Hours. Lets head to the markets desk where julie hyman has the latest. Bit of aeaking a losing streak, but not by much. You see a little bit of a gain, but it is a little one. We had markets open and even more little changed. The dow getting just 15 points, but that is enough to break the recent losing streak. Sessioneen on a seven that is an interesting chart. We have a little bit of a glitch. The dow had been on a seven session losing streak going into today. Here are some of the leading percentage of performers. Apple is rising as well and jpmorgan is getting some ground along with oddly the financials today and a bounce in some of the social oriented stocks. Twitter gaining after speculation about a potential buyout. That has not slowed down the stocks. Yelp to less of a degree. If you look at the financial stocks, American InternationalGroup Trading higher and the Company Announcing a new buyback authorization. Cityut with earnings, gaining ground and the oil stocks experiencing quite a dramatic turnaround after we saw a turnaround in oil prices this well this morning as well. They have fallen the most even since crude inventories rose. Shery we will see if the sustained. With get check on the bloomberg first word news with Mark Crumpton from the newsroom. Mark there was a dramatic scene in dubai when a packed emirates jet crash landed. It arrested in flames after sliding down the runway on its belly. The emergency parachutes were deployed and all 300 people on board escaped. One firefighter was killed during the response. The accident is the worst ever for emirates, the world against carrier by international traffic. The airport was shut down several hours before reopening. Donald Trumps Campaign says it raised 80 million in july along with the Republican National 20. Trump raised 64 million from digital and direct donations and 18 million from fundraising events. Mr. Trump donated 2 million of his own money. His Campaign Finance chair was on bloomberg earlier. Our major focus is for the Ground Campaign, for the benefit of him and the party. This is not a Traditional Campaign driven by paid media. He has over 20 million social media followers. Its like owning a newspaper. Hes happy to use it and happy to be on tv. Hillary clinton raised 90 million last month. Americans overwhelmingly disapprove over mr. Trump comments mr. Trumps comments over a gold star family. 50 say the remarks were inappropriate. Said 43 ofs americans said they supported a temporary ban on muslims immigrating to the u. S. The Clinton Library today released thousands of pages of files on Supreme Court nominee merrick garland. The file state back 20 years. Included is a letter from republican senator orrin hatch wellqualified. Republicans have refused to hold hearings on his nomination. Global news 24 hours a day powered by our 2600 journalists and analysts in more than 120 countries around the world. Im Mark Crumpton. Back to you. Is the s p 500 index has supposedly peaked or the year according to estimates by wall street strategists. Thats about 1. 5 below current levels. For some perspective, i want to bring in the chairman at holland and company. Good to have you with us. Let me start by asking about this commentary we got from bill gross, the portfolio manager. His Investment Outlook, a comingofage story. Aside from all of that, he had something provocative at the end of that. He said i dont like most bonds, dont like private equity, i like real assets. I wonder if you sympathize with bill gross when he talks about that . Guest its interesting because he and i have been in the business about the same amount of years and we started the program by saying stocks but also ons continue to flirt with all time highs, so that is usually the time to ask is there a lot left in this, is there a lot of risk . Hes saying the same thing. Yet smart people who have been in the business for a while saying that there are risks out there and both of them are saying sell everything. Ive been in the business too long to know if i go all in or all out, it will be the wrong move. Having come so far since 2008 timebonds and stocks, at a when Central Banks are not keeping the confidence of the public where they used to, i think its time to have some reserve. It looks like the market is finding a reason to go up or down. In the coming weeks, what will be driving the markets . Will it be earnings or the Central Bank Decision . What will it be . The markets right now are just searching for reasons to go up and down. Theres very little motion the last couple of weeks. Tomorrow, we have the bank of england and the jobs report. Those will be reasons to move one way or another. Theere talking about how bank of england doesnt give negative or positive, but it will be so out of character that it would move the market in one direction or another. I think it would be a one and done kind of reaction because the fed is on hold. We can talk about it every single day as we do, but it is not going to change anything because of one jobs report number. David how closely are you going to be watching that bank of england decision tomorrow . Guest since they have been the adults in the room, if they did something unusual, that would be big news to me. They did iect if would try to figure out why they did it. Theink the requisite thing, market economy has done reasonably well behind it and i think it will be ok tomorrow. Given everything we have seen in the markets, want to touch on the volatility landscape. We have a nice chart to go with it, but when it comes to the vix, they widen. That would be the highest possible reading since 2012. What does that mean for volatility and investors Going Forward . Do we just have to deal with more price