That does not appear to be the case. The dow and nasdaq each touching intraday records. The upward momentum has resumed. Financials are a big part of the rally today. Is a big, big move for the it financial index stop seems to be a lot about what is going on. You mentioned jpmorgan even before the headline coming out. J. P. Morgan shares up by 2 . Regional banks doing well today. Take a look at the treasury market because that appears to be what is driving this rally in the financials today. Not take much. Even a marginal move in the treasury market appears to be. Aving an outside reaction only two basis points higher today. Yields havereasury been moving sadly hire all week, fueling some of the gains in the financials. E Company Specific news alibaba shares at a record today. 45 tompany predicted 49 Revenue Growth in the year ending march. Pulling yahoo , along with it. Nordstrom making big headlines,he family that owns nordstrom or one of the majority owners is considering taking private that chain as it has seen trouble with the rest of the industry, but nordstrom has appeared to weather them better than the other Department Store chains. staying with the markets, there may not have been much reaction to the comey testimony, but noise coming out of washington is taking its toll on market sentiment. As the bloomberg Investment Summit kicks off, we saw some of the biggest names in the industry talk about their concern. Instead of buying low and selling high, you are buying and crossing your fingers. Arets a market where you particularly susceptible to bad news, even bad news going forward. The level of complacency were markets are is pretty scary. We see even the valuations of markets as a whole, the stock and the bond markets are in the 90th percentile. Isia joining us with more gina market adams. Ae bottom line is theres debate about whether there is complacency or isnt. Investors are buying on digs. On dips. Guest that has been the story for a while. The valuations are too high and yet the trends persist. For what whatever reason and probably because the economy continues to turn a little bit forward and inflation is minimal and inflation banks are inflating balance sheets, markets are still doing pretty well, quite frankly. Is a laundrythere list of things to be concerned about. Theseuld it take for kinds of negative headlines to have an impact where investors no longer shrug it off and ignore it . Guest this is why there is the wall of worry and the full sentiment that as long as everyone is concerned, the markets can meld higher. Has been a lot of the story this cycle. Its very simplistic but it is quite frankly what is going on. Everyone is so worried that they are only risking their way into risky assets. Treasuries are still extremely and investors are concerned about everything. It is a point in time where investors say none of this matters. This is a huge buying opportunity. When most investors are scared melt up is thehe default direction. Thatet juliet mentioned Trading Volume today is higher than usual. Andave the ecb coming out trying to measure both ways, talking about winding down the balance sheets, what does it say when volume is heavy on a day when there is so much noise and yet people are coming in and pushing stocks somewhat higher . Guest today is about financials. Its the biggest two day move in financials. Financials are embracing this many selloff that we have had in the 10 year treasury and it could be important. Financials have been a big laggard all year and they have been dragging down the value been, which everyone has excited about and trying to reevaluate the value trade. Bid atncials could get a 37 of the value trade, it could create a lot of them doozy of them. What the story is today. Maybe a reversal of some of the more depressing parts of the market. Julia isnt that funny how they are off just a few basis points that the desperation could get back into the game. Buying on weakness just at the moment where you think there is some optimism out there. But did you think of the ecb today . The growth looks pretty stable, but we are not seeing inflation pressure, so we will continue to inflate the market with this outsized balance sheet. I think that is a lot of what todays trade is. I think the ecb has had a much heavier hand and driving Market Performance and intermarket trends that has the fed. They started talking about tapering and that created some big her disruptions, which created a shift in performance in the equity markets that we failed to acknowledge and i think the ecb has a pretty heavy hand. Fed next week. Does the fed can from the markets suspicion that maybe there is not as many hikes in the future than we were thinking earlier this spring because that only adds fuel to the fire, that this liquidity keeps underpinning risk tolerance. Scarlet what happens if the Federal Reserve comes out and sounds a little more dovish than has been anticipated . People were looking for a pretty strong economy. The rate rise coming on the heels of a strong economy. We need the fed to continue on their course of tightening and not rock the boat. It could be one half more rate hikes, as long as they dont really change their tune, it is probably fine. Ecbas more about the changing their tune than the fed so far. Its not their general directive, so i think they are probably going to keep the