Market because it seems to push most economists in favor of a rate hike in september. By right now we have the s p 500 down of almost 1 . The nasdaq is off 9 10 of a percent at 5000 11. Take a look at treasuries. Some buying here pushing yields down. About four basis points on the 10year note. That jobs number came in a little shy of the estimate in but if you look at all of the component pieces of the job report, it actually looks fairly strong. You have growth in wages, a strong number of hours i more americans working, earning more money. Mark we will get some context in a moment. List to get a look at the top stories we are following this hour. Value are Capital Management now has a 1 billion stake in American Express and the activist fund is said to be considering shareholder and lead changes at the nations biggest credit card insurer. People familiar with the deal say the stake is less than 5 of amex right theyve a market value of about 74 billion. Matt carl icahn is revealing and 8. 2 stake in cheniere energy. They had a big pop today and are still trading at 5. 5 . Matt American Airlines may be the latest victim of hackers. They are investigating whether hackers breached their computers and meanwhile, saver, which processes reservations for hundreds of airlines and thousands of hotels say their system was hacked. The spirit be the same group that stole danny from the u. S. Intelligence agencies. Matt bank of america is looking to sell 1. 2 billion of delinquent home loans. They are selling five pools of nonperforming debt. Those that have been modified and resumed payment, and some that have not defaulted yet. Things have offered about 18 billion of defaulted homelands so far this year. Matt . Toshiba is getting booted from a stock index that showcases japans best companies. His removal from the index follows a 1. 2 billion accounting scandal were managers were found to have overstated rothman the index seeks to showcase japans best companies and shapes exploited firms into boosting profit and shareholder returns. Matt the first president ial debate shows that the Republican Party is a house divided they scrimmage last night for a Television Audience on fox. Is there anyone on stage who is unwilling tonight to pledge your support to the eventual nominee of the Republican Party and life to not ron and independent campaign . Raise your hands now if you will not make the pledge tonight. Mr. Trump. Matt only one person refused his pledge. The rest agreed. This is the first of 12 president ial debates planned by the Republican National committee. Cnn will air the next battle to be a helld at the Reagan National library. 7. 5 Million People engaged on facebook about this compared to the 6. 5 that engaged during the state of the union address. Coming up with the next halfhour, president obama is facing increasing had one getting deal with iran approved. Key democratic senator Chuck Schumer says he will oppose the agreement. Mark hundreds of wall street employees will take to the street of manhattan tonight in the name of helping kids and what is the called midnight madness. Matt apples watch is taking a bite out of the traditional watch market, sending normal watch sales down 11 percent for every year yearoveryear. Mark as we have been telling you, the u. S. Jobs Market Holding steady, keep the fed on track to raise interest rates. Matt tony is now is someone calling for a september left off, although he says it may be a close call. The chief economist at j. P. Morgan i know that the eci number through some people and causes the doubt earlier this week, last week. But in todays numbers, did they not visit to you . They were decent. The average work week suggests that the growth in the Third Quarter is building upon that rebound we saw. The momentum remains solid. I think this is consistent with a september lift off which is our goal. Matt we had 2. 1 yearoveryear growth in average hourly earnings. People are earning more money. It is not accelerating it is remaining pretty slow, but we do think that september is still the best case. It is not a slamdunk yet. If we get some disappointments in the next round of data that could make september more of a close call. Having report like this in august means is we feel pretty confident. Mark what will they be keeping their eye on . We will have the next jobs report a month from now. I think it will also be nice if we see financial conditions remain consistent with growth. In other words, would not like to see the dollar really accelerate from here into the september meeting. Matt we are looking at the turn of the dollar. It has been a strong currency of 20 since september. Does that janet yellen say that they do not Pay Attention, or they do not bases kinds of decisions on currency fluctuations . They are not trying to manipulate the currency, but it is an influence on the way we all look the rise in the currency certainly does will have one factor, and i think we are on track for september. I just do not think that we can go homes weekend and said that is the the fed maintains the view that Planning Energy prices is done for the u. S. Economy, even after we saw that we saw the capitals ending this year. It will impress Consumer Price inflation. A lot of economists argued that it is better having cheaper gas prices, even though you have to deal with a loss of jobs in energy and investment. It is a net positive for the u. S. Economy. We look at the latest data with the revisions we have had, it was like Consumer Spending is actually up over 3 . I think that is were you would expect to see most of the support for the economy. I think this is the big question is