points to come . Guest we have had very little. Hasst for the last 30 years been an incredibly volatile month come easily to the downside. Have been playing as they often do in terms of their guesses to the future. David what is your sense of what it has been doing question mark we have seen it rallying a little bit today. Definitely below 40 a barrel. Guest with the global slow economy, we dont have a reason to think we are going to get a massive move up or down. Maybe even bonds in a trading range where there is very little volatility. Oil is approaching 20 and people are talking about 50, neither seems to be sensible right now. Over the near term, we have an oversupply. The numbers came out in gasoline today and we have no reason to expect them to move up. The s p 500 trading near its highest multiple in a decade. What do you like . Do you have 10 hours . One can use the 10 year treasury or the one year treasury holds. The reality is nobody has a handle on where stocks should be valued and thats why people are still lush on the market. One third of the world sovereign market trading on a negative yield, it may be very rich on a historical basis but we have never had bond prices this high or yields this low. With theows starting worlds smartest academics or anyone on the federal reserve, this is a big experiment. Nobody has done it and we have no clue whats going to be happening over the next couple of years. To put some time reserves and maybe experiments can be successful from here or maybe we find out it did not work so well. Shery friends message me all the time asking what stocks they should buy. How should i know . Guest you have 90 of sovereign bonds trading at 2 over yield u. S. Stocks, good stocks. 3 00 new york at time when bill gross will be right here on bloomberg television. Coming up, questions being raised on one of Berkshire Hathaways ceos. Is he too tough for Warren Buffett . This is bloomberg. David this is Bloomberg Markets. Shery its time now for the Bloomberg Business flash, a look at the biggest stories in these right now. Tiaa is said to be in talks with ever bank financial. That would be the largest lender by deposits according to a person with information. Ever bank said it was in a position to sell itself to a well respected Financial Services company. Worth 2. 5uld be billion. David a report walmart is in talks to buy a online retailer jet. Com. Jet. Com has been in business for a little more than year. It is an clear how much walmart would pay but the company is worth a reported 3 billion. Isry a spaceflight startup about to take one giant step for mankind. The federal Aviation Administration has given the green light for moon express to set a robotic lander on the moon. Its the first time the government has approved a private mission beyond earths orbit. Successful, it could win the google x prize and 20 million. That is your business flash update. A lot of questions being raised about one of Berkshire Hathaways newest ceos. Warren buffett relies on managers like him to run berkshires farflung operations sometimes they are too harsh. Our reporter covers Warren Buffett. We said to harsh was a characterization. Tell us how he runs . I spoke with a number of current and former employees, folks who have direct experience with mark and the characterization they gave me of his management style is this is a ceo who pushes his people really hard and they have a review process where he goes around to the individual factories and in these reviews, these folks told me he would sometimes use violent language use profanity, really in an effort to get people to perform at the highest levels, but some of these folks told me to ease phrases and they were the kinds of things that strain basic decency. David i should say there was a Statement Issued saying there are many things factually inaccurate about your and it notes here. What was appealing to Warren Buffett about this company . Guest it is clear that precision has been highly, highly successful and a lot of that has been due to mark donegan, the ceo. He led the company before berkshire bought it and the stock rose 20 fold. He did a bunch of acquisitions. This is a company that produces an enormous amount of cash and its got a lot of qualities Warren Buffett has said he likes and businesses and since hes bought this company, hes done a lot of positive things. I should mention these folks i spoke with also had some positive things to say. They said outside of reviews, he could be kind. He was a ceo and when he showed up when you having trouble at a factory, he could the a really effective coach. Shery it is quite understandable given headline numbers out of the company that he does have a sort of cult status among investors. But why do their employees, if they have a harsh working environment, why would they put up with it . Guest thats a great question. The common thing i heard from these folks is that the hay is too good. This is a company that while it stock was rising, employees had an opportunity to buy in to those shares and many did quite well. Salaries,top of good if you are a salary worker or our or hourly worker, the wages are quite good. The pay definitely cap people around. Made stuff nobody else did, so im sure it is a casebycase basis, but those are some of the reasons i heard. David i was struck by the effort you make two square Warren Buffetts public image, he is a guy who is concerned about profit and hes running a successful business and there some ruthlessness you have to have to run a business like that. I think thats the interesting tension here because on the one hand, the fed has said he very much wants to own businesses run by cost conscious managers, people like mark donegan. He