AmEx Revamps Platinum Card, Increases Fee

You can also listen to our radio show at two pm Eastern Time on Bloomberg Radio, or watch us on YouTube search Bloomberg Global News. We know that there's a bunch of headlines out there, Charlie and I talking about them earlier when it comes to COVID and the virus among them, UK Prime Minister Boris Johnson warning that quote extra precautions might be needed even after the July he said,

we'll mark the end of the country's COVID restrictions. So we are watching a lot and for what our guest is watching when it comes to the virus, let's bring in Dr Ruth Karen. She's Professor of International Health and director of the Center for Immunization research and founding director of the Johns Hopkins Vaccine and NiTi Shative at the Johns Hopkins Bloomberg School of Public Health, supported by Michael R. Bloomberg,

of course, founder of Bloomberg ALP and Bloomberg Philanthropies. Dr Karen joins us on the phone from Chevy Chase, Maryland. Dr Karen, nice to have you here with us. I want to get into your focus, which is, i know, looking at pregnant women in general. Help me though, make some sense of some of the conversations you all at Hopkins are having when it comes to the Delta variant. So really nice to be with you, Carol. We are following, of course, as is everybody, the progression of the delta

variant very carefully. Um it's certainly it is. It is here in our country, as in many countries around the world, and as I'm I'm sure you've heard, we really do expect it to take over as the dominant strain in the coming weeks. What does that mean when that takes over the dominant strain? Well, meaning that that it will when people are infected with COVID, they will be infected with the delta variant. And the reason that we're concerned about.

That is because we know that this virus is both more infectious than other strains of COVID that we've had before and more lethal. But the really important thing to know and the and the good news and all of this is the vaccines that we have do offer protection against the delta variant. So the best thing that we can do is to get as many people vaccinated as

quickly as possible, and that includes pregnant women. And I know that there's been some debate, you know, throughout this process among those who are pregnant, uh, and trying to figure out what's the best and safest thing to do. Weigh in on this if you would, Yeah, So I'd like to say a couple of things about this, And and I very much sympathize with um pregnant people and with their provid iters, because one of the problems we have is that pregnant people were not included in trials

of the COVID vaccines. There are some trials going on now, but so UM these individuals and their providers had to make decisions initially when there wasn't much data we didn't know about the safety of these vaccines, and pregnant individuals. That situation has largely changed. UM. We are collecting data we have been since January about the use of these

vaccines and in pregnant people. UH the CDC has maintained a registry of of pregnant people who get the COVID vaccines, as do many other countries around the world, and so we have increasing evidence of the safety of these vaccines in pregnant individuals. It's also really important to know and I think UM the CDC makes makes a good point about this, as do many There's the pregnant people are really elevated risk of severe COVID disease and death compared

to non pregnant people at the same age. So it's really very important for people who are in positions of making decisions about whether UM to become vaccinated to understand that well. And I also think what's really important in understanding Dr Karen is understanding what this vaccine does. And I think there's been some misinformation out there about it changes genetic code and help us. And I know I've done this. I've gone to doctors many times throughout the

past year to understand exactly what's going on. And you know, in later months. Obviously, what what this vaccine is all about? Can you explain it again, exactly what this vaccine does.

So these vaccines UM, whether they're the the mr in A vaccines UM, the MODERNA and the Fiser bio and Tech, or the Johnson and Johnson vaccine UM there each those are made a little bit different ly, but they have the same end result, which is that they have your body produce UM does the COVID nineteen virus spike protein, and then your body makes antibodies to that spike protein and that's what protects you against COVID nineteen. UM. These

are not UM. These are not vaccines that can integrate into your genetic material, change your genetics, or change the genetics as the fetus or a baby. These vaccines don't have any effect on fertility. So I think those are both important things for people to know. Agreed, And I'm so glad you laid it out. Dr Riath Karen, Professor of International Health at Johns Hopkins Bloomberg School of Public Health,

joining us on the phone from Maryland. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes. Tim Stinovic on Bloomberg Radio chairs of American Express. They're up about one percent in the Thursday trade. The company up and the upping the anti to win more premium card customers. But yeah, as Charlie mentioned, it's going to cost more here with what they are doing and exactly

maybe why they're doing it. Bloomberg News Finance team Sally Big while she's in our Interactor Broker studio, so later at for us what Amex is up to. We've kind of talked about it a little bit, but lay it out for us, Sally, Well, I think companies are really starting to pull out all the stops again to lure customers to take on new credit cards after they retreated from some of these kinds of deals during the pandemic

