tv Bloomberg Markets Bloomberg May 20, 2016 3:00pm-4:01pm EDT
david: from world headquarters in new york, i am david gura. shery ahn: and i am shery ahn. david: closer to raising interest rates. the s&p 500 rate shows a weekly decline but is now higher for the year. shery ahn: shares of john deere getting trend today. they allowed past earnings estimates -- they plowed past earnings estimates. david: what impact will the doomed egyptair jet have on stocks? americans may be reluctant to travel abroad this summer. are one hour from the close of trading. let's head to the markets desk. s&p isear to date, the now up for the year, up .4%.
we were talking about how it had dipped into the red yesterday. we are off of six-we close. -- we are off six-week lows. the s&p is up .6%. the nasdaq is still down year to date by nearly 4.8%. i want to show you what has been happening with the s&p 10 sectors. generally a broad rally across the board. information technology continues to be the biggest leader, up by 1.1 percent. it had been higher. it was as high as about one point 3% or soap health care sector up by about .8%. consumer staples continue to be the biggest laggard come at down i about .4%. i want to talk about some of the biggest s&p point gainers, chief among them some stocks you would
expect, mainly apple. .5le up .9%, contributing points to the s&p right now. luring is up 2.4%, audiences back to it by offering more reruns on video on demand. .3%.ret soft up pfizer up .4%. .pple is up we saw a jump when tim cook landed in india. he is there. he had dinner in mumbai thursday. this is potentially on the idea he is there to open up and another country, opened up more as iphonespecially
are seeing a decline in demand. let's switch to currencies and commodities. looking at oil and gold. oil is down .9%, near the lows of the day, coming off of highs this week when we saw an increase in u.s. oil supplies. as for gold, gold futures are down about .2%. they are continuing to fall. there is the chance that the fed rate hike continues. right now, this is down three days in a row. we're in for the third weekly loss. you for that.nk david: let's check the headlines. once donald trump supported restrictions on gun rights, and he criticized republican politicians who "walk to the nra line." but today, the organization is formally endorsing the likely
presidential nomination or he is speaking at the national rifle association convention. thousands of gun enthusiasts are on hand to hear him speak. mr. trump told him earlier, "i will not let you down." theident obama turning up heat to fight the zika virus, saying congress has got to get moving to he spoke to reporters after a briefing from health officials on the spread of the virus. president obama: this is something that we can solve. it is not something we have to panic about, but we have to take it seriously. if we make a modest investment on the front end, then this will be a probably do not have to deal with on the back end. mark: the president says researchers need time to develop vaccine and that states need to ramp up mosquito control programs. they have not solved the mystery, but searchers looking for the missing egyptian jetliner have some clues. haskage from flight 804
been recovered. seats, luggage, and a body part was found in the mediterranean about 180 miles of the coast of alexandria here the egyptair jet lag there was an route from paris to cairo thursday when advantage from radar. 66 people were on board. egypt says it was more likely a terrorist attack than a mechanical failure. the excavation of joaquin el chapo guzman to the united likely, according to the foreign ministry, which says the u.s. guarantees it will mess he the death penalty. once the extradition is committed, guzman will be tried on racketeering charges in texas and tracking charges -- trafficking judges in california. the process can be appealed, so could be weeks or months before he is sent north. his lawyers have 30 days to appeal the decision. global news 24 hours a day howard by our 2400 journalists
in more than 150 news bureaus around the world. shery ahn: thank you so much. reported, u.s. stocks are holding their own after the s&p 500 drop yesterday. the fed minutes on wednesday set off a wave of sailing. david: it is still well up to february lows, up more than 12%. manley's chief equity strategist at wells fargo funds management. my biggest takeaway from the minutes on wednesday, probably not surprising to you, is how members of the fomc think there is a disconnect between what they are saying and what folks like you are seeing. what accounts for it? john: folks like me can have a bit of an ego. i always think that whatever i thought, janet yellen thought three weeks ago. the federal reserve has done a very good job. it is a tough thing to do. i think they will be data
