Roundtrip from last weeks big declines. The gains are back, and the stability is back, and the lack of volatility is back in the stock market today, as we see technology outperformed. That is a trend that has been in effect year to date, and we see it back in effect today. Weve seen the reversion to trend for the major averages. In terms of some of the individual stocks we are watching, we want to take a look at what is going on with altria group phillip morris. Bonnie herzog is saying that she thinks there is a deal in the making between two companies. It looks like we have a typo with our second ticker, but we can see that shares are trading up 1. 3 . We are also seeing some of the , some weakness. Amgen, the company saying a study of an experimental osteoporosis medicine did show success amongst 4000 patients in reducing the incidence of bone fractures. However, 2. 5 of the patients who took the drug developed serious cardiovascular side effects. That is why shares are down. ,his was in belgian trading down 18 . Radius health on the flipside is up by about 8 , and celgene is out with disappointing results from one of its drugs, a drug to treat ms that showed relative success in the study. However, it wasnt more as assful or as successful drug by biogen. Of stocks, weside are watching oil prices, and that is after saudi arabia announced a willingness to see output cuts extended into 2018. Earlier, it was a much bigger gain in oil prices. It has come down, paring the gains on the day, as there is skepticism about what the supply from the u. S. Is going to look like. Theres not a lot of optimism about oil prices in the long term. We have a couple different ways to slice it. Weve got the price of oil, which right now is around 50 a thats not a lotbarrel, so youe the forecast is around 41. That has not much changed. It has stabilized around that level. You can also look at what is going on for the front end traded wti, which is around 51. If you are talking about where oil analysts see oil going into the future, we are talking about 51 a barrel, which is pretty darn close to where we are now. Good stuff. Julia lets get you up to speed on the bloomberg first word news with mark crumpton. President and is really Prime MinisterBenjamin Netanyahu reaffirmed what both friendshipr a long as the president stopped in jerusalem. President trump said the u. S. Has what he calls on unbreakable bond with israel. Level ofeve that a new partnership is possible and will happen. One that will bring greater safety to this region, greater security to the United States, and greater prosperity to the world. Mark Prime Minister netanyahu says he sees real hope for change in the middle east. He thanked President Trump for his tough stance on iran, which the president noted was a previous departure from u. S. Policy. Sident trump announced addressed the controversy over his remarks to russian diplomats. I never mentioned the word or the name israel. I never mentioned it. They are all saying i did. I never mentioned the word israel. Mark the president was responding to a question from bloombergs margaret tala. Secretary of state Rex Tillerson said he would not apologize to israeli officials. North korea says it is ready to start massproducing a mediumrange missile. It called the missile capable of reaching japan and u. S. Military. Ases the missile flew over 300 miles sunday before plunging into the pacific ocean. North koreas media said more missiles will be launched in the future. The Supreme Court today struck down dirk congressional districts in North Carolina because race played too large of a role in their creation. The justices ruled that republicans who control the state legislature and Governors Office in 2011 placed too many africanamericans in the districts. The result was to weaken africanamerican voting strength in North Carolina. Voting rights advocates say the ruling will boost challenges in other states. Global news 24 hours a day led by our 2600 news analysts around the world. I am mark crumpton. Julia lets go straight to jerusalem to kevin cirilli, our chief washington correspondent who has been traveling with the president. Credible job so far tracking the president. You are only just beginning. Give us a sense of what happened in the press conference. This was a president very much sticking to the script, minimal not to giveing hard journalists anymore a parent fodder to play with. Apparent fodder to play with. Kevin julia, you are right. This is a very different President Trump. What you noted in jerusalem , president the president making remarks, saying he made no mention of israel during the conversation he had privately with russian diplomats. While those conversations, which were revealing of highly classified intelligence, were legal given the president has the ability to do that, it landed him in political hot water from notches democrats but also republicans. That is why this has become such an important issue in israel. The president , choosing to go to saudi arabia, and then fly directly to israel, hoping to reset and correct course from some of the abrasive rhetoric weve seen in the campaign as he looks to broker what he calls the deal of all deals, and that is middle east peace. Scarlet peace with its neighbors when it comes to israel. According to President Trump, that means resolving the dispute with the palestinians. What is the israeli side on that . There is kevin a bit of disappointment kevin there is a bit of disappointment according to some of the folks ive spoken to injure zola and that the present will not make good on the promise to move the u. S. Embassy to