emily: jennifer hyman, ceo of rent the runway. thank you for joining us.we speak to slack's new chief product officer. how the company is attracting new users to its platform. this is bloomberg. ♪ emily: uber is getting it out of this world boost to get cars off the ground and into the sky. announced a partnership with nasa to study urban manned aircraft. it will develop air traffic management systems for a world with flying cars. uber is working with manufacturers in conjunction with his ride-hailing network to possibly develop flying taxi like vehicles. ago, its launch four years slack has become one of the leading names in online workplace collaboration. the company has just released its latest metrics, detailing growth since september 2017. daily active users has risen to eight millions. paid users has hit 3 million. it now includes 65% of the fortune 100 companies. joining us now to discuss is the chief product officer, april underwood. thank you for joining us. slack in the enterprise has been interesting growth experiment for you. what are you learn

i am julie hyman.s is "bloomberg best." your weekly review of news, analysis, and interviews from bloomberg television around the world. the trump administration faced a deadline this week to decide whether or not the u.s. would remain in the 2015 nuclear deal. on monday, that uncertainty was having an impact on the price of oil. >> oil prices on the move, above $70 for the first time since november 2014, the surge coming as traders base for reimposition of the sanctions on iran. >> the markets are betting trump will reimpose sanctions. you might see a lot of barrels, iranian barrels, disappearing. >> if he decides, what happens to supply? >> what we have seen is there are varying estimates, but were talking about 500,000 barrels of oil a day coming off the market by the end of the year. when you combine that with the cuts from opec, that is a substantial amount of oil. we are in a market that is closer to supply-demand balance. anytime you have geopolitical tension, we are seeing that reflect in the o

i am julie hyman.his is bloomberg best, your weekly review of the most important business news analysis and news from bloomberg telogen around the world. they will decide whether or not they would remain in iran nuclear deal. that uncertainty was having an impact on the price of oil. >> oil prices on the move, in rising by $70 a barrel for the first time since november of 2013. >> the markets are betting will pull out of the deal, will reimpose sanctions and as a result, you might see a lot of uranium barrows disappearing. >> what happens? >> we have seen varying estimates but right now we are talking about 500 barrels of oil a day coming off the market by the end of the year. when you combine that with what we have are regime from opec, that is a substantial amount of oil and we're in a market that is much closer to supply and demand balance. anytime you have any geopolitical tensions, we're seeing that reflected. >> this ends tomorrow, president trump twinning earlier that i will be another my decisi

jennifer hyman joins us now in new york.e is that we decided to equalize benefits across the company, across all functions. meaning that parental leave and sabbatical policies and pay family sick leave and bereavement are the same for corporate employees as they are for the warehouse employees. emily: at the outset of your op-ed, you said you were not doing this and that was a mistake. why? because it was always done that way? because it was cheaper? jennifer: yeah, when you found a business, you take your cues from corporate culture from already successful companies. i just looked to what companies that i admired were doing. they were doing incredible, generous things for their employees in corporate. they had very standardized, more skimpy policies in their warehouse and customer service teams. i just followed suit. and it really took me the consideration of now having a team of 1200 plus people with a company that is doing extremely well. understanding that i am in the position i am in because of my entire team, not just

is check in with julie hyman -- let's check in with julie hyman.e continue to pattern of stocks rising all lower than average volume. that is a pattern in place over the last month, a couple of months now. the rally is continuing today

is check in with julie hyman -- let's check in with julie hyman. see thee continue to pattern of stocks rising all lower than average volume. that is a pattern in place over the last month, a couple of months now. the rally is continuing today nonetheless. it is enough to push the dow into the black for the year. we have the year to date performance, the dow just eking out a gain for the year, recouped some losses in recent days. nasdaq is also on a five-session winning streak, the longest in two months. the dow is not quite at that level, but we are taking its temperature throughout the day. the russell 2000 is also about 10 points or 20 points shy of a record at these levels. some of the big movers in today's session, we have amc networks, the tv production and distribution company, net revenue of 3%, eating the highest estimates. man troop has been upgraded to matchom neutral at ubs -- group has been upgraded to buy from neutral at ubs. , californiast solar will require new homes to have solar power on rooftops. jpmorgan upgrading the stock toda

there is julie hyman.

