30, which is interesting and worth bearing in mind we have not traveled that far. The bank of england stepping up preparations for negative rates. You can see quite facing the repricing at the front end of the u. K. Curve as we see the two moving as twoyear prospects of negative rates appear to become greater. Alix more on that boe decision with paul dale, capital economic chief u. K. Economist. Negative rates when, where, the future, how do they do it, when do they do it . I think the answer is probably not for a while, if they even do it at all, which suggests to me that the markets have got a bit too excited. We know that the bank of england has been thinking about negative Interest Rates for some time and said in august for the first time that it is part of the target. And today, the minutes revealed that they have started to make preparations so if they didnt want to use them, they could use them. Now i think that is very different to actually wanting to use them. Back in august, they said theyre still talking it but have no intention of using them for the foreseeable future, and that is because they were worried that actually they would be counterproductive because that would reduce banks profits, which would reduce the supply of credit. Now i do not think that has changed. I think it would take Something Big for that to change, so either some kind of extra shock that the banks feel requires a big boost to the economy or it would need to be convinced that the banks are not going to be absorbing loan losses, which i do not think is the case right now. Guy if we get a hard brexit, and no deal brexit, do we get negative rates . I think that is the kind of thing that would make the bank have another Second Thought about whether they do use negative Interest Rates. We know back in the first all the other previous deadlines, the bank seemed to signal it would lose some policy if there was a no deal brexit, and we think it would do the same. So in that case, i think it would searcy consider it. But for my money, i think qe will be the choice over the next six to 12 months. At capital economics, we think the bank will do lots more qi, another lots of qe. Alix what are markets currently pricing in what is the biggest missed price when you look at the bond market . At the moment, markets are expecting perhaps increasing q. Week by 50 billion by 50 billion, and 75 billion in total, so including that 50 billion by the end of next year. So we think the market is underpricing the possibility of more qe. For us, that is a bit more downward pressure on gilt yields. Interestingly, policy probably will not come in terms of negative Interest Rates. So it is a bit murky, but for us, the markets have got a bit too excited about the prospects of negative Interest Rates and is not thinking enough about the prospect of more qe. Guy we will return to that in a moment, but were going to breaking news. Let me bring that to our audience. Oracle and bytedance are said to accept more treasury terms on the tiktok transaction. We understand the treasury has done revisions to the two parties, and it looks like they have been accepted by the two parties. It would maybe lay the path to an acceptance by the u. S. Government that this transaction ticktake the box does has box that the president created in terms of wanting tiktok to be severed, lets argue, from as much chinese influence as it currently has. We will get more on this as it continues to break, but it looks like oracle and bytedance are said to be accepting the new treasury terms of the tiktok transaction. Back to paul dales to talk about what is happening with the bank of england. Why, therefore, today are we in a situation where we are focusing on more rate cuts, rather than more qe . You believe the market has got this the wrong way around, so why isnt the bank focusing our attention there . The news flow would seem to suggest that the bank wants to communicate to the market that negative rates are becoming a greater likelihood. The fact that it is now talking to regulators would seem to imply that. Am i misinterpreting this . Well, i think it is something that the bank was always going to have to do and would want to do, so it is a new thing for the u. K. And the bank has to ensure that regulators understand how it works and that banks can actually cope with it and it can be implement improperly. So i think it makes sense, when he have got the new policy talk like negative Interest Rates, then you need to make sure you can actually use it properly, and you need to do that before you use it. So i think there is a preparation process going on here. I do not want to say that negative rates are never going to happen. What i think is the case is that they are not going to happen while the bank of england is concerned that banks are on the hook for loan losses, because that means they will just be less effective. So i think it is a policy tool that could be used to further down the line if the recovery continues to disappoint the bank of england. Anf f and for now at the moment, the goto because negative Interest Rates are not ready to go in the bank of england is not completely keen on using them, i think the goto is still qe. And that is where we think the market should be focusing. Alix so how bad though is it going to get in the short term for the economy . I was struck by the report that one in 10 u. K. Place still rely on government wage subsidies at the start of september. 