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Speaker 1: Live from the Bloomberg in director Berger Studios. This is

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Speaker 1: Bloomberg day Break for a Friday, January Coming up this hour.

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Speaker 1: Tech weakness again this morning, following yesterday's late day sell off.

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Speaker 1: Netflix shares plunge on subscriber disappointment, Bitcoin drops below thirty

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Speaker 1: nine thousand dollars, and JP Morgan Chase boost Jamie Diamond's

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Speaker 1: pay Following a record year, New York Mayor Adams calls

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Speaker 1: for better coordination between federal and local authorities and fighting crime.

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Speaker 1: Plus high stakes meeting between the US and Russia and Geneva.

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Speaker 1: I'm Michael Blomer. More ahead, I'm John Stasharon Sports another

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Speaker 1: home loss for the Knicks beaten soundly by the Pelican.

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Speaker 1: Is the third round underway at the Australian Open. That's

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Speaker 1: all straight ahead on Bloomberg day Break on Bloomberg Element Trio,

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Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh

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Speaker 1: six one, Boston, Bloomberg nine six, San Francisco, Sirius x

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Speaker 1: M one nineteen and around the world along Bloomberg Radio

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Speaker 1: dot Com and via the Bloomberg Business Set. Good morning,

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Speaker 1: I'm Nathan Hager, and I'm Karen Moscow, and futures are

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Speaker 1: mixed to this morning. We're coming up to six one

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Speaker 1: on Wall Street and we check the markets every fifteen

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Speaker 1: minutes throughout the trading day. On Bloomberg. Right now, SMP

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Speaker 1: futures are little change down, futures up forty five. At

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Speaker 1: NASDAG futures lower down forty nine. The tenuere treasury up

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Speaker 1: four thirty seconds, YELD one point seven nine percent, yield

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Speaker 1: on the two year one point two percent at nine x.

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Speaker 1: Scrude oil is down one and a half percent. Nathan, Karen,

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Speaker 1: we saw a late day sell off on Wall Street

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Speaker 1: spill over into Asia overnight. Let's get the recap on

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Speaker 1: that from Bloomberg's Juliette Sally in Singapore. Good morning, Juliette,

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Speaker 1: Good morning, Nathan and Karen. The m c I Asia

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Speaker 1: Pacific Index fell close to two percent over the coolse

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Speaker 1: of the week, notching up its worst week since November.

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Speaker 1: During Friday session, the texel off from Wall Street flowed

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Speaker 1: through into Asia, with Japan's Topics index floating with correction.

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Speaker 1: D SMC and Samsung ship were dumped, weighing on the

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Speaker 1: tae xin Cosby, along with Ali Baba in Hong Kong.

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Speaker 1: Alibaba Sha is also hurt by a Financial Times report

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Speaker 1: saying China state broadcaster has implicated Jack Mars and Group

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Speaker 1: in a corruption scandal. Australian Stokes plunged to the lowest

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Speaker 1: in seven months, while yields on the tenure fell as

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Speaker 1: much as nine basis points in Singapore. Juliette Sally Bloomberg Daybreak, Julia,

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Speaker 1: thank you. We are seeing witness in nousday futures once

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Speaker 1: again this morning after yesterday's plunge sent the Tech Heavy

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Speaker 1: index into a correction, and we get the latest live

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Speaker 1: with the Bloomberg's John Tucker, John Karen Andrew Yesterday's one

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Speaker 1: point three percent slide from the NASTAC, the Tech Heavy

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Speaker 1: index is now down close to twelve percent since it's

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Speaker 1: November high. Adding to the correction that started this week,

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Speaker 1: investors have been fretting over higher interest rates from the

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Speaker 1: Fed and now add another concern, company earnings have been shaky.

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Speaker 1: Sarah Hunt of Alpine Woods Capital Investors says this is

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Speaker 1: a time when stocks need to stand on fundamentals. Valuations

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Speaker 1: are finally after quite a long period of time and

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Speaker 1: start to matter, and cash generation and balance sheets are

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Speaker 1: going to be very important as we navigate what is

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Speaker 1: no longer a very easy FED policy going forward. The

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Speaker 1: earnings reporting season so far has been uneven, highlighting the

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Speaker 1: risk that may fail to enliven the animal spirits in

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Speaker 1: the stock markets. An investor's face a one two punch

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Speaker 1: of FED rate hikes and the possible reduction of its

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Speaker 1: eight point eight trillion dollar balance sheet in New York,

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Speaker 1: I'm John Tucker, Bloomberg Radio. All right, John, thank you.

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Speaker 1: No One market veteran says this selling is not over.

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Speaker 1: Jeremy Grantham has been calling market bubbles for decades now.

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Speaker 1: The co founder of Boston based GMO says the historic

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Speaker 1: stock collapse he predicted a year ago is underway. Grantham

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Speaker 1: says even intervention by the FED can't prevent an eventual

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Speaker 1: plunge of almost fifty this time. Trend is at most

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Speaker 1: and I would expect even if the Federal Reserve tries

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Speaker 1: to do the same, it will be hard to prevent

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Speaker 1: the market from declining to that level. Jeremy grant Them

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Speaker 1: made those comments in a Bloomberg front Row interview. The

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Speaker 1: prospect of higher interest rates Nathan has been putting stocks

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Speaker 1: under pressure now the FED is preparing for its next

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Speaker 1: policy meeting next week. Economist surveying by Bloomberg say the

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Speaker 1: Central Bank will use it to signal a March rate

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Speaker 1: hike than a balance sheet unwind soon after. Most of

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Speaker 1: the forty five economists pulled say the Fed will telegraph

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Speaker 1: at twenty five basis point increase, though two of them

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Speaker 1: are looking out for a surprise fifty basis point hike.

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Speaker 1: Let's turn to corporate news. Now carrying a big earnings

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Speaker 1: disappointment from Netflix, the stock is down twenty one percent

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Speaker 1: in early trading. Streaming service expects to add two and

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Speaker 1: a half million subscribers this quarter. As Bloomberg's Charlie Pellig reports,

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Speaker 1: that is well short of Wall Street estimates. It suggests

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Speaker 1: the streaming giant is entering a new phase of slow growth.

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Speaker 1: In twenty two, Netflix signed up eight point two million

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Speaker 1: customers in the fourth quarter of one, beating Wall Street

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Speaker 1: estimates but leading to the slowest annual growth since twenty fifteen.

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Speaker 1: The company says sign ups have not re accelerated the

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Speaker 1: pre co with levels, blaming a tough economy as well

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Speaker 1: as lingering fallout from the pandemic. In addition, Netflix says

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Speaker 1: it's biggest shows of the current quarter don't come out

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Speaker 1: until March. In New York. Charlie Pellett Bloomberg Daybreak, Thanks Shirly.

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Speaker 1: Another stock Darling during the lockdown era is also taking

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Speaker 1: a hit. Peloton lost almost a quarter of its value

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Speaker 1: yesterday after a CNBC report said that the company is

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Speaker 1: temporarily halting production of its bikes and treadmills. To stock

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Speaker 1: at an all time high last January and a hundred

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Speaker 1: sixty six dollars a share is trading around twenty six

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Speaker 1: dollars in the pre market, and bitcoins moving lower as well, Karen.

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Speaker 1: In fact, it's trading at its lowest level in more

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Speaker 1: than five months. Bitcoin hit a high of almost sixty

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Speaker 1: nine thou dollars in November. This morning, it's just shy

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Speaker 1: of thirty nine on Wall Street. Nathan JP. Morgan Chase

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Speaker 1: has coming off its most profitable year on record. As

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Speaker 1: a result, is rewarding CEO Jamie Diamond. We get the

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Speaker 1: latest line from Bloomberg's NDI A Young Good Morning Rity

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Speaker 1: to Good morning, Karen. Regulatory filings show that Jamie Diamond

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Speaker 1: got a ten pay raise to thirty four point five

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Speaker 1: million dollars for his work. Last year, JP Morgan earned

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Speaker 1: forty eight point three billion, and the move is the

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Speaker 1: latest sign that after compensation pressures emerged last year from

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Speaker 1: the junior ranks up through the banking and trading hierarchy,

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Speaker 1: banks are now paying their most senior leaders more as well.

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Speaker 1: Live in New York, I'm Gonnita Young Bloomberg day Break

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Speaker 1: and Brnita Jamie Diamonds counterparted. Bank of America says his

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Speaker 1: bank expects growth and loan balances in the single digits

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Speaker 1: this year. Brian moynahan says, it depends on the trajectory

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Speaker 1: of the US economy. Well rates go up, yes, four

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Speaker 1: times this year as of prediction. The reality is does

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Speaker 1: that help our earnings? Yes? But the real reality is

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Speaker 1: is that's to bring the economy. Yeah, to take the

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Speaker 1: inflation out of the system. And if they get it right,

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Speaker 1: because the economy is growing very fast and inflation is

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Speaker 1: growing very fast, as that slows down, we should get

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Speaker 1: back to normal economy. Bank of America's CEO Brian moynahan

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Speaker 1: made the comments in an interview with Bloomberg's David Weston.

