but cancer, like tom wilson is suffering from, is the number three ailment. 14,000 first responders were diagnosed with cancer as according to a law that requires them to be monitored this is an issue that is on sl going. some of the conditions that we normally associate with people getting older are exacerbated in the community because of the things they've been exposed to >> the cancers are tracking much higher in the group. it's absolutely traceable to what these individuals on 9/11 and in the weeks and months afterwards >> reporter: in order to be covered by the 2010 law, they have to be able to show that there is this exposure to the 9/11 events and debris and dust, et cetera. these are things that are connected back to what they experienced on that day. >> ylan, thank you very much >>> and as we head to break we're reflecting on the impact 9/11 made on our country and new york over the past 20 years the number of tourists visiting downtown has nearly doubled. it reached about 14 million pre-covid. a sign of those who are still interested in visiting down there but just the vitality

tom: that is david wilson from morgan stanley with a more irish view, but you saw that bit toward the end of the session yesterday which brought to the s&p back from those intraday lows we sell, and the futures pulling up a 5/10 of a percent right now. let's check on the markets for the up-to-date context. in asia, you have china closed for a national holiday, so bear in mind. the nikkei down sharply today, japan laying catch-up. msi i -- the msci asia pacific down. the crypto space is feeling the risk off mood as well, down more than 10%, bitcoin around the $42,000 level. the bloomberg dollar index is just a smidge lower, as you can see. that is being reflected across the fx space. manus: and a big note, they want to be long the dollar to em as a hedge. let's continue the fallout narrative and where we are. evergrande dominated the headlines and juliette saly has the latest. juliette: we are continuing to see evergrande trade at decade lows. also for the day down about 7%. we are looking ahead to thursday when interest on their bonds are due, and a default is likely, and that hasn't

tom: david wilson joined me with a pack to the opening futures. good morning morning.ant you to explain to our international audience the disconnect or connect between hong kong and when he miles north of shenzhen. >> hong kong is pretty much ground zero. it is a question that everybody in hong kong is asking. how far will it spread in terms of what will happen and will it have an impact on the property sector as well? they have payments due this thursday and everybody is keeping and i out. so far, the government has said little, if anything at all about ever grand jonathan: that is the issue. last week, it was expected to miss. can you walk me through the discussions on the solution so far? what do solutions sound like? >> we know that they have been local advisors appointed to this. we do not yet know or have clarity on what kind of solutions will be offered, but the appointment is clearly very firm. on the repayment this week, the question is whether or not that would count. there are those who argue that if they do not make the payments, it does not necessarily mea

. >> reporter: on the day of the attacks, tom wilson helped stunned survivors cross the bridge afterwards, he spent months working on the pile and he contracted health problems. >> i'm coughing up phlegm. i would get pneumonia. that's when i got concerned. then in 2008, my tongue cancer diagnosis. at the hospital, i had a young daughter newborn. she had to breast feed up there in the waiting room while i was in the hospital. i had a tracheotomy. i was fed through a liquid through my nose tube i have five kids >> reporter: 1,800 names etched in the wall at the 9/11 responders remembered memorial park in long island. dedicated to those who died in illness after the attacks. wilson knows many names. >> he retired and died of blood cancer >> reporter: what pains him the most is not the sacrifice they made or his ailments, but the memory of the pile. >> i think back. it haunts me of what i missed. now the remains there at the landfill the final resting place of the heroic people who with went to work that day. heroic first responders who responded. never been recovered >> reporter: talking can

. >> reporter: on the day of the attacks former sergeant tom wilson helped stunned survivors cover ine williamsburg bridge. afterwards he spent month working on the stockpile he started getting severe conjunctivitis, and coughing a lot. >> i never smoked a cigarette in my life, and now i coaugh up phlegm, and then in 2008, with my tongue cancer diagnosis, that knocked me on my ass at the hospital, i had a very young daughter, a newporridge. she had to breast feed up there in the waiting room while i was in the hospital. i had a tracheotomy. id to be fed through a slushy liquid through my nose, through tubes. it was pretty devastating. i have five kids. >> more than 100 health problems have been connected to 9/11. most common is nose and sinus inflammation, second is reflux, third is cancer, hitting over 14,000. >> most people will say, wow, i can't believe it's to years. people around the world, go, my god, it's 20 years but though foss in the 9/11 community, this is the longest day ins history of days that hasn't ended. >> reporter: he's behind the 911 responders memorial. he bush fo

