Through heat. The report out of the university of hawaii says 30 of people globally ask. s heat Strong Enough to be fatal. The study shows that figure could climb to 70 by the end of the century if Climate Change continues at current levels. News 24 hours per day powered by 2700 journalists and analysts in more than 120 countries. This is bloomberg. Julia live from bloombergs world headquarters, i am julia. Scarlet im scarlet fu. Joe and we are 20 minutes from the close of trading in the u. S. Julia it is the tech stocks that are the session winners. Miss . Hatd you scarlet meters harvester theresa mays election defeat preparing for an amazon monopoly. Amazon owned hold foods owned whole foods look like . We look at the latest on his fouryear legal battle over fannie and freddie. Julia lets take a look at where the average media averages stampeded bloombergs Abigail Doolittle is standing by. Abigail we have the dow and s p 500 and the nasdaq all trading higher. , both of those indexes on pace for their best session since june 1. The nasdaq up one and one quarter percent. Really nice there driven by technology. We will be taking a look at that. Lets take a look at the haven assets. We have the 10 year yield higher by four basis points. We also have the yen trading lower against the dollar. Not having much of an appetite for those haven assets. The banks standing at 3 since that tech selloff started. One we certainly not seeing today. Many are talking about this as a sector rotation out of technology at the time into the banks. Chief equity strategist here and bloomberg. Raising rates and certainly has helped this sector. There was a selloff they are but not today. We are looking at a nice rally. Microsoft, facebook and amazon. 70 of the pullback we have seen. Egg mentality. Ne take a look at 516, this is a longterm chart in the s p 500. And then much35 lower, close to 15 . That is why it is important to see whether the rebound can continue. Time will tell. Miss . d you this is his administration tries to harness Silicon Valleys the innerto upgrade workings of the u. S. Government. Here with the latest and what to keep our eyes on in washington dc is chief washington correspondent kevin cirilli. Start our conversation on the agenda of the administration that is tech week. What are we expecting . I spoke with a consultant lobbyist earlier this afternoon to get the lowdown on what exactly the Silicon Valley executives are going to be discussing with President Trump area first on the agenda is going to be this the subprogram. Silicon valley world has had its differences with the trump administration, particularly on the issue of immigration. I dont anticipate there to be any age or announcement on the fund. Notice what is happening in france in which the more centrist movement has been able to recraft policy, particularly around workers. I think Silicon Valley has the same thing. Would know Jared Kushner actually made his first remark is the inauguration of the president. He was a driving force behind this meeting. Take a listen to what he told reporters. Analyzing and auditing our current infrastructure. Federal agencies currently operate 6100 data centers. The vast majority of which could be consolidated and migrated to the cloud, something a lot of you know a lot about. What Jared Kushner is hoping to do is align the ceo and companies to help streamline and bring the government process up to speed. I want to interrupt because we have a headline that says the white house is said to consider a new role for sean spicer. No final decision has been made by the president , but according to two people familiar with the situation, they are said to be considering hiring a new press secretary. This is something we have been speculating on for quite a while now. Tell us about what role sean spicer might move into. I can tell you i have spoken with several sport several sources who expressed frustration with how he has been able to craft policy. Defenders of sean spicer note it toincredibly difficult execute any type of communicative strategy when the president himself is going around that strategy and tweeting whatever he wants. He has done what he can in order notell the job, we should sean spicer somebody who is respected in washington. Somebody who worked with reince priebus, the chief of staff when rice praised this when reince previous was chair of the rnc. If he is to assume a new role, we should note he would be able to fill craft communication policy, but to be able to do so without standing behind the podium, that is part of a larger trend. Who exactly they are looking at to bring in remains to be seen. Business this is the latest in the development. Sean spicer, no matter where he have a very Important Role to play in conservative politics. Indicates heing may move into a senior strategy role. Shakeupof a white house that has been in the air for a while. His name has been floated in the hot seat. We havent seen anything significant. What is going on here . From the broader standpoint there is frustration amongst the staff and amongst lobbyists. There are a lot of competing interests. There is information about strategy but it is the president who keeps tweeting. That is something theyre are going to have to figure out. Great to chat with you. Hearing more about politics and technology with an exclusive interview with facebook ceo facebook coo. Joe Senate Democrats will begin a full press court to highlight efforts to overhaul health care. The protests are an effort to draw attention to how gop leaders are crafting a bill behind closed doors. We are joined by bloombergs congressional reporter, who joins us now from capitol hill. A lot of people pointing out it is pretty unusual, the level of secrecy that is being conducted in the drafting of this health care bill. Are these accusations fair, would you categorize them as is it quite unusual . Been extraordinarily secretive. No paper shared