because we weren't traveling right in. Amex is known for its travel perks exactly now the economy is reopening, traveling travel is firing up and folks are shopping and dining out, and Amex is adding a number of perks to its Platinum card. And let me tell you a bit about them. They include two hundred dollars in hotel credits and deals chartering private jets um which of course you know that's sort of exactly my um my jam there. Um. And it's also branching out a bit from its typical dining

and travel offerings. Um, it's offering card hold just whole is twenty dollars a month to use for digital products like Audible, as well as twenty five dollars towards high end gym Equinox. So yeah, they having having to be a bit more creative in a bid to keep their affluent customers because of course, yeah, people haven't been able to travel during the pandemic, and so they've had to go a little bit beyond the normal travel and entertainment time.

So it feels like it's much more of a lifestyle card or trying to become more of a lifestyle chart card. It's not just about people who are traveling to cool places. I mean, they kind of got a SmackDown right during the pandemic, like a lot of cards. But nonetheless it feels like they've been thinking about it differently. Yeah, and it's spent months working on this card under the code name Project Pentagon, and it is going to cost you. It's um annual fee is going up from five hundred

and fifty to six d um. You know, credit card companies they don't want to lose their best customers, so they pay a lot of money upfront to acquire customers via advertising, via sign up bonuses, and actually that can make the investment quite hard to recoup um. There are analysts estimates out there that for the Chase Sapphire card, it took them some five and a half years UM to make good on the investments they had to put into little customers, because of course that was a hundred

thousand points as a sign up bonus. Well, and it's interesting I'm thinking about the cost of it. I mean almost seven dollars. That's pretty steep in comparison to even some of the premium cards that are out there, right, Yeah, I think most people it's generally five hundred dollars, isn't it um, Which is a lot of money. It's still a lot and you get that in exchange for special access to airport lounges, extra rewards for travel and spending

and other perks. But given much of those were halted in the pandemic, yeah, they've had to come up with other ways to entice customers sell. Generally speaking, these bank cards are these, um, I mean American Express, this is what they're all about. But I even think about some of the banks that have cards, how important are they as a revenue source? And I think about for American Express in particular the platinum, the high end. I guess I'm assuming among their card members they might have more

green cards, right American Express card. I know, the travel like we have Bloomberg Travel, right, like we have American Express. I mean, where do they make the most money? Is it these high the higher end cards? Is it to travel the business travel? Yeah, I think it's the premium, the higher end UM. And it's been tough for them. They've been in a bit of a bind because it does cost them so much UM for to build up these high end card offerings. And so that's why it's

so important for them to retain their customers. UM. But also don't forget, you know, they had to set aside a lot of banks had to set aside or card lenders had to set aside extra provisions to cover suring

loans last year, which also pinched their profitabilities. So they were facing they were being confronted with some pretty tough forces there um And but actually still that said attrition levels weren't actually that high for premium cards um at KPM City and AMEX, So it does show that their efforts pay off to keep hold of those premium customers.

The more afluents, right, the last thing they want to do with somebody like snipping up the car and cutting up the car, right, because it's yeah, I mean, the longer you stay with it, the and the more likely you already used that card if you've got it in your wallet. Um, it's a loyalty thing. Such a lot of money. Seven. Uh good, good. Good to get the breakdown of what they're up to, Sally Bake, Well, she's our finance team leader at Bloomberg News. Here in our

Bloomberg Interactive Broker Studio. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. So this story, it's our Bloomberg Big Take today. It's also in the heigst issue of Bloomberg Business Week, which is hitting newstands now, online at Bloomberg dot com and on the Bloomberg Terminal. It's story about robbing the Xbox Vault. For more on this in story inside Story of the ten million dollar gift card g Yep, you heard right

here it is. Let's get to Bloomberg Business Week Features editor Max chaff and he is responsible for putting this heist issue together. He's here in our interactive broker's studio. Uh, this is this issue. First of all, really is your baby? I know Joel created the idea a few years ago, but then he said, all right, Max, put it together. Yeah, and you know, it gets more and more fun every

year every year. I think there doesn't really well, you know, it's uh, it's just you know, as you said, it's a whole issue dedicated to basically true crime, and it's our opportunity to try to give people some, um, some interesting fun stuff to read in the beach. Um. And as you said, you know, one of one of the stories in the issue is about this crazy gift card scam.

