WEBVTT - Powell Keeps Rate Cuts Alive; Campus Crackdown Continues

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>Good morning.

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<v Speaker 1>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 1>stories we're following today, Karen.

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<v Speaker 2>Investors are still reacting to the messaging from j Powell.

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<v Speaker 2>The Fed chair is keeping helps alive for an interest

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<v Speaker 2>rate cut this year, while acknowledging a burst of inflation

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<v Speaker 2>has reduced policymakers confidence the price pressures are easing, though

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<v Speaker 2>Powell did signal that a rate hike is not in

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<v Speaker 2>the cards.

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<v Speaker 3>I do think it's clear that policy is restrictive, and

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<v Speaker 3>we believe over time it will be sufficiently restrictive. That

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<v Speaker 3>will be a question that the data will have to answer.

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<v Speaker 3>I think it's unlikely that the next policy rate move

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<v Speaker 3>will be a hike.

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<v Speaker 2>Jay Powell's message was clear to former New York Fed

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<v Speaker 2>President and current Bloomberg opinion columnist Bill Dudley.

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<v Speaker 4>The whole game plan is basically unchanged. We're going to

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<v Speaker 4>keep rates here until we're highly confident that we're going

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<v Speaker 4>to hit inflation down at two percent. No hint whatsoever

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<v Speaker 4>of a great hike, no hint that it's not going

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<v Speaker 4>to work. So mark reaction, I think was pretty appropriate

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<v Speaker 4>given what he said, He basically said, we've got it.

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<v Speaker 2>Former New York Fed President William Dudley says Jay Powell's

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<v Speaker 2>comments reinforced the higher for longer narrative over the medium term.

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<v Speaker 1>Well, Nathan, The attention now turns to earnings, with Apple

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<v Speaker 1>reporting after the closing bill. Let me get our preview

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<v Speaker 1>from Bloomberg's Tom Busby.

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<v Speaker 5>Analysts expect another decline in revenue for the fifth time

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<v Speaker 5>in as many quarters, mostly on a sharp slowdown in

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<v Speaker 5>China because of its luggish economy, a ban on using

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<v Speaker 5>the iPhone at official government jobs, and a lot more

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<v Speaker 5>competition in the smartphone market from Chinese rivals. Today's results

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<v Speaker 5>will also be the first official look at sales of

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<v Speaker 5>its thirty five hundred dollars Vision Pro mixed reality headset,

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<v Speaker 5>not expected to be a major source of revenue anytime soon.

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<v Speaker 5>Consensus calls for revenue of ninety point three three billion dollars,

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<v Speaker 5>iPhone sales still making up about half that total earnings

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<v Speaker 5>of a dollar fifty share. Tom Buzzby, Bloomberg Radio. All right, Tom,

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<v Speaker 5>thank you now.

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<v Speaker 2>We want to get you up to date on the

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<v Speaker 2>protests still playing out on college campuses across the country.

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<v Speaker 2>Police moved in on this Tenton Cambin at Fordham University

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<v Speaker 2>yesterday and arrested fifteen people for trespassing. In California, UCLA

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<v Speaker 2>suspended Wednesday classes after police and riot gear moved in

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<v Speaker 2>on a pro Palestinian camp that put up pepper spray

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<v Speaker 2>on counter demonstrators who tried to break them up. This

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<v Speaker 2>professor brought Vencott says it's like nothing he's ever seen.

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<v Speaker 6>I've been in many protests over the course of my life.

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<v Speaker 6>I've never seen anything like this. I've never seen students

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<v Speaker 6>being physically attacked by a huge crowd.

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<v Speaker 2>And all this follows hundreds of arrest Tuesday night at

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<v Speaker 2>Columbia University and City College of New York. The Associated

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<v Speaker 2>Press has counted more than sixteen hundred arrests at thirty

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<v Speaker 2>schools since the protests began at Columbia two weeks ago.

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<v Speaker 1>Oh well, Nathan, we turned down to legal news. Out

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<v Speaker 1>of Arizona, the state Senate has voted to repeal a

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<v Speaker 1>Civil War era law that would make nearly all abortions

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<v Speaker 1>a crime. We get more from Bloomberg's Ed Baxter.

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<v Speaker 7>After the Senate passage, it just needs the governor's signature.

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<v Speaker 7>And Katie Hobbs has supported it all along and posted

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<v Speaker 7>right after the vote, we are going to get rid

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<v Speaker 7>of this awful law once and for all. Democratic State

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<v Speaker 7>Senator Evil Birch says it is time.

