1 00:00:01,720 --> 00:00:05,080 Speaker 1: From the Bloomberg Interactive Burger Studios is Bloomberg day Break 2 00:00:05,080 --> 00:00:08,639 Speaker 1: for Friday, May twenty two. Coming up this hour. Stock 3 00:00:08,720 --> 00:00:11,880 Speaker 1: sept for another weekly decline after losing a trillion dollars 4 00:00:11,880 --> 00:00:15,120 Speaker 1: in value since Monday. Geo politics in focus as Joe 5 00:00:15,120 --> 00:00:18,079 Speaker 1: Biden makes his first presidential trip to Asia. Who sent It? 6 00:00:18,160 --> 00:00:21,279 Speaker 1: Passes a forty billion dollar eight package for Ukraine, and 7 00:00:21,320 --> 00:00:24,840 Speaker 1: the world's second biggest baby formula maker reportedly increases shipments 8 00:00:24,840 --> 00:00:28,040 Speaker 1: to the US. Possible monkey box case has been identified 9 00:00:28,040 --> 00:00:30,600 Speaker 1: in New York City. Plus, the January six panel wants 10 00:00:30,640 --> 00:00:33,400 Speaker 1: to question the GOP lawmaker about the Capitol tour. I'm 11 00:00:33,400 --> 00:00:35,960 Speaker 1: Mike lo Blomberg More Ahead, I'm John Stash Sharon Sports. 12 00:00:35,960 --> 00:00:38,280 Speaker 1: The Yankees lost the Mets one but learned of a 13 00:00:38,360 --> 00:00:41,120 Speaker 1: serious injury, and Rory McElroy has the lead of the 14 00:00:41,159 --> 00:00:47,400 Speaker 1: PGA Championship. That's All's trendy head on Bloomberg Daybreak on 15 00:00:47,520 --> 00:00:52,000 Speaker 1: Bloomberg eleven, Free on New York, Bloomberg one, Washington, d C, 16 00:00:52,479 --> 00:00:56,040 Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and 17 00:00:56,160 --> 00:01:00,000 Speaker 1: Francisco Sirius x M one nineteen and around the World 18 00:01:00,000 --> 00:01:03,080 Speaker 1: Old on Bloomberg Radio dot com and buy the Bloomberg 19 00:01:03,120 --> 00:01:09,960 Speaker 1: Business app. And good morning. I'm Karen Moscow and Tim 20 00:01:10,040 --> 00:01:12,319 Speaker 1: John Tucker. Bloomberg Day Break being brought to you by 21 00:01:12,360 --> 00:01:16,039 Speaker 1: B and Y Melon's Pershing Inside Conference back in person 22 00:01:16,120 --> 00:01:20,399 Speaker 1: June fifteenth through the seventeenth at the Gaylord Resort in Grapevine, Texas. 23 00:01:20,640 --> 00:01:24,039 Speaker 1: They'll visit registered now at Inside dot b n Y 24 00:01:24,160 --> 00:01:27,959 Speaker 1: Melon dot com and US Knock Index futures are higher 25 00:01:28,000 --> 00:01:30,000 Speaker 1: this morning six o one on Wall Street. We checked 26 00:01:30,000 --> 00:01:32,960 Speaker 1: the markets every fifteen minutes throughout the trading day on Bloomberg. 27 00:01:33,040 --> 00:01:34,880 Speaker 1: Right now, S and P futures are up forty one 28 00:01:34,920 --> 00:01:37,400 Speaker 1: points down, Future is up two hundred sixty five and 29 00:01:37,440 --> 00:01:40,160 Speaker 1: as day, futures of one hundred seventy two ten year 30 00:01:40,200 --> 00:01:43,240 Speaker 1: Treasury down six thirty seconds, held two point eight six percent, 31 00:01:43,280 --> 00:01:45,640 Speaker 1: and they yield on the two year two point six 32 00:01:45,680 --> 00:01:50,560 Speaker 1: two percent. John and Karen, let's get more on the 33 00:01:50,800 --> 00:01:55,120 Speaker 1: markets this morning, and uh, right now again, as you say, 34 00:01:55,200 --> 00:01:58,680 Speaker 1: the Dow futures are up two hundred and sixty eight points, 35 00:02:00,400 --> 00:02:03,320 Speaker 1: All right, John, Yev she said, features are higher, and 36 00:02:03,320 --> 00:02:05,360 Speaker 1: we're closing out what appears to be another losing week. 37 00:02:05,440 --> 00:02:08,240 Speaker 1: First stocks In fact, the SNP five is on track 38 00:02:08,320 --> 00:02:11,960 Speaker 1: for a seventh straight weekly decline and be its longest 39 00:02:11,960 --> 00:02:14,040 Speaker 1: decline in twenty one years, and traders are bracy for 40 00:02:14,080 --> 00:02:17,440 Speaker 1: another volatile day ahead. The monthly expiration of options tied 41 00:02:17,480 --> 00:02:20,920 Speaker 1: to equities and exchange traded funds takes place today. Kathy 42 00:02:21,080 --> 00:02:24,600 Speaker 1: and Whistle is a managing director at Morgan Stanley. Being 43 00:02:24,680 --> 00:02:29,560 Speaker 1: far volatile, they are uncertain. Um, it's giving everybody a 44 00:02:29,600 --> 00:02:34,119 Speaker 1: little bit of uneasiness and a lot of people asking 45 00:02:34,280 --> 00:02:36,959 Speaker 1: what to do in these markets, and Morgan Stanley is 46 00:02:37,040 --> 00:02:39,520 Speaker 1: Kathy and Whistle may have the comments on Bloomberg Business 47 00:02:39,520 --> 00:02:42,240 Speaker 1: Week Herd weekdays from two to five pm Eastern on 48 00:02:42,280 --> 00:02:45,240 Speaker 1: Bloomberg Radio. The SNP five hundred has lost more than 49 00:02:45,240 --> 00:02:48,520 Speaker 1: a trillion dollars in market value over the past four sessions. 50 00:02:48,800 --> 00:02:51,760 Speaker 1: At one stock not helping market senterment. This morning, Karen 51 00:02:51,880 --> 00:02:55,280 Speaker 1: Applied Materials down one percent and early trading after the 52 00:02:55,360 --> 00:02:58,280 Speaker 1: chip maker delivered a week forecast. We get that story 53 00:02:58,280 --> 00:03:01,560 Speaker 1: and this report from Bloomberg's Charlie Pellet. Applied is the 54 00:03:01,560 --> 00:03:05,640 Speaker 1: biggest maker of machinery that's used to manufacture semiconductors, had 55 00:03:05,680 --> 00:03:08,640 Speaker 1: said sales will be about six point to five billion 56 00:03:08,680 --> 00:03:12,000 Speaker 1: dollars in the fiscal third quarter, which runs through July. 57 00:03:12,440 --> 00:03:15,720 Speaker 1: Analysts had estimated six point six nine billion on average. 