Search. Is it losing its safe haven status . Away from ther close of trading this monday. Lets head to markets desk were julie hyman has the latest. A bit of a sleepy day today. Julie this has been characterizing trading over the past couple of recently as we have seen stocks take a pause after a fiveweek rally. Seeing volume in the s p 500, 34 below the 20 hundred day average. Quite a drop. We already saw a couple of the lowest volume days of the year. That trend is continuing as major averages are little changed. Elsewhere, in other at its, you take a look at the treasury market. The 10year note. We have seen the yield work its way lower. We got a gdp revision higher on friday. We got data not quite as estimated and we will hear from janet yellen speaking tomorrow before the economics. We could get more direction for the market and treasuries. We are seeing the yield go lower. Oil and gold watching as well. We see buying and treasuries, the safe haven buying is not extending to gold, which is trading lower a little bit. A little also off by bit. Not much action there. Alumina ration the treasury market but not as zero in market. Carol so somewhat quiet. General election today, the operations were very strong. It has positive implications for the companys power visit. He see the shares up 1. 5 today. Within media, watching big openings for time warner and disney. Disney, a new shanghai disneyland, which does not open until june. Presales online, a big sellout of those tickets to her time warner having the biggest Opening Weekend for batman versus superman despite the negative reviews. We are watching drug makers today. Gilead is on the rise. A Court Victory against gilead, saying that gileads hepatitis c medication, the roots of that were from a research project. Now, an analyst is saying despite that, the hepatitis b medicine is not enough to compete so those shares and shares of the partner are trading lower today. Whom i rooting for, that manner superman . A tough choice. Thank you so much. Lets get to the news. Mark crumpton is at the news desk and we have got a lot going on. Mark we are covering breaking news. The white house and congress are on lockdown. Following a shooting at the Capitol Visitor Center pair the Associated Press cites officials saying one Capitol Police officer has been shot but not seriously wounded. Local television station tweets that the shooter is down. One capital Police Officer has been shot but not seriously wounded following a shooting at the Capitol Visitor Center in washington, d he at a local television station tweeting the shooter is down to her we will continue to follow this story and we will bring you more developing news as soon as we get it. The governor of georgia says he will veto interrelate a religious exemption bill protecting proponents of samesex marriage, the socalled religious liberty bill triggered a wave of criticism and threats of way cuts from Companies Including disney. Our people everyday work sidebyside, without regard to or theor of their skin, religion their coworker might it hereto. They are trying to make life better for themselves, their families, and their communities. Character. Part to keepo my it that way. Mark the legislation would have allowed Business Owners to invoke their religious beliefs employment, education, and charitable services, giving Legal Protection to evil who object to samesex marriage. Against northd carolinas new antidiscrimination law and they say the law discriminate against transgender people, requiring students to use bathrooms assigned to their biological sex. It also prevents local governments from expanding protection governing general identity. The Supreme Court is is considering whether delaying a prison sentence violates the constitutional right to a speedy trial. Hearing arguments in a case for montana. They waited in jail for 14 months before being sentenced. The court has never before extended the right to a speedy trial to the sentencing stage of the case. Reports of journey use in violation of u. S. Regulations including flying to poke too close to passenger airliners surged. The Aviation Administration says there were an average of four incidences per day. More than five times the amount reported a year earlier. Global news 24 hours a day powered by our 2400 journalists in more than 150 news bureaus around the world. Carol we turn now our focus to housing. Realtors reported today that contracts to purchase previously owned homes kind 3. 5 in the month of february, surpassing the forecasted incoming ceo said the National Brokerage from specializing in real estate. He joins us now in los angeles with more. Nice to have you here with us. Seeing when it comes to the Housing Market . Me onnk you for having the program. All of these keep supporting the felt for someave time the housing recovery and real estate recovery in general which encompasses commercial real estate as well as really sustainable. All the data continues to support that, the february home sales really confirm that. From a monthtomonth data trend perspective, this leads to a Bigger Picture discussion in that real estate is seeing a reversal of roles and during the great financial crisis and the great recession, real estate was front and enter front and center going into the recession. It is now the reverse and real estate is a pillar of strength with a lot of headwinds. Carol i bring it up because i have been talking with individuals in San Francisco, a very hot market and they say theyre seeing signs of mark they were saying prices are seeing some pressure, meaning they are coming down a bit. Are we starting to see pockets of weakness . Classy have to remember residential and commercial real estate over the past four years, we have