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<v Speaker 8>I don't want us honoring laws about women written during

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<v Speaker 8>a time when women were forbidden from voting because their

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<v Speaker 8>voices were considered inferior to men.

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<v Speaker 7>When the process is done, Arizona will revert to the

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<v Speaker 7>prior law which allows abortion up to fifteen weeks of pregnancy.

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<v Speaker 7>At Baxter Bloomberg Radio, all right.

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<v Speaker 9>Ed, thank you.

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<v Speaker 2>Turning back to markets, it has been quite a voliable

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<v Speaker 2>day in currencies. The yen in Japan slid as much

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<v Speaker 2>as one point one percent against the dollar, after having

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<v Speaker 2>surged up to three percent late yesterday. Bloomberg News Executive

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<v Speaker 2>editor for Asian Markets Paul says there are signs the

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<v Speaker 2>Japanese government made a move.

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<v Speaker 10>The evidence suggests that it's a second intervention by the

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<v Speaker 10>authorities this week, a second attempt to stop the yen

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<v Speaker 10>from continuing with this weakening puff. The problem that they

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<v Speaker 10>face is almost immediately once that was over, the weakening

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<v Speaker 10>began again. The trend is very much for a weekly yen,

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<v Speaker 10>and so the impact or the influence that the authorities

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<v Speaker 10>can have is is going to be tested. At the

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<v Speaker 10>very least.

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<v Speaker 2>Bloomberg's Paul Dobson notes we'll only know for sure when

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<v Speaker 2>the government confirms any FX action, but an analysis of

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<v Speaker 2>Bank of Japan pounds by Bloomberg News does point to

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<v Speaker 2>an intervention of about three and a half trillion yen.

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<v Speaker 1>Well in Europe, Nathan shares of Shell are at more

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<v Speaker 1>than one percent, And for a recap of the oil

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<v Speaker 1>giant's latest profit report and a look at some other

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<v Speaker 1>key earnings, we bring in Bloomberg's Ew and Pots in London.

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<v Speaker 11>You good morning, Karen. Nathan. Shell is keeping up the

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<v Speaker 11>pace of share buybacks three and a half billion dollars

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<v Speaker 11>worth in the second quarter. This is the oil John

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<v Speaker 11>saw profits drop lesson expected in the previous quarter. And

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<v Speaker 11>there's another buyback in the banking sector. Shares in IG,

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<v Speaker 11>the biggest lender in the Netherlands, jumping after profit beat

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<v Speaker 11>and on a new two and a half billion euro

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<v Speaker 11>buyback and earning some of Europe's most valuable company. Today's

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<v Speaker 11>drugmaker Novo Nordisk It says sales of its weight loss

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<v Speaker 11>treatment will go V more than doubled in the first quarter,

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<v Speaker 11>but it's facing both supply constraints and pricing pressure. In London,

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<v Speaker 11>I'm une Potsplin, bog.

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<v Speaker 12>Radio, Okay you and thank you.

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<v Speaker 2>Checking some stocks on the move. Here in the US,

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<v Speaker 2>we're watching shares of Qualcom. They are up more than

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<v Speaker 2>four and a half percent. Of the world's biggest seller

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<v Speaker 2>of smartphone process Who's, gave an up beat forecast for

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<v Speaker 2>sales and profit in the current period. Analysts say that

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<v Speaker 2>suggests demand for handsets is increasing after a two year slump.

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<v Speaker 1>On the flip side, shares of fastly plunging more than

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<v Speaker 1>thirty two percent. The infrastructure software company lowered its full

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<v Speaker 1>year projections for revenue and profit, and.

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<v Speaker 2>To coin a phrase Karen DoorDash is not delivering for

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<v Speaker 2>investors this morning, that stock is down three thirteen percent.

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<v Speaker 2>The largest food delivery service in the country offered a

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<v Speaker 2>disappointing profit forecast for this quarter.

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<v Speaker 1>Shares a Carvana Nathan surging up thirty five percent. The

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<v Speaker 1>used car retailer, once on the brink of bankruptcy, posted

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<v Speaker 1>a surprise profit and revenue that toped analyst estimates.

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<v Speaker 2>And one other note in the auto industry. Karen, we

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<v Speaker 2>know Tesla's cutting headcount by more than ten percent around

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<v Speaker 2>the world. The latest victims of the cost cutting are

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<v Speaker 2>summer in turns. More from Bloomberg's Doug Prisner.

