They talked about anything public in syria and discussed iran and the violence in ukraine. The president said the firing of director comey did not have any effect on the meeting. Of. May see one last wave job seekers from poland before brexit. A recruiting company says that the u. K. Beat out germany and in more than calls surveymore surveyed the poles said they want to get the u. K. Before brexit and what may be tighter rules on immigration. Global news 24 hours a day powered by more than 2600 journalists and analysts in over 120 countries. Crumpton. This is bloomberg. Julia live from bloomberg World Headquarters in new york, i am julia chatterley. Scarlet im scarlet fu. Joe and im joe weisenthal. We are 30 minutes from the close of trading in the u. S. Julia u. S. Stocks near alltime highs. Joe the question is, whatd you miss . Scarlet an abrupt termination President Trump fires fbi director james comey in a move that raises questions about interference by sitting president s into political investigations. Markets barely budge on the political events. We will hear from sam zell about why wall street just doesnt care. Snap reports strong sales on its mobile app platform. Can it maintain its young User Engagement to compete with facebook . Joe now lets look at where the major averages stand as we head to the close. Abigail doolittle is standing by. Abigail once again we are looking at a quiet action for the major averages heading into the close. Dow down. 25 . The s p 500 and nasdaq up slightly. Than two00 is less points away from a new record close. The nasdaq is already there. In fact for the s p 500, if it closes at its current territory, it will be the 10th out of 11 trading sessions less than. 2 up or down. Oeing down 2. 625 it to collect lower in midafternoon after the company it took a like lower in midafternoon after the company said it suspended the something seven max. 737 max. Shows of snap are trading lower on the report. Investors are looking for 159 million of revenue. A Bloomberg Intelligence analyst is confident they will hit that but it comes down to the daily active users growth, and looking for 170 million daily active users that represent 70 quarter over quarter growth. We will see if that happens. Whole foods down about 1 . The shares were high today after it was set for the company is looking to shake up the board. A Bloomberg Intelligence analyst expects it to be another difficult quarter. Interesting to see whether the potential for jacob highlights potential board shakeup highlights that. I know you love this chart. Vix near record lows. In blue, the Economic Uncertainty index. The last two years theyve been highly correlated. There was a big emergence with realworld uncertainty much greater than the vix. They would doaid whatever it takes to save the euro. It will be interesting to see whether it bleeds into the vix and stock market trading action as well. Joe thanks, abigail. Whatd you miss . Lets go right to the latest on the shakeup in washington and who is on the list for a replacement for the fbi director. Washington correspondent Kevin Cirilli joins us from the white house. What is the latest on the fastmoving story . Kevin busy, busy day in washington, d. C. , and the news firing fbit trump director james comey reverberating inside the beltway. Listen to what lawmakers on capitol hill told me earlier this morning. Absolutely laughable. Fails to pass any smell test. Both what is adamant times have called for the dismissal of mr. Comey. Not not what a watergate. The clinton investigation by any measure was politicized and it is time to take a new direction with the fbi and the president has made a wise decision. The timing raises questions, because of the interference by the russians in our election. The idea that you take a person who has every other responsibility, taking him away, and that all falls apart from that is not how organizations work. I dont believe the system has been compromise, but at different times, for different reasons, people ask for a new fbi director. Now they are going to get one. There needs to be a special independent prosecutor who can be insulated from politics, conducted the investigation, and follow the evidence wherever it leads. Kevin i am told that the Senate Intelligence committee next week will hear directly from mr. Comey, who is scheduled to meet with them behind closed doors. Just under an hour ago, Sarah Huckabee sanders, the white house spokesperson, saying that surests are having the form of hypocrisy and they would have been dancing in the clintonsf hillary decision. Movementwhat kind of or action is there in terms of finding a replacement for james comey . Kevin im told that they are looking at appointing someone who is a career bureaucrat with inside the fbi. President trump is scheduled to meet with acting fbi director Andrew Mccabe in a closed for meeting and go over closeddoor meeting and go over to the jay gruden for building to meet with you J Edgar Hoover building to meet with fbi officials at a later date. Clearly the white house looking to scramble to get together a messaging strategy. The big takeaway is whether or not this white house will lose any Political Capital that it perceptionally felt it had gained from passing Health Care Reform in the house of representatives last week. It remains to be seen. Kevins really, thank you so much. Thats get more insight lets get more insight on the probe. Bloomberg view columnist Jonathan Bernstein is with us san antonio, texas to firing an fbi director is well within the president s power, but how donald trump executed this has prompted criticism. As you think back to what happens, does this reflect, in your view, incompetence or conspiracy . Jonathan that is a good question. Probably the answer is both. Conspiracy is a harsh word. Or conspiracy is a complicated work, lets say. The question is whether it is a piece of power or obstruction of justice. We dont know the answer right now. Difficultf the things to understand is why it