nolte: let's go to -- betty: let's go to julie hyman. in the s&p 500. e all groups led by technology. can you tell us more? julie: we have a rally that you we are talking about. it is not as large as the bounce backs that we have had over the last several weeks. it is a bounce back from last week's decline with the dow continuing to ramp up and accelerating its advance in the first few moments of trading. one deal that we were talking about this morning as trading gets underway is media general by meredith. it is valued at $2.4 billion, 51-50 three shares is what we are talking about. this new country will reach 53% of u.s. homes with a television. it is also about being able to take on more leverage. you can see meredith shares rising 10%. in terms of technology, many stories -- one in false apple. apple is having its annual product event tomorrow and there is anticipation about if it will produce news about apple tv and other product upgrades. they are up 2.4%. at morgan upgraded stanley. they are saying that based on survey, fitbit products are holdin

let's go right to julie hyman. 's take a look, we are hanging onto gains, although we have -- after yesterday's big selloff. you would think there would be more of a conviction rally, but it doesn't seem to be the case. i want to bring in kevin kelly right now, he is the chief investment capital officer there. we are happy to have kevin back. he was at oktoberfest in germany. in the a picture of him swiss alps with a friend he made there. >> they are really gentle. [laughter] german markets are doing really well. julie: back to reality here in the u.s.. looking at the options trading today, we are not looking at a lot of conviction. kevin: you are seeing three times the amount of puts being traded against call, so everyone is putting on more insurance through this earnings season, because we don't know what companies are going to go out. setting their budgets, so they are going to temper some expectations. we are also seeing the volatility, it hasn't closed below 105 over the last month, the average is around 85. it

we have julie hyman, our senior markets correspondent, who will break it down for us. lie: a larger than estimated drop in existing home sales in august, falling 4.8%. that is month over month. pace a decrease from the in july, which was 5.5 8 million. .ery slightly lower the number was the strongest since february of 2007. the decline you are seeing is from that elevated level. economists were looking for a drop of 1.6%. the decrease is definitely larger than expected by the economists. in momentum in the real estate market, which we have seen pretty much continuing thus far this year. the largest part of the housing market, larger than new home sales, which we also report on and will get later this week. back to you. we will look at the markets. let's get a data check. stocks on the s&p 500 are flat after the drop friday. the dow jones, nasdaq, let's look at the debt markets. the two year yield is up. there is movement there. two basis points, the ten-year up four. a little more confidence in inflation this morning. oil, new york crude moving up since yesterday, just

we are making our way back from the lows of the session with julie hyman. e: we're back from the lows in the session. we have had a drifting up and down over the past couple of sessions. a set cannot find direction. we are seeing stocks overall gain traction. energy remains a drag, and the stock story of the day. the s&p 500 biggest movers -- kroger and best buy are leaving on a percentage basis, but there are more deep declines on the negative side of the ledger. all 10 of the worst performers are energy stocks. to see oil pullback. something else interesting that caught my eye is the default swaps on investment-grade debt on energy companies. bloomberg intelligence highlighted this in this chart here this is a market index of .ll ingress meant great debt the credit default flops. the chances investors are putting on it that it could default. it is relatively low and has remained relatively stable. this is what is happened to energy investment-grade debt. we had a peak of ago, and it has recently.ng back investors are placing a high chance. the previous wee

this is our senior markets correspondence julie hyman with a quick look at what is happening on wall street. julie: we are already in today's session and we have bounced between gains and losses. right now, we appear to be in the positive column. definitely, we have seen volatility thus far. just a few minutes ago, we had dipped into negative. it seems as though after the big decline yesterday that investors are still trying to figure out where to go from here. mark: one of the biggest shops on wall street getting more pessimistic. what is that about? julie: goldman sachs. they are cutting their forecast for the year's end for the s&p 500 to 21 500. it is down 8% since the big drop that began in august. they followed on the heels of cutting their forecast. he is even more pessimistic. he is watching a couple of things behind this call. energy earnings continue to be under pressure from lower oil prices. he says that china's growth will be a full percentage point worse than economists are estimated. continued instability from indecision in washington, d.c.. finally, he points at the fe

let's get to julie hyman. iley pointed out, we are's -- as matt rightly pointed out, we are still down on the s&p. the dow earlier was up as much as 330 points. it has pared back to some degree. the nasdaq is positive on the year, but has been bouncing back-and-forth edited in recent weeks. some of the best performers today, particularly in the azerbaijan hundred, tycho energy s&p 500,ularly in the o energy, its biggest one-day about 24%.f 1 -- of the company is waiting in -- wading in at a time that is somewhat tough for other energ ies. going back about 10 years, the acquisition activity in the utility industry -- you can see this is just for the u.s. and there are a number of high-profile rejections this year. most recently, exelon's acquisition of pepco was blocked. we will see what happens with this one. some of the analysts we spoke to have seen the prospects a bit more positive, in part because canadian acquisitions have been a bit more hands-off. in terms of the other top performers, e*trade is one of t

