we have a news alert for you on merck.is reporting a patent battle involving a new version of its cancer drug. keytruda is threatening sales plans. keytruda is responsible for nearly half of merck's sales. the journal says the fight between the company and halozyme therapeutics involves a microsoft microscopic enzyme that allows the drug to be injected. take a look at shares of merck right now falling nearly a half a percent. all right, we'll stick with healthcare. and what's been one of the rare bright spots in the market since the start of this year. health care outperforming the s&p 500 and the mag seven by a wide margin. this despite fears of president trump's spending agenda and a global trade war that could hit the sector. joining me now ahead of the final day of the annual health care conference, lisa thomas, deputy head of global research at td cowen. lisa, great to have you back on. >> great to see you, frank. >> all right. so thanks for giving us a sneak peek ahead of all the analysts notes that are about to come

now we see these high-level cartel, longtime criminals that have this huge history locked up here in merckrica. what sort of a message if do you think that is sending? if. >> well, i think it's sending a variety of different messages. of it's not only the decembering ig nation of the foreign terrorist organizations, but it's also the president, you know, indicating that he might tariff additional goods from mexico and canada for that matter if they don't step up and do for to discourage and stop the illegal, the human trafficking and the illegal narcotics coming across that border. so you've got both of these things at play, and i think you're starting to see a real difference. and then you have, as you indicated earlier in the reporting, you have mexican authorities handing over those criminals to the u.s. because they want to cooperate more with president trump and his administration if than they have in the past. is so so we'll see if that cooperation continues. it's a good start, but there needs to be a lot more to see some dramatic change continue to occur. molly: yeah. there has been

they also announced it expects to launch a personalized cancer vaccine it is developing with merck. in a late stage trial. our stock of the hour is stellantis and general motors. the white house weighs a one-month delay of canada and mexico tariffs. howard lutnick teased the relief late yesterday. ford rallied 2.7 percent and carmakers are up across the board today. >> alex, thank you so much. the headline we got at the top of the hour, the u.s. considering weighing a one-month delay on auto tariffs on canada and mexico. we will continue to follow those the relevance for you. coming up, you look at five-year treasuries and they are some of the key leading indicators that are pointing to recession fears at wall street break -- wall street banks. this is bloomberg. ♪ scarlet: this is bloomberg markets. i am scarlet fu. the r word is back. wall street banks are starting to raise a flag that recession awes are unsettlingly high. the market implied probability of an economic downturn is now at 31%. there is a similar model from goldman sachs suggesting recession risk at 23%, up from 14%

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. >> business development at merck become vice chairman of a company currently valued at $30 million?uld meet in webex symbol onlv on the nasdaq and is a clinical stage company using a novel cell immunotherapy platform to treat sepsis and osteoarthritis and other inflammatory diseases, both billion dollar market opportunities that could revolutionize the way we treat these diseases and live stock do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. our friend sold their policy to help pay their medical bills, and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life insurance is a valuable asset that can be sold. we learned we could sell all of our policy, or keep part of it with no future payments. who knew? we sold our policy. now we