olivia sterns with us this morning. parent company of cnn a and hpo saying that the sales rose 8%. the earnings-per-share topped estimates by 22% as revenue reached 7.3 billion dollars. president obama will try to dispel doubts about the iranian nuclear agreement today. the president met yesterday with jewish leaders who fear the deal will not stop iran from building nuclear weapons. you can see the speech live right here on bloomberg tv at 11:20 a.m. disney shares are down about 7% in premarket trading. the company posted numbers yesterday that fell short of estimates. but the ceo is still up beat partly because there is another star wars flick in the pipeline. >> at this point making no estimates whatsoever in terms of what we believe the film will do. we know have probably the most evil film franchise that ever existed and the success of this film will reverberate throughout the company. we were to be careful that the market does not get too far ahead of us. olivia: disney cut cable tv forecasts mostly because espn is

i'm mark crumpton here with olivia sterns. ivia: a little bit of a relief rally, but stocks are off session highs. the dow of 240 points. or 1.5%.f 28 point in the nasdaq up the most, of by 2.3%. seeing treasury yields of for the first time in five days. , 10 basisyear points. also, we want to show you what is happening in the commodities rockets. in thel is catching -- commodities markets. even oil is catching a bid. trading at 1.7%. -- up 1.7%. mark: let's take a look at the stories we're following this hour. olivia: china says the benchmark rate will be cut to 4.6%. the one-year rate for deposits will fall by a similar margin, three quarters of 1%. jason: china does not seem to be compounding some of the policy missed takes and i would argue their embrace of the stock market was a policy mistake. to the extent to which they are making good policy decisions now, it perhaps brings september back on the table. olivia: the chinese central bank has increased the amount of money available by reducing the minimum banks are required

here is olivia sterns on the secretary. ary jack lew, secretary of the treasury writing about the high price of rejecting the deal with iran. the major importers of oil, china and turkey account for oods exports and own 47% of foreign held american treasuries. they will not agree to indefinite economic sacrifices in the name of an ilya sorry better deal -- illusory better deal." he said we can impose secondary sanctions to force further action token fun bird -- ken feinberg, what kind of signal we we sent to the rest of the world if we reject this deal? ken: powerful peace. he's laying out the argument why it is not realistic to hitnk that -- to think that rejecting this deal was simply permit more stringent sages. -- sanctions. olivia: do you agree that rejecting the deal up at the u.s. at odds with the rest of the world? op-ed pieceding the like anybody else but he made the case affirmatively. tom: can we do international diplomacy with no middle ground? ted kennedy used to walk across the aisle and talk to senator hatch a

i am olivia sterns.rders are out. julie hyman and it is for the numbers. in lineactory orders with an increase of 1.8% in june. that is higher than the -1% reading that was recorded the prior month now revised on 12 a 1.1% decline. an improvement in factory orders .uring the month if you exclude transportation, an increase of half a percent into an improvement. either accounts and improvement here. erik: thank you very much. the latest on the economy, or at least economic data from julie hyman. a look at what is taking news this morning. scheier making an unsolicited bid for this monopoly in hopes of a company focusing on diseases. 30 billion in stocks. 30%ier says it represents premium and values. there is no deal imminent right now. scheier says they have declined discussions over the proposal. spun off by baxter international just last month olivia:. team health holdings expanding its reach in the medical field. 1.6all caps deal is worth billion dollars. the deal represents a premium of 37% over ipc c

i am olivia sterns. erik: i am erik schatzker. olivia: julie hyman it is here.e've been watching apple in recent days. it appears to be losing its losing streak. julie: stopping its losing streak for the moment. looking at apple versus netflix. an interesting tale of two tech giants, one is more giant than the other. it was down for six straight days. since then, it has rebounded. netflix has been on a winning streak as well. rebound,spite the downgraded to neutral over bank ,f america-merrill lynch concern about slowing iphone sales and the effect on revenue. as for netflix, it seems to be higher today after some comments from disney ceo bob iger on the conference call last night. mr. iger: we look at netflix as more a friend than foe. they've become an aggressive customer of ours. i also think that products like netflix are attractive because effective wayser for people to watch television. julie: he repeated the comments in an interview this morning. that seems to be helping netflix. this prompted me to look at apple versus netflix year to date. apple up arou

