Cautious, they will move out of less liquid risk assets such as oil first. We are seeing it here for the official correction in seven days for oil. As for that ism print and why investors may be so concerned that could be bearish for stocks and they selling stocks are rapidly, take a look at this chart in the bloomberg going back five years. In blue, the s p 500, the eisai manufacturing. We are seeing it as the weakest since 2016. Stocks levitating toward those alltime highs. Not able to move past. Take a look at manufacturing. The lowest level in 10 years. Investors may think there is going to be a meeting between these lines, which could be bearish for stocks. Some investors betting on the idea of 2700. All sectors and most stocks are joining in. Lets take a look at some of the biggest laggards on the day. We will see apple, alphabetic, highquality names being sold off. Also the materials and industrial space. Confirming all of this, and is for haven bonds. For haven bonds. The yenyield winning against the dollar, gold also seeing a bid and then the fear gauge, the vix, higher. Another big risk off day. David we will check it on the market throughout the hour. Lets turn to some of the factors that could be affecting those markets starting with Kevin Cirilli from the white house on President Trump eating with the finish president. Wto ruling onhe the airbus days, and from london, emma chandra on prime mr. Johnson brexit plan. Minister Johnsons Brexit plan. Lets start with kevin. Trump president anticipated to meet with the finish president about 5g and how to utilize the finish with regards to nokia being headquartered there. Continuing to build an International Coalition that moves away from huawei. They are also likely going to speak about the chinese involvement in the Arctic Circle as well as russia. It comes at a time in which President Trump is trying to find counterparts around the world to follow his lead on the issue of huawei. Other European Capital parts have been reluctant to other european counterparts have been reluctant to do so. David there is also an impeachment inquiry Going Forward. We had a News Conference with nancy pelosi and a response from President Trump. Kevin nancy pelosi thing theyre continuing to go down this path. President trump continuing to defend himself. I spoke with one source connected to the administration who told me there is debate inside the white house about whether or not to launch a pullout political war room to combat a full out political war room to combat Speaker Pelosi or to let it play its course. There was a poll today that found the president numbers are unchanged following the ukrainian impeachment inquiry. That said, the president still maintaining his base. Voters of republican are backing the impeachment inquiry. For the most part, this has continued to stay inside the political realm. For now we have uncertainty among the Democratic Candidates for president. Reports of Health Problems were Bernie Sanders. What we know . Kevin Bernie Sanders canceled Campaign Events and said he will go through a medical procedure related to a clogged artery. He is 78 years old. All 4 three of the Democratic Front runners as well as President Trump are above the age of 70. , isth, regardless of age definitely a concern amongst voters. We will have to see how that plays out. He has canceled events on the campaign trail. David we wish him well. Thanks to Kevin Cirilli from the white house. Now lets go to bryce in geneva. We now have a ruling on the wto airbus. Bryce this is the largest retaliation award granted by the wto in 25 years. This sets a precedent and provides a big weapon for donald trump to hit the European Union with retaliatory tariffs. Right now, we are awaiting an announcement from the ustr, which could come anytime between now and the end of the month about which tariffs in particular it will impose on which european goods. Those tariffs could go into effect as soon as midmonth. David before the United States and going get happy about this and boeing get happy about this, i understand there is another shoe that will drop with respect to boeing. There is a separate dispute proceeding the eu is awaiting where the wto will determine how much it can retaliate against u. S. Goods in response to americas unfair subsidies to boeing. Those tariffs, it is not clear what those will be, and the eu may retaliate before then if it feels it is being threatened by the u. S. David thanks a much for the reporting from geneva. That is our colleague in switzerland. Now lets go to emma chandra in london. We have the uncertainty of brexit. We have heard from the Prime Minister of the u. K. At the conservative party conference. Continues. Rexit saga the Prime Minister speaking to the conservative party in manchester, at the same time sending the eu a new blueprint for a brexit deal. We understand it removes and replaces the backstop arrangement in Northern Ireland. That has been a key sticking point, both for the government and Opposition Mps in the u. K. What Boris Johnson and his government is proposing is in all ireland regulatory zone. This means Northern Ireland would stick to eu rules when it comes to