The coal industrys wearing off on the Trump Administrations plan to appeal a plan to limit carbon emissions. The state is heavily dependent on coal mining. Global news powered by 2700 journalists and analysts in 120 countries. This is bloomberg. Julia live from bloomberg headquarters in new york, [laughter] julia sorry. Scarlet we are 30 minutes from the close of trading. Jay powell talked of deregulation. Joe whatd you miss . Scarlet lets move on to the headlines. We begin with the tax overhaul. The Budget Committee vowed to advance it. John joins us from a third ranking republican in the senate. And a positive picture of the u. S. Economy. For investors it was his take on regulating big banks that stole the spotlight. And the trade agreement was supposed to help jump start the economy but had the opposite effect. Whatd you miss . President trump will speak shortly from the white house. Well bring you the latest when that happens. A scramble to 50. We are trying to get to 50. We do ha
Composite, spread to europe, and spread to the u. S. The u. S. Holding up much better than we thought. You may want to buy some weakness in the next day or two. Scarlet that is what people are doing given the losses have moderated overtime. 75 stocks fell for everyone that really you are not seeing that much negativity here. Take a look inside this terminal put the s p into perspective. What you are looking at is how long until the s p gets a 10 correction. Is the third longest stretch. The first since 97 and 2007. Do you want to be associated with this . Scarlet come inside my bloomberg terminal here. A 200 day moving average. Within the bloomberg terminal you can see this. The purple line as a longterm trendline for the market. We bumped up against it three times this market. Three times. You can see the purple line has been at support level consistency level consistently over the last year. We bounce right back and now we are touching it again. Brenda a lot of traders want to work a
Now below 48. Roll back with china falling hard. The biggest drop in eight years. A 40 billion farm pa deal. Teva buying allergan and mylan and facebook. Its two price targets ahead of wednesdays earnings. The impact that is having on the nasdaq. First up this major selloff in china. The s p and nasdaq each coming a off the worst week since march. Jim, you have been fielding questions on twitter all morning long. Why the pain . You wrote, because we are china right now sample we are. I mean look i wish which werent. It was amazing to watch china roll over in the middle of the night and then see our futures unchanged. Thats just false. I mean the reason its false is because there is a link between minerals arc link between oil and us. So we have a lot of companies that i think arent going to do well with coin going down. More importantly the rest of the world, holly cow, is brazil going to take the product . Europe . You need to see europe get stronger, brazil not just kind of go away a
Filing. To our lead, the blood testing startup has been a Silicon Valley darling that has made Elizabeth Holmes the youngest female billionaire. The wall street journal reported her company tests are unreliable. She released a statement there are knows heranos released a statement ing me now dr. , i want to start with you because you know about blood drawing and blood testing more than anybody in the country. This report alleges not only is the technology that technology unreliable, they may not be a use it on a large scale. Was your reaction to this . What is your reaction to this . No one knows. Heranos has never made their data public. They have not gone through a pure review process. Senior doctors and biotech scientists have been paying attention for a long time sounded toor claims good to be true. I have been asking for years for their data. They dont play by the rules of science or medicine. They are not transparent. Emily what do you make of the technology they claim to have wh
And another merger might be in the works. Are said to be in talks. First, to our lead, the square ipo. Filing fors company an initial public offering, looking to raise 275 million dollars. Placeholder and will probably change. Jack dorsey is pulling double and as ceo of square twitter. He is trying to restructure the social media company. Joining me now is the bloomberg head of global technology, brad stone. Lets dive into the numbers. Square is making money but its not profitable. Brad growth is slow, which i was surprised to see. The starbucks partnership, wow. Emily can we talk about that . Because that actually cost them money. Ofd there is a long history starbucks being a poor partner to technology. Groupon gave black marks to starbucks as well. Emily where is the growth going to come from . Part of thesting filing was looking at the breakdown of how big the. Ustomers are customers bigger than 500,000 in revenue are growing. It looks like they are trying to move into a bigger ball