tv Bloomberg Markets European Close Bloomberg March 28, 2016 11:00am-12:01pm EDT
"bloombergching markets" on bloomberg television. ♪ vonnie: we are going to take you from new york to washington in the next hour. janet speaks in new york city tomorrow. will she take her hand? hand on ae tip her ate hike? betty: can they put a puzzle and a puzzle the front runner's momentum? had a clean sweep --washington, alaska, hawaii there's anything change in his battle with hillary clinton? vonnie: and the new "batman versus superman: dawn of justice "movie.
the plans for a new d.c. comics franchise. betty: it is 90 minutes in the trading session. want to heard -- 12 go to the markets desk with matt miller. matt: let's take a look at the major indexes. we see very little change. many of the asian markets are closed for easter monday. there is not a lot of action directionally. there is a ton of news, but not a lot of directional action on the s&p, dow, and must act -- and nasdaq. we can see there are fewer gaining groups then there were earlier. you still have consumer discretionary up. health care, utilities are down and much heavier. one of the reasons you see energy dropping is oil.
take a look at wti crude. it has come down significantly. down now only $.30. look at this drop. we were looking again from morning until 9:00 and it just came down. crude have really been the story. today's drop is weighing on the energy names. if you look at noble, chesapeake, devon, they are all eventoday and wayne -- bigger things like chevron down today. one of the positive spots in today's market as homebuilders. this is what i was looking at as betty and a vonnie came to me. reporting.oing to be existing home sales up, 5.1%. we were looking for a drop in existing home sales.
sign, a revival for the housing market because it has been a little weak lately. betty: thank you. theie: let's check in on bloomberg first word news. police and belgium want the theic to help identify person seem with the two suspects. saw surveillance video. they have already identified the two bombers. 235.eath toll rose crews are testing work at the airport to determine when it will reopen. a suicide bombing in pakistan targeting christians celebrating easter. 300 people were wounded.
65 people were killed. the prime minister has called for a united fight against terrorism. forces havevernment dubbed it as a strategic defeat. islamic state destroyed many of the monuments after capturing how mira last may. the governor of georgia has vetoed a bill for same-sex marriage. a number of major companies have threatened to take their business elsewhere. among them, disney and time warner. justices left intact -- he is serving a 14 year term. it may be shortened. global news 24 hours a day, powered by 2400 journalists, in more than 150 news bureaus across the world. expectations for a retype
are rising -- a rate hike are rising. longest winning streak since october. the dollar making even more strength following friday's steps report. -- friday's jobs report. janet yellen be speaking tomorrow. here for all the moves on the dollar is vincent for a preview of the economic numbers, including the jobs report on friday. i want to bring in bloomberg's carl. the dollar though, now he chooses to rise? [laughter] after all this talk about a retype. now it is rising? >> it is been hawkish after a relatively unusual som say. april is looming more than a possibility than it was previously. vonnie: the dollar has been
strong versus the yen and euro. if this more begin/euro stories? >> you see canadian dollars of 5% versus the dollar year-to-date while the yen has made some gains, is now pushing back. it is specific to individual currencies and what is going on currently. betty: let's look at pending home sales today. it would single a stronger dollar, right? >> it is going to be more about consumer spending profiles. consumer spending was encouraging earlier this morning. we had the increment spending report. the february numbers are not so bad. january showed a stinging downward revision. in 2016, it is the year of the consumer drive in the resurgence in growth. it has not been evident in the january, february numbers. not to say that will not happen.