with the public. The senators are watching powerpoint presentations but none have handed the public or the press and actual document people can get their hands on and say this is how its going to affect my health care. They are negotiating amongst themselves but there is a lot more attention now because they are getting close to the finish line and you have a lot of senators who dont want to share the information until those final agreements are made. Wind have a public chance to weigh in before a vote. The story of used to me. You can suggest that the democrats have been doing their best to keep all the accusations surrounding this focus ination in regards to the russian collusion investigation. Is a realization that behind the scenes, republicans are furiously trying to come up with some kind of health care bill. Force it out to because they know even that is incredibly unpopular two. Can we suggest that is what is going on here . While there have been some Senate Republicans focusing on the russian investigation, most these republicans are in closeddoor meetings, trying to write this bill. To some degree they have had a reprieve. Democrats want to stop talking about russia so much and talk much more about the health care bill, which could potentially be on the floor. This is go time here, the crunch time. Are going to see democrats tonight put a pause button on Senate Business to get more attention on it area on it. The president was heard to be calling the House Health Care bill mean. Does that mean changing the dynamics as they negotiate secretly on this . I think a moderate Senate Republican was to make the bill friendlier and not have as much of the tax cuts right away. They have a little bit more ammunition. Keep in mind a lot of Senate Republicans want those tax cuts and still want to have maximum flexibility to get rid of regulations for preexisting conditions. They have to square that circle and it is not clear they are going to be able to get the 50 votes they need. Bloombergs congressional reporter on capitol hill. The white houses plan to privatize air Traffic Control. This is bloomberg. Time for a look at the biggest business stories in the news right now. Chinese billionaire jack markell alibabastroit for gateway 17 conference. To learnevent how to succeed in china. To create one million jobs in the United States. A new investment valued at 5. 7 ilion dollars. Private equity firm invested 450 million in the Producer Program on everything from sports to their marijuana culture. To the marijuana culture. That is your Bloomberg Business flash. The trumps administrations plan that from bed ministers plan to privatize air control elaine chao spoke to bloomberg at the Paris Air Show in defense of the plan. For anyone who has experience congestion, they know why the president has made this historic decision to separate out air Traffic Control from the government. The faa is two parts. It is an air Traffic Control safetyd a regulatory part. In 60 other countries throughout the world, the operating unit is separated from the regulatory safety ask that. As part of the government, the air Traffic Control system is disadvantaged in being able to access the most uptodate technologies. Theme assure everyone american airspace is the safest in the world. But to maintain its competitiveness and efficiency, because we are going to have a billion passengers by 2020. Integrate newg to unmanned vehicles like flying drones. The airspace is increasingly congestion and we are experiencing delays in congestion right now. If we do not do something now to repair the system to be of a take it vantage of the new technology and ensure that the air Traffic Controllers, or working so hard to ensure that our system is safe get the best equipment that they can, we need to do that. It will be paid for by user fees. There Traffic Control system will be liberated from the constraints of government. They will be of access the most uptodate technology. User fees will fund of the system as they do right now and great news is 100 of the user fees in this newly created nonprofit cooperative would be pulled back into the system for further investment. Piled backre not into the aviation system, it goes into the aviation trust fund. Fees er nothing will change. There is no physical movement of assets. In the merely a change government structure and financial structure. The user fees are finding the system now. They will continue to fund it in the future. The advantage is 100 of the user fees will be able to be reinvested in the air traffic system, which currently it is not. Defers and delayed is happening . We are still try to figure out what would happen with health care. The administration is facing problems when it comes to the investigations taking place. Is that acting as some sort of block to the things you want to get done . We have to work in partnership with the house and the senate. To assuage concerns of general aviation, who are concerned about user fees and access. We want everyone to be comfortable, so we work very hard with all the stakeholders to make sure that all of their concerns are addressed. A full partnership going ahead it would not be the best system. Want to enhance safety, enhance the ability of hardworking men and women in the air Traffic Control system. In the past air Traffic Controllers union has endorsed the concept of liberation from faa. And getting out of the government, so they could have the best equipment in the world to use, which is what they want. Was secretary elaine chao, another member of the president s cabinet will be speaking tomorrow. At ain for Steven Mnuchin 7 00 a. M. Hour. From new york this is bloomberg. Scrubbing how recent market moves have affected the sectors in the s p 500. This is the relative rotation graph. I want to start with the leading quadrant. They are leading the market and not surprisingly on a they were the nasdaq is outperforming the index, it is