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<v Speaker 12>Tesla is rescinding offers just weeks before internships were set

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<v Speaker 12>to start. One student said his start date was three

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<v Speaker 12>weeks away, and he'd already spent thousands on housing. It's

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<v Speaker 12>near the end of the school year. With little time

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<v Speaker 12>to find replacement gigs for the summer, the aspiring Tesla

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<v Speaker 12>interns took to LinkedIn and appeal to other employers. In

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<v Speaker 12>one instance, a current Tesla employee ask her own virtual

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<v Speaker 12>LinkedIn network to step up and nab one of the interns.

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<v Speaker 12>The post read, please make our loss your gain. In

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<v Speaker 12>New York, I'm deg prisoner Bloomberg Radio.

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<v Speaker 1>All right, Doug, thank you, and it's time now for

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<v Speaker 1>a look at some of the other stories making news

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<v Speaker 1>in New York and around the world. For that were

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<v Speaker 1>joined by Bloomberg's and Michael Barr Michael, good Morning, Good.

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<v Speaker 9>Morning, Karen. Mayor Eric Adams praise the NYPDE after the

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<v Speaker 9>arrests of about three hundred people at Columbia University and

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<v Speaker 9>City College of New York. It comes two weeks after

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<v Speaker 9>the pro Palestinian protests first started.

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<v Speaker 13>These external actors with a history of escalating situations and

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<v Speaker 13>trying to create chaos, not to peacefully protest, but create chaos.

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<v Speaker 9>Adams went on to say the NYPD's precision policing ensure

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<v Speaker 9>that the operation was organized, calm, and that there were

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<v Speaker 9>no injuries or violent clashes. Donald Trump faces additional sanctions

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<v Speaker 9>in his hush money trial as he returns to court

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<v Speaker 9>today for another contempt hearing followed by testimony. Prosecutors are

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<v Speaker 9>seeking thousand dollars fines for each of four comments by

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<v Speaker 9>Trump that they say violated a judge's gag order barring

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<v Speaker 9>him from attacking witnesses, jurors, and others close to the case.

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<v Speaker 9>That is on top of a nine thousand dollars fine

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<v Speaker 9>the judge imposed on Tuesday related to nine separate gag

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<v Speaker 9>order violations. During a campaign stopped yesterday. On a court

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<v Speaker 9>off day, Trump and Freeland Michigan focused on the judgments

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<v Speaker 9>against him.

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<v Speaker 14>The judge, by the way, is the most conflicted person

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<v Speaker 14>in the history. I don't think there's ever been a

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<v Speaker 14>more conflicted judge.

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<v Speaker 15>Crookeet and conflicted.

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<v Speaker 9>Trump also campaigned in Wisconsin. Manhattan prosecutors are asking for

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<v Speaker 9>a September retrial for Harvey Weinstein. More from Bloomberg's Charlie Pellant.

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<v Speaker 16>It was the disgraced movie mogul's first court appearance since

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<v Speaker 16>his twenty twenty rape conviction was overturned by an appeals

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<v Speaker 16>court last week. Prosecutor Nicole Blomberg told the judge that

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<v Speaker 16>one of Weinstein's accusers is prepared to testify again. She

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<v Speaker 16>suggested locking in a date after Labor Day. The seventy

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<v Speaker 16>two year old, who has cardiac issues and diabetes, has

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<v Speaker 16>been in a hospital since his return to the city

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<v Speaker 16>jail system Friday from an upstate prison in New York.

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<v Speaker 16>Charlie Pellett Bloomberg.

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<v Speaker 9>Radio President Joe Biden will expand two national monuments in

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<v Speaker 9>California today, protecting nearly one hundred twenty thousand additional acres

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<v Speaker 9>from development. It's part of a White House gold to

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<v Speaker 9>designate more in land and water for conservation than any

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<v Speaker 9>previous administration. The bulk of the newly protected land will

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<v Speaker 9>enlarge the San Gabriel Mountains National Monument. Global News twenty

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<v Speaker 9>four hours a day and whenever you want it with

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<v Speaker 9>the Bloomberg News. Now, I'm Michael Barr, and this is.

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<v Speaker 1>Bloomberg Karen, Larry, Michaelbarr, thank you time now for the

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<v Speaker 1>Bloomberg Sports Update with John stash Hour. John, good morning.

