is mike regan and julie hyman. julie, i want to start with tech, because that was a huge mover.ing its best day ever for the s&p 500 tech index in the last years. .ulie: more than 5% it makes sense that they would lead us today, tech would have been leading today if you look at individual tech leaders like apple or netflix. you have major averages, tech is a heavyweight. the dow, the point gain that you pointed out, that is the third-largest ever on a point basis. the thing i keep me back to is the trajectory of stocks throughout the day. this showshart and tick by tic. yesterday, we had a rally and this blew up in the last half-hour of trading, and an opposite effect as we watch today with gains coming in the last hour. so a very different day than we had yesterday. as we have been talking about, this is something that might was talking about, -- mike regan was talking about, this is difficult to predict what is going to happen next. joe: what are those things you are taking away from the last couple days? we could talk about mohair. alix: there is a price index for that? joe:

mike regan and oliver renick jointly right now.t have you heard, say from the different investing segments. oliver: we had some pretty interesting numbers coming out from the retail side. you see investors not only pull money from equity funds but from bond funds. some preliminary numbers through the first week of august, you saw about $9 billion come out of equity funds, $8 billion out of bond funds, and the same thing was happening. about 2 billion out of equities and eight really dollars out of funds -- bonds. the monthly move can be pretty large, but what is interesting as they are coming out of both asset classes. obviously we do not have all of the data from august yet, but we will see what this shows. oliver: investors do not want to take on risk whether it is just riskier equities or any kind of risk. managers, high-yield corporate, passive management following the strategy. oliver: you definitely see a little bit of a risk off the cave year, a broad-based move on behalf of the mom and pop investor. pimm: mike reagan, i am

joining us to rounded out his bloomberg's mike regan as well as julie hyman.h ai want to start huge, huge move are there, seeing the best day ever for the s&p tech index in the last six years. julie: that's right, biggest one-day gain of the past few years, and it makes sense that tech would lead us today could particularly when you look at the individual movers like netflix, like apple, for example. here you have the major averages. heavier weight in the nasdaq then in the dow. but the pointing is the third-largest ever on a point basis, not on a percentage basis. the thing i keep coming back to today is the trajectory of stocks throughout the day. this was on the bloomberg terminal, the three-a chart of the s&p 500 tick by tick. yesterday we had the rally but blew up in the last half hour of trading and you have the opposite effect as we watch today with most of the gains coming in the last hour or so of trading. really a very different day then we had yesterday, and as we have been talking about, this is something that mike regan was talking about also, it

mike regan joins us now to talk over the selloff will world. ot just in the u.s.market stocks are not in great shape. what was the trigger? : china's stock exchange down more than 3%. as extent has a lot of people worried about where the next -- causing's down -- if you start adding up all of the other countries in the region that have currencies that could devalue further, not only in that region but asia. our team had a story out today looking at the vulnerable currencies and most emerging market currencies are at multiyear lows already and there is a concern there is further -- to go. for alix: what is the direct correlation? connect the dots. mike: it causes a lot of uncertainty about what the global demand for u.s. products will be as these currencies get --ker and weaker will start weaker. if you add up these nations, the demand for our products will go down. some of the best-performing -- netflix,e year apple, facebook, amazon -- are taking some of the hardest hit it's because people sell the winners at times like this. stocksf the highflying are momentum s

joining us is mike regan, bloomberg stock editor. what happens when these rollover? him has been one of the leading investment strategies. not just this year, but throughout the whole market. the idea is that you buy the winners. you buy the stock that perform the best and you short the stock that are doing the worst. basically, the capital is one of -- he will tell you that over 200 years, and i do not know how he goes back 200 years, but various asset classes, momentum has worked for 200 years. it is subject to sharp reversals. one of the scary things is that they have tickers that is a moment in etf. it tries to mimic the strategy in an etf. even in marketing materials, they say that this is a strategy that works excellently at the beginning of the bull market. when you have the higher-quality stocks outperform, it can be the sign of a market top. ,his is a very popular trade and it means a lot of people are very susceptible to a sharp reversal. it could signal even worse things to come. alix: something we have seen his utilities are leading for august. biotech an

mike regan is here. the debate of growth versus value is an old one. t a hot topic echo mike: the outperformance of growth stocks has been so pronounced. this year growth stocks on the s&p 500 are up by 5%. value stocks are down 2%. stock, the local growth stock index is 30% higher than the value index. year,growth stocks, one up 134 -- mike: that has been a trend the last few years. the ratio growth to value has been higher since the growth stock bubble. matt: i am just waiting to see svx, the growth stock index. mike: google again. matt: is it counted twice? mike: there are the two share classes, but ultimately it counts as one. will it reverse? .here are some it is a hot topic of debate among strategists that i read. one has a note out saying this outperformance is bound to reverse eventually, and it has happened in the past. he pointed out some examples. others say not so fast. one of the factors a lot of people think will make it reverse are higher interest rates. he looked at growth stocks on days that interest rates rise, and they outperform. mat

