jonathan: jonathan golub. the opening bell is up next on bloomberg daybreak. rket. futures down 2/10 on the s&p. you are watching bloomberg. ♪ jonathan: from new york city, you are watching bloomberg daybreak. moments away from the opening bell. d.c. drama continues to dominate sentiment. futures stabilize as we move toward the cash open. s&p 500 futures down four or five points. switch of the board as you hear the opening bell, the biggest one-day drop on the s&p since september of last year. treasury yields continue to grind lower. yours your -- 2.21 is yield on the u.s. 10 year. that is the story across assets. alix: we are seeing a little bit of selling, today, but not a lot of movement. the nasdaq is off by 2/10. the s&p off by 110. -- 1/10. will today beat that day? this is the only -- only the second day were we had a 1% move before the s&p. individual names, i want to point out what happened. halliburton getting a new ceo. u.s. steel getting hit. you price out steel and that will wind up hitting the seal stocks. freeport off over 1%. that is a copper st

with us now to get you set up for the week ahead, jonathan golub from rbc capital markets.. >> hi, sara. >> it feels like with the lack of news on earnings and specifics on economic data the path of least resistance is higher for this market. why are the bulls in charge? >> the underlying data is good. like you say, it's been a quiet period but we will start to see another jobs report, which is likely to be good. the manufacturing data, the ism which comes out at the beginning of the month will be things that the market focuses on. you've had solid earnings, recessionary risks are super low. the fed is moving forward, but it's not going to shock the market with whatever they do. june is a done deal. i think grinding higher on low volatility. >> why then is the bond market have a yield curve that's low and flat given the rising rate environment and suggesting bearish outlook on the economy? >> you know, that's a question that we're debating with all of our clients. if you look at the move since last june, we were at about 1.35 on the ten-year, now close to 2.25. but i would