jeff curry ways in on just how bad the commodity rout will get. ♪ olivia: good morning, everybody.elcome to the bloomberg market day. i'm olivia sterns. matt: i'm matt miller. want to get to a market check. we are headed for the worst week since may 2012. the s&p 500 is down about zero point seven time percent -- 0.75%. the dow jones is falling down well below 17,000. the nasdaq is off about 0.73%. out whatard to figure the exact catalyst is, but some disappointing numbers out of china overnight. matt: i think it is a pretty clear catalyst. is slowing economy and that is weighing on the price of oil. oil is headed for the longest run of weekly declines in almost three decades. let's look at what is making news on the bloomberg terminal at this hour. president obama is trying to keep wavering democrats on his side. urged a new york congressman to back the plan, but the letter is directed to all members of the party. it looks like it is no more mr. nice guy for jeb bush. jeb bush fired back at donald trump yesterday. >> i'm a proven conservative with a record. he isn't. he has propos

matt: jeff currie, the head of commodities research at goldman sachs on "bloomberg surveillance" thisg whitman says expect more difficult quarters ahead for h.p. as she splits into two companies. will the road ever get easy for this one time tech pioneer? ♪ matt: welcome back to the "bloomberg market day." i am matt miller. the dow is closest to a correction. let's get a check on the markets with julie hyman. by correction you mean? julie a pullback of 10% from the highs. mike mckee and i were talking about the idea of correction. a lot of strategists have been calling for it saying it would be healthy. now that we appear to potentially be in the midst of it, it does not feel great when we are seeing a selloff like this week. all three major averages not quite at the lows of the session but close to it. we had the dow earlier touching its lowest since last october. the s&p and nasdaq, their lowest since february. we will see where we end up on this friday. take a look at my terminal for the dow. the dow is neck-and-neck with the nasdaq. the nasdaq reached its highs for the year july 2

jeff curry ways in on just how bad the commodity rout will get. ♪ olivia: good morning, everybody. market day. i'm olivia sterns. matt: i'm matt miller. want to get to a market check. we are headed for the worst week since may 2012. the s

jeff skeverski has all your saturday morning sports. >> reporter: sam bradford is expected to make his debut against the ravens, early -- earl wolf had surgery on his right knee. marcus smith has a hamstring injury. jimmy curryets a shot to show off his moves. >> being out there is like being in the -- when it comes down to it, you have to make sure you handle your job right. >>> after practice, fletcher cox taking a drive with juan pablo montoya in the area for sunday's race in the poconos loving it. >> does chip kelly know you did this? >> i'm sure he knows now. >> reporter: chase utley a dodger said it has yet to sink in he is no longer a philly. utley feeling more at home with jimmy rollins at his side. >> i've known him for a while, he is fun to be around, all that factors into it. >> how strange does this look, utley in dodger blue batting second behind jimmy rollins as he goes o-4. fly out in the 9th against astro starter who knows it is utley's debut. >>> this is how rookie jared ikoff gets ready to go. he is the first phils starting pitcher to have more than one rbi in the debut. the family goes nuts. he goes 6 innings, picks up his first win and phils win 7-1. they are back at it later tonight in m

jeff curry is the economist who wrote those words. we are used to dating events in economics. you goteresting to see back to 2005. what should we have seen then that was already apparent? jeff: i dated back to 2001. the dollar was at its strongest point. what happened later that year, you had september 11. that through the economy into recession. you actually saw both the oil and dollar rollover at the exact same time. that helped stimulate growth in emerging markets. we had stronger growth in australia. that puts pressure on a commodity prices. that puts pressure on oil prices. that leads to a weaker u.s. dollar. that's similar to what we are seeing. september 11 is an event. do i understand that correctly? lashawn commodities in 2002. -- bullish on it commodities. that was that time when the weak dollar ticked off. when you think about what happened, there was no russian ruble. it did not start trading until the early 2000. those currencies started appreciating and roll up the costs. tom: the mexican peso is down 31%. we know this gets fixed like politics at the end of the da