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Speaker 1: And finally, Intel is making a big move to reassert

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Speaker 1: as dominance in the chip industry. Nathan Bloomberg News has

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Speaker 1: learned the company plans to spend twenty billion dollars on

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Speaker 1: a chip making hub near Columbus, Ohio, until expect it

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Speaker 1: to be the biggest silicon manufacturing site in the world.

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Speaker 1: Futures are mixed and straight ahead your latest local headlines,

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Speaker 1: plus a checkup sports. This is Bloomberg six oh seven

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Speaker 1: on Wall Street now fourteen degrees in Central Park. Got

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Speaker 1: an accident in Roots seventeen and Upper Settle River delaying

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Speaker 1: traffic both ways. And big breaking sports news out of

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Speaker 1: the Australian Open. Coming up shortly. First Michael Barr with

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Speaker 1: what else is going on in New York and around

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Speaker 1: the world. Michael, thank you very much, Nathan. New York

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Speaker 1: City Mayor Eric Adams called for better coordination between federal

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Speaker 1: and local authorities to fight urban crime. Mayor Adams as

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Speaker 1: FaceTime profile violent crimes in New York during his first

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Speaker 1: week's in office. Adam says law enforcement agency should coordinate

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Speaker 1: against gun violence the way they did against terrorism after

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Speaker 1: the September eleventh attacks. That's coordination that stopped planes from

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Speaker 1: flying in our builders must be used to stop bullets

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Speaker 1: from cobbon highways of death in our country, particularly in

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Speaker 1: black and brown and poorer communities. Mayor Adam spoke at

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Speaker 1: the National Conference of Mayors in Washington yesterday. Secretary of

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Speaker 1: State Anthony B. Lincoln is meeting Russian Foreign Minister Sergei

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Speaker 1: Lavrov in Geneva today on Ukraine. During his opening remarks,

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Speaker 1: blink And acknowledged that these meetings will likely not lead

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Speaker 1: to a resolution on Ukraine, but could serve as a

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Speaker 1: test that diplomacy and dialogue are still possible with the Kremlin.

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Speaker 1: This is part of an ongoing effort to de escalate

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Speaker 1: tensions and to prevent further Russian aggression against Ukraine. Yesterday,

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Speaker 1: President Joe Biden said Russia will pay a heavy price

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Speaker 1: of any of its forces move across the border into Ukraine.

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Speaker 1: The largest anti abortion rally in the US will take

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Speaker 1: place today in Washington. The March for Life begins as

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Speaker 1: the Supreme Court appears likely in the coming months to

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Speaker 1: rule on stay eats, imposing tighter restrictions on abortions. A

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Speaker 1: jury of eighteen people who appeared mostly white, was picked

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Speaker 1: for the federal trial of three Minneapolis police officers charged

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Speaker 1: and George Floyd's killing. The judge told potential jurors twelve

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Speaker 1: of them and six alternates. The case has absolutely nothing

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Speaker 1: to do with ranks. Marvin Lee a Day, better known

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Speaker 1: as meat Loaf, has died. The singer was known for

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Speaker 1: hits including that Out of Hell and This Went Paradise

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Speaker 1: by the dashboard Light. Meat Loaf is seventy four Global

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Speaker 1: News twenty four hours a day on air and on

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Speaker 1: Bloomberg Quicktake, powered by more than twenty seven under journalists

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Speaker 1: and analysts more than a hundred twenty countries on Michael

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Speaker 1: Barr and This is Bloomberg. Nathan, Thanks Michael six O

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Speaker 1: nine on Wall Street Time for a Bloomberg Sports update.

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Speaker 1: A shocker in Melbourne, John stash Our, All right, Nathan,

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Speaker 1: that's Naomi Osaka seven. Won two of the last three

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Speaker 1: Australian Open. She had two match points today but lost

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Speaker 1: the third set tidebreaker to Amanda and Nissamova. She's from Freeholding,

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Speaker 1: New Jersey. The top seed is ash Party. She won easily.

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Speaker 1: She's trying to be the first au Se to win

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Speaker 1: the women's singles since nineteen seventy eight. But I feel

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Speaker 1: that out play now. He just won the first set

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Speaker 1: in his third round match. Just a nightmare of a

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Speaker 1: week for the Knicks. They had won five straight home games,

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Speaker 1: were at the Garden for three games in four days,

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Speaker 1: all against beatable teams. They lost all three. New Orleans

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Speaker 1: let all the way pull away third quarter outscore in

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Speaker 1: the next thirty five to fifteen. The final was one

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Speaker 1: oh two to ninety one. The Knicks coach tomp Thibodeaux.

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Speaker 1: We played hard, but we were in play, you know,

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Speaker 1: with the toughness that we needed to in terms of

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Speaker 1: being able to fight through things. So there, I always say,

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Speaker 1: being mentally tough when you face it verse she is

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Speaker 1: not going our way, Just keep battling. You know, your

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Speaker 1: hustle can get you back into the game, and oftentimes

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Speaker 1: that's what changed his things. Clearly a big reason the

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Speaker 1: Knicks not where they were last year the play of

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Speaker 1: Julius Randall. Last light, Randall score only four points at

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Speaker 1: one P nine. Warriors lost in overtime to Indiana, another

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Speaker 1: win for league leading Phoenix in Dallas. The Suns are

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Speaker 1: now thirty five and nine. The next plate tonight in

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Speaker 1: San Antonio, the Rangers visit Carolina, top two teams in

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Speaker 1: the Metropolitan Division. Major League Baseball has rejected the proposal

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Speaker 1: that came from the Tampa Bay Rays to play half

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Speaker 1: their home games in Montreal. Johns stashually wear Bloomberg Sports alright,

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Speaker 1: John Thanks. Futures have turned lower now, with SMP futures

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Speaker 1: down thirteen points. DAL futures had been in the green

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Speaker 1: most of this pre market. They are now down eleven points.

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Speaker 1: NASDAC futures extending their declines down down a hundred points.

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Speaker 1: The tenure treasury is up three thirty seconds. The yield

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Speaker 1: one point seven nine percent. Yield on the two year

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Speaker 1: one point zero two percent. Nimex crewed down one and

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Speaker 1: a half percent at twenty five barrel. Comax sculled down

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Speaker 1: Bitcoin thirty eight thousand, eight hundred dollars. The latest on

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Speaker 1: the pandemic next. Andy Pecos joins us from the Johns

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Speaker 1: Hopkins Bloomberg School of Public Health on a Macron. This

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Speaker 1: the Breakers dot com Today markets headlines and breaking news

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Speaker 1: twenty four hours a day at Bloomberg dot com, the

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Speaker 1: Bloomberg Business at and at Bloomberg Rictape is a Bloomberg

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Speaker 1: Business Flash and I'm Karen Moscow and US dot Index

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Speaker 1: Investors are assessing some shaky company earnings and on the

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Speaker 1: prospect of higher US morrowing costs. If we checked the

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Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg

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Speaker 1: and futures on the S and P, well, uh, there

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Speaker 1: now down thirty and NASTAC future is down one hundred

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Speaker 1: six now, so things are deteriorating. The decks in Germany

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Speaker 1: is down one point six per cent, The ten year

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Speaker 1: Treasury up four thirty seconds yield one point seven nine percent,

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Speaker 1: yield on a two year one point two percent. Nimex

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Speaker 1: forty four and eighty four dollars eleven cents of barrel

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Speaker 1: at eighteen thirty six thirty announced the Euro one point

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Speaker 1: point eight six and Bitcoin this morning moving lower at

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Speaker 1: thirty eight thousand, eight hundred dollars. Such a Bloomberg business flash.

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Speaker 1: Now here's Michael bar with more on what's going on

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Speaker 1: around the world. Michael Karen, thank you very much. Secretary

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Speaker 1: of State Anthony Lincoln has been a high stakes meeting

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Speaker 1: with his Russian counterpart in Geneva over concerns Moscow will

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Speaker 1: invade Ukraine. During his opening remarks, b Lincoln says that

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Speaker 1: the US and other Western allies aren't committed to resolving

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Speaker 1: the situation diplomatically, but promising serious consequences if the Russians

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Speaker 1: choose otherwise. Meanwhile, Homeland Security Secretary Alejandro Majorcas says the

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Speaker 1: US is on heightened alert for cyber attack. The US

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Speaker 1: plans to raise the federal employee minimum waged fifteen dollars

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Speaker 1: an hour. That's according to a report from Axios Big

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Speaker 1: News out of the Australian Open. Defending women's champ Naomi

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Speaker 1: Osaka was knocked out of the third round after losing

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Speaker 1: to Amanda and Nissumova. In the NBA, the Knicks and

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Speaker 1: Warriors lost in the NHL. The Bruins beat the Capital's

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Speaker 1: for three Global News twenty four hours a day on

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Speaker 1: here and on Bloomberg Quick Take, powered by more than

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Speaker 1: twenty journalists and analysts more than a hundred twenty countries.

