which calls for an end to the sequester induced defense cuts and it certainly doesn't hurt that just today, joint venture crate oates is involved in one a small piece of a missile defense contract. that's created some very bullish sentiment on defense spending and since kratos is only a $600 million company, way too small to be targeted by the president's twitter feed, the stock has been on fire. remember, the republicans in congress hate every kind of spending except defense spending, which they adore. now they're running the show with a republican president who is very vocal about rebuilding our military. so here's the bottom line on what i think is a pretty amazing story. kratos spent years in the dog house, but now that it's fundamentals have started to improve, the stock has caught fire. i think the move here is logical, but still because of this giant upside that it just had, maybe stay on the sidelines a bit. i hate to chase. you know that. but if kratos comes back down, i think you pull the trig

. >> you hear overbought, over exuberant, overbought. >> 20,800 on the dow. >> i totally agree on these guys. one of the things that we bring at the halftime report is that we are much more individualized. when we do talk some sectors, there are some sectors where i could broadly say, the financials. the financials had paused for quite a long period of time. then, what did they do, scott? even after earnings, they were still in that paused state, suddenly, it finally broke out to the up side. you look at the tech stocks. they are hitting the highs. i think they are going to hit a pause and as the pause and the consolidation occurs, then we take that next leg up. >> tech has not had a down day the entire month of february. >> i know we have talked about it on the desk day in and day out. the earnings have been pretty phenomenal across the board. look at sisco. this trades at a multiple under 15. they have incredible growth. the growth yar area of apple. depending on where you look, you are going to be able to find growth and you are still finding value. >> where you are overvalued, take

that make you more determined than ever to say slow down, get this replacement right before the exuberance on repeal? >> we have to get health care reform right. obamacare clearly did not because the price of insurance is still going up and access to doctors is still strained. but what we saw over this past week, a lot of anxiety and stress that americans meal about health care. i know families have been helped by obamacare that feel that anxiety and stress, but also i know families that have been hurt by it. health care can be a very stressful thing. that's why we have to get it right. we have to make sure that our solutions deliver affordable personalized care for all americans, that they have control in the choice and freedom over their own health care. >> that promise sounds good. do you understand why some people think that's an impossible promise to keep? to make it affordable and make it wider. that just seems like you're selling something that can't be done realistically. >> i know a lot of americans are skeptical about their government on a whole host of issues. but i think that w

i don't have words adequate to describe my supersmart, exuberant, ever loving spouse. early on in our marriage, it became clear to him that cooking was not my strong suit. [laughter] to the everlasting appreciation of our food loving children, in 1965 when sun james was born, marty made the kitchen his domain and became chef supreme friends,me, on loan to even at the court. marty coached me through the birth of our son. he was the first critic and reader of the speeches i drafted. , inas at my side constantly and out of the hospital during too long bouts with cancer. i betray no secret in reporting that without him, i would not have gained a seat on the u.s. supreme court. associate white house counsel claim set of my 1993 nomination -- i would say definitely for though ruth- ginsburg should have been picked for the supreme court anyway, she would not have been picked if her husband had not done everything that he did to make it happen. gaining thencluded unqualified support of my home state senator, daniel patrick moynihan, and enlisting the aid of many members of the

. >>> investors exuberance at all time highs. are stock valuations flashing a warning

and bob schiller who developed the index is questioning the rational exuberance from the 1990's, wonderingy if the market is overvalued. averageook, this is the going back to 1995. for the ratio. this is where we got into crazy land and we know what happened to the stock market after that point. it was on the way to this that we were last here in 1997. we will talk about this chart with black rocks global application portfolio manager in a few minutes. lisa: the market close is up next. you can see stocks are trying to reach the green. the s&p 500 is there. at the dow jones is trying. the nasdaq is up. joe: a heroic comeback. lisa: you can see them shooting up on the s&p 500. and the dow jones. we will keep an eye on that. this is bloomberg. ♪ ♪ lisa: we are a moment away from the closing bell. the dow is turning positive. it could be another record. "what'd you miss?" erik: i'm erik schatzker. joe: and i'm joe weisenthal. we want to welcome you to our closing bell coverage every weekday on twitter. ♪ erik: we begin with the market minutes. benchmark industries as you just heard, individua