jerusalem. While the president is the first acting president to visit the western wall in old city, he did not to sue with israeli prime do so with israeli Prime MinisterBenjamin Netanyahu. Some cabinet officials are disappointed about the u. S. Saudi arms deal, totaling close to 110 billion. I am told that there could be an effort underway in the senate to block that led by senator rand paul. I can tell you from being in riyadh, talking to Business Leaders about the new deal than 400 billion in total, about that negotiation, they are excited by that. They than 400 billion in feel, like israel, they too oppose the iran deal. Scarlet kevin cirilli, chief washington correspondent for bloomberg news, traveling with the president , we will check in with you later. While President Trump embarks on the next leg of his foreign trip, in washington, his domestic battles remain in focus. To former fbis chief james comeys appearance hillshington on capitol. Joining us from the white house is our correspondent. The Budget Proposal is a big issue for tuesday, but i want to begin with james comey and any kind of update. The last we heard is he was invited to speak, and he will likely testify, what, after memorial day . That is the latest that we have heard. We will likely see former fbi director james comey testify or earlymorial day next month, and before then, we will hear other through news reports or statements from members of congress reaching out to james comey, including the house chairman of the Government CommitteeJason Chaffetz he said yesterday he was going to be meeting with jim comey today. We might start hearing more of james Committee Jason chaffetz comeys side of the st. We got a bit of that last week when we heard that mr. Comey had been making memos as he was speaking with the president over the phone, meeting at the white house, and expressing discomfort to what with what the president was saying about the investigation. We are likely to hear bits and pieces of that before we hear the full story from mr. Comey when he testifies early next month. Julia talk to us about tomorrow and what we should expect from the budget tomorrow and how important this is. I heard one analyst described it as saying dead on arrival. The budget will be the president s first opportunity to lay out his vision, but its likely not going to be much more than that. We are likely to see some drastic cuts to various social programs. The president is seeking to balance the budget over 10 years, but he is saying he is not going to cut some of the biggest spending items, including Social Security and medicare. Programs for the poor will be cut in the president s budget. That is not sitting so well in congress as members of congress say they dont want to cut programs like meals on wheels for the older lee. Its likely that this budget is just an opening bid for the president. It will give us a sense of what the president hopes to accomplish over the next four years and potentially eight years as he tries to get closer to a balanced budget. Scarlet i just want to get an update on health care. The white house and House Republicans are asking for another delay in a federal Appeals Court over obamacare subsidies. What does this tell us about how the Trump Administration is pursuing the repeal and replace of obamacare . The Trump Administration is in a very tough spot. President trump has already declared obamacare dead, and he said the various Exchange Markets are going to go belly up without a rescue plan, but he is also doing some things that have thrown some disarray into the markets by questioning whether he is going to continue paying the subsidies Assurance Companies have relied on under the previous administration. He has gone back and forth about whether this administration will continue to pay those subsidies. Those payments will continue for three months, at least, but the lack of certainty is already throwing markets into disarray as Insurance Companies have to file rates for next year. Given the lack of certainty, we are likely to see rate increases over the summer with various Insurance Companies planning for next year without much surety about what is going to happen yet. Scarlet perhaps another sign the Trump Administration is more like other governments, kicking the can down the road. Julia coming up, a bloomberg exclusive. Jpmorgan Ceo Jamie Dimon says he is comfortable about the banks future given its position in emerging markets like saudi arabia. We will bring you more of his comments from riyadh. From new york, this is bloomberg. Julia this is bloomberg markets. Im julia chatterley. Scarlet im scarlet fu. Jpmorgan ceo jpmorgan, among the corporate a listers who dissented upon riyadh this weekend. Dimon spoke about doing business in the middle east. Jpmorgan has been here for 80 so were working with the companys here. They are having a big forum so , sponsored by the government enhanced business. The president is here, so we are glad to be part of what is going on here. How much bigger will your operations in the middle east and saudi arabia get . My first trip here, we had one person. I think almost 30 are women, by the way, including a woman whos a receptionist for the first time. We are part of the Banking System here. We are part of the broker system here. We bank a lot of companies and governments. You do let up on sales for them, as well. Does it make a difference if the 2030 vision works out . We do about 27 billion of bonds, and we do it for some of their companies. Yeah, it makes a big difference, and if they succeed here, it will be good for business. Can you grow further . We are going