as long as the market dries slack out of the system, we will get the weight rushers, which will provide the fuel for consumer spending. we are not there for the first two months of the year. as that becomes more apparent. the wheelwill take with some degree of ease. this will then mean that the fed will be able to deliver on those rate hikes. there is still market uncertainty that are not the fed will have the ability to actually follow through. in past years, we have seen the fed promised one thing and deliver much more timid. vonnie: we are getting all the talk about dots and so forth. where we stand is a lot more mixed, more in the dark. so many mixed messages. >> we had a disappointing fourth-quarter performance
growing around 1%. 1.4% growth in the fourth quarter. current quarter with his weakness in consumer spending, we highlighted, look for gdp growth could be as low as 1%. if you are consistently clocking is belowrly growth, it 2%. the economy will not have enough for momentum to withstand r ate increases. until they have a confident, they are not going to deliver with additional rate increases. hike. we may see an april what are traders seeing that we are god? tradersare seeing that we are not? >> traders are reacting to the the neutrality. they are looking at the june meeting that happens 10 days of
for the referendum. that does not say that the fed can't raise in june. , thattain heads up the eu will stay there hand there was economic turmoil. betty: they want to see how it turns out before they do anything? hike the forate potential economic turmoil is not the best preference for moving rates. the november meeting comes before we may have a potential government shutdown. what betty was referencing the possibility of a hike -- 6%. is that far away you are saying? income trading, not to flag my currency traders, get it right better than the currency guys do. it is possible that people like
bullard are trying to raise a warning. yellen is the key. if he follows suit, you will see that number change dramatically. vonnie: when it comes to currencies and the stronger dollar then, the weaker currency abroad in developing markets played a big role, particularly in china. when janet yellen make mention -- i am sure she will be asked about it -- will she talk about it? too muchgy talking about the outside environment, isn't it? >> some of the questions have come out. given the political dynamic, seeing to be favoring a change of government, which is positive for the economy. china has leveled off the currency depreciation has steadied. their economy now seems to be trying to find its own. globally that favored investors in brazil and
china seem to be on the back burner. carl, you just heard vincent say, it will be key to hear yelling. what we expect from yellen? wholet: there is not a lot of information that has reshaped her view of the world since the fed meeting. she is looking at consumer spending, which is simply not strong enough. that is a disappointment to her. in her mind, a validation that they don't need to charge aggressively. in terms of the dollar, it could get lost in the shuffle with the jobs report. the manufacturing survey has been swooning over the last year or so due to the impact of the strong dollar. we have seen a soft spell in the dollar the first quarter of this year. that has resulted in some signs of life in the manufacturing sector. in number of surveys, this could
be the first time in several months that the manufacturing i is some most back into expansionary territory. the key dollar single there is exports component. that will be critical in revealing whether this perk up in the manufacturing sector is a dollar story, or fixed demand. vonnie: thank you so much. a quick programming reminder, you can get your business news 24/7 on bloomberg radio, on serious xm. ♪
♪ live from new york, i'm betty liu. vonnie: and i'm vonnie quinn. "bloomberg markets." this is"bloomberg markets." good times at a real estate market is the spring selling season approaches. higher demand may encourage more owners to put their properties on the market. shortage of inventory has been one of the things holding back home sales. the bidding war for starwood hotels is not over. the company has got a revised takeover order. the new offer is valued at $14 billion. as we, starwood excepted a revised takeover bid from marriott. garcia will be revlon's next ceo
for global innovation and growth. that is your business flash for this hour. betty: let's check in on some of the stock movers this morning. the head to the markets desk with julie hyman. julie: let's talk about those hotels of yours, since it has been an ongoing story with marriott and starwood. $14 billion. anbangroup led by o shows its resolve to expand on it growing hotel empire. strategic hotel was bought for
$6.5 billion. that is a pending deal. this would be the latest jewel and its crown. marriott's shares rising at starwood get this higher bid. starwood is rising above that $82 75 -- $82.70 price. -- of in the wake of its the opening of its new thing park in shanghai -- it sold out in just hours. went on till at midnight on monday. it is the sixth of disney's parks worldwide and three times the size of its park in hong kong. those shares gaining. time warner also rising in the week "batman versus superman: dawn of justice." biggest easter opening ever, for fourthgest opening --
largest opening globally. shares gaining speed. then we are looking at the drugmakers. recently, merck won a court victory in its quest against gilead saying its research was the foundation of the creation of gilead's top hepatitis c drug. we are seeing a reversal today. it's partner -- it's silly it's partner after an investor said the launch of merck's now new hepatitis c drug is at a 40% discard -- discount is not been able to didn't the company's dominance. it is a smaller company, more reliant on a single drug. gilead getting more than 2%, guys. betty: julie hyman at the markets desk. still ahead on bloomberg television, bernie sanders scoops up three decisive wins
♪ you are watching "bloomberg markets." i'm vonnie quinn, betty. betty: and i'm betty liu. let's dive into the 2016 presidential race. bernie sanders put a victory in washington, alaska, and hawaii. he says those three wins pushes momentum ahead in key races in wisconsin and new york. there is still the issue of delegate math. hillary clinton's lead is still high. she is 1700. marty joins us from washington. i read that the clinton camp
knew they were going to lose those caucuses. are they worried that this is a change in sentiment? >> they don't seem to express a lot of concern, but there is no question that sanders did a tremendous job this weekend by winning in washington by 70%. the money is going to keep flowing and bernie is going to keep coming. moment to is about him, marty? he wants to debate in new york. could that happen customer. n? >> a lot depends on what happens in wisconsin. wisconsin, theke pressure would be on hillary to take a debate, which could be critical contest in new york. marty,by delegate math, does he really have any shot here?