we will hear from rent the runway ceo jennifer hyman. this is bloomberg. ♪ hyman.is bloomberg. ♪ e-commercebattle for supremacy is gearing up and in th india. walmart is paying for a 70% stake in india's largest rt, as walmartka looks to fend off the biggest company in the nation. speaking of deals, vodafone is europe's fragmented telecom market with an 18 housen euro deal to buy a one third of liberty global, taking assets from germany, the czech republic, and romania. is global push for scale from digital players. throughout the industry, particularly in germany, where vodafone is reshaping industry trade we spoke exclusively to deutsche telekom's ceo tim hodges about the tie up. totallyhink the deal is unacceptable. you can have cable businesses in one piece. it was sold in three pieces, and now they are coming together under the roof of vodafone. second, we were building, let's withthe rule of germany infrastructure. now let's see where vodafone is now going. businesss seen in the case today on this subject. the media industry is almost 60% of our tv market is

julie hyman, thank you. more than a quarter today. , over sixin sorrell weeks after his resignation from wpp, he will lead a capita group . let's bring in rebecca. reservations, given the way martin-- or the sorrell he departed? >> what you just said answer the question, largely this is an endeavor started by martin sorrell. is company eating acquired being backed with his money. we have indications he has financial backers should he declined a big acquisition. largely his endeavor. mark: should he find a big acquisition he wants to make, any idea what he will spend the money on? willlot of speculation he do it in the ad agency. the one analysts speculate the item,a pretty big ticket a unit of wpp that he was fond of. it would cost him 4 billion. not clear he has the ammo to go after something that large but communication services as a broad category. vonnie: whatever about how he left, we do not know details, he has a massive reputation as a builder of huge conglomerations of communications and advertising

vonnie: julie hyman, thank you for that.re he robbins of glenview capital management -- larry robbins of glenview capital management is here with us. it is not exact. -- not exactly accurate on the gains. in your 30th you're helping new yorkers. larry: next week we celebrate anniversary of robin hood, with investigative money to alleviate poverty in new york city. each and every year, robin hood invests in 200 partners throughout new york city to early childhood and k-12 education and job training and basic survival. proudition, robin hood is to form partnerships that can target resources towards new york veterans and bringing them into the workforce and create a special fund for early learning as well as bringing technology into the education world. robin as well as bringing technology into the education world. robin hood has been about leadership in new york city, and we are thrilled to be honoring bill and litigates -- bill and linda gates. vonnie: you are the chair, so it is a testament to you. of board does not take any

julie hyman will be coming up with the u.s. market check later let's take a look at european markets. seeing the stoxx 600 a little bit weaker. and bit of a mixed picture here. seeing quite a bit of green but the benchmark overall, the stoxx 600 is down 2/10 of 1%. dollar weakness is playing through in the fx space in the form of a stronger sterling, up 4/10 of 1%. that 1.9.rade at 1.9.eneral -- trades that is how we are looking come across asset here. take a look at what is happening in the 10 year bond yield -- bund yield. afterms that this move what percy -- what some perceived as a hawkish move from jumping.0 year yields you can see were that is marked in red after he said rates would rise corridors, not years after the end of qe. i will show you later how that plays into the bte bunds spread. comments,ose hawkish a little bit of support to the euro. perhaps a little bit more support, the third day of gains. is68 means the euro rebound entering the bears protection zone. again, at sterling gaining against the dollar in this