to try. Some areas, the answer is yes. It shouldnt be expected to continue forever. The world is going to double in size and the next 12 or 15 years. There are print there are plenty of threats. We spend a lot of money on technology. We know what we are doing. We help companies around the world. We are pretty comfortable with our future. Can you break down the units where you want to defend your market share and the ones where you want to push it . I want to grow everywhere. It will be harder in some areas because we have a greater market share. Inlicly, Investment Banking certain areas, it might be harder to gain share, but that doesnt mean you cant gain share in this part of the country or this part of the world. What about fixed income . A lot of your competitors are trying to beef up that. Share, we have a good but i think it will be hard to gain. If you look at the share, yeah, but if you look at what we can do better in this country, there are plenty of things we can do better around the world. Weve got to maintain our share. Competition is a good thing. Ive never been worried about competition. We want a competitive world. As long as you are better than them. Thats what we try to do. We spoke in paris a couple months ago, and you talked a lot about regulation. What is the mood now . Are you confident for the future of wall street . When you talk about regulation, the Trump Administration wants to deregulate certain things, and most of us in business think regulations have been holding back growth. Not just jpmorgan. Im still optimistic that we will have some Regulatory Reform. Esther years of regulations, it makes sense. Glasssteagall wasnt part of the problem. Nobody i have talked to said that was part of the problem. Glasssteagall wasnt part of the problem. The question is, would you regulate Smaller Banks different then bigger banks . That is understandable. I dont think it is going to stop our ability to compete. Would you be opposed to any foreign acquisitions . Are you on the hunt to do something . We are not on the hunt, but i wouldnt take it off the table. Acquisitions will be back in our future one day. For j. P. Morgan chase, there is no area we cant grow organically. Private bankers, corporate bankers, ranches and the United States, branches overseas. My first thought is organic, but there may be acquisitions in countries that make a lot of sense, that they have to make a lot of sense for us to do it. It could be sin tech related, customerrelated. We already have online selfinvesting and online accountopening. A 400 milliondo fx trade on their mobile phone. How much do think business will be transacted on that side . If you look at the consumer side, it has already hugely moved from mobile. Bill pay will be moving there. Corporate, we have already seen fx, we have seen some equities, but mobile, ipad, online, its all the same to me. Overall, how are the animal spirits in the United States and also in the World Economy . Looking pretty good. Japan is growing more than it has in 15 years. Europe is doing rather well all things considered. America is chugging along at 2 give or take. Even the imf, which is always worrying about stuff, is saying, the world is going to grow faster than we expected. That was jamie dimon speaking exclusively with Francine Lacqua at the saudiu. S. Forum in riyadh. Still ahead, saudi arabias oil minister tells bloomberg that will producers are willing to extend cuts into next year, but will it have the desired effect . We will have more of our exclusive conversation with falih later this hour. This is bloomberg. Scarlet this is bloomberg markets. I am scarlet fu. Julia im julia chatterley. Its time for the Bloomberg Business flash. Brazils gbs is plunging today. The president accused the companys owner of insider trading. Gbs, the Worlds Largest meat producer, is owned by j and s invest amount, which faces several billions of dollars in fines as part of the leniency deal. According to people familiar with the matter, blackstones initiative is anchored by 20 billion with saudi arabias and couldestment fund make it the largest infrastructure manager in the world. Infrastructure investing, which directs private money to constructing roads, bridges, and airports, is being highlighted by the Trump Administration. That is your business flash update. Scarlet still ahead, weve got the commodities close. A look at why oil hit a onemonth high today, oil up by three quarters of 1 , just below 50 a barrel. This is bloomberg. So we need tablets installed. With the menu app ready to roll. In 12 weeks. Yeah. The world of fast food is being changed by faster networks. Data, applications, customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Fast connections everywhere. Thats how you outmaneuver. So new touch screens. And biometrics. In 574 branches. All done by. Yesterday. Banks arent just undergoing a face lift. Theyre undergoing a transformation. A data fueled, security driven shift in applications and customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Hello, mr. Deets. Every Branch Running like headquarters. Thats how you outmaneuver. Julia from bloomberg World Headquarters in midtown manhattan, this is bloomberg markets. Im julia chatterley. Closing, markets are and im going to kick off with gold continuing its rise. It is the laggard among the broader prater precious metal complex, but the move does gains as anweeks investor safety trade following the controversy over President Trumps firing of fbi director s james comey and in the handling of sensitive information. In the meantime, oil rose above 50 a barrel and hit a onemonth hig