dependent it why wouldn't they be? why should they promise to do something? they will set rates as they think rates should be set. they will not try to restrain the economy. shery ahn: the s&p 500 erased this year's gains earlier in the week, but now we see a big rebound. what does that tell us? john: i think when the federal reserve is accommodative, they are trying to push money into the economy. in the middle of it was sort of get in the way, and when they're pushing money in, we tend to rise and be resilient. when they are pulling money out, the opposite is true. i do not think you should ask how many times the fed will raise rates this year he would you should ask if they will encourage or discourage economic growth, and that will determine how the money grows. david: i cannot resist the urge to read this line -- you said the stock needs a kick in the pants. sometimesll need that
to move on. i think they're fairly valued. about 16 or 17 times forward earnings expectations. shery ahn: compare them to the u.s. and other markets in asia -- europe, i mean. john: i say they are cheap versus us rather than we are expensive versus them. look at the last 20 or 25 years. it does not seem extreme. 2000 was extreme. 1982 was extremely extreme. shery ahn: we see valuations and other places, say asia. where do you look for bargains? john: in europe. the thing about value, you have to realize things get cheap or expensive for a reason. if the reasons exist, so will the cheapness or expensiveness. you did not have much monetary pressure, no quantitative easing, very tight fiscal policy. those are changing. i think asia offers a lot of the same opportunities to bid
further -- it is a bit further along in some ways and closer to the start and others. japan has tremendous value. if they could get it going, and mr. abe says -- shery ahn: the g7 is happening now. how about the yen? we are some weakness now, but a 9% boost this year. john: i have given up trying to predict currencies. end of thep at the data at strong economies tend to have strong currencies. and they get too strong and sort of weaken. it is not perfectly efficient, but it tends to wash up. , it sort of washes out anything more than a month or two. david: the degree to which you pay attention to when the fed will raise rates again, that is a conversation we have over and over again. is that the key question when it comes to monetary policy? john: no, i think the real
question is whether they will try to restrain the economy. i think they will raise rates when they can do so without adversely affecting the economy. they will be data dependent, but they will not try to tighten at the end of the day, week, or month. shery ahn: thank you for that. next, mexico up approves the extradition of alleged drug kingpin el chapo guzman to the united states. we're live with the latest details, next. ♪
all the major indexes in the green to nasdaq up about 1%. the s&p 500 up about .5%. the dow up about .3%. back to the possible extradition of joaquin guzman, better known as el chapo. mexico's foreign ministry says the u.s. has guarantee the death penalty will not be applied to his mom. eric ahn: let's bring in martin, who is in our mexico bureau. how much of a surprise is this? eric: a big surprise. a lot of people thought chapo recapturedever be after he escaped prison for a second time in july of last year here at and mexico's previous attorney general said that chapo would be extradited to the u.s. only after he faced all of his charges in mexico, which he
estimated at several hundred years. so this is a huge turnaround in the last several months in terms of the recapture of this month and mexico's willingness to send him to face justice in america. david: is month'-- guzan mont's lawyers say the legal process could take one to three years. talk about the cat of pressure the u.s. applied to the mexican government to make this happen -- talk about the kind of pressure the u.s. applied. eric: there is the issue of national sovereignty in terms of the drug war and behold it has had on mexico. the number of deaths, kidnappings, the violence, and a desire by the government to try here.nde -- guzman after the second prison escape, there was more willingness to extradite some other suspects and a feeling of renewed or a new type of cooperation with the u.s. and new recognition that perhaps the best outcome to face
be to send himd to the u.s. and have him go through the process there. shery ahn: we're hearing that his lawyer will appeal. what are the chances of him winning? there are a lot of appeals process is available in mexico. it is something that could take a very long time. but most observers say this is a case where the u.s. and mexico have strong legal ground for extraditing chapo. and ultimately, all of the potential measures that could be presented by his defense team on that prevent him from being sent to the u.s. and facing trial. they say either texas or california. david: what sense do you have about how the mexican people feel about the prospects of this happening? are they interested in having this take place in mexico
itself? eric: i think there is a lot of willingness to see chapo extradited. there was a lot of concern about what his two escapes showed about corruption and the rule of law in mexico. so i think you will find very few people that think, ultimately, the only way to bring him to justice is through the mexican system. i think most people on the street would say they have tried to keep him twice and he has twice as game, so perhaps trying a new strategy and a maximum security prison in the u.s. is a better way to go. david: eric martin, thank you for joining us from mexico city. i want to talk now about the way that television is headed. shery ahn: the media landscape is changing, and we now have lucas, who wrote about this very change. tell us about we -- about how we're seeing this shift and