taken by some in the trump administration in the final days of the trump white house foxes lucas tom wilsonallout for joint chiefs chair general mark milley. general mark milley says he did nothing wrong. the chairman of joint chiefs, speaking for the first time about new accusations he secretly called his chinese counterpart twice to reassure beijing about the stability of the u. s military allegedly promising china a warning ahead of any potential attack. but millie says that promise was never given. the calls were not secret, and he's looking forward to clearing things up when he testifies before congress on september 28th. these are routine calls. in order to, uh, discuss issues of the day. to reassure both allies and adversaries. trump administration officials claim they had no idea the calls were taking place and former secretary of state mike pompeo is demanding answers about what exactly was said this is something that is deeply inconsistent with his responsibilities not even in the chain of command. but it turns out millie wasn't the only one calling the chinese aides to president

tom: who is coming up in the next hour? jonathan: mike wilson of morgan stanley, chief u.s.rategist. looking forward to that conversation in 60 minutes. looking forward to the conversation. from new york, this is bloomberg on radio, on tv. this is bloomberg surveillance. ♪ ritika: the fate of president biden's economic agenda is largely in the hands of house speaker nancy pelosi. just to find a way to keep the democrats moving toward her goal. she has an agenda that includes the president's multitrillion dollar tax and spending bill. she will have to find a way to avert a government shutdown and treasury default. british prime minister boris johnson is heading to the u.s., his first trip out of europe since the pandemic began. his most radical relationship with president biden is that a delicate juncture. it has reinforced the idea of a special bond ahead of an upcoming global climate summit the u.k. will host. the u.n. general assembly returns to manhattan this week. many new yorkers are less than enthusiastic. hotel and restaurant associations are expecting only a moderate

tom: extrapolation there by bianco and others. they go out to 18 months. dave wilsontwo hours. he's here with the put call ratio. how quaint. does anybody care anymore? dave: at least one person cares, liz ann sonders over at charles schwab. tom: she will be on later. dave: she put out this note friday on twitter. she puts out a bunch of charts every day. this one caught my eye, looking at put call ratios for individual stocks as opposed to those for indexed options. what is interesting is you've got the biggest gap between these two ratios, the ones for the individual shares and for the indexes, in 14 years. it basically tells you people are piling into options as a way to bet on stocks, and at the same time, you've got more hedging going on in the index options. at least, that is the way it looks given the numbers. tom: the indexes are blended out to be a more cautious statement now, where the roulette players are going long the market in the individual calls. dave: absolutely. you did fine, tom. but think about the meme stocks. we've seen when you get these bursts

some of the celebrities to join in on the wrap with him so you saw ll coolj, use or tom hanks wife leader —— rita wilsona really big, outside tent and you had a stage surrounded by many people at a table. it was a different atmosphere but i would give it a b+, i thought he did really well and as you stated, the crown did really well, they won 11 awards, can you believe it? and the queen's gambit won 11 awards and this year you really started to see other streamers pull some of the spotlight away from the amazon, hawley, netflix, and you had ted lasso win for apple tv+ and you had hamilton hacks winging and disney plus hamilton winning so many other shows winning this year. many other shows winning this ear. �* , . ., , many other shows winning this ear. 2 . ., , , year. it's nice to see but it also means _ year. it's nice to see but it also means it's _ year. it's nice to see but it also means it's so - year. it's nice to see but it i also means it's so competitive now, because as you say it was not that long ago that even netflix did not get a look in and things have changed so dramatically in the most

tom: the electricity of david wilson, bloomberg stock editor, calendar item november beckons. ed, and it is the end of the six-month period that has been traditionally bad. so in may, stay away. tom: is that working this year? david: u.s. stocks have been going up, but they kind of put numbers, dollar amounts to the pattern over time, starting with a $10,000 investment back in 1950, looking at the six months that begin in may relative to the six months that begin in november. there is no comparison in terms of performance. if you only invested starting may, you would end up with about $78,000 on total returns. instead, if you only invested beginning november, about $3 million. tom: $3 million versus 78,000 dollars, but with the crisis in the united kingdom and france, what is so important is your wonderful chart, for on radio, these are straight lines. david: they pretty much are, no question, but you have an even bigger line if you are invested all 12 months. as bannister points out, you would have close to $25 million on a $10,000 investment if you had stayed in the s&p 500 s