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Speaker 1: I'm Michael Barr, and this is Bloomberg n Okay, Michael.

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Speaker 1: Thanks at six nineteen on Wall Street Live from the

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Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. We want

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Speaker 1: to focus in on the pandemic now and signs that

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Speaker 1: the omicron peak may have come in some parts of

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Speaker 1: this country first hit by the asked spreading variant. Let's

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Speaker 1: bring in Andy Pecosh, now, Professor of molecular microbiology and

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Speaker 1: Immunology at the Johns Hopkins Bloomberg School of Public Health. Professor.

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Speaker 1: We're seeing the staffing shortage easing in some parts of

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Speaker 1: the country, particularly in the Northeast, after oh Macron first

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Speaker 1: emerged about a month ago. Where do you see this

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Speaker 1: wave going? Well, the first time we have to remember

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Speaker 1: is you know, oftentimes severe disease, those hospitalzations and deaths

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Speaker 1: two weeks. So we still want to keep our guard

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Speaker 1: But certainly good news right now to see that case

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Speaker 1: numbers are dropping down. The real question that we have

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Speaker 1: drop down or are they going to plateau at a

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Speaker 1: higher level maybe something like we saw with the delta variant.

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Speaker 1: That's the unknown right now that we're monitoring. When you

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Speaker 1: say we've got to keep our guard up, we've been

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Speaker 1: keeping our guard up, as you know, for nearly two

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Speaker 1: years now, and there's been pretty uneven response when it

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Speaker 1: comes to, you know, whether to keep certain restrictions in place,

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Speaker 1: vaccine mandates that you get into businesses. A lot of

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Speaker 1: cities and states are making the decision on their own.

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Speaker 1: How do we keep our guard up when there has

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Speaker 1: been this kind of uneven response. Well, one of the

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Speaker 1: things is to always think about your personal situation and

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Speaker 1: making sure that you're doing everything that you can to

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Speaker 1: minimize the um your your risk of infection. And if

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Speaker 1: you minimize the risk of infection, you also minimize the

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Speaker 1: risk in what you're transmitting, and therefore you can make

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Speaker 1: an impact on that on the overall disease progression in

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Speaker 1: the population. So um, part of it does come down

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Speaker 1: to individuals making sure that they follow the right guidelines

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Speaker 1: completely understand um that this has been going on for

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Speaker 1: a really long period of time. I think if there

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Speaker 1: is a silver lining, the large number of cases that

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Speaker 1: we're seeing with a macron is probably going to boost

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Speaker 1: this population immunity to a level where we will probably

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Speaker 1: see reduced ability of a future variants to spread significantly

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Speaker 1: in the population. I hate to predict things because this

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Speaker 1: virus has always thrown us a curveball whenever we start

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Speaker 1: to think we're feeling comfortable. But this really does look

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Speaker 1: like it could be a turning point in this pandemic

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Speaker 1: with respect to our ability to deal with this virus.

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Speaker 1: That kind of prediction I think a lot of us

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Speaker 1: are hoping will pan out. We're seeing testing rollouts, masking rollouts,

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Speaker 1: the Biden administrations dipping into the Strategic National Reserve to

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Speaker 1: make more n ninety five masks available. What kind of

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Speaker 1: impact could that have should it have come sooner? Yeah,

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Speaker 1: I think it should have come sooner. We had signs

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Speaker 1: very early on that almcron was more transmissible than other variants.

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Speaker 1: Um Our stockpiles of the higher quality masks, these k

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Speaker 1: and ninety five, these and nine masks. Um we're around

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Speaker 1: and we should have been distributed faster. Um. You know.

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Speaker 1: The flip side is these masks are not as comfortable

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Speaker 1: as a facial covering to wear, and so they bring

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Speaker 1: other problems in terms of people maybe not being compliant

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Speaker 1: in terms of keeping the masks on for all our times. So,

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Speaker 1: as with most public health things, it's a balance between

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Speaker 1: doing what we can do to minimize the spread of

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Speaker 1: this virus, but also realizing that, you know, they are

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Speaker 1: things that will impact our day and day out behaviors.

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Speaker 1: In a last minute here, I hope it's not too

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Speaker 1: much of a curve ball, but I've got to get

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Speaker 1: your reaction to this hamster kill that's going on in

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Speaker 1: Hong Kong. It's gotten a lot of attention. What impact

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Speaker 1: could that have? Is that the right track to take

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Speaker 1: when it comes to dealing with COVID, Well, we know

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Speaker 1: if there are a number of animal species that can

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Speaker 1: host that that are infected with COVID nineteen. We certainly

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Speaker 1: know that UM here in the US, the wild deer

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Speaker 1: population UM is one that has shown signs of getting

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Speaker 1: in too, but stars Kobe too and continuing to hold

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Speaker 1: that population UM. You know, in Hong Kong there's a

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Speaker 1: there's a strong intervention procedure that utilizes this culling of

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Speaker 1: animals when they pose up potential risk passing pathogens to

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Speaker 1: humans that isn't really present in other places. It's a

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Speaker 1: historical thing that goes back to some avian flu. So

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Speaker 1: it's certainly something to pay attention to you, but the

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Speaker 1: risk of this to the human population is still not

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Speaker 1: very clear and UM main factory minimal. All right, Well,

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Speaker 1: thanks as always for your insights. I really appreciated. Andy

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Speaker 1: Pecos is Professor of lecular microbiology and Immunology at the

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Speaker 1: Johns Hopkins Bloomberg School of Public Health, supported by Michael Bloomberg.

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Speaker 1: He's the founder and majority owner of the parent company

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Speaker 1: of Bloomberg Radio, that's Bloomberg LP. And right now, SMP

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Speaker 1: futures are down twenty two points down, futures firmly in

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Speaker 1: the red now down seventy five points, and Nasdaq futures

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Speaker 1: adding to their declines. They are now down a hundred

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Speaker 1: forty points within AZTAC now in a correction. This is Bloomberg.

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Speaker 1: Bloomberg day Break, brought to you by Audie. Don't let

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Speaker 1: someone else drive off in the outie model you've always wanted.

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Speaker 1: Visit a tri state autie dealer to get behind the

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Speaker 1: wheel of yours Today, broadcasting live from the Bloomberg Interactive

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Speaker 1: Brokers Studio in New York, Bloomberg E Living Freedom to Washington,

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Speaker 1: d C, Bloomberg ninety nine one to Boston, Bloomberg one

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Speaker 1: the globe, the Bloomberg Business app and Bloomberg Radio dot Com.

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Speaker 1: This is Bloomberg Daybreak. It's six thirty on Wall Street.

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Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen most Our.

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Speaker 1: Just about three hours away from the open of u

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Speaker 1: S trading Time for the five things you need to

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Speaker 1: more at ibk R dot com slash crypto. At first,

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Speaker 1: we are seeing more tech weakness following yesterday's a late

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Speaker 1: day sell off. We get the very latest live with

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Speaker 1: the Bloomberg's John Tucker. John Karen then has that correction

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Speaker 1: that started this week has gotten worse after yesterday's slide.

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Speaker 1: The Tech Heavy index is now down close to twelve

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Speaker 1: percent since it's November high, and the list of investor

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Speaker 1: concerns is growing. Markets face a one two punch of

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Speaker 1: FED rate hikes and the possible reduction of its eight

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Speaker 1: point eight trillion dollar balance sheet, and earning season so

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Speaker 1: far has been uneven, highlighting the risk that it may

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Speaker 1: fail to do the heavy lifting for stocks when the

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Speaker 1: Federal Reserve end the East stimulus. You know, York, I'm

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Speaker 1: John Tucker Bloomberg Radio and John. Speaking of earnings, Netflix

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Speaker 1: shares are down more than this morning on disappointing subscriber growth.

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Speaker 1: We get more from Bloomberg Intelligence, Tech and media analyst

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Speaker 1: Key to Ranganathan, the sheet was kind of looking more

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Speaker 1: at a first quarter editions of about six point to

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Speaker 1: six point three million, which would kind of then set

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Speaker 1: the tone for the whole of twenty two we're looking

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Speaker 1: more at like a two two and a half million,

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Speaker 1: which which really now kind of I think adds to

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Speaker 1: a lot of nervousness amongst investors. Tonga Dathan and Bloomberg

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Speaker 1: Intelligence says the subscriber forecast will result of Netflix's slowest

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Speaker 1: start to a new year in at least a decade. Well, Nathan.