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<v Speaker 9>You don't want to Karen.

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<v Speaker 14>When the Nickson Sixers played previously in this series in Philadelphia,

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<v Speaker 14>six erstar Joel mb lamented that there were Sony Nick

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<v Speaker 14>fans in attendance, figures to be more of the same tonight,

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<v Speaker 14>for Game six doesn't tip off until nine o'clock. Nick

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<v Speaker 14>Stilly the series three to two, but Philly comes off

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<v Speaker 14>that comeback overtime Game five winning New York tyrees. Maxi

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<v Speaker 14>hit two three pointers in the last thirty seconds. The

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<v Speaker 14>NBA says the first one should not have counted that

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<v Speaker 14>he should have been called for traveling two blowouts last night,

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<v Speaker 14>Celtics finished off the injury riddled Heat scored forty one

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<v Speaker 14>points in the first quarter of the route was on

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<v Speaker 14>Boston one one eighteen to eighty four, won the series

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<v Speaker 14>four to one. Dallas over the Clippers in LA one

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<v Speaker 14>twenty three to ninety three. Luk At Donsi despite a

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<v Speaker 14>knee injury and feeling ill, scored thirty five and the

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<v Speaker 14>MAVs go home up three too. Edmonton Oilers, moving on,

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<v Speaker 14>beat the Kings four to three, took the series in five.

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<v Speaker 14>Dallas top Vegas three to two. Stars were down to nothing,

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<v Speaker 14>now they're up three to two. Mets ho's to the

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<v Speaker 14>Cubs Yankees in Baltimore. A total of only three runs

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<v Speaker 14>scored combined in the two games. Mets lost one nothing.

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<v Speaker 14>All teams had five hits. The Mets blank by Shota Imanaga,

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<v Speaker 14>the Cub's thirty year old lefty import from Japan. He's

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<v Speaker 14>now five to oher with an ERA of zero point

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<v Speaker 14>seven eight. Yankees and Orioles one swing provided all the runs.

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<v Speaker 8>Here's Capreman and the pitch is whacked down the right

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<v Speaker 8>field lineman. If it's fair, it's gone, and it is gone.

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<v Speaker 8>A whole run just inside the foul pole down the

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<v Speaker 8>right field line haswago. Caprera gets to Corbin Burns but

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<v Speaker 8>two Ron.

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<v Speaker 14>Homer WFA n Yanks one two nothing. Luis Heel gave

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<v Speaker 14>up to US two hits the five out save for

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<v Speaker 14>Clay Holmes's tenth. He's unscored upon in fifteen outings. Mets

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<v Speaker 14>and Yankees both the day games today. Four straight win

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<v Speaker 14>for the Red Sox fet the Giant sixty two Nationals

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<v Speaker 14>back to five hundred and one nothing to win to

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<v Speaker 14>Texas the eight and shut out the Pirates.

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<v Speaker 15>John Stash, Edward Bloomberg Sports, Karen and Nathan.

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<v Speaker 17>Coast to Coast on Bloomberg Radio nationwide on Sirius XM,

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<v Speaker 17>and around the world on Bloomberg dot Com and the

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<v Speaker 17>Bloomberg Business app. This is this Bloomberg Daybreak.

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<v Speaker 2>Good morning. I'm Nathan Hager. Higher for longer. It is

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<v Speaker 2>still the mantra from the Federal Reserve after the sixth

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<v Speaker 2>straight pause in interest rates from the Central Bank, but

0:12:11.640 --> 0:12:15.080
<v Speaker 2>Chair J. Powin company are keeping hope alive that they

0:12:15.080 --> 0:12:17.600
<v Speaker 2>could deliver a rate cut this year, though that hope

0:12:17.679 --> 0:12:20.720
<v Speaker 2>might not quite be conviction. For more on the decision

0:12:20.840 --> 0:12:23.920
<v Speaker 2>and the market reaction, Let's bring in Bloomberg's pretty Koopta.

0:12:24.080 --> 0:12:26.640
<v Speaker 2>Good morning, Critty. It seemed like the takeaway for me

0:12:26.720 --> 0:12:30.120
<v Speaker 2>at least was that the Fed isn't quite there yet

0:12:30.200 --> 0:12:33.360
<v Speaker 2>on inflation, but it feels like it's getting there. Was

0:12:33.400 --> 0:12:34.440
<v Speaker 2>that the takeaway for you.