58 00:03:15,720 --> 00:03:19,240 Speaker 1: According to data compelled by Bloomberg, the chip industry is 59 00:03:19,360 --> 00:03:23,119 Speaker 1: ordering machinery from Applied and its peers at a frantic rate, 60 00:03:23,400 --> 00:03:27,360 Speaker 1: trying to build enough production capacity to end industry wide 61 00:03:27,400 --> 00:03:31,080 Speaker 1: shortages that are hurting growth across the economy. But those 62 00:03:31,120 --> 00:03:35,040 Speaker 1: same shortages are leaving Applied without the components it needs 63 00:03:35,080 --> 00:03:39,040 Speaker 1: to make its equipment. In New York. Charlie pet Bloomberg Daybreak. 64 00:03:39,120 --> 00:03:41,480 Speaker 1: All right, Charlie, thank you. The semi conductor industry will 65 00:03:41,520 --> 00:03:44,040 Speaker 1: be in focus when Joe Biden makes his first presidential 66 00:03:44,040 --> 00:03:46,720 Speaker 1: trip to Asia. The President's time in South Korea and 67 00:03:46,800 --> 00:03:49,960 Speaker 1: Japan will focus on security and supply chains, and Bloomberg's 68 00:03:49,960 --> 00:03:53,640 Speaker 1: Amy Morris has details from our newsroom in Washington. The 69 00:03:53,680 --> 00:03:57,760 Speaker 1: president is set to visit a Samsung semiconductor complex as 70 00:03:57,800 --> 00:04:00,200 Speaker 1: he seeks to shore up supply chains that we're use 71 00:04:00,280 --> 00:04:03,880 Speaker 1: reliance on China, an indication of the emphasis he's placing 72 00:04:03,920 --> 00:04:08,160 Speaker 1: on strengthening semiconductor reliances among the world's largest ship makers 73 00:04:08,200 --> 00:04:11,000 Speaker 1: to ease those shortages that have dragged on the global economy. 74 00:04:11,320 --> 00:04:14,200 Speaker 1: He'll also meet with regional leaders to garner more support 75 00:04:14,240 --> 00:04:17,640 Speaker 1: for Ukraine, defend off Russia's invasion, and counter security threats 76 00:04:17,720 --> 00:04:21,280 Speaker 1: from China and North Korea. The visit runs through Tuesday 77 00:04:21,480 --> 00:04:24,200 Speaker 1: in Washington. I maybe more as Bloomberg daybreak. All right, 78 00:04:24,240 --> 00:04:26,880 Speaker 1: thanks Sammy, and meantime on Capitol Hill, the US Senate 79 00:04:26,920 --> 00:04:30,159 Speaker 1: has passed an aid package for Ukraine mor more than 80 00:04:30,200 --> 00:04:34,080 Speaker 1: forty billion dollars, now always President Biden's signature. At the 81 00:04:34,120 --> 00:04:37,440 Speaker 1: same time, the Administration says it is providing Ukraine with 82 00:04:37,480 --> 00:04:42,040 Speaker 1: another one million dollars in military assistance. Well John. The 83 00:04:42,080 --> 00:04:45,320 Speaker 1: baby formula shortage is also in focus this morning. According 84 00:04:45,360 --> 00:04:48,640 Speaker 1: to Reuters, the world's second biggest baby formula maker is 85 00:04:48,680 --> 00:04:51,680 Speaker 1: increasing shipments from Europe to the US. The move, Biden 86 00:04:51,720 --> 00:04:55,320 Speaker 1: known comes after added laboratories how to recall some products. 87 00:04:55,480 --> 00:04:57,839 Speaker 1: Virginia Senator at Tim Kaine is a member of the 88 00:04:57,920 --> 00:05:00,880 Speaker 1: Senate Forum Relations and Armed Services can may days. We're 89 00:05:00,920 --> 00:05:04,560 Speaker 1: now going to use the Defense Production Act to increase production. 90 00:05:04,640 --> 00:05:08,400 Speaker 1: We're allowing importation of formula that's safe from other countries. 91 00:05:08,800 --> 00:05:11,600 Speaker 1: The company that closed its plan down has reached an 92 00:05:11,640 --> 00:05:14,680 Speaker 1: agreement to do some fixes. They should be reopened within 93 00:05:14,720 --> 00:05:17,440 Speaker 1: two weeks and starting to produce again, so we will 94 00:05:17,480 --> 00:05:21,279 Speaker 1: solve this problem. I think you'll see that the bipartisan 95 00:05:21,560 --> 00:05:23,560 Speaker 1: but we'll have to have that vote next week and see. 96 00:05:23,800 --> 00:05:26,880 Speaker 1: And Virginia Senator Tim Kaine spoke with our Washington correspondent 97 00:05:26,960 --> 00:05:29,760 Speaker 1: Joe Matthew on Bloomberg Sound on Catch the program weekdays 98 00:05:29,760 --> 00:05:32,279 Speaker 1: at five pm. Easter and on Bloomberg Radio. And the 99 00:05:32,320 --> 00:05:36,839 Speaker 1: pandemic also in focus this morning with news on vaccine eligibility. 100 00:05:37,360 --> 00:05:40,200 Speaker 1: Younger children across the US can now receive a COVID 101 00:05:40,240 --> 00:05:43,320 Speaker 1: booster shot developed by Fiser. Let's get to Tail's live 102 00:05:43,360 --> 00:05:46,600 Speaker 1: from Bloomberg's Ready Too Young, Redia, Good morning, Good morning John. 103 00:05:46,720 --> 00:05:50,920 Speaker 1: CDC director Rochelle will Lynsky recommends the booster for children 104 00:05:51,000 --> 00:05:54,560 Speaker 1: ages five to eleven years old. Making the shot available 105 00:05:54,600 --> 00:05:58,320 Speaker 1: to school age kids will provide much needed protection against 106 00:05:58,320 --> 00:06:02,800 Speaker 1: the contagious omicron cell variants spreading across the country. Well 107 00:06:02,839 --> 00:06:05,279 Speaker 1: Lensky says kids in this age group should receive a 108 00:06:05,279 --> 00:06:09,320 Speaker 1: booster dose at least five months after their primary series. 109 00:06:09,880 --> 00:06:13,000 Speaker 1: Live in New York, I'm Randa Young Bloomberg Daybreak A Right. 