i am olivia sterns did i want to go straight to julie hyman with a market update.learly in the red with major averages down 3%. not as bad as the open. julie: way to look on the bright side of things that there is any believed to be had good it is , it is the fact that we have steep declines across the board. let us look at individual stocks we are watching this morning. we were watching the so-called fab five stocks. these were the momentum leaders for the year. let us take a look at how they are trading at the moment. , apple, and facebook have been declining sharply. in addition to that, it is not just those stocks. it is the larger blue-chip companies as well like exxon and general electric that are also declining. also have general motors declining sharply. not huge declines and as big as other highfliers. nonetheless notable about how broad-based the selloff is today. take a look at my bloomberg terminal and we have the so-called correction. from the record close of the year through today, we have a decline of 10.4%. officially a correction now, not just for

i am your with olivia sterns, my resident millennial. i will ask her about leasing or buying cars. hese are questions every car buyer faces but in the different is one after 1980. olivia: the technical definition. matt: so long ago. olivia: it was. that is just the definition. i am not saying i was young. it seems millennials are opting to take out cheap leases just to drive luxury cars. this is according to edmunds.com. when i saw this i scratched my head because i sa the stories we always do millennials are they are broke but they are apparently leasing luxury cars. matt: i think a lot of people for a long time have assumed millennials would not buy cars because they are connected and would prefer to hitch a ride in a self driving tesla at some point through the streets in san francisco. it turns out they want to buy a car, they want to spend less money, and they want a better product. so they wait longer and are more finicky. if you look at the survey, among the top 10 brands purchased by millennials, there are a lot of luxury brands of their. lexus comes in at number three. jack

a great week with you, olivia sterns. olivia: yes.t people on the , but great for me. we are going to cover this market selloff all day long. cory: i will be back next week. i'm going to bloomberg radio right now. olivia: don't go away, much more to come on the "bloomberg market day." julie will continue breaking selloff. global currencies, commodities, equities are all headed south. ♪ ♪ >> we've got a market selloff going on. we can't forget about etf friday, folks. let's talk about housing. the housing market is on fire. this is selling -- sending home-building etf's to their highest values in years. i would imagine the highest level in years is probably a couple days ago. now we are seeing a little bit of a pullback with the rest of the market. >> sure. we have seen about a 2% pullback. but etf's are up about 13% this year. this is an interesting industry. it has a lot of assets. there were two main ones. the assets are split. on difference really depends what your definition of homebuilder is. on one side, you have a conservative

i'm olivia sterns. matt: i'm matt miller. just a half hour into the trading day. markets down across the board. the s&p 500 down 2/10 of 1%, as is the dow. 3/10 of a down percent. take a look at oil. crude actually trading up a little bit but still holding under $42 a barrel. brent.e a look at well under $49 a barrel. said, we cannot be expected to cut production and hold the oil price up. but they are not doing it at all. then we had another drop in chinese stocks overnight. olivia: a little bit of demand pressure. also the fact that we are opec countries pumping near record levels. rigs in keep adding the u.s. as well. let's take a look at what's moving in the news this morning. iny was the best month almost eight years for new home construction. housing starts last month reached an annual rate of 1.2 million homes. single-family homes led the way. themortgage rates and greater jobs picture are encouraging buyers and builders are stepping up because there is a shortage of homes on the market. walmarts second-quarter results

matt: let's bring in olivia sterns for walmart earnings. olivia: i thought we could talk about your rottweiler. matt: we can continue talking about that. olivia: i am shocked and appalled that you put a muzzle on him. he is a peaceful animal, i have met him. matt: let's hear about walmart earnings. olivia: the bottom line is disappointing. they cut their guidance for the year. huge hit in investments. my take away is the beat on the u.s. cop store sales. they are up by one and a half percent. say their bigts concern, 70% of walmart's profitability comes from u.s. stores. and want to see improvement arguably that is what you have seen in the numbers already. traffic is up by 1.3%. wagesso is increasing going to increase growth? olivia: that is the $1 billion bet they are taking. to a you don't want to go store where employees are unhappy or unhelpful. you would assume an increase in wages would help. olivia: and the company agrees with you. they are investing into boosting employee pay. by february of next year, the minimum wage for walmart w