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Speaker 1: Bitcoin also lower today. In fact, it's trading at its

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Speaker 1: lowest level and more than five months. This morning. It's

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Speaker 1: at thirty eight thousand, eight hundred dollars on Wall Street.

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00:22:29,400 --> 00:22:32,119
Speaker 1: Karen JP Morgan, Chase is coming off its most profitable

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Speaker 1: year on record, and as a result, it's rewarding the CEO,

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Speaker 1: Jamie Diamond. Let's get the latest lie from Bloomberg's Rnda

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Speaker 1: Young Rnita Nathan. Regulatory filings show that Jamie Diamond got

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Speaker 1: a ten percent pay raise to thirty four point five

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Speaker 1: million dollars for his work last year. JP Morgan earned

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Speaker 1: forty eight point three billion last year. The move is

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Speaker 1: the latest sign that, after compensation pressure emerged last year

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Speaker 1: from the junior ranks up through the banking and trading hierarchy,

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Speaker 1: banks are now paying their most senior of leaders more

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Speaker 1: as well. Live in New York. I'm gonned a young

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Speaker 1: Bloomberg day break and rened to thank you. China is

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Speaker 1: quietly urging banks to increase lending after a slow start

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Speaker 1: of the year. Bloomberg News has learned that the People's

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Speaker 1: Bank of China has urged a large state owned lenders

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Speaker 1: and regional banks to extend more credit to companies and households.

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Speaker 1: And that's the five things you need to notice start

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Speaker 1: your day. Brought to you by Interactive Brokers. Right now,

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Speaker 1: futures they are extending losses with SMP futures down twenty

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Speaker 1: two points this morning. Straight ahead, you're latest local headlines

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Speaker 1: plus a check of sports. And this is Bloomberg six

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Speaker 1: thirty three on Wall Street. Temperatures are extending losses as well.

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Speaker 1: It's just fourteen degrees in Central Park. We're still dealing

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Speaker 1: with the accident and root seventeen Upper Saddle River details

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Speaker 1: count up in traffic Michael Barr? What else is going

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Speaker 1: on in New York and around the world? Nathan Secretary

431
00:23:52,040 --> 00:23:54,200
Speaker 1: of State Anthony B. Lincoln is sitting down in a

432
00:23:54,280 --> 00:23:57,400
Speaker 1: high stakes meeting with his Russian counterpart in Geneva. During

433
00:23:57,440 --> 00:24:00,439
Speaker 1: his opening remarks, b. Lincoln says, that the US and

434
00:24:00,440 --> 00:24:04,399
Speaker 1: other Western allies are committed to resolving the situation diplomatically,

435
00:24:04,960 --> 00:24:08,159
Speaker 1: but it is promising serious consequences if the Russians of

436
00:24:08,200 --> 00:24:12,400
Speaker 1: ade Ukraine were also committed. If that proves impossible and

437
00:24:12,560 --> 00:24:16,880
Speaker 1: Russia decides to pursue aggression against Ukraine, to a united,

438
00:24:17,520 --> 00:24:21,720
Speaker 1: swift and severe response. Right now, Moscow is still insist

439
00:24:21,800 --> 00:24:25,080
Speaker 1: in Ukraine not be admitted. In Tonato, New York City,

440
00:24:25,119 --> 00:24:28,600
Speaker 1: Mayor Eric Adams is calling for better coordination between federal

441
00:24:28,640 --> 00:24:31,840
Speaker 1: and local authorities to hight urban crime. Adams says law

442
00:24:31,960 --> 00:24:35,639
Speaker 1: enforcement agencies should coordinate against gun violence the way he

443
00:24:35,760 --> 00:24:39,480
Speaker 1: did against terrorism after the September eleventh attacks. The same

444
00:24:39,560 --> 00:24:43,120
Speaker 1: coordination that stopped planes from flying in our builders must

445
00:24:43,160 --> 00:24:46,320
Speaker 1: be used to stop bullets from cobbon highways of death

446
00:24:46,520 --> 00:24:50,280
Speaker 1: in our country, particularly in black and brown and poorer communities.

447
00:24:50,440 --> 00:24:53,040
Speaker 1: Mayor Adams spoke at the National Conference of Mayors in

448
00:24:53,119 --> 00:24:57,200
Speaker 1: Washington yesterday. Abortion opponents are gathering today in Washington for

449
00:24:57,240 --> 00:25:00,360
Speaker 1: the largest anti abortion rally in the US. The March

450
00:25:00,440 --> 00:25:03,439
Speaker 1: for Life arrives as the Supreme Court will decide in

451
00:25:03,480 --> 00:25:06,199
Speaker 1: the coming months on the weather to let states impose

452
00:25:06,280 --> 00:25:11,280
Speaker 1: tighter restrictions on abortion. An American Airlines passenger forced a

453
00:25:11,400 --> 00:25:14,560
Speaker 1: plane heading from Miami to London to turn around in

454
00:25:14,640 --> 00:25:18,160
Speaker 1: midflight after she refused to wear a mask. Local law

455
00:25:18,240 --> 00:25:20,720
Speaker 1: enforcement met the plane in Miami and escorted the woman

456
00:25:20,760 --> 00:25:23,840
Speaker 1: off the gent. A new study suggests adding low doses

457
00:25:23,880 --> 00:25:27,280
Speaker 1: a peanut powder to a toddler's daily diet helped them

458
00:25:27,320 --> 00:25:30,840
Speaker 1: overcome their peanut allergies. The treatment has already FDA approved

459
00:25:31,080 --> 00:25:34,120
Speaker 1: for four to seventeen year olds, but seems to work

460
00:25:34,160 --> 00:25:37,000
Speaker 1: even better in younger kids. Dr Stacy Jones is the

461
00:25:37,000 --> 00:25:39,439
Speaker 1: co author of the study. We had a window of

462
00:25:39,440 --> 00:25:44,040
Speaker 1: opportunity to treat really young children, really early in their

463
00:25:44,040 --> 00:25:49,080
Speaker 1: disease course and hopefully helped them lose their peanut allergy.

464
00:25:49,560 --> 00:25:53,720
Speaker 1: Dr Stacy Jones of Arkansas Children's Hospital. Singer meat Loaf

465
00:25:53,800 --> 00:26:01,119
Speaker 1: has died at age seventy four. He was known for

466
00:26:01,240 --> 00:26:03,240
Speaker 1: hits like that out of held meat Loaf from. His

467
00:26:03,359 --> 00:26:06,360
Speaker 1: real name was Marvin Lee a day, sold over one

468
00:26:06,400 --> 00:26:10,320
Speaker 1: hundred million albums worldwide. Global news twenty four hours a

469
00:26:10,400 --> 00:26:13,119
Speaker 1: day on air and on Bloomberg Quick Tank, powered by

470
00:26:13,160 --> 00:26:15,679
Speaker 1: more than twenty seven journalist and analysts, more than a

471
00:26:15,720 --> 00:26:18,480
Speaker 1: hundred twenty countries. I'm Michael bar This is Bloomberg. Nathan.

472
00:26:18,560 --> 00:26:25,240
Speaker 1: All right, Michael, thank you, Almost six thirty six on

473
00:26:25,280 --> 00:26:27,600
Speaker 1: Wall Street. Time for the Bloomberg Sports Update. Here Dennis

474
00:26:27,640 --> 00:26:30,680
Speaker 1: john stanhow thanks Nathan. Not surprisingly, plenty of booze at

475
00:26:30,720 --> 00:26:32,760
Speaker 1: the garden next to the third time in four days

476
00:26:32,800 --> 00:26:35,000
Speaker 1: lost at home to a team you figured they could be.

477
00:26:35,160 --> 00:26:37,919
Speaker 1: This time New Orleans Knicks again fell behind early and

478
00:26:37,920 --> 00:26:40,000
Speaker 1: then the Pelicans put it away, winning the third quarter

479
00:26:40,160 --> 00:26:42,760
Speaker 1: thirty five to fifteen. The final was one oh two

480
00:26:43,119 --> 00:26:46,320
Speaker 1: to one. What's happened to Julius Randall, the NBA's most

481
00:26:46,320 --> 00:26:49,359
Speaker 1: improved player last season, second team all in but you

482
00:26:49,520 --> 00:26:52,200
Speaker 1: got a big contract? Not point anywhere near that level.

483
00:26:52,280 --> 00:26:55,000
Speaker 1: Rand the last night four points. He shot one for nine.

