Major averages around half a percent. Take a look at my bloomberg terminal to see how the sectors are shaking out here. Materials are also declining. Telecommunication stocks now the only Group Trading higher. It has now come off as well. On the commodity complex, not just oil but some of the other commodities. Heres the percentage change on the date. Higher by 8 on the outlook for Colder Weather, but if you go down the line you see a lot of credit, whether it is metal. We see a lot of declines in that commodity complex. Got got asil high a 23828. That puts a next of pressure on stocks. Unusual december. Looks like we are setting up for the first december since 2002. We also had backtoback december declines. Usually people do their end of year portfolio shifting and intend to have stocks go higher. Take a look at my terminal. Energy stocks versus the s p 500. Here is the here is the energy index. The s p 500 is now in the red after today. Only a few days left to see how we end of the year. Thank you for that snapshot of todays trading. Lets get you a round up of bloomberg news. Remy has that for the news desk. We head to iraq and the setback for islamic state. Captured aers have government complex. The iraqis were held by u. S. And coalition aircrafts. Boko haram tilde at least 60 people in northeast nigeria. The government says it will off the attackers and intercepted 10 suicide bombers. Dozens of people were hurt. Another shooting raised questions about the citys use of lethal four. Officers shot and killed two people during a domestic disturbance. Launched a civil rights investigation after video showed an officer shooting a black teenager 16 times. Nearly 900 fights have been canceled and another 500 have been delayed. It is all because of a large storm system moving through the middle part of the country. Than one third of those cancellations were chicagos two main airports. At the worlds Busiest Airport on one of the busiest weekends, they took a timeout for the party yesterday. Honoring his one millionth passenger of the year. That is a first for any airport in the world. Interestingly he missed his connecting flight. Global news powered by 2400 journalists, more than 115 news bureaus around the world. Coming up this hour on Bloomberg Markets, a terrible year for commodity and etfs. Surprisingly investors polled from other commodities. We will discuss the prospects. Consumers are spending more of the money they are saving from low gas prices. We will tell you which sectors are the big winners. And we will discuss the big jobs for banking. One key theme, the collapse of crude oil. Goldman sachs is 20 per barrel is possible. It will likely wipe out any prospects for earning games learning gains next year. He spoke with betty liu earlier today on Bloomberg Markets. Profitsyear energy dropped about 55 for 2015. Went toings countries 6 . Knocked out 6 of the actual earnings numbers. That wiped out the Growth Expectation this year. Earnings would be about six or 7 . Attributed ton be energy alone. You probably took another 5 out of earnings Growth Expectations. There are those who disagree. Though is when you get to that point there is not ofh more you can go in terms battering earnings among energy companies. She believes it is going to unleash Consumer Spending that we havent seen so far this year given the fall in oil prices. I think people say the exact same thing when you drop to 40. It usually takes 18 months for the drop in energy prices. Lets put that aside. They probably have to have a severe collapse in demand. Most of the shale projects can produce profitably. City looking for 55. Oil by the end of next year. Probably bounce fairly quickly after because there will be a supply reaction to it. It would have to be. 20 oil does not signal economic growth. It signal something very wrong in this economy. Lets go to what if scenarios. I know you have gained some out. You have seen dollar weakness. You mentioned the great rotation. We have been talking about several years about this great rotation. Why would 2016 possibly portend that . Finally start to see people taking losses and bonds. Usually once they start seeing losses for a sustained pumping of time they start to move away. That is to certain degree what happened in the u. S. We have 2000 through 2002 collapse. Now kind of distressing of equities. In the same sense you probably begin to create that great rotation. It wont be as rapid and we wont be on the same side with that great rotation. Imties have some value, getting paid more on the dividends, there is buyback activity. That could start to draw them back in. The valuationsof you are buying now would be cheap relative to where they could be just because of significant new demand for this asset class. Chief u. S. Equity strategist speaking with betty liu earlier on Bloomberg Markets. The broader collapse was a big team all year long. Investors cant seem to get away from certain commodities fast enough. A record 750 million was pulled this year. Bloomberg reporter, who covers the commodity complex, joins me with more. We are talking about nonenergy commodities. Why are investors yelling out so quickly . Investors bailing out so quickly . We have demand coming out of china whether it was livestock. R agriculture suddenly we see it will see a pullback. Supplies andover this is what is calling on these investors to pull out of this etf. Then i bigger supply demand picture. Talk about the im talk about the outflows. The first part of the year seemed ok. We saw this in gold and Gold Precious Metals follow interest rates. We saw the bill of of the expectation that the fed would raise the rates. In this final quarter we saw a ton of outflows of gold etfs. Are people, whether they traitors or strategist or Fund Managers, they say we are still were staying away from gold. Them on lets get back to energy. Energy bucks the trend. At what point do