mike regan, you can find him onny -- you can find them on nlivego.rom new york, this is bloomberg. ♪ this isscarlet: "bloomberg markets," the s&p 500 is down by 1%. we haven't seen some in like this in 109, 110 days. ?oe: armageddon panic? compared to what we have seen recently, it's been such a long streak of no decline. scarlet: it's been a strong markup, which you notice when there is a low decline. png, chevron, and coca-cola, gaining. president trump warning house republicans that they could lose their seats in the 2018 midterm election if they don't support is bill to replace obamacare. leading thean charge against the bill, dave brat, of virginia. representative brat: trump is a businessman, we want him to be successful, but the most important aspect is price. we have got to bend the cost curve down. a lot of people are saying, just vote for this and you can solve that later, but you cannot. the insurance regulations have to be in the bill. they can't come later. his -- the secretary can work on them, but if he works on them, they don't become

jones and mike regan. commentary. it is excellent. chair'srget, catch fed janet yellen speaking tomorrow at 1:00 p.m. in new york and 6:00 p.m. london time. she is speaking in chicago. kent on the bloomberg first word news with taylor riggs. taylor: in the u.s., president trump is wrapping up his campaign to boost defense spending. he will tour in virginia and will talk to sailors and shipbuilders. the president will also make a speech on board the uss sterling. theier this week him at white house proposed increases in the pentagon's budget by 10%. you can watch the president's speech beginning at 2:00 p.m. new york time on bloomberg tv. the white house is standing by attorney general jeff sessions in the latest controversy over contacts with russia. the justice department says sessions had conversations twice with the russian ambassador while he was a surrogate for the senateampaign, but in a confirmation hearing, sessions denied any contact had occurred. the number two house republican mccarthy said it would be easier to sessions re