cited precision in his most recent letter, but at the same time, he does a lot of things in public that suggest capitalism is very fun. Is the annual Shareholders Meeting he holds in omaha. Its fun and has a carnival atmosphere, but if you focus just on that, you miss the fact that some of these businesses, it is a real grind. They are going to work and pushing hard and occasionally, you have management styles and culture that seems to clash with the fun image of berkshire hathaway. David it is a great profile. Still ahead, what team usa is wearing to the rio olympics. And the brand sponsoring hightech gear. This is bloomberg. David the olympics in rio officially been in on friday but the first event is today. Bloomberg businessweek was interested in what they are wearing to the games in rio. You look at the close that they where and their athletes who manage to infuse their presence with some individuality. Paul george and the basketball player come in nike,unks jerseys and shorts, they look for a lot of things in addition to the tattoos. And that isble something we heard throughout this package. The shoes as well, you need them to be light for the ask about team. What kind of sponsors are they getting to mark guest there are Different Levels of sponsorship. Things like mcdonalds and nike, huge ransom. Some of the athletes that compete in the less popular have brands like skechers who sponsor our marathon runners. Each Small Partnership is important. Many i was struck i how drew a distinction between competing for a National Championship versus going to the olympics. What do they have to say about the importance of this quadrennial event . Guest it is a totally different ballgame, no unintended. What when you are competing and getting paid, its a whole different thing. You are trying to represent your country and it just feels different. The ones that dont compete in a major sports leagues, this is there one shot. Shery you featured the womens rugby team. Tell us about that. Guest the first ever. Men are competing for the first time ever. You can only passed ball laterally or back word, but i believe there are five different ways you can score. They where whatever shoes they want. Hey where think jerseys they were unable to explain why the jerseys are pink. Thank you so much for joining us. In thee latest story latest Bloomberg Businessweek and hear from the magazines reporters on the weeks most talked about stories every saturday and sunday on bloomberg television. Still ahead, rio tintos profits for lighting as the stock price tumbles. We will hear from the mining giants ceo. This is bloomberg. David from bloombergs World Headquarters in new york this is Bloomberg Markets, aim he david gura. Shery im shery ahn. Commodity markets are closing in new york. Lets head to the market desk where julie hyman is with the latest. Julie we got the weekly Inventory Data today. This even though Oil Inventories rose. If you look here, we see the jump in oil prices up more than 3 now and above 40 a barrel once again. This is after falling to the lowest since april. Not just yesterday, but in fact touching that level yerl in todays session. So lets get a closer look at this Inventory Data. 2057, so you see here the weekly change in Oil Inventories in white. We had been seeing declining inventories. This orange dotted line is the zero line. Anything below it is a decline. Anything above is increase. A climb in Oil Inventories and drop in gasoline. That climb in oil normally would be bearish, but because we saw a company accompanied by that drop in gasoline that ended up being bullish for oil prices. Interesting phenomenon. The gain in oil today comes on the back of a long losing streak for oil prices. Here we go back to june 8 where which was the most recent high for oil prices. And were still down by more than 20 . Still that bear market for oil. The rebound coming off of a relatively low level. I also want to look at some of the other commodities today as we see oil bounce we seeing the lower gold and copper a little more of a risk on environment is helping things like oil, not helping things like gold and copper. Then taking a hit today as well. We have have had some mixed Economic Data in recent days, thrick some of the recent data on housing is giving traders in copper a little pause. David thank you very much. Appreciate it. The latest on the commodities. Sticking with commodities we have been tracking rio tinot shares, fell in london after the mining giant reported its worse profit since 2004. Whats to blame . Depressed prices for iron ore, aluminum e. And copper, the new c. E. O. , jeansebastien jacques, shared how he plans to weather the Commodity PricesGoing Forward. Guest in term of growth i recall on this one is looking forward. Build and small buy. The word smart is important. You can put in capital letters. We have to ensure assets we would like to have in our portfolio, we would love. Those are tier one assets. As i said earlier large low cost. The other aspect which is important is about value. If i look at the example of copper in the recent months, two or three transaction has taken lace, if i look at tinke the process achieved by buyer where i think fully priced. Thats not what we want from that aspect is do we have the answer is we would be selective and smart comments about the treasury Going Forward about being built. Small buy. The second part of your question was around what we have done in terms of portfolio by putting together a cluster of assets called energy and minerals. Before you ask the question its not south 32 or 34. I know youre going to ask the question. The old logic behind it is simple. Its about portfolio of smaller assets that we need to run as best as