You know, you you sort of think of gift cards as being a nineties phenomenon, which of course they are, but they they continue in various forms to to power a lot of the commerce that that happens, uh, you know online and and this Microsoft Contractors basically a junior engineer, uh, discovered this loophole to basically print an unlimited number of gift cards for the Microsoft Xbox, which is their you know, video game platform. What's great about this is this Microsoft

engineer was hired to find problems in the system. Kind of right. He found a problem, he just did not report it. Um and it's it's funny. The writer Austin car gets into the the investigation and you know, Microsoft often initially thought this was you know, some some external hackers, you know, maybe a really sophisticated operation. Uh. You know, it turns out, I guess this is often the case with with crime in general. But you know, turns out it's a it's a much simpler scam. Basically, this guy

was guessing his colleagues passworks. There were other people on his team with passwords such as you know, very secret one to three and things like that. So it's a nice reminder that you gotta work remember your password security. Make them a lot more complicated. Did it take a while though? I mean well, first of all, in the process, he actually racked up a bunch of money, right, yeah, as you said, ten million bucks. The basic con worked like he got the he got the gift cards, and

then he would go on the Internet. There are these websites, one of which is called packs Full, where people trade these things. It's just like another financial product basically. And we we talked about the way that which gift cards are kind of you could think of them as a virtual currency, not not on like bitcoin. So you can take these gift card codes, you can swap them for crypto. You can then basically, you know, launder your crypto and

then at the other end, you've got cash. And he's using that to buy real estate, uh, you know, high end vacations. And when the police caught up with him, it's one of my favorite details of the story. Had a list of of his basically a shopping list which included things like one yacht and seaplane, which you know, it's just a fantastic detail. He's just you know, aspiring

to these things. You gotta have a seaplane. Um, Hey, just want to mention a headline Financial Times Robin Hood targeting evaluation of at least forty billion and it's I p O. We talked about that I p O earlier. I do wonder Max, when you guys are going through in Austin's going through this process, I mean it requires going through a lot of legal documents right to tell the tale. Yeah, yeah, Austin I think went through it

says in the story, you know, thousands of pages of documents. Uh, you know, talking to basically investigators, people who are involved in the case. Um, you know that that that's kind of the fun of a story like this is where it's it's all sort of laid out there. And of course prosecutors are you know, really good at at at telling a story, but often when that story is gets buried in just you know, just reams and reads the documents.

And also, you know, a case gets sort of covered by the press early, like when it first happens, but then you kind of miss all these you know, really you know, wonderful and interesting details. And you know, I I would be shocked if Austin is not getting calls from you know, Hollywood producers and things like that, because it really it does have the kind of stranger than

fiction quality to it. I feel like the whole magazine has a bunch of those cinematic uh store are those stories that would play so well on the big screen. I mean, this is what's interesting. It's it's not you know, fiction, this is reality. Yeah, yeah, absolutely, And I do think this story, you know, first of all, it really makes you think about about these digital currencies because one of his big legal arguments in the in the case was that you know, hey, this isn't a crime because these

things are not real. Microsoft is just making up these codes and then giving people free stuff. It's not money. But of course it is money, you know, because he was able to buy stuff, and Microsoft has then taking the laws for it. So of challenges your sense of like what, you know, what is money and and and that sort of thing when you look at the whole issue overall, the pandemic, I know, the issue gets into the magazine, the heighst issue gets into that the pandemic

was right for fraud. Yeah, absolutely created situations that were right for fraud. I mean, just just a fun fact, the number of romance scams went way up during the pandemics. I think it's when you meet somebody on the internet and then they started asking you for money. Um, but it makes sense, right because everyone is stuck at home,

they had a lot more free time. Um, there may be feeling, you know, more vulnerable than normally, and and that obviously leaves us, you know, vulnerable to to scammers, and we saw a lot of that. The story, the the issue has you know, a couple other kinds of pandemic related scams. But I do think there was a it was a moment, you know, in addition to the boom and you know, uh bread flower and beast and things like that, there was a boom for for fraud. Listen.

I had a conversation a phone call. They were so persistent. They're like, we're we work with your healthcare company. You can actually get things like sunscreen and all these like consumer products that were I guess broadly considered healthcare types of products, and they had I'm not stupid. I don't think I am. But I was like, oh, well, maybe that's a new thing that our healthcare plan is doing.