took the administration so long to do this, particularly in light of the fact that much of the criticism of comey were things that happened a long time ago, in relation to clintons email practices. What do you make of the gap between when the president took office and the decision to remove comey . Jonathan what i think everybody should take from it is that the stated excuses by the administration are bogus. We dont know in fact white he was five, but it seems ordinarily unlikely that it has to do with the clinton investigation last summer. Jonathan, Senate Minority leader Chuck Schumer said we need a special prosecutor to look at us now. The problem is, in order to get that involved, republican senators have to agree to it. Do you think that will be enough support in the senate from the republicans in order to appoint someone to do this . Jonathan well, that is the big question right now. Or more republican senators desire they want to hold up everything, working with 48 democrats, they could get what they want. They could put heavy pressure on the department of justice and on trump himself to appoint a special prosecutor. They also could force mitch , if enough republican senators decide to do it, do have the Senate Select committee. Both are needed to investigate this whole affair. Julia can the administration said the issue aside or do they believe it will be a distraction for them if they try to bush had with the other things they need to do here, via tax reform, Health Care Reform in the senate . They have many things they want to do. Is this going to be a distraction . Jonathan it is not going away. It is very, very difficult to imagine this whole thing going away, unless at some point well into the future it has been fully investigated and it turns out that there is less than people worry about. Whether they can also move legislation forward, that is a more complicated question, and it is very possible that republican senators and those in the house can still move a legislative agenda forward, even despite this. Or going on. Its even despite this whole scandal going on. It is easy to say they cannot do both, but they can do 2 things at the same time. Scarlet a bit of a challenge for washington but we can be optimistic. Julia mention what Chuck Schumer said, but aside from making noise and going to the media, what options are run democrats disposal . Jonathan very few. Democratic senators can tie up the senate. There are procedural things that individual senators can do to slow down the senate. If the Minority Party abuses it, though, the Majority Party can shut it down. Republicans are not going to be eager to change the rules or procedures of the senate, but if democrats do what republicans would consider to be of use, they would do so. The truth is, democrats can make a lot of noise. They can highlight things. The one thing that they can do is provide a path, soft landing for any republicans who want to join with them. Other than that, theres is not much. It is on the republicans right now. Joe Jonathan Bernstein, Bloomberg View columnist, thank you very much. Soming up, President Trump firing of james comey may raise eyebrows, but it is not clear if anyone in the markets care. For more on the markets and what is going on in a d. C. , stay tuned next. This is bloomberg. Joe whatd you miss . Firing of fbips director james comey adds to Political Uncertainty in washington, along with health care, tax reform, infrastructure, north korea. But there is little evidence that the market is concerned with any of it. Why not . For more on how political risks interact with the market, george, welcome back to the show. It has been too long. Why doesnt the market care about any of this . We get extraordinary headlines, everyone would have to admit, since election, and people think it is going to matter. It never seems to matter. Answer that question is to ask in response, why should the market care . Andets like stability strong institutions, but those are the things you could frame the comey firing through 10 to matter in the long run as opposed to the short run. The markets dont have any doubt that the u. S. Institutions remain strong and we have an incredible democratic system and so on. We are nowhere near to the point where Something Like the comey firing would be relevant in that sense. Joe still, markets, in theory, discomfiture policy and economic changes, and does not seem like any development on that front seems to matter to health are going one way or another, outside of a narrow set of stocks. Infrastructure and taxes, which could have significant macro effects down the road, doesnt seem to matter much. It feels a bit discordant. Noise there is a lot of in markets, and how you frame what happens now depends on what markets did after the election in response to policy in washington. What happened in november and anember and january was effort to price in a big tax cut, huge infrastructure package, then yeah, it might make sense. But if it is oil bottoming and things are looking ok maybe the expedition is explanation is that policy from doesnt make much sense. Scarlet but supporting the gains in supporting the index from falling, when you have negative political headlines . George our viewers is that tax or from is not what is driving things. Sentiment around the election President Trump unquestionably helped the market at various points between november and march scarlet but that is linked to the policies he would take it george i know we like to think of a vision markets but the way we think about it is people who expected benefits from cash flows got more optimistic about the world in general. You saw this and a lot of surveys high income folks who voted for trump. The white workingclass thing gets a lot of attention, but it is the high income folks who wanted lower taxes. There were really excited, and that helped stocks. Just because the market may see that we get slightly lower on detection from here and there, that will not materially lower