far and away the leading sector here. We also have four other sectors. Consumer staples and discretionary. What has been weakening is financials. You can see other sectors including telecoms and energy companies. You have a story of growth tromping value. This plays out over the last 12 weeks, which is the equivalent of a quarter. We have real estate, Real Estate Investment trust. And industrials as well. Notable for many sectors, almost half of the s p 500 in the leading sector as the s p 500 continues to hover around record highs. We have also seen rotation into other parts of the world. If you look at the chart behind me, the yellow, china the white, purple is mexico, the red is greece. The blue is russia. More than 20 in dollar terms year to date, but what you may not know if you are not an avid investor is that the yield curve are all inverted in these countries. We are talking longterm bond yields. The development would be a bit of a problem for equity markets. All been guys have pretty resilient, as you can see. I guess the question is if flat to mean economic contraction, perhaps we need to take a closer look at these markets in relation to the bond market. Speaking of something that is not done well, the shipper announced a stock split. There have been so many reverse stock splits that one jurist trading of the equivalent of over 35 million per share because of all the stock splits. That is not a great performance. Can expect more of those perhaps. The market closes next. Take a look at the major indexes. 1. 4 , tech back on top. Fresh records for the dow and the s p. Joe if you are tuning in live on twitter we want to welcome you to our closing bell coverage every weekday. Scarlet we begin with our market minutes. The s p and the dow making fresh record highs. It was a green day inequities. And the Interest Rate tightening cycle would herald the economy if the fed were to do that for now. It was a risk on day. Joe its like a distant memory. Gainet almost twice the of the smp end the dow. As i look at the sectors in the s p 500, i look at the level two of s p 500. This breaks up into 24 industry groups. You will notice most of the best performers are technology. Software and services, clearly the tech name dominating here. E posting ceos are gathering in washington dc, making their case to the washington white house. On the other end of the scale, youe look at the laggards, have energy off by 8 10 of 1 . The run proxy is falling. Telecoms off by a quarter of 1 . None of them seeing a whole lot of Pricing Power as they undercut each other with better deals. And apple, as we mentioned up i almost 3 . Have qt, offde you by 9 . It will become the largest gas , holding 6. 7 billion, clearly investors dont like that. Lets take a look at the government on the markets. With the very fitting general risk on attitude seen in market. Still pretty low for the perspective of the year. Trading at the highest level of the day. Saying the fed president he was confident the fed expansion has a long way to run. But he is seen as generally being in line with janet yellen. Can we see that with macron . Note specs going into positioning for the first time in three years. Brexit negotiations obviously staying in focused in focus for sterling and euros. I also want to mention on the recommending lawmakers change the mandate of the central bank to focus more on growth than price stability. On the commodities looking at oil and gold. Ongoing anxiety about u. S. Production stymie the efforts to limit the around limit the amount of crude gold a little bit less than 1 . The treasury selloff and a risk on move. And i want to focus on the city the economy i wanted to focus on the state of the economy. The white line is gdp. The yellow line, the one that keeps going up is inflation. Meantime the blue line is where the bank of england is. Of course the cut rates right after the brexit referendum last june. The bank of england has raised Interest Rates since last june. Is problem is wage growth sluggish. The gdp shows signs of stalling out if not stagnating complete only. It creates a policy dilemma. Challenging for mark kearney. And we saw the wage growth numbers. Begun talks have finally in brussels. There was confusion over what the u. K. Government wants from the divorce. The talks are starting on the backdrop of the mounting crisis in the u. K. Thank you for joining us. Does that matter . Does that uncertainty matter as we begin the first phase of this frankly speaking it is hard to figure out what i going to stick to a are you going to stick to a failure . What we do know is the risk on the european side, Continental Europe has diminished. The French Election was very important and i think we are learning that it was important for two reasons, eliminating tail risk, but we are learning it is also important and perhaps macron is the proeuropean to getian that is needed some more dynamic in relation to germany. U. K. Secretary had some comments, putting the best foot forward when talking about the next step for negotiation. Todays today marks the start of a journey. We are off to a promising start. We are taken the first critical step together. Now we have a shared responsibility to deliver quick and substantive progress. On what area should they focus if they cant figure out whos going to be leading the country. The uks willing to cover my eyes and of the key demands. The key thing is these rules that pertain to labor. That was the key sticking point. To compromiseling or they have a very hard brexit. Number come out in cable versus the dollar saying ultimately it is going to be down 120. When we come out of the weekend, it seems to be two or three things together. In forecasting the dollar u. K. Rate, i always forecast the eurodollar rate. I think you have something positive going on in terms of political risk. We always talk about downside risk. We have tremendous political uncertainty. You want to keep