evolution with broadcasters and streaming companies. lucas: one of the big trends this week when the tv networks of giving presentations about their shows, they have been an arcane procedure that is the ability to offer more shows on demand. show thatt a new comes on and you hear a lot about it. at first. watch it with a lot of shows, a view try to catch up on it, you can only go back three or four episodes and cannot start in the beginning. so you cannot catch up on it, so you will wait until it goes on netflix, amazon, or hulu. the tv networks wants to make it so they have more rights and can offer a full season, fully stacked, if you will. shery ahn: this is great news for me as i binge watch tv. david: it is like a psychological shift. worried aboutere
this option diminishing the amount of people watching the shows in real time. of the research suggests the opposite. there are many people that binge watch, like you. i was discussing this at lunch today. what you have seen this year are these big media companies, after watching the success at netflix and seeing how investors have freaked out about their own future, they are trying to combat the rise of netflix by different means, some by going into these smaller bundles of channels here in this case, offering more on demand is another response. shery ahn: who is benefiting the most from this change? what happens to conventional pay-tv? lucas: first and foremost, the consumer, because a becomes easier to watch what you want. the hope of the media companies and cable providers is that they will also benefit. comcast has been wanting to be networks to get these rights, because it gives them a way to offer some thing that netflix
already has. they want to be able to tell their customers that if you want to be able to catch up on a shore watch anything, you can hear hear it you do not need to use some other service. you were there for the detail and the presentation of the shows coming up. there was an interesting moment. you were talking with agents for thiswood talent that said season stacking is a something now making or breaking a lot of deals. lucas: for a big hit like "empire," they will not cancel it because it is so popular. but if a tv network is choosing between two program's and they have backing rights for one and not the other, they will stick to wonder they have the rights. i was surprised that one agent was very blunt, saying she feels like her clients show to not survive because of that. sory ahn: lucas, thank you much. now i know i will probably be
david: this is "bloomberg markets." ramy: joining me for options inside is chief market strategist at bar chart bull's-eye options, joining me from the cboe. very good to see you. happy friday. the markets right now are higher, breaking a down day yesterday, especially after what has happened with the fed and the release of the april minutes. do you think traders have played
out what they are going to play? that the,look at it we're actually positive on the week. at the cboe, then fix is on respect to unchanged after we had what looked like a false breakout yesterday. the mix got up about 17. we're back inside, relatively unchanged. went from zero chance of a rate hike to maybe a very small chance, still only about 25%. i think people have gotten beyond that right now. ramy: civics is so volatile. what are you looking ahead to -- is the fix is so volatile. what are your looking ahead to for next week? majority of earnings have already come out. then next cycle is not until the
fourth of july. the markets tend to get nervous, so we have to wait and see. for me, 16 is a key pivot. but the vix has traded between 20 and 12. so watch 16. as long as we remain low that, the vix is a downward trend and the market hasn't upward -- has an upward buy in. ramy: we got positive news for a slew of companies. gap, urban outfitters era do you think that is more of a blipi in a sea of red? retail stocks have not been doing very good. >> obviously. it has been funny how this has been a slow trend, but it accelerated with the shift to andrew net shopping and how retail shops have not been doing well. i am lookinghe way at that segment is, i do not
care where people show up, look in visa -- visible gain from a transaction, whether it is internet or in bricks and mortar stores -- visa will gain from a transaction. ramy: you are saying that people whether they go to brick and mortar or whether they go online. we are seeing folks buying things. how will visa break out of this? >> if you look at the overall chart, i look at this as a pause in the visa trend. visa has gone up 300% in the last five years and is now unchanged. we have been trading between $70 and $80 for the last year. $75 and weeks, between $80. a breakout of $80 could lead to $90. so i am looking at the $75 level, and i think visa has a lot of potential.