julie hyman is with us. we are halfway into a trading day that has been based on whether this deal will state or go. get that will not confirmation until 2:00 p.m. movement.seeing any let's move to the oil prices. and have trading lower been since the president tweeted yesterday that he would make an announcement at 2:00 p.m. today. cnnaw a dropoff after reported that there may be just more sanctions cared as week that the various headlines, you saw oil down sink as we have been to -- on single around -- bouncing around. we still see oil rices below $70 a barrel. production,an oil iran is quite important to the global oil market with shipping more than 200 million euros -- barrels a day. and inbeen climbing particular when you saw the deal being signed at 2016. at the same time, the saudi going down asen part of the opec agreement. this will be important to watch in the coming days if indeed we do get this resolved and we find out about the iranian reaction. about --to talk also where does the rubber meet th

scarlet: julie hyman, thanks so much. emerging-market currencies are feeling the burn payment we will explore, next. this is bloomberg. ♪ scarlet: "what'd you miss?" it has been a challenging run for emerging-market currencies. diverting fundamentals played a role. now by phone.us great to speak with you, thank you for taking the time. cannoted and of course we see this on the bloomberg that every emerging market currency down so far in the second quarter. is there unifying theme across the board or are these isolated stories that have combined to scare off investors at a time when they see the dollars prospects better than any of the individual emerging-market currencies can offer? >> there's a two-part answer to that. rates,me is higher u.s. the dollar is up across the board for the year. with that said, there's deftly some idiosyncrasies end of urgencies, argentina, turkey, have some clear underperformers both in equities and fx and we have some stronger currencies holding up better that are outperforming, mostly in as

darroch., kim julie hyman is here. julie: in theory, here are the major averages. the dow little changed. the s&p and the nasdaq are under pressure because of specific groups that are falling today, namely consumer staples, which is the worst performing group in the s&p 500. that is dragging. there are these back-and-forth trade negotiations and tensions, so that uncertainty is weighing on stocks to some extent. we have the s&p 500 on pace for a weekly decline, potentially the biggest weekly drop in six weeks, so we will see how it all shakes out by the end of the session. consumer staples, the worst performing group. campbell soup is a big part of that, ousting its ceo, denise morrison, who has been there for 15 years but has not been able to turn around the flagging growth of the company. the interiment in will be chief maclachlan -- will be keith maclachlan. campbell soup shares are down 11%. other packaged soup makers are down as well. we have weakness in semiconductor equipment makers after applied materials came out with a forecast that was not as good as exp

hyman. stuck around. the s&p 500 is going into the green. technology has accounted for the list of the last hour of trading redhe dow remains and the and the s&p is bouncing back and fourth. sectorsook at the 11 within the s&p, tech is the best performer. it is up by 1%. real estate is gaining as well but relatively small. tech is accounting for the lift. them that are struggling, tech has turned them around for -- around. apple has been up. t -- a lift inis microsoft. there does not seem to be any clear reason or driving force behind that turn up. apple earnings out after the bell. tapestry, the company that , they met to estimates, but smaller brands that not do as well. kate spade missed estimates. comings are a bit confounding. on the face, they seem to beat estimates. even companies that are beating seem to be punished in the markets. emissionselated to from its engine, that could be something way an -- weighing on its stock. pfizer, those shares are down 4%. there is the interesting ca

scarlet: julie hyman, thank you very president trump has limited -- has signed an executive order that limits the purchase of a debt owed to venezuela, including accounts receivables and holds equity transactions as well. posted anything further, but the president signing an executive order that lowers the venezuelans regime ability at least to sell assets. we will be heading live to caracas in about 30 minutes. let's give to first word news update with mark crumpton. mark: gina haspel has been sworn in as the cia's first female director. she quote stands on the shoulders of heroines who never complain, but served as inspirations to the generations that came after them. she was confirmed by the senate last week after overcoming concerns about her role in the cia's harsh interrogation of terror suspect after the 9/11 attacks. the trump administration has a warning for ron now that the u.s. has left the nuclear agreement. speaking at the heritage foundation in washington today, secretary of state might pao issued a list of demands that he says should be included in a new nuclear treaty.