i am olivia sterns, in for stephanie ruhle. cory johnson. corey: here for erik schatzker. we are 90 minutes from the open. olivia: throwing shade at the drought problem. to discuss this new innovation and growing business. that is a shade ball. sharey will take a buyback. 28%, lessalibaba down than one year since the company went public. uber beefing up the security team to defend against hackers. "the financial times says by the end of the year google -- uber will quadruple the security staff. if he is elected president, donald trump says he would deport all undocumented immigrants from the notice states. ." appeared on "meet the press mr. trump: we have a whole new set of standards. chuck: you will split up families, the poor children. mr. trump: they have to go. we will work with them. they have to go. olivia: donald trump stole the show at the iowa state fair, flying in on his helicopter. it is a tradition for candidates who like deep-fried oreos. cory: who does not like deep-fried oreos? olivia: nobody. wreckage has found the of a planet lost contract -- contact with a

i'm olivia sterns. pimm and i are in the office.ake a look at how markets are faring right now. let's look at u.s. stocks. s&p 500 unchanged. dow jones industrial average one points.

earlier. -- he spoke to cory johnson and olivia sterns earlier.n --brian they screwed up three times. the investors are getting impatient. >> this is the do over for the third round of stress tests. mike at citigroup said if we can get this right, i should not be here. they got rid of their cfo. they said it was amicable. this is coming at a special time for brian moynihan. >> he did not take the summer off. >> he's at risk of losing his chairman title. >> we are talking about feeling stress tests. that suggests perhaps a lack of oversight. isn't that an argument to have an independent chairman? >> that's what a lot of people have said. it comes at a bad time for brian moynihan. voteare holding a special eight days before the stress test is due. people will be upset and talking about this. >> the vote before is better than the vote after. >> exactly. these guys have until may 2016 told about. best to hold a vote. >> it makes you wonder if that suggests that they will not pass again. andhey knew they would pass he has control over the board, he wou

i'm olivia sterns here with pimm fox. we are waiting for president obama to take the stage at american university. there you see a live shot. we are waiting president obama's arrival and his defense of the iran agreement. us about the potential fallout from the iran nuclear deal, if in fact it does go through. is it inevitable saudi arabia starts to develop its own nuclear weapon? that is a possibility. if the agreement stands, the president will have an absolute obligation to help continue to give israel a qualitative up they edge and build gulf states and make them part of a regional effort to combat the spread of iran. iran is not going away as a revolutionary country. that is one of the consequences if the deal goes through. prime minister netanyahu had three points. we had an opportunity to slow the development of nuclear weapons. in the long-term, it comes off and bar the door. what we have to do is say what happens if the agreement is rejected. are we better off than we would be with a 15 year window? those are the

i'm olivia sterns. pimm: and i'm pimm fox. let's go to julie hyman.ulie: the volatility continues. a few moments ago we were down less than 400. now it is back to 460. all of this volatility continues. a stock i want to come back to and that is apple. apple very briefly touched the unchanged level. it was up something like .04%. some individual stocks have come back significantly from their lows. -- says apple is uniquely compelling to buy because the company's business has been relatively strong in china despite everything has been going on in china. tim cook without with a letter this morning citing the strength in china as well. -- was out with a letter this morning citing the strength in china as well. decline inercentage the s&p 500, it is a very diverse group of stocks here. we have been energy stock. -- we have an energy stock. and then news corp. also. this is on a percentage basis. if you look in terms of index points, we have the financials in the form of wells fargo and jpmorgan and then exxon mobil is also pulling back. it remains a very b

i'm olivia sterns. matt: i'm matt miller. want to get to a market check.e are headed for the worst week since may 2012. the s&p 500 is down about zero point seven time percent -- 0.75%. the dow jones is falling down well below 17,000. the nasdaq is off about 0.73%. out whatard to figure the exact catalyst is, but some disappointing numbers out of china overnight. matt: i think it is a pretty clear catalyst. is slowing economy and that is weighing on the price of oil. oil is headed for the longest run of weekly declines in almost three decades. let's look at what is making news on the bloomberg terminal at this hour. president obama is trying to keep wavering democrats on his side. urged a new york congressman to back the plan, but the letter is directed to all members of the party. it looks like it is no more mr. nice guy for jeb bush. jeb bush fired back at donald trump yesterday. >> i'm a proven conservative with a record. he isn't. he has proposed the largest tax increase in mankind's history. i have been consistently pro-life. recently, he was still pa