tom, what has changed? mike wilson of morgan stanley, "price is the most import determinant of people's behavior. price gets you to focus on the things right in front of you all along. it is priced its changed, and price since the narrative." tom: at the other side, the bulls look at technology. what was was an opportunity yesterday, but you've got to pull a trigger given the fear. i failed. i couldn't pull the trigger. tom: you couldn't get out of jonathan: -- jonathan: jonathan: jonathan: you couldn't get out of cash. let's see what jason draw hope -- jason draho has to say, ubs head of america's asset allocation. how long this will take? jason: it might be along the line of four to six weeks. we have to get through the evergrande situation. we have to get through the fomc tomorrow to see is the fed going to be a little more hawkish, or do they toe the line. we get to the debt ceiling. over the next two weeks, we see a lot of potential headline risks to get through. until we come clear of those hurdles, i think peopl

tom: on the equity markets, david wilson, compare and contrast not the s&p, but the one that matters,and the one that people really care about, the nasdaq 100. dave: absolutely. when you make that comparison, as oppenheimer did over the weekend, you find out the nasdaq 100 is at its highest level relative to the dow since march 2000, and we all remember what happened then in the height of the dotcom years. tom: is it the same now? dave: you can argue that question. certainly technology companies dominate the nasdaq 100. they are represented in the dow as well. let's not forget, apple and microsoft are there. tom: this chart, on radio, it is something to see. dave: gross is beating quality. that is what this ratio suggests . we've seen it move up 16% in the last four months. this is where we got to the point where we are back at the height of thedotcom years. ash the height of the -- the height of the dotcom years. tom: we've got to keep it short today because we are in china, where there is a restructuring as well. right now, let's assess capital structure. into karen ---- enda curran

wilson: thank you, mr. speaker. as the member designated by mr. tom rice of south carolina, pursuant to house resolution 8, i inform the house that mr. rice will vote nay on amendment 5. the speaker pro tempore: for what purpose does the gentleman from new york seek recognition? mr. tonko: mr. speaker, as the member designated by representative morrelle, pursuant to h.res. 8, i inform the house that representative morrelle will indeed vote aye on the dean amendment. the speaker pro tempore: for what purpose does the gentleman from new york seek recognition? mr. jeffries: as the member designated by congresswoman grace meng, pursuant to h.res. 8, i inform the house that congresswoman meng will vote yea on the dean amendment. the speaker pro tempore: for what purpose does the gentlewoman from california seek recognition? ms. chu: mr. speaker, as the member designated by mr. sdaum, pursuant to h.res. 8 -- mr. desaulnier, pursuant to h.res. 8, i inform the house that -- ms. matsui: mr. speaker, as the member designated by mr. desaulnier, pursuant to h.res

tom: 1.94 on the way, maybe back to 2% as well. dave wilson us now on the consumer discretionary's with procter & gamble, coca-cola, costco, the staples. >> absolutely, tom. looking for signs that we are back to the.com years? you can see it in that industry group. we have seen the waiting of consumer stapleton stocks. food, beverage, tobacco. boring to some, but nonetheless the key is that you have got the lowest weighting of that group within the s&p 500 since march of 2000. and of august, five point 75%. -- 5.75%, putting it together this has been the worst performing group this year among the 11 may firsts. tom: are they buying back those shares? the ceos of dr. and gamble, walmart and the rest, they have to say let's buy back the shares? >> no doubt there's some of that going on, but the group is going up this year and isn't keeping pace with the s&p 500. that's in part why the weight is coming down. less than half of the peak that it was in 2008. tom: help me, it's health care and radio with technology. >> i mean that's what it's been bu

tom: one of the great features we have come dave wilson and i have never touched gluten-free.ith the utility analysis. come on, you by dominion and forget about it -- you buy dominion and forget about it. dave: no, not lately. it is not only the longest losing streak ever for that index come which goes back to 1989. it is the longest streak for any of s&p 500's 11 main industry groups. it goes to show you how relentless the decline in these stocks, which are pretty interest rate sensitive, has been. tom: are they a retirement vehicle, as we were taught? by you, frankly. dave: not so much, given that the industry is changing. there is so much solar power around, and when you think about what is in the utilities index, it is largely a more traditional electric, gas, and water companies. so you really don't capture that transition. i would just point out that if you look at the 10 year treasury over the timeframe where the utilities index has been falling , the 10 year yield actually fell on five of those days, which means the bonds were rising at the time that the utility stocks