0:12:34.679 --> 0:12:37.240
<v Speaker 15>At least they attempted to tell that message.

0:12:37.280 --> 0:12:39.559
<v Speaker 18>They also said that, look that they're having that last

0:12:39.559 --> 0:12:42.480
<v Speaker 18>mile argument where it's always going to be tougher to

0:12:42.559 --> 0:12:44.880
<v Speaker 18>kind of root out the inflation as you get closer

0:12:44.920 --> 0:12:47.440
<v Speaker 18>and closer to the target. And that's a statement that

0:12:47.520 --> 0:12:49.520
<v Speaker 18>not only the FED has made, but central banks around

0:12:49.559 --> 0:12:50.640
<v Speaker 18>the world as well.

0:12:50.920 --> 0:12:53.120
<v Speaker 15>What's really interesting is they're basically saying.

0:12:52.920 --> 0:12:55.240
<v Speaker 18>That the hikes are off the table with the hire's

0:12:55.280 --> 0:12:58.560
<v Speaker 18>a higher bar to hike in the context is everything here, Nathan,

0:12:58.600 --> 0:13:00.520
<v Speaker 18>because you remember those comments from John Williams and New

0:13:00.600 --> 0:13:03.480
<v Speaker 18>York Fed president who said if the data supports it,

0:13:03.520 --> 0:13:06.000
<v Speaker 18>they would consider a hike. Now that wasn't his base case,

0:13:06.000 --> 0:13:07.960
<v Speaker 18>of course, but he's just kind of stated the obvious,

0:13:08.360 --> 0:13:10.520
<v Speaker 18>and the markets really took that as weight. Hold On

0:13:10.559 --> 0:13:12.280
<v Speaker 18>a second, do we need to put a hike back

0:13:12.320 --> 0:13:15.360
<v Speaker 18>on the table chair? Powell really threw some cold water

0:13:15.440 --> 0:13:17.959
<v Speaker 18>on that idea, saying, actually, no, we are still kind

0:13:18.000 --> 0:13:21.360
<v Speaker 18>of in a easier mindset at least, and that seems

0:13:21.400 --> 0:13:23.200
<v Speaker 18>to perhaps be it. And he didn't just do it

0:13:23.240 --> 0:13:25.839
<v Speaker 18>from his commentary, Nathan, He did it I thought kind

0:13:25.840 --> 0:13:28.280
<v Speaker 18>of an interesting way from his QT policy and then

0:13:28.320 --> 0:13:29.800
<v Speaker 18>I say his but I mean the FEDS of course,

0:13:30.040 --> 0:13:32.000
<v Speaker 18>where you are starting to see a little bit of

0:13:32.040 --> 0:13:36.280
<v Speaker 18>a deceleration in those in that qtigue starting in June,

0:13:36.280 --> 0:13:39.040
<v Speaker 18>and that in itself, even though it is still quantitative tightening,

0:13:39.240 --> 0:13:42.720
<v Speaker 18>is relatively easier in terms of the policy itself.

0:13:42.840 --> 0:13:46.079
<v Speaker 2>Although it was interesting for Powell to note that the

0:13:46.320 --> 0:13:52.000
<v Speaker 2>slow down in the quantitative easing doesn't necessarily mean that

0:13:52.000 --> 0:13:55.480
<v Speaker 2>that's a change in there thinking about when it comes

0:13:55.559 --> 0:13:59.720
<v Speaker 2>to interest rate policies, really trying to keep those two separate.

0:14:00.320 --> 0:14:02.240
<v Speaker 18>And we should clarify for a global audience when we're

0:14:02.240 --> 0:14:04.040
<v Speaker 18>talking about this decrease in quantity of tightening. We're going

0:14:04.080 --> 0:14:06.760
<v Speaker 18>from out sixty billion dollars a month of just letting

0:14:06.880 --> 0:14:09.199
<v Speaker 18>kind of maturities roll off the balance sheet to about

0:14:09.200 --> 0:14:10.840
<v Speaker 18>twenty five billion dollars a month.

0:14:11.000 --> 0:14:12.960
<v Speaker 15>So it is significant, but again.