i am here with olivia sterns. olivia: i'm in the passenger seat. a quick look at the markets.nder way. the dow is now on track to poses

the ceo joined olivia sterns this money from the company headquarters in north carolina. ivia asked king why the deal made sense for bb&t. >> is an outstanding acquisition for two reasons. one, it is a fantastic company, $9.6 billion in size, hundred 24 branches, very high quality, very profitable. and from a synergistic point of view it combines very naturally with the susquehanna acquisition, which we just closed not very long ago. two combined moves our market share of them seventh to fourth place, it is a great company in and of itself but the combination is what makes us a real powerhouse in pennsylvania, which we are very excited about. third: so this is your whole bank bridges in the last 12 months. do you anticipate taking a little bit of a breather, taking a pause in dealmaking activity? kelly: i really do. we are excited about these three, two of them being very large. we will take a positive nature we probably get executed. we are very experienced at acquisitions. we have done over 80 in the last three or so years. we know what we are doing. it is important to b

i am olivia sterns here with matt miller who is coming in hot. matt: there are definitions of words that we all use in society, and it makes communication easier. olivia: that's not an official term. an illegal party, that's what you would say. olivia: no it's not. what about an documented immigrant? matt: i guess that's the pc way to say but the fact is they are illegally in the country. anyway, let's get straight to the market check. markets around the world are falling. more currency devaluation in asia. in oil prices as well. you see the s&p 500 down .8 of 1%, two thousand 79. the dow jones industrial down hundred 54 points, and the nasdaq off about eight times as well at 5020. olivia: looks about more concern about the rate of global growth. everyone looking out for 2:00 p.m. when the fed comes out. matt: the question is how interesting will the fed minutes be today because all the most everyone assumes, i think in the market, most economists assume that we will see an interest rate increase in september. the market is showing awaits. olivia:

olivia sterns is here with us. good morning. their stock is up 1% in premarket trading. viously people are looking for better results. olivia: it is pretty much flat over the last 12 months. home depot, who had their results out early this morning, shares are trading at an all-time record high. this is after they raise their sales forecast for the second time for 2015. the big issue with walmart is there is no 2015 earnings growth story. this is a company that is in the midst of investing in a long-term transition. the core mission is to fix the u.s. business because the u.s. business accounts for 70% of their profits. what they really want to do is fix grocery. grocery has been an area of intense competition. kroger and safeway have improved what they are offering. from -- will we hear vonnie: will we hear from the chairman today? olivia: i don't believe we will hear from him today. we will hear from the head of dot-com. tom: you know more than me on this, olivia, but i know they have had a recent spurt and have done better off of years of malaise. is it too big to turn

. ♪ olivia: this is the bloomberg market day, i'm olivia sterns.tories crossing the bloomberg terminal at this hour. migravents are flowing to parts of europe in record numbers. hungary detained 3,200 migrants yesterday, 7 behind more than the day before. many come from syria. britain said it gained almost 330,000 people during the 12 months ending march 31. meanwhile, police in austria have found the partially deposed bodies of at least 20 migrants. they were piled into an abandon truck near the hungarian border. officials say the condition of the remains makes it difficult to establish an exact number of the dead. but they believe the body count could be as high as 50. and the president of greece has appointed the head of the supreme court to lead a caretaker government as the country moves one step closer to an early election. they will have the first female prime minister. they failed to find willing coalition partners to form a government t looks like elections will be held september 20. turning now to the u.s. economy. first time claims for j

i am here with olivia sterns. olivia: i'm in the passenger seat. a quick look at the markets.ally again today under way. the dow is now on track to poses biggest two-day gains since 2008. nasdaq and the s&p also on track, their biggest today games since 2009. a lot of this is on the back of the better than expected reading of second-quarter gdp. the revised numbers showing the economy grew at 3.7% in the second quarter, better than even the top estimate. you're also seeing the move playing out on a treasury market. you can see treasuries are rallying, a turnaround. two point 16%, we started off a week below 2%. the story today might have to be oil. look at the huge surge. i do not think i can recall in on percent move in the price. now back above $42 per barrel. i believe it is the biggest move in three years. indexthe commodity climbing nearly 3% today, now let's take a look at some of the top stories we are following at this hour. the u.s. economy grew faster in the second quarter than previously estimated their gdp rose at an annual rate of 3.7%. the government passes first

i olivia sterns. corey: i am cory johnson. we are in all week. move, hovering just above $40 a barrel. we're going to ask john hofmeister where he sees the bottom and the real impact it will have on the industries. corey: also, winding down. not too late. a great piece of sun valley real estate and ice in the weather. lehman brothers put his pad up for auction. could be yours for the low price of $20 million. olivia: i heard you had to put down a 500,000 deposit. corey: but it is sun valley. olivia: i love sun valley. time for our top stories. along the korean border, the most serious exchange for artillery fire in five years.