course, acknowledge theres not a lot of inflation pressure, yet they still feel the need to incrementally tighten policy. Julia we shall see. Chiefoomberg intelligence equity strategists. Good to see. Lets get a check on the bloomberg first word news with mark crumpton. Day, the big story of the former fbi director james comey giving his longawaited testimony on capitol hill to shed light on his talks and meetings with President Trump in the days before his may firing. Three days before the president dismissed comey, he tweeted that he should hope there are no tapes of their conversations. Comey i was so stunned by the conversation that i just took it in. The only thing i could think to say, because i was playing in my mind trying to remember every word he said, i was playing in my mind what should my response be . That is why i carefully chosen words. Ive seen the tweet about tapes. Lordy, i hope there are tapes. I said i agree he is a good guy without saying that i agree with what you are asking me to do. Mark the good guy reference was to former National Security adviser michael flynn. Mr. Comey said there was no doubt russia tried to interfere with the u. S. President ial election. Around the same time mr. Comey was given giving congressional testimony, President Trump is giving testimony of a different sort. During a speech to religious conservatives in washington, he said he and his supporters are under siege will stop mr. Trump the entrenched interest and failed, better voices in washington will do everything in their power to try and stop us from this righteous cause to try to stop all of you. They will lie, they will obstruct, they will spread their hatred and their prejudice. Mark the president s attorney is expected to speak shortly to respond to mr. Comey pasta the money. We will have those comments when he begins to stop a federal grand jury has indicted a woman accused of leaking classified document a news organization. 25yearold reality winner was arrested in her home by the fbi in augusta, georgia last weekend. The fbi said she was working as a Government Contractor last month when she copied and Intelligence Report containing topsecret information and mailed to a reporter. The charge carries a potential prison sentence of up to 10 years behind bars. In the u. K. , voting is underway in the second general election in two years. The total of 650 members of parliament will be elected. Almost 47 Million People are registered to vote stop tune into bloomberg tvs onehour special today at 5 p. M. New york time. We will have instant analysis of the markets as exit polls are published. Global news 24 hours a day powered by our 2600 journalists and analysts in more than 120 countries. Im mark crumpton. This is bloomberg. Headlines e some we are waiting for comments from to respondps lawyer to the comey hearing. He is saying trump never told comey he expected loyalty. Os. S, according to axi hes also saying comey leaked privileged information. What comey said in that press conference was that he handed memos to a friend that he expected would lead would leak those memos. That is according to Donald Trumps lawyer. Scarlet this is a statement put out on twitter. He indicated the president never stopted james comey to investigating. We will bring you more headlines as a cross. In the meantime, we want to go back to the breaking news that the jpmorgan coo is leaving the bank. He was considered a possible successor to date to jamie dimon. This is bloomberg. Julia this is bloomberg markets. Im julia chatterley scarlet . Scarlet im scarlet fu. President trumps council will be making a statement shortly. This is coming after james comey completed his testimony on capitol hill. We will bring you those are marks as soon as we get them. What we can tell you is according to ask the us, the statement was published on said trumpwhich he had never pushed going to stop investigating and comey admitted he leaked privileged information. Osis is according to axi according to a statement put out on twitter. He said he also told comey he never expected loyalty. Those are the headlines we have on social media. Julia now we want to get to the jpmorgan news that broke in the last hour. The coo announcing he is leaving the company. He was considered a possible successor to jamie dimon. Erik schatzker joins us with more. We were just saying in the break first steve black the point being he is not the first heir apparent to be leaving jpmorgan. The question with jamie dimon is always whether the guy, because they are all guys, was pushed or whether he jumped of his own will. In this case, it appears he left of his own will because the memo that details a little bit about his archer says he has chosen to leave after 13 years at jpmorgan. The same thing happened with michael cavanaugh, coceo of the Investment Bank and he left in 2014 to go work at carlisle. He ended up as the chief officer at comcast. Jobound the demands of the and pressure to be jamies ultimate successor to much, so he left. Matt not know yet why chose to left. We will buy the narrative that he chose to left chose to leave. That was not the case with jes staley. He left under pressure in the wake of the london whale scandal. He subsequently left to go to blue mountain. Steve black and bill winters did not leave of their own accord. This is a longrunning narrative. Scarlet