110 00:06:13,040 --> 00:06:15,320 Speaker 1: Branda thank you. Well, there's also a sign today that 111 00:06:15,360 --> 00:06:18,360 Speaker 1: the travel industry is bouncing back from the pandemic. Leisure 112 00:06:18,400 --> 00:06:20,680 Speaker 1: travel is now back to pre COVID level. So let 113 00:06:20,680 --> 00:06:23,480 Speaker 1: me get the story from Bloomberg's Doug Kristner. The trend 114 00:06:23,480 --> 00:06:26,479 Speaker 1: could help the travel industry this summer. The MasterCard Economics 115 00:06:26,480 --> 00:06:29,359 Speaker 1: Institute says, for the first time since global movement was 116 00:06:29,400 --> 00:06:33,760 Speaker 1: halted by the pandemic, leisure travel has returned to levels 117 00:06:33,880 --> 00:06:36,680 Speaker 1: and higher airfares don't appear to be a deterrent the 118 00:06:36,720 --> 00:06:40,000 Speaker 1: average global airfares of eighteen percent since the start of 119 00:06:40,040 --> 00:06:43,320 Speaker 1: the year. MasterCard says if flight bookings continue at their 120 00:06:43,360 --> 00:06:46,200 Speaker 1: current pace, and estimated one and a half billion more 121 00:06:46,240 --> 00:06:49,560 Speaker 1: passengers globally will fly this year compared to last, with 122 00:06:49,720 --> 00:06:52,760 Speaker 1: Europe seeing the biggest increase. In New York I Dug Kristner, 123 00:06:52,800 --> 00:06:55,360 Speaker 1: Bloomberg Daybreak, All right, thanks Doug, and we're seeing the 124 00:06:55,520 --> 00:06:58,920 Speaker 1: carnage in retails docts continue this morning. Shares of Ross 125 00:06:58,920 --> 00:07:02,600 Speaker 1: stores are more than twenty eight percent in early trading, 126 00:07:02,920 --> 00:07:06,000 Speaker 1: the discount retailer cutting its outlook for profit and sales. 127 00:07:06,320 --> 00:07:09,360 Speaker 1: Ross's outlook down grade follows similar moves this week by 128 00:07:09,440 --> 00:07:12,840 Speaker 1: Cole's target at Walmart head of the cash open on 129 00:07:12,880 --> 00:07:16,320 Speaker 1: Wall Street HASMP futures up forty three the down futures 130 00:07:16,360 --> 00:07:24,400 Speaker 1: up two eight points. This is Boomberg as six seven 131 00:07:24,400 --> 00:07:26,640 Speaker 1: on Wall Street time to bring in Michael Barr to 132 00:07:26,680 --> 00:07:28,480 Speaker 1: find out what else is going on in New York 133 00:07:28,560 --> 00:07:31,360 Speaker 1: and around the world. John, Thank you very much. SARA 134 00:07:31,440 --> 00:07:34,800 Speaker 1: Health officials say a possible case of monkey pox is 135 00:07:34,880 --> 00:07:37,600 Speaker 1: being investigated in New York City. It would add to 136 00:07:37,680 --> 00:07:41,480 Speaker 1: the case already reported in Massachusetts. The city's health department 137 00:07:41,480 --> 00:07:44,040 Speaker 1: announced on Twitter that the patient is being cared for 138 00:07:44,200 --> 00:07:48,480 Speaker 1: at Bellevue Hospital in Manhattan. Officials say preliminary test for 139 00:07:48,520 --> 00:07:51,840 Speaker 1: the virus are being conducted and if positive, will be 140 00:07:51,920 --> 00:07:55,400 Speaker 1: sent to the c d C for confirmation. Experts say 141 00:07:55,440 --> 00:07:59,280 Speaker 1: it's a rare illness. University of California, San Francisco Professor 142 00:07:59,320 --> 00:08:03,640 Speaker 1: of Medicine R. Peter Chin Hong is an infectious disease expert. 143 00:08:03,960 --> 00:08:07,040 Speaker 1: I don't think it's really going to run rampants in it, 144 00:08:07,840 --> 00:08:12,000 Speaker 1: as opposed to smallpox, which is highly howly transmissible. Dr 145 00:08:12,080 --> 00:08:15,720 Speaker 1: chen Hong says, if you've been vaccinated for vaccinated for smallpox, 146 00:08:15,760 --> 00:08:20,440 Speaker 1: you'll be protected against monkey pox because it's really closely related. 147 00:08:20,840 --> 00:08:23,320 Speaker 1: Relatives of the ten black people gunned down in a 148 00:08:23,320 --> 00:08:26,760 Speaker 1: Buffalo supermarket are pleading with a nation to confront and 149 00:08:26,880 --> 00:08:30,720 Speaker 1: stop racist violence. Agony poured out in the tears of 150 00:08:30,720 --> 00:08:34,000 Speaker 1: a twelve year old child, Jake Patterson, who lost his father. 151 00:08:34,200 --> 00:08:39,080 Speaker 1: His mother spoke, his heart is broken, he has sleeps, 152 00:08:39,960 --> 00:08:42,880 Speaker 1: he has eaten as a mother. What am I supposed 153 00:08:42,920 --> 00:08:46,400 Speaker 1: to do? Earlier yesterday, the accused gunman, who is white, 154 00:08:46,440 --> 00:08:50,520 Speaker 1: eighteen year old Peyton Gendren, silently faced a murder indictments 155 00:08:50,600 --> 00:08:54,000 Speaker 1: in court. The White House calls Oklahoma's new abortion bill 156 00:08:54,080 --> 00:08:57,200 Speaker 1: the most extreme effort to undo the fundamental rights laid 157 00:08:57,240 --> 00:09:00,959 Speaker 1: out in Roe v. Wade. Oklahoma's legis h gave final 158 00:09:01,000 --> 00:09:04,680 Speaker 1: approval to the bill, which would ban almost all abortions 159 00:09:04,679 --> 00:09:08,679 Speaker 1: from the moment of consumption. Vice President Kamala Harris hosted 160 00:09:08,679 --> 00:09:11,520 Speaker 1: a virtual meeting with abortion providers at the White House. 161 00:09:11,920 --> 00:09:17,000 Speaker 1: It's just the latest in a series of extreme laws 162 00:09:17,040 --> 00:09:21,000 Speaker 1: around the country. Oklahoma's governor has vowed to sign it 163 00:09:21,080 --> 00:09:24,760 Speaker 1: into law. The House panel investigating the January six riot 164 00:09:24,800 --> 00:09:27,840 Speaker 1: wants to question a Republican lawmaker who is said to 165 00:09:27,920 --> 00:09:30,880 Speaker 1: have led a group tour of the capital a day 166 00:09:30,960 --> 00:09:35,480 Speaker 1: before the attack. Georgia GOP representative Buried louder Milk is 167 00:09:35,520 --> 00:09:38,920 Speaker 1: being asked to answer questions before the Congressional Committee. Panel 168 00:09:39,000 --> 00:09:42,679 Speaker 1: chairman Bennie Thompson said the committee's review of evidence contradicts 169 00:09:42,720 --> 00:09:46,360 Speaker 1: denials from some Republicans that there were no tours or 170 00:09:46,559 --> 00:09:50,479 Speaker 1: large groups brought to the capital. New York Congresswoman Alexandria 171 00:09:50,520 --> 00:09:54,760 Speaker 1: Ocassio Cortes confirms she's engaged to her longtime partner Riley 172 00:09:54,840 --> 00:09:57,840 Speaker 1: Roberts were yet on her wedding day. Global News twenty 173 00:09:57,880 --> 00:10:00,480 Speaker 1: four hours a day on air and on Bloomberg Quick Take, 174 00:10:00,679 --> 00:10:03,240 Speaker 1: powered by more than seven hundred journalists and analysts more 175 00:10:03,240 --> 00:10:05,880 Speaker 1: than a hundred twenty countries. Michael Barr, this is Bloomberg. 