11 of firms that moderate or severe risk of insolvency. And we do not know what kind of Furlough Program there will be. Boris johnson says he wants to get creative, but i have no idea what that means it how do you see it . Well, i think there needs to be a lot of acknowledgment that the u. K. Recovery has been pretty fast. Gdp fell by 25 in just three or four months. We managed to recoup almost 70 of that. So we are a long bay long way back to where we were. I think the remaining 30 is going to take much, much longer, and that is due to the issues that you highlighted, there is in the wave of on appointment coming as they furlough scheme ends. At the same time, brexits uncertainty is higher than it has been for a while, and we do not know exactly what will happen. One way or another, that will put some brake on business investments. And then, the government has started in the background to talk about tax rises and fiscal consolidation. Me putse things to together, throw in the recent tightening of restrictions related to the surgeon like virus cases, suggests this economic recovery will take a long time related to the surge in virus cases, suggests the economic recovery will take a long time, and the bank will have to do more to support the economy. Guy paul, we have to leave it there. Paul dales, capital economics. Thank you very much, indeed. I want to come back to the breaking news. Oracle and bytedance said to accept new terms from the u. S. Treasury on the tiktok transaction. Oracle starting to see shares picking up a little bit, still negative on the day but very much off its lows, as you can see. More analysis in just a moment. This is bloomberg. Back. Elcome this is the european close on Bloomberg Markets. Lets get back to the scoop we got within the last few minutes. Oracle and bytedance, they have tended to live tentatively agreed on the terms of the bid of tiktok. Joining us with more is our Bloomberg National security reporter. Nick, do we know what the changes were . Naked very minor changes. K very minor changes looks like there is a creation of what is called a National Security committee that would be under the board of the u. S. Controlled tiktok, the tiktok that would be in the united states, and that with essentially liaise the company and make sure any cyber, debris security data secured issues will be resolved. While the parties have tentatively agreed to this, the president so far has not given his final approval, so that is what were waiting for. Alix if that goes through, does that solve the problem that a lot of congressmen had after the tentative deal was sort of floated in terms of, say, ownership hence security . Nick there is a really big question here, and we are just trying to figure that out. The question is that the president for a time has insisted that bytedance needs to divest itself of tiktok. This deal does not provide for that. It goes a very long way towards reassuring folks on some of the National Security concerns, and people it tiktok say, listen, ownership should not matter because the National Security protections are so rigorous. But you still have that sticking point. The president has made a lot of opposition on tiktok with the idea that bytedance has to sell. This deal does not do that. So were waiting to hear whether the president changes his mind on that. Guy lets look at it from the chinese end. Nick, if bytedance has accepted revised term sheet and term sheet, can we assume it has approval from beijing . Nick we do not know that yet. That is why everything is tentative right now. We are still at a point where either side could block this thing, the president could and asian could. It is moving just so quickly and president could and beijing could. It has moved so quickly, and it is not that beijing will sign off on the sale. This is happening at a high level but certainly not the highest level as you have two sides that are wanting to get this done. Steve mnuchin, bytedance, overcoat, but now they have to take it up to their principals for the final call. Alix if you have oracle in charge of the data here and then you have this panel that potentially is going to be making sure that there is no National Security threats, what would china still own . Like, what is the distinction between what would be here in the u. S. And safe, in the air quotes, versus what is still in china . Nick a lot of that still has to be checked out, but essentially what would happen is that tiktok would be using code, algorithms, provided by bytedance. Under the terms of the deal, oracle would be able to see that and be able to flag any concerns, be able to, if, for example, they saw that the code was if you entered in hong kong as a search term and solve videos of dancing bears rather than videos of protest, oracle would be able to see how all of that works in would be able to make an appeal essentially. But oracle would not come as far as we understand, have absolute control over the source code. So this would be more of a partnership and a backandforth rather than bytedance just giving it up and sang to run with it, it is all yours saying to run with it, it is all yours. Guy is it a situation where there is one code package for the u. S. And a different code package over in china . We are basically talking about a passing of the wave here in terms of the way the source code is managed, because the source code will be different in china to the one over in the united states. That is a step forward, an evolution from a u. S. Point of view. And you wonder whether, ultimately, if it is kind of the precursor to a more concrete separation of these two entities. Nick right. I think what you are seeing is were still very much in the early stage on that, and it is