484
00:26:55,280 --> 00:26:58,479
Speaker 1: Since winning last year's Australian Opened, Naomi Osaka has not

485
00:26:58,680 --> 00:27:02,560
Speaker 1: played much. Seated e teenth this year. Osaka today lost

486
00:27:02,600 --> 00:27:05,920
Speaker 1: a twenty year old New Jersey native Amanda and then Masova,

487
00:27:05,960 --> 00:27:09,879
Speaker 1: advancing to the men's fourth round. Mealmir Kichmanovich, who was

488
00:27:09,920 --> 00:27:12,520
Speaker 1: gonna have to play fellow Serb Novak Djokovic in the

489
00:27:12,560 --> 00:27:16,320
Speaker 1: first round. Then Djokovic course from sant home. Raphael Nadal Wayne.

490
00:27:16,359 --> 00:27:18,480
Speaker 1: Now he's won the first set of his match jack

491
00:27:18,520 --> 00:27:21,639
Speaker 1: As in fourteen, Kevin Ali coached Yukon to the National Championship.

492
00:27:21,640 --> 00:27:23,840
Speaker 1: He was fired four years later in the stool said

493
00:27:23,840 --> 00:27:26,600
Speaker 1: it was for nt double a violation, so they didn't

494
00:27:26,600 --> 00:27:29,280
Speaker 1: owe him what was left on his contract. Ali sued

495
00:27:29,280 --> 00:27:33,320
Speaker 1: and arbit trader agreed Yukon that os Ali eleven million dollars.

496
00:27:33,640 --> 00:27:37,040
Speaker 1: MLB lockout continues. Two sides have had one brief bargaining

497
00:27:37,080 --> 00:27:40,119
Speaker 1: session last month. Players quickly dismissed an owner's proposal. The

498
00:27:40,200 --> 00:27:43,000
Speaker 1: union had set to make a counter offer next week

499
00:27:43,080 --> 00:27:45,440
Speaker 1: if there's no deals to and they'll likely make official

500
00:27:45,480 --> 00:27:48,800
Speaker 1: that spring training will not forget on time. NFL playoffs

501
00:27:48,840 --> 00:27:52,399
Speaker 1: resumed Tomorrow's, starting with Cincinnati coming off its first postseason

502
00:27:52,480 --> 00:27:55,160
Speaker 1: winning thirty one years. Now at Tennessee. The Titans get

503
00:27:55,160 --> 00:27:57,560
Speaker 1: start running back Derrick Can be back from a broken foot.

504
00:27:57,880 --> 00:28:00,320
Speaker 1: Forty Niners just upset the Cowboys and how they go

505
00:28:00,359 --> 00:28:02,400
Speaker 1: to Green Base tomorrow night and Mike snow it will

506
00:28:02,440 --> 00:28:06,440
Speaker 1: definitely be gold Ram's buff Sunday and Buffalo with Kansas.

507
00:28:06,600 --> 00:28:09,680
Speaker 1: John specially I warned Boomberg School, All right, John, thanks

508
00:28:09,680 --> 00:28:11,720
Speaker 1: six seven on Wall Street let's take a look at

509
00:28:11,760 --> 00:28:14,160
Speaker 1: stocks the pre market action with Bloomberg Radio on TV

510
00:28:14,240 --> 00:28:18,880
Speaker 1: Markets correspondent Created Gupta Creedy. The at home stocks are

511
00:28:18,920 --> 00:28:22,920
Speaker 1: getting hammered this morning, hammered absolutely, and the proxy child

512
00:28:22,960 --> 00:28:25,159
Speaker 1: for that is Netflix, no doubt about it. N f

513
00:28:25,359 --> 00:28:29,760
Speaker 1: l X as your taker, down over twenty percent this morning, Nathan.

514
00:28:29,800 --> 00:28:33,040
Speaker 1: For a company that's this big, a twenty percent drop

515
00:28:33,119 --> 00:28:35,600
Speaker 1: is not normal, and this of course comes after they

516
00:28:35,640 --> 00:28:38,920
Speaker 1: miss their outlook expecting to add only twenty excuse me,

517
00:28:38,960 --> 00:28:42,880
Speaker 1: two point five million users in the current quarter. Compare

518
00:28:42,960 --> 00:28:46,480
Speaker 1: that to the eighteen point two million customers one that's

519
00:28:46,480 --> 00:28:50,400
Speaker 1: actually down about bift from the year before. So that

520
00:28:50,560 --> 00:28:53,200
Speaker 1: kind of growth scare that the stay at home trade

521
00:28:53,560 --> 00:28:57,000
Speaker 1: perhaps wasn't going to continue in two That is very clear,

522
00:28:57,240 --> 00:28:59,200
Speaker 1: at least when it comes to Netflix. To remember, they're

523
00:28:59,240 --> 00:29:01,680
Speaker 1: also dealing the impact of a one to two dollar

524
00:29:01,760 --> 00:29:04,520
Speaker 1: price hike that they had in the last quarter, some

525
00:29:04,640 --> 00:29:06,880
Speaker 1: of that crimping demand as well, but they're also dealing

526
00:29:07,080 --> 00:29:10,800
Speaker 1: with increased competition. And speaking of those competitors on Netflix results,

527
00:29:10,960 --> 00:29:13,360
Speaker 1: you do have some sympathy trades there. Roku, for example,

528
00:29:13,360 --> 00:29:16,440
Speaker 1: are okay you is your ticker down five point three

529
00:29:16,440 --> 00:29:18,560
Speaker 1: percent in the pre market Disney as well. We all

530
00:29:18,600 --> 00:29:21,040
Speaker 1: have that Disney Plus subscription, at least parents do. From

531
00:29:21,040 --> 00:29:24,000
Speaker 1: what I understand, I recently watched Incanto fell in love

532
00:29:24,040 --> 00:29:28,720
Speaker 1: with it about Bruno. D I s is the taker

533
00:29:28,920 --> 00:29:31,680
Speaker 1: down at three point six per cent on the plus

534
00:29:31,720 --> 00:29:34,080
Speaker 1: side though. Peloton, this is where you are seeing a

535
00:29:34,080 --> 00:29:36,480
Speaker 1: lot more volatility. P t O N is your ticker.

536
00:29:36,520 --> 00:29:38,920
Speaker 1: They're up just shy of six percent. And I did

537
00:29:38,960 --> 00:29:41,400
Speaker 1: just say as that growth trade was fading, and it

538
00:29:41,600 --> 00:29:45,600
Speaker 1: was as early as yesterday Peloton closing down. So it

539
00:29:45,640 --> 00:29:46,920
Speaker 1: looks like you are seeing a little bit of a

540
00:29:46,960 --> 00:29:49,000
Speaker 1: by the debt mentality when it comes to this stock.

541
00:29:49,280 --> 00:29:51,840
Speaker 1: This of course also coming at the same time as

542
00:29:51,880 --> 00:29:54,480
Speaker 1: news that they are planning to slash costs to cope

543
00:29:54,480 --> 00:29:58,120
Speaker 1: with slowing demand for their stationary bikes, cutting jobs production

544
00:29:58,200 --> 00:30:01,040
Speaker 1: levels as well, just given those or sales Nathan so

545
00:30:01,120 --> 00:30:04,440
Speaker 1: cuts there at Peloton, But some big growth coming apparently

546
00:30:04,480 --> 00:30:08,040
Speaker 1: at Intel. Yeah, huge, huge plans that comes Intel. I

547
00:30:08,280 --> 00:30:10,640
Speaker 1: n t c s your ticker down about four tenths

548
00:30:10,640 --> 00:30:12,720
Speaker 1: of a percent, remember it was up quite a bit

549
00:30:12,760 --> 00:30:14,880
Speaker 1: this morning. Up. This comes after their planning to spend

550
00:30:14,880 --> 00:30:17,680
Speaker 1: twenty billion dollars on a chip making hub on the

551
00:30:17,680 --> 00:30:20,680
Speaker 1: outskirts of Columbus, Ohio. The company expects it to be

552
00:30:20,720 --> 00:30:24,680
Speaker 1: the world's biggest silicon manufacturing site. This is huge at

553
00:30:24,680 --> 00:30:28,160
Speaker 1: a time when domestic capacity for chipmakers is really or

554
00:30:28,200 --> 00:30:30,560
Speaker 1: for chip production is really in the spotlight. So I

555
00:30:30,720 --> 00:30:33,120
Speaker 1: NTC is the taker. You want to watch their Nathan's

556
00:30:33,120 --> 00:30:34,959
Speaker 1: gonna end here with a big tech stock, but not

557
00:30:35,120 --> 00:30:37,480
Speaker 1: one here in the state. We're gonna go abroad. Ali

558
00:30:37,520 --> 00:30:39,920
Speaker 1: baba b A b A down about half a percent,

559
00:30:40,000 --> 00:30:42,880
Speaker 1: dropping over one and a half percent earlier the pre

560
00:30:42,960 --> 00:30:46,200
Speaker 1: market as participants wade stock impact of an FT report

561
00:30:46,240 --> 00:30:49,960
Speaker 1: saying China State Broadcaster has implicated Jack Moss and group

562
00:30:50,120 --> 00:30:51,840
Speaker 1: in a corruption scanal. We'll see if some of that

563
00:30:51,880 --> 00:30:54,640
Speaker 1: price action bleeds through. Yeah, interesting, as you've been following

564
00:30:54,640 --> 00:30:58,040
Speaker 1: the tech crackdown in China. Bloomberg Radio on TV Markets

565
00:30:58,040 --> 00:31:01,080
Speaker 1: corresponded Cret Gupta. I hope you have a great weekend

566
00:31:01,080 --> 00:31:02,680
Speaker 1: once it comes around. I know you've got a very

567
00:31:02,800 --> 00:31:05,040
Speaker 1: busy Friday ahead. As we take a look at stocks

568
00:31:05,080 --> 00:31:07,760
Speaker 1: as a whole ahead of this Friday morning open, futures

569
00:31:07,800 --> 00:31:11,520
Speaker 1: are falling pretty firmly now, with SMP futures down sixteen points.