goods, and there would be an additional check of loose goods moving from Northern Ireland to the rest of the u. K. The Democratic Unionist Party in Northern Ireland has agreed to this warmly, which is helpful to Boris Johnson. More of a muted response from europe. Eu officials saying they will look at it closely, but the Irish Government saying it does not look like the basis for a up a which could set further round of negotiations as we head toward the october 31 deadline. David how are the markets reacting . On the one hand the ftse sold off today, over 3 when it closed. At the same time we have the british pound doing ok. Unchanged, may be up a little bit. Emma we saw a big selloff in the ftse and across european markets predicated on global growth. We have seen a number different pieces of data both yesterday and today that would suggest the Global Economy is under threat. We see the ftse at 100 and the british pound move in opposite directions. We have seen the pound recover a lot of its losses. It has been tracking downwards earlier in the day at around the time we heard from the british Prime Minister as he spoke to his party conference. As i said, we are now looking at the next few days with regards to brexit being crucial. It will be whether or not the Prime Minister gets a deal with the European Union, which the pound would like, and he wants to have that beat for a key european wants to have that before a key European Council meeting. If he does not have a deal, will he be forced to delay brexit . Any delay to brexit would be something traders in sterling. Ould be happy with david thank you so much. President trump is said to meet this hour with the finish president. Your twoalk to jacob guard of the Pearson Institute about what the trade viewed the trade dispute is doing. This is bloomberg. David this is balance of power on bloomberg television. We turn to mark for first word news. Mark house investigators say they will issue a subpoena demanding all white house documents related to trumps dealings with ukraine. Elijah cummings says he has no choice but to issue the subpoena because the white house has shown what he calls a blatant disregard for requests for documents. The subpoena requests 13 separate batches of documents related to a july phone call President Trump had with the ukrainian president. Democratic president ial candidate Bernie Sanders is being treated for a blocked artery. Sanders experienced chest pains yesterday and had two stents inserted in his chest. He is 78. He has canceled Campaign Events until further notice. The United States has won the biggest award in the history of the wto. The organization gave President Trump the goahead to impose tariffs on as much as 7. 5 billion dollars of european exports annually. That is in retaliation for illegal government aid to airbus. An initial list of u. S. Target includes airbus planes and parts , wine and spirits, and Leather Goods made by christian dior. Us,mma chandra was telling Boris Johnson is outlining his plan for a new brexit agreement. In the his first keynote speech as Prime Minister at his conservative parties confluence, johnson warned the eu to compromise or watch the eu or watch the u. K. Walk away from talks. Let there be no doubt what the alternative is. The alternative is no deal. That is not an outcome we want, that is not an outcome we seek, but it is an outcome for which we are ready. Thed the u. K. Mark u. K. Is do to exit the eu october 31. Prime minister johnson says he will never agree to extend brexit beyond that date, even if it means leaving without an agreement. Global news 24 hours a day, on air and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. I am mark crumpton. This is bloomberg. David . Have said,e President Trump is welcoming his finnish counterpart to the white house as we speak. 5g technology tops the agenda. President trump is looking for alternative to the infrastructure produced by huawei and finland is home to one option, nokia, which has developed its own 5g offerings. Here to take us through it is jacob kierkegaard, senior fellow at the Peterson Institute in washington dc. Give us a sense of where we are on the trait with huawei and cde at the extent to which and zte and the extent to which u. S. Investments are inhibiting trade. Jacob the administration has signaled the initial waivers that came to the sanctions, the export controls on huawei will not be renewed. They will be temporary in nature. These Technology Restrictions by the u. S. Government on the company are set to become binding very soon. We will have to see how that feeds into the broader trade negotiations that are about to restart later this month. Of the broader investment slows between china, the United States, and the rest of the world, they have been dropping like a rock for the last couple of years, partly because of increased scrutiny in the United States, the eu, and elsewhere, equally because of more capital control in china, with the government being worried about capital flight and other concerns. Dispute isthe huawei merely amplifying a broader trend towards less investment between the United States, china , and from china to the rest