shery: julie hyman, thank you.bs suing sumner redstone national amusements in an effort to prevent it from interfering with a special board meeting to consider a dividend that would dilute the voting shares of redstone's company from 79% to 17. 17%. let's bring in the analyst from be tig. this theney called nuclear option by the cbs camp. what do you think? >> i think it's unfortunate because the real story that is getting lost is that scale in the media industry is being redefined. look at what bob iger is basically saying. disney is no longer big enough. they need to by fox. comcast nbc is gearing up to try to make a bid to steal fox away from disney. those companies are massive, both of them disney and comcast. they are tremendously larger than viacom and cbs put back together. the reality is the conversation should really be about viacom and cbs need to get together and figure out how they get much larger from there. this back-and-forth is slowing down a multi step strategy that they both need to succeed long-t

first, let's get breaking economic data with julie hyman. julie: we have the consumer confidence reading. the preliminary reading for may. matching the april reading, 98.3 is what economists have been estimating. ofre has been a little bit wavering in some consumer confidence numbers last month. that this oneing is holding steady at the same reading. the current conditions gauge decreased for the second month. expectations rose for the first time in three months. people getting a little more optimistic about the future according to the latest reading. the dow is trading the highest, up the most of the three major averages today. the nasdaq is lagging as we see weakness in large-cap tech that we will get to in just a moment. as we wind down earnings season, it is interesting to see what happened with evaluations p are we have got the s&p 500 price to earnings ratio with the moving average and you can see being above the moving average for the last you years we see the price-earnings ratio come back down. it is interesting in the wake of the e

julie hyman, we have come back quite a bit. julie: we have.t been unusual with what we have seen over the past couple of months. when looking,

here is julie hyman. vonnie,hank you, appreciate it.ere is one etf firm that is bucking the trend of low fees. here to tell us more is tom from bloomberg intelligence. this is really unusual. one of our themes of etf trend is that low fees are winning out. chicago,burbs of naturally, the coverage of the industry leads us to blackrock, leads us to vanguard, because of the fee argument. it is almost like an enigma. i looked at all the average fees for each etf sponsor. julie: the big companies you are talking about. >> vanguard is 11 basis points. six times more than a vanguard etf. it is not just that you have one product skewing the average. broadave 130 etf's, offering of products. they're playing in that higher-end spectrum. julie: they are taking in money. >> that beautiful chart of flows, 20 basis points or less. they are quite the opposite. most of their flows are going to the more expensive products. managerin active getting in this business from i want to study what they are doing. they are barking the big -- bucking the biggest

meanwhile, julie hyman has all the details. julie: stocks flipped positive over here in the last hour. they have been trading negative just modestly, and now they're higher just modestly. where technology was a big lag before now, we're seeing the nasdaq trend higher by a third of 1%. outpacing those gains is the gain in the russell 2000. small caps have been setting new records. they closed at a new record high yesterday, at least as measured by that index. and that extension of gains is continuing here. the small caps are seen as a proxy for perceived geopolitical risks, trade risks, for example. take a look at the bloomberg for the s&p going back to the beginning of the year, and you can see here, they've pretty much traded in tandem. but you have a breakout in the small caps that began in sort of mid april that has continued, even as the s&p is still about 5% below its record high, as i sarke the russell 2000 is making new highs. let's look at what is holding back the large caps today. sysco one of them. that company's four

shery: let's check in with julie hyman.: we are seeing a steadiness, not much a reaction to the beige book report. it's sort of fleshes out but doesn't give us anything that is absolutely new. to still support the thesis that the fed is going to raise rates in june, based on the picture of an improving economy, a bit of an uptake from the view we saw from the last beige book report. dow and s&p are neck and neck in gains, butrcentage in terms of small caps, growth is outpacing them both. that has been characterizing recent action where we see the russell reach new levels as the larger cap averages have not maintained their records. we are also seeing swings coming back to the s&p 500 to some extent. we had things quiet down several as larget seeing volatility. then yesterday, back to back moves of more than 1%. it -- holds true, if a look at the treasury market to see what kind of reaction we are seeing in the bond market. a broad retracement is what we are seeing. big 15 basis point drop in yields yesterday, regaining anot