176 00:10:05,960 --> 00:10:12,280 Speaker 1: John alright, Michael, thank you very much. He's now six 177 00:10:12,360 --> 00:10:14,520 Speaker 1: ten of Wall Street and the sign of the Bloomberg 178 00:10:14,679 --> 00:10:17,559 Speaker 1: Sports Update. Here's John Stown Howard all right, John Thrilling. 179 00:10:17,600 --> 00:10:18,960 Speaker 1: Win for the Mets. They've had a lot of those 180 00:10:19,000 --> 00:10:21,640 Speaker 1: already this season. The Cardinals got two on runs from 181 00:10:21,640 --> 00:10:23,960 Speaker 1: called Goldsmith they let in the night day the Mets 182 00:10:24,000 --> 00:10:26,439 Speaker 1: tied it. St. Louis went back ahead top of the 183 00:10:26,559 --> 00:10:29,360 Speaker 1: ten heroics in the bottom. He goes ready a belt. 184 00:10:29,360 --> 00:10:35,520 Speaker 1: Ty said his pitch Alto built way back. It's love God, 185 00:10:36,040 --> 00:10:41,360 Speaker 1: that's the fun of the ten lot to drive one 186 00:10:41,360 --> 00:10:45,000 Speaker 1: out of each Gydagos have the Mets for the off. 187 00:10:45,679 --> 00:10:50,760 Speaker 1: Serious victory bigs to come. Mets won seven six. Alonzo 188 00:10:50,840 --> 00:10:52,880 Speaker 1: now leads all of baseball the thirty six r b 189 00:10:53,000 --> 00:10:55,240 Speaker 1: i s. However, during the game came the news on 190 00:10:55,360 --> 00:10:57,680 Speaker 1: Max jers Or he has an oblique strain. He's gonna 191 00:10:57,679 --> 00:10:59,840 Speaker 1: miss six to eight weeks of The Mets were hoping 192 00:10:59,880 --> 00:11:02,679 Speaker 1: to have this great one two punch. A Scherzer and 193 00:11:02,760 --> 00:11:05,959 Speaker 1: Jacob de Graham both are hurt, and so was another starter, 194 00:11:06,000 --> 00:11:08,800 Speaker 1: Tyler Miguel, just as the Mets at their walkoff. When 195 00:11:08,840 --> 00:11:11,640 Speaker 1: the Yankees suffered to walk off loss in Baltimore, the 196 00:11:11,679 --> 00:11:14,520 Speaker 1: Orioles Anthony Santander at three run over bottom the night 197 00:11:14,559 --> 00:11:17,719 Speaker 1: off Lucas Letkey for a nine six Orioles win. The 198 00:11:17,800 --> 00:11:19,960 Speaker 1: Yanks had tied the game with two out in the 199 00:11:20,000 --> 00:11:22,560 Speaker 1: top of the ninth. The NBA Playoffs Celtics up twenty 200 00:11:22,600 --> 00:11:24,480 Speaker 1: five at half time. They won Game two in Miami 201 00:11:24,520 --> 00:11:27,959 Speaker 1: by that's hied the series. Stanley kept playoff wins for St. 202 00:11:28,000 --> 00:11:31,160 Speaker 1: Louis and Tampa Bay, both on the road. Rangers looking 203 00:11:31,240 --> 00:11:33,560 Speaker 1: for a road win tonight It's Game two and Raleigh 204 00:11:33,840 --> 00:11:37,040 Speaker 1: after the Hurricanes took the opener in overtime. Amazing the thing. 205 00:11:37,200 --> 00:11:39,720 Speaker 1: Rory McElroy hasn't won a major since the two thousand 206 00:11:39,840 --> 00:11:43,320 Speaker 1: fourteen PGA. McElroy leans this year's pg A by one shot. 207 00:11:43,400 --> 00:11:46,120 Speaker 1: Going to today's second round and tells U Live covered 208 00:11:46,120 --> 00:11:48,880 Speaker 1: Bloomberg Radeo today starting at four with the PG eight. 209 00:11:48,880 --> 00:11:52,800 Speaker 1: Tonight show at eleven, John Dashaward Bloomberg Sports John all Right, John, 210 00:11:52,840 --> 00:11:54,360 Speaker 1: thanks very much. Ahead of the cash show to the 211 00:11:54,440 --> 00:11:57,440 Speaker 1: Wallsbury NSP futures of forty four, the dawn futures of 212 00:11:57,440 --> 00:12:01,720 Speaker 1: two eight, the NASA futures one hundred eighty onloom points higher. 213 00:12:02,000 --> 00:12:08,760 Speaker 1: You're listening to Bloomberg and we closed out a trading 214 00:12:08,800 --> 00:12:10,959 Speaker 1: week that saw the SMP five hundred lose more than 215 00:12:11,000 --> 00:12:13,880 Speaker 1: a trillion dollars in market value. Just ahead, we'll pick 216 00:12:13,920 --> 00:12:17,559 Speaker 1: the brand of Brian Levitt, Global market strategists at Advansco 217 00:12:21,559 --> 00:12:24,960 Speaker 1: Markets headlines and breaking news twenty four hours a day 218 00:12:25,080 --> 00:12:28,640 Speaker 1: at Bloomberg dot com, The Bloomberg Business and at Bloomberg 219 00:12:28,679 --> 00:12:38,959 Speaker 1: quick take, This is a Bloomberg business lash and I'm Cameron. Moscow. 220 00:12:39,040 --> 00:12:41,880 Speaker 1: US stock indise futures are pushing higher this morning, along 221 00:12:41,880 --> 00:12:44,800 Speaker 1: with European shares after China's latest measured a firm up 222 00:12:44,840 --> 00:12:47,160 Speaker 1: its economy and injected a note of optimism at the 223 00:12:47,240 --> 00:12:50,080 Speaker 1: end of another volatile week for global markets. We checked 224 00:12:50,080 --> 00:12:52,320 Speaker 1: the markets every fifteen minutes throughout the trading day on 225 00:12:52,360 --> 00:12:55,480 Speaker 1: Bloomberg s and P futures of about forty two points down, 226 00:12:55,480 --> 00:12:58,160 Speaker 1: futures of two hundred sixty seven and NASDACK futures have 227 00:12:58,200 --> 00:13:01,000 Speaker 1: one hundred seventy three the day. In Germany's up one 228 00:13:01,040 --> 00:13:03,720 Speaker 1: point seven percent, the ten year treasury down eight