0:14:12.760 --> 0:14:14.839
<v Speaker 18>It's not like actively selling bonds on the market. It

0:14:14.960 --> 0:14:18.640
<v Speaker 18>is still a continuation of their ongoing policy. But you're

0:14:18.640 --> 0:14:20.400
<v Speaker 18>one hundred percent right that they separated that from the

0:14:20.400 --> 0:14:22.920
<v Speaker 18>interest rate story. What's important is that they really took

0:14:22.960 --> 0:14:26.080
<v Speaker 18>hikes off the table, and I thought Alberto Gallo actually

0:14:26.520 --> 0:14:29.080
<v Speaker 18>tweeted about this from over at Andromeda Capital and said

0:14:29.080 --> 0:14:31.720
<v Speaker 18>it quite beautifully. In terms of what to pay attention

0:14:31.800 --> 0:14:34.800
<v Speaker 18>to He says, keeping front end rates high while tapering

0:14:34.880 --> 0:14:38.680
<v Speaker 18>QT is like pulling the handbrake while pushing the accelerator pedal.

0:14:38.760 --> 0:14:41.320
<v Speaker 18>So the commentary you've heard off the back of Chair

0:14:41.360 --> 0:14:44.720
<v Speaker 18>Powell's presser has simply been is this the FED trying

0:14:44.720 --> 0:14:46.760
<v Speaker 18>to guide the markets and saying, well, actually, you guys

0:14:46.840 --> 0:14:49.920
<v Speaker 18>have gotten ahead of yourself. We're we have not deviated

0:14:49.960 --> 0:14:51.840
<v Speaker 18>from what we've been saying for the past couple of months.

0:14:52.240 --> 0:14:54.040
<v Speaker 2>It was really interesting as well to see that sort

0:14:54.040 --> 0:14:57.080
<v Speaker 2>of whipsaw reaction when the Chairman took the idea of

0:14:57.160 --> 0:15:00.560
<v Speaker 2>rate hikes off the table, only for the higher for

0:15:00.640 --> 0:15:03.040
<v Speaker 2>longer message to sync in. I wonder if we're going

0:15:03.080 --> 0:15:06.080
<v Speaker 2>to get more market whip sawing when the focus turns

0:15:06.160 --> 0:15:08.960
<v Speaker 2>right back to big tech earnings after the bell when

0:15:09.000 --> 0:15:09.920
<v Speaker 2>Apple reports.

0:15:10.360 --> 0:15:11.080
<v Speaker 15>I'm sure we will.

0:15:11.080 --> 0:15:12.480
<v Speaker 18>I mean, I thought it was interesting about the stock

0:15:12.480 --> 0:15:14.240
<v Speaker 18>market reaction. We'll put the bond market on the side

0:15:14.240 --> 0:15:16.480
<v Speaker 18>for a second. Is that the stock market was selling

0:15:16.480 --> 0:15:18.920
<v Speaker 18>off way ahead of Chair Pow. It's almost like they

0:15:18.920 --> 0:15:21.840
<v Speaker 18>anticipated what he was going to say. And it was

0:15:21.880 --> 0:15:23.680
<v Speaker 18>an interesting because it was initially a positive that a

0:15:23.760 --> 0:15:26.120
<v Speaker 18>hike wasn't coming, but then a negative that a cut

0:15:26.160 --> 0:15:28.440
<v Speaker 18>was getting perhaps pushed further and further out, at least

0:15:28.440 --> 0:15:31.440
<v Speaker 18>in terms of pricing in the bond market. Big tech

0:15:31.480 --> 0:15:34.160
<v Speaker 18>earnings could change all that. Apple in particular, of course

0:15:34.200 --> 0:15:35.480
<v Speaker 18>a big piece of the focus.

0:15:35.480 --> 0:15:35.640
<v Speaker 9>Now.

0:15:35.640 --> 0:15:38.160
<v Speaker 18>It's important to keep in mind, Nathan, that Apple shares

0:15:38.200 --> 0:15:40.160
<v Speaker 18>and the S and P five hundred, just given it

0:15:40.200 --> 0:15:44.000
<v Speaker 18>is the biggest weight in the index, have tracked very

0:15:44.080 --> 0:15:45.920
<v Speaker 18>very closely. It's even driven the S and P five

0:15:46.000 --> 0:15:48.760
<v Speaker 18>hundred to those record highs. But lately the stock has

0:15:48.800 --> 0:15:51.480
<v Speaker 18>been diverging from what the index has done as a whole.

0:15:51.560 --> 0:15:53.800
<v Speaker 18>Lot of that do to some of that China weakness.

0:15:53.840 --> 0:15:57.040
<v Speaker 18>The question after the bell today will be does that continue.

0:15:57.200 --> 0:16:00.160
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