be veryly want to diversified, high yield bonds are holding much better than investment grade.hat could shift as the late cycle period moves on. shery: was great having you with us. joe higgins of tiaa. coming up, s&p 500 and the futures down for the fifth day on the rope -- in a row. we talked to a traitor next. this is bloomberg. ♪ ♪ it's time for trading futures where we dive into the futures market through the charts. we're taking out look at the s&p -- taking a look at the s&p 500. it has been down the four of the last five days. down to three of the last five days. moving higher. take a look at that five-day five days in, down a row. investors are contending with the earnings season, rising yields, all of these matters. a bearish slant as lead futures are pushing down on the 200 day average. let's look at a chart we have looked at a few weeks ago. you can be a this chart and the bloomberg, using the function. it is a one year chart of the futures. that uptrend. this year, all the congestion heading down on the 200 day moving average. a number of times. making another test

veryly, it is a complicated set of decisions that national companies are confronting as they deal with the new tax law. this is one of some observers have found that it may not be working as intended. we're still waiting for guidance on the revenue service to actually outline how these rules will be applied. basis that is looking at is this activity that a u.s. firm has overseas earning a high return? a rule,is what triggers one way to reduce that is to put something below with the high and that gives you something that looks like a typical rate of return. that is a perverse incentive, but it is a potential risk as firms try to confront their new law. >> there is a box in their which -- isimated that the law there a way to translate that to revenue? >> not directly. i think the observation that we are trying to make is to recognize the fact that these decisions about where to locate certain activities have the ability to actually distort economic specifics. inhink the discussion there pointing out the fact that you -- whetherese flows recall fully educated, under the new law going forw