thirty 229 00:13:03,800 --> 00:13:06,520 Speaker 1: seconds two point eight six percent. They yield on the 230 00:13:06,559 --> 00:13:09,840 Speaker 1: two year two point six two percent. Nimex screwed oil 231 00:13:10,000 --> 00:13:12,080 Speaker 1: is done about two tens per cent, or nineteen cents 232 00:13:12,080 --> 00:13:15,120 Speaker 1: at a hundred twelve dollars two cents a barrel. Comex 233 00:13:15,200 --> 00:13:17,520 Speaker 1: gold is up to ten percent or three dollar sixty 234 00:13:17,520 --> 00:13:20,560 Speaker 1: cents at eighteen fifty one forty anounts. The euro one 235 00:13:20,640 --> 00:13:22,960 Speaker 1: point oh five eight nine against the dollar, British found 236 00:13:22,960 --> 00:13:25,320 Speaker 1: one point two four seven five and the yen at 237 00:13:25,320 --> 00:13:28,240 Speaker 1: one eight point one one and Bitcoin this morning up 238 00:13:28,240 --> 00:13:31,920 Speaker 1: to ten percent at thirty thousand, two hundred ninety dollars. 239 00:13:31,920 --> 00:13:34,440 Speaker 1: That's a Bloomberg Business Flash. Now here's Michael Barr with 240 00:13:34,520 --> 00:13:37,120 Speaker 1: more on what's going on around the world. Michael Karen, 241 00:13:37,200 --> 00:13:40,120 Speaker 1: thank you very much. President Joe Biden is in South Korea. 242 00:13:40,320 --> 00:13:43,840 Speaker 1: He will meet South Korean President Yume so kiol as 243 00:13:43,880 --> 00:13:47,400 Speaker 1: they face a growing threat from North Korea's nuclear weapons 244 00:13:47,600 --> 00:13:52,079 Speaker 1: and missile program. Both US and South Korean intelligence officials 245 00:13:52,120 --> 00:13:56,720 Speaker 1: say it's possible at North Korea will conductibilistic or nuclear 246 00:13:56,760 --> 00:14:00,240 Speaker 1: tennis around Biden's visit to South Korea and Japan end. 247 00:14:00,640 --> 00:14:04,320 Speaker 1: The Senate has passed a forty billion dollar package of military, 248 00:14:04,520 --> 00:14:08,160 Speaker 1: economic and food aid for Ukraine. The vote was eighty 249 00:14:08,240 --> 00:14:12,120 Speaker 1: six eleven. In the NBA playoffs, the Celtics have even 250 00:14:12,120 --> 00:14:14,240 Speaker 1: their series that a game of peace after beating the 251 00:14:14,280 --> 00:14:17,439 Speaker 1: Heat one seven, one oh two. In baseball, all the 252 00:14:17,480 --> 00:14:20,400 Speaker 1: Yankees lost to the Orioles nine six, the Mats one 253 00:14:20,400 --> 00:14:23,000 Speaker 1: and along with the Red Sox, Global News twenty four 254 00:14:23,000 --> 00:14:25,920 Speaker 1: hours a day on air and on Bloomberg Quick Take, 255 00:14:26,160 --> 00:14:29,120 Speaker 1: powered by more than twenty seven hundred journalists and analysts 256 00:14:29,200 --> 00:14:31,600 Speaker 1: more than a hundred twenty countries. Michael bar This is 257 00:14:31,640 --> 00:14:34,360 Speaker 1: Bloomberg John Michael, thank you. Coming up on six twenty 258 00:14:34,440 --> 00:14:37,040 Speaker 1: on Wall Street. We are lying from the Bloomberg Interactor 259 00:14:37,080 --> 00:14:41,280 Speaker 1: Broker Studios. This is Bloomberg day Break. Global shares on 260 00:14:41,440 --> 00:14:45,240 Speaker 1: course for in historic seventh week of declines. Let's try 261 00:14:45,280 --> 00:14:47,200 Speaker 1: to get you set up for the trading day head now. 262 00:14:47,280 --> 00:14:51,320 Speaker 1: We're joined by Brian Levitt, global market strategist at Investco. 263 00:14:51,400 --> 00:14:56,360 Speaker 1: Brian Happy Friday. What is a head for investors? Well, 264 00:14:56,400 --> 00:14:58,480 Speaker 1: it looks like it means at least the futures are 265 00:14:58,720 --> 00:15:02,240 Speaker 1: up this morning. But it's certainly a challenging market environment, 266 00:15:02,280 --> 00:15:05,400 Speaker 1: which tends to be the case when you're persisting through 267 00:15:05,440 --> 00:15:09,000 Speaker 1: a period of policy uncertainty. And even though the market 268 00:15:09,080 --> 00:15:12,800 Speaker 1: has gone a long way to pricing in multiple Fed 269 00:15:12,880 --> 00:15:16,800 Speaker 1: interest rate hikes, we still have inflation very elevated um 270 00:15:17,320 --> 00:15:21,800 Speaker 1: and so volatility is likely to be uh persistent here 271 00:15:22,000 --> 00:15:25,480 Speaker 1: until we have greater clarity on the inflation picture and 272 00:15:25,560 --> 00:15:27,440 Speaker 1: glater greater clarity on where the set is going to 273 00:15:27,520 --> 00:15:33,240 Speaker 1: ultimately head. The vix remains elevated right now. Well, streets 274 00:15:33,400 --> 00:15:38,400 Speaker 1: fear gauge, how much more volatility it had usually when 275 00:15:38,560 --> 00:15:41,280 Speaker 1: usually you see the VIX at around forty when you 276 00:15:41,440 --> 00:15:46,480 Speaker 1: get to a market bottom. We've even seen the VIX 277 00:15:46,520 --> 00:15:49,720 Speaker 1: at forty a couple of times in the last cycle 278 00:15:49,960 --> 00:15:52,200 Speaker 1: when we didn't end up in a recession, whether that 279 00:15:52,360 --> 00:15:56,880 Speaker 1: was with the FED first rate hike twenty eleven during 280 00:15:56,920 --> 00:16:01,200 Speaker 1: the European debt crisis. So volatility is elevated. I don't 281 00:16:01,200 --> 00:16:03,920 Speaker 1: think we've seen the full level of it yet or 282 00:16:03,920 --> 00:16:07,760 Speaker 1: the full capitulation. We're certainly getting closer. If you look 283 00:16:07,800 --> 00:16:10,800 Speaker 1: at the number of stocks on the New York Stock 284 00:16:10,840 --> 00:16:14,120 Speaker 1: Exchange training above their two entre day moving average, we 285 00:16:14,120 --> 00:16:17,720 Speaker 1: were at fifty percent in March. We're now down below. 