of the world. David to what extent is the capital flight concern a product of some of the trade issues and concerns about lowering rates of growth in china . Proceedn some ways they the election of donald trump and the more muscular approach by the Trump Administration to the chinese trade. Fundamentally a concern about the sustainability of the domestic credit driven economy in china and the desire by chinese savers to diversify their investments, that basically leads to a potential for capital flight. The Chinese Government began to crack down on that as early as 2015 and 2016. Then of course came the trade war initiated by President Trump, which aggravated this with a set of restrictions on inflows from china. Ultimately, we are seeing the result. Bilateral outflows from china to the United States are down somewhere between 80 and 90 over the last three years. David lets turn to germany because there were five Research Institutes that came out with projections of both in germany, which were sobering. What is going on in germany . Germany is a tradedependent economy. It is clearly being negatively affected by the trade wars, global uncertainty, the slowdown in global growth. Germany is also a country that has essentially been at full employment for quite a few years. Short ith a very basically it had an expansion that lasted over 15 years. It is in some ways a country that is overdue a cyclical recession and that is what we are seeing. We are seeing that external demand can no longer pull german beyond 1 next year. Stimulus helpcal the situation and is it is on its way . Jacob there is no doubt fiscal stimulus could do a lot to help the situation in germany at the moment. It is no secret the German Government has been running a conservative fiscal policy, especially on Public Investment issues for many years. They could reverse that trend. Somethingis is happening gradually. We are now seeing part of this downgrade of German Growth projections by the economic institutes that they are calling for the abandonment of the balancedbudget in germany at this juncture. We saw last week the German Industrial Federation coming out for the same. There is no doubt domestic pressure in germany for more expansionary fiscal policy is building on angela merkel. As far as germany is having difficulty with their export as this and the growth, is exacerbated by a hard brexit . We heard from Boris Johnson is planned to go forward with brexit. How badly would german Economic Growth be hurt further if there was a hard brexit . Jacob most estimates for germany puts the country has one of the more exposed countries to a hard brexit. Most estimates would suggest it will cost germany between. 3 and. 4 of gdp, which means germany this year would be close to zero. Not in recession but close to zero. I would also say that if it came to a no deal brexit, you would probably see more fiscal stimulus by the government that would partly upset that. There is no doubt that a new deal brexit would hurt in germany. At the same time, not enough for the German Government to fundamentally change its policy stance visit the brexit visavis brexit. David Morgan Stanley is out with a quant analysis putting all of the money together, they have a 30 chance of a hard brexit. Does that jive with what your estimate is . Jacob i think it is about right. The key point to understand is it is a two state process. You have to model what the probability of a no deal brexit by october 31 are. Those are quite low. That probability. Secondly, the u. K. Is almost certainly going to happen election by the end of this year. If worse johnson wins that election, and i think the probability of that is quite high if Boris Johnson wins that election, that i think the probability of that is quite high, then the outcome of that is likely to be a no deal. You add those together, and you wind up with something as a 35 to 40 , yes. David thank you so much. That is jacob cured the guard of the Peterson Institute in washington that is jacob kierkegaard of the Peterson Institute in washington. Coming up, we are looking at the markets. All major near a 2 loss so far. This is bloomberg. David we will continue our coverage of the Global Market selloff. Kailey leinz is here with more. Give us a picture. It is not pretty. Kailey it is very ugly today. You have the dow down more than 2 . The s p 500 is more than a 3 loss. We have reached key technical levels. The s p is below the 2900 level, which is closely watched. This is showing you how much growth shares are percolating through the market. The adp print we got this morning is not something you pay much attention to. When you look within that print, it showed there were basically no pickup in manufacturing jobs. Only 8000 of the jobs were in manufacturing, the rest were in services. That adds to fears of the manufacturing slow down. You are seeing that play out in a lot of cyclical stocks. David the backdrop of all of the pmis in the United States and overseas. . Hat about sectors our Manufacturing Sector is getting hit hard . Kailey the cyclical sectors are getting hit. If you look at the imap, every sector is down. The ones down the least are the ones that typically would be more expensive. Real estate, utilities. Every sector is down at least. 