why is this telling us something ominous about the global economy. Mark you and matt talked about this is beginning of the interview, that one disappointment in the did in the report was the worker pay. Workers wages are stagnant. We are talking about people who may be trying to go at least gain entrance to the middle class, but they are docked in this nonvirtuous cycle. That is what we saw this morning, that is what we saw last friday. These are increases, but were not seeing acceleration. Mark what is it going to take . We just need to have these kind of job is continue. His will take time. Matt you do not think it is a structural issue . I think there are structural issues and cyclical issues printing were getting close enough to full employment that we really should see that change in the next six to 12 months. One thing to keep in mind, you said this was a not not a precondition for growth. But it would give her more confidence. I do not see this as a hurdle for september. It would have given us more confidence if we saw strong wage growth. Mark good to see you. Thank you. Matt we will take a quick break. Stay with us. Mark welcome back to the bloomberg market day. Matt American Express valued and we will take a look at what is going on. Lets get straight to those. I wish i could tell you we are going to see some green going up on the screen. But with a couple of hours to go until the market close. It is not going to happen. The s p 500 is down 6 10 of a percent. Nasdaq is down biggest loser. The dow was down for the seventh straight day. It is the longest losing streak since august of 2011. Mastec and are down for two days running. One interesting thing is in my bloomberg terminal. I want to show you the 200 Day Moving Average the reason i talk to you about this is because we are so close to the 200. We are a 2071 and we are at 2070, one point away. Last two times it had the stock rise it had the index price, we have seen a bounce act for the s p. It will be interesting to see if and when this happens we are keeping an eye on this over the next few hours to let me go into a couple individual stocks for you to one of the nation your energy, a gas producer. They are up by 5. 23 . This is because carl icahn earlier today revealed he has an 8. 18 activist staake in the company. He may seek board seems as well seats as well. He thinks this could be the first last gasp reducer and exporter coming on shale first mass gas exporter coming out of shale. Ubs has raise them from neutral to buy, and the target price is 42, coming off of a 30 or dollar initial 34 initial dollar rating. Noodles and company not doing well at all. Hitting an alltime low. It is down by 14 . Itd make its secondquarter forecast that it has missed its secondquarter forecast. It also missed revenue by about 2 million. Piper jaffray downgraded the stock to neutral and lower the price target to 12. Matt is this because we did not all go to the hogtied dinner last night . Noodles and company, i do not think they have hotbot. Hot pot. Mark thank you. That story that you were hinting about as we started to break this could be interesting. Matt an activist investor to about one 1 billion taken i stay in it. Mark reportedly worth about 1 billion, and that is no less than five percent of American Express we will continue to follow this story and bring you more developments as we get them. Lets take a look at some of thee other top stories we are following this hour. A french search plane lifted off for a birds eye view of reunion island. They have launched a oneweek long operation with boats and aircraft scouring the Indian Ocean Island that is where a wing fragment was discovered nine days ago. Lesion Officials Say cam from the missing boeing 777. Investigators from other countries are being more cautious. That plane went missing in march of 2014. Matt that is the only missing 777 in the world. All of the other ones are accounted for. French investigators confirmed that this is a piece of a 777. Mark test are working out of an abundance of caution. Matt a lawsuit centerpiece off of one that they have people are seeking shelter in taiwan is a monster storm had their way. The full force of the super typhoon is still to come. The storms gas are tapping 120 miles per hour. Mark moore followed from the killing of cecil the line. They are banning the transport of hunting trophies. The a South African government says it is disappointed that delta and others will no longer sell accept trophies. It will hurt the economy and conservation numbers that rely on revenue. Matt buffalo seems normal. I would not want to ever kill a giraffe or a lion, but i feel a buffalo is you can eat that. No . Senator Chuck Schumer will oppose the iraq deal and that is a setback to the administration. What will president obama have to do to make sure it survives the scrutiny of lawmakers . Joining us now is the editor for government and regulation. Mark thank you for your time. This will be a tough call for the administration. Did he make that just that much more top difficult . He picked the middle of the Republican Debate to announce this news. He said that he will vote to disapprove the Iran Nuclear Deal that president obama and the other p5 countries negotiated with around. Iran. He is an important leader in the Jewish Community, he is very active with wall street interests, and he would take enormous pressure from some who think this is a bad deal and to stand up to president obama, and that is what he has done. What is striking is that he put out a very long statement explaining his vote and many of the arguments he uses are the same thing people like john mccain and