there is a pattern here. You mentioned the london whale. Matt rose to prominence following the london whale scandal. Erik yes. He played a role in helping jpmorgan, helping to unwind those traits. He rose to prominence when the bank took over bear stearns, not quite at the height of the financial crisis. When he was part of the team dropped into bear stearns to comb through its book. He became the global head of fixed income and subsequently became the chief Investment Officer and in chief operating officer. Since cavanaugh left in 24, the presumed successor, there are some people left. It is not as if jamie dimon has driven every video. Therefore people with operating responsibility, plus the chief financial officer. No, gordon smith and mary byrd as he runs jpmorgan asset management. Scarlet i was looking at some of those names and erik it is worth singling out those on the operating committee because that is the most Important Committee where all the decisions are made. Like you said, it is not as though jamie dimon force these people out. Theres also a waiting game involved. In this case, you have to move on. Erik thats true. And the storyline around some of the previous departures is that they were too close in age to jamie dimon. Other hand is only 46 years old. Hes got a lot of runway left will stop julia hes also involved with the technology and the focus of the company trying to reach out. Thats an excellent question and i think it is a fair assumption that we will see him land at an interesting place just as Mike Cavanaugh did, just as jes staley has. Hell winters runs standard chartered. Might cavanaugh is the cfo at comcast and that says something. These people get at jpmorgan is perhaps if not second to none, certainly in the same league as that which people get at Goldman Sachs and go off to do other impressive things. That says a great deal about jpmorgan. What it doesnt say is jamie dimon has trouble keeping these people around. And on that note, bloombergs erik schatzker. Scarlet the house is set to vote on a republican backed overhaul of doddfrank later today. We will have the latest on that. This is bloomberg. Scarlet this is bloomberg markets. Im scarlet fu. Julia im julia chatterley. Scarlet President Trumps council will be making a statement just a few minutes. It follows james comeys testimony on capitol hill. Theren see the podium where he is expected to speak. We can tell you that according s, the president dispute some of james comeys testimony and says let me pull that up. Dont want to misquote him as we are talking about legal issues. He did say im just trying to pull up the headline trump never told comey he expected loyalty. That was the main takeaway. Comey admitted he leaked privileged information. We will bring you that lines when they cross. Julia just in case you are worried nothing else is going on, james comeys testimony is not the only thing. The house is expected to vote on a republicanbacked overhaul of doddfrank. Time are we expecting this vote . Even if it passes in the house, what element actually survived when it hits the senate . We are talking that the Financial Health act. Isexpected, the the house expected to vote and pass it as soon as 4 00 this afternoon. Its largely going to be a partisan vote. Very few if any democrats at all are going to vote for this will stop that is why it faces an uphill climb. Theres very little chance of getting much democratic support. Once it moves over to the senate , the senate of the chairman Banking Committee will he is crafting his own piece of legislation that will make changes to financial rules. Billnts to consider this as part of what he is looking at, but he has also said he wants to craft something that is democratic support which a complete gutting of every rule in the financial crisis. Takeet thank you for your and we will be bringing you the headlines when the voting does begin. We will be back with more on todays testimony from james comey, former fbi director. Breaking news the president s attorney is making a statement. I am President Trumps personal lawyer. Contrary to numerous false press accounts leading up to todays hearing, mr. Comey has now finally confirmed publicly what he repeatedly told President Trump privately. That is that the president was not under investigation as part of any probe into russian mr. Comey alsoop admitted there is no evidence a single vote changed as a result of russian interference. Mr. Comeys testimony also makes clear the president never into attempteded russian interference into the election and according to mr. Comey, the president told mr. Comey it would be good to find investigation if there was some satellite associates of his that did and he, wrong President Trump, did not exclude anyone from that statement. Consistent with that statement, the president never informed in form or substance directed or suggested mr. Comey stop ,nvestigating anyone, including the president never suggested go omey let flynn he did say to mr. Comey general flynn is a good guy. Ands been through a lot also asked how general flynn is doing. Admiral rodgers testified today that the president never directed him to do anything illegal, immoral, unethical or neveropriate and never,. Essured him to do so director coates said the same thing. The president likewise never pressured mr. Comey. The president also never told