vonnie: julie hyman, thanks for that. for more on under armour, let's bring in an analyst for bloomberg intelligence. i put in your name, sorry. -- i butchered your name, sorry. how do we do this without having to deal with the new in ministration -- the new administration taxes? tell us about the current state of affairs. >> for under armour, we are looking at a category that has been hurting for the past year. we have bankruptcies in sporting goods. the story weity, have seen, is the dollars are shift -- shipped to new retailers. it means those daughters -- those dollars go online and it how to be figure out their products. david: julie hyman cited the competition between nike and under armour and a fetus. -- adidas. >> that brings me to the second problem. sports can pull data formulas obit. in the last quarter, if you look it went up.ere, if you look at performance for wear apparel it went down. under armour is very exposed to the segment, unlike nike and adidas. it might be doing better, even in a challenging environ

i'm mark hyman. two ohio police officers are being praised as heroes.. after rescuing a man from a burning car. sunday night's incident was captured on one of the officer's body cameras. police believe the driver was under the influence of drugs or alcohol when he drove into a ditch. the car burst into flames. officers arrived on the scene and pulled him out, just in time. after the officers got the driver away from the car.. a the car exploded again. the driver has been charged with driving under the influence. although he insists he was not under the influence-- the driver says he's grateful to the officers who saved his life. police are trying to find out what caused another vehicle fire.. this one on the new jersey turnpike. a tractor-trailer hauling several cars was on the shoulder in robbinsville last night.. when the vehicle burst into flames. just one person injured - a firefighter suffered a minor shoulder injury.. the tractor trailer was carrying 10 vehicles, and at least half of them were damaged in the fire. happening now.. parts of a major h

>> i am mark hyman. what is ahead for donald trump in the next three months? here is what is happening behind the headlines. it has become a clichÉ that a new administration has 100 days to roll out bold initiatives. this is the time when the, will the new president succeed? the press is been in total meltdown mode. barack obama had a honeymoon that lasted his entire presidency. obama care is already on the table peered this should rejuvenate small businesses. it is also welcome relief to the millions of americans who lost private coverage. 7 and a half million were shuffled into medicaid. peered start with the justice department, it abandoned its role as chief law enforcement agency. it includes the epa, irs and energy. it is time to drain the swamp. to comment, go to behindtheheadlines.net. >> autria: we are now counting down the hours until president-elect donald trump is sworn in. the presidential inauguration means hundreds of thousands of potential. many don't care about their patrons politics. >> lincoln restaurant has the gettysburg address on the wal

about 30 minutes into the hasing session, julie hyman been following all of the latest. julie: a mixed session. as it looksgoing on like investors are awaiting some of this on capitol hill as well as donald trump's press conference tomorrow. the dow is treating a little lower and the net that the little higher. we are not seeing much change overall. nasdaqy change in the means for the past six sessions, the nasdaq has risen each one of those days. here is a one-week chart and the gains it is seen regularly. it will be the fourth straight record close for the nass, the togest streak going back december 1999. it had underperformed postelection in the immediately of the election, the dow was up warming and small -- small caps were outperforming. stocks are pulling back a little bit today and have risen thus far. facebook, netflix, all seeing is driven byasdaq some of these underperforming companies. we see commodities lead as well as together chinese and patient data, helping some commodities. the oil is lower even as russia and others are pledging to cuts asnact production

i'm mark hyman. news. behind the headlines. there's another cyber-security issue that's received far-less attention. around christmas 20-15, juniper networks disclosed it found unauthorized code in its operating system. this created a backdoor to access encrypted data. the unauthorized code had been in place since at least 20-12. juniper is the second largest manufacturer of networking equipment. the company issued a pair of software patches as a security measure. what juniper didn't disclose or, if it even knew was who installed the backdr. as a result of the disclosure and patches, one it security company claimed it discovered juniper's master password. network security has been a concern for years. in 2007, a pair of programmers reported encryption approved by u.s. authorities was vulnerable to a backdoor. then it was learned the n-s-a had a role in installing security weaknesses in encrypted systems. banking, healthcare and other private data we the danger isn't just possible abuse by u.s. officials. this makes encrypted sy