i am olivia sterns here with blue eyes. eric and stephanie have the week off. the big focus is commodities this morning. ceo of the world's largest fund space exclusively to lenders about risks in the market. cory: we talk about the founders behind these. we talk about how that became the goto satchel of the street. olivia: breaking news. let's get over to vonnie quinn. even though 1.22 is the best of the forecast, they were up 2.4% in terms of cocktails. comp sales. the estimate was 2.2%. it is the beginning of the back-to-school season. we will see more from the press release in terms of the year forecast. adjusted earnings per share for 60-475 460-475. that is a raise. a pretty good outlook for target. we are seeing shares spike in early trading. they are now up to a three quarters of a percent. olivia: thank you so much. time now for this morning's top stories. greece's third bailout has cleared a hurdle. the parliament overwhelmingly voted in favor of the package in germany. there are now 30,000 firefighters battling wildfires in the west. they are being a

i'm mark crumpton here with olivia sterns. bit of a relief rally, but stocks are off session highs. the dow of 240 points. or 1.5%.f 28 point in the nasdaq up the mos

this is mark crumpton here with olivia sterns. >> what a turbulent day has been -- a selloff across the if we are off the lows of the session. julie: turbulence indeed. we are seeing stocks move back down a little bit with a loss of 2% across the board. we saw them make a run at recovery and then fail at that. let's look at the s&p 500 to get an idea of what we have seen. we saw it fall as much as about 5.25%. now it's turning back lower. person that bloomberg crunched the numbers and found the last time we saw an intraday swing of this type of magnitude from a loss inta

i'm olivia sterns. pimm: and i'm pimm fox. olivia: makers of memory chips are sliding today.ulie hyman has the details. micron is affected by the downgraded its the worst performer on the s&p 500 today. downgradingica is the group, saying they are spending too much money on capital expenditures and that they lack discipline on. this is amidst a tough environment for these chipmakers. this chart comes to us from bloomberg intelligence. this is the price to sales ratio of some of the memory makers versus the semi conductor index, say broader measure of the chipmaker. lagged. it has really so you have micron in the blue and pink. held up well and then has fallen as the semi conductor index continues to go higher. memory chipmakers have been hit hard because they are more exposed to personal computers. we all know what has been happening in the market for personal computers. some are also very exposed to asia. company -- the solar initially the stock was higher after it formed an investment deal with goldman sachs to tap a billion dollars in cash and loans, but the stock turned l

i'm olivia sterns. pimm and i are in the office.imm: let's take a look at how markets are faring right now. let's look at u.s. stocks. s&p 500 unchanged. dow jones industrial average one points. no action in the equity markets. a little bit more action in the commodities market. gold heading for its best week since may on all this movement we have been seeing in the yuan. you are looking at nymex crude. $42 a barrel? value. lost 60% of its olivia: this morning we had gary shilling on, who reiterated his call that oil could go down to $10 or $20 per barrel. pimm: less expensive than avian water. history in the making and have anna. -- in havana. the stars and stripes were raised over the u.s. embassy in cuba's capital. secretary of state john kerry the first american secretary of state to visit cuba in 70 years. kerry: we are gathered here today because our leaders made a courageous decision to stop eating the prisoners of the prisonersng of history. plunging energy prices starting to show up in the u.s. at the wholesale level, the g

he spoke with olivia sterns. it depends on what global demand becomes over the next several months. the industry is feeling the pain success.n the industry invested billions and billions of dollars to meet global demand based on predictions of global growth. the global growth and demand did not really materialize because economies were not strong enough . now we have the situation where we are overproducing, and nobody wants to cut back, because if anything, they want the cash that comes from the sale of loans or to pay shareholders, whatever it is. at no one was to decrease production until we get more -- more global growth and demands. we see a minor tick up in rig count. the fact that we see any increase is shocking. operatedmpanies according to a plan in each country has a plan with respect to how much production it wants to make. so, companies on the wrong will want to make their production plan, because that is how they measured. that is what they promise shareholders. what you see is not an anomaly. it is