mr. Comey i need loyalty, i he never said. It in form and never said it in substance. Of course, the office of the president is in titled to expect loyalty from those who are serving the administration. And for this and from before officehe president took to this day, it is overwhelmingly clear that there have in and continue to be those in government who are actively attempting to undermine this administration with selective and illegal leaks of classified information and privileged communication. Has admitted he is one of these uighurs. Today, mr. Comey admitted he unilaterally and surreptitiously made unauthorized disclosures to the press of Privileged Communications with the president. The leaks of this privileged information began no later than march 2017 when friends of mr. That heve stated disclose to them the conversations he had with the president during their january and february 14 2017 white house meeting. Mr. Comey admitted he leaked to friends of his recorded memos of those can indications, one of which he testified with classified. Thatomey also testified immediately after he was terminated, the authorized his friends to leak the contents of those memos to the press in order to, in mr. Comeys words, prompt the appointment of a special counsel. Although mr. Comey testified he only leaked the memos in response to a tweet, the Public Record reveals that the New York Times was quoting from those the most the day before the referenced tweet, which belies his excuse for this unauthorized disclosure of privileged information, and appears to be entirely retaliatory. We will leave it to the appropriate authorities to do herman whether these leaks should be investigated along with all the others being investigated. In some, it is now established the president was not being investigated for colluding with or attempting to obstruct any investigation. As the committee pointed out today, these important fact for the country to know are virtually the only facts that have not been leaked during the course of these events. As he said yesterday, the president feels completely vindicated and is eager to continue moving forward with his agenda, with the business of this country, and with this public cloud removed. Thank you. Was president counsel,utside speaking, very forceful statements of a half of the president saying theres no evidence a single vote changed because of russian interference. The president is not personally being investigated and the president feels completely vindicated following todays testimony by james comey. Julia and refuting the line saying that donald trump asked him for loyalty and expects loyalty. Donald trump said he expected nothing of the sort. They say he could have been talking about leaks and that this is not about loyalty over the Russian Investigation but the leaks itself. So precisely what donald trump was getting at, its an interesting one here. Scarlet for more, lets go to capitol hill. Digest as we go over these remarks on behalf of the president. But stood out for you . Certainly the fact that the lawyer said he felt completely vindicated. That stuck out to me because the hearing, in mr. Comey testified to a number of things that were potentially problematic for the present, including that he asked for his loyalty and tried to squelch the investigation. Comey had exact quotes from mr. Trump and we saw his lawyer dispute quotes. He said he never directed or suggested comey and the fbi stopped the investigation. This is a direct contradiction and you have one version from mr. Comey and now the president through his lawyer directly conflicting that. Now they have to corroborate and speak to other people and the grout who is telling the truth. Julia there are a number of he said, he said kind of things going on here. This whole debate began with concerns about russian interference in the 2016 election and Donald Trumps lawyer suggested he admitted to him not one vote changed according to the evidence they had as a result of russian interference. Isnt this something we need to focus on and get to the bottom of what happened in terms of russian interference because we didnt get any detail on that critical point as a result of this statement and james comeys discussion earlier today . Guest it is true the Intelligence Community has said the russians did try to meddle in the election and the way they did so with hacking certain officials connecting to the election. In this case, they all happened to be democrat. What the Intelligence Community has never said and what there was no car operation for was that there was never any vote tampering. No evidence that happened. The interference and meddling andto do with stealing revealing information connected to people in the hope that it would sway the vote. I would draw a distinction between that and the issue of tampering. Scarlet thank you. Julia joining us with her reaction to the testimony is congresswomantic jane harman of california. Thank you for joining us. You were listening in to most of the testimony and heard the statement. What is the standout item here for you . Phrase heoved your said, he said. This is not sufficient. This is reality tv. This is not a Serious Investigation yet. What is happening behind closed doors in the Senate Intelligence committee may make a difference, but what we have to understand is counterintelligence, not