julie hyman sitting beside me and peter tchir. lie: we have a reversal in futures with an increase and then coming down. in have been so volatile. .1 of the past 14 sessions the s&p 500 has closed, not during the session but closed with a move of at least 1.3%, up and down. we have seen that takes about 25 for 12 of the past 13, so volatility is being seen even when you look at futures. there is a fertility. a fragility.e is erik: it doesn't happen often. julie: no, but becoming more the past weeks. in terms of movers, cbs is one of them. it is one of the media stocks that has been battered since the beginning of august. over deutsche bank and analyst saying that the multiple is depressed and he expects accelerating earnings growth and cost pressures easing, ad revenue expectations are achievable and showtimes should be an earnings driver as we have seen. we will take -- quick breakl take a and when we come back, we'll talk about mark carney and why he wants to raise interest rates with the sign of a weakening british economy. ♪ er

let's check in with the julie hyman at a look. julie: that is correct, the s&p 500 is down by over 8%. an increase in the last day of the quarter with rallies at 1% across the board. we have a relief rally. let's look at the terminal. that thee on the imap broad-based rally is well. the two reels and energy are doing the two worst-performing groups today. we see a plunge in commodities. i want to point out health care is coming in with a 1.5% gain. yesterday we size split. larger stocks were doing well. may break the losing streak today. speaking of commodities, i also want to take a look at gold. .old is lower this morning we had an employment gain of 200,000 private sector jobs. on u.s. payrolls report friday will be an indicator that tracked closely. .old is falling off for the past three months for go -- there we go -- it is the streak for gold. we have not seen a streak of losses is since 1998 and 1999. it has been a good amount of time for volatility. drop inve seen a stocks, we saw a pickup and volatility. today the big busi

julie hyman is in the newsroom with a check on the markets. julie: good afternoon. lebron james comparison although this one is a little more important i would say to the world at large. take a look at the major averages. we do indeed have that selloff going on. it is a pretty broad-based one. the financials are down, material stocks are down, industrials are down. this is very broad based but i want to talk about there is some fundamental news driving some of the selling we are seeing today. take a look at la quinta, the hotel chain. the ceo announced after the close that he was resigning. the stock is down 15%, the most on record as a result. it went public in 2014. the company also said it was cutting its forecast. that commentary is having an effect on the other hotel stocks. hotel operators, we are seeing them decline. all of them are also selling off. betty: also, julie, tell us about the hotels. we know that some of the hotel stocks, as you were talking about, are declining, but the reits, those are gaining. when you're talking about hotels or other types of

scarlet: we need to check in with julie hyman for another check on the markets. e bestome of performers and worst performers to julie: in the sb 500, the top performers all have to do with deals. being bought for $6.59. cablevision being bought by lt's -- altice. resources being bought. when you see outperformance here, compared with the rest of the major averages, or on average, the major averages, it is all deal-driven. this prompted me to look on my bloomberg terminal to see how the deal flow has been this quarter. we have seen continued strength in m&a activity. this is the surge of u.s. deal activity, just mergers and acquisitions. the volume and the number of deals being done. even in a tough market environment, there were still a number of deals. on the s&p 500, the worst-performing stocks all have to do with commodities. joy global, the maker of mining equipment, killed, down 67% -- down 57%. consol energy and freeport-mcmoran are down. the company announced it would be making changes, making cuts, and carl icahn and announced he invested in the company, f

alix: we want to get to julie hyman on the market action. it ended flat on the day but it was a very intense afternoon. julie: yes, it was. a lot of volatility through the afternoon in all asset classes, really. we talked about stocks and treasuries in some detail so i want to talk the other asset classes. currencies, which you talked about a little bit, but i want to redirect what we said -- reiterate what we saw could account rising versus the dollar. it is interesting, this action here. the dollar is falling along with rates in the break of the press conference. janete the fact that yellen talked about strength in the domestic economy that concern in the global economy -- that seem to be one of the takeaways from today. remember that the dollar has 16n the best performer vs. developed nations, its peers, over the past year. vs. a basket of currencies and the gyrations through the end of the day. finishing down by about 1%. remember also that yellen reiterated we are going to see a gradual trajectory when rates begin to go up and another re

julie hyman is standing by. es we have been seeing in commodities, continuing to see commodities. let's talk about oil. progress in its efforts to lift sanctions, but you do not know when they will be bringing oil to market. this already in the market one analyst say that we are going to continue to cease low oil prices because of the surplus. goldman says that that is going to continue for the next 15 years, but now we are seeing a decline of 15% in oil prices today. otherg across the commodities, metals under pressure. this is inc., which is trading at a five-year low. platinum is trading at a six low. the asian development bank is still forecast china, which has affect metals today. the production of copper in particular will exceed demand by 598,000 tons by 2017. double the surplus we are seeing this year. supply demand dynamics are continuing to not be strong for many of the commodities. not just limited to oil and metals, we are seeing it as grains as well. looks like growing virus edition -- growing drier