marty: well, there is a very outside shot. he would have to win close to 70% of all of the rest of the delegates of progress, and that would be an incredible performance. nothing is impossible, but it is a very steep hill for him to climb. wisconsin,ty, about as much as we say it won't matter in the end, he still wants to win wisconsin and he has a very good change -- a good chance. marty: as neighboring michigan showed, he has a very good following. wisconsin is an open primary. so, they will have voters across the aisle and vote for him, especially young people. particularlyave a large minority population, which is hillary's strength. he is a very good shot at wisconsin, which makes new york it very interesting race. betty: being a wisconsin, donald trump is headed there.
he is looking to consolidate as he hopes the republican base, paul ryan's territory. i heard that house speaker will not be showing up. what does trump has to accomplish and can he get someone like ryan on board with him? i think paul ryan has been careful to keep his distance, don't forget, he is presiding over the convention and trying to maintain a very hands-off approach to the nominee is going to be. i don't think you are going to see paul ryan stepping up at any point, up until after the convention. then it is an open question if he supports the nominee. cruz, where does he go to from here? .ver the weekend, it got ugly some be like donald trump does not tend to lose in those situations. other regular people do. ted cruz may have lost, right?
marty: it is just typical of the chaotic nature of this campaign that they are talking about relationships of their family versus the policies that will shape american -- america's future. it is going to come down to ted cruz doing well in those big states -- new york, california -- even then, the -- the delegate lead for donald trump is so large that it may be very difficult for him to come close to him. vonnie: so, what is his campaign spend money? what does he do from here? he has to get this "national enquirer" conversation out of the picture, doesn't he? marty: i don't think it matters that much to the electorate whether the story was true or not. ultimately, it will be getting the people energized for a cruz presidency. there has not been a lot of signs, if you just look at the crowd that trump rallies versus
the size at cruz rallies. vonnie: all right, marty, looking forward to the next part of the race, and thanks for covering it every step of the way. that is marty shanker and washington d.c. next up, warren buffett, his $20 billion stake in wells fargo, what can that mean for shares, next. here is a quick check of the major averages. unchanged across the board. the s&p 500 unchanged. yeah, that's betty: no direction after the loss last week. ♪
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it's get a look at our first word news this hour. belgium is expanding its counterterrorism investigation. three more suspects have been charged in the wake of last week's attacks in brussels. there were arrests in italy and the netherlands over the weekend. the government is asking for the public's help in identifying a man wearing a white coat in an airport surveillance video. police say the other two with the suicide bars. -- suicide bombers. under travel advisory for turkey, warning citizens to leave the country as soon as possible as to avoid traveling there. -- it raised the level after three israeli tourists were killed in an istanbul suicide bombing earlier in march. prague forarrives in a three day stay visit. first the chinese leader has visited prague in six to seven years.