570
00:31:11,560 --> 00:31:15,800
Speaker 1: Now futures down forty four. Nastack futures leading declines. They're

571
00:31:15,840 --> 00:31:23,200
Speaker 1: down a hundred nine points. This is Bloomberg Bloomberg eleven

572
00:31:23,240 --> 00:31:25,280
Speaker 1: three oh weather sunny with cold today has only in

573
00:31:25,280 --> 00:31:27,920
Speaker 1: the low twenties, upper twenties to start the weekend. By

574
00:31:27,960 --> 00:31:30,680
Speaker 1: Sunday will be in the low thirties with more clouds

575
00:31:30,680 --> 00:31:38,280
Speaker 1: than sun right now fourteen degrees. That's it. Markets, headlines

576
00:31:38,320 --> 00:31:41,320
Speaker 1: and breaking news twenty four hours a day at Bloomberg

577
00:31:41,360 --> 00:31:44,680
Speaker 1: dot Com, the Bloomberg Business at and at Bloomberg Quick Take.

578
00:31:44,880 --> 00:31:54,800
Speaker 1: He's a Bloomberg Business Flash and I'm Karen Moscow. And

579
00:31:54,880 --> 00:31:57,600
Speaker 1: futures this morning are following. We go to the first

580
00:31:57,640 --> 00:32:00,320
Speaker 1: Word breaking news desk for today's morning call, and here's

581
00:32:00,360 --> 00:32:04,040
Speaker 1: Bell Maloney. Bill, good morning, and good morning, Karen. That's right.

582
00:32:04,120 --> 00:32:06,240
Speaker 1: US features are in the red, help by a pre

583
00:32:06,360 --> 00:32:10,200
Speaker 1: market plunge in Netflix down. Futures currently down sixty one point,

584
00:32:10,200 --> 00:32:12,680
Speaker 1: says if he's dropped twenty well, the Nastek futures are

585
00:32:12,720 --> 00:32:16,640
Speaker 1: off by the US tenure yield at one point seven

586
00:32:16,680 --> 00:32:19,440
Speaker 1: nine percent, Gold is down six Oil is also down,

587
00:32:19,760 --> 00:32:23,360
Speaker 1: and Big Point is plunging by six percent. Shanghai fell

588
00:32:23,400 --> 00:32:26,080
Speaker 1: by point nine percent overnight, while eup markets are also

589
00:32:26,160 --> 00:32:28,640
Speaker 1: in the red, led by one point six percent losses

590
00:32:28,720 --> 00:32:31,480
Speaker 1: in Germany. Back in the US on the economic front,

591
00:32:31,480 --> 00:32:34,640
Speaker 1: at ten o'clock, the leading index after the bellas night,

592
00:32:34,720 --> 00:32:37,840
Speaker 1: Netflix gave a week subscriber outlook shares it down twenty

593
00:32:37,920 --> 00:32:41,240
Speaker 1: percent pre market, and in deal news, people familiar said

594
00:32:41,240 --> 00:32:44,440
Speaker 1: that pet Smart isn't TOXICIC go public through a blank

595
00:32:44,520 --> 00:32:47,560
Speaker 1: check company backed by k k R and other news.

596
00:32:47,600 --> 00:32:50,240
Speaker 1: Morgan Stanley S's Brent hitting a hundred dollars of barrel

597
00:32:50,280 --> 00:32:53,320
Speaker 1: by the third quarter and wrapping things up, Eli Lily

598
00:32:53,360 --> 00:32:55,720
Speaker 1: was raised to buy a red Dazy bank, Beyond Meat

599
00:32:55,760 --> 00:32:59,280
Speaker 1: raised to hold the HSBC. Netflix was downgraded by at

600
00:32:59,360 --> 00:33:02,400
Speaker 1: least seven and firms, and Peloton was raised to buy

601
00:33:02,800 --> 00:33:06,680
Speaker 1: well Bred Stephle Live from the first Pescon, Bill Maloney

602
00:33:06,760 --> 00:33:08,600
Speaker 1: care all right, Bill, thank you to hear live breaking

603
00:33:08,680 --> 00:33:11,600
Speaker 1: news over your Bloomberg type squawk on your terminal s

604
00:33:11,720 --> 00:33:14,320
Speaker 1: qu A w K and that's a Bloomberg business flash.

605
00:33:14,360 --> 00:33:16,400
Speaker 1: Now here's Michael Barr with Moore on what's going on

606
00:33:16,560 --> 00:33:19,960
Speaker 1: around the world. Michael Karen that security talks between US

607
00:33:20,000 --> 00:33:23,200
Speaker 1: Secretary of State Anthony Blanken and Russian Foreign Minister Sergei

608
00:33:23,280 --> 00:33:27,120
Speaker 1: Lavrov have just ended. It comes after President Joe Biden

609
00:33:27,160 --> 00:33:29,760
Speaker 1: warned Russia would pay a heavy price for any intervention

610
00:33:29,840 --> 00:33:33,560
Speaker 1: in Ukraine. Lavrov says Russia is grateful to the US

611
00:33:33,640 --> 00:33:37,720
Speaker 1: for participating in the security talks. The US plans to

612
00:33:37,880 --> 00:33:41,840
Speaker 1: raise the federal employee minimum wage to fifteen dollars an hour.

613
00:33:42,120 --> 00:33:45,959
Speaker 1: That's according to a report from Axios. Meatloaf born Marvin

614
00:33:46,120 --> 00:33:49,080
Speaker 1: Lee a Day has died. The singer known for such

615
00:33:49,160 --> 00:33:52,560
Speaker 1: hits as Bat Out of Hell was seventy four. Big

616
00:33:52,640 --> 00:33:55,840
Speaker 1: news out of the Australian Open. Defending champion Naomi Osaka

617
00:33:55,840 --> 00:33:58,520
Speaker 1: has been knocked out of the women's third round in

618
00:33:58,600 --> 00:34:00,680
Speaker 1: the NBA, of the Knicks and more years lost in

619
00:34:00,720 --> 00:34:03,800
Speaker 1: the NHL, The Bruins beat the Capitols for three Global

620
00:34:03,880 --> 00:34:05,960
Speaker 1: News twenty four hours a day on air and on

621
00:34:06,040 --> 00:34:09,799
Speaker 1: Bloomberg Quicktake Power by more than twenty seven hundred journalists

622
00:34:09,920 --> 00:34:12,480
Speaker 1: and analysts in more than a hundred twenty countries. I'm

623
00:34:12,480 --> 00:34:15,160
Speaker 1: Michael BARRV. This is Bloomberg Caeron. All right, Michael, thank you.