julie hyman -- i am vonnie quinn. julie hyman has the chart of the day. julie: consumer discretionary is the best-performing group in the s&p 500. the catalyst in part appears to be weekly sales data from redbook. the year-over-year change on a weekly basis. here is what it looks like throughout the past year. surge at the end of the year in gains. last week's gains, 2.2% over the prior year. earlier the number was 2.4%. redbook came out and corrected it. it looks like the market is treating this is pretty good news. look at specialty retailers, for example. this index of 1.5% on the day. you have the broad data and then the specific retailers with specialties that are doing well. we have abercrombie & fitch being upgraded. marking it up from underperform, where it was previously. the company's estimates have come in a little bit. casino retail outperforming, as gap. as watching these three retailers pretty closely. looker chart i'm taking a at, one i have consistently looked at, fascinating one, this has to do with where the retail traffic is going. the

come up roberge julie hyman it's with a -- bloomberg casa julie hyman is with us. julie: pullback has continued and accelerated in today's session as investors are looking for more details on fiscal policy prescriptions that weren't really given at that press conference. we still -- he is not in office yet. we will at some point presumably get more details. i wanted to look at the scorecard of where the three major averages stand since the u.s. election. about a 5% gain for the three major averages. if you take a look at the bloomberg i've made a chart of the three majors going back to november. the dow has been in the lead consistently ever since the election. what's interesting is the nasdaq was lagging throughout the month of december and as we got into the new year it played catch-up and overtook the s&p 500 in terms of its return as the nasdaq has been setting new records. he yesterday it was the three major averages to close at a record but it's a different story today as we see tech stocks pullback including companies like apple and rbc trimming estimates ah

julie hyman is here. julie: we have the isn nonmanufacturing composite. the largest portion of the u.s. economy coming in at 57.2. 56.8% was the estimate. coming in ahead of estimates. more positive economic data has come as a late. service industries coming in faster than forecasted. sincethe highest level october 2015. seeing a mixed picture in stocks as we get these numbers. this was the picture and what it looked like going into it. the dow and the s&p, very little changed. strength and technology overall. for the moment, we are not seeing an improvement in stocks based on these numbers. i'm going to take a look at the bloomberg, as well. a looks like we are not updating the dow. ticking very slightly into the green, actually. it is up by about two points. the s&p is up -- off by about 0.5 points. still a little changed. still of 0.25% on the nasdaq. -- 0.25% on the nasdaq. the focus continues to be on retailer. strengthen some of the retail stocks yesterday and today, we are going decidedly in the opposite direction. consumer discretionary down only

david: julie hyman with that market update. conference, to questions from reporters at from -- to questions from reporters from the u.s. and to questions from reporters from the u.k. joining us now is bloomberg tv canada anchor -- react to what we've seen over the last 24 hours. as donald trump left philadelphia yesterday. what has the reaction been in canada to all that news? >> initially, is canada next? as we got our bearings, there seems to be signs that canada is not in the cross hairs here. canada has a trade deficit with the united states while mexico has a surplus. canada has a pretty similar economy to the united states in a lot of ways. with high labor costs. that means canada is not really in the cross hairs here. mexico seems to be the target. that is the idea that we've been given from the trump administration, from the trump team over the last couple of days. vonnie: prime minister trudeau has been quiet this week. even on the pipelines that should in theory help canada. it happens at the eyes of the u.s. presiden

let's check where stocks are trading with julie hyman. bang has faded a bit dowhe days gone on -- the up 25 points. .3%.&p up headlines that ford was ns to buildts pla a plant in mexico. the peso turned down versus the u.s. dollar and we saw a ripple effect throughout the market. this is the peso inverted, peso-dollar pair versus the s&p 500. the peso turning lower when we got those headlines. the s&p 500 paired its gains at the same time. both of them now around the lows of the session. effect through commodities, particularly with oil prices. oil had been trading lower, bolstering energy stocks and then turned around as the dollar took a leg higher, boosting the peso. opec members and nonmembers are beginning the cuts that were announced and agreed upon in late november. natural gas has been trading lower throughout the session. forecasts for warmer weather to come through. gold and platinum both catching a bid today on the flipside. the ford announcement and the ripple effect and the other announcement, this vote on obamacare. seeing d