mike regan doing that. place at this weekends world golf championship, but he will have another chance to hit a major milestone in the coming weekend. is not worried. >> i like to take chances. not be scared of the neck shot. -- next shot. ♪ matt: welcome back to the i amberg "market day." matt miller. finish and only 10th place this weekend but will enter the pga championship with $9.1 million in total earnings. that is on track to be the third golfer ever to top $10 million in just a single season. joining us from milwaukee with a look at how likely is to make the cut, that cut, our resident golf expert. , let me first ask about what we're talking about. jordan has made a lot more money than $10 million this year i am assuming in sponsorships and other kinds of earnings. we are just talking about personal earnings. absolutely. he is the guy just re-signed by under armour. .e is making plenty of money money on the golf course. it is crazy to think about he is making less money on the golf course doing what

mike regan, our stocks editor.ad, is the graves trying over onion" -- is bill gates crying over onion? billionaire is having farm related issues in georgia and the. ♪ olivia: i'm olivia sterns. bill gates is most -- knows a thing or two about software. microsoft made him the world's richest man. his business acumen may not apply to tell why. p one of the best stories i was able to find so far today on the bloomberg. not know but dahlia onions are protected by federal law. onions are protected by federal law. just like parmesan cheese and italy, unless you actually grow these onions in the area in georgia, selfies georgette that vidallagnated as the area you are out of luck. his company paid sick leave i'm million dollars for a small tract of land in the country. unfortunately they were spotted delivering onions early to the market. everyone else in the neighborhood that what are they doing over there at this hanley farm we are not doing to get the onions to market earlier? turns out those onions apparently were com

mike regan of bloomberg news thank you as well. a lot more coming up. what did you miss? off special coverage. ♪ ♪ alix: and from the closing bell. joe: welcome to a special one hour of what you. miss. alix: u.s. stocks providing no refuge from the global equity right as the s&p 500 added for its first correction in nearly four years. joe: a wild ride. the market plunging, diving, recovering from an diving again in the grips of a selling frenzy. we crunch the data on one of the most crazy selling trading days in years. alix: will get better when cooler heads prevail? possibility post correction. we have to begin with the stock market regular looking at the s&p off by about four points after one of the craziest trading

he is in hong kong and our stocks editor mike regan here in new york city. matt: coming up alibaba shares down as much as 8%. pledged a the company $4 billion share buyback. we will hear from the ceo on what is wrong. ♪ matt: welcome back. i'm matt miller. erik: i'm erik schatzker. matt: joining us with a look at what is going on in the market here this morning. the redajors are all in this wednesday morning. and they are all at session lows , extending losses from yesterday and following asian and european shares, this is really in large part a reaction to china devalue and its currency twice -- the valuing its currency twice in the past few days. at a six-month low. down by 1.4%. currently looking -- now past the 200 mark down. it puts the dow on pace for its worst two-day drop since late january. the s&p and nasdaq falling to a fresh one-month low. looking to individual movers in the go to, fossil. it is down by two point 2%. among the worst performers on the s&p this morning. earnings were out after the bell tuesday. for the most part, those numbers were

also with us, bloomberg stocks editor mike regan. joe, what do you know?ight. it came down 1.6% quarter over quarter, but still down. it feels like every quarter, oh, wait until next quarter. and now here we are. olivia: we are waiting for reform. there is been this stimulus and ongoing disappointment. olivia: how much distortion was there because of the hike in the consumption tax? that the firste quarter was very strong. they did not have to hike taxes, so it was these self-inflicted wounds, you know, shooting themselves in the foot here. olivia: but they did have to raise taxes. joe: but they chose to. olivia: the last time they hiked bac, it also knocks the recovery off course. not why not not hike and knock the recovery off course? mike: i want to how much of this is just contagions in japan. japanif anything, it is undermining china because the link in currency. all of the neighboring currencies that we can so much. -- have been weakened so much. and they are still not back to where they were. michael and nowhere near where they were, and meanwhile a

julie: mike regan mentioned one of these.stein for disney and time warner. tv is entering a structural decline. the mostpanies with favorable. this has been the growing sentiment after disney and the other media companies came out with earnings. finests had been putting a point on it. fromr liquidators, raised high to hold. with management. long-term growth outlook, the prior outlook was too conservative. stock has fallen 80% year to date because of the press about the company's products. micron getting another downgrade. there has been a stream of them recently for the memory chip makers. stock is down 4%. blendedysts are saying pricing could fall by 20% next yearw and early on the back of weakening demand for pcs, among other reasons. 56.ia: stock down corey: the owners of -- have explorergan stanley to a possible sale. it is considering only selling its digital business. why sell just the digital business? findey may not be able to a buyer. right now is not a great time to be selling assets. it is difficult to figure out w