seen exceptional recovery. The yeartoyear basis were in recovery mode. We are seeing more of a settling toward an active marketplace but at a Slower Growth rate as a National Natural part of transitioning recovery to a cycle. It is all about jobs if you really think about on the consumer side, it starts with jobs creation. San francisco is a great example of a market that has been exceptionally hot over the past two years because of the difficulty to add new supply pure the price appreciation we saw over the past few years is starting to plateau a little bit given the fact that affordability becomes an issue. We will get the monthly jobs report on friday. In terms of particular markets, where are they the strongest right now in terms of nationally rise . Classic you look at where the job creation is and where the supply and demand really favors price gains, you find markets like new york, washington, dc antioxidant of new york being kind of flat because of uncertainty regarding the bostonal situation but for example on the east coast, atlanta with 40,000 plus jobs, is making aflorida big comeback to on the west coast, seattle, the bay area, los angeles and Orange County areas, both are showing contrasts in that l. A. Is now beginning to pick up momentum while Orange County is planning a bit because it do not have the. Ame rate of job creation markets that were hardhit like phoenix and las vegas are just beginning to come out of it. The job leader over the past 12 months is very different than the numbers we have been seeing in houston. Dallas is another market that is holding up well. Carol up about 3. 7 this year. When you look at the commercial side of the market, where he opportunities for investors . The recovery property types, particularly retail and office, are getting a lot of attention. Due to the preference for consumers to rent early in the recovery and therefore prices and rent growth really were led by apartments. In the last 18 months or so, were seeing Office Properties and Retail Shopping centers show up as opportunity investments mainly because the foot traffic is up on the retail side. Instore sales have been stronger than most people expected. On the office side, were seeing another support for economic expansion that is more and more tenants needing additional space. Carol we will leave it on that note. Us incoming ceo talking to about real estate markets. Given my we get an update on housing prices tomorrow. We will have the numbers on bloomberg. Here is an update on breaking news developing of the Capitol Visitor Center in the nations capital. Shot, not officer was seriously. The shooter is in custody. Is a situation we are monitoring closely. We will bring you the latest. Carroll Mark Crumpton is with us for an update on those capitol hill shootings. We will turn things over to mark. One of our Congressional Correspondent is in lockdown on capitol hill right now. Billy, what more can you tell us . Philly we are watching carefully inside the u. S. Cap role where the reports have varied but ambulances pulled up after about 20 minutes of reports of shots fired in what is called the Capitol Visitor Center. Know who might have been injured. We are on lockdown here. Speaker. R a loud people were told to find shelter immediately. What we know now. There were all kinds of reports that one person has been shot. Those have not been verified. We ian ambulance here. We see an ambulance here. Took place roughly, i was sitting at my desk at the capital when an officer came in the exact time of that was 12 13. Mark we are receiving reports that the shooter is down. That was a tweet. Do we have any confirmation that in fact the shooter was shot . Right. Reports. Nconfirmed the house sergeant of arms is putting together now. I am locked inside the building. Inside the press room. We are waiting for the reports to come through official channels. We know there is an ambulance out there and what that means is not certain right now. On the phoneouse with us from capitol hill where he is in lockdown. You again. The story we are hearing multiple media sources and from what the associate Associated Press sites. A shooting at the Capitol Visitor Center in washington, d he d. C. The local television station in washington sending out a tweet that the shooter is down. That is so far all the information we have here we will continue to follow the story. We are waiting for the Capitol Police to hold a News Conference and when they do, we will bring you more developments as soon as we get them. Back to you. Carol it looks like u. S. Capitol officials are saying a shooter is taken into custody. Lets get back to some of the big business stories on monday. Director of pgt partners arrested and charged with the fronting investors in more than 95 million. He allegedly invented and set up false email addresses and misleading domain names. Company aree plunging on the news. I can see them down about 11 as we speak. Lets get more on the story. Tell us more. These are allegations. It is securities and wire fraud brought by the u. S. Attorney here in new york and by this 30s and exchange commission. It is serious and very unusual. Beginning sometime back in the some kindlast year, of fake Investment Opportunity was created. Marketing them as individuals in except that is not what he was doing her the money was going to this account as it turned out. That money dwindled to near nothing. He is interesting and his father is interest in the firm is interesting. Tell us a little bit about that. The firm was spotted from blackstone last year. Again, it is an unusual situation here. How this could have gone on and how long it has gone on, we do not quite know yet it at least back to the middle of last year, he was