-- in 67 years. part of a push to make the chinese military more professional and battle ready. fidel castro is responding to president obama's historic trip to cuba. a long letter recounting the history of u.s. aggression against cuba and says "we do not need the empire to give us any presence." mr. obama did not meet with fidel castro but met several times with president raul castro. let's take a look at how the markets are trading right now. european markets are closed today still celebrating the easter holiday. u.s. markets are open and we have been open for about two hours with very little direction. we are trying -- we snapped last week's five week winning streak.
trying to find her footing now on this monday. let's get to abigail doolittle who has more from the nasdaq. abigail: we have the nasdaq struggling to trade higher. one boost is gilead sciences. i reached out to bloomberg while tech analyst who said this is for two reasons. first, the payout for merck and a recent patent infringement case over hepatitis c drug is a measly $200. a lot less than what the street had been looking for. mark's hepatitis c drug saying it is relatively weak. less competition for gilead than what investors had been looking for. he has said all along that gilead is the 800 pound gorilla in the hepatitis c space. a volatile ride for the stock over the last two years to read interesting to see how all of that plays out. betty: thank you so much.
changes are effective immediately. back in february people with knowledge of the matter said pandora is working with morgan stanley to reach out to potential buyers. squeeze assetedit management is leaving the swiss bank. -- credit suites asset management is leaving the swiss bank. tickets for opening day at the new shanghai disneyland sold out within hours of going on sale. the park opens june 16. disney is targeting 330 million chinese who live within a three-hour car or train ride. that is our latest bloomberg business flash. , his: warren buffett holdings in wells fargo is nearing a key threshold. buffett's stake is approaching 10% and valued at $24 billion. if he goes above that threshold of 10% he is going to have to
pass a federal reserve review to keep building his stake in the bank. live from seattle, noah we know that buffett has been a longtime fan of wells fargo. how important is it that he keeps the stake under 10%? noah: he can go past 10% and has in a bank before. it requires him to go through this review in th -- go through this review. the fed has tried to limit ties between nonbanks and banks. usually when an investor goes --t 10% they want sort of some sort of commitment. he has longuffett been someone who's stays out of management's way. he is willing to make these pledges. there are some hoops they will have to get jumped through. betty: what goes into this bed
review? -- this bed review? noah: the fed is looking for assurance that you will be a passive shareholder and go along with management. that you will not try to exert a controlling influence on the bank. that is a big piece. vonnie: he would hope that the stock price is going to go higher and he could reached the 10% threshold i find more shares. what happens when he does? noah: this is something that is happening behind closed doors. there should be some form of public notice. some provisions in the laws that basically say that you need to say when you go over 10%. thathese are negotiations are probably going to go on between lawyers that represent berkshire and the fed. if it happens, we should get
some public notice. betty: how has this performed for him? how has he done with wells fargo? noah: it's been a pretty good investment for him. the lions share of the stock has held at berkshire hathaway and subsidiaries. tot basis was around $24 $25. the stock is close to $50. he has had it for several decades building it for years. it is a stock that has done quite well for him. it must have happened around the financial crisis time, not with warren buffett perhaps but with some investors. noah: this is an issue that has come up before. in 2008 some private equity firms were looking to take larger stakes in banks. it was an issue the fed was weighing back then. it also happened for buffett and berkshire. he owns about 15% of american
express. in the mid-1990's, made a pledge that he would be a passive shareholder and vote along with management. betty: in terms of him accumulate in his stake in wells fargo, are there indications that he might go ahead and do that? noah: that he will go past 10%? betty: yes. that he will look to accumulate shares. noah: that is a great question. what we do know is that wells fargo is the bank he likes best. warren buffett likes to concentrate his bets. a couple of years ago you interview him and asked about his holding in goldman sachs and epic's response was i like owning the stock i like best. in banking that has been wells fargo. vonnie: what will the fed be looking at if they do decide to undertake -- what are the specific things the fed will want to see? noah: the main thing is about
control here. an fed wants to see that equity investor is not exerting a controlling interest over the bank. they will be looking for assurances along those lines. investors can go a long way to make that just by pledging and actually having a legal agreement to say that they are going to be passive. vonnie: does he come close with any other stocks? any other financials at the moment? noah: he still owns quite a bit of goldman sachs. he owns u.s. bank. e owns m&t bank corp. historically has had insurance holdings as well. really none of them are financial institutions quite as large as wells fargo. the positions are not quite as big. betty: thank you so much, noah. from -- something of him as a