mike regan, kick us off. >> let's start with emerging markets.west since 2011. , it istio to the s&p 500 about a decade low. the focus is back on china. the shanghai composite dropping 2.6%. china down 6.2%, i'm sorry. down 2.6% after a bombing. cory: many stocks are not trading on the shanghai composite. no, we are going to play today. [laughter] cory: the selloff would have been worse. >> presumably. cory: they did not take off the ones that were going to go up. >> right. currency is getting hit today. the turkish lira at the lowest on record versus the dollar area matt: the way this normally works is we wait for your commentary. when corey is here, he takes it all. >> we love corey commentary. even after this pullback, the chinese markets are down. u.s. markets are up 200% since 2009. it was baron rothschild that said the time to buy is one there is blood in the streets. we think there is blood in the streets in the emerging market area, but we think there are really good buys in that area. matt: where do you go? >> we actually like china righ

mike regan, thank you to you and your equity team. ,ur twitter question of the day we need your opinion stay with us, bloomberg "surveillance." ♪ , tiffany'sant things takes it on the chin. youto popular demand, thank for your e-mails. vonnie quinn, we insist that we show t bracelet video. someone said what is a t bracelet? they come in four sizes, six metals, that they are. stephanie ruhle's t bracelet. 5200 dollars. the rating is only $525. economy has not taken over the job market yet. we get initial jobless claims, the nonfarm payrolls report. "the monthly bls employment surveys do not ask the right questions. 1995-2000 five the bls did surveys of contingent and alternative work arrangements. they showed that part-time share of the workforce declined from more than 32% to 30's percent in 2005. the bls has not done the survey since because it has not been able to get funding." the perfect gift to talk about the gig economy and whether he senses anything, robert precious ofusek. it has been a difficult few years. person in position to see bankruptcies and people going out the door. is

mike regan is here with the three things you need to be looking at today. anaging director of u.s. equity strategy at s and p capital. thank you for joining us. mike, why do you kick it off with number one? mike: the rodeo. matt: is it always in order of importance? mike: yes. matt: read you coming to town. mike: federal reserve's annual supposing, maybe you have heard? matt: yes. said speeches and interviews going on. interesting take from our own columnist, el-erian who says the volatility we have seen in markets will push the first rate increase back to september -- december, but -- matt: i was surprised with how much conviction he says he does not expect. he says volatility should not affect economic output. maybe we can play a clip from earlier today. >> the key question from the isth -- from the committee how much would you want to change out the raised on the volatility that we have seen over the last 10 days? i think the answer to that will be not very much. --e: i guess the question is is this volatility and not to affect the economy and change the

brendan: let's throw that to mike regan, who is with us to help us understand.hat does this mean for u.s. markets? we needm keene said more cowbell, we just got it. tom keene has the fever, there's only one chore. for risk assets, as jason said. after we heard overnight that they are not going to intervene in the stock market directly anymore, this is the backdoor way of intervening. halfway returned to where we work with china now where we were with europe a year ago. we were waiting for mario draghi to make a move, every bit of bad news was interpreted as good news. has movedink china more quickly. iron hee, the ecb, the was draghi said we are going to do whatever it takes. the size of the ecb balance sheet declined by about a third years.e following two china is moving quickly because frankly the stakes are higher politically and socially in china. vonnie: some bond market moves -- a huge move in the german bond market, german 10 year yield up 66 basis points from about 55 following this announcement. china has cut the reserve ratio by .5 percentage point and

regan is here with the three things you need to keep an eye on today. also joining us with the chief u.s. economist at louise analytics. let's start. mikeill be talking about today. 3.7% growth in the second quarter. way above every economist estimate. business spending is up, consumer spending is up. bignews potentially is that building inventories helping to spur the growth. bythis large increase inventories and suggests that production might be restrained in the third quarter. we have to get rid of those inventories. we have to be ready for a much slower reading on third quarter real gdp growth. i looked, gdp was grown by 1.8% in the third quarter. we are looking at 2.2%. erik: what about corporate profits? >> i will take that. as long as we have a very low interest rates. that will be the case for some time to come. minimal profits growth ought to be enough to prevent stock market from entering into a bear market. this is good news for equities, tells me that dividends will continue to grow. becomehere is no need to concerned about the nearness of a bear market inequities. -- in equities. right now, the fed is very much focused on f