7. If you look at the industrials, materials, energy stocks, all down more than 2 . You are seeing moves out of this into more classic safe havens. You have the 10 year yield lower. We are back down past 1. 6 . You are also seeing a bid into the yen strengthening against the dollar by. 5, as well as gold, now back above 1500 an ounce. You are seeing investors flocking back to safety. David we will continue to watch this carefully. What about autos . Kailey ford, gm, Fiat Chrysler were not that bad but they were also lower today. The fact that these numbers followed asian carmakers that saw double sales declines in september is feeding fears about a global auto slow down. The health of the consumer is a big part of that and that is adding to the risk off sentiment. David many thanks to bloombergs kailey leinz. President Trumps Energy secretary rick perry says he will work with congress on the impeachment probe and will answer all questions from lawmakers. That is rick perry saying he will cooperate with the impeachment investigation. This is bloomberg. David this is balance of power on bloomberg television. Im david westin. Lets get a check on the markets , a big day in the markets. There is abigail doolittle. Abigail it certainly is not pretty, rather bearish. The dow, s p, nasdaq all down close to 2 , the worst day since august, the second bid down day in a row. Investors going into haven bonds, also going into the yen, gold, as they flee stocks. We are looking at the worst two days for the s p 500, major averages, and futures going back to the beginning of august. Yesterday we had the big down day on the disappointing ism manufacturing print, when investors became careful, some strategists calling it an Inflection Point to the downside, saying recession is imminent. The lowest level going back to 10 years. Today, investors running with that. Those fears spreading to trading in europe. Investors fleeing risk assets. Across the board sector and stock wise. All 11 sectors are lower in the s p 500. Highquality names such as apple, visa, berkshire hathaway, boeing also lower. Not many places to hide for investors as we are contending with the selloff. It is not new, we had the disappointing eyes imprint, but it goes back months. Lets look at the chart in the terminal. The Third Quarter tracking as risk off all the way in april. What we are looking at here going back to the Third Quarter in july, in yellow, we have gold. In white, we have treasury futures. In blue, we are lay at the s p 500 futures. In orange, we have the nasdaq. Prior to july 31, all of these assets were trading higher. Gold taking off, treasuries taking off, investors going into those haven assets. That has been the story. The nasdaq having its first down quarter of the year, perhaps a tell on the volatility we are seeing now. We are certainly seeing that continue on the day. Truly a bearish day for the financial markets. David that chart really tells the story, thank you. We want to turn to the Opioid Crisis. This has hit the United States hard, and the health of our citizens and the expenditures to care for those afflicted, as well as in the courts, with johnson and johnson announcing a settlement of over 120 million. One of the key tools to fight overdoses is narcan. Robert kramer is of emergent biosolutions. You know this crisis from the inside, sadly. Give us a sense of where we are, is it getting worse, better . Where is the Opioid Crisis in the u. S. . Its important to understand this Opioid Epidemic has been unfolding for the last 15 years. Unfortunately, in the last 10 years alone, over three quarter of a million citizens have lost their lives in the u. S. Due to an opioid overdose. Even today, that averages out to about 130 individuals every day in the United States will lose their life to opioids. Have narcan nasal spray in our portfolio, we think that is one of many treatments and capabilities that are required to start to curb the overall trend toward additional deaths due to opioid overdoses. David explain what narcan is. Is a nasal spray, can be and there can be quick reactions. Robert the beauty of narcan nasal spray, it is a nasal formulation, with easy and there quick reactions. Design, so that even individuals like you and i can administer without oversight of a physician or medical personnel, so its easy to use, easy to administer. Essentially, it contains an ingredient called naloxone which reverses the negative effects of opioids. David how widely is distributed right now among our emergency designresponders . Is being distributed to cities, counties at the state level and federal level through programs that we partner with the federal government. Its also made available to run the country under a Standing Order basis, so that any individual can go in to a pharmacy nationwide and without a physicians prescription, have access to narcan immediately. David how big a customer is the u. S. Government for you . Robert pretty big. The government earlier this year. 1 . 