tom: very good. nice shout out. it's amazing. you know their last names, that's really something. we know the name wilson.n is joining us with a chart. what do you have today? david: how the s&p 500 on since the 9/11 attacks of 20 years ago and compare that to what it did in the previous 20 years. when you do that, you find out we've done fairly well over the past 20 years with the s&p 500 delivering an annualized gain of 7.3%. it's nothing like what we saw in the previous 20 years. you are talking 1981-2001. you saw a gain of 11%. to understand why, maybe have to look at the way the index is changed in terms of the biggest companies. go back 20 years. look at the top five most heavily weighted stocks. general electric, which has struggled over the past two decades, microsoft, the only of the top five then which is a top five now. it has had its issues over the years. exxon mobil, it has faded along with fossil fuels. pfizer hasn't kept up in terms of valuation with a lot of it's peers alone the water market. citigroup took a hit in the financial crisis. perhaps that is as much as anything that explains t

wilson drives forward the conversation that earnings matter. dave: they absolutely do. if you are looking at a comparison between earnings and stock prices. tomsh. i'm looking. dave:dave: it really depends on your timeframe, what that relationship looks like. keith lerner at truist was pointing out that earnings have grown faster than the s&p this year. if you pull back and look at a little more than a decade going back to 2010, around the time you had a low in earnings, it is a different story. over the course of the past year and half, the bull market we had an u.s. stocks, the s&p 500 has really pulled ahead of the growth in earnings. that is the key point. tom: that is a multiple expansion. dave: you could say it that way. that is one way to look at it. but beyond that, you look at the top performing groups like technology, you go back over the last 10 years, you see a far bigger increase in share prices than you do in earnings. same thing and that consumer discretionary category. retailers, automakers, homebuilders, you name it. then you look at stocks where they are, you are still not talking about relatively high p/e ratios compared wi

tom: a nice lift in oil this morning. right now, we are going to rush to david wilson and important observations on china. >> i saw a twitteray from compound advisors comparing the market value of alibaba with walmart. you look back several months, alibaba had a much higher value. that has turned around. it is really a function of what we have seen in terms of the efforts to kind of rein in chinese, tech driven companies. you have alibaba down 54% from its peak last october. you are talking about a year and this company, which was twice the size of walmart when you look at market value back then, is now even smaller now. walmart is pretty much right there. tom: one final question in our busy segment here. now what for alibaba? do we have visibility and what they are doing? david: that is the challenge. they have so many pieces of their business. they're having to back away from media because the chinese government is basically telling them they have to. that is the question. it comes down to how much leeway this company can get the government. that will determine what lies ahead for them. jonathan: we will have to -- tom: w

wilson: as the member designated by mr. tom write of south carolina, pursuant to house resolution 8, i inform the house that mr. wright will vote yes on s.189. the speaker pro tempore: for what purpose does the gentleman from illinois seek recognition? ms. underwood: as the member designated by mr. rush, pursuant to h. res. 8, i inform the house that mr. rush will vote yes on h. res. 189. >> mr. speaker, pursuant to house resolution 8, i inform the house that mr. katko will vote yes on s.189. the speaker pro tempore: for what purpose does the gentleman from michigan seek recognition? >> mr. speaker, as the member designated by mr. latta of ohio, pursuant to house resolution 8, i inform the house that mr. latta weupl vote y efrp a on s.189. >> as the member designated by ms. wilson pursuant to h. res. 8, i inform the house that ms. wilson will vote yes on s.189. the speaker pro tempore: for what purpose does the gentleman from ohio seek recognition? >> as the member designated by mr. from the state of idaho, pursuant to h. res.

wilson: as the member designated by mr. tom rice of south carolina, pursuant to house resolution 8, i inform the house that mr. rice will vote aye on the motion to recommit.

tom: for those of you who follow us on more than an hourly basis, from been labor over to mike wilsonr at morgan stanley. there is a debate out to the end of the year. jonathan: we are trying to work out the what next after the midcycle transition. lisa:lisa: there is thinking that with the big tech companies, there are few employees relative to the cash flow. that point is going to be more and more salient as we start to see these, because they will be more immune to that pressure. they have better deals with the tips of players, for example, and the automakers. -- chip suppliers, for example, and the automakers. jonathan: morgan stanley put up sellers again for the analyst classed. we need the associate class to flex their muscles, if you are middle-management at the bank right now, you are doing all the work. lisa: and, frankly, the carry through, the bleeds through, the minimum wage increase is dramatic, because you're right, all of the people and the others of the chain say hey, what about us? jonathan: looking down at the analyst chain saying, you don't want to do the work, so s

