The push upward is materials, energy, financial. Techolar downward has been and discretionary. The stocks working are those within that energy and materials group. What does this have to do with the dollar on the climb . The lowest in about nine months. When you glance here, the only one down is sugar. Highering else trading as we see that continued dip in the dollar. Betty surprisingly, it has been on tech. Julie that is that drag we have seen. Ibm coming out with a missed estimates. Those shares have been down and some of the other large cap tech share. Act has been the balancing throughout the session. Mark Hillary Clinton has lost seven of the last eight primary or caucus is to senator bernie sanders. Now the democratic president ial frontrunner is hoping to regain the upper hand. This is clinton is favored in the new york primary. Is counting on his home state to provide a big boost to the republican president ial nomination. Surveys show Esther Trumbo with johnbledigit lead over kasich. Ted cruz says he wont ask for a recount of his narrow loss in missouri. Of day cruz faced an end deadline to contest the results of the march 15 voting. Donald trump defeated senator votes. 2000 those residentsst. Louis testified in a final public hearing before a judge decided the ferguson settlement with the Justice Department will go forward. Has been under scrutiny since michael brown, a black unarmed teenager was fatally shot by a white Police Officer in 2014. A Justice Department investigation found racial prejudice in fergusons criminal system. The u. S. Is deploying disaster experts to ecuador and sending 1000 in supplies as the country deals with tens of thousands of displaced citizens. The agency for International Development is joining the survivors. Elp teens from mexico, switzerland, colombia, venezuela are in place. More than 4000 injured in the earthquake. 24 hours a day powered by our 2400 journalists in more than 150 news bureaus around the world. Teddy thank you. Yahoo and intel reporting after the market close today, my next guest says this season has been frontloaded with stocks from two groups that have seen a lot of weakness, banks and energy. I want to bring in not narrowly matt malley. This start with you about earnings season so far. The fact you say we are frontloading some of the weaker earnings, what does that say to you . Matt frontloading the weaker stocks. When they beat expectations, they have already priced in the negative earnings. A lot of other stocks have had their earnings lowered but there stocks have not come down. It just happens by chance of ease companies have been the first ones out. These companies have in the first ones out. All their earnings were actually down but they beat expectations but the stocks were down. Betty are you saying this is a bit of a head fake . Matt im not sure yet. Lets see how they do when you have stocks that havent been beaten up because the earnings are still expected to be down and unlike other quarters, it will be down in energy as well. Betty what do you think of the earnings season so far . Companies need to make money to keep hiring people to invest. Far, the companies havent been hiring at a healthy pace, which has been good for the economy. They havent seen much of an investment as of late. We need to see stronger growth and profit for that to materialize. Betty isnt that going to be helped by the fed . Companies are seeing rising wages but they dont have enough Pricing Power with rates so low. Yelena the raytown been low for so long and we still havent have been the rates so low for so long. You are absolutely right. Betty matt, what does that mean for the stock market . obviously, we have some uncertainties with oil, what is going to happen with greece. We have this huge rally and its been a rally often oversold level. If you go back 18 months, the stock market has still done nothing. The upside is somewhat limited. The one thing that will be interesting to watch is what happens in europe, germany. Germanys index is testing its 200 day moving average, which has been a key level for that index in both direction. This is a tight correlation between the dax and the s p 500. If we can get a break in germany, that would be positive for the stock market. We did get some good news out of germany last night. Zew data. Betty why is there such a strong correlation . Germanys funny because thebeen the powerhouse of economy in europe for a long time. We see big moves in the stock markets in mediterranean countries. That has been the bellwether for europe. How germany isut a silly sort inside but europe as a whole is still the biggest economy in the world. We have the ecb meeting thursday. I dont think anyone expects more movement had of mario draghi but what are you looking for . Economics areerg not expecting any policy announcement. Draghi willident need to reassure analysts they andthere and not giving up they still need to assess the measures they announced at the previous meeting. Some of them have not been implemented yet. To see the effects and how that will lay into the economy. Betty its a great point. The big picture hasnt moved that much since they started implementing these measures. How about back in the u. S. , the housing numbers this morning . Week across the board unfortunately. It was week on the regional permits housing and declined. That is the start of the spring construction season, which is unfortunate. Weak continue to see this reading going forward, this should contribute positively. That would be a worrisome and if the trend continues into the Second Quarter. I dont think we should overlook the data point today. Agreed. It was surprising, particularly as you say the Spring Season is starting in the housing market. Are watchingyou oil closely. We have seen this strong correlation