working on the scheme. Meant mentioned his name and his father. A man from a wellrespected family. His father died. It was a rather tragic death around 2009, a suicide. He was suffering from cancer. At the same time, they went the Funeral Service because he was the subject of a tax evasion investigation. It wast know how actually resolved at the time, but at the time they were looking into it and his sons all went to harvard law. We are trying to determine how that was eventually resolved. He ran a Large Company and was very active in new jersey politics. A really wellknown and wellrespected figure and all of that appeared what happened, i do not want to much of how it was resolved. Carol it is another developing story. I wondered how they would get their money back. What andrew did his he took it and they made failed options trades and they lost a lot of money. I presume he has other asset. Next question, he said to be in court in the afternoon. We will look and see if he will go after any other assets. We will go after what his defense is. Its like he thinks initially, maybe he did what was fully disclosed. We have to hear from his lawyer as well. Just one hedge fund, a single hedge fund. Carol unbelievable story. Thank you so much. As we head to a break, we are monitoring breaking news at a shooting on capitol hill according to reports, the shooter has been taken into custody and we will bring updates. Nationals m the the nation capital this afternoon, a situation that continues to unfold. Youre listening to bloomberg market. Jim, joining me today is strategist at mk am holding spear we were talking during a break and i was talking all day about how we have seen a lower than average volume. It appears to be a vacation week for a lot of people but it feels a little unusual. Options volume is also down as you would imagine. About 9 million printed today. You go back to new years 2015 to see similar levels. Earnings will start coming in. Fomc not until the very end of april. It is slow but curiously so at the same time. Julie Something Else curious is the vix is up your thoughts are doing nothing. You would think the vix is doing the same but it is not up that much. It is unusual for it to be higher on the day. Classic great opportunity to make the point that it is priced off of s p options. We look at s p term structure out six months, it is listed relative to last week. The graph we have shown recently as the spread that had opened up between spot fix and the front future. It was high. I would not read too much into it. I think it is just getting back in line with its historical name. Turn to a specific stock where we might see some action. Next week, it will be holding analyst day. You think it will be a positive catalyst. Amonghis favorite name the semiconductor stocks. Two catalysts coming up. One next week. He thinks that will be positive. But there is an inflection in the Business Model where the war business sale of graphic ancessing units is really inflection. Facebook and google both had conferences recently where they talked about Machine Learning for cloud applications and they will play a significant role in that. A little bit of talk around this market. Increasing could help them. Earnings will come in early may. Put those two together and even though it is a stock that has done incredibly well and is up 40 just since early february, we still like it and see upside. We will go out to june by 30 one call spreads, pay about dollar 30 four that appeared inexpensive way to get along and directional exposure. Carol thank you. We want to update you. There was a shooting at the capital business center. There are reports according to the Associated Press that one shooter is in cost to the at this time. That seems to be the latest. Great time for a shiny floor wax, no . Not if you just put the finishing touches on your latest masterpiece. Timings important. Comcast business knows that. Thats why you can schedule an installation at a time that works for you. Even late at night, or on the weekend, if thats what you need. Because you have enough to worry about. I did not see that coming. Dont deal with disruptions. Get Better Internet installed on your schedule. Comcast business. Built for business. From bloomberg world headquarters, im carol massar. Lets get to our first word news. Mark crumpton is at the news desk. Mark the use of much. Lets update a new story that weve been following for the past halfhour or so. U. S. Capital was shot u. S. Capitol Police Officer were shot at the capitol visitors complex. The shooter was taken into custody according to officials and police. The officer who was shot is to be not believed seriously injured. The event unfolded with congress on resources and recess and lawmakers back in their district. It happened in the Visitor Center of the sprawling complex. Staffers and others were told to shelter in not allowed to be their offices. The Capitol Visitors Center in the white house are now allowing visitors to leave. We will of course continue to follow the story. We are expecting some sort of press conference from capital and metro d. C. Police and as soon as we get more information we will of course bring that to you. Donald trump is planning his First Campaign visit to wisconsin on tuesday. In the meantime, senator ted cruz is positioning himself to win the state when residents about one week from tomorrow. It will be the first primary since senator cruz began getting support from establishment republicans, including jeb bush. As for delegates, mr. Trump has 739, mr. Cruz has 435. John kasich has 143. On the democratic side, Bernie Sanders has raised more than 4 million since sweeping caucuses in washington state, hawaii, and alaska on saturday. Is Spokesman