Mark senator franken issued a statement which reads in part i respect women, i dont respect men who dont. The fact that my actions have given people a good reason to doubt that makes me feel ashamed. Firmwbased cybersecurity is releasing new details about how its Software Uploaded classified u. S. Documents several years ago. Its raised questions over whether the companies popular antivirus really works as described. Confirmed, said that it was accidental and the files were quickly deleted. The head of russias Antidoping Agency told reporters today his anization has reformed to conformed to World Doping Agency standards and is now completely independent. The comments came as the world Antidoping Agency refused to reinstate the antidoping program. The agency demands that russia publicly accepts results including that the company ran a statesponsored doping program. Russia to allow access to urine samples that were collected. It could and russias hopes of competing at next years winter olympics. Global news 24 hours a day powered by over 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Julia live from bloomberg World Headquarters in new york im julie chatterley. Scarlet im scarlet fu. Im lisa abramowicz. Julia we are 30 minutes from the close of trading. The biggestng for gain in two months, unwinding losses earlier this week and we have some progress on the tax overhaul. The question is whatd you miss. Takeet House Republicans a victory lap after the chamber passes its version of the tax reform bill. The focus now shifts to the senate, were they struggle to reach consensus on details on the proposal. Lisa tax reform could have a domino effect on real estate. Marianne gilmore says eliminating the stay and local Tax Deduction could have a Significant Impact. Lisa tesla goes heavyduty. Elon musk is set to unveil the electric carmakers semitruck in a couple of hours. We will tie you what to expect. We will tell you what to expect. Julia House Republicans run their version of tax overhaul by rateing the Corporate Tax slashing the Corporate Tax rate and adding an estimated 1. 4 trillion to the federal deficit over the next decade. Here with more details is sahil kapur on capitol hill. Thank you for joining us. One step down, plenty more to go. Theerate exactly differences between what we have today and whats still to come in the senate. A very important step taken by the House Republicans to pass the bill. 227205, it wasnt even close. They had a margin to spare. Only 13 republicans voted against the bill, along with every democrat. There was no bipartisan support on this. 12 out of those 13 republicans were from new york, new jersey, or california, the states that would be hammered most. The plan doubles the standard deduction or middleclass family, proposes a Corporate Tax rate of 20 , and includes reproductions across the board while eliminating a lot of other deductions including medical expenses, and tax breaks or education. A few big differences with the Senate Version, which is still making its way through the committee this week, including today. One of the big differences is that it eliminates the reduction in its entirety, unlike the house version which has a 10,000 cap or deducting property taxes. It also does not monkey around with the mortgage interest reduction, it keeps it as it is. Half tobill president 500,000 for new homes that are purchased. Those are some of the significant differences. Senate republicans have a narrower margin. House republicans can lose 22 in the final version. Lisa a lot of people have been paying less attention to the house bill because the senate bill is thought to be more important and a likely iteration of what will be passed. Is it important to part through . Its an important step that the house took, the fact that it did it decisively as to the effort. The widespread expectation is the final bill will look more closely like anything that can pass through the senate. Hopefully because of the margins, they dont have a lot of room forclosely error. Is something passes out of the senate, it will be narrowly. It may not have any additional votes to spare. Any changes of the house could upset that balance. Its absolutely true, all eyes are on the senate side. A similar thing happened with the Health Care Vote and is the attempt to repeal and replace obamacare earlier this year. It passed the house and died in the senate. It remains to be seen whether the senate can pass it. Republicaning from senators about provisions in the bill, including senator ron johnson on the passthrough tax breaks. He thinks it will dennis manage disadvantage large corporations. They have a long way to go. Julia one senator already out. Scarlet you only can spare another one. Bloomberg National Political reporter on capitol hill. Lets get more insight into the passage of this house gop built with a democratic, is meant congressman. Thank you so much for taking the time to speak with us. I know you have been tweeting about this, calling it tax scam, its clear where your intentions late. The house bill is kind of a draft, it will have to be reconciled with the Senate Version. The Senate Version doesnt have a lot of room to spare because they can only afford to lose two votes. Of a tax ways do you believe we are going to see versus a tax cut . We are more likely to see a tax cut. We havent seen tax reform at this point in time. It is interesting when you talk about the senate, the senate voted on the house bill. Unlike the house, where the republicans voted for it. This house bill in the senate 260 notommittee lost a single republican senator voted for the house bill. They may have had a victory a loss to that was the American People in my opinion. In point tax cut bill, of fact, it raises taxes on 36 million middle income families in this country. By 1. 