odds of tax reform here and there, that will not materially change their behavior. Julia what do you think of markets are getting it wrong, and i dont just mean on the politics . Given what else is going on in the world, fundamentals, the macro. George i dont think low volatility and implied volatility have been trumped up julia we love that. George and that is due to market inefficiency. I think we will talk about that a little bit. To me, 2 think suspect me as innovation is how energy is being treated. Energy equities, but more importantly, high yield bonds, basically where they were in 2014 come in a world where the optimism of 2014 is much less justified. The other thing that is worth looking at is how europe is reacting to the french elections. They continue to see positive upside around the corner for europe, unlike the United States and other parts of the world. The flows we have seen into europe have been much smaller than we expect, given the events we have seen. Julia why . We talk about distribution from u. S. To europe. 2016,was politics, and china, and this year it was le pen. Is there a cautiousness about europe that people have to get over . George the steps we are seeing, but from macron and german politicians, if you look at scholz, who is going to compete leadangela merkel to germany in the september elections, they are talking about deep or integration throughout the euro zone. The surprise americans and brits will look at italy, and italy is a problem, but they will not look at what will happen from fiscal integration. We just see that from a different lens. Not that europe is guaranteed to r, but we look at where is the surprise going to come from, where is the marginal move going to come from. Joe you mentioned the vix and do have a chart here. It shows the vix, the measure of implied volatility, versus realize volatility. 0, and it what it shows is that easy i ask is a function of what we have in the markets. That this chart is a tautology and doesnt tell you much. But the vix as a forwardlooking indicator, it is important to keep this in mind. Markets dont trade the vix is something that is going to predict the future. More often than not it is looking backwards and at what already happen. Here is how the stock move and how it is implied to move. These two things have to be related. If the market is low for years and years and years, of course vix is going to be lower. That is all this is. About whylk volatility is low or why we think it might change, we think it is important to keep in mind that you have to come up with the nation for white realized volatility , with the next donation for why realized volatility is low. Fretting aboutn the ultra low vix, people should acknowledge that there is not enough volatility. George and it is counterintuitive but that is how it is. Scarlet thank you so much. Coming up, after the closing bell, snap is set to give its first Earnings Report as a publicly traded company. This is bloomberg. Scarlet i am scarlet fu. Whatd you miss . Snap we releasing its first public earnings as a publicly traded company after the close. The company went public in march and is trading above its offering price. Valued at almost 27 billion. Lets look at it in numbers dont lie. When you look at getting active users during the quarter, snap has 158 million. The number has doubled since the Fourth Quarter of 2014. When you look at growth, there has been a did in daily dip in daily users in the first half of the year. It could be attributable to instagram. The app launched a similar tool to snapchat last august. 200 daily users 200 million daily users, already topping snapchat. Snaps argument to advertisers is that its users are unique and the base of young users is not accessible to instagram had that might be true. 35 of snapchat daily users are not reachable on facebook on an average day. 46 cannot be found on instagram. Of snapchat fans are not watching youtube the same day. Snap revenue is dominated by north america compared to the rest of the world north america in white hair. Snap is estimated to report revenue adjusted loss per share of . 19. We will be following the results when they are released after the closing bell. Julia yes, we will. Staying with tech, i will give you a quickly at a chart, apples market cap touching 800 billion. This is a chart of the market value of the five biggest stocks. The usual suspects all about, amazon, facebook out for that, amazon, facebook, microsoft. If there was a stock market for just these five companies, it would have more value than all but five equity markets worldwide. The u. S. , china, japan, hong kong, and the u. K. Joe that is a mind blowing stand. I knew that through chilean number was big, but putting it in perspective, extraordinary number. Julia there was europe . Scarlet i thought apple on its own would be bigger than the u. S. Stock exchange. Julia and of course, the rise this year scarlet nasdaq trading at near record highs. Julia would you invest in it . Let us know. When you invest in that market . Scarlet market close next. This is bloomberg. Whatd you miss . U. S. Stocks barely moving after donald trump fires james comey. Another day, another record for the nasdaq and s p. Joe if you are tuning in life on twitter, we want to welcome you to our coverage. Bombshell,political but no reaction when it comes to the markets. Moveses, small considering how significant the news was for washington. Dow down 35, the nasdaq and s p 500 at records. Joe laughingly small. Scarlet import prices rose more than expected. When you look at the second or have eight out of 11 groups higher, but a couple of sectors barely moved. Consumer sectors a sickly unchanged. Industrial the bigger likert come off. 4 . ,n terms of individual movers you can see the pop their after the washington journal reported it is exploring a sale. We will keep our eye on that one. , some breaking news from snap their first Earnings Results since the ipo. Adjusted loss of 188 million. Was 170 6 mill