people are still shopping and spending money, but competition is so great. every neighborhood in america has the exact same stores. it has been very homogenized. ramy: thanks so much for joining us. david: breaking news here -- there was a shooting on west executive drive outside the white house. house currently on lockdown. the press office pointing out that the president is not in the white house. and again, the u.s. park police confirming a shooting on west executive drive near the white house in washington, d.c. shery ahn: still ahead, how will the doomed egyptair jet that saying affect airline stocks? ♪
>> officials say more wreckage of that missing plane has been parts,including body luggage and passenger seats. the official says the search continues. earlier in the day, the egyptian 180 said wreckage was found miles north of the port city of alexandria on the mediterranean coast. the flight was en route from when it vanished on radar early thursday. egypt says it was more likely a terrorist attack than a mechanical marlin. aesident obama will -- than mechanical failure. the leaders are expected to discuss the climate change and clean energy partnership that the president announced on his 2015.isit to india in prime minister is scheduled to address a joint meeting of well.ss as british prosecutors say the man who climbed over a buckingham wall and wandered the grounds for 10 minutes yesterday was a convicted murderer.
the intrusion triggered a police man wasfore the apprehended. kentucky derby winner nyquist has drawn the number three gate preakness stakes in baltimore, maryland. nyquist started the kentucky 13th post and won quarters by one and a lengths. exaggerator has the best odds behind northeas nyquist. global news 24 hours a day, powered by our 2400 journalists bureaus around the world. >> markets closed about 30 minutes time. a percent. abigail is live at the marketplace in midtown, manhattan. >> indeed we are looking at a rally for the nasdaq today and on the week. 1%, adex is up about little more than 1% on the week, snapping a four-week losing streak. muchcomes after
volatility. we have many interday moves. weekct, each day of this has been an interday move of at least 1%. chopness. index finished higher on monday, down on tuesday. up on wednesday. down thursday. we're on pace to finish up today. so fasten your seat belts for next week. we could see more volatility. taking a look at what's helping the nasdaq this week, applied materials. this is one of the better percentage performers on the 14%, after the chip equipment company did offer expected guide for the third quarter. all of this on robust new order demand. c.e.o. is optimistic that this will continue, this ellis at as is craig b. riley who has upgraded the materials onlied that better-than-expected outlook. the top point boost, apple. shares are up higher by about 5% nice liftk, getting a
on monday, after it was disclosed that berkshire took a $1 million stake in the first quarter. apple could attain a $1 trillion market cap if apple switches to a prescription-based revenue model. lots of positive stuff happening for apple, after weeks and weeks of bearish commentary iphone.he >> so does this change, then, the technicals? i mean, what does the chart look after this week's move up? >> interestingly, for the near may. it very well when we back up, though, and take a look at a longer term is fairlys chart bearish from the standpoint reversal an uptrend telling us that the sellers started to take control last summer. it's been a range between the sellers.d the reason it may have changed relative to at least the near this, the buyers appear to have the stock pushed higher into that range.