matt: let's get over to julie hyman -- julie hyman for look at the markets right now.are currently off 260, jules. julie: we stayed there. interesting that we have seen stocks from this trajectory. the s&p 500 spider etf, look at the times we have gapped down 1% after the opening bell. happenede that has stocks have continued to fall throughout the day and that is happening once again today. taking a look at the groups doing the worst, take a look at the transports. the dow jones transportation average is down by 3% today. looking at the dow transports as opposed to the dow jones industrial average, that is what they called out here he. take a look at my bloomberg terminal. theory.dow take a look at my bloomberg terminal. these are the lows from october. each of these indices, the industrials are in yellow. the dow transports are in orange. take a look at the end of august. folks over at raymond james are saying that that is not a very good sign for where we are going forward. yes, we have rebounded off of those levels, but there are still a lot of concerns about ande

alix: we want to get to julie hyman on the market action. ded flat on the day but it was a very intense afternoon. julie: yes, it was. a lot of volatility through the afternoon in all asset classes, really. we talked about stocks and treasuries in some detail so i want to talk the other asset classes. currencies, which you talked about a little bit, but i want to redirect what we said -- reiterate what we saw could account rising versus the dollar. i

julie hyman is still here with a look at 50 minutes before the opening bell. julie: it is worth taking another look at futures because of the magnitude of the gain we us eating this morning. .% gains we know things can change by the end of the day. another shout out from earlier. volatility. -- so much big huge up days, the gains yesterday were on lower volume than declines we had seen in the last couple of weeks. in terms of some of the movers, we have got banks to talk about. goldman sachs got an upgrade saying the stock has 20% upside. analysts are saying the third quarter will be tough, potentially, not just for goldman but for the rest of the banks. but that it should hold up well and has a good valuation and a mostly favorable capital markets outlook despite near-term volatility. out the analyst pointing innovation and technology and also a strong risk management. that is goldman sachs and citigroup according to go -- morgan stanley. other u.s. banks including bank of america and cit have the most upside in an interest rate raised case. if you do get this

let's go to julie hyman. julie says we are at the top of the hour. turned positive on the day. we are seeing him being led higher by the donald's, united health, and ibm. others are lower, but not by much. here is a trader at alpha shark trading from the cboe in chicago. after all of the dramatic moves, this week we have been muddling along. will we have more of a drifting environment, or is everything going to change with the fed next week? >> everything could change after the fed meeting next week. would we have been seeing over the past weeks and months is alternating up and down weeks in the s&p. that is a choppy environment that is difficult for some traders to take advantage of. someone like me with a short holding. can buy low and sell high and be nimble. some people at data tough time. two weeks trading at a 100 point range with no conviction one way or the other. big and institutional traders are sitting on their hands until we get through the catalyst event of the fed meeting. have any positions on what you think the fed will do? generally

pimm: pim betty: i want to bring in julie hyman. julie: let's look at how stocks are trading.k from a couple days of decline. theiraverages coming off highs. joining me is jim, a derivatives strategist at mkm partners. i've got to talk about the fed hangover. is it over? seems like day by day there's a different read on what we heard thursday. jim: i think what people have to keep in mind is we are still in the midst of a shock. edr view coming into the f last week was that equity implied volatility in the u.s. would remain elevated for longer than people expect. the expectation was we had the fed meeting out of the way, spot vix collapses and stocks rip higher. that has not happened. i would say the hangover from the fed is not over. do you think we see a trajectory where things quiet down to some extent and then we start to see the build in volatility into the next fed meeting? jim: that is late october so not really. 20, thevix is below 21st oh, it really gets repulsed and moves higher. the inverse of that is stocks moving lower. we would act more defensively than not. it u

senior markets correspondent julie hyman taking a look at what is happening in the markets right now. area --ouncing along bouncing along. julie: the nasdaq down. a pretty broad-based selloff. in addition to the fed holding rates steady and uncertainty looming over the markets, we saying hisdimon firms trading revenue will be the same as competitors. we have had bank of america and citigroup say they could see trading -- those other stocks are down. i want to figure out how has these trading revenues done? is for the global investment banks, not just for those in the united states. year over year, with the exception of two quarters ago, pretty consistent declines in trading revenues. that would bey pushing down those bank stocks today. pimm: pope francis will be visiting cuba tomorrow as he then makes his way to the united states. it could play a critical role in helping the two countries come together. political hope. enough heerestingly has sounded off on a lot of issues, not just u.s. cuba relations but also climate change and income inequality. people say he is a much more compass