just whether the president feels vindicated. Whether there are in fact, whether in fact there was some evidence of collusion between the Trump Campaign, not necessarily the president himself, and the russians and not what an vote was changed means maybe not one voting machine was changed but maybe votes were changed by the selective leaking and onslaught of information, all negative, about Hillary Clinton and why the way, from james comeys own announcements which i thought were totally improper last year. First that she was not going to be charged with a crime but a Public Lecture which was way outside his purview and in the campaign, the issue of the Anthony Weiner hard drive, which made no sense whatsoever. This statement suggested look, i would like to know what happened and there are people in my satellite involved here, i would like to know that. Based on what you were saying about Hillary Clinton, do you think james comey discredits himself even before this happens . There are three comey chapters. The first was sensational. He was in John Ashcrofts hospital room hotel room blocking some people from the Justice Department and Bush White House from illegally extending a Surveillance Program when ashcroft was incapacitated. I gave him high marks for that. Last year, his actions three times where i thought way outside his purview and not professional. This year, mixed bag is my own reaction to this. But lets keep our eye on the ball. What do we care about . We care about whether there is a counterintelligence problem and collusion between the Trump Campaign and the russians. We will find out those answers from bob mueller. I want to say one nice thing about the Senate Intelligence committee. I thought it was nice and not partisan. All members came prepared with questions and he was quite candid. Performance, i would give this one solid marks and it is in the tradition of Serious Investigation by congress, in watergate and iran dome, and some of the other important investigations in the past. Said, he said,he and if we dont get tapes on this, it remains that kind of narrative. I wonder what request there is that the could be that they could ask the president to testify. Is their present is there precedent for that . Dont think so. And im not sure where that would go. I think that if for any reason, and there is no reason this minute, whether he can be indicted or prosecuted, he could be interviewed and would have Constitutional Rights to invoke the fifth amendment. Scarlet i think it is important to member that the senate is investigating whether there is collusion between the Trump Campaign manager russia leading up to the investigation, but i wonder to what extent has is widened into Something Else . Is it an investigation into leaking linking as suggested . I started by saying we live in this reality tv moment. It seems to me that Senate Intelligence committee which should be investigating counterintelligence issues, that it mandate to broaden the inquiry into whether President Trump did something wrong. Congress is a political organism where the voters are interested and im sure the voters are interested in this. But the way to investigate the one to investigate this and quiet and cerebral rooms is bob mueller. I think at the moment, we have not learned that much. Craddickformer, congresswoman of california, jane harman, thank you so much. We will be speaking with a retired fbi agent to get the Intelligence Community hospira specter of on james comeys testimony come in next. This is bloomberg. Julia this is bloomberg market. Im julia chatterley. Scarlet im scarlet fu. Julia lets head to julie hyman and today sectors by the report. Talking earlier this went to supporting the overall markets today, we have the financials like spider etf moving up, im showing the today chart because it has been a considerable move over two days, up over 2. 4 and it is a spread out move on different types of financials and different types of banks. A lot of regional banks doing likeand some trading firms e trade and big banks as well, jpmorgan and like doing well also. It seems to have to do with what is going on in the rates market. At the top, were looking at the the 10 year yield has been trending lower but over the past couple of days, there has been an uptick. It appears that is what is helping the financials. Pretty consistent at about. 6. The movement upward we have seen in the financials today means that it is above the 50 day moving average. Essentially means there is a momentum breakout above the recent trend. Its notointed out, the most heavily weighted, but it is significant. Thank you so much. Lets get another perspective on todays story, the testimony of former fbi director james comey. Richard burr said the National Intelligence officer dan coats and Admiral Mike Rogers will testify in a closed session next week, so lots more to come. But joining us from Salt Lake City with hers with his perspective is a retired fbi senior official who served as rector of counterintelligence at the office of director of national National Intelligence. He was in charge of two fbi field offices. Thank you for joining us. One thing i wanted to start with mr. Realization of from mr. Comeys testimony that he leaked information to outside sources. He leaked information to outside sources and friends. Esther trumps lawyer has suggested the