olivia sterns and matt miller spoke with a money manager at stifel nicolas and asked about the negativetiment toward stocks and investors souring on equities. the deceleration of global growth is well reported. expanding and we taken exception to that. we think global growth is around 2.752 3%. 2.75 to 3%. the china growth engine has blown a tire and you are starting to see that effect. oil prices are below $50 a barrel. earnings-per-share in the united and we thinkuck that will be 3%, if that. valuations are at the high end of the historical range. you think nymex is going down to $30. that's a dire situation for a huge industry, but how does that play out? a managinguest: as -- as a money manager, you want to stay away from high yields or underweight high yields. we believe the oil and gas segment is going through a pernicious cycle here where you are going to have to watch these reorganizations take lace year. that's going to open up some opportunities. that does not mean we are looking for a stock market crash, but we are looking for low returns not only within the any that within t

this is mark crumpton here with olivia sterns. >> what a turbulent day has been -- a selloff across the board, even if we are off the lows of the session. julie: turbulence indeed. we are seeing stocks move back down a little bit with a loss of 2% across the board. we saw them make a run at recovery and then fail at that. let's look at the s&p 500 to get an idea of what we have seen. we saw it fall as much as about 5.25%. now it's turning back lower. person that bloomberg crunched the numbers and found the last time we saw an intraday swing of this type of magnitude from a loss into a gain was back in 2008. andas down more than 4.5% ended up recovering by 4%. just a little market trivia -- that's when oil below $70 a barrel and bond insurers were trying to submit plans to treasury for a bailout. we have not seen swings like this since that point in time. take a look at the s&p 500 to see where we are on the correction watch. a 10% drop -- right now we are at 9.8%, but as we have seen the volatility throughout the session, we have seen volatility in this measure as well. information tech

i'm olivia sterns. pimm: i'm pimm fox. on the s&pearly 2% 500. the dow moves higher by 1.5%. nasdaq gaining similar to the s&p. up nearly 2% today. let's take a look at what is going on in copper. this is the best performance for copper in seven sessions. olivia: it is the first time i can remember looking up at the screen and seeing green. looking at copper futures, up nearly 4%. olivia: let's take a look at what is happening on the crude markets. it looks like crude found a little bit of a bid today. west texas up nearly 7% today. unbelievable. new above $40, above $41 in york trading. brent finding a big bid this morning. pimm: let's take a look at top headlines. another sign of strength in the housing market. pending home sales rose for the sixth time in the last seven months. sales were up 0.5% in july. mortgage rates still inexpensive by historical standards. consistent job growth is helping the real estate market grow. the economy grew faster in the second quarterthan previously estimated. gdp rose at 3.7%. the first estimate was 2.3%. there were bigger gains in consum

i'm olivia sterns. u.s. markets are lower again this morning. the s&p down by 20 points or about 1%. you can see the s&p is on track for its biggest monthly loss since 2012. this follows declines in equity markets in asia and europe. i would show you what is happening to the u.s. dollar. we are seeing strength of this morning, perhaps off these comments. the dollar is a little bit lower. it has been trading higher since we heard from the vice chairman of the fed, stanley fischer, speaking in jackson hole over the weekend saying we do not necessarily have to wait for inflation to get back to 2% before we start tightening. i want show you what is happening on oil markets. we have seen a correction in the price of crude. crude down about 25%. lower again today by 3%. a huge pickup in volatility remaining in the oil markets. let's take a check of your top headlines at this hour. a hand grenade exploded during demonstrations in ukraine's capital. nearly 50 police officers were hurt. it happened outside the .arliament building in kiev a crowd gathered