If I realized when they were asking for all this information that if they were part of my healthcare plan they should have had there was a lot of things going on. Yeah, yeah, absolutely, And I think Max didn't say I wasn't stupid. I just noticed that there was no backing me up. But that's okay. I still like, you do not give your personal information to random stop.

I didn't do that. Uh yeah. The the I think we're really we're only probably beginning to reckon with all the ways that the pandemic you know, change things and created weird opportunities and and this is certainly one um, you know, another another thing that you know, it's getting a lot of chatter. It's mentioned briefly here is just

you know, benefits fraud. Obviously a lot of people were applying for government benefits that that that creates a huge opportunity for scameras, you know, and it goes on and on, lots of you know, fake medical stuff as well. I got a favorite story. Can you do that? Do you have a favorite child? I hope the reporters are listening. So if you, if, if you should read this Xbox story, and then you should also read this wonderful piece that

we posted yesterday about an Instagram influencer. This was like a big time fashion guy. He was working with all the big brands, and he was also a really epic money launderer. And so it's a it's a wonderful yarn that that you should check out. And you think ransomware is the big problem, but this story gets into we only have a few seconds, gets into really what's the problem. Yeah, they're they're called b EC scams um and this if you work in the in an accounting department or stuff,

you probably know about this. This is it's it's like the dumbest scam there is. But basically someone convinces you to to tech to wire money to the wrong place and huge organizations fall for this. That dude, by the way, has some great nicknames, but we're not gonna give it away. You're gonna have to go pick up the magazine, go online, or go on a Bloomberg Max Chafkin, Thank you so much you put the magazine and that Heigst issue together.

You're listening to Bloomberg Business Week with Carol Massier and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. So earlier this week I got a chance to moderate a Bloomberg panel on how we work, How leaders are leading and organizing for the future to make sure that they and their teams have what they need. All of this we know is impacting employers, relationship with employees, clients, customers strategy, and really attracting new talent. The panel was sponsored by

the Boston Consultant Group BCG. One participant was Tamla Oates Fourney. She's Senior VP in chief People Officer for Waste Management, A really great voice on this panel. She's kind enough to join me once again to talk about this topic. She is in Houston, Texas. Tamla, it is good to have you back with us that panel. I learned a lot. I've been talking about it with some of my colleagues.

We are kind of finding our way forward when it comes to what is work, what's the relationship between employees and employers? How do you all see it at Waste Management? And you are a company that your workers had to keep working um when the pandemic hit because they had to be out there cleaning up after everyone collecting garbage. It was a crucial service, absolutely, I will tell you that.

And I heard you talking earlier before I joined about the competitive nature and the workforce, and we are seeing that. In fact, it was something that we were experiencing even prior to the pandemic, and so we were looking at ways to really augment and showcase the value of a w M job that far exceeded that of a take

home pay. And we recently launched this new program known as Your Tomorrow, where we're providing debt free educational benefits for our employees and beginning in January two, it's going to be a benefit that's not only intelligible for employees, but their dependence as well, meeting their spouses and their children. And we think this is a creative and innovative and competitive way to want attract people to waste management, but not only attract them, but we came them, tell them

this is this is this is a big deal. Why did you do it? And and can anybody access this? And anybody's family accesses? So why did we do it? One? Because there are a couple of things. One, our employees were asking about educational reimbursement benefit in its traditional senses,

but it's something that our employees were interested in. But when we looked at the old model, it was more of a reimbursement, so the burden was on the employee to find the school and university and they would have to come out of pocket upfront and the company would pay for that. So we were looking at options for an educational benefit and we discovered Guild Education, which has

been a phenomenal partner for us. And with Guild Education, every employee that's the full time employee Waste Management is eligible for the benefit so long as they've completed ninety days ninety days of free employments, they have to go to a probation area period, but on the ninety first day.

This is yet another benefit that we offer and through Guild, once they apply for the benefit, they get an education coach right and they will help them determine what opportunities are best aligned with their interest and also their career aspiration that's aligned with us at Waste Management. So once they come on they are eligible for the benefit and the next year their family members will be eligible for the benefit. And we looked at this for a couple

of different reasons. One, we know that we're going to have to reteal really fast and we needed an educational partner that could help us up steal and refel the workforce to be aligned with the changes that are happening in the workforce. So we were I would like to say we were proactive and we were ahead of COVID, but once COVID hit, it really just exacerbated the need and this was a really a good program that we're offering.