5des the deficit trillion and the people who will pay it off are our children. A good bill, it lost 260 in the senate. I hope it fails, if we do tax reform, we should do it in a bipartisan fashion, which is what we did in 1986. We should have hearings, witnesses, the American Public should have an opportunity to come in and say how it will affect them. This is not a good bill for america, our citizens. When you give 50 of the benefits, a lot of talk about helping middleincome people. If you took 1. 5 trillion and table, if you want to help middleincome americans, you give most of that money to middle income americans. Thats not what happens. Lisa it sounds like you like the idea of giving a tax break to middle income americans. Given that approach, is there anything that you like about the bill . The house bill is a hotspot a hodgepodge cobble together cobbled together efforts, which primarily is focused on tax cuts for the wealthiest in america. I dont begrudge people being rich, i think most of us want to be rich. The issue is if you are going to take one point actually dollars and distribute that, which i think we cant afford as a country, if you can do that, you should give it to the people you say you want to benefit, not the wealthiest in the country. Very frankly, analyst after analyst says this bill will not pay for itself, it will explode the debt, and future generations will be put deeply in the whole. The hole. Julia the republicans are viewing this as a need, they must do it to secure the midterms and keep the house and the senate. You said you think the republicans will actually lose the house when it comes to the midterms. Do you see their point . Why do you think this could lead to the house . I think this bill was passed not for policy reasons, not because it was good tax policy or good reform policy, it was passed because the republicans believe that if they dont pass this tax bill, they will lose the next election. Passing this tax bill will also lead to their losing the next election. This is a bad bill, its bad for the middle class, that for the country, for our children. Hopefully it will be defeated. This was not passed on policy grounds. We could have done a bipartisan bill, we could have addressed the disparity in terms of the corporate rate with the rest of the world. We could have brought that rate down. President obama suggested three years ago bringing that rate down. We could have adjusted other taxes for the middle class, for working people, spur job creation, but thats not what we did. Not only did we not do that, we did it and a rust fashion, because in my opinion, the republicans understand that this will not bear analysis. Honest people who look at this bill have said it will not grow the economy, it will explode the debt, and middleclass people in many instances will get a tax hike. Scarlet theres a lot of criticism that the Democratic Party needs a refresh, that you and nancy pelosi, some of the veterans should retire to make room for new blood. We have seen a lot of republicans retire, or say that they will retire, how do you respond to that . Oni think the young guard the republican side passed a very bad bill. The issue is not age, its policy, how do you help people in america grow jobs and make it in america and get a better deal . Thats what we think we offer, we will continue to offer that. We think that will prevail. Much. Thank you so coming up, we will bring you an exclusive conversation with foreign city rattners ceo marianne gilmartin, her thoughts on how the tax bill may impact real estate. This is bloomberg. The intersections of politics, business, and real estate was a big topic at the conference of Capital Markets and real estate. Thats where jason kelly caught up with Marian Gilmartin for an exclusive interview. He began by asking about the possible impacts of the tax bill on real estate. We are watching it closely, because i think there is a Significant Impact to our industry. It helps our city, and any transactions we are considering are actually passed in the bill. Theres to believe enough difficulty imagining there being a census. I have elected not to worry too much about it. I talk about external events, things that have the ability to shift to help our city and economy. I would submit that the measure really does have the ability to pneumatically impact people. Even though people say its intended to do put people in ihigher earning bracket, think its the middle class we are all trying to protect and preserve and support that is to be hit hardest. Those individuals are going to have a different deduction if they buy a 1 million home. There are not going to be a but to deduct their local and state taxes. Individualsrce the to consider moving elsewhere, doing business elsewhere, and raising families elsewhere. Im concerned about it, it provides hope for a problem. The rest of the country probably isnt provided. I think its much a measure that it is a gateway city. The areas that have an holding up the National Economy for a very long time. Talk about new york city as it relates to rent. What could supply and demand balance from your perspective . Thissidentially speaking, notion of new construction that spans a range of affordable rubble has had difficult time. One of the biggest challenges, new york wants to keep it up. You have to figure out to live. Notwithstanding that, anything more than a 5 is problematic. Anything less is considered an emergency. [indiscernible] in my mind, you have a lot of supply. If you change your right, its not as if you have this abundant demand of supply. Manhattan, you see housing. Hey are great willncern is that they have condos priced too high. Brooklyn, [indiscernible] certain areas have a lot more room to sustain growth. Multifamily would be fine. On the Office Market, i think it continues. Its very important to the Office Market and the housing market. People need jobs to rent