not entirely clear which way it is going to go. And there is a lot of opposition within congress because there are questions over exactly this issue. They want essentially the source code to diverge. They wanted to be two entirely separate programs, the algorithms, but we are not seeing that so far from the term sheet, that there will actually be two entirely distinct entities. This is still being classified as a partnership, so there has the potential to be a lot of internal wrangling and fighting over these algorithms and the decisions they get made and the content that users see. So we are by no means out of the woods on this yet. Alix the countdown for the digest for the divested for the countdown is september 20, Something Like that, so we will see what President Trump rules. Nick, thanks for that breaking news. This is bloomberg. time for the Bloomberg Business flash. I am ritika gupta. Southwest grounded 115 boeing 747s because of discrepancies in aircraft weight data. They expect the impact to be minimal. The model that is affected is different from the 737 max that was grounded after two fatal crashes. Uber is looking to sell parts of its stake in a chinese ride hailing service. Uber is starting to monetize stakes and other companies to boost its share price. Uber is trading below the price at which it went public in may of 2019. Solve,s harder to coronavirus pandemic or Climate Change . That question was put to bill gates. Harderate change is much and the damage that will be done every year will be greater then what we have seen during this pandemic. So i hope it is a wakeup call to say, ok, what else are we being warned about . Does it take less percentage of Government Resources . And Holding People to account, that even things that take a long time, we have to get started now on. Ritika you can catch the full conversation at 2 00 p. M. New york time, plus more throughout the day from the bloomberg green festival. That is your latest business flash alix thanks so much threemonth after the collapse of wirecard, another German Company under fire. Prosecutors confirm they are investigating accusations against the elite financing from, and shares plunged this week after shortsellers said the company is covering up from missing cash. Shares rebounding a little bit today. Fromve a guest joining us berlin. This is very different with what we saw with wirecard where the government went after the reporter that started to break the news of the last 18 months. What do we know . What is going on . It is different, and like the collapse of wildcard, it is casting shadow on the new allegations here. We have the same person who happened with wildcard making accusations against the company in germany, saying they are hiding cash or the cash does not exist and that they are using m a to hide thegal activities and that business is helping criminal enterprises to expose other clients. Guy what is the pushback from the company . What is the company saying in its defense . Were just waiting for hearing from the company on a more detailed response. So far, we only got a very brief statement that they strongly reject the allegations, which i guess is the usual playbook for a Company Getting attacked. The headlines that just crossed the wire were that the owner of the company said he does not hold shares in one of the companies being accused of doing shady m a. We are lacking details, the company certainly has to do more to regain investor trust. They have said they want to do a bigger meeting on friday to explain what is going on. Alix what is the wirecard hangover here . You had german regulators and the government move so slow with wirecard. Is there a risk of overcorrection . It is certainly one of the things people are a little bit concerned about right now. The german regulator often maybe overreacts not because they feel they have to correct themselves after being too late on wirecard. But like german institutes, some are known for making hasty positions, so i guess they are more sensible this time. They will have a closer and faster look, but i do not expect them to post an overreaction here. Guy even if there is nothing here though, jp, the allegation finance is german too cozy, not enough checks and balances. And i am wondering what the longterm effect of that is. Well, it certainly does not look good for germany as a financial marketplace, and im pretty sure that we will see changes to oversight and supervisory in germany again. The country is not known for making hasty positions, so i guess this will take time. I am pretty sure that we will see changes to the whole set up of agencies and supervisors here in germany. Cannot have one fraud after another not saying there are more, but now we have two cases right after each other, and that certainly does not look good. If there is a problem with oversight, then politics needs to step in and make changes. Alix what is the problem with the oversight . The problem is that Financial Institutions are becoming more and more complex. We live in a more globalized world and it is pretty easy to open subsidiaries in the different countries, and you have to side on who is responsible, who is looking after what, and you have new , likerises coming up Payment Companies where it is unclear who has jurisdiction over them. And all those sectors coming together that the german agencies and supervisors were not clear on who was actually doing what, and that needs to be improved. Guy we will leave it there. We look forward to further coverage as you get more details coming out of the company both today and tomorrow. Again, ay the, once story such as this casting a shadow over the german finance sector. We are approaching the end of the day here. Lets take a look at where we are with the numbers as we approach the european close. Were coming off a little bit, not as much as we have seen in the united states. Ftse down by. 3 . Watching the pound. Bank of england putting the negative rates story on the table today. Up next, we will carry on the coverage and take you through what is happening with the European Market close and dig into some of the details of the foreignexchange story. That is coming up. This is bloomberg. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Guy european stocks are wrapping up. 30 minutes to go until the end of trading. We were pushing up, but want to go european equities are in a tight range. 1. 4 coming off the top of the push higher, 371. The numbers are varying little on a daytoday basis. Lets take a look at the markets. I want to talk about the currency story as well, because the pound is a contributing factor today. This is what has been going on. Choppy session for the pound. Think of england talking about negative rates the bank of england talking about negative rates and we are down 1. 5 . That has an impact on the ftse 100. Lets take a look at the three indexes. Ftse 100 down by 2 10 of 1 . Dax down by three tents of 1 . 3 10 of 1 . Banks have been the bigger losers of the day. 5 . S down by this is what has been going on at the top and bottom ends. Health care doing well today. Ineview on what is happening that sector, m a around that as well. At insurance sector coming the bottom end of the market with banks falling to the bottom. Is a roundtrip from the last 24 hours, that we have seen allegations being made. This is a forwardlooking story, quite negative, but retailers are positive. 2. 75 . Down and there is a big company in the space down by 2. 7 . Autos are a big story, aside from the banks. Alix lets turn to the european auto sector. Car sales are falling by a fifth in august, blasting hopes that the industry was recovering from the pandemic, and suggesting that it will remain depressed through the end of the year. Tom narayan is joining us now. This 18 fall in august. How bad is it . Will it get worse or will bc stabilization will we see stabilization . Tom this 18 number should have been known by the market already. We have had the big five in europe already give the down 15 number a couple weeks ago. So the market already knew that. July was down in single digits, helped by stimulus. So, august is likely a payback on that. Last september, which may have impacted the numbers. Ultimately, august is not the month to look at. September will be more relevant. European autos have been performing quite well during the crisis, only down about 10 versus the european index, which is down 14 . One large auto supplier this week said that they expect Global Production to be down 10 the3, globally, versus expectation of 15 , so i am more optimistic despite the august number. 15 nevertheless, the tier laying off people, and that is catching the attention of berlin. We have seen subsidies, we have seen help and cash in places like france, so do you think governments will provide more stimulus for this sector . Tom i really do. Ultimately, if they are really pushing this agenda, and it seems like this will happen, you will need to push stimulus early on to promote the vehicles. We do not have the charging infrastructure there that is robust enough, you need to incentivize folks to purchase these cars. Then you will get the infrastructure, like, if you build it, they will come. So i expect this to continue, especially if the oems will be co2 compliant. Alix you could make the argument that demand has slowed down versus falling off a cliff, so what are people buying right now . Tom i mean, the demand is there. Heir earningson t call last quarter talk about how they were surprised by the electric demand. And renault made similar comments. Their orders are high. I think people are seeing a demand for full electric as hybrids,o plug in that has been a surprise. Atking at europe, looking dealerships, they are buying ices, waiting until the charging infrastructure is there. Early adopters will get the evs. Your aunt downtown will still purchase an ice, that will not go away. Guy talking about electric vehicles, the trade press is reporting that vw will be selling to re max. Bigger the start of a process of some would argue that vw has gone into too many areas under previous management, do you think that that will be reversed, with Luxury Brands being sold off . Werethis is what investors hoping would happen with vw. But there is a corporate obstacle for them to really break up and sell assets, especially a luxury standard, the sale of brands like that. It is difficult for them to do this battleship. That said, they are doing stuff with commercial trucks. Maybe they could sell some of that stick down stake down a little more, but i would not hold my breath for them to break up anytime soon. This is an execution story, an ev execution story, and they have to scale to do it. They are selling these kits to oems. Otentially other they may come out the other end of this benefiting from the scale and not breaking up after all. Alix the euro recovery fund, a large part will be a green initiative, a large part will be to phase out the combustion engine. 