julie: i'm julie hyman. welcome to "bloomberg markets." from bloomberg world headquarters in new york we are covering stories from davos, and seoul. morgan stanley is the latest thank you report better than estimated fourth-quarter results and sees a better trading environment ahead. amin nasser ceo of saudi aramco says he is committed to ipo plans. he speaks to bloomberg's editor in chief in davos. samsung's succession plans are in jeopardy. we are about halfway through the trading day. abigail doolittle is here with the latest on a bit of a fullback. abigail: nasdaq is on pace for its worst decline in 2017 after several record highs last week in the week before. the clients come as julie was mentioning, modest pullback. down for little more than .2%. a long-term chart going all the way back to the 1990's, and what we are looking at is the one-month rolling percent change for the dow. range8 we see a massive when the dow was losing each day. big, big range. we are right near the record low in terms of the 1% rolling range. not a lot. a re

julie hyman has the details. donald trump apparently remains opposed to the merger between at&t and time warner. apparently he believes it would concentrate too much power in the media industry. this is according to people close to the president-elect. he has not spoken publicly about this transaction but according to our reporting, a story out by jerry smith and josh green, he told a friend that he still considers the merger to be a bad deal. his chief strategist steve bannon is also opposed to the deal, according to people familiar with the situation. deal duringast the the campaign but has since been quiet about it. shares falling sharply on these headlines, down 1.7%. for trump did not him respond to request for comment. we are watching at&t shares as well. they have also taken a hit, but a smaller one as the acquirer, a less dramatic reaction. lower, but only off by .4%. it is unclear at this point whether or how the president-elect, when he takes office, we try to influence the regulatory review of that mer

that is the headline in this week's exclusive 2017 outlook with wall street's number one economist ed hyman and matthew mclennan. the dploeglobal markets on next consuelo mack wealthtrack. ♪ >>> new york life along with main stay's family of mutual funds offers investment and retirement solutions so you can help your clients keep good going. ♪ >>> additional funding provided

joe: ed hyman, evercore isi chairman. awesome conversation, thank you for coming on. scarlet: coming up, we will the state of small banks and regional banks in the u.s. this is bloomberg. ♪ >> let's get to first word news this afternoon. inaugural festivities get underway at the nation's capital in washington, d.c. at a concert, the entertainers have taken the stage. in a short while the president-elect will be addressing the crowd. you can track donald trump's welcoming remarks there at live go. quite a crowd already forming. take part and observe the inaugural activities. but also protestors. quite a crowd already. we will f all of the events over the next 24 hours. in other first word news, president obama in his last major -- as his last act of commander in chief is cutting short 335 federal inmates convicted of drug crimes. the president has now commuted the sentences of 1715 people, more than any other president in u.s. history. steven mnuchin on capitol hill in his debut to become the u.s. treasury secretary. the former goldman sachs executive told senators t

julie hyman. david, it is remarkable, isn't it? how much exit capacity is it there really we do not expect? trump said his top priority is creating the u.s. jobs. to takeow weighed in action. he tweeted about gm and toyota mexico andobs from ford decided not to build the mexico plant. and investors are trying to figure how to respond to these almost daily tweets. harris putay, david out the pluses and minuses. >> the question is, whether these tweets are really a reflection of policy, are they threats? are they trying to establish a stronger bargaining position as they look at nafta? who really knows at this stage. that is the problem with the government by tweet. this is the negative part of what mr. trump is portraying as the future president of the united states. the positive is the type of people he is bringing in his cabinet and the direction. deregulation and lower taxes. a man with us is a man who has been with the donald trump and now chairs his inauguration bank -- in them,ion -- an operation tom barrett. it is jobs day. d