Says that it one of his largest postelection halls during the primary season. Hillary is urging people to consider the future of the u. S. Supreme court when they vote in the president ial election in november. Today in wisconsin mrs. Clinton plans to address how donald trump would likely shape the court if he is elected president. Her Campaign Says she wants Senate Republicans to hold hearings on president obamas Supreme Court nominee. Federal courts, federal court judge. In 150 newsists bureaus around the world, im Mark Crumpton. Abigail doolittle is live at the nasdaq. She is starting with American Airlines. american ire American Airlines is one of the top performers after a bullish article citing attractive valuation and profitability from reach outi wanted to to George Ferguson to see what he thought about this. Strong thoughts. Relative devaluation he says that the article cites the low pe ratio. Thats not the way that airlines are supposed to be valued, rather you want to look at adjusted earnings in debt. Second, relative to profitability, American Airlines profits may look attractive, but much of it is going from a big tax benefit that will fade. At the end of the day they said that what they really want to look at is what is the best Airline Operator . He believes that it is delta airlines. What of the big drags has been microsoft over a lack of any real news. Microsoft could be a possible financial backer for a bid for yahoo . I reached out to james and he said that that is probably not my the stock is down but that the backing could make sense. We will have to watch into what happens. As for microsoft, it appears that the stock may be trading back down towards the bottom of the range. Down 2. 6 carol this year. Thank you, abigail doolittle. A lot of information to digest this week, including commentary from janet yellen tomorrow with that friday monthly jobs report. Our next guest sees more ahead. He joins us now from boston with more. Good to have you back with us. There is a lot going on this week. Janet yellen, though, the yuan to as a fake she will give us anything earth shattering or just more of the same from the fed . Just remember, we are one week away from her last statement. The difference here will be that she needs to walk back what we have heard since the last fed meeting. One week ago we got what appeared to be a more dovish statement and the more dovish handling of q a with two increases in 2016. Lo and behold last week we had a parade of speakers leading more hawkish. Its difficult to disseminate that news. We have nonvoters, people that tend to be hawkish. I think she did a pretty good job to get us back to where we were one week ago, sort of settling down the movements we have seen in currency markets and equity markets in the last week. Let me ask you, can you even tell what the metrics are that the fed cares about . You had john williams, the head of the Federal Reserve bank in San Francisco coming out and talking about how hes watching china and brazil. Seems like every few weeks there are different metrics. How can you really tell what the fed is focusing on . Art the fed is operating in a Global Economy now. , northployment is full of 2 inflation is inflation. We really have to walk that back and look at things in the context of what might disrupt economic progress in the united states. When he was speaking, the fact that we keep an eye on brazil, he speaks to that towards the end of do we want the dollar to be too strong . Do we want the dollar to be overaggressive . Whether it is in emerging markets or in china in general. I think that that is the piece that has changed over the last 10 to 15 years. Carol cover to do your job, the cost of that . Tougher to do your job, the cost of that . Art it is, but if you look at the fund futures at any point in time the market has done a better job of predicting what thefed has done. They just got up to what the market has been telling folks, probably raising two times. A lot of that has to do with data dependence. When you look at what they picked for inflation, the favorite read, the pce, is not heading towards that 2 . When they talk about that, when we should be at 2 inflation sometime in 2017, thats why we have walked back expectations. Art let me ask you, i had a guest on Bloomberg Radio talking about recession and hes looking for a recession youre the end of 2017. You just brought it up on the terminal for everybody. It looks like we are going to get higher rates. What would you bet . That we will see higher rates this year or next year . Or no because the economy is going to start to come undone . I think that it doesnt sound great, but its good enough insert certainly better than what we are saying seeing in a lot of countries globally. The fed has a chance to raise in june and december. If you look at the meetings that we have left that have press conference at press conferences after them, september seems close to a National Election to be doing a lift. You know, as we look at it, the really isnt a recession in the united states. The biggest fear is that there is some type of contagious event that happens where we import a recession, but right now i think we have that grinding 2 growth that produces Something Like 6 to 7 earnings growth. Possible inmakes it this environment to give you some confidence out there . The consumer that we have been depending on so much to prop up the economy, one of our guests was saying that that was due to car sales last year. A lot of retailers were struggling and it doesnt look so great. Carol its interesting, the consumer shows up in different places now and part of that is the experiential purchases on travel and leisure. The consumer is certainly showing up for things like