i want to go to senior markets corresponded julie hyman. julie: thank you. coming up better than estimated gain in new home sales 552,000.ual pace of the prior july rate was at 522,000 to 570 -- and do recall that new home sales are a minority of the markets, existing home sales or previously home owned sales, however you want to put it, are the largest part in the market. new home sales can be a leading indicator and they can indicate or broadly how the construction market is doing. matt: thank you very much. .reaking news on new home sales we watched pope francis walk toward the front of this joint session of congress to make this historic speech. phil is standing by in washington. as i was trying to point out, the pope does not mean to be political but he does make statements that seem very politically loaded. phil: -- matt: i'm not sure phil can hear me. we are having technical difficulties with phil in washington. maybe the applause of congress is too loud for him to hear. i microphone -- but you can see pope francis is 78 years old and he has been in t

julie hyman is looking all the action. this feels like a delayed reaction.t is unusual to get this reaction as investors try to figure out what is happening next. you also have this effect around the world last night and into this morning as global markets spilled off in my continuing in the u.s. and we see the commodity related stocks hit today. we see many of the oil service shares also selloff very sharply along with oil prices today and also watching the hotels. uinta said hotel demand is weak and will be for the rest of the year and the company's ceo announced he is stepping down. he has been with the company for 15 years so it looks like there is some easiness on the part of investors because of that announcement and they are dragging down the other hotel stocks. sitting in real estate that may be doing better than the hotel stocks. that's the sector bucking the trend. julie: real estate is doing well today. and health care. when you see the game we see in those shares in companies like hcn that own long-term care hospitals and things like that come yo

let's go to julie hyman with the julie: coming in at $.53 a share, ahead of estimates. like so many we have heard from it sounds like the currency of rp thans more sha anticipated. the $8.53 billion that had been estimated and it looks as though that is indeed a currency issue. the company without its cloud business, that is still a small part of oracle. one that analysts are looking forward to be a growth engine. the company says total club revenues were $611 million, up 38% in constant currency terms. obviously you will have a currency negative affect there. the company does plan to double the cloud margins over the next two service cloud margins. it is also on target for $1.5 billion and $2 billion in new cloud business for the full year. the results are mixed on balance and the shares are trading lower in after-hours trading. people try and figure out what to make of the various pieces of the report. joe: thank you. i want to go into my terminal to talk about something else going on in market street emerging-market currencies on the best rally since 2014. as you can

weekly inventories are out of igo to julie hyman in the newsroom with headlines. prising number, drawdown of 2.1 million barrels in crude inventories that ball is on the heels of the american petroleum institute reported similar numbers yesterday, so in line with confirming that. in crudea draw down but also a drawdown in inventory in oklahoma, specifically gasoline inventories unexpectedly rising by 2.8 million barrels and distal ends up by about three point million -- 3 million barrels. onesesting numbers and that should very be supported to oil prices as we do have these supplies finally coming down a little bit. you can see the change in the inventory week by week. we also have production numbers recently that showed the production that may pull back. i think that shows the most updated pricing here, so we are seeing oil take a little bit of a leg lower and you sometimes do you see counterintuitive moves in the oil market following these numbers, perhaps, the idea that it is in line with yesterday. even though a leg downward, oil is trading higher and oil trade

i head over to julie hyman resources from the newsroom. lie: after the university of michigan confidence report that showed the lowest reading for confidence in about a year. that after we saw slumping global markets in the month of august. now it's continuing to some degree here in september. that cause a little bit of a selloff in the major average. they were already down, and then again taking another leg lower, weighing on the major averages what's going on with oil. you were talking about it was stephen schork. if you look at my bloomberg terminal to get a feel for the effect, these the top movers in the s&p 500, both on the upside in green and the downside in yellow. by my count, all 10 of the worst performers in the s&p are indeed energy stocks. as we see that oil pullback, couple of examples of the biggest percentage decline are williams companies, transocean, murphy oil are some of those that are following the most. here's another look at them percentagewise. in the drop that we are seeing within these companies. about thelking gol

with the central theme of donald trump's campaign. ♪ scarlet: we are going to head over now to julie hyman at the markets. another down day. the weakness continues. julie: but it is not as weak as it had been earlier. the major averages cut their losses and half. it doesn't seem there is necessarily a specific catalyst. pointing to a potential reason or more likely an excuse for a bounce off the bottom. if you look at the s&p 500 intraday, you can see what i am talking about. we opened lower by about a percent and then trended lower from there. off theactually bounced lows. and made a run at unchanged before taking a little bit of a leg lower. bottom line, we are well off the lows of the session. scarlet: if you look at the different sectors, eight out of 10 industry groups are lower. what is notable is energy is bouncing back and utilities also gaining. julie: utilities have been gaining consistently throughout the day. we have yields lower again today. utilities do better when rates are lower. you've got energy and utilities in the green. everything else is pretty much in the red. but th

alix: for more perspective, julie hyman in the newsroom. julie: let's look at how ugly it was. we saw the worst quarter in four years. the dow down 8%. the s&p 500 and nasdaq down nearly 8%. a lot of this has to do with the concerns about global growth that really spread throughout financial markets. as joe pointed out, there were rarely places to hide. the worst performing groups that push stocks down, three groups, energy, materials, health care, the latter being as a result of the biotech selloff. hillary clinton's tweet about capping drug prices, energy, materials, and commodities. this is the global commodity monitor. the quarter to date number. energy complex, gasoline getting the worst, down 33.5% in the quarter. then you have the metals. finally, you have the agricultural commodities. big decline for wheat, soybeans, sugar only down a small percentage. that's what you had in the commodities complex i want to take a look at the various currencies during the quarter. the yen was higher in the quarter, so there were places for relative safely. the euro finished slightly hi