market action update with julie hyman. julie: we do not see much reaction. you are going through the intraday charts there. this does confirm what has already been priced in, likely to be a right increase in june. there are some nuances around the edges. it is interesting the commentary over the tariffs and the concern over them, but stocks are holding steady in the wake of this, rates holding steady as well. take a look at the groups in s&p 500, financials the worst performers today commemorates falling over the past few days. also, the change in dodd-frank, loosening of trade regulations perhaps already priced in. real estate on the other side, real estate and utilities, that are bucking the downtrend today. take a look at financials more in-depth. we see now a little bit of buying here in the 10 year, the move of four basis points. i am taking a look at the terminal as well. not much moving in the wake of the fed minutes coming out. very, very small downtick in yields. getting bigger as we speak. those financials are falling. elsewhere, we have to talk ab

hyman and i am julie for scarlet fu and joe weisenthal.n with market minutes and looking at stocks that bounced around in the wake of the fed position. first going higher briefly and closing not at the lows but near the lows of the session. , earningse session was in focus. we have gotten consumer staples reporting about margin pressure. about inflation getting close to 2% target, it seems to many of these companies are taking the brunt of that and not present it on in some cases. consumer staples the worst performers, telecom as well and health care and financials also rounding out the worst performing groups on the day. as for individual stocks, it is notable that the decline in overall stocks came even as large stocks are on the rise, with aeating estimates, $100 billion buyback boosting shares and tim cook reassuring investors. snap, but make the redesign of snapchat in terms of -f why they missed onn other users. and the fast food industry drawing less expensive fast dollarnd offering one law chose at taco bell, but that wasn't enough

i am julie hyman in for julia chatterley. scarlet: and i am scarlet fu.and i am joe weisenthal. and we want to welcome you to our closing bell coverage every day from 4:00 p.m. until 5:00 p.m. .nchor: and we began looking at stocks, it looks like we will finish off of the lows, but really, stocks have been around the bottom of a range, stocks falling by as much a point by 1%, and senior the s&p 500 looks like it will finish down by about two thirds of 1% -- and seeing here, the s&p 500 looks like it will finish down by about two thirds of 1%, real estate the worst performing sector in the s&p 500, utilities performings also poorly, but so did information technology. a lot of the big drags work tech. amazon, apple, google, intel, those are the biggest drags in point terms, and in terms of the percentage movers, home depot, the first of the big retailers out with earnings, and the earnings-per-share beat estimates, but comparable sales missing estimates and perhaps indicating some weakness at the beginning of the spring selling season for homebuilders, and

scarlet: julie hyman, thank you so much.ing up, with president trump pulling out of the iranian nuclear deal, oil has been in the spotlight. we have the chart you can't miss on energy related companies. this is bloomberg. ♪ ♪ scarlet: i'm scarlet fu. anticipation the president trump would pull out of the iranian nuclear deal in yesterday's announcement confirming that move has thrown the oil market for a loop. this is crude oil. on monday, it was at a four-year high. it pulled back as much as four point 4% yesterday on the announcement. -- 4.4% yesterday. $71 a barrel again. if you look at how that has impacted energy stocks, investors have piled into u.s. funds tracking oil companies. this is trading activities. it is not a percentage gain or the price or anything like that. you're looking at xo p. you did not see a similar bump for xle which is a broader spider sector etf which tracks companies. you can credit just good luck. at the end of april, he recommended investors go long. evenwould it be reasonable to et the same f

julie: i'm julie hyman in for scarlet fu."bloomberg markets." ♪ julia: we are live in bloomberg world headquarters in new york over the next hour and here are the top stories we are covering on the bloomberg and around the world. the escalating political crisis in it -- in italy includes risk off moods -- moves and flight safety worldwide. as stocks ares rising on the output and rush away on the market. business, transforming the global narcotics trade, a new era of drug can think -- kingpins. here forat coming up now, let's get a check with abigail doolittle. pressure is your word. abigail: you're right about that. 500, nearinghe s&p below, the dow down 1.9%. its worst day since early april and we are approaching the levels again and the risk of julia was talking, not affecting the nasdaq quite as much. we will look at that in a moment but first, let's look at the picture of risk off. we have a 10 year yield down 12 basis points. its biggest flight since february 5. that was during the macro risk off in february. stocks migh