amazon and in fast fashion versus going to the mall. Its a very complex thing to right, hard you are goods. Whether you are the new homes purchase, thats where the savings wage and job creation with Cheaper Energy prices have affected the consumer. That doesnt last forever. The fleet will be aged down to where it should be. Household formation is picking up as well. We will get that trend right as far as the consumer goes just in time for it to change again. Carol we caught up with michael for rowley, and on what might be to come on friday. Michael we are setting up for another disappointing quarter. I think its going to be a lot of questions about the momentum of growth. Now, of course, the Unemployment Rate will moderate in recent months for good reason. If i had to pick a number it would be that headline jobs number, which tells you about the momentum of the economy. Carol in terms of the labor market, do you feel it will provide continued strength here . That it will confirm that things are ok . Art there has been some lumpiness in the jobs report throughout the first quarter. This will be the last one that we get. I tell you this, somewhere around 200,000 jobs per month in some quarters, thats about the average. Thats ok. We would like to see the wage growth. The wage component is more important to me. The more pressure that we put on the average hours worked, the more that we see increases in wages, wherever that comes from, the more spending Power Consumers have. Im more attuned to what we see in average hourly wages and earnings. Carol got to run, always get good to get your thoughts on the markets. Heading to the break, we want to continue to update you on that shooting at the u. S. Capitol. The Visitor Center is letting people leave after a lockdown. Of course we will continue to follow this for you. Also reports that the shooter is in custody. This is bloomberg markets. Carol this is bloomberg markets. On carol massar, in for betty liu. Stocks kind of bouncing around this monday, off the highs and lows of the session. What does it mean . Dow jones industrial average, up 2 10 of 1 . Nasdaq, call it unchanged. The s p barely eking out a little bit of again there. 1 . Of time for the Bloomberg Business flash for look at the business stories in the news. We start with Virgin America, which has received takeover offers from jetblue and alaska air according to people familiar with the matter coming after the carrier backed by Richard Branson put itself up for sale. Discussions between Virgin America and the two bidders are ongoing and a deal could be announced as early as next week. The bidding war for starwood is far from over. The company has gotten a revised takeover offer from a consortium of about 14 billion. Remember last week starwood accepted a revised 13. 6 ilion dollar takeover bid from marriott. In new york the same plaza hotel will not be going on the Auction Block according to people familiar with the matter. It was canceled after the holders of the mortgage reached a deal to give the borrowers more time to sell the property to pay back the loan. David and simon reuben pull the mortgage and set a foreclosure option for next month. The owner, an indian company, defaulted on the loan. That is your business flash update. Fallenund managers have in love with u. S. Treasuries. According to a recent report a group seen as a proxy for hedge funds increased holdings to record 1. 7 one trillion in the past year. Upon traders are bracing for more turbulence as a result. Joining us now to explain, lisa abramowicz. Gadfly is our fast commentary section on the bloomberg terminal. You and i like to start we talked about it earlier this morning what exactly is going on . Lisa this one category that is pretty allencompassing by its name, has seen a pretty rapid increase in Treasury Holdings to about 1. 27 billion 1. 27 billion at the end of last year. Should is truly be all hedge fund ownership, it could raise alarms because they do use more leverage on average content to trade more frequently than, say, sovereign wealth funds from the central bankers that used to hold onto these bankers. It seems contradictory. Treasury investors seem to want things to be sane, safe, comfortable, right . You have to think that the sovereign wealth funds in the central banks, china in particular, has sold a lot of to liquidate a lot of assets. The fact that hedge funds have come in to do some of the buying is not a bad thing. They have prevented yields from going up much higher than they would. Down more than people realized, perhaps this is not with it should be. Take a look at this chart, its come down dramatically. Lisa i was talking to rich vogel and he said that this category, often used as a hedge fund proxy, doesnt very well parse out how much of this money is just direct foreign and investments from places like japan and europe, overseas, where so much of the debt market has gone to a negative yielding. Crazy. Carol its like theres two sides to the story, right . They could be worried about more volatility as a result of hedge fund involvement, but at the same time as these investors are backing off they are providing liquidity for the market. Yes, no . Yes, they are saying look, the tenure german yield is barely above zero and the japanese tenure bond is below zero. At 1. 