. ♪ pimm: let's go to julie hyman. julie: these fluctuations have become more common.actually think technology .eaves what gains a month technology, apple is down 2% announcing its product update. coming down pretty sharply. we have seen apple start to recover after starting the day very little changed now. at least some of yesterday's losses when it fell by about 2%. the investment group took a look at the changes we typically see before and after these product updates. this is the iphone updates specifically. in the three months leading up half a percent from the unveiling to the product -- to the launching of the product. we also point out in this year, it has been quite different. not a typical is the word i am looking for of the changes we have seen, particularly going into the unveiling, if you will. take a look at this chart. here is the record back in february. had a drop of about 15 percent here. it is not we have seen in recent years. -- would think that would you are seeing a little bit today. much, julieyou very hyman from the newsroom. another company in t

scarlet: julie hyman with the latest. on the last gop debate shows donald trump is still eating at 24%, though slightly lower rate -- a slightly lower than before. increased.na's alix: according to the poll, trump was the user that was the loser. -- trump was the loser. joining us is bloomberg politics managing editor. what is the momentum that you see fiorina holding? mark: this is a national poll, and people expect her to get a national pump out of her performance. let's see how she does in the early states that matter disproportionately. let's see how she does know that she has an getting scrutiny. she had an incredible debate performance. donald trump now as a rival, a we'll business person, see how she handles it. alix: ben carson is coming under fire for some comments he made that he would not support a muslim for president. how does this affect his favorability numbers? and annotation that he does have a business background -- an annotation that he does have a business background pretty served on some as ms. boards

checking in with julie hyman for the winners and losers of the session. mixed day and looking at losses. tao is doing less worse than it counterparts. i wanted to look at the dow winners. johnson & johnson is one of them. the doc rays to a buy from hold at deutsche bank. it is called a diversified safe haven with capital to deploy. says we could the m&a activity that could prove to be a candle less -- catalyst for johnson & johnson. the analyst said it is unlikely to get caught up with the debate over drug pricing. interesting trading there. also wanted to look at mcdonald. this gain due to an analyst called. credit squeeze raising it to an analyst called. jonathan west says time to start loving it. he says while the company has talked about improvement in international conference -- comparable sales, that they are improving in the united states due to impending arrival of all-day breakfast as well. those stocks doing a little bit better. pimm: if those are one of the winners, what is some of the losers ge? -- a: apple took the stock leg downward right ar

julie hyman is with us now. julie: we have breaking news on jpmorgan.nteresting. the companies had a predatory policies is leaving the bank to run a major wall street lobbying group. , he's goingry bears to join the clearinghouse association. that will be effective october 5, he will be the new president. is being revealed in a statement today. the clearinghouse is best known for providing the legal underpinnings for banking industry challenges to key rules issued by the federal reserve and other regulators. previously, he was a counselor bank of america, he also had previously served as an assistant secretary of the treasury department during the clinton administration. he is well known in democratic circles. interesting to hear that he is leaving to join this lobbying group. fromg up next, we get more "bloomberg surveillance." you're watching "bloomberg on bloomberg" television, bloomberg radio, and streaming on your tablet on bloomberg. ♪ tom: we say good morning to all of you on bloomberg television and bloomberg radio. michael mckee and tom keene o

. ♪ scarlet: we will head over to bloomberg's julie hyman for a look at the markets. ks are looking at their best two-day gain so far this month right now. julie: it could come to a screeching halt tomorrow, depending on what we hear from the fed. it seems like the consensus at this point is we will not get a rate rise tomorrow. however, we are seeing stocks rise today largely on the strength of energy stocks and material stocks which are gaining with the underlying commodities. in terms of individual winners we are watching today, take a look at fitbit. this is on the news that target is going to offer fitbits to its 335,000 u.s. employees are it -- employees. company saying, corporate services right now generate less than 10% of revenue but it's one of the fastest-growing parts of the business. you can see the shares of 11% rate sometimes we see outside gains because it is heavily shorted stock. today we are watching yahoo and alibaba. analyst saidthe bloomberg intelligence, they talked about the irs notes that list spinoff issues under consideration. analysts say it