tom: when you get as old as me, you don't read anymore. kailey leinz reads everything and she brought me an essay and dominic wilson is dead on as the uncertainty goes up, everybody gets narrow on their calls. jonathan: the range of outcomes is wide. lisa: and the idea, is the cure for inflation more inflation and will become a self-limiting cycle and taking it away from the fed's and ecb's hands? jonathan: afford a losing streak on the s&p 400 -- a four-day losing streak on the s&p 400. from new york city, this is bloomberg. ♪ ritika: in japan, and a party election later this month, he wants to create a country where no one is left behind. the leader in parliament is sure to become prime minister. more frustration over cabinet level talks with china. president dina asked president -- president biden asked xi jinping to cooperate. it was their first conversation since february. president biden ordering coronavirus vaccines for millions of people. the president offered millions of health care workers and federal -- ordered minds of health care workers and federal employees to get vaccinated. the u.s. justice department wants to put a stop to res

tom: gmo's lead the charge and at some point i'm going to say that they will be bright here, but this year the shock and growth with david wilsonwed the tech performance as well. i don't have a strong opinion here. it's not our goal to give one other than i will say that gmo has been the most nuanced and articulate of the value crew. jonathan: stock market doing ok this morning. advancing even after that adp report. a downside surprise, 600 25 was the x met. cameron christ saying that we have seen this movie before and the trailer for the friday payroll doesn't look good in the previous months was also lousy and it didn't stop payrolls from jumping. i think that point is lost on many this morning. tom: i'm looking at the beautiful elegance of jobless claims and we see that in 24 hours and three minutes. jonathan: this is "bloomberg surveillance," advancing .4% on the s&p. ♪ (announcer) looking for a better way to lose weight and feel good? how about the one with the 98% success rate and the more affordable weight loss solution? that's golo. there are no monthly fees and it's guaranteed to work or you don't pay. how can golo off

wilson, chief u.s. equities strategist and chief investment officer at morgan stanley good to have you on. i've got a chart here from tomal chart and shows the 50-day moving average. i know you're not a technician per se, but it shows that every time we drop down a little bit, we hit that 50-day moving average and the s&p just continues to move hirgher only one time has it broke below that in the past year. obviously it did 18 months ago but it's been a very strong chart. what are you seeing now, fundamentally, technically, fund flows, whatever, that makes you think we may finally get a real correction >> yeah, thanks, brian look, i think, that's a good point. that's what's kept people involved here. the s&p 500 has been tremendous. it's been the place to be. and look, that's been really part of our call this year, which is that in march, you know, mid cycle transition, we said quality would outperform. that's when we got away from the cyclical trade and small caps and low quality areas. there's no better index in the world than the s&p 500, so it's been a beneficiary of that it doesn't change, however, our year end pri

wilson: as the member designated by mr. tom rice of south carolina, pursuant to house resolution 8, i inform the house that mr. rice will vote aye on the motion to recommit. the speaker pro tempore: for what purpose does the gentleman from california seek recognition? mr. correa: mr. speaker, as the member designated by congress member napolitano, pursuant to house resolution 8, i inform the house that congress member napolitano will vote no on the motion to recommit. the speaker pro tempore: for what purpose does the gentleman from illinois seek recognition? mr. garcia: mr. speaker, as the member designated by mr. grijalva, pursuant to h.res. 8, i inform the house that mr. grijalva will vote no on the motion to recommit. the speaker pro tempore: for what purpose does the gentleman from michigan seek recognition? mr. kildee: mr. speaker, as the member designated by mr. ryan of ohio, pursuant to h.res. 8, i inform the house that mr. ryan will vote no on the motion to recommit. the speaker pro tempore: for what purpose does the g

tom: what's important is the way they construct their optimism. i'm seeing a real theme from people to forget about the mumbo-jumbo and go back to earnings power and revenue power. david wilsononed fedex. jonathan: we have not mentioned that apart from mr. wilson earlier. here they are, weighing on this, kaylee, continued supply chain has slowed u.s. demand compared to the earlier forecast. the current labor environment is in the operation of the network significantly impacting our financial results. there's a lot of stuff to work through for the year-end. kailey: absolutely, kings in the supply chain throughout, and the real shortage of people. the fact that it costs more to have people doing the job. this is the margin compression story. to your point, david and the rest highlighting the earnings story. if the margin suppression is coming in and the changes -- it changes the story, how do you keep the thesis? tom: i love page 42, they have trouble unloading the truck on madison avenue. jonathan: that's traffic this week. tom: there are so many trucks lined up everywhere. you see what they do to the boxes when they come out. throwing them around. it's a crisis. jonathan: th