We launched it in April of this year well and as you said, I mean we saw this pre pandemic. You know, employers were beginning to fight for workers. You don't want to lose workers. It cost the company when that happens, absolutely absolutely on average, if we look at the our drivers and technicians, you see will those are the ones that are most critical to our our survival as a company. If you and we were seeing that on average, it's about twenty three thousand dollars or more

a year to we we lose a driver. So we can't afford to do that. And you think about COVID and the demand for drivers and technicians have increased exponentially. You have companies that big box stores that are you know, um, they have more customers, and more customers generate more products that to have to deliver and ship from different places, so they have to hire truck drivers and so the demand has gone up, but the supply is somewhat dwindling.

I'm the mother of two gen zs, and most gen Zs are not thinking about a career driving a truck, and so what we're trying to do is bring them into our organization. We're looking at them not just for a job before the career, and our program has called Your Tomorrow because it talks about how we're planning and supporting you on having a career not just for today, but for tomorrow. And we have to have a way

of getting them in. And this is something that is addressing a need that a lot of people have in terms of education, and we're solving net for them. And I think this is going to put us at a competitive advantage. Tamla's you know from the panel, we talked for an hour, and I could have talked for more hours because several more, because there's so much to unpack. We just have about forty seconds left here. Help me with the debate between workers staying at home workers in

the office. There feels like a disconnect. The financial sector really wants all the workers back in the office, but when I talked with the broader corporate America, it feels like it's a bit mixed. How do you think it's going to plan? Again? Just got about thirty five seconds. Sorry, so no, I think it's going to be a hybrid. I think it's gonna be all the above and not one or the other. I was on a panel with

another panelist. In what they were saying, I was saying I'm gonna talent war, and they said it's not a war any longer. That talent has won the war, which means that they have more say in terms of how they work, and so to the extent the companies can be flexible and adaptable to meet the needs of the workforce, that's what's going to make them an attractive employer of choice. So I think it's gonna be all the above. All right, great stuff, Thank you so much. Come back soon, Tamla.

It's Forney. She's senior vice president, chief people officer for Waste Management, joining us on the phone from Houston, Texas. And I'll later on kind of post the panel she was a member of because it was just such great insight. I'm roo macro journal now. But you let me drive. No, no, no no, drive home, honey, please, I'll do the righting drivel Let me. I want to drive, Just drive, baby, the questions trying. This is the drive to the Globe Commune. Thanks.

We'll drying us to dawn on Bloomberg Radio. Just about ten and a halfnts left in today's trading session. It's the first trading day of the third quarter, and we do see some games As Charlie mentioned in the SMP in the down text, ducks are really lagging. Let's get to it. Count down to the closing bell. Here with J. J. Kinahan, Chef Bucket Strategies at t D A Merriage Trade. He is with us once again on the phone from Chicago. JJ. How's it going, Hey, Carol, Good to be with you.

Think revenue, Well, it's nice to have you here. We're kind of tiktoking down to the monthly jobs report tomorrow. We know that's a key metric, something that the FED watches. How do you see it, how do you see it playing out in the markets potentially? Well, uh, you know, obviously people are pretty optimistic going into it. I think that there's a couple of things you want to look for in the report tomorrow. The first thing, of course,

is always the top line numbers that matching up. But what I really want to look at tomorrow is where are the jobs being created in one area. I'm really going to focus in on this hospitality and leisure. You want to see that people are going back to, you know,

working restaurants, working bars, working hotels, et cetera. Normally, when you're building employment, it's not a place you look for to build employment longer current, but where we're at now in terms of recovery and cities and towns opening up everywhere, those are the jobs that seems to be uh where people are having the most couple of filling. So it

would be great to see those jobs come back. With that that may lead to a little bit of a disappointing wage number if we can outperform, because again, those aren't jobs that normally pay as high as hourly wages as they rely on. So those are those are two of the main things I'm going to look more in tomorrow's We are increasingly though, hearing about wages, even for fast food workers for those in the hospitality industry, that wages are being increased to entice workers to come back.

Is that gonna be problematic for companies when we get into earnings, um it, maybe, But what I would say is in the shorter term, not necessarily, because I think the bigger things many companies are suffering from right now is the ability to serve their clients at the rate they're used to being served. So if you can increase sales, that's going to more than be offset by the ways increases now, of course that's that's it's a very tough scale.