julie hyman is in the newsroom. ave recovered a little bit after taking a leg downward on the major averages. all three rallying after a streak of losses. but i want to talk about how the quarter has been, not only for stocks but other asset classes. -- at thek at the s s&p 500, we're having the worst quarter since 2011. what has led us there is pretty obvious -- energy and materials are the worst to performing groups, both of them down nearly 20%. health care also lower with the big decline we've seen in biotech stocks. utilities are the best performers as we've seen a pullback in rates. mark: energy and material stocks were pushed down by commodity prices. how bad was the commodity performance question mark julie: we have some superlatives to mention when it comes to commodities. gold having its longest run of quarterly losses since 98-99. oil having its worst order with that 21% drop and copper also very weak, its worst quarter in about four years. i was curious to look at the dollar. if you look at the dollar ver

let's go to julie hyman. julie: let's take a look at what stocks have been doing this hour. seen the fed induced step -- fed induced selloff. stocks are bouncing up off the lows of the session. fromng me is dan denning chicago. dan, we are seeing this selloff on the fed. marketsthe options the fed decision? dad -- dan: we saw the s&p down earlier in the day. we were still seeing those futures holding up pretty firmly. i think we do have quadruple today. when you you do see us move , that couldkes exacerbate and move later in the day. we have some options that were not valued and maybe fully valued. we will have to look for that later in the day. julie: i think it can sometimes create an increase in volatility. i want to turn to your trade of the day. shares, they are more than 25% so far this year. there are plans to spin off for re: in 2016. -- spin off for robbery -- spin in 2016.ri i think there is an interesting situation taking place. and trying to unlock value the leverage chrysler. i think those two things alone play well. call spreadat a looking into january 2016. th

julie hyman is standing by in the newsroom. good afternoon. ad the major averages gaining throughout the day as investors await fed decision. earlier today we had a change, and that's more typical as investors do wait for the fed, especially when we have actuals and around the decision -- suspense around the decision that will be announced tomorrow. it looks like a lot of the gain is coming from energy stocks. you see what exactly i'm talking about here. rally at thisased point. energy is the best performing group, closely followed by utilities. wise as well as materials, are contributing to the gains in today's session. oil of the most in about two weeks' time. we had weekly inventories coming out showing a drawdown of 2.1 million barrels. that falls on the heels of yesterday's a data from the american petroleum industry that showed similar numbers. we had oil prices start to gain a little more steam. that is fueling those gains we are seizing in the energy stocks as well. also potentially helping out is the fact that the dollar is down today.

let's get a check on the markets with julie hyman. at what slight gains we are seeing after a big yet open. julie: a big gap open with all the major averages up over 1%. it was just sort of it did not sustain it self. we have the second-biggest gains for stocks this year but could not he sustained. i want to point out some individual movers where we do have catalysts. this is a producer of liquid national -- liquid natural gas. jim chain as says he is shorting this company, saying liquefied natural gas is a looming disaster and demand is not growing. this puts him on the other side of the trade of some prominent names. , has anhn, most notably 8% stake in the company. he has been in talks to an act some changes but he is not alone. there is a lot of hedge fund ownership of this company. i will go through some of this for you -- carl icahn the largest holder here with that 8% stake. investors, point stake investors -- a lot of ownership on the other side of that trade rum jim chain nose. we will see how it turns out. he hass had mentio

let's go to julie hyman who is taking a look at what's happening in the markets right now. t too much action ahead of the federal reserve announcement. julie: the overall averages remain little changed as people wait for the fed. we do have a big deal to talk about. you mentioned it earlier and i wanted to get another check and talk about it. ice agreeing to buy cablevision. inlevision shares are rising the u.s. by 15%. quite to the acquisition price, but close to that level. we are seeing some other cable providers on the rise, other pay-tv providers. time warner cable, charter tradingations have been higher. i have been talking to alex sherman about this and he pointed me on the bloomberg terminal to a price we have been looking at for these various deals because we've seen a lot of consolidation in this industry. this chart comes to us from bloomberg intelligence. they are looking at the price of these deals per subscriber. over the past several years, as we have seen these deals go on, the price per subscriber has been climbing and climbing. the premiums on these deals h

thank you, julie hyman.ut it has a long way to go to go -- to make up for the massive declines in the past year. that is a good thing for the oil tanker market. companies like what transports petroleum products to companies. the ceo joins me now with more. thank you for joining us. seat to theront row health of the global economy. always talk about his china. what do you see? >> unfortunately, china does not play big role in our particular business. they tend to be self-sufficient when it comes to oil products. resultown of china might in them exporting more oil project -- especially diesel. make a lot of gasoline products. they also have to make to go along with it and they do not have a lot of demand for that. where is the traffic heaviest? who is buying and who is selling? >> it comes down to volatility. our business is dominated by oil traders. the midsized ships everywhere in the world. they really trade everywhere. we see a lot more product actually moving down through south america to the southern par