we see net that is the one area where energy linked etfs do see a little bit of inflow. Hugest of allhe commodity, maybe this will offset the outflows from the other commodities. That wasnt the case. Many of the Fund Managers tell us people are searching for a bottom here. What has been happening to oil has been well known since november of last year. Like the market is trying to say some of the etf side at least we are going to see a bottom of this point. A number of them are saying how much lower can it get . That is the point people are looking for. Especially with shale producers caving. People are talking about when the supply cuts are going to kick in. Some people are getting in their heads they could be affecting this market sometime soon. People looking for some balance in the energy market. Recently i was talking to the largest aluminum recycling recyclable aluminum supplier. We aretelling me expecting aluminum to reach a bottom in the Third Quarter of next year. It does look like a lot of different people are saying if they are looking for something in the First Quarter or by the Second Quarter of next year, supply cuts will affect will take effect. You could see some bottom hit and i dont know about gains. In theeems more pain first half and perhaps stabilization in the second half of 2016. Late Holiday Cheer for some retailers. We will tell you who had a blue christmas. It is time for the Bloomberg Business flash. The executive chairman and company f a mining james moffat helped form the company back in 1969. He will leave the board of directors on thursday. This follows the recent revelation that carl icahn had taken a huge stake in the company. The leadrd, independent director, will become nonexecutive chairman. The ceo of valley pharmaceuticals is taking a medical leave. A team of executives will replace pearson once he walks out. Deutsche bank will sell its 20 stake. The sale will generate as much as 4 billion. Selling stakes in chinese institutions. It International Rules make expensive to hold minority stakes in these lenders. And that is your business flash update. Julie hyman has a check on individual company movers, beginning with cmr acts. We call the company today. This is a small biotech firm. Had iny drug it development on human trial failed to meet its primary endpoint in a study it was doing in the lake fish clinical trial. Now down 80 . This is the only drug that had gotten as far as it had. Drug used toviral treat people while they are undergoing treatment for other illnesses. Despite its relatively small size it is affecting some of these big biotech companies. Some of the big cap bio techs are down today. Medicine is down once again. A couple of analysts saying the companys recent update is reassuring them on the liquidity position. Not everyone is reassured. 7 today and Short Interest at a record high. We are seeing a bit of an infection in the solar industry. Some ch as one of the most volatile stocks this year. Every time we talk about it it is up by doubledigit percentages. Thank you so much. U. S. Retailers may have had a Merry Christmas after all. A late surge and shopping gave a boost to holiday sales. According to early figures by mastercard advisors. For more now i am joined by Bloomberg Consumer recorder consumer reporter. Everyone had written it off for most of the year. Exactly. Womens apparel has been doing terribly until now. This late surge, there was probably some pentup demand because people havent been buying new clothes for a while. The weather finally turned in some parts of the country. People were wearing those hats and sweaters that you want for christmas. An interestinge thing talking about the consumer was furniture was up double digits. That is one of those big purchases that show consumer confidence. Job sixgoing to have a months from now or you are investing in your home because you view your home as an asset. A few areas of bad news, electronics is down. There really isnt a musthave gadget. Nothing like an act had or new tablet. Like an ipad or new tablet. That would be a boon to women. We talk about how consumers are a little more confident. Mastercard quantified it. You save a dollar at the pump. Goes down on the savings. All this talk. People are squaring away their gas savings. They are spending it now. People are spending a lot of those. Restaurants are big ones. Even on christmas day, which mastercard found was surprising. People going out to eat on christmas. When you look at the trend, many more in restaurants. Plenty more on entertainment. Those are areas that are way down. People wanted to spend it on doing something fun. Thank you so much. Meanwhile fedex is under fire for failing to deliver stuff. The fedex failed trending on twitter. Delayed packages will be delivered today. There is a great anecdote in that appears about someone who wont be ordering from companies. Is that something that people can figure out . A lot of retailers will print, whoe fine their shipping partner might be. He also might get an indication after the fact, an email saying this is how your goods are going to be shipped and to look for this provider. Ups has a slightly larger share. Ecommerce retailers based on services that analysts have done. Ups had some massive shipping challenges. They had to reengineer their whole process. What did they learn . They had a twoyear process. Last year the consensus will tell us they over engineered it. People, theytional also created mobile villages, essentially temporary sorting to deal with surge shipping. Turns out they did not need that extra capacity. This year they modified things again. Apparently they feel like they got it right. They finished all their priority shipping by christmas eve. Unlike fedex, where in some markets they did have people working making those lastminute deliveries. Behind all this is amazon, which has driven toward this trend of merchants