call, monetaryat and has been julie hyman. what is the update? julie: the company talked about the buyback that you mentioned, and also talked about the increase of $600 million in net interest income care that is expected in the first quarter as bank of america benefits more from the increase we have seen in interest rates. the company cfo is now speaking on the call. he is talking more about the consumer banking division. he says the company is focusing on consumer relationship management, and noted the company enrolled 1.2 million clients in it preferred rewards program in 2016 as a whole, which is a 42% increase year over year, and he said the retention rate is very high for those individuals. in terms of hiring, the company said its overall employee base fell by 2% in the fourth quarter versus the fourth quarter of 2015, but they are adding people in some segments, including in sales. in the first quarter, bank of america is going to book a $1.3 billion cost for the entire book -- retirement eligible cost. we are getting some forward-looking

julie hyman has the latest. looking at the fallout from the executive order he signed last week, which restricted travel and severalion from countries. the airlines suffering from that but suffering from the outage, the computer outage. flights are canceled. airlines are trading lower. >> thank you for that. more markets next and more information on that executive directive on immigration with bloomberg. live from bloomberg world headquarters in new york and london, i am vonnie quinn. >> i am mark barton. let's check in on bloomberg first word news. emma chandra has more from our new york -- more from new york. emma: a day after protesters jammed several airports, the president said just one hundred nine international travelers out of 325,000 were detained. they said president trump made reference to his new policy of meeting business leaders. president trump: we had a good day in terms of homeland security. we had decided to make the move. putor federal judges have part of the immigration plan on hold. accordin

anchor: i am julie hyman. we have this update for the markets. without getting above 20,000 for the first time. s&p and nasdaq at records as well. you kind of have to ask what triggered the rally. is thing people tell us clarity. the first week after donald trump office, he is signing quite a few executive orders. let's have the market open. trump following through with his promise about the wall, we are seeing stocks rise. in asia.tch of green taking a look at the markets that are open. new zealand up one third of a percent. inflation data from wellington, coming in faster than expected. higher, aboutning 125%. .e got economic data let's take a look at what is moving on that index. toshiba up 3%. checking in on the movers of the day. we do expect earnings out of -- later this day. the next is what is going on with china's industrial profits for december. we are going to see producer prices higher which could give chinese stocks a lift. mentioned we are waiting for some earnings. there are already earnings out. are there highlights? have a report

dr mark hyman: how many of you here believe that eating fat will make you fat? in this show, i separate fat from fiction. in just 21 days, we will transform how you eat and feel on every level. give me 21 days and together we can take back our health.

let's go to julie hyman. itse: the etf industry had biggest conference earlier this week. 2200 people gathered in florida. here to discuss some of the , our seniore quotes etf analyst at bloomberg intelligence. of these to some quotes. this is a huge conference. according to your first quotes, it is going to get even bigger. hitpredict etf assets will 25 trillion by 2025? 2025." it is big in the u.s.. about 20% of tells assets. he also have institutional assets. dive. did a deep if that goes up to 10 or 20, you are looking at an extra six or 7 trillion. then you get 10 trillion and mutual active funds. that's another boost. i think it is going to go up. definitely i think everybody is very positive. >> that also provides support to these various assets worldwide. >> we also have this major rally in the past seven years. market.ntingent on the >> president trump came up. swan -- black >> everyone is wondering how to position portfolios. how do you read around his tweets? the word from the wide -- word from the

julie hyman has a check. even thoughcials, they paired their earlier address, still remain in the top spot in the us and the 500. it's why the most heavily weighted groups, definitely help support overall stocks when it's rising. percentagewise at least, it's a regional banks, not the companies are reported earnings that are doing the best in today's session. while j.p. morgan and bank of america have come back a little bit, we are still seeing pretty substantial gains in companies like regions financial, keycorp, and fifth third bancorp. many of these companies set to release their earnings -- report their earnings next week. it's really since the election we've seen these companies outperforming. here's a chart here. the blue line looks as the regional banks versus the financial index, the white line is the regional banks versus the overall s&p 500. you can see that they want positive on that outperformance, in particular after the november election. outperforming the s&p 500, but outperforming the financia