julie hyman has an update from the newsroom. pretty exciting day in the markets.exciting quite yet, but it will be exciting. do you tend to see investors sitting on their hands until we get the fed decision. until then, we are seeing very little change. we are seeing change among individual movers. let's take a look at best performers on the s&p 500. united is one of them. they have amended their credit card marketing pact with chase bank. this new credit card deal could be 10% accretive to the company's earnings. the shares are up by 3.5% as a result. has been upgraded to buy from neutral by goldman sachs. the stock is attractive after a recent selloff of the company should see margin expansion. , we have into it -- intuit. they did pointed -- disappointed investors. the shares are down more than 2.5% after it said its fiscal --nings amidst endless analysts' estimates. when other one that caught my eye is verizon, especially given the big telecom deal happening today. verizon commenting on a conference at a conference that 2016 earnings may plateau at the , in pa

we are talking to julie hyman. what is going on?d you let everyone know the fed decided not to raise rates. i may have picked up on that. this is one of the stocks we are watching. the company has completed a share sale. when you have these share sales, the dilutes the value for existing shareholders. nose and her has a completed one when it says it is going to sell more shares, another $1 billion worth of shares. it is going to use the proceeds for general corporate purposes. it probably needs it because -- brendan: it has been offloading assets in the shale patch. it made the decision not to focus on debt but rather new equity. julie: yes. this is in line with that decision. it also has been doing restructuring outside shale assets, trying to do an overall review of its business to figure out what to do given the drop we have seen in prices of underlying commodities. brendan: i'm looking at something they said on july 27 on "bloomberg intelligence." they need china to remain a consistent -- significance consumer of copper. it was

julie hyman joins us now. a check on the action we are watching today. lot more going on today than we saw yesterday. julie: it is not unusual when you have a fed decision or fed statement or lack of decision in this case, it takes a little while for the repercussions to be felt around the market. you see volatility in the wake of the statement or the press conference. it comes back to the united have all theu strategists who've had time to think about it and write their pieces. it seems to be the general feeling among strategists that the fed's decision to not move reflects trepidation about the global economy. that seems to be helping contribute in the selloff today. traders have this uncertainty out there because the fed has not moved. all of that contributed to declines. if you take a look at what's going on with the sectors today, you have all the groups within the s&p 500 trading lower. commodities related stocks and financials taking the biggest hit today. jpmorgan is helping lead the declines. that's after jamie dimon said that jpmorgan's third-qu

senior markets correspondent julie hyman joins us with the latest on today's market action. lie: looks like the first day after reaction to a fed announcement that we've had since last july. the selloff is only deepening as the day progresses here. it seems to be the interpretation of the fed declining to raise rates at this time. are concerned about the well-being of the global economy. as a core function on the bloomberg terminal, if you bring up this excel chart of the f one c. plot versus what the market expectations are. the three lines you see here are the past several meetings. the darkest line is yesterday's. the trajectory of interest rates increases, which as the fed has assured us, will be a gentle upward sloping curve. reflects the market expectations for rates to go up. you can see is lower than the fed. plot. it looks like mark participants at least as reflected by the swaps market don't have a lot of confidence that the fed is going to be as aggressive as raising rates as the fed members themselves predict. that's not very aggressive to begin with. it's an inte

julie hyman has the latest.e highs of the session, the nasdaq on pace to be positive for the that it is, not very old thus far. also positive on the year. the dow rising to pretty much it size of the session. up by 350 points. all of this being driven by a broad-based rally among the different groups in the s&p 500. in terms of individual stocks lending the most to the gains, apple is a by nearly 2% ahead of its product announcement tomorrow. microsoft is higher after announcing that it was going to make some content available from disney. general electric, after getting approval of its acquisition of energy products. tico energy is having its best one-day gain. up 25 percent after being agreed by a purchased canadian company. the total value of the deal is $6.5 billion. there has been a lot of opposition to utility deals recently from regulators, but some analysts say this one has a pretty good shot of going through because canadian firms tend to be a little more hands-off in managing their u.s. power assets. t

vonnie: here is julie hyman. we just heard from caterpillar. julie: the stock is trading lower.s because it's important -- the company says it is cutting costs. it is also cutting its revenue forecast for the year by $1 billion. they are now expecting 48 billion dollars in revenue for the year and says next year sales and revenue will fall by 5% versus this year. it is also cutting jobs, 4000-5000 people between now and the end of 2016. it says a total possible workforce reduction of more than the00 people including consolidation enclosures of manufacturing facilities occurring for 2018. this is indeed the trickle effect or ripple effect from what's going on in the resource economy. and the demand for equipment as a result. because it has been across all commodities, the company says it is mining and energy but it's not as though agriculture has been immune from the commodity downturn either. vonnie: if the market did not have a tough enough, we had automakers having a tough day even in the u.s. julie: the european automakers continue to fall and volkswagen may have its credit r

we have julie hyman, our senior markets correspondent, who will break it down for us. me sales in august, falling 4.8%. that is month over

