from bloomberg headquarters in new york i am caroline hyde. .oe: i am joe weisenthal forine: the fastest ascent the s&p 500 giving them away to the fastest closing at a record high. joe: the question is, "what'd you miss?" caroline: the s&p 500 did close out the record high but there are signs that bp's failing to come up with a forced him is round is having an impact on the markets. walmart senator warren say that the retails sales cut slowed last month as government released ease. barclays is using the recent coin shortage of the gauge of economic reopening. seeing evidence of a recent slowdown. not to be too much of a debbie downer on the record close but is there something to worry about? joe: we got a be really listed. this is an extraordinary market come back we got a be realistic. yes, there is no deal yet in d.c. but people have been warning for a while that this or that was going to end this rally. and it has not happened. so, the second wave in all this stuff. and the failure to get a deal is supposed to kill this rally. has not happened yet. that being said, there are several

romaine: i'm joe weisenthal. joe: i'm joe weisenthal.omaine: flirtation with a record i rebuffed again. homebuilding stocks reminding people what a v-shaped recovery really looks like. theline: on a day where democratic national convention kicks off on a platform that shows -- a platform of economic fairness. homebuilding rising to meet a record in making 98. not everyone is joining the rally and housing. that joe biden hopes the fed will take on. joe: this is some really extraordinary housing data we got today. thinknot like anything i we have seen in the past. the homebuilding sentiment index off the charts. homebuilders feeling really good about this. all of the stories of people leaving cities, wanting to put down roots, have a yard, all that stuff. that has been soaring. at the same time, delinquencies have been shooting up as well. the blue line is traffic of prospective buyers. basically people coming to look at a home. the right line is mortgage delinquencies. intuitively, you expect it to look like these lines move in opposite d

joe: i'm joe weisenthal. romaine: i'm romaine bostick. sla, an, microsoft pushing the nasdaq to a record high. joe: the question is, "what'd you miss?" caroline: not much. tech leads the s&p 500 higher. the nasdaq hits a new record close again despite geopolitical tensions. you really have more of the same. tech outperforms. one jobless claims around million. rates grinding ever lower. still fears surrounding the coronavirus. it feels as though this market just has a complete disregard for warnings coming from the fed, warnings from u.s.-china relations? and rates refuse to go up tech outperforms. you can have a situation where value outperforms. we saw that briefly in june. or you could have a market that actually goes down. that does not seem to have. instead, we go back into this one very specific group of mediocre growth. caroline: at the beginning of trade, we were a bit worried. we saw the reading on the philly fed. the ceos being asked the key question of caution. ofare looking at a blue line what is current outlook. in six months,

joe weisenthal is gone but we are still going to update you on the markets today. is, "what'd you miss?" caroline: apart from missing joe today, we are thinking about corporate nerves. the s&pvestors did send 500 to another record high, the dow in the green, we are seeing companies preparing for less than historic times. coca-cola and gm announcing thousands of job cuts. isnwhile, capital one cutting borrowing limits on credit cards. this is coming just as stimulus money is running out and people need loans the most. romaine: interesting that they would take this action. the credit market dropped pretty dramatically prior to covid-19. the number of credit card loans outstanding on a household basis dropped in the first quarter. it accelerated in the second quarter. that was the sharpest drop on record. i guess the question is what caused that. people were shopping and traveling less, but there is also a sense, and you see this in some of the data, that credit card lenders were tightening their standards. interesting, this data on your screen only goes through the en

joe: i am joe weisenthal. romaine is out having a well-earned rest. tesla, new- apple, levels. 12% move i'm a quite amazing. -- percent move, quite amazing. today, an index that directs business activities in places such as texas, the virus saieh surge in virus cases. on the other hand, a bloomberg report today reveals the unprecedented hunger crisis. upendingmic is livelihoods and leaves us with some unprecedented projections, that by the end of the year more people will die from hunger then covid-19. haves,t's start with the the people whose fortunes are clearly improving. we did get the dallas fed manufacturing index. this got clobbered in april and may. it is surging back. it came in today at 8. it is well ahead of the expectations of flat. if you read through the report, hiring is up, pricing power is up of expectations for the future is up. there is a long way to go to dig out of that hole. you see it in the market, see it all over the place, a plug company that was surveyed and -- a pillow company that was surveyed said everyone is buying pillo