let's call it 108 for at least a near-term pop in the shares of apple. >> all right. thank you very much. investigators continuing to look at what might have brought down that egypt air crash. impact is that having on the airline stock? the bloomberg airlines index is slightly after being down yesterday. roughs been an all-around start to the year with the index down. george.ing in george, tell us how this has the travel market. does it have any impact on airline stocks? reporter: we've already been the attackst from in brussels and paris on the airline business, especially the full-service carriers, delta, american, united. difficultying getting decent fares on prices across the atlantic. turns out to this
be a terrorist attack, that's going to make it even more improvet to, you know, fares across the atlantic. closely.watching it but we're already seeing challenges. this could lead to more struggles to get the right fares. >> this isn't the first time, unfortunately, we've had a plane dubiousr under circumstances. there's a lot of uncertainty surrounding this. looking back at history, how have the effects of this been felt by carriers? depends. it recently what we've seen, for terrorist attacks other than 9/11, they're fairly short lived. one of the concerns we do is -- i say short-lived, it may the a couple imaurts for de-- quarters for the demand to increase after an attack like this. had thesem is we've repetitively over the last six months. it's really starting to change perception of security in europe, i think for people outside ofrom out
europe. we've heard complaints about groups not wanting to travel asia, japanese, chinese groups thinking it's not the right time to be going to europe. we're coming into summer season. peak here.s would be that increases the challenge here. and, again, it's that repetition got, sort of three potentially in a row, if this is a terrorist event. why people kno may not want to go to europe. mean that more people will be staying in asia or perhaps going to the u.s.? >> that could be a gain for the u.s. airlines. you could find more of those japanese, chinese travelers coming into the urs. i will -- coming into the u.s. i will say traffic across the competed for very heavily. we've seen the asia carriers really grow in capacity. it will be hard to get fares to really rise much, unless you get a lot of demand coming the pacific. but that could be a gain potentially for the u.s. carriers.
a basic question about what's driving airline use today. orit business travelers leisure travelers? reporter: i mean, there's always a mix of the two. know that that mix has necessarily changed. one of the big challenges we've seen in the u.s. airline business, and that's why they're ising such a difficult year, the airlines are having difficulty getting business travelers to pay business fares. this is because the market is so competitive right now. cutting carriers keep prices on routes. the full-service guys will match those fares. hard timee having a distinguishing between that business traveler, who they finding a way to get to better price out of, and maybe that business traveler has status, so he gets a decent trip out of it. this has been sort of the big right now for the u.s. full-service carriers. bloomberggeorge with intelligence, joining us from his very nice offices there in
>> this is bloomberg markets. >> it's time for the bloomberg business flash. some of the biggest business stories in the news right now. and easternal european beer assets have drawn from private equity firms. according to people with knowledge of the matter, the firms are exploring whether to make an offer for the assets
which may be valued at about $5 billion. the acting c.e.o. says the loinlder isn't going -- lender isn't going anywhere for years to come. company isd that the financially viable. shares rebounded today after twoging nearly 50% the past weeks. lending club stunned by announcingay 9 that the c.e.o. had resigned after internal reviews. german semiconductor equipment in talksis said to be to sell itself to a chinese investor group. the private equity fund is based by hong kong investment firm. the parties are looking to reach an agreement in the coming weeks. a deal may value it at $695 the price hasn't been finalized. america civiltain
war" will smash the $1 billion global mark. in the captain america franchise is number one globally. movieow the fourth distributed by disney based on characters from the marvel universe to beat the $1 billion threshold. the three captain america films have made more than $2 billion combined. and that is your bloomberg business flash update. >> one stock taking a dramatic fall is deere. shares are lower after the maker cut its forecast as the farming industry is affected. joined from chicago. mario, what can you tell us about this? had aer: well, deere tough quarter. the shares are reacting accordingly. the shares, as of a few moments ago, were down the most in about some nine months. and a lot of that has to do with