i'm julia chatterley. >> i'm julie hyman in for scarlet fu.eif you are tuning in on twitter, welcome to our coverage that we offer everyday weekly from 4 p.m. to 5 p.m. eastern. we begin with market minutes and as we have been talking on the lows of the session, the dow at one point falling more than 2% at its lows, the s&p 500 at its lows, down 1.6%. definitely a little bit of a comeback over the course of the day. still the worst-performing group by far is financials, losing 3.4% on the session, the lowest since last november. health care, consumer discretionary, selling off relatively sharply over the course of the day. in the advanced to klein mine in the s&p itself, stocks declining , four for everyone it was rising. still pretty negative for stocks. is aboveshould mention the 20 day average for the s&p. togan stanley helped exacerbate the selling within the financials. andy saperstein, cohead of the wealth management unit said in a conference that transactional revenues remained slow after march and since the second order had obvious hea

i'm julie hyman. weisenthal.kidding in live on twitter, we want to welcome you to our coverage every weekday from 4:00 to 5:00 p.m. eastern. begin mother market minute and we start with stocks. stocks bouncing around in a tight range today. the s&p 500 looks like it will e-gov a small gain here at both. health care rising for the second straight session after rallied friday in the wake of president trump's comments on drug pricing in which he perhaps did not outline a worst-case scenario, energy rattling along with oil prices. real estate, utilities, and telecom are the lagging groups in the session. individual stocks, a lot of news going on pushing stocks around today. we saw it strengthen many of the gaming stocks and mgm resorts, after the spring court struck down the ban on state sports betting. before it had been limited just to las vegas and in nevada, and now looks like it was red across the country. we will talk to the drive kings ceo of little later about that. symantec, we were just talking about this o

julie hyman always has a couple. abigail has them.zuckerberg's testimonies before the european parliament. there is the stall for daily active users as a percent of monthly active users for facebook. the also look at rising costs for airlines. this is bloomberg. ♪ julia: it is 3:00 p.m. in new york, 12:00 p.m. in san francisco, and it :00 p.m. in london. i am julia chatterley. 8:00 p.m. in london. i'm julia chatterley. scarlet: and i am scarlet fu. welcome to bloomberg markets. julia: we are live in bloomberg world headquarters in new york over the next hour. here are the top stories we are covering on the bloomberg and around the world. driving down tensions -- u.s. stocks fluctuating often is china plans to cut card tariffs by 15%. going after a german giants -- elliott management is said to be building a stake in -- aiming to oust the ceo. countdown to left off. we have live coverage of the spacex falcon nine launch coming up this hour. one hour from the close of trading, let's get a check on the market and beyond. julie: a failure

has rakinge hyman economic data. 660 2000, declined month over month of 1.5%.ong revised a bit downward 672,000 more than 690,000. these numbers coming in a little worse than estimated with demand falling in the west in particular. sales price did rise by .4%. supply of homes at the current sales rate is 5.4 months in april and 5.3 months. not much changed their. toll brothers reported yesterday, the largest in the -- theeported numbers decline in the s&p homebuilders index, the two decline, and in homebuilders today. not much reaction in homebuilde. not much reaction to the report as of yet. we have seen selling pressure this morning down about one third of 1% as they continue to weigh the trade tensions between the u.s. and china and these other geopolitical news to digest here. take a look at the groups on the move, financials, the worst performing sector. ironic given the fact we have just seen a removal of the dodd-frank trading restrictions. perhaps othern as geopolitical risks are weighing on the banks and that was largely expected at this point. materia