., julie hyman with the latest.

let's have a check with the markets with julie hyman. julie: makes me think of matt miller. let's look at stocks. we have seen a pullback that is accelerating throughout the session. all three major averages are down. the nasdaq has been the outperform or, it is down ne

here is julie hyman. value stocks have been rallying so if you combine both? here to discuss small-cap value to remind people that only talk about smart data it is basically etf's that use various factors or criteria in order to form their strategy. so we are talking about small-cap value etf's. why have they been so attractive? >> you have a couple of factors here. a risk on rally so small caps tend to outperform. and then you have the trend towards nationalism and it is supposed to favor smaller companies that are less dependent on exports. and the value comes into play with a tilt towards value stocks. banks have been doing great anduse of rising rates hopes of possible deregulation. so you have the stars aligning. at 35% in's have been the last year and 12% in the last two months with acids growing to $27 billion under the radar. julie: what are the specific etf's that have benefited? eric: blackrock and vanguard are the two big ones. vanguard vbr is the kicker and vanguard is cheaper. the ishares tracks the value index and people love the russell two. peo

julie hyman has been -- joins us now from the newsroom with more. the executives on the call have been answering questions mostly harvey schwartz was the chief financial officer and will be the copresident as gary cohen departs to join the trump administration. so he has been handling the call with randy sean evers who comes from the chief information officer role. background thought of bringing to the cf role as well. ,ike many of its competitors strengthening and bond trading revenue. fixed income currencies and .ommodities on the equity side there was more weakness. schwartz come on the call did say that there was one of. he said he would not read anything to this would not read onthing into this quarter the other hand he expressed optimism. he said there was second half thatism among client and there is be continuing into the early part of this year. when asked on the call, where you get -- he said it's a matter of conversation that their employees are having with clients every day around the globe and that they are seeing more positivity from t

julie hyman is standing by with a look at the markets. >> in the fourth straight day

julie hyman has the latest. julie: we are not seeing much action in the major averages, in part, because there is a lot of reaction to earnings. on the winning side, we have wynn resorts leading the gains, as it's newest property in macau listed their results in contrast with las vegas sands. kla, the chip equipment maker, new orders topping $1 billion for the first time. that is the good. on the negative side of the ledger we have the staffing company, earnings missing estimates. they say month to date placements are down 19%. afterproducts shares down second-quarter guidance came below estimates. also american airlines matched estimates. they say pricing power will come back but also say fuel sts will rise $1.4 billion in 2017. moving away from these individual companies, because we are talking so much about britain today, i wanted to look at the pound. the dollar overall has been falling overall against a basket of currencies, set for its fifth straight weekly loss. but the pound is lower against by half a, o

julie hyman? julie: the markets continue a pace with this big backdrop of political events. markets are moving higher. the stock market are moving higher. we have seen a more sideways movement after the initial push upward following the election of donald trump, we saw a sideways move heading into 2017. seeing all three major averages up .5% each. let's take a look back at the rally and compare it to some of the other recent presidents between a first election and their inauguration day. in modern history, the trump rally has been the best with the s&p 500 gaining 6% followed by president clinton with a 4% gain. president obama saw a 15% drop following his election. and president george w. bush for a 6% drop. clinton performing the best over the balance of his two terms followed by president obama. those first couple of months were not necessarily an indication of falling performance. politics aside, we got a lot a big earnings to report yet to talk about as well. general electric shares are lower. fourth-quarter revenue trailing analyst's estimates. procter and gamble relyi

trading session, julie hyman is here with the latest. julie: the rally continuing into its second day. we tend to see a flip on the first week of trading on the new year from what we saw last week of the last year. we could see an up week this week of the last -- if the last five years are any indication. rally, buta runaway we are seeing gains. i want to talk about auto sales this morning for the united states. they were largely better than estimated. gm sales, more than double what analysts are estimating. for reporting an unexpected gain in sales of 10%. fiat, although its sales fell 10%, analysts were predicting a steeper decline. all of them better. fiat still trading lower. gm and ford a gain of more than 3% here. it looks like we could surpass last year's hurt for annual sales, up 17.5 million vehicles. been an interesting phenomenon of people holding on to their cars longer. this is a monthly sale, which is why you see spikes look like the numbers were higher in the 2000s. backve seen a slow climb but people are holding onto cars