government should perhaps look into that. Is that concerning given the up inons in the lead regards to Hillary Clinton and he is now leaking information to outside sources . the disclosure of that information, not at all. The statement that it was classified is false. It was not classified information. The explanation was preclearcut in terms of why he did it and forward what reason. That is what stands out to me. Counseld that special to be named. It makes a lot of sense in hindsight that in terms of the concerns there have been about the leaks out there, it is not classified information, then its not something the fbi will be investigating. It is sensitive or in sensitive, thats another issue. Ahead and try, but i think jim was very clear about what he did and why he did it in terms of the information that he shared that it was his recollection. At one point, james comey said maybe it was the cowardly way, the fact that he did not push back more. , he felt under pressure, why didnt he say to the president this is not appropriate . We should not be in a room together. Why are you asking me that . If he was concerned, why didnt he go to senior figures in the Justice Department and they guys, we have a problem here . Frank those are Great Questions and i think first and foremost, jim was the director of the fbi and worked for the president of the united states. It was another question asked by one of the senators in terms of taking the telephone call. When the boss calls coming answer whether you want to or not. When he is in the oval office and the discussion with dianne feinstein, i thought that was another illuminating moment. That he wased hearing the things that he was hearing. They were way outside the norm when it came to his experience. He had a long and stellar career at that level dealing with numerous administrations on these kinds of sensitive issues and he is hearing for the first time from this president. In that regard, he was stunned. When he said that was cowardly, that is what essential jim comey. He is not captain courageous. Hes a human being like the rest of us. He had concerns about some of the things the boss was saying but, in terms of reporting to anyone else, this was an ongoing investigation. The senators alluded to the fact that you should be reporting violations to the law, who does the f guy director report to when he receives a violation . E can report it to himself i think thats what he did when he talked to the senior leadership. People who look at this and say he put his own job and remaining in that job for the institution of the fbi and institutions of that, how do you respond . Frank clearly untrue and you heard that in his opening remarks when he talked about all the things that mattered to him most and the fbi and the men and women who work in the fbi being paramount. The fact he cared so deeply about us, the fact he worked so hard to support us, the fact he did everything he could to protect us and our independence, that completely discounts that point i think. Scarlet thank you for joining us for your perspective. Frank montoya, speaking to us from new york city. From Salt Lake City. From new york, this is bloomberg. Julia lets just give you a quick look at how the markets are trading. We have taken a bit of a tilt lower in the last 30 minutes. 1 for the dow. Oil also giving up some of its gains in the last hour, relatively unchanged in the session. Scarlet we should mention at the same time, we have yields rising. Not necessarily seeing the other side of that trade coming through. We will continue to monitor the market as we head toward the close. Coming up, jpmorgan coo matt sainz is out. This is bloomberg. Scarlet welcome to bloomberg markets. Julia were live in new york. Over the next hour. Werehe top stories covering. Over bloomberg and around the world. Politics, fired fbi james comey complicated communications with President Donald Trump in view today. The ousted intelligence told fireders he think he was because the way the Russian Investigation was being conducted. In marks, u. S. Equities are steady on the heels of comeys testimony. Business leaders told bloomberg their concerned about the noise in washington. Thats one of the concerns heard. Neiman marcus went private twice. Now. Re really struggling retailerou with a debt. Saddle with this the Nordstrom Family cares. Its their name on the door. How much do you trust the management team. Thats a big question here. Beenet private equity has looking at retailer for a while. Theyve come and they bring in specialist. They use that cash flow. Can you give us example where worked out for the better . Theres a lot of examples worked out. Avent you have to go back in time for that worked out really well. Certainly all the ones that happened recently has been a disaster. Piled onhe debt they these companies which has made their job trying to turn themselves around so much harder. Scarlet especially with the head winds. Becomesly, this debt albatross around their neck. You have to be concerned with nordstrom. They would have to take on a significant amount of debt. Help. N get financing its still a lot. Scarlet just to point out, im at nordstrom debt here. Theretical sale value of company. It has a 7. 3 billion dollars markcap. Debt here is 2. 7 billion. You look at the debt distribution there, you can see theres a big chunk of it due in in 2024. Once again we did some analysis, youll be looking at adding 5. 