Lindsey Graham are saying to justify their this is going to be very comfortable for barack obama uncomfortable for barack obama. Mark the republicans are lining up against the deal. Last night every single candidate voice their negative opinion of these negotiations and what about the democrats . How much of the rest of the Party President count on . There are about a dozen Summit Senate democrats, including senator feinstein from california. Bill nelson of california, a fairly large Jewish Population in support of this deal. The president did get a nice buildup of momentum this week. They have really put to that with the announcement last night. I think with senator schumer does is anyone who was to go to know for this deal can say that this is the not good enough for Chuck Schumer, a very active leader in the Jewish Community and a hawkish democrat, not good enough for him, not good enough for me. That would carry a lot of water in this town. Mark i have to ask, the israeli Prime Minister or how does he play into all of this . How does the administration change the narrative of this in washington . There are 22 House Democrats 36 house republicans. They will be meeting with Benjamin Netanyahu to hear why israel exists is a bad deal. It is the next essential threat to the survival of israel. And is a threat to american lawmakers. Mr. Netanyahu has a very strong voice in this town. He is up against obama on it it is very much touch and go for the president. Mark coming up on the bloomberg market day, banks will be safe tonight but contrary to popular opinion, this is not a pub crawl. Mark if you haoppen to be roaming the streets of new york tonight, you may see bankers and lawyers running around in a midnight Scavenger Hunt called midnight madness, in the name of charity there are 21 teams participating. This has been going strong since 2002. Matt last midnight madness was put on by Goldman Sachs, and the event raised money for childrens charities. It can cost about 350,000 to produce. Hopefully this year they will raise even more. I think it is an event that will take a lot of new yorkers by surprise. Mark that it is such a good od cause. It was put on by Goldman Sachs the last time. I think people have picked up that mantle and said lets do something good and this is a good idea. If you see bankers matt it is a Scavenger Hunt that involves athletic events, video games. It will be fun, and not involved drinking officially. Have a good weekend. Matt welcome back to the bloomberg market day. I matt miller. I am matt miller. Signs of progress in the u. S. Labor market. It could keep the fed on the road to raise rates. Employers added 215,000 jobs in july with the Unemployment Rate holding at a sevenyear low of 5. 3 . It follows an advance of 231,000 in june, bigger than previously estimated. A lot of the numbers were better or the same as the month before. As summer comes to a close many parents are focusing on back to school shopping. Its also a crucial time for retailers. This year, jcpenney is looking to reinvent itself again, along with your kids wardrobe. Stephanie ruhle spoke to the merchandise manager about how it is planning to top last years sales. We have lots of strategies. Last year, our backtoschool sales were terrific but then tailed off. This year, we have lots of plans to win in early backtoschool states as well as later backtoschool states. A new initiative in shoes expanding the womens shoes floor moved mens into an open sales environment. We have some Great National and private brands with the kids like nike, arizona. All of those will be in stock when you come into shop. Matt starting today, at least 12 states are offering sales tax free holidays. Shoppers can save up to 10 on backtoschool sales. A pretty cool discovery by European Space observatory telescope in chile. This planetary nebula called the southern owl nebula is actually a gas cloud from a dying star. It has a diameter of almost four lightyears. You can call him professor buzz. Former astronaut buzz aldrin will be teaching classes at the Florida Institute of technology. He will be a Research Professor of aeronautics. He was the second person to walk on the moon. Those are just some of the top stories we are following or you this hour. Coming up in the next half hour, investors in Silicon Valley are beginning to pack their portfolios with cannabis startups and Software Companies embedding the drug will be legalized for Recreational Use in california and could be the next big goldrush. It time running out for traditional watchmakers . Sales and got 11 this past year. Many are blaming apple. We will talk about a new technology, and speaking of apple, the companys new Music Service is burned dr. Dre is releasing his new where dr. Dre is releasing his new album. Def con is the largest running and largest underground hacking conference now in its 23rd year. Emily chang is there standing by with a Software Developer and hacker known for creating one of the fastest spreading viruses of all time, a myspace worm in 2005. Emily he is one of the most wellknown hackers in the world. The sammy, thank you for coming. You have been here since you are 14 sammy, thank you for coming. You have been coming here since you were 14. Youre giving a talk about hacking and stealing cars. How does this work . [inaudible] we can lock and unlock our vehicle. Those are all codes over radio frequency. Emily so if you have a wireless car remote, you are vulnerable. Pretty much. It has been known for years [inaudible] emily what kind of cars are we talking about and what have the Car Companies said to you . [inaudible] fortunately, there is a solution. Emil