hyman. there were numerous instances of questionable conduct. he was rather supportive in his assessment of executive excess in general during wartime having just come out of world war ii, perhaps it is understandable. stanton did have a number of champions among the radical republicans with whom he last cast his fortunes. but his closer colleagues that similarrse of the early negative observations about him. i would like to give you a good taste. wells served as secretary of the navy during his entire tenure. he confided in his diary that stanton was fond of the exercise. it was more precious to him than dominating his fellow man. he later observed that stanton is by nature and in trigger, courts favor is not faithful in his projects. he is given to secret underhand combinations. browning, was hitman a senator from illinois. he was the man who replaced stephen douglas when he died. browning was a friend of lincoln from the old days. .e met stanton soon after he recorded that he had no faith in stanton. he has no sincerity of character the road.

. >>> hyman is there to clean it up with the putback slam. ole miss wins 80-69 getting a little ugly in new york. ryder late in the game. you see anthony durham and marquise wright in the middle of it. the coaches all kind of push and shove. very ugly in college basketball. but here's something i've never seen. the coach goes through an imaginary handshake line after the ryder's coach leaves the court. they beat them by 10, 78-68. >>> the former cal bear and runningback marshawn lunch was doing wheelies on his bicycle in scotland when a bus came along. check it out. that's a little risky right there. >> yes, on wet road way. >> you know what it might have been, but check the surrounding area. they are doing a super bowl commercial in scotland, but that is kind of close. >> yes. >> playing chicken with a bus. >> he's in beast mode, you know. >> beast mode in scotland on a bicycle. there you go. >>> all right, the raiders rookie carl joseph took care of his mom today. he bought her this house. >> wow, look at that. >> it's in florida. he's the

. >> julie hyman is in washington. donald trump talking about the health care industry, saying there will be a repeal and replace of the affordable care will happenis essentially simultaneously. what were you seeing as you watch the markets during the course of that news conference? julie: i the same time there were these macro moves in the markets and stock and sector moves like the one you are talking about within health care. we are not seeing much changes in markets right now but that doesn't really tell the full story. if you look at the s&p 500 over the course of the past hour and a half while we were hearing trumps speaking, you get a lot of volatility here. stocks holding steady than dropping off in the middle or so of his press conference. the s&p 500 has now rallied by around 6% since the election, in part on the hopes that we would see this administration introducing new fiscal stimulus, reducing regulation, introducing other, more business friendly or what are viewed as more business friendly measures. none

. >> reporter: the seeds of the decline for liquid metal reactors were planted by admiral hyman rickover, the father of the nuclear navy. >> this is the reactor, the atomic pile. there is uranium in here. >> reporter: he selected nuclear reactors cooled with water to propel the nautilus, the first nuclear powered submarine. for utilities, adapting the nuclear navy technology for use on land offered the fastest path to market. water-cooled nuclear reactors quickly became the norm all over the world. >> i think that there was a victory on the merits here and the other reactor designs did have the opportunity to prove themselves and they fell short. >> reporter: physicist edwin lyman is with the union of concerned scientists. he says the promise of this new generation of nukes should be tempered by the uncertainties. >> some non-water-cooled systems have a lower risk of certain types of accident. but they have greater risks of other kinds of accidents, or they introduce other security or safety issues, so there's really no free lunch here. >> reporter: but the private sector is apparently n