286 00:16:18,760 --> 00:16:21,920 Speaker 1: Usually market bottoms are around ten to fifteen percent. So 287 00:16:22,280 --> 00:16:24,680 Speaker 1: we've seen a big move, we've seen a big wash up, 288 00:16:24,720 --> 00:16:29,080 Speaker 1: but nonetheless, inflation is still elevated. Policy still uncertain, so 289 00:16:29,800 --> 00:16:33,640 Speaker 1: there's no real catalyst here, at least in the short 290 00:16:33,760 --> 00:16:36,840 Speaker 1: term for markets. And would you think it's full of 291 00:16:37,000 --> 00:16:40,320 Speaker 1: err and to be buying on depths right now? Well, 292 00:16:40,360 --> 00:16:42,840 Speaker 1: I think if you're a long term investor, you're starting 293 00:16:42,880 --> 00:16:46,080 Speaker 1: to see some good value emerge in the market. So 294 00:16:46,280 --> 00:16:48,560 Speaker 1: if you're trying to get the next days or the 295 00:16:48,640 --> 00:16:52,480 Speaker 1: next week's right, um, buying the dips could be a challenge, 296 00:16:52,480 --> 00:16:54,280 Speaker 1: but if you're a long term investor, I think it 297 00:16:54,400 --> 00:16:57,480 Speaker 1: certainly makes sense to consider starting to do so. I mean, 298 00:16:57,520 --> 00:17:01,880 Speaker 1: we've looked at past downturn. Even if you invest halfway 299 00:17:02,000 --> 00:17:05,640 Speaker 1: through it, you're still far better off over the long 300 00:17:05,760 --> 00:17:09,040 Speaker 1: term than having not done so, so you know the messages. 301 00:17:09,240 --> 00:17:14,119 Speaker 1: Near term challenges will ultimately see the economy slow and 302 00:17:14,200 --> 00:17:17,040 Speaker 1: some of these supplied demand imbalances start to work their 303 00:17:17,080 --> 00:17:21,840 Speaker 1: way out Directionally, inflation should start to come down, which 304 00:17:21,840 --> 00:17:24,399 Speaker 1: will set up a better environment for stock. So we 305 00:17:24,440 --> 00:17:26,080 Speaker 1: may not be all the way through it, but again, 306 00:17:26,119 --> 00:17:28,240 Speaker 1: if you have your eye on the long term, there's 307 00:17:28,280 --> 00:17:31,359 Speaker 1: good value that's starting to emerge. And on the earnings front, 308 00:17:31,359 --> 00:17:34,440 Speaker 1: of course, with Walmart, Target the other retailers, I guess 309 00:17:34,480 --> 00:17:38,560 Speaker 1: the lesson to the takeaway there is margin compression. How 310 00:17:38,640 --> 00:17:40,919 Speaker 1: much more of that are we going to see? What 311 00:17:41,000 --> 00:17:44,760 Speaker 1: are the lessons we get for that? Yeah, margin compression, 312 00:17:44,800 --> 00:17:48,280 Speaker 1: But let's remember margins were a very very elevated levels, 313 00:17:48,640 --> 00:17:51,200 Speaker 1: and so I think the way to think of this 314 00:17:51,440 --> 00:17:55,920 Speaker 1: is it's a slow down in demand where costs are 315 00:17:56,000 --> 00:18:00,040 Speaker 1: still quite elevated and so that creates a difficult a 316 00:18:00,160 --> 00:18:03,280 Speaker 1: drop in the in the short term. But this slowdown 317 00:18:03,640 --> 00:18:08,679 Speaker 1: is likely to bring UM. As demands slows, you're likely 318 00:18:08,760 --> 00:18:12,879 Speaker 1: to start to see inflationary pressures moderate. Now, of course 319 00:18:12,960 --> 00:18:16,679 Speaker 1: we need better clarity on China with zero COVID policy. 320 00:18:17,040 --> 00:18:21,040 Speaker 1: UM cases in Shanghai do seem to be coming down. 321 00:18:21,400 --> 00:18:25,720 Speaker 1: Policy makers in China are trying to support growth. So 322 00:18:26,119 --> 00:18:29,040 Speaker 1: you know, if we can start to see some movement 323 00:18:29,240 --> 00:18:32,760 Speaker 1: they are. As demand slows, we should start to see 324 00:18:32,760 --> 00:18:36,280 Speaker 1: inventories get rebuilt UM and and and some of that 325 00:18:36,359 --> 00:18:39,199 Speaker 1: pricing pressure should start to come down. But but you know, 326 00:18:39,600 --> 00:18:43,240 Speaker 1: margins coming down again from from very very elevated levels. 327 00:18:43,400 --> 00:18:46,240 Speaker 1: Do you want to gauge the risk of hard versus 328 00:18:46,320 --> 00:18:52,760 Speaker 1: soft landings, Well, look, it's it's gonna be a challenge. 329 00:18:52,800 --> 00:18:55,840 Speaker 1: I mean, it's hard for the fit to navigate this 330 00:18:56,280 --> 00:19:00,760 Speaker 1: um and so you know growth is going to slow meaningfully. 331 00:19:00,840 --> 00:19:03,200 Speaker 1: Now that all the debate is whether or not we're 332 00:19:03,200 --> 00:19:06,080 Speaker 1: going to have a recession with the markets are already 333 00:19:06,080 --> 00:19:12,960 Speaker 1: pricing in a pretty a meaningful deterioration in growth UM 334 00:19:13,080 --> 00:19:17,160 Speaker 1: and the reality is the fundamentals of this economy are 335 00:19:17,280 --> 00:19:21,000 Speaker 1: pretty sound. That the households have been in good shape, UM, 336 00:19:21,280 --> 00:19:25,440 Speaker 1: the banking system strong, the business sectors has been has been, 337 00:19:25,560 --> 00:19:29,120 Speaker 1: UM is well capitalized, and so even if you were 338 00:19:29,200 --> 00:19:31,399 Speaker 1: to have a recession, it would likely be a pretty 339 00:19:31,440 --> 00:19:35,200 Speaker 1: mild one. Brian. Always a pleasure appreciated. Brian left, global 340 00:19:35,280 --> 00:19:39,240 Speaker 1: markets strategist at Investco with us this morning and ahead 341 00:19:39,280 --> 00:19:42,160 Speaker 1: of the up on the Wall Street futures in the 342 00:19:42,200 --> 00:19:45,760 Speaker 1: green this morning. The Dow futures of two D ninety 343 00:19:45,840 --> 00:19:49,400 Speaker 1: nine points as of the immate of futures six right now, 344 00:19:49,440 --> 00:19:52,399 Speaker 1: and that asset futures are on one hundred and eighty 345 00:19:52,600 --> 00:19:56,800 Speaker 1: nine points. As for treasuries, the benchmark tenure yield up 346 00:19:56,800 --> 00:19:59,920 Speaker 1: two basis points right now at two point eight six percent. 