between stocks and oil. Not as strong lately but are you as hawkish lee ie oil prices as were before eing oil prices as you were before . Yes. One of the reasons we had the big correction in the market back in january or february was because of what happened in the highyield market but also to credit spreads and other parts of the market. No one is looking for a freezing up but if we get a problem in the credit markets, it gets people to unwind is some of their leverage. Its not just an economic thing alsothe price of oil, its a system situation and its something we have to watch carefully to see how it affects the credit markets. , matt. Thank you also thank you to yelena. Much more ahead. Next, saudi arabia said to select former citigroup investment Baker Michael klein. Will the sale impact of the offering . And the alumina tumbling the most. We go to the nasdaq to find how much its dragging the index down. Investors. G is this a longterm trend or a blip in its growth story . Much more ahead. Betty you are watching bloomberg markets. A quick check on how the markets are trading right now. On the s p 500, we are creeping higher. The dow is up by about 52 point. It has been tech that has been the laggard today and that is why you see the nasdaq in the red. It is time for the Bloomberg Business flash. Shares of Goldman Sachs are rebounding after the Bank Reported a 60 drop in firstquarter profit. Revenue dropped the lowest since the ceo took over 10 years ago. Goldman has been the dows worst performing stock this year. Firstquarter profit estimates for the Largest Health insurer loss on obamacare. The Company Losing Money on Affordable Care act policies and plans to withdraw from five states next year. Argentina has been shut out of global credit markets for 15 years. Now its returning with a blockbuster sale. The south american agent is planning on selling 16. 5 billion in bonds. That would be a single day record for developing country and mark the end of a period of 2001. Ion following Saudi Arabia Oil company is almost too big to imagine but hasrgan and Michael Klein been selected to advise the ipo. Matt has written several stories on the Global Oil Markets for Bloomberg Business week. Tell us first what is the latest on the ipo . Latest is this seems to be going forward. There is been a lot of skepticism about whether the saudis are real about this. This is kind of more evidence that they are for real about this and bringing in jpmorgan is jpmorgan in what is assuming to be the main banker on this. Is now in his own boutique shop. It seems like he has more of a strategic role in this. But this is a strong team and more evidence that the saudis are serious about doing this probally before the end of 17 they say. Tell me more about the relationship between j. P. Morgan and the Saudi Arabian family. Michael kleinen and the royal family. What kind of background can you give us as to how it was selected . Matthew aramco used to stand for the Arabian American Oil company. The original owners were exxon, mobil. That relationship goes back decades and decades back to the rockefellers. Chase has been a long time anchor banker for ramco. Jpmorgan seems to have had the pull position here. They have been working on this for a couple weeks and they are well into it. Betty so when are we going to get official news on this ipo . Is there any sense of a timeline . Matthew the man behind this is the kings youngest son, second in line to the throne. In interviews he has given to bloomberg, he seems inclined to roll this out in an official capacity sometime in the next month or so. Whether that includes more details on the ipo of aramco remains to be seen. It in the realm of a 5 stake in the parent. There was skepticism about whether the parent or downstream of subsidiaries is inclined to do the whole parent. This is all in line to reform the economy, to win the kingdom off its sole dependence on oil. This generates he says will be in the realm of 100 billion and put into what will be the Worlds Largest sovereign wealth fund. The government will remain the largest owner of aramco. That will also go into the sovereign wealth fund. The idea is to make investments the largest source of government revenue rather than oil revenue. Betty thank you so much. Certainly a huge story. Bloombergips with news. Still ahead, netflix shares are pulling back after investors were disappointed with International Subscriber growth but could it be a buying opportunity . We will find out in a moment. Julie joining me today as kevin kelly, chief investment officer. We have been talking a lot about earnings and the tech disappointments. I know you have been watching that. Do think there is more to come . Heaven if you look at the Trading Volume that has happened in the nasdaq 100 index options, you see four times the knot of puts of being traded versus calls. You also see 1. 5 times puts being traded in. On the retail side, people are very nervous and thursday will actually be very telling for the nasdaq 100 because you will have 25 of the index reporting after the close google, microsoft, starbucks and amazon. That oneu tend to have really heavy day when you are talking about the nasdaq 100. Game a doubt when youre looking at all of those because they will not all go in the same direction after the numbers. People are worried about netflix, old tech when it comes to ibm. Own thate making their individually on stocks whether its two times the knot of calls being traded but on the overall index, people. Looking at another old tech name, microsoft. Another one of these big legacy tech companies. Do you think ibm bodes badly for microsoft . Kevin where ibm loses, microsoft wins. You start to see them make big headways especially when it comes to the cloud. Before, they were compromising margins and you are starting to see them come up and you are starting to see the options market. And the earnings move is anticipating a 5. 