up onractors just piling dealership lots. the industry is facing a massive glut. inventories are the highest. means deere is just not units.as many >> something that struck me is the degree to which deere is in itsfeeling hard-hit financing business. tell us why that's affecting the bottom line here. reporter: yes. analysts today really honed in on the fact that it took down on the financial services unit from what they previously forecast. because off that is something called residual lease values. think essentially if you of how you lease a car, at the time of the agreement, you may think that the car or estimate that the car will be worth about you00 at the time that return it. and then you make those assumptions and go off of there. finding is that at the end of these lease term agreements, because of the glut
the industry is facing, they're only able to sell it at $45,000.t for maybe so deere is essentially taking a on these leases when they're returned back to them. seeing better crop prices, seeing better weather this year. arehat's going on, and why they not being able to translate theiro spending more on equipment? reporter: it's still early on in of recovery in terms of some the commodity prices. there's still a ways to go. farmer incomes, for example, the those to fall to the lowest level since 2002. debt as a portion of those incomes are increasing. so that means the farmer has their belts and withdrawn from buying and reinvesting that equipment. theother part, during upcycle, they went out and bought a new equipment at the in theo they can make do
meantime with the machinery that they bought maybe three, four years ago. off on new purchases. >> just lastly here i want to ask you about what the weather this summer,r during growing season. it calls for very hot the northeast, around the great lakes, but in the bread basket, the center art of the country, it seems lot more uncertain. reporter: right. absolutely. the forecast right now at least it will be hotter than normal for much of the u.s. not sure if it's going to be hot enough to threaten crops at this point. there's -- that's one of the things that deere mentioned on a call, is that things return very if there is a weather event. there hasn't been one in the years.uple of that's also led to bumper crops and, hence, the lower prices for some of the grains. >> mario, always great to talk with you. wild rise ineek's stocks has driven in part by the federal reserve's hawkish turn
of the april meeting. >> for more on what this means, joe, cohost of "what'd you miss?" on bloomberg television. >> thank you. this surprise on wednesday. it's probably cliché at this point to call it a surprise, but hawkish set of minutes. reporter: i think it was. it was the defining event of the week. implied pricing for a rate hike in going going from one -- i think it was 4% monday to at one point over 30% in the middle of the week. all because a number of participants thought june was a possibility. thethe clearest way to see market reaction was two-year yields, for example, which are fed policyitive to jumping by quite a lot this week. we saw an increase in rates week. the board this we really see it at the short-term level, where there it right there. pretty nice jump. that is sort of, i think, the key indicator of the markets reaction. >> what about the stock market? what sectors are doing best in
this environment? are a few interesting things we saw. tuesday, before the feds hiked, saw a rally in the -- i guess it was -- in the middle of the the fed hike, we saw the financial rally. it's friday. theee a steepening in banks, steepening in the curve, increasing their net interest banks, which have just not been a very good sector for a long time, had a very nice week this week. the hawkish talk didn't hurt them. wednesday, after the close, it was really dramatic. you saw utilities get slammed on wednesday. that's because utilities are kind of like bonds. people mostly buy them for the dividends and those dividends are worth less money when rates go higher. you saw the financials, which idea of higher rates, have a nice rally. that was kind of the two ends of the spectrum that we saw this week from a fed perspective. >> if you'll indulge me, talk a bit about currency. we saw the dollar strengthen quite a bit there. >> so it's funny because the
weakening quite a lot since the end of january. one of the things going into this earnings season, or one of the questions i was trying to get out of people was, is this the end of the dollar strength for companies? because for the last several quarters, they're like the hurting us.r is it seemed that the dollar was no longer going to be a head wind for corporate america. the dollar is on quite a rally. i think it's at its highest in seven weeks. once again, and maybe we're going to have to ask -- especially in the fed does on hiking in june or july and none of the other inclined tos seem hike soon, whether the dollar is going to go back to being a head for u.s. stocks. it will be interesting to watch. >> thank you. >> we're continuing to watch a news story out of washington, d.c. the white house currently is on lockdown. 17th's been a shooting at and e street, northwest, according to d.c. fire and e.m.s. there are conflicting reports about how critically that person has been wounded.
is on lockdown, saying that president obama is not at the white house. with his task force on the zika virus, not currently in the white house. one person injured. house, on 17thte and e streets northwest. we'll continue to monitor this afternoon.ghout the more coming up here on bloomberg television.