there is julie hyman. julie: stocks bouncing around on a narrow range today.ow higher by a 10th of 1%, industrials have been stronger. that accounts for the dow strength. between -- irength should say discrepancy between large and small caps. outperformance of the russell 2000 of small caps with a record again today. we have been watching this phenomenon. more concern perhaps priced into large caps about trade negotiations and what those outcomes will be. we see the dollar strengthened and small caps have been advancing. in terms of what investors have been buying. we have been watching this trend. s&p 500, a record reaching in late january, not gotten back there, trading 5% below those levels of the russell 2000 has reached it again and keeps expending -- expanding that record. proxy for investor sentiment about the geopolitical and trade environment right now. when you look at large caps, the balance is to the bears, when you look at fundamental corporate news. out with an deere, earnings per share number that missed estimates but raising its forecast for th

here is julie hyman. >> earlier in the week, it came in worse than expected.t looks like the nonmanufacturing deposit 56.88 april. -- a worse than the 58 four-month low. interestingly enough, in that 56.8, it is aort, four-month low. the lowest in the year. we got factory orders in the past few moments. that is better than estimated. already, we had stocks trading lower this morning. the treasury department, including treasury secretary mnuchin traveling to china to negotiate over the trade disputes between the u.s. and china. waiting for that. we have this uncertainty hanging over the market. all three major averages are down. the dow is down for a fifth straight session. the s&p 500 is declining yesterday after we had the fomc. initially, we saw stocks come down sharply and gap lower here at the open. even though the statement was broadly read as sort of a stay the course in the fed, it also acknowledged -- that inflation is approaching target. earnings disappointment's have been talking about today, the worst performer in the s&p 500 today's down 16% hear t

a half-century ago, admiral hyman said survival for america requires -- requires the revival of excellence. internal mediocrity will destroy us he said just as surely as anything extra no. internal mediocrity. can destroy us. i wonder if he knew how right he was? there have been many signs along the way pointing to the same direction that every other great nation state in history has followed. and unfortunately, sometimes what we learn from history is that we do not learn from history. , we haveelled u.s. done something no other nation in the world has been able to do. have produced a higher standard of living for the greatest number of people percentagewise. a higher standard of living for the greatest number of people in all of history. and our most important challenges to protect and preserve that system that has encouraged and rewarded creativity, talent, hard work to a greater extent than any place on earth. and we must never forget that freedom, freedom, which we all has never freedom been and never will be free. it is incredibly powerful and the most fragile commodity in all of huma

scarlet: thank you so much, julie hyman, with a complete market wrap. you now to first word news with mark crumpton. mark: thank you. withdrawalrump's from the iran nuclear accord has drawn international criticism, but secretary james mattis told a senate committee the president made the decision after facing the deal -- finding the deal in adequate and following what he called a lengthy review. >> it was not a hasty decision. -- the administration has been in place for over a year. for over a year, we have attempted to work with allies to address the shortcomings on it, so i think we now have the opportunity to move forward to address the shortcomings and make it more compelling. mattis also said withdrawing from the iran deal does not constitute "a default to war." chancellor merkel says now that the u.s. has withdrawn from the iran nuclear deal, europe will face more responsibility to secure peace. chancellor merkel reiterated the party delegates -- to party delegates the commitment of france, germany, and britain to stick with the accord. a top russ

let's look at the markets with julie hyman. clearly: there's

here is julie hyman. julie: ahead of the announcement this afternoon, there is a lot of confusion as to what the president is going to say. oil was trending lower today after falling yesterday when he treated he was going to -- we weeted he was going to make announcement. it rebounded to some extent after the new york times reported that donald trump that told emmanuel macron of france that he was going to withdraw from the deal. a lot of confusion until we get the news at 2:00 p.m. from a new headlines service saying china and the u.s. will try to find proper deals on trade. this follows what president xi has told president trump. a softening of the rhetoric at least. if you take a look at stocks, we are not seeing the bouncing around in the oil market. investors are keeping their pow der. the dow and nasdaq are trending lower. someussell 2000 is showing strength. if you look at some of the , yous in the small caps have earnings beating estimates. these earnings winners, if you take a look at the bloombe