5 billion more of it. Littlearts to make you clost phobic. Julia just talk around that. Is. My other question will be, are we going to see more of these in the sector . Do think its in a loot better position than some of the other Department Store and specialty retailers that are having a hard time. You have to wonder nordstrom managers saying now is the time buyout. Is they see that this is going to be a very challenging time going forward. They would prefer to make these publicf changes out the eye. Lets say say Nordstrom Family can take this family. Mentioned nordstrom. Well. Dope done well. They went the dotcom route. In terms of operational strategies . They have a lot of options. According to people i spoken with. They can expand the rack to a lot of markets. Bit. Ruggled a little it still drives a lot of business. Their theory is you start remark rack, Shop Nordstrom full time. Its dangerous now to roll out ofartment stores in a lot malls. Theres going to be a nordstrom in new york city in 2019. I think not in new york city. Europe. Go to its interesting to see what strategies they could pursue. Forle do think theres room them to grow. Room for them to pull margin out. He business scarlet we have a map. Looks at nordstrom location. In the bright yellow, stores. Der its about the Short Interest that piled into this sector. Fascinating. 28 of the free flow according to market data, nordstrom dealers is 47 . Theres going to be some times in the market. Ofts quite painful for some these guys. One thing thats been interesting, Short Interest hasnt really come down on this deal announcement. Which tells you that some people thisoubtful whether or not will get done or worry about like. T might look chat. T brilliant julia lets get check of the headlines. With mark cumpton. Washington. Mark President Trump attorney kasowitz stoke to reportsers. He said president never suggested that he let go the investigation of michael flynn. Mr. Comeys testimony on the today made clear the president never sought to impede into attemptedon russian interference in the 2016 election. Al the president feels completely vindicated and is eager to continue moving forward with his agenda with the andness of this country with his public cloud removed. Mark mr. Kasowitz added the president never pressured mr. Comey. Theng his appearance before Senate Intelligence committee today, mr. Comey discussed his conversations and meetings with President Trump in the days before he was fired. The firstublicly for time since my may 9th dismissal. Sayingn by administrations explanation for his firing concerned him. The administration then chose to defame me and more importantly the fbi. By saying that the organization was in disarray. Poorly led. That the workforce lost thoseence in its leader. Were lies plain and simple. Mark comey also told the notestee he took detailed because he felt the president would lie about the nature of the meetings. Have arrested six people on terrorism offenses. Three were arrested in last weekends London Bridge attack. The other three werent. Eight people were killed in that attack. The antiprotest in venezuela with one teenager killed and over 190 injuries reported today. President nicholas government has been accused of scaling into importing food and medicine while mismanaging the company funds. Opposition plans to march at 5 00 wall street time to honor protester. Global news 24 hours a day, than 2700 more journalist and analysts im mark crumpton. Is bloomberg. Scarlet thank you so much. Up future of the leadership at j. P. Morgan could air. In the joiningric wasserstrom us. This is bloomberg. Scarlet s there bloomberg markets. Julia its time for the Bloomberg Business flash look at biggest business stories. Verizon pena hoo cleared the to 4. 5 billion. Eal the transaction was announced almost a year ago and expected june 13th. According to person familiar planshe matter, verizon yahoo . Ng 120 jobs from to sellbread pharmaceutical unit to equity. Artners they trying to pay down only in debt. On it occurred during the deal making. Urban out fitters shares plunging. Warned Second Quarter dropping in the high single digits. Shop turning more and more to ecommerce. The retail First Quarter sales also fell. Lobbying. Roup is thats business flash update. A quick let me give you mark check. We saw stocks fall to session minutes ago. When you look at how the major fairing. Re its little changed. We thought today would break the jam. It hasnt done anything to that effect. Julia the testimony with james comey, u. K. Vote is going to the general election and the European Central bank. An interesting day. Cook of banks, j. P. Morgan matt zames is leaving the bank. Joining us for a look what this means for j. P. Morgan succession securities analyst Eric Wasserstrom. Great to have you. A big Glass Ceiling for j. P. Morgan. The form of jaime dimon. J. P. Has been many wonderful and incredibly talented executives have come out of j. P. Morgan. Samegine that the situation might be a similar one where he got to a very senior level inside the organization that probably not much in the horizon. Julia Eric Wasserstrom was detailing for many senior gone on toleft and other banks. Zamest what is in matt future financial what do we know executive . Zames the his