8 billion of funds to address the crisis. That includes education, awareness, as well as procurement of several forms of naloxone products. We participate in that market. Market for usge are the retail pharmacies across the United States where we are selling directly to them. David is there any risk at all of a moral hazard . People saying i dont have to worry about taking opioids naloxone and can save myself. Robert its important to understand, naloxone is vertically important to have at the ready, reinforced by the Surgeon Generals advisory statement in 2018, where naloxon save myself. He essentially made a call to action for the general public to be better informed of the and haveof naloxone, it ready so it can be used immediately. What we know about Overdose Deaths due to opioids, in the vast majority of cases, those deaths occur outside of a medical setting, outside of a hospital, outside of a physician or ems oversight, so in order to have naloxone available, you need it on your cell is ready to administer immediately. David narcan is not your only product. You also have antidotes for smallpox, anthrax. Things like that. Who are your customers, what is the demand for those . Is that the federal government who buys that . Robert primarily. We have been in business 21 years now. We started focusing on biologic and chemical weapons like anthrax and smallpox. Emergingow gone into infectious disease, travelers health, opioid treatments, and other products. Thank you for being here. Im afraid we have to interrupt you for the president of the United States. Lets turn to President Trump in the oval office. You are putting the whistleblowers life in danger. The whistleblower is inaccurate. The whistleblower started this whole thing by running a report on the conversation i had with the president of ukraine. The conversation was perfect, could not have been nicer. I saw many of the senators talking about it, many of the congressman talking about it. Not a thing wrong. Unless you heard the adam schiff version. It should be criminal, treasonous. Made it up, read to congress as if i said it. Beell you what, he should forced to resign from congress, adam schiff, he is a low life. He took a perfect conversation, realized he could not read it to congress. It was a very nice conversation. I knew many people were on the phone. Not only were many people on the phone, we have stenographers taking it down word for word. He took the conversation which was perfect and said i cannot read this, so he made up a conversation and reported it and said it to congress and the American People and it was horrible what he said and that was supposed to be coming from the but it was all fabricated. He should resign from office in disgrace. Frankly, they should look at him for treason because he is making up the words of the president of the United States. Not only the words but the meaning. It should not be allowed to happen. [inaudible] no, he didnt say that. At what he you look said, he found everything to be very normal. He is a good man evenjoe. He found it to be normal. I call him shifty schiff. He is a dishonest guy who was critical of one of the great secretaries of states. Graduated number one in his graduatedest point, one of the top of his class at harvard law school. A most honorable person, mike pompeo. This guy was negative on my own video. Mike pompeo. There is an expression, he could not carry his strap. Carry his d not strap. You understand that . You are dealing with bad people. I watched china over the last two days, watched these countries buildout. We have built up more than any of them because of me, but no help due to the democrats. They are the donothing democrats. All they want to do is try to win the election in 2020, so they come up with his impeachment nonsense. Everyone knows. All based on one phone call i had where im talking to the president of ukraine. You will hear from our ambassadors, some of the folks that know all about the call, why the call was set up, and everything else. Its perfect. The call was perfect. Lindsey graham said i didnt know you could be so nice. Quo pro. S no quid pr i did that with the approval of ukraine, by the way. The whistleblower was so dishonest. The whistleblower said terrible things about the call. I then found out he was secondhand and third hand. These are bad people. These are dishonest people. When the American People find out what happened, it will be a great day. We have to go back to building our country because 99 of Nancy Pelosis time is spent doing this. She should worry about lowering the price of drugs, which ive done. It is hard to do it without the help of congress. About creating border security, which ive done. We have hundreds of miles of wall under construction on the southern border. She should worry about infrastructure. She should worry about usmca. I saw a part of her press conference. You with this,dy mr. President , but we have to talk about this. She says drug prices. She has been tried to get drug prices for how long has she been in congress . She should focus on her own district. You see whats happening to her own district . We call it 10th city. We just sent a violation to the city of san francisco, unsafe water, unsafe conditions, environmental, epa. Our epa which is doing a