superhero, warren buffett. also superheroes on the screen this weekend. warner bros. posting its biggest domestic opening weekend ever raking in $170 million with its new movie "batman versus superman: dawn of justice o." this is despite the majority of negative reviews from critics. erik davis is joining us, managing editor of fandango.com. i know it was panned by critics. fighting andto loud noises, it was enjoyable. erik: i feel like the critics set a low bar which audience kind of walked out, it was not that bad. they actually did the film a favor in my opinion. you mentioned the warner bros. record just a few minutes ago, box office report on twitter
that they backtracked to $166 million domestic for warner bros. which is notable because it is now no longer their highest opener ever. now harry potter and the deathly hallows part two is the biggest opener. still the biggest opener for superman and batman. vonnie: it does seem like a weird mixture. at the core of batman is a little darkness. superman has to be the brightness. i am scared to go and see it. is that a problem for some people? erik: definitely a problem for the hard-core comic book fans who grew up -- the major thematic for these characters that they do not kill. that is a big thing for people. zack signer the director is introducing. i'm kind of in favor for it because i think it introduces an interesting arc for these characters. this movie is supposed to launch a cinematic universe. a wonder woman movie next year, suicide squad in august, justice league movie which this is a .relude to
if you are going to have superman and batman over the course of several movies, let's see them start at a place where we do not really like them and grow to love them. vonnie: i like that idea. betty: it is smart but also the model disney has done with marble, right -- with marble, right -- withmarvel. erik: their second movie, ironman 2, had a problem introducing the cinematic universe. i think a lot of the criticisms for batman versus superman, it was not its own story. try to set up too many other things. marvel stumbled out of the gate. give them a couple of movies to find their footing. i feel like marvel did not find their footing until the captain america. betty: those movies have done the best when you talk about superhero movies building on a franchise. some of the top grossing films. erik: they do. i feel like if reviews were better we would have seen a bigger record broken.
$207 million the avengers open to. age of ultron opened to $190 million. it could have pushed it over the top. in this day and age we see records broken with every major movie. last year alone star wars and jurassic world broke opening weekend of all-time records. with batman and superman and wonder woman all for the first time, it is historic. if the reviews were more than 29% on rotten tomatoes -- betty: i thought it was 33. erik: as of this morning, 29%. no other film that has grossed over $150 million in its weekend and had less than six degree percent on rotten tomatoes. only five live-action films of all time grossed over $100 million opening weekend and had less than 30%. vonnie: today they make the right decision with casting? you are sending up a lot for those characters. if you look at the star wars movies, they were unknowns. erik: up and comers.
you have an up and comer in gal gadot in wonder woman and i think that does work. you don't know them from other films and you can invest in them a little more. vonnie: and you pay them less. erik: marvel does that with directors. i really like ben affleck. i think his batman is probably the best batman we have seen so far. vonnie: better than christian bale? erik: christian bale was a playboy. this one is the brawler and i like the brawler and i think it is time to see batman flexes muscles a little bit. he has a montage where he is beefing up a bit and i like ben affleck. vonnie: do you have to choose sides? erik: friday i was just a superman, monday i am batman. i am a bigger fan of batman in this movie. vonnie: what is the next out? erik: captain america: civil war . they will have the month of
april, maybe april 15 when disney debuts the jungle book may threaten it. it is coast is clear until may 6. we have seen on fandango 30% more repeat his nest on this film that we typically see for a blockbuster which is interesting because a lot of people thought the negative reviews would hurt the repeat business but a lot of people are buying more tickets to see it again. we could see it -- it may have legs. betty: thank you so much. erik davis, managing editor of fandango.com. on batman versus superman. we are getting breaking news. p jt partners says it is conducting an internal investigation after prosecutors today arrested andrew casperson, a member of the secondaries .roup at parkhill unit as been a member since january 2013. essentially casperson is accused of defrauding investors of somewhere close to $95 million. he was arrested monday by
federal prosecutors. the firm says it is stunned and outraged to learn of these allegations of fraud. our firm's reputation for ethical behavior is on the metal business. a statement from p jt. you can see the stock has been down and is down even further about 10% based on this news. much more ahead. matt miller in lisa abramowicz battle of the charts. that is next. ♪
betty: i have missed this. time for battle of the charts where we take a look at some of the most telling charts of the day and what they mean for investors. you can access these charts by running the function featured at the bottom of your screen. matt miller against lisa abramowicz. matt: ladies first, please. lisa: you are so kind.