background is primarily atide the Investment Bank j. P. Morgan. Many Investment Bankers or its very broad based. It ended up in senior manipulate otherons in organizations. Even probably lots of i speculate. Julia what do we know about the that jaime dimon have with his Senior Executive . Is there a read across from all left beyond this idea that waiting for jaime long to retire will be a time. Hes a pretty difficult man to work for. Well i dont know about that specifically. Think more brawle broadly if yk at the organization and the of leaders come out of that organization its a place very rigorous culture. A culture of execution and a culture of excellence. That makes for an excellent ground for executives across many industries. Demand. Heyre in scarlet do people not want to anymore . A u. S. Bank Mike Cavanaugh is snow at cfo comcast. Maybe big ceo at a bank is more trouble than its worth maybe, but i dont think so. Some years ago. One of the things that may run to that view is the length of tenure to some of the current executives. The worst. Through thatutlook is better than was. To the extent that the economy evolve. They need to pond to. Its probably an exciting time executive. Ior scarlet those that remain as a future heir apparent . They have to have a deep bench. All the executives that you all veryed earlier are respected. Deeply talented individuals. I think individuals who have long history there even the ones who come from other institutions gordon smith has. But i think feel like theyve thereoad base experiences which prepared them for bright futures. Julia thank you for your insight. Scarlet still ahead we got option tradernd is taking a look how the trade the utility sector. York, this is bloomberg markets. Joining me for toes options kelly. Is kevin kevin, as i pointed out earlier, continues to be nowhere. We talked about earlier in the week, is something you have picked up on. Its volatility of nasdaq. We chart of that on the bloomberg. Volatility versus the vix. Trended upward. Away from that . It started to pick up after earning season. Season compresses volatility people are focused on corporate earnings and instinctses. When you get in the macro environment, thats when volatility come back. The nasdaq 100 has two to five high inner volatility than the s s p 500. Thats in the nature of the construction of the index. Because these are mostly cyclical stocks. Netflix, tesla and whole from is in there aside tech stalwarts which have apple and microsoft and google. Nature tot defensive it like utilities. Higher. Hy it should be what was more impressive, actually on that chart if you look, you saw actually the the nasdaq 100 come below one compared to s p 500. Thats telling showing how moving in tech. Thats i think the more telling that when you look at chart. Not so much where it is now but where it has come from and where it has been. You mentioned utilities, you mentioned defense. Happens to behat underperforming today as we see rates pop up a little bit in todays session. Utilities tend to move inversely. Youre looking at utilities. Xlu. Why . I looked at the options Trading Market earlier today on that tracksh is etf the sector of this utilities. You saw there was 8. 5 amount times being traded versus the calls. Next week well be hearing the fed come out. A way to actually head your bets against the utility sector. Still relatively expensive compared to the financials. Its actually cheaper when the fed raised last time. Before when this the fed raised rates. You had volatility over 18. Now implied volatility is 12. Great time to hedge should week. Ing happens next you want to go to july and just put. He 53 thats it for 72 cents, youre protected here. Trading about 53, 50. Youll have that protection out to july. Case some things do percolate after the fed, youll have more play out. His to im curious, is this also call bynally a yield extension . Do you think well not continue been seeingve yield trade up its pretty interesting when you look at the ten year happening inwhats the stock market. We know the fed is actually stock market. Theyve talked about it in their minutes as well. The stock market up on the year and they want volatility down. Its perfect time to keep raising rates. Much. Y, thank you so kevin kelly, back to you. Scarlet thanks so much. Still ahead the house is set to on the republican backed doddfrank overhaul. Bill got the future the and the implications for the market. Mark its time now for first news. Director james comey today gave his heavily awaited testimony on capitol hill. Talks withght on his meetings with President Trump and the days prior to his dismissal. Comey said he hope to reveal details he felt it would speed inthe appointment of a special counsel in the investigation of russia but stopped short of whether he felt President Trump tried to interfere. Me toont think its for say whether the conversation i had with the president was an effort to obstruct. I took it very disturbing and concerning. Im sure the conclusion the special counsel will work anards and whether thats offense. Mark comey told the senate tookligence committee he detail notes of conversations feltse he honestly mr. Trump would lie about the nature the meetings. Personal attorney said he never directed mr. Comey stop investigating anyone. That included michael flynn. Speaking today in response to comeys