coming up shortly is "bloomberg daybreak: americas," with david westin, jonathan ferro, julie hyman. jon:, what a you most excited about today? n: we will be talking above the brexit debate, the fragmenting trade relationship across europe. and what is going to happen over the next couple of years. of the detroit auto show, we will bring you some of that. some great -- some big conversations coming up. francine: we have been talking a lot about it on "bloomberg surveillance." angela merkel gives a speech today, her first policy ahead of the election. germany's government editor joins us. helena kennedy continues with the spirit tony, when you look at the challenges from angela merkel, how much weaker is she than she was a year ago, and what are you expecting today? well, she clearly is weaker than she was the last time she won reelection in 2013. the reasons for that are quite obvious. there has been a refugee crisis, kind of a security rices -- kind of a security crisis. said, her party's poll numbers are actually quite stable again. so that is something that she can obviously build

julie hyman is here with the details. julie: this is moderated to some degree slightly over the last couple of hours. at one point, all three major averages were down more than 1%. that distinction goes to the nasdaq. some of this has to do with concerns over the trunk administration -- trump administration executive orders. check represents some of the largest drag we are seeing today. microsoft and alphabet among them. the of america among financials is down today as we see bond deals down. folks are selling stocks. on an individual basis, there is news to talk about. we have the matches maker down sharply after it said contracts for all of its product lines were being terminated with mattress firm. , they are down sharply among some of the other movers we are watching today. down 32% today. ,e also have right aid falling after the merger got smaller. the companies agreed to a potential lower price on this deal is going to be dependent on how many stores they have to sell to get regulatory approval. and fitbit is cuttin

vonnie: let's head over to julie hyman. at him asare looking we see the equity fat -- equity rally fade, what are some of the signs we are seeing that folks are getting worried in the market or that it's too complacent here? one of the things we are looking at is short interest versus float. the ratio for stocks here in the united states. short short scales -- sales at the lowest they've been since spring 2015, after reaching a high last month. 2.38%.it fall off this shows fewer people are in stocksainst a rise are fewer people are betting on a decline in stocks, to put it another way. this is another thing that folks are looking for to see if we are getting too overly complacent levels. some of these charts were compiled by the team at bloomberg news, so you can find it on the bloomberg as well. another thing is correlations and volatility. how much are things moving together and how much risk aversion is being priced into the market? how much hedging our people doing? on -- how much hedging are people doing? they are not

with julie hyman today, and david westin is on assignment today. 0.002% away from doubt 20,000 on friday from dow 20,000. in the fx market, this gets my attention. the pound falls to 1.2166. julie: we will be digging much more into that any moment. here is what you need to know at this hour. a volatile start to 2017 for the offshore yuan in particular, the currency falling for a second day as china weakens its currency for the most since june. the pound gets pummeled. theresa may hints at a single market exit for the u.k.. tightening. potential candidates to head the federal reserve next year, including glenn hubbard of columbia university, suggesting monetary policy would be tighter if they were in charge. we turn to david westin, live in detroit at the north american international auto show. this is where the top automotive and technology executives defined vehicles and industry shipping announcements. david, it is good to have you with us. maybe a lot more about where they are going to be made? david: exactly right. this is the first day. there just about to get show started in detroi

., julie hyman with the latest. julie: stocks have perked up as the morning session when on come all three major averages hovering near their highs of the day, the nasdaq leading gains throughout the day, playing catch-up. it had been the laggards postelection and years to date the best performing. one week into the new year, this is the best performing of the three major averages but all three up today. remember when last summer we talked about day after day we were not moving by that much? that street is now back in effect. , this chart looks at the 1% upward down moves in the s&p 500. right now, we have not had one since the beginning of december. we have had this tighter range on the s&p 500 as we have seen the major averages get closer to records. it looks like we could have a record close for the average but it sees small, incremental moves. the big individual movers today, the moves seem to be more driven by a company specific news rather than big macro events. within health care, significant movers, valeant

hyman, thanks for that large update. a lot going on today. let's get to first word news with emma chandra in our newsroom. emma: president obama will hold his final news conference as president today. he's expected to defend his decision to shorten the sentence of convicted leader chelsea manning. the white house says he will also talk about his decision to the country after he's no longer president and his commitment to working with the incoming trump administration. bloomberg will have live coverage. a senate hearing is underway for congressman tom price, president-elect donald trump's pick for health secretary. the house committee chairman said he wants to hear price's views on how republicans would replace the affordable care act. the russian military says it teamed up with turkey to conduct joint air strikes against and a form of state group stronghold in northern syria. of ldap, in the province of aleppo. the two nations have backed opposing sides in the nearly six-year syrian conflict. ankara -- thatr president george h w bush has been