it's ok, i know you are scared. to be i ecan go congo. one of the guys, the economist that works for bloomberg intelligence, michael mcdonough, put together this said biased chart. a modified taylor ruled that takes into account conditions. it shows you the fed bias is getting closer to neutral. today's pce number and the last unemployment numbers that we got as well as the gdp details we got on friday did not move us any closer to neutral. the fed is not getting closer to a neutral bias. they could raise rates and michael and the bri crew expect them to raise rates in june rather than april because they're so dovish. just about neutral here. i wanted to show you this great index bloomberg clients have access to. betty: not quite at neutral but getting there.
matt: almost. from negative three to plus three. right now they are at negative zero plus four. lisa: very enlightening. i would like to show you just how big of a rally there has been in junk bonds this month. junk bonds in the u.s. gained more than 4% and comparing that -- looking at the yields on junk bonds in the u.s. versus earnings yields on the s&p 500. it was as high as four percentage points more that u.s. junk bonds were paying than comparable measure on u.s. stocks. 2.9% highermeted to in less than a month since a because the rally has been so massive and high-yield bonds compared to what it has been in the s&p 500. this is the reason why you have analysts such as ubs wealth management suggesting people underweight junk bonds and go into stocks based on relative valuation.
vonnie: 2.9 percentage points. a big drop. and: as recently as 2014 2015 to put into perspective, junk bonds were yielding less. vonnie: i will give my vote first. i am voting for lisa because i think that is interesting. matt, i love michael mcdonald's work but you could've chosen one of your own charts. [laughter] matt: lisa's chart tells us what? the spread of what over what? vonnie: betty has not voted yet. betty: i'm going to go with vonnie. matt: of course. betty: she has given you some work to do. matt: nice job, lisa. congratulations. betty: matt is not happy with me. moving from junk bonds to the dollar, snapping a six-day winning streak as investors are waiting the strength of the
currency will push the fed to raise rates in april. will a dollar b the mandate? is themain concern negative feedback loop to fed expectations. the economy is in fine but the problem is every time you have the dollar rising concerns about chinese devaluation, commodity markets, though start to resurface and that is what we think will stop the fed from hiking and really lifting the dollar. jonathan: pretty much no hikes for the next two years. the call in 2017 that catches my eye. talk to me about the economist based case scenario. >> in the short run it is all about sentiment -- risk sentiment three of every time we get close to the point where the fed might be hiking, sentiment falters and the fed does not have the courage to do that.
it is more about the u.s. economy starting to slow a little bit. unemployment rate stops falling, maybe started rising a bit and that becomes more uncomfortable hiking rates. that is why we think the dollar is not your best bet right now especially against the current currency surplus. those currencies do well when risk sentiment is soft. if you were to buy a dollar you should be buying it against the aussie dollar, canadian dollar. those are the currencies that should do well in a risk environment coming on the back of a pretty big rally. >> is it a come on and see -- is it a commodity currency call? >> if the fed is able to hike the dollar should do well across the board. if the sentiment is week preventing the dollar -- preventing the fed from hiking, those currencies will do badly. because of the risk sentiment. >> dollar strength, let's say
dollar weakness, the dollar goes down. tell me if i'm doing this right, dollar down, oil up, stocks up. is that how it works these days? that is how it is right now. >> any dollar strength is viewed negatively for growth reasons mentioned before as well as the feedback loops in emerging market credit. it is back to this, what can you predict and how much certainty do you have an outcome. i'm sure we could debate currency moves but the reality is there is uncertainty for the forward trajectory of the dollar. our argument is why mess around with that stuff when you have things that have higher probabilities of success? vonnie: that chair janet yellen will be giving a speech at the economic club of new york. it will be covered on bloomberg television. ♪
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alyx: from bloomberg world headquarters in new york, good afternoon. here is what we're watching at this hour. stocks are mixed to start the trading week. the final week of the first quarter. . janetr stocks rise yellen will give remarks about the economy tomorrow as new numbers are out on personal income and spending. what clues will she give about the next rate hike? at pandora.eup ceo brian mcandrews is out. tim westergren returns to the top job. so far the move is not music to ears.street's for more on today's activity we want to head to the markets. julie hyman has the latest. on this extremely light volume day. julie: we do know it is vacation week for many kids out of school so that means some folks are