providing Free Shipping and putting pressure on the likes of ups and fedex. Retailers are not in a position to charge an annual fee. What have you learned as a i think it . Has become a challenge for big shipping Companies Like ups and fedex. They have been working with retailers to get a handle on how many goods are moving through the shippers channel. It is easy for a retailer to say we will get up there because we know our shipping partner promises delivery in such a turnaround time. The problem is if everybody is stuffing that lastminute fedex or ups may not be able to deliver those goods in time. Thank you so much. , commodity giant cofounder is stepping down as chairman of the board. What does that mean for the company . Bring your family and friends together to discover the best shows and movies with xfinitys winter watchlist. Later on, well conspire as we dream by the fire a beautiful sight, were happy tonight watching in a winter watchlist land, watching in a winter watchlist land xfinitys winter watchlist. Watch now with xfinity on demand your home for the best entertainment this holiday season. When youre on hold, your business is on hold. Thats why comcast business doesnt leave you there. When you call, a Small Business expert will answer you in about 30 seconds. No annoying hold music. Just a real person, real fast. Whenever you need them. So your business can get back to business. Sounds like my rides ready. Dont get stuck on hold. Reach an expert fast. Comcast business. Built for business. Live from bloomberg headquarters in midtown manhattan, you are watching Bloomberg Television. Im scarlet fu. Ramy inocencio has more from our news desk. Ramy a senior russian diplomat says iran has met a key requirement by transferring most of its enriched uranium to russia. Under the deal, iran must ship out almost all of its enriched uranium. David cameron will visit communities hit hard by flooding. Thousands have been evacuated in the military has been called in to help read weeks of heavy enough swollen rivers to record levels. Cameron has called the flooding unprecedented. Severe weather also causing problems in the u. S. Has begun cleanup after Severe Weather in tornadoes killed almost 14 people. The dallas suburb of garland was among the hardest hit. One twister hit the town. Flooding in the midwest is blamed for at least 13 deaths. On the president ial campaign trail, former democratic president ial candidate jim webb may be moving closer to an independent run for the white house. Over the weekend, it he attacked Hillary Clinton for her handling of libya while secretary of state. Virginia senator and vietnam war hero. Global news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. Im Ramy Inocencio. Scarlet . Scarlet all right, shares of freeportmcmoran are falling for the first time in six sessions and the reason is cofounder jim moffat is stepping down. So, was this a surprise . No reasons for his exit were provided in the release. Reporter freeport has been under intense pressure, including from carl icahn, to and become more profitable. They have had three straight quarters of losses and obviously they are one of the Companies Hit hardest by commodities on the oil and gas and copper. Atkinson tookrd over as ceo. How much influence did moffat retain . Was he calling shots . Reporter he was a real leader. I do not think that he sits quietly in board meetings. The mo theo in he is in freeportmcmoran. He was a Leading Light in the company. Scarlet he is a Leading Light and they have also been taking steps to get to Free Cash Flow in 2016,status including a project nearing completion. What is next in terms of what fcx does so carl icahn does not have that much more leverage . Hes pretty entrenched. He has two people on the board. They halted their dividend, which a lot of Dividend Companies are doing, under the realization these low rices continue for a while. Its also looking at the oil and gass nest, splitting off again. Obviously that was not a great diversification play for them. Scarlet and it loaded them up with a lot of debt. Reporter exactly, a lot of debt coming due and they need to streamline as much as possible. In 2008, didnt they run this playbook before where they cut dividends and had to streamline and watch costs carefully . How long did it take them to get out of that rut . Reporter they survived 2008 pretty well. Among the companies that were able to reduce costs, they closed a lot of mines in arizona, where they are based very the idea was the company would survive the shortterm, but no one forecast these low prices would hit on both sides of the desk. Scarlet all right, tina davis, bloombergs energy and commodities reporter. We have much more coming up on Bloomberg Markets. Carol you are listening to the bloomberg advantage. Ourant to welcome all of beers on Bloomberg Television to Bloomberg Radio. Lets bring in our guest, tim decker ceo of communication. You have a new book out, how to inspire your audience to action. You looked at who are the best 2016. Rst communicators in who stood out . Who did well . Guest this is our 20th year doing this, and all year long, we take people to nominate. We want someone ideally in ablic, and it does not make make sense to make a list of no names. By december or so, we give it to 50 and we vetted to the 10 best and 10 worst communicators of of the year with the idea that there is a learning point to each person. M cory so, i want to get to the punch line. Give us some examples of the best communicators . Betty tuesday betty guest to start with number one, pat cole. Kat cole. She has a great story. She was previously a hooters waitress. She moved up. She became the president of cinnabon. The key area of focus, she has excelled at her communications if you look at any beach and a business, from standpoint, doug macmillan, great example of what we call the new breed of ceo, the ceo of wal