i am olivia sterns. is, can the rally hold? surging more than 300 points right now.he price of crude right now, still below four dollars per barrel, down by .25%. let's show you the stories crossing at this hour. breaking news out of virginia. televisiones at a studio, were shot and killed while on the air in central virginia. allison parker and adam moore. at ancident happened shopping center. police say they are still searching for the shooter. turning to some of today's business headlines, the >> china's stop -- stock index. it extended the cheapest five-day slide since 1996. >> short-term market movements, of course you have to look at , what isou are trading going on in china has little to do with a today trading strategies and everything to do with horrible news. >> chinese stocks have lost half of their value since peaking in june. a huge deal to report today. almost $15ed at billion. that represents a 56% premium through the closing price yesterday. cameron makes oil and gas pressure control equipment. it is the world's largest oil service provider. and job c

olivia: good morning, i'm olivia sterns. pimm: i'm pimm fox. let's look at how markets are trading right now. let's look at the u.s. stock market and begin with the s&p 500. again of more than 2%. best buy, netflix and michael kors all leading the as the 500 higher. the dow jones estoril average adding more than 2% right now. olivia: it certainly looks like a bit of a relief rally since we saw the biggest two-day drop in the drop -- drop in the dow. that is bad news for treasuries. yields are creeping up -- the --.d on the 10 year note of oil finally catching a bid thomas still below $40 a barrel, a bit least we are seeing of respite to the commodities. pimm: the dollar gaining in value and stocks moving higher. economic eta out this morning -- new homes sales theng in july, a sign market is continuing to grow. seasonally to a adjusted rate of 500-7000, the biggest gain this year. sales account for about 10% of the overall home purchase market. americans are growing more optimistic about the state of the economy. the consumer confidence index c

i'm olivia sterns. pimm: i'm pimm fox. we are 90 minutes into the trading day. let's take a look at equities -- the dow jones industrial average lower by 26 points. the s&p 500 lower by two points. i would say that has a little to do with the manufacturing reports. but not much movement. olivia: a big earnings day with 30 s&p companies reporting today. earnings numbers are coming in pretty mixed. a little more action in the currency market -- that is pretty much flat also. , the dollarndex dropping from a four-month high and the euro a little stronger but under $1.10. perhaps the real story is the the royal bank of australia left benchmark interest rates unchanged. little movement on oil prices, perhaps a rebound from yesterday's selloff, but a commodity driven currency like the aussie dollar and canadian kurt the taking a hit in recent months. more health care companies are making deals. today, one is excepted while a much larger one is being turned down. team health holdings agreed to aboutc health care for $1.6 billion. it represents a premium of 37% over ipc

olivia: good morning, i'm olivia sterns. pimm: i'm pimm fox.at how markets are trading right now. let's look at the u.s. stock market and begin with the s&p 500. again of more than 2%. best buy, netflix and michael kors all leading the as the 500 higher. the dow jones estoril average adding more than 2% right now. olivia: it certainly looks like a bit of a relief rally since we saw the biggest two-day drop in the drop -- drop in the dow. that is bad news for treasuries. yields are creeping up -- the yield on the 10 year note of

good afternoon, i'm olivia sterns here with alex deal. we want to take a look at the markets. were looking at a rebound of 100 points but we are off the highs of the session. part of the reason is this oil chart that we're looking at. you saw oil rollover a little bit. oil stocks have been holding up, but oil coming under pressure and dragging the market with it. olivia: that always trigger is the question of our markets leaving equity market. our commodity markets leading the equity markets? i am looking at treasuries. the move index function, which measure volatility in the treasury market, thanks to alix steel for pointing this out. this shows the volatility has spiked so much in recent days, the last time we saw this was the flash crash from last october. let's talk about some volatility. you have to come inside by bloomberg terminal and look at a two-day intraday chart of the yesterday around 10:00 a.m. at spikes to about 52, and it is now down 45% since then. vixevery 7% decline in the ca 1% rally in the s&p 500. that inverse correlation somewhat is playing out today. ol

i am olivia sterns here with alix steel. alix: the dow is up by 610 points. julie: back down again.f you look at the major averages, we're seeing the fullback starts to stephen after epin and make a comeback. volume on the s&p 500 trading 130% above the 10 day average. wereer today it was double approaching triple. it has come down a little bit or slow down a little bit. here you are looking at the volume on the s&p 500, and obviously we're not finished out the session and the volume is approaching the full day spray -- spikes in volume. the selling is indeed on heavy volume. another market indicator are the 52 week lows. this goes back a year on the s&p 500. right now we have 100 82 week lows versus two 52-week high. we -- they were touched at some point during the session. an acceleration of the 52-week lows versus highs over the past couple of months. we definitely have had a number tradersegist, technical pointing to this among other things as one of the reasons they were looking for a potential pullback. ixke a look at the six -- v especially if you have the very biggest level.