great , is sending nancy pelosi there is needles and drugs all over the streets. There is tense. There are people dying in squalor. In the best location in san francisco. It used to be a great city. Now you have to see whats happened to san francisco. You have to see what the democrats have allowed to happen. As an example. What theyve allowed to happen. Just take a look to los angeles. One other thing. Waserday, as you know, i sued by the governor, gavin newsom he is another beauty he is another do nothing. I was sued by him and that i cannot get on the ballot in the state of california. It was a massive story, the biggest story. It was headlines all over the place. It was big. Here is what happened. David we have been listening to the president with the president of finland on his right hand side, but we didnt hear anything about finland. A lot about the whistleblower being this honest, adam schiff, the head of the House Intelligence Committee, that he should be driven in office, and that nancy pelosi was focused on if you can rather nonthings like the usmca. Lets bring in our chief washington correspondent Kevin Cirilli. I thought we were going to hear about things like huawei and finland, but we have not heard a word of it. Kevin President Trump doubling down, listening to those advisers close to him that are urging him to push back forcefully against Speaker Pelosi and not listen to those who say let this play out because, frankly, republicans are still behind him. The second point i would make, the president using the opportunity to hammer home the issue of usmca. Pertaining to policy, democrats say speaker policy by the more inclined to get usmca done because it gives her the opportunity to say she is Going Forward with the impeachment inquiry but also working on policy. That is the final point i would say. In this attack, pushing back against the impeachment inquiry, also trying to hammer home some type of policy win that he feels will present the opportunity to say that he is doing business as usual in washington. David you raise a good point. The president is calling them the donothing democrats. He mentions usmca. Doesnt nancy pelosi have it within her power to get it done . If she did that, wouldnt it take that argument away from the president . Kevin yes. Democrats, to especially those working to pressure the moderate democrats to get on board with usmca passage by the end of the year, they say, Speaker Pelosi, if you want to move forward to appease the progressives in the party with impeachment, go for it. But on policy, be able to say to voters, businesses, that you are able to get a policy done. That is something that even Speaker Pelosi in her Public Comments seemingly suggest she wants to get to a yes on. Last point. Over the course of the program, we heard from rick perry saying he will comply with any request having to do with the impeachment inquiry. It feels like it stands in stark contrast to mike pompeo who says i will not show up, and the way that you are going about this is all wrong. Is there a diverted within the administration . Kevin from the state departments perspective, they dont want to get into a back and forth. They would be fine complying with republicans and democrats on the House Intelligence Committee and Senate Intelligence committees, but to have this narrative out there that it is the secretary versus Rudy Giuliani is something, that according to my reporting, makes folks uneasy. David thank you, Kevin Cirilli. Still ahead, we are continuing to look at the markets. All three major averages are down about 2 right now. Live from new york, this is bloomberg. Today, many people think the court is very political, that people appointed to the Court Democratic president s and those appointed by republican president s tend to follow the political desires of the republican or democratic party. Do you think that is a fair assessment, and if not, why do people have that view . View becausee that the agreement is not interesting, disagreement is. So the press tends to play up 53 decisions, but if we can just take last term as a typical example, we had 68 decisions after full briefing and argument. 53hose, 20 were 54 or divisions. 29 were unanimous. David that was Ruth Bader Ginsburg speaking with David Rubenstein. You can watch the first part of their conversation in a twopart special of the David Rubenstein show starting tonight at 9 00 eastern time. The market selloff has been getting worse this hour. Lets bring in kailey leinz in Sarah Ponczek to tell us about it. What is the overall cause . Sara two days in a row of 1 declines. This is the first time we have seen backtoback declines of 1 declines. You have growth fears coming back to the fore. It started off with the ism manufacturing print yesterday, the worst in a decade. Today you have those weaker than expected adp numbers as well coming in less than expected at petitions. However, if you look at the fivemonth rolling average, that is at the lowest since 2010. You are starting to see a slow down, rollover, potentially when it comes to jobs creation. We all know that when you talk among manufacturing, it makes up a smaller part of the economy, only 10 . That very large part is the consumer. If you see a slow down in job creation, that could be it. David on friday we get nonfarm payroll. We know manufacturing is not looking very pretty, not just here but germany and other places. Do we have reason to believe that is bleeding over into the rest of the economy . Theey you are seeing in adp report that sarah is referring to, the discrepancy between how much services and manufacturing jobs gains. 