2one point what combustion engines die out . In reality, with the big push and a stimulus coming down . Tom if you look at europe, 2030 to be 100 , that is doable. The other issue is everybody is concerned about evs, but you have to make these things and the batteries are capacity constrained. It will take a long time to get these things. Tesla may announce something amazing, but at the end of the day they can only make so many of these things. You talk about the europe the u. S. And europe, emerging markets will be around for decades. Africa could door everybody in population soon. I think they will be around for a while. We are really talking about europe, the u. S. And china with electric cars. The transition will take time. Guy it makes you wonder where oems or is o, with the battery producers . Tom, thank you very much. Lets take a look at whether where the equity markets are. The down by. 5 . And we pushed into the close and we faded. We will have coverage on Bloomberg Radio with the cable show, myself and Jonathan Ferro walking you through that hour. This is bloomberg. This is Bloomberg Markets european close. At 2 00p, bill gates p. M. In new york and seven copy him in london. And 7 00 p. M. In london. This is bloomberg. Lets check the bloomberg first word news. Theres a sign of improvement in the u. S. Labor market. Firsttime claims for Unemployment Benefits resumed a decline last week as jobless claims are reduced by 33,000. The total number of americans on the benefit rolls dropped by almost one million. And exporting more crude so far in september than ships last month. That is a sign that it is falling further behind in efforts to to with opecplus production limits. Opec and allies are holding a Virtual Meeting today to review compliance and output targets. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im ritika gupta. This is bloomberg. Alix we have with us tom petrie. Two things that stood out to me, one, the strong words that the Saudi Oil Minister said at the opening of the session about cheaters, who he says use tactics to hide noncompliance. He said that they achieve nothing and bring harm to our reputation. Opecplus is considering extending the time period for the compensation cuts. Is in this first saudi arabia . Tom well, this is reminiscent of techniques that existed in the mid 80s, when cheating was abundant. Downdo not want to slip that slippery slope into accepting it now, then it becomes it feeds on itself. And, you know, they have had a pretty good success from the conditions at that they were dealing with in march, up until about two or three weeks ago. And they do not want to slip into something different. So it does require assertion on their part. And they have got something to work with. Shale supply curve. The u. S. Is not coming back. I agree with what was said earlier, 40 is kind of a magic number. But below that, when oil is below 40, we get into corrective actions opec needs to take. Above, somewhere in the 50s, we see just the opposite, where they will also make sure it does not get far ahead of itself. But right now, this is the time for excluding. So this is for a schooling. Alix we still have a covid demand impact. You look at inventories on the product side in europe, diesel, for example. Jet fuel, that is one. But what about bp talking about peak demand coming way before anybody else thought. Ii wonder about the relevance i wonder about the relevance and what they can do with the two macro headwinds. Tom you bring up good points. I think it will be difficult, but i think there is nothing like those factors that holds opec pluss feet to the fire. It was only weeks ago when they said things are going well, we will bring back 2 Million Barrels a day. I think they are already realizing, do not do that right now. Kind ofstating some discipline and shared to discipline will be critical, but it will also be critical for them to be, if you will, credible scolders to show that they are going to take action to be supportive, and they do not plan to tolerate others who do not do that. So, you know, i think we are in a period where they have had enough success since march that this is the time to be asserting this, then measuring it clearly. Shot to covid19 demand, this is something that is really forcing them to be careful about this. Nobody knows right now what the longerterm effects of that are. And you combine that with the u. S. Chinese economic cold war, also makes ithat a big question mark of how fast Global Demand growth is going to be. Until we have more data on that, as we move into the end of this year and into next year, they will be well advised to listen to the leadership being asserted by saudi, and the support of that by russia, because both of those countries have a big stake in going forward. Guy i want to talk about the russians. For most of last year, it seemed like they were pulling the strings. Is that still the case, or is saudi back in control of the process . Tom it would be an overstatement to say back in control by saudi alone. They really they looked into the abyss that first week of march, when the crown prince presented to president putin his plan for stabilization of the price. We arei think, thought, in the low 40s, lets test the low 30s. He found out it was easy to go from the low 40s into the 20s, and that was way more than he wanted. So it does take organized cooperation of these two players, and they have achieved a lot of success. The u. S. Supply curve is not what it was. And the Capital Markets are not going to fund, unquestioningly, Shale Development in that range of 40 50. And so, they have got room to maneuver here, but they have got a delicate situation. There are a couple things to worry about. One, a civil war in libya. That has taken Significant Oil off