347 00:20:00,720 --> 00:20:08,160 Speaker 1: You're listening to Bloomberg day Break, the Bloomberg Weather from 348 00:20:08,160 --> 00:20:12,000 Speaker 1: maybe Ron just robbed Caroline Desk five Advisory and effect 349 00:20:12,119 --> 00:20:15,080 Speaker 1: through nine o'clock this morning, the fog will burn off, 350 00:20:15,119 --> 00:20:18,880 Speaker 1: giving way to low clouds, then partial sun the possibility 351 00:20:18,920 --> 00:20:26,680 Speaker 1: of showers. Broadcasting live from the Bloomberg Interactive Brokery Studio 352 00:20:26,760 --> 00:20:29,680 Speaker 1: in New York, Bloomberg E Living free on to Washington, 353 00:20:29,760 --> 00:20:33,159 Speaker 1: d C, Bloomberg nine one to Boston. Bloomberg one O 354 00:20:33,400 --> 00:20:36,880 Speaker 1: six one to San Francisco, Bloomberg N sixty to the country, 355 00:20:36,960 --> 00:20:40,159 Speaker 1: Sirius XM CHADO one nine and around the globe, the 356 00:20:40,160 --> 00:20:44,679 Speaker 1: Bloomberg Business and Bloomberg Radio dot com. This is Bloomberg 357 00:20:44,760 --> 00:20:52,920 Speaker 1: Daybreak at six thirty on Wall Street. Good morning, I'm 358 00:20:53,000 --> 00:20:55,760 Speaker 1: John Tucker and I'm caroen Mosca. We're just about three 359 00:20:55,800 --> 00:20:58,119 Speaker 1: hours away from the open of US trading. Time for 360 00:20:58,160 --> 00:21:00,240 Speaker 1: the five things you need to notice start your day. 361 00:21:00,280 --> 00:21:03,560 Speaker 1: Brought to you by Interactive Brokers ib k Our Investment 362 00:21:03,560 --> 00:21:06,879 Speaker 1: Advisors switched to Interactive Brokers for lowest cost global trading 363 00:21:06,880 --> 00:21:10,600 Speaker 1: and turnkey custody solutions, no ticket charges and no conflicts 364 00:21:10,600 --> 00:21:13,320 Speaker 1: of your interests at ibk R dot com slash r 365 00:21:13,400 --> 00:21:16,280 Speaker 1: i A first US Future is higher as we close 366 00:21:16,320 --> 00:21:17,879 Speaker 1: out a trading week that saw the S and P 367 00:21:18,040 --> 00:21:20,320 Speaker 1: fi've harder to lose more than a trillion dollars and 368 00:21:20,400 --> 00:21:24,280 Speaker 1: market value. The index is down almost from its January 369 00:21:24,320 --> 00:21:26,240 Speaker 1: third closing high, and it is on track for a 370 00:21:26,400 --> 00:21:29,800 Speaker 1: seventh week of losses. Ken Griffin is CEO of Citadel. 371 00:21:30,280 --> 00:21:32,879 Speaker 1: What we're seeing in the markets is a rotation from 372 00:21:33,320 --> 00:21:36,600 Speaker 1: growth Fox with earnings very far in the future towards 373 00:21:36,640 --> 00:21:39,120 Speaker 1: stocks that are are much more value stocks earnings here 374 00:21:39,200 --> 00:21:41,760 Speaker 1: in the present, and this reflects the fact that real 375 00:21:41,880 --> 00:21:44,280 Speaker 1: rates for the first time in a very long time, 376 00:21:44,760 --> 00:21:49,000 Speaker 1: are likely to go positive in and Citadel CEO Ken 377 00:21:49,040 --> 00:21:51,800 Speaker 1: Griffin made the comments to Bloomberg's francying Laqua at the 378 00:21:51,800 --> 00:21:55,480 Speaker 1: Bloomberg Intelligence Market Structure three point conference in New York. 379 00:21:55,640 --> 00:21:59,200 Speaker 1: Results from Applied Materials weighing on some sentiment this morning, 380 00:21:59,200 --> 00:22:02,480 Speaker 1: shares down almost one percent in early trading, the company 381 00:22:02,600 --> 00:22:06,680 Speaker 1: delivering a week forecast as chip shortages persist. Training to 382 00:22:06,760 --> 00:22:09,639 Speaker 1: politics now, President Joe Biden heads to South Korea and 383 00:22:09,720 --> 00:22:13,000 Speaker 1: Japan to reassure allies of America's commitment to Asia. On 384 00:22:13,000 --> 00:22:16,960 Speaker 1: Bloomberg's Daybreak, Asia anchor Brian Curtis has the details. The 385 00:22:17,080 --> 00:22:20,200 Speaker 1: last time a US president visited Soul, in twenty nineteen, 386 00:22:20,280 --> 00:22:23,679 Speaker 1: Donald Trump and Kim Jong lun agreed to restart nuclear talks. 387 00:22:24,000 --> 00:22:26,440 Speaker 1: This time, the White House has not indicated Biden will 388 00:22:26,440 --> 00:22:29,000 Speaker 1: be heading up to the d m Z. In the meantime, 389 00:22:29,080 --> 00:22:31,320 Speaker 1: the North Korean leader is preparing to launch another i 390 00:22:31,440 --> 00:22:35,800 Speaker 1: CBM and possibly conduct his first nuclear test since t seventeen. 391 00:22:35,960 --> 00:22:38,560 Speaker 1: President Biden is aiming to firm up the US pivot 392 00:22:38,600 --> 00:22:41,919 Speaker 1: to Asia and counter China's military build up in the region. 393 00:22:42,240 --> 00:22:46,080 Speaker 1: Brian Curtis, Bloomberg Daybreak, Thanks Ryan. The pandemic also in 394 00:22:46,119 --> 00:22:50,720 Speaker 1: focus this morning with news on vaccine eligibility. Younger children 395 00:22:50,720 --> 00:22:53,720 Speaker 1: across the US can now Receiva COVID boosters shot developed 396 00:22:53,720 --> 00:22:56,800 Speaker 1: by Fiser. Now let's get to tails. Lying from Bloomberg's 397 00:22:56,840 --> 00:22:59,879 Speaker 1: Rind Young. Good morning, Reneva, Good morning, John CDC dre 398 00:23:00,080 --> 00:23:04,000 Speaker 1: to Rochelle Willinsky recommends the booster for children ages five 399 00:23:04,119 --> 00:23:07,439 Speaker 1: to eleven years old. Making the shot available to school 400 00:23:07,440 --> 00:23:11,400 Speaker 1: age kids will provide much needed protection against the contagious 401 00:23:11,400 --> 00:23:16,000 Speaker 1: O Macron subvariants spreading across the country. Wellinsky says kids 402 00:23:16,040 --> 00:23:18,720 Speaker 1: in this age group should receive a booster dose at 403 00:23:18,800 --> 