5 move, which so it mayit above 60 break out to an alltime high. Does that mean its expensive for you to go in and do a call trade . The best way to mitigate risk is to do a call spread where you buy a call and sell another call higher above it. Therek at the 60 because could be an overhang on that 60 price. 2. 50 and it cost you about . 59. The most you can lose is that . 95. You dont have to worry about the market moving. Inie we will check back next week. Thank you so much. We will be right back with more bloomberg markets. Hiim here to tell homeowners that are sixtytwo and older about a great way to live a better retirement. Its called a reverse mortgage. Call right now to receive your free dvd and booklet with no obligation. It answers questions like. How a reverse mortgage works, how much you qualify for, the ways to receive your money. And more. Plus, when you call now, youll get this magnifier with led light absolutely free when you call the experts at one reverse mortgage today, youll learn the benefits of a governmentinsured reverse mortgage. It will eliminate your monthly mortgage payments and give you taxfree cash from the equity in your home and heres the best part. You still own your home. Take control of your retirement today betty from bloombergs World Headquarters in midtown manhattan, you are watching on bettyg markets, liu. Mark crumpton has more from our newsroom. Mark donald trump counting on his own state to provide a big boost to the nomination. Polls show mr. Trump with a doubledigit lead in todays new york primary. A win would give trump momentum into five key northeast contest next week. Meanwhile Hillary Clinton who represented the work in the senate is helping to increase her lead over bernie sanders, who has won seven of the last eight primaries and caucuses. One of Donald Trumps jets has been flying for months with expired registration. The airplane lost its registered status after failure to pay a five dollar fee to the faa. The aircraft in violation is not trumps boeing 757. It is a 1997 Cessna Citation x, a smaller plane trump uses to visit smaller airports. The Obama Administration is warning states about setting medicaid funds to planned parenthood. The administration has sent letters to officials in all 50 states advising such cuts may not comply with federal law. 10 states have cut medicaid funds to planned parenthood. A federal Appeals Court in virginia has overturned the policy, barring a transgender student from using the boys restroom at his high school. Boardnel says that School Policy is discriminatory. A federal judge rejected the discrimination claim. Two brushfires halted rail service outside new york city today. Theak says service outside penn station has been restored. The destruction was a two fires that broke out. Of smoke large clouds into the air but no injuries were reported. Global news 24 hours a day powered by our 2400 journalists in more than 150 news bureaus around the world. Back to you. Inty markets are closing just under 30 minutes. Abigail has more at the nasdaq with a rally in tech shares. Abigail the index opened higher and was quickly lower in the right down nearly 1 early afternoon. First, the biggest drag on the nasdaq, alumina. Shares are plunging after the company preannounced its firstquarter sales outlook, reduced the fullyear sales outlook. The weakness apparently being driven by europe. Jonathan palmer says the Company Faces a difficult path ahead. Now that tech giant that turned higher on the day, facebook. Right around 12 45, the stocks started to shoot higher. Social media spending for the First Quarter was pretty decent. This pop today could be sending facebook back to the top of a trading range, suggesting stocks could move higher, especially if facebook manages to close above its 10 day moving average, telling us the buyers could the getting interested in shares. Betty one reason facebook would have been down before turning back around is this netflix news. Abigail absolutely. Facebook was most let the trading down in sympathy with netflix. One of the big internet stocks. This has been the second biggest on the day. Nasdaq the Company Offered a weak secondquarter outlook. This is really the outcome cory barrett was looking for. He got the company would post a solid First Quarter but was concerned about second and Third Quarter guidance. He reduces numbers below consensus. Today, he told me that 2016 is progressing as the year of digesting for investors in netflix. It looks like the sellers are ,ushing the stocks back down suggesting netflix may just find this years lows near 80 per share or even lower if the buying support fails to step up and pushed the stocks back higher. Right now, it looks pretty bearish for netflix. Betty thank you. Thisix obtaining complicated picture of its Global Expansion when they reported their results yesterday. Expected to add those 2 million new international customers. I was way below the 300 million averages analysts had expected. But the recent pullback is seen as a buying opportunity. The debate on netflix really hasnt changed. Its how big can the u. S. Business get . Yesterday, we got good news and bad news. The u. S. Business, which is 50 penetrated come actually delivered ahead of expectations and that is fueled by the original programming. That opportunity in front of the company internationally as we look at the domestic growth is there and its better than expected. Unfortunately the International Growth taking longer. That was reflected in the Second Quarter guidance around international. Q1 was ahead of expectation. The market cap of the company is down over 4 billion today so a lot of this bad news is digested in the market