the market. But the rebels under the general, they came close to really challenging tripoli awhile bakck, but the pushback that has occurred, libya could bring oil on the market and they will not be at all attentive to what is demanded, because they have not been producing near their quota. So that is one of the Biggest Challenges they have got. Guy it is a significant one. I have heard people talking about it recently. Thank you so much for spending time with us. Of petrie, the chairman petrie partners. This is Bloomberg Radio. Ritika timeframe look at the biggest business stories right now. Larry fink worries working remotely will hurt his firms corporate culture. He said that it results and a lack of productivity and collaboration. He says he is concerned about 400 new hires that joined in july, they have never been to the offices of the Worlds Largest asset manager. And there have been new terms for oracles bid for tiktoks u. S. Operations. There has been a revised term the two companies and they address National Security concerns. That is your latest business flash. Guy thank you. Lets pick up on the last story. You wonder how joined up the current thinking is in washington. Sheet,e a revised term perhaps coming out of the treasury with mark meadows saying that they are just repackaging the tiktok plan and it will not be enough. It will be interesting to see. It ultimately comes down to the president , it is his deadline. Alix i am curious what the chinese are thinking because they will have questions about how much ownership will come from investors in the u. S. A how much it will stay bytedance. There is another player here who has to want to sell, so i feel like it is another election talking point when it comes to washington, d. C. , but has huge implications for certain markets. Guy you ultimately wonder whether we will get a divergence, a splitting of that source code alix a decoupling. Guy exactly. Lets keep the story on with what is happening with the equity market. Oracle is fading back down. We are watching what is happening with the tech heavy nasdaq, off lows of the session, but still over performing. Michael, as now is market strategist, to give us his take on all of this. We have had a day where we have digested the fed, we are trying to figure out which way the market is going. We get this selloff, which has people scratching their heads. Give us a sense of where we are right now. Michael thank you for having me on. I love both of you guys so much. Everybody wants broad participation in the market. Everybody says, i do not want just tech to lead, i want everybody else involved. Then it happens and we end up talking with our clients about what is wrong, what is going on . I do not necessarily view a text selloff as a negative. I think it can be seen as a healthy rotation, for one reason. If you look at the equal weight s p 500, it has had a good september. It is only down. 5 . And that leads me to believe it is one of these moves out of tech and into other names. Alix good point. You look at caterpillar, trading at its highest level since 2018, that is a pure recovery trade. A, is a sustainable . B, what do you buy . Michael one thing that we look at, or one sector that does well coming out of the recession, is industrials. They tend to be spicy out of a recession. And like you mentioned, caterpillar. So people are looking at materials, industrials. As long as that equal weight does not break down, that is important to ok with people saying, the really big work from home names have gone too far and i need to look for greener pastures. Guy but there have been so many had fa head fakes, i am wondering, why is this different . Michael we have seen an acceleration in antiwork from home. You have heard from jamie dimon, from netflix, big ten football is coming back i and from the midwest and the transit data. We are going down a oneway street on economic recovery, and in the market is sniffing that out. People may be fighting it, but every step we take down this recovery is down a oneway street in my mind, and that b odes badly protect, because people will look at housing, health care, those things. Alix really quick. Will what is happening tomorrow play into this . Michael if you are heavily long tech, that is going to be a real fireworks show, we have to beyond liberty that day. There will be a lot of action. Alix you promote us and you love us so, michael, come back anytime. I really appreciate it. You have to look at what will eappen tomorrow, maybe resquar positioning, and you have to look at robinhood as well. A big driver of the tech roundly. Guy we have been talking about it short dated call options, will be interesting going into tomorrow. It will encapsulate what a month it has been with a massive selloff in the first couple days. Alix coming up, david westin on power, it will be joined by chuck grassley, and they will discuss the latest negotiations. This is bloomberg. From bloomberg World Headquarters in new york, im david westin and welcome to balance of power. We have a check on the markets. Scarlet is joining us. The markets continued there their selloff, led by tech. Scarlet it has been looking that way, but we have staged a little bit of a comeback. It is kind of fizzling out. If event weight is hundred is down less than the nasdaq 100. And it treats every company with the same weighting, unlike the s p 500. Not that hundred off by 2 . The biggest drags today are the ones that kept pulling the market to new heights in august, amazon, apple, facebook and alphabet. And you can blame it on the fed to some extent. Shares