127 thousand of the 135,000 were in services. Especially if we see an rollover into the services sector, that is where you will see it bleed through. The jobs report on friday will be important, looking for 147,000 additions. We used to think about inflation and wages being important, but is the job market still strong, can the consumer still spend because they are comfortable with the employment picture . David some people like to look at technicals, these different levels. Where are we on the daily moving averages, and for that matter, other technicals . Yesterday, we close just below the 50day moving average on the s p 500, so the question is where we go next. If you look at the lows in december of last year, the trendline up until now, we have taken that out as well. Fort of people are looking that next stop, the august lows. We are back in an august trading range. That also comes right in line with the 200day moving average. A lot of investors have been saying it feels like we are back in august. Not only are we back in that range but we are talking about growth fears once again. David seems like nobody is doing good today, but who is doing better . Kailey all 11 sectors are down in the s p 500. Cyclical sectors are really taking a hit. Offrials, tech, industrials by 2. 6 or more. You are seeing defenses outperform but still down about 1 . Real estate and utilities are faring a little bit better but really no sector is being spared today because investors really just dont want to be in equities right now. Instead they are moving toward those safer haven assets. David is there any firewall insight . We have the payroll numbers coming out. Is there data that could say, slow down a minute, the consumer is still there . Tomorrow will be an important date. If you look at the estimates for nonmanufacturing data for ism, they are still expected to come in at 55. Still solidly in expansion territory. 50 is the line in the sand, so the line in the sand, so tomorrow will give us the first hint as to whether Services Data is still hanging in there before we get to fridays payrolls numbers. Some auto sales numbers, yesterday and today. As i understand, airlines are moving. Autos. I will start with it was ugly yesterday for the asian carmakers. Ford, gm, Fiat Chrysler were not as bad, but they also did not alleviate any fears of an auto slow down. Still saw sales drop about 5 . That as two confirms about the health of the consumer. The consumer are closely tied, so thats not something you want to see. The airlines are the worst performing subsector within the s p 500. Delta came out with a cost morning, saying they expect cost to rise 2. 5 this year. That is also adding to weakness in airlines as well. David i will ask the obvious question. Between you distinguish catching a night and buying the tip . Sarah the trend all year long has been selling into strength. We could not take up his record highs, but buying weakness. We have not been able to see strong pullbacks all year long. The main question now is, is this going to pose a different type of environment . Because we are, entering the fourth quarter, its october, people are talking about deja vu. Especially because we have had such a strong start. Things still are not that bad. If we see strength and services and payrolls, we could see people step in and by the dip. But if we see weakness, that could cause further issue. Kailey there are Different Things outperform today. , a homebuilder, showing in this environment, maybe the Housing Market is starting to look better. It depends on the pocket of the economy you are looking at. There are places where you can find optimism. Doubt, count on the fed. Thank you. Sign up for the balance of power newsletter at bloomberg. Com. Balance on theni terminal. Coming up, etf iq. The show will look at defensive etfs as market volatility increases. Also, President Trump and president of finland hold a jute joint News Conference at the white house at 2 00 eastern time. This is bloomberg. Sometimes your small screen is your big screen. And with the Xfinity Stream app, which is free with your service, you can take a spin through on demand shows, or stream live tv. Download your dvrd shows and movies on the fly. Even record from right where you are. Keep what you watch with you. Download the Xfinity Stream app today and get ready for Xfinity Stream tv week. Watch shows like south park and the walking dead october 7th through 13th. Scarlet im scarlet fu. This is etf iq, where we focus on the access, risks, and rewards offered by Exchange Traded funds. Scarlet escalating the price more. Charles schwab shoots down the feebased Business Model that it helped to build. 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