Let's tax it. And I think that for the next year, that's going to be something that sort of plays out in real time for us as we get to see these earnings. The one thing that may lead to carol is actually some uh, some of the bigger, the bigger fast food chains. Maybe they close some of the restaurants that aren't as efficient or making as much profit. So that would be the natural I think, uh, sort of derivative of this playing out if those expenses start to

become too hot. Do you think we could see a rates market adjustment if for some reason we get hotter than forecast monthly jobs report to more, especially after the last two months have been disappointing. Uh, you may see a slight one. I don't see the spee just coming off FED meeting. I don't know that I necessarily see this being more than an important data point unless there is an absolute huge miss or an absolute blowout number.

I I just don't see this as being that sort of number that lets us going crazy on rates one way or the other. And it's to your point, though, there's so much going on, you know, on the lead and you guys talking about crewe oil. Obviously, the data expense is one that hits people directly in the pocketbook, very very quickly, faster than any other commodity going up. So that combination may lead us to a problem in the fall. But I think people are so anxious to

get out right now. Summer vacation plans have been made, people are not changing them in my opinion, because they've had a few months to save money. Also, in the short term, when we go back, when kids are back in school, when the normal you know, I'll use air quotes on that life returns, people are back at work, normal expenses, That's when I think you may see the result of gasolene prices being higher start to affect the consumer.

And that's when we have an opportunity where things could either lead to inflationary pressures or probably works yet a significant cept back and spending. You guys at t d amrit trend you can see trends flows where our investors, you know, increasingly allocating money. Where's the interesting hotspots in the equity markets. What's been really interesting to me is to watch over the last uh six weeks or so, is we've seen the nasdack stock, particularly the thaank stocks

start to lead us higher. How Apple and Microsoft. You know, we had this dip in May and people came in to buy it, those two particularly, but the fame stocks in general sort of leading the way. Those two I call out because what's interesting to me, Carroll, is they get the buy the dip mentality, the trusted blue chip if we go down the lot of perform. But then on the upside they get the great benefit of being

viewed as growth stocks. And so with that, you know, it's kind of a double whammy they give every stock would love. So they started and I think people are starting to trust more technology now outside that, over the last couple of weeks, we're starting to see some of the chip makers, etcetera coming to favor. And you know, the one stock has been a consistent buy for our clients the last few months has been four and uh, Well, the reasons that it makes sense to me is they

we know that they're really good and distributing cars. They made a bigger commitment to electric vehicles, and let's face it, in terms of a pure price point, if you want to play it, you have our stock that's trading just under fifteen dollars, so people can certainly afford it as part of their uh you know, and all account sizes, so to speak. There's a stock that's very affordable, that's you know, proven that they can distribute the cars. Now

it's in the F one fifty. I think there's a lot of excitement around the uh you know, the e V of the F one fifty. It's wild because if I look at yours A four J J, it's up almost se so far this year. But as you mentioned, it's got a pe whether it's forward looking or current, of about twelve twelve thirteen. So as you say, still affordable. Where don't you want to be in this marketplace? I think that the toughest question right now is I won't say you don't want to be there, but you have

to be patients financials. I just don't see this rate picture, uh the Tuggle war in my opinion, between is UH inflation passing or is inflation here to stay? The tugg A war is going to continue for a few months. So with that, I just don't see rates moving significantly one way or the other. So if you are going to be long financials heading in the earnings knowing that some have already said that they're trading revenues are going to be down, interest rates haven't necessarily done them a

favor over the last quarter. That that's one that it's going to test your patients if you buy, not saying that by the end of the year it won't turn out well. You just have to be aware of that as we had an earning season financials. By the way, everyone your second best performing major industry group in the S and P five up about energy of course, a top that list. P twenty seconds here, JJ, gotta be quick.

Would you buy energy? Though? Even considering the run in the bounce back we've seen, I think you have to watch freed and we're just at seventy five right now, it should run into some resistance about a dollar up from here between seventy six seventy six and a half. I think that's actually the key area for at the breakout in those energy stocks to respond to the upside gonna run. Hey, have a great holiday weekend. J. J. Canaan, he's chief market strategist over a t D A marriage trade,

joining us on the phone from Chicago. Thanks for listening to Bloomberg Business Week. Download the podcast on iTunes, SoundCloud, or Bloomberg dot com, and you can also listen to our radio show at two pm Eastern on Bloomberg Radio or watch us on YouTube. Search to Bloomberg Global News