>> this is bloomberg markets. minutesin about 10 time. seeing a lot of green. more from our market desk. end thisf green as we week, guys. right now, we are seeing a steam hereof loss of but they're holding on to gains for the most part. about a quarter percent. nasdaq is the biggest gainer, as all day, up by more than 1%. markets really turning around from the sell-off that we saw as well as from wednesday when we got the april
minutes.ng i want to show you, for one last time, where we are in terms of health of the s&p's 10 sectors. information technology here up the nasdaq, you note. information technology the biggest stock that was moving was actually applied materials. the most since 2008 on chips. demand for memory staples,onsumer campbell fell the most because of weather disrupgs, to -- disruptions. let's take a look at the last week to date in terms of the s&p. we're looking at a small gain here, up 2/10 of a percent. this would be its first weekly gain in a month, despite what we the small loss in terms of equities over the past two days from the fed meeting minutes. year to date, gotta say, it's actually back in the black for 2016.
let's pull that up. up just by a little bit. up a third of a percent. intorday we did see a fall negative territory. and very quickly, let's take a look at the dollar index. the bloomberg dollar index, up 9/10 of a percent. you can see a jump on wednesday. chance of a rate rise might happen in june. the jumps, we can see also happened similarly on wednesday. week.ow up 8.4% for the >> thank you so much. here to wrap up the week in is mike, stock columnist at bloomberg. those minutes, never has so much fuss been made over the fed minutes. calling this the signal moment of the week. he saidck by what there, that there might be a rate rise in june. was the word in the minutes, if economic minutes meet the threshold. uncertainty.l how have the markets dealt with
that? >> it's interesting. theyone likes to look at bond markets and the fed funds, future trading, and say, okay, are goingat the feds to do. this week we get a reminder that tos really about the members who make the decision. we almost saw an inverse of what all year. the strongest sectors have been telephone companies, all the stocks that pay very dividends. any time there's a chance for higher interest rates to compete ath those dividends, you see revertical of that. it's kind of just this churning market. were the weakest sectors. banks were the strongest. that's really the whole story right there. in a word, it's just churn. every time i look at the screen, i see the s&p right at this 25/50 level. we'll bounce above it a little bit, below it a little bit, but it's like a magnet. lot of people are saying that's kind of where the support is. that,gnificant dip below
there's a lot of -- a million chartent technical patterns that people will point to and say that's the danger zone. kind of amazing how it's just clung there, especially going that this weekend. pretty interesting milestone. it's been one year since the s&p record.st so here we are, you know, i a bullt's technically market but we haven't seen a record in a year, so pretty weird. have monday, we still what -- they're all speaking again. it's definitely going to raise uncertainty out there. >> absolutely. it's a very busy week for the fed speakers. a lot of questions about, can they really raise rates in june britain is going to vote on whether or not to leave the e.u.? if i had theknow, chance to ask all these feds speakers next week, i think good question. i think a lot of people will be listening for that.
does this british referendum effect your business june? in >> it was in the minutes, that they are indeed thinking about it. thank you. he's a gad fly columnist for bloomberg news. what you missed is next. >> here are the major averages here on the way out. third of aut a appears. the s&p, up about half a percent. the nasdaq, up 1.2%, 55 points 4,767. "what'd you miss?" is coming up next here on bloomberg television. ♪
scarlet: u.s. stocks closing hire with the s&p 500 erasing a weekly decline. joe: the question is what'd you miss? scarlet: a volatile week in global markets. we break down the charge that you can't miss. joe: good news with the u.s. housing market. islook at why lean inventory keeping prices elevated. scarlet: and will be right wing candidate come out on top? we begin with our market minutes. we are in the green through the entire day. lowebounded from a six-week and the s&p 500 finishing positive for the week. i would not have guessed the s&p 500 finished positive.