apartments. If the Office Market is sustained, i think we are at a bout 10 rate. Thats not a terrible place to be. Scarlet that was bloombergs new york city chief speaking with marian kelly Marian Gilmartin. Julia a White House Press briefing, Sarah Huckabee sanders currently talking. This is the first time we have heard from the press secretary since donald trump returned from his asia trip. Is it undercut of success she is calling get an incredible success. The senate seat up for election in december. The allegations made by several women against roy moore. Sarah Huckabee Sanders saying donald trump thinks the allegations are troubling and the alabama voters should make a decision. That suggests the election will go ahead with him. Its on life go if you want to continue to watch this. Lisa its time for stock of the hour. Todays big stock story is walmart. Shares are soaring, on pace for the best since 2008. This, after a strong quarter. Joining us is abigail doolittle. What exactly are investors so enthusiastic about . Abigail its Pretty Amazing that we have walmart soaring. Its not a stock that i think of soaring. Today on for its best day since 2008, we are looking at a b and raise quarter. They beat both top and bottom. Bloomberg to the if we hopped into the bloomberg, they are the highest level since 2012. A lot of people are talking about it as the highest level since before the recession. Thats an impressive recovery. They do have a bit of a turnaround where they are trying to improve the shopping experience. Online, it was a big piece of business for them. It grew 54 on the quarter. Every retail corridor that we hear about, all we care about is the fact that amazon is hurting these retailers. Here we see it is not being hurt by amazon. This chart is interesting because amazons sales are actually dwarfed by walmart on an 80 basis. A fractionbout of walmart at more than 1. 5 trillion dollars in revenue, where the market cap for amazon more than half a trillion and amazon very small. Julia the blue is amazon. The white is walmart. Lisa there could be price appreciation ahead for walmart. Scarlet thank you so much, abigail. Coming up, that s p 500 continues to move higher with little evidence of significant pullback. A closer look at this recordbreaking streak. From new york, this is bloomberg. Scarlet im scarlet fu. Whatd you miss. We have seen a stumble in u. S. Stocks. Lets look at the recent death into perspective. The s p 500 is now on the 260 day. The blue line is the s p 500. The white bars how many it goes with out moving 5 lower. The last time we went this long was back in 1986. The one to watch is the mid60s. That was a huge number, more than 350 days, almost 400. We got solid fundamentals. Thats what everybody keeps pointing to. Lisa solid fundamentals perhaps. What im looking at is divergence with a lot of investors going up in quality. The are pouring money into higher rates and bonds. They are withdrawing from junk debt. The aligned flows. Of junk line flowed out bond etfs. This is fascinating because it shows despite the site we are you areu. S. Equity, seeing some measure of caution in credit markets. That chart is interesting to me. What happened back in august when you saw highyield the relative stability in investment grades. This chart for me is an eyeopener. Obviously a lot of focus on zimbabwe, this week in particular, with the forced seizure of power has been dominant on the political reins. That we have talked about emerging markets and the upper parts that we have seen. The blue line. The white line is the stock market in zimbabwe. The outperformance of this is incredible. Yearhigher over the past in dollar terms. This is a safe haven for zimbabweans. Have power money into the stock markets. Is safety. If you want to see confidence returning, bingo. Scarlet this is the market close. This is what they look like as we approach the close. Stops in the green. The nasdaq at a record high. I and julia chatterley. I am scarlet fu. In live onre tuning twitter, we welcome you to opening bell coverage from 4 00 to 5 00 p. M. , eastern. Minuteus begin with the died. We drifted higher. Look, this is a rally. The nasdaq up by more than 1 . Run cisco, from walmart it is a good sign. Couple of days of consolidation. A. 2 dip. Let us talk about this individual names. Walmart trading with its best day since 2008. Biggest and more than eight years. Walmart keeping pace with amazon. Barnes and noble got a big leg that it wasort getting a buyout proposal from barnes noble confirmed that it did, in fact, get that offer. Get the chairman on board with that plan. Best buy coming in with a downer. I should not say up, but down 6 . In texas,ricanes florida, and puerto rico, as well as earthquakes in mexico. Charles and david koke, billionaire brothers, are backing merediths bid according to people familiar with the matter. I am struck that there is a yet, you rally, and are seeing compression in the gap between United States 10 year and twoyear yields. These two rates, asse two inch mark rates, collapsed at the lowest level since 2007. An increasing amount of Money Managers are expecting this gap to collapse to zero. That means no extra yields to own two year treasuries next year. That is amazing. This also comes as Inflation Expectations come down. You wonder how much that has to do with commodities, because oil prices are serving to pare back those gains. Ongoing uncertainty with regard. O opec leaders theare seeing this in commodity market as well. Today. Dollar index full of Federal Reserve speak today. The house passing tax support was well. Raising modest danes. Relatively unchanged on session. Euro dollar also under pressure to close at the 50 day moving average. To trim the positions, perhaps some of the softness that we are seeing now. We are coming under a bit of pressure. Reports suggesting that t