joe: i am joe weisenthal. romaine: three days, three record highs. question is, "what'd you miss?" caroline: investors art of data are divided on whether inflation is on the way back or if it is not? the threatndering if of covid-19 has put economies on course for rising prices the likes of which they have not seen in decades. gold being bid up. side, deflation rather than overheating, some feel. trade rivalries, unemployment benefits, and everyone has an interest in the outcome. remembers theer great financial crisis period, lots of predictions of inflation which of course did not really come to pass. they are all back and they all point to charts like this. this is a change of the money supply. this time, it has got to happen. all this new, money happening. we have got to see a price rise. nonetheless, people look at this and say, this time we will get it. romaine: they failed to look at the m2 money velocity, the amount of times that money actually changes hands. there is argument that this actually has a bigger impact on inflation. this never rea

let's bring in joe weisenthal. bitcoin impresario. twitter kingpin. tiktok fanatic.are in your rv somewhere, making your way back from austin, texas to new york city. there is a lot of move in bitcoin, or as caroline calls it, digital gold. joe: the real gold has had such a good run. am i not coming through? it seemed weird that bitcoin itself was not surging. it did finally break out over the last several days. 11,400.ttle bit under kind of standard volatility. whenng some love at a time basically everything else is getting bond. bought.ng taylor: what are some of the bitcoin and where it goes from here? what are some of the more -- about the levels? who tries toanyone put a price target on it is inevitably going to embarrass themselves. there is a lot of optimism that since 2017, there has been a lot of infrastructure built out so that institutional money could access bitcoin, which has been historically difficult for regulated institutions to buy. you look at environments where nothing really yields anymore. portfolio hedges that perhaps might work in an environme

joe weisenthal's 14th wedding anniversary, he is celebrated by joining you next.s is bloomberg. ♪ hike! coming to the green flag, racing at daytona. they're off... in the kentucky derby. rory mcllroy is a two time champion at east lake. he scores! stanley cup champions. touchdown! only mahomes. expect anything different? the big events are back and xfinity is your home for the return of live sports. yeah. this moving thing never gets any easier. well, xfinity makes moving super easy. i can transfer my internet and tv service in about a minute. wow, that is easy. almost as easy as having those guys help you move. we are those guys. that's you? the truck adds 10 pounds. in the arms. -okay... transfer your service online in a few easy steps. now that's simple, easy, awesome. transfer your service in minutes, making moving with xfinity a breeze. visit xfinity.com/moving today. ♪ caroline: from bloomberg's will headquarters in new york, i am caroline hyde. romaine: let's look at where markets ended today. stocks higher, yield higher, dollar higher. joe: the question is

joe weisenthal will join caroline and remain.is bloomberg. ♪ ♪ ♪ caroline: from bloomberg world headquarters, i am caroline hyde. romaine: let's take a look at where we left off in the markets today. straight record high -- fourth straight record high for the s&p. joe: what did you miss? caroline: yesterday the s&p 500 posted another record, and from the economic data, coming in hot. a report from one forecasting center might frame rally for you. they say the present contract between booming sales and -- retail and consumer goods, and the dire straits of others is exceptional. haves. tale of two have and have nots . joe: you have some companies doing well. meanwhile we know numerous small businesses -- as you go down the size scale, arguing worse and worse. mom and pop are struggling, but you can see it here. here is a trajectory of earnings for large caps, mid-and small caps. you can see how the estimates have come down 25% where is the is down 60%. we are not even talking about actual mom and pops but the actual listed equity,

joe weisenthal is ready to come in. this is bloomberg. ♪ >> from new york, i am doe caroline hyde.a record high. the s&p walking a tightrope. caroline: quite phenomenal. the question is, "what'd you miss?" romaine: joe. joe: i am still getting used to this. my apologies. caroline: day five. can the economy keep up this pace? records surging in july with mortgage rates. but plus, august data shows u.s. manufacturing and pmi above expectations. joe, millions of people unemployed in this country. the virus still front and center. how much of that is going to eventually detract from the u.s.'s ability to keep its head above water, particularly when you look at u.s. versus europe? joe: there is no question the u.s. has massive challenges. not a great job in most people's view of suppressing the virus. massive unemployment. mayalso, the u.s. economy be better on a relative basis than people think. although the virus situation is still not great, the rebound in many cases is not as bad as people thought. if you were to say, look at pmi u.s. versus europe, the white line is the u.s. versio