624
00:34:15,440 --> 00:34:17,600
Speaker 1: It is six forty nine on Wall Street. We turned

625
00:34:17,640 --> 00:34:20,480
Speaker 1: to news and science and technology Now But the Bloomberg

626
00:34:20,600 --> 00:34:22,719
Speaker 1: n j I T STEM Report brought to you buy

627
00:34:22,800 --> 00:34:26,360
Speaker 1: New Jersey Institute of Technology, which announced that renounced scholar

628
00:34:26,400 --> 00:34:29,320
Speaker 1: and educational leader Dr Tech Limb will join the university

629
00:34:29,600 --> 00:34:31,920
Speaker 1: as n j I T s ninth President. Learned more

630
00:34:31,960 --> 00:34:34,479
Speaker 1: at n j I T dot e DU now here's

631
00:34:34,480 --> 00:34:38,000
Speaker 1: just making news and science, Technology, engineering and math. New

632
00:34:38,120 --> 00:34:40,600
Speaker 1: York City Mayor Eric Adams plans to convert his first

633
00:34:40,680 --> 00:34:43,719
Speaker 1: paycheck this week into two cryptocurrencies, which he has been

634
00:34:43,840 --> 00:34:47,080
Speaker 1: hyping as a potential economic engine for the city. Adams

635
00:34:47,200 --> 00:34:50,000
Speaker 1: first salary payment will be deposited with coin based and

636
00:34:50,080 --> 00:34:53,759
Speaker 1: online platform used for buying cryptocurrency, and then converted into

637
00:34:53,840 --> 00:34:57,520
Speaker 1: ethereum and Bitcoin. The Federal Reserve took a key step

638
00:34:57,600 --> 00:35:00,839
Speaker 1: in weighing the creation of its own digital currency. It's

639
00:35:00,880 --> 00:35:03,080
Speaker 1: a move the Central Bank says could help ensure the

640
00:35:03,200 --> 00:35:05,600
Speaker 1: U S. Dollars dominance if that came out with a

641
00:35:05,680 --> 00:35:08,480
Speaker 1: paper saying a central bank digital currency would be a

642
00:35:08,640 --> 00:35:11,799
Speaker 1: highly significant innovation, but it won't move on the idea

643
00:35:11,920 --> 00:35:14,840
Speaker 1: unless their support from the White House in Congress. And

644
00:35:14,960 --> 00:35:17,480
Speaker 1: PlayStation fans will still be able to play Call of

645
00:35:17,600 --> 00:35:21,000
Speaker 1: Duty on the Sony gaming platform even after the proposed

646
00:35:21,040 --> 00:35:25,240
Speaker 1: purchase of Activision Blizzard by Microsoft, the owner of Xbox.

647
00:35:25,560 --> 00:35:29,560
Speaker 1: Microsoft Gaming CEO Phil Spencer offered the assurance after speaking

648
00:35:29,640 --> 00:35:32,680
Speaker 1: to Sony executives, saying that the company attends to honor

649
00:35:32,719 --> 00:35:36,920
Speaker 1: all of Activision Blizzards existing agreements after the acquisition and

650
00:35:37,000 --> 00:35:39,960
Speaker 1: as a Bloomberg n j I T STEM report Davin

651
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Speaker 1: all right, Karen, thank you. We are live from the

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00:35:42,200 --> 00:35:44,919
Speaker 1: Bloomberg Interactive Brokers studios where it's coming up to six

653
00:35:45,040 --> 00:35:47,440
Speaker 1: fifty one on Wall Street Time Now to take a

654
00:35:47,480 --> 00:35:49,360
Speaker 1: look at what's going on in d C. Some of

655
00:35:49,400 --> 00:35:52,600
Speaker 1: the top stories from our nation's capital include Democrats drawing

656
00:35:52,680 --> 00:35:56,680
Speaker 1: lines over a potentially slimmed down build Back Better plan,

657
00:35:57,080 --> 00:36:00,320
Speaker 1: President Biden, looking for support on Ukraine from jap Hand's

658
00:36:00,400 --> 00:36:03,080
Speaker 1: Prime minister, and the House stepping up a probe on

659
00:36:03,160 --> 00:36:06,040
Speaker 1: climate change and looking to hear from big oil. Let's

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00:36:06,080 --> 00:36:08,520
Speaker 1: bring in Bloomberg Government reporter Emily Wilkins joining us live

661
00:36:08,560 --> 00:36:12,320
Speaker 1: from our studios in the nation's capital. So, Emily, we

662
00:36:12,440 --> 00:36:14,640
Speaker 1: heard from the President this week, all but admitting that

663
00:36:14,760 --> 00:36:16,360
Speaker 1: the Build Back Better plan is going to need to

664
00:36:16,400 --> 00:36:19,360
Speaker 1: get smaller, and now it looks like the same old

665
00:36:19,520 --> 00:36:24,120
Speaker 1: squabbles among Democrats are coming right back. Yeah, Nathan, I mean, remember,

666
00:36:24,239 --> 00:36:27,040
Speaker 1: this bill has already been shrunk down pretty far from

667
00:36:27,160 --> 00:36:31,239
Speaker 1: what most Democrats in Congress initially wanted, and so now

668
00:36:31,400 --> 00:36:33,680
Speaker 1: this news that's going to be shrunk down even further.

669
00:36:34,080 --> 00:36:36,600
Speaker 1: It's really igniting this debate over what is going to

670
00:36:36,680 --> 00:36:40,040
Speaker 1: be cut because so much has been cut already. One

671
00:36:40,080 --> 00:36:44,360
Speaker 1: thing that Biden mentioned was that expanded a child tax credit. Uh.

672
00:36:44,480 --> 00:36:47,440
Speaker 1: Senator Joe Manson has come out saying that it's too broad,

673
00:36:47,520 --> 00:36:50,560
Speaker 1: too many people are receiving. It needs to be narrowed. Um.

674
00:36:50,760 --> 00:36:54,239
Speaker 1: But now we're hearing from other lawmakers saying absolutely not.

675
00:36:54,840 --> 00:36:58,799
Speaker 1: Senator Shared Brown saying he's going to fight for it. Um.

676
00:36:58,960 --> 00:37:02,400
Speaker 1: You've heard other lawmakers say that that's a really important

677
00:37:02,600 --> 00:37:05,759
Speaker 1: piece of the legislation. You're also hearing at the same

678
00:37:05,800 --> 00:37:08,480
Speaker 1: point about the salt tax, that there is this concern

679
00:37:08,719 --> 00:37:11,200
Speaker 1: that it's going to be taken out. Lawmakers are saying

680
00:37:11,239 --> 00:37:14,279
Speaker 1: it must must remain a part of that bill. At

681
00:37:14,320 --> 00:37:16,520
Speaker 1: the same point, there is some opposition to the salt

682
00:37:16,560 --> 00:37:19,800
Speaker 1: tax from progressives, and so it's just showing how difficult

683
00:37:19,840 --> 00:37:22,160
Speaker 1: it's going to be to really slim this down. We're

684
00:37:22,200 --> 00:37:24,759
Speaker 1: heard from Senator Joe Mansion the other day who said

685
00:37:24,800 --> 00:37:26,759
Speaker 1: that they actually just need a clean slate for this,

686
00:37:26,920 --> 00:37:29,080
Speaker 1: that he made that previous offer to the White House

687
00:37:29,160 --> 00:37:31,960
Speaker 1: back in December. He says that's off the table. We

688
00:37:32,080 --> 00:37:34,279
Speaker 1: need to kind of start a new and this is

689
00:37:34,320 --> 00:37:37,279
Speaker 1: suggesting that it might take some time for Democrats to

690
00:37:37,320 --> 00:37:40,000
Speaker 1: get this done. If they are able to get this

691
00:37:40,200 --> 00:37:43,359
Speaker 1: done before the mid terms begin. Uh, there's a couple

692
00:37:43,440 --> 00:37:45,719
Speaker 1: in March, but they really start up in May. Yeah,

693
00:37:45,719 --> 00:37:49,200
Speaker 1: and of course the March deadline for when President Biden

694
00:37:49,320 --> 00:37:51,160
Speaker 1: is going to be delivering his first State of the

695
00:37:51,320 --> 00:37:55,080
Speaker 1: Union address, and presumably he would want to have at

696
00:37:55,160 --> 00:37:58,399
Speaker 1: least some kind of movement on build back Bledder Better.

697
00:37:58,480 --> 00:38:02,640
Speaker 1: It's his signature legislation at the moment. Yeah, I mean

698
00:38:02,840 --> 00:38:04,839
Speaker 1: you've I mean, we'll see what happens with it. As

699
00:38:05,000 --> 00:38:07,600
Speaker 1: Speaker Nancy Glossie mentioned that it might have to actually

700
00:38:07,680 --> 00:38:11,000
Speaker 1: get renamed. Uh, there's been a couple of jokes about,

701
00:38:11,000 --> 00:38:15,720
Speaker 1: you know, to build two back better. Um, but yes, definitely,

702
00:38:15,880 --> 00:38:17,759
Speaker 1: I think it's good to keep an eye on that

703
00:38:17,920 --> 00:38:20,719
Speaker 1: State of the Union address for Biden as a potential

704
00:38:20,800 --> 00:38:23,200
Speaker 1: deadline for a time that you know, they're going to

705
00:38:23,280 --> 00:38:24,879
Speaker 1: want to be able to show progress and to get

706
00:38:24,960 --> 00:38:27,840
Speaker 1: something done. There is also a sense that now that

707
00:38:28,520 --> 00:38:32,200
Speaker 1: the Democrats have at least for the moment foreseeably finish

708
00:38:32,239 --> 00:38:35,279
Speaker 1: their push on voting rights, that they there's there's only

709
00:38:35,360 --> 00:38:37,680
Speaker 1: really so much they can do at this point, um

710
00:38:37,920 --> 00:38:40,640
Speaker 1: that they're now going to turn their attention back to

711
00:38:40,840 --> 00:38:43,480
Speaker 1: this piece of legislation because certainly there are aspects of

712
00:38:43,560 --> 00:38:46,319
Speaker 1: it that can get fifty votes. The question is how

713
00:38:46,400 --> 00:38:49,840
Speaker 1: do you structure a bill so that everything everyone's priorities

714
00:38:49,880 --> 00:38:52,640
Speaker 1: are included? Uh, and no one's going to vote against

715
00:38:52,719 --> 00:38:55,120
Speaker 1: it because certain things are not in there. Yeah, it's

716
00:38:55,120 --> 00:38:58,200
Speaker 1: gonna be really interesting to see what, if any pieces

717
00:38:58,440 --> 00:39:01,920
Speaker 1: of build back better do end up seeing some progress

718
00:39:02,080 --> 00:39:05,000
Speaker 1: in the weeks to come. We're also, of course, watching

719
00:39:05,160 --> 00:39:09,400
Speaker 1: these rising tensions between the US and Russia over Ukraine.