olivia sterns asked him earlier if we have found a floor and oil prices.ket is obviously looking for a floor and we are still probably early. i think we are seeing gasoline markets sliding. we are at the point where in september or october just where we are trading right now, the markets do not want the trolley of products. this whole summer and winter are really week in our view. olivia: hovering around $40 a barrel. is this the floor? francisco: it is hard to tell. it depends on what happens to be emerging-markets mass picture. we have seen a meaningful move an emerging market currencies on the back of the chinese operation growth. it is hard to say we are going to see a floor here or not. over the next three or four weeks, we should find a floor. it will be in a bit of a rebound to the year and as we head into the winter. i would say in the next few weeks that it is the right time to start buying into this. you can expect a five-year or tenure rally. that is our expectation right now. >> what does it mean for equities? we have seen huge selloff across c

i olivia sterns. corey: i am cory johnson. we are in all week. oil -- olivia: oil on the move, hovering just above $40 a barrel. we're going to ask john hofmeister where he sees the bottom and the real impact it will have on the industries. corey: also, winding down. not too late. a great piece of sun valley real estate and ice in the weather. lehman brothers put his pad up for auction. could be yours for the low price of $20 million. olivia: i heard you had to put down a 500,000 deposit. corey: but it is sun valley. olivia: i love sun valley. time for our top stories. along the korean border, the most serious exchange for artillery fire in five years. that prompted south korea to release an artillery garage. no word of casualties. earlier this -- month, to korean soldiers were wounded by landmines. hasant pharmaceuticals spotd to buy pharmaceuticals. they will pay $1 billion force brought pharmaceuticals and extra spot reaches a certain milestone. spot will start selling the female libido drug in october. corey: hillary clinton might not have use

olivia sterns pulled the short straw. olivia: they called me. a look at our top headlines. olivia: president obama is taking his bid for the iran nuclear deal to the american people today. in a speech at american university in washington. jewish leaders are still afraid that iran can build atomic weapons, but the president how speech is unlikely to change benjamin

i am olivia sterns, in for stephanie ruhle. cory johnson. corey: here for erik schatzker. olivia: throwing shade at the drought problem. to discuss this new innovation and growing business. that is a shade ball. jack my will take

olivia sterns joins us wounded. is your rib broken? olivia: you cannot make me laugh.wide. hans: you have to be careful on those polo pitches. aivia: i fell off paddleboard. not because it was difficult rapids. about six inches. [laughter] tom: hold my hand. hans:

there is my friend olivia sterns, who especially likes posting bikini shots of herself. and a colleague, we are not sure how they did that, but they worked out 60 times over the course of 30 days. here is our executive producer. he not only played hockey last night for an hour and a half, which burned many calories, ted fine, you are the winner of the fitness challenge. look at him in san francisco following a marathon. congratulations to you, ted fine. erik is back from vacation and he will be doing an additional workout on wednesday. and then we will heat up in august. we will be wearing devices. follow us on twitter and instagram. i will see you tomorrow. erik: more market makers, folks. stephanie: ted find congratulations. erik: we will be back after this break. ♪ erik: breaking news, everybody tom hayes, the first person to stand trial for manipulating libor has been found guilty. again, tom hayes, the first trader to be found guilty by a jury of manipulating the london interbank offered rate. that is a story will bill be -- we will be following. stephanie: now we h

i am olivia sterns. erik: i am erik schatzker. breaking news. just released nonmanufacturing index. the newsroom. julie: disappointing manufacturing data lately. service is doing well, 60.3 was the reading in july. higher than the

i'm olivia sterns. u.s. markets are lower again this morning.r about 1%. you can see the s&p is on track for its biggest monthly loss since 2012. this follows declines in equity markets in asia and

i am olivia sterns. erik: i am erik schatzker. we have consumer sentiment. julie hyman has more.

i am olivia sterns. june factory orders are out. julie hyman and it is for the numbers.h an increase of 1.8% in june. that is higher than the -1% reading that was recorded the prior month

i am olivia sterns. is, can the rally hold? surging more than 300 points right now.t now, still