7 the yield in the u. S. Treasury doesnt look so bad. Have we seen Hedge Fund Investors coming in before no, you are wrinkling your route. U. S. Treasury department is looking into this, as is the fed. Sit at l and others have had fast trading hedge funds with algorithmic traders getting increasingly involved and actually buying more of the treasuries directly from the u. S. Treasury during auction. We have seen this kind of involvement for a while. The implications over the longterm are hard to say. The data from the fed is difficult to parse. How much of the money is sticky . Tactical on the yields remaining longerterm . Most read story in the past eight hours. It certainly catching the attention of everybody. Whats the net take away for investors hearing about this . Should they be nervous . Should they not . The it doesnt change underlying fundamentals, which is that around the world people are looking for a relative value and they are seeing it in the u. S. And they are buying. That is the fundamental takeaway. I should say that my colleagues wrote this fabulous story, so i wanted to mention that as well carol . Good stuff to read as well. Carol good stuff to read. You can check out lisas stuff on bloomberg. Com. We do want to update you on the nations capital. We continue to of course monitor the shooting and washington, d. C. Police say that the suspect is in custody and the lockdown at the Visitor Center has been lifted. I believe that they are letting visitors leave as well from the white house. Of course, continuing to follow this for you on this monday, we will bring you the latest from washington. Rumoredthis is markets. On carol massar, in for betty liu on this monday. Onwant to give you an update the shooting at the u. S. Capitol. A Police Officer was shot at the capital Visitors Center complex in the suspect has been taken into custody. Eric lawson is a congressional reporter for Bloomberg News who joins us on the phone at this hour. Give us an update on what we know. What happened . Do we know anything about the shooter . We are waitingt for a press conference from the Capitol Police that should be momentarily. Hundreds of tourists have been evacuated from the Visitor Center. Some of them a bit traumatized. At this point there are conflicting reports on whether an officer was shot or the alleged gunman was shot. We are waiting to get some clarification on that at this point of. In the u. S. Capital. Carol are you in the capital when this was happening . I wasnt. Was there. E there was a general order for lockdown. There were armored cars and a heavyduty police present throughout. Any streets around the capital or shut off. All the killer and vestry and traffic came up here from the Bloomberg Washington Bureau shortly after the report and have been out to the perimeter of the press conference. I guess we are all curious as to the Security Standards or protocol changes after brussels. Did anything change after that in the capital . Breezy here for previous incidences. I wouldnt say theres been much of a change. Theres armored cars, the full nine yards here in the u. S. Capital. I believe that the incident happened either at or right a large group of magnetometers and other security devices at the entrance to the Visitor Center. For those visitors not familiar, its sort of the space near the entrance they might come into with the multibilliondollar Visitor Center created a few years ago. A lot of people came out and talk to us. Theres a movie that visitors are shown. They came over the broad speaker twice and were told to shelter in place. Some of them sheltered in the guardhouse on the ground as we will obviously continue to monitor to find out more. Eric, thank you for the update. Our congressional reporter joining us on the phone in the nations capital. Taking a look at the major indexes, weve seen bouncing around today. A sweeping market, nonetheless we are up 1 10 of 1 . The nasdaq is down about six callingthe s p really it flat right now, just up about one point. Lets bring in our bloomberg stockmarket market reporter. Weve got a lot going on this week. Janet yellen tomorrow, the monthly jobs report. We talked earlier about the same stuff. The market has really moved since we spoke on the radio before. Volume is down today around 37 below what you would normally see below the close. May be sitting on the sidelines waiting for the yellen commentary tomorrow. The fed chair is going to be talking on thursday. We have the nonfarm Payroll Employment report. Not so much to act on today. Carol what are investors looking for . We are in a lull of corporate earnings, but what are investors looking for right now . Right now we are on a data track. Rate hikes will not be coming as rapidly as we once thought. They will slow them down a bit. Last week we had gdp that came in above expectations. People may be surprised. Earlier there was a 36 chance of a rate hike in june. 38 throughout the day, who knows. Ow much higher that could go people are definitely watching that and as an extension, any commentary or dissenting opinions among the officers in the Federal Reserve, anything to give an indication as to the rate. Carol investor still like telecoms going into those dividend plays . Exactly. It something we have seen people rotating into in those sectors. Carol good to know, joe. That will do it for this hour. The market closes coming your way in just a moment. Quick check on the major fromges, four minutes away the close, as i mentioned. Slightly higher on the dow and the s p. A little bit lower on the nasdaq. Alix we are moments away from the closing bell. Im alix steel. Tracy i am tracy outweigh. Scarlet fu and tracy alloway. Scarlet fu and Joe Weisenthal are both off today. [closing bell ringing] alix u. S. Stocks closing mixed. The question is, whatd you miss . We asked credit suisses chief economist James Sweeney tracy petrobras. How is it possible that they have seen its borrowing costs fall . s will speak with blackrock pablo goldberg. Alix is the question in the oil world it is the question in the oil world. Now that prices have stabilized, how quickly can cruise be beught to work can crews brought back to work