now to julie hyman with some movers. julie: are you a big donut guy? a little last hour. i grew up in north carolina, home of krispy kreme. dunkin girl a growing up. krispy kreme is what we are talking about. the stock is down after slow sales of packaged food products in particular. bags of donuts and snacks were not selling as well. it also left money in derivative instruments. i do not know what kind of doughnut derivatives there are. xpo logistics agreeing to buy conway inc.. conway is an ltl company. it gets goods from a bunch of different companies and puts them in one truck. the price on this deal is valued at about $3 billion. that includes debt. 4760 a share. -- $47.60 a share. palo alto networks reported earnings that beat estimates and came out with a forecast ahead of estimates. it is pulling up some of its competitors. particularrtinet in are on the rise. earning season has slowed to a trickle. before it starts up again. this is feeling the breach for now. coming up next, we will hear from dean maki of barclays now at .72 asset management.

julie hyman, thank you. ceo matthias muller to become the next ceo of volkswagen. he will replace martin winterkorn who resigned earlier this week. they're all letting other chief executives go in the wake of that emissions scandal. s hans nichols is in wolfsburg, germany. wons: the story today is to stories. burg story.e wolfs who is going to replace martin winterkorn? "the wall street journal" is certain that matthias muller will be the candidate. that is according to one source milley with the matter. tomorrow there will be a 20-member board meeting where they are likely to finalize matthias muller, the porsche ceo, as the new ceo. in berlin, we heard from the transport minister saying they will do spot checks across all not just volkswagen. bmw, mercedes as well. the eu is urging all countries to do independent verification on who may be fudging numbers on diesel exhaust in missions. something similar will take place in the united kingdom. they will be testing diesels as well. a little bit about those tw

pimm: thank you, julie hyman from the newsroom.owing two major stories coming out of washington dc this morning. the resignation of house speaker john painter and as you see in awaiting the are president and the president of china. they will be holding a joint press conference in the rose garden. phil mattingly has the latest on a both stories for us. phil joins us from the white house. let's take first the surprising news, stunning news the john boehner is resigning. tell us where this throws the future? you get the budget, immigration it, several issues on tap. phil: there are so many dynamics in play. the government needs to be funded after september 30 that has big the big fight in the house. that has been centered primarily on planned parenthood and the money it gets. conservatives say you have to strip that funding. what this does for republicans and lawmakers since john painter announced his resident nation, this puts the chances at more or less zero. the expectation is that john boehner will put up a clean of funding resolu

julie hyman joins us for a chat about oil. l prices per oils are on the rise for a second day after an onyx acted drawdown and an increase in u.s. gasoline prices. reporting a 3 million barrel drop last week. and of course we have got oil inventories from the government today. joining me from the cme out in chicago, yesterday, we had the eia report today. do you think we'll have a similar trajectory in terms of inventories? >> the number yesterday was out of the ballpark, well outside of in range analysts expect terms of a drawdown in supply. i think we will see more today, tomorrow,into the fed it will be fairly muted. near-term pressure, over the next few days and a week, into the outside, it is often so we see what happens with the fed tomorrow. notwithstanding, even if you see a drawdown in inventories, we still have inventories running 100 million barrels above where they are seasonally at this level. you if you get a drawdown, have got a lot of inventory to work for. it.o question about the theme is, maybe the marketplace

julie hyman is here to tell us about them. cableis a big deal in the business.g his empire. , which iss altice listed in amsterdam, a french-based company. fors buying cablevision $17.7 billion. this will make the fourth largest cable provider in the united states. just the cablevision part of this. there are a couple of other partners. they have an option to buy as much as 30% of cablevision. there are a few different moving parts. hi is a: patrick drawd disciple of malone. we have had all of this consolidation in the telecom business and it speaks to the idea that it is not a fantastic growth business right now. it is a cash business. do these low to tax, tax free deals. we will see how this deal will be structured. we have had a lot of consolidation in the industry. rite aid is another mover. the company is cutting full-year forecast. it says it is reflecting more recent sales trends. it has to do with the expense from an acquisition of a company. >> another disappointment. is trying to latch onto the cloud. the problem is they are a very small part of oracle

check markets with julie hyman. so much for that relief rally on janet yellen's speech.the rally stayed as the day went on. we have seen the dow as the leader throughout the session. that continues. now it is counterpart -- now it's counterpart, the s&p 500s, and the nasdaq have turned lower, the nasdaq very solidly so. a big swing in an average today. techs --00 versus bio that is the biggest drag we are seeing today we are for the us of the 500, virtually all of its drag is from the health care groups. you have the s&p 500 in yellow versus, and white, the idb, an i-shares biotech etf. the idb has the drifting lower throughout the day. the s&p 500 was holding up well until around 2:15, when it broke down and started gaining steam to the downside. pharmaceutical stocks are some of the worst performers in the s&p 500 today. it was biotech, but it is also big cap pharma. all of this, a cell of continuing since hillary clinton tweeted a few days ago that she was looking into capping pharmaceutical prices. it is interesting that the selling in that group has not abated. it h