. ♪ david: markets have been selling off your here is julia -- julie hyman.ulie: we are bouncing off the lows, but the selloff is relatively steep and relatively broad. most of the sectors in the s&p 500 are trading lower. none more so than financials. 1.7%.nk is down financials are down because of disappointing earnings from insurance and banks more broadly are taking ahead -- a hit today. take a look at the banks themselves. broadly, there is a risk off session.oday's bank of america, jp morgan, wells fargo are down. i have some services number that came in a low estimates following his -- following the heels of the manufacturing number. economic data coming below estimates. you have the bid to the 10-year sending yields lower by three basis. that is feeding back into the banks. that, another snapshot of take a look at the bloomberg. we have the u.s. economic surprise index. that is here in blue. it is trending lower to some extent. it just means that economic data is beating estimates at a lower rate than it was previously. then we have the yield curve, -f

let's look at the markets with julie hyman. julie: thisre's -- fight north korea and other -- stocks not seeing much reaction. the nasdaq is rising as the s&p and the dow are slightly lower. look at the bloomberg for a better picture of the range we are talking about. this goes back to late february with stocks housing around. the rain -- bouncing around. the range is bouncing between the two levels. one asset that did not get the memo is oil. in the session today, intraday , $70 seeking nine cents -- $68 today, down 4% today, the worst one day tumble since september with the body -- audi energy minister saying they will likely increase production gradually in the second half of the year. some energy analysts crediting a tweeet from president trump making opec change its tune. at itd that opec was again and oil prices were artificially high and the saudi energy minister said customers have concerns about oil prices was one of the factors in the decision i saudi arabia. looking at retailers as they report earnings with a mixed p

let's turn to julie hyman. julie: we are seeing stocks back down near the lows. the nasdaq is down about 1%. this is due to a ripple effect. this morning, we got retail sales numbers that matched estimates from last month, but were revised higher for the previous month. that has created a ripple effect your markets. take a look at the bloomberg. we have real estate stocks in the bond spot in the bottom spot -- in the bottom spot. laggard. financials are holding up better as they do when rates rise. another group that is doing well today, apparel because of retail sales. apparel inflation is rising the most in about eight years time. we are seeing many of the clothing manufacturers rise today. ralph lauren, the incorporation, corporation, -- vf just a few examples. strength with financials. here is the move on that 10-year yield. this is the highest yield, the highest rate on the 10-year that we have had since 2001. what is the effect on the u.s. dollar? here is the dollar index, the bloomberg dollar index. this is net short and long interest on the dollar. i want

julie hyman is here to tell us how the market is reacting. julie: \ not well as we await the iran decision. we are definitely seeing a sensitiveterest rate trade where utilities are trading lower and financials are trading higher. the balance is to the downside. over the past several sessions, running up to this decision we had seen oil prices rallying on the supposition by some participants in the market in deed the u.s. would pull out. there could be nuance. will there be renegotiation of the deal? iran is one of the largest oil exporters, shipping 2 billion barrels a day from the country. when the president announced he would be announcing his decision at 2:00 p.m., oil fell off. something else to watch today, continuing moves in the media industry. i think we have a chart of some of the media stocks on the move. perhaps. 21st century fox is rising after comcast is lining up financing for run at a buying the entertainment assets. they have an accepted bid from walt disney for those assets. we have various parties vying for the part of sky

julie hyman is keep an eye on it. julie: not much as changed in the major averages. little bit of a downdraft, information technology is the biggest drag on the s&p 500. the dow is doing the worst of the three major averages today. one of the biggest stories continues to be oil prices. breach,he $80 level highest going back to november of 20 -- of 2014. refineries in particular are rising today. particular update -- upgrade ahead of a golden age of refining. rising in today'session on the call. u.s. oil production is here in u.s. oil production is here in white. stockpiles in blue. production is going up and up. goldman sachs in a notegoldman l fundamentals arkham -- increasingly bullish and they meetnot be able to fully supply if sanctions do resume and meant continue and have an effect here. it could mean more pumping, potentially for the u.s. shale industry, which we have not seen much discipline from one prices go higher. the other thing has to do with watching the realty -- the retail earnings on the earnings front. overall, the numbers look better than estimate