720
00:39:09,480 --> 00:39:11,759
Speaker 1: There was the sort of mixed messaging we got from

721
00:39:11,800 --> 00:39:15,120
Speaker 1: President Biden at the news conference this week. Now the

722
00:39:15,239 --> 00:39:17,440
Speaker 1: President this morning is going to be meeting with the

723
00:39:17,520 --> 00:39:20,840
Speaker 1: Prime Minister of Japan. How much is Ukraine going to

724
00:39:20,920 --> 00:39:23,480
Speaker 1: play into that. It's definitely going to be something that

725
00:39:23,560 --> 00:39:26,160
Speaker 1: Biden is going to be discussing. He's trying to really

726
00:39:26,200 --> 00:39:29,279
Speaker 1: make sure that all of his allies UM are really

727
00:39:29,680 --> 00:39:34,000
Speaker 1: behind the US on taking action against Russia. Shouldn't they

728
00:39:34,040 --> 00:39:37,239
Speaker 1: try to invade Ukraine? UM. It's going to be one

729
00:39:37,280 --> 00:39:40,360
Speaker 1: of several things they discussed. UM. They're also expected to

730
00:39:40,400 --> 00:39:44,319
Speaker 1: discuss China's military build up, North Korean weapons tests. UM.

731
00:39:44,440 --> 00:39:48,160
Speaker 1: We're also seeing this morning, UH Secretary of State Anthony B.

732
00:39:48,160 --> 00:39:53,240
Speaker 1: Lincoln in Geneva, UH talking about the US differences with Russia.

733
00:39:53,520 --> 00:39:56,400
Speaker 1: B Lincoln has said he doesn't expect to resolve anything today,

734
00:39:56,719 --> 00:39:59,279
Speaker 1: but he said the focus is to test whether the

735
00:39:59,320 --> 00:40:02,920
Speaker 1: path of just plomacy and dialogue still remains open between

736
00:40:02,960 --> 00:40:05,480
Speaker 1: the two countries. And as we heard from Michael bar

737
00:40:05,640 --> 00:40:08,120
Speaker 1: just a few minutes ago, the talks between B. Lincoln

738
00:40:08,320 --> 00:40:11,160
Speaker 1: and his Russian counterpart of just ended. We're watching as

739
00:40:11,200 --> 00:40:14,600
Speaker 1: the Russian Foreign Minister addresses reporters right now, so will

740
00:40:14,600 --> 00:40:17,920
Speaker 1: be of course watching that very closely. And now Emily,

741
00:40:18,160 --> 00:40:21,040
Speaker 1: we're gonna be watching the House Oversight Committee apparently because

742
00:40:21,040 --> 00:40:24,280
Speaker 1: they're holding a climate change hereing next month and looking

743
00:40:24,320 --> 00:40:28,640
Speaker 1: for testimony some from some pretty high powered companies. Yeah,

744
00:40:28,719 --> 00:40:32,919
Speaker 1: they've asked for testimony UH from x On, from other

745
00:40:33,080 --> 00:40:37,840
Speaker 1: oil companies as well, Shell, Chevron BP, And this is

746
00:40:37,880 --> 00:40:41,680
Speaker 1: part of an ongoing investigation from the Committee to really

747
00:40:41,840 --> 00:40:45,680
Speaker 1: try to keep an eye on these gas and oil

748
00:40:45,760 --> 00:40:49,239
Speaker 1: companies and their pledges to cut emissions. Uh, this is

749
00:40:49,280 --> 00:40:53,600
Speaker 1: sort of part of the democrats wider platform on climate change.

750
00:40:54,000 --> 00:40:56,280
Speaker 1: And you've heard from the chair of the Committee, Caroline

751
00:40:56,320 --> 00:40:58,880
Speaker 1: Maloney saying that this carey is supposed to be focused

752
00:40:58,920 --> 00:41:02,720
Speaker 1: on whether the industry is finally taking steps to curb

753
00:41:02,840 --> 00:41:06,440
Speaker 1: emissions or if it's just been sort of messaging from

754
00:41:06,640 --> 00:41:09,800
Speaker 1: these these companies. Yeah, it'll be interesting to watch that

755
00:41:09,920 --> 00:41:12,640
Speaker 1: hearing is well, given that a lot of the messaging

756
00:41:12,680 --> 00:41:14,799
Speaker 1: we're hearing when it comes to build back better from

757
00:41:14,840 --> 00:41:17,640
Speaker 1: the White House, particularly talking about wanting to get some

758
00:41:17,719 --> 00:41:20,360
Speaker 1: of those clean energy provisions. So how could this potentially

759
00:41:20,480 --> 00:41:23,920
Speaker 1: affect climate policy? This hearing from House Oversight in our

760
00:41:23,960 --> 00:41:26,200
Speaker 1: last thirty seconds here, I mean a lot of what

761
00:41:26,360 --> 00:41:29,480
Speaker 1: these hearings are there for information gathering, and so it

762
00:41:29,560 --> 00:41:31,800
Speaker 1: could be that after this hearing, lawmakers come up with

763
00:41:31,880 --> 00:41:34,920
Speaker 1: some proposals based on what they're hearing from these companies

764
00:41:34,960 --> 00:41:37,960
Speaker 1: about what if any regulation needs to be put out

765
00:41:38,040 --> 00:41:41,560
Speaker 1: there or their transparency measures. I think that's something we're

766
00:41:41,560 --> 00:41:44,560
Speaker 1: gonna kind of have to keep watching as as the

767
00:41:44,600 --> 00:41:47,800
Speaker 1: committee continues their probe. All right, we'll be watching for

768
00:41:47,920 --> 00:41:50,439
Speaker 1: that with that hearing coming up in just a few weeks.

769
00:41:50,480 --> 00:41:52,320
Speaker 1: February eight is when it's on the schedule for the

770
00:41:52,360 --> 00:41:56,120
Speaker 1: House Oversight Committee, after Exxon Mobile and Chevron report their earnings.

771
00:41:56,280 --> 00:41:59,600
Speaker 1: Bloomberg Government reporter Emily Wilkins with us this morning from

772
00:41:59,640 --> 00:42:02,960
Speaker 1: our Burge Studios in Washington, d C. Where you can

773
00:42:03,040 --> 00:42:06,400
Speaker 1: hear Bloomberg Radio in the Nation's Capital and one oh

774
00:42:06,480 --> 00:42:09,840
Speaker 1: five point seven FM HD two to follow all the

775
00:42:09,960 --> 00:42:12,440
Speaker 1: latest on the Nation's capital. You can find more on

776
00:42:12,520 --> 00:42:15,600
Speaker 1: all these stories and more at Bloomberg dot com or

777
00:42:15,719 --> 00:42:18,880
Speaker 1: of course, on the Bloomberg terminal. Right now, SMP futures

778
00:42:18,920 --> 00:42:23,440
Speaker 1: are down sixteen points, STAU futures down, the tech led

779
00:42:23,600 --> 00:42:27,919
Speaker 1: Nasdaq futures down a hundred twelve points following the tech

780
00:42:28,040 --> 00:42:32,239
Speaker 1: led sell off late day yesterday. Futures point two more

781
00:42:32,400 --> 00:42:35,759
Speaker 1: losses on this Friday morning. Much more to come on

782
00:42:35,840 --> 00:42:39,640
Speaker 1: Bloomberg Surveillance that's up next with Tom Keene, Jonathan Farrell,

783
00:42:40,000 --> 00:42:43,879
Speaker 1: and Lisa Bramowitz for Karen Moscow. I'm Nathan Hagar. Hope

784
00:42:43,920 --> 00:42:46,839
Speaker 1: you have a great weekend. This is Bloomberg.