julie hyman is here. julie: we have the isn nonmanufacturing composite. the largest portion of the u.s. economy coming in at 57.2. 56.8% was the estimate. coming in ahead of estimates. more positive economic data has come as a late. service industries coming in faster than forecasted. sincethe highest level october 2015. seeing a mixed picture in stocks as we get these numbers. this was the picture and what it looked like going into it. the dow and the

come up roberge julie hyman it's with

we have a wonderful guest celebrating 10 years of his current at exiting hyman. made bignnert has success. , and he didar 2017 it in 2010. the title of this tone is what is it all about? in the middle of this, the gathering storm of populism and protectionism 2010. jason trennert was way out front on what we were living last year and this year as well. what is the state of our populism right now? jason: what is happening ,argely, to quote nigel farage ordinary people without political influence, are questioning a lot of the things from the leftts side and the right side of the political aisle -- have been telling what is good for them for a long period of time, whether that was the iraq war or affordable care act, or open you keep telling us this will be good for me, but is not turning out to be so good. francine'ss observation on ford and the butterflies. starting our year pushing on the record uncertainty. let's bring it over to this chart. mexico -- mexican peso, one indication of and certainty that is out there. givenoes an investor do the uncertainty of the

joining us from london, he is with edward hyman of evercore isi. they have a terrific conference coming up. what a great time to speak with ken about the president-elect and twitter. every time donald trump eets, "yes!" go, i think a star as what it does for twitter in terms of overall traffic and overall monetization, i do not think it has much impact. francine: but it would mean that it is not going anywhere, right? there is concern that if they lose too much they may have to spin off. it is the trump channel. ken: i think it shows its power. when you look at the number of -- when you look at the power that twitter showed during the election, it is clear the power of the medium overall, but i am not sure from a monetization standpoint it makes any difference right now. tv go -- you can get this normalized chart on facebook and twitter. facebook in the light blue, twitter in white. down, down, down to that massive underperformance. you have a hold of this. will you see revenue that makes you more optimistic? basically you are at a point where you

ding date vonnie: we are just getting breaking news, the ifm number set to come out, 53.2 and julie hyman has the details. we are getting a reading of 54.7, better than predicted. selling -- showing signs of inflation. month prior.54.5 a new yorkers and the unemployment portion of the index coming up 53.1. what stands out is the price is paid component. looks like it is pointing toward signs of inflation.

let's head over to julie hyman for a check on what has been moving. julie: stocks and oil have been moving modestly higher. a quarteraining from to .3 of 1%. the trite has -- trend has been sideways. we have seen more of a pause in that. ofn a pause of the course the two-day session. i want to point out the action we have seen here on this inauguration day. stocks are holding steady with double the gain that they are at the moment. they did take a leg downward that coincided with the beginning of donald trump's inauguration speech. interesting there as he begins speaking, we started to see stocks trend lower. they hit the lows of the day 1:00 p.m. before dancing up announcing again albeit a relatively small one. we have in watching the u.s. dollar today. we have heard of the now president as well, his cabinet fourfor president -- treasury secretary. the dollar index trending lower on the day off by the fifth of 1%. --has been strengthen young strengthening on the day. we have been watching rates today, the 10 year yield is something that is worth talk

from new york, i am julie hyman. mark: from london, i am mark barton. welcome to "bloomberg markets." ♪ julie: we take you from washington to davos, switzerland. any cover stories from washington to china. mark: let's look at what is happening in european equities. two words -- theresa may. european stocks little changed. down by roughly one 20th over the financial services utilities. let's show off the wcrs function. this is sterling. currency in major the world is declining against the pound. theresa may, u.k. prime minister, said mp's would