00:23:23,200 Speaker 1: least five months after their primary series Live in New York, 404 00:23:23,280 --> 00:23:26,720 Speaker 1: I'm Ranita Young, Bloomberg Daybreak. All right, Nita, thank you, 405 00:23:26,760 --> 00:23:28,720 Speaker 1: and that's the five things you need to notice start 406 00:23:28,760 --> 00:23:31,800 Speaker 1: your day. Brought to you by Interactive Brokers and straight 407 00:23:31,840 --> 00:23:38,880 Speaker 1: to hand your latest local headlines. This is Bloomberg. Thanks 408 00:23:38,920 --> 00:23:41,840 Speaker 1: give six thirty three on Wall Street. Let's bring in 409 00:23:41,880 --> 00:23:43,920 Speaker 1: Michael barn Now and tell us what else is going 410 00:23:43,960 --> 00:23:46,760 Speaker 1: on to New York end around the world, John, Thank 411 00:23:46,800 --> 00:23:50,040 Speaker 1: you very much, Sarah. Possible case of monkey boxes being 412 00:23:50,080 --> 00:23:52,880 Speaker 1: investigated in New York City, adding to the case already 413 00:23:52,920 --> 00:23:56,919 Speaker 1: reported in Massachusetts. Health officials at preliminary tests for the 414 00:23:57,000 --> 00:24:00,240 Speaker 1: virus are being conducted and if positive, will be sent 415 00:24:00,280 --> 00:24:03,600 Speaker 1: to the c d C for confirmation. The patient is 416 00:24:03,640 --> 00:24:07,520 Speaker 1: being treated at Bellevue Hospital in Manhattan. Experts say it's 417 00:24:07,520 --> 00:24:12,000 Speaker 1: a rare illness. University of California, San Francisco Professor of Medicine, 418 00:24:12,280 --> 00:24:15,919 Speaker 1: Dr Peter chinn Hong is an infectious disease expert. There's 419 00:24:15,960 --> 00:24:19,280 Speaker 1: an adopted boxing from monkey pox. But the interesting thing 420 00:24:19,359 --> 00:24:22,360 Speaker 1: is that if you've been voxinated with smallpox, you get 421 00:24:22,400 --> 00:24:27,280 Speaker 1: protection against monkey box because it's really closely related. Dr 422 00:24:27,359 --> 00:24:30,639 Speaker 1: chin Hong says he doesn't believe monkey pox will run rampant. 423 00:24:31,160 --> 00:24:34,040 Speaker 1: The House Republican is pushing back on the January sixth 424 00:24:34,040 --> 00:24:38,280 Speaker 1: committee that claims he gave unauthorized capital tours the day 425 00:24:38,359 --> 00:24:41,919 Speaker 1: before the attack. The committee says it has evidence that 426 00:24:41,960 --> 00:24:46,080 Speaker 1: Georgia Republican Congressman Barry louder Milk gave a tour of 427 00:24:46,119 --> 00:24:50,040 Speaker 1: the Capital. The committee wants louder Milk to testify. Tops 428 00:24:50,160 --> 00:24:53,960 Speaker 1: Markets valve they would reopen their Buffalo supermarket, which was 429 00:24:54,000 --> 00:24:57,720 Speaker 1: the scene of Saturday's deadly mass shooting. Meanwhile, the eighteen 430 00:24:57,800 --> 00:25:01,520 Speaker 1: year old suspected gunman appeared in courtier yesterday, the Oklahoma 431 00:25:01,560 --> 00:25:05,320 Speaker 1: state legislature passed bill which would ban almost all abortions 432 00:25:05,320 --> 00:25:09,720 Speaker 1: from the moment of conception. The bill includes narrow exceptions 433 00:25:09,720 --> 00:25:12,159 Speaker 1: to protect the life of the mother and for the 434 00:25:12,200 --> 00:25:15,600 Speaker 1: cases of rape and incests, but only if they are 435 00:25:15,640 --> 00:25:19,480 Speaker 1: reported to law enforcement. State Representative Wendy Steerman is the 436 00:25:19,520 --> 00:25:23,040 Speaker 1: bill's author. Well, the goal of this is to protect 437 00:25:23,119 --> 00:25:27,159 Speaker 1: the child, the unborn child, so I believe that putting 438 00:25:27,200 --> 00:25:30,800 Speaker 1: in the exception as we have it is um is 439 00:25:30,840 --> 00:25:34,840 Speaker 1: acceptable in the situation, Representative Steerman says. Oklahoma's governor is 440 00:25:34,880 --> 00:25:38,120 Speaker 1: expected to sign the bill into law. Emily Wales, president 441 00:25:38,200 --> 00:25:41,920 Speaker 1: of the Great Plains Oklahoma Chapter of Planned Parenthood, called 442 00:25:41,960 --> 00:25:45,000 Speaker 1: it a dark day for human rights. Today's ban, which 443 00:25:45,080 --> 00:25:48,560 Speaker 1: encourages bounty hunters to see their neighbors or strangers for 444 00:25:48,600 --> 00:25:52,840 Speaker 1: accessing abortion care at any stage of pregnancy, is a 445 00:25:52,880 --> 00:25:55,760 Speaker 1: reversal of history happening in front of our eyes. Wales, 446 00:25:55,800 --> 00:25:58,840 Speaker 1: with Planned Parenthood agrees with Vice President Harris, who called 447 00:25:58,880 --> 00:26:02,600 Speaker 1: the bill outrages. Majority Leader Chuck Schumer has told colleagues 448 00:26:02,600 --> 00:26:04,960 Speaker 1: and the Senate he plans to bring an antitrust bill 449 00:26:05,040 --> 00:26:07,720 Speaker 1: to the floor in early summer that would crack down 450 00:26:07,760 --> 00:26:10,200 Speaker 1: on the major jack platforms. The bill is said to 451 00:26:10,240 --> 00:26:14,320 Speaker 1: prevent platforms from favoring its own content. Global Dunes twenty 452 00:26:14,320 --> 00:26:17,000 Speaker 1: four hours a day on air and on Bloomberg Quicktake, 453 00:26:17,000 --> 00:26:19,840 Speaker 1: powered by more than the journalists and analysts and more 454 00:26:19,840 --> 00:26:23,080 Speaker 1: than a hundred twenty countries on Michael Barr, This is Bloomberg, John, Michael, 455 00:26:23,119 --> 00:26:25,640 Speaker 1: thank you. He's coming up to five and thirty sits 456 00:26:25,680 --> 00:26:30,399 Speaker 1: under all screen. Has signed out for the Bloomberg Sports 457 00:26:30,440 --> 00:26:33,280 Speaker 1: Off Day. Here's John's town Showers. John bittersweet day for 458 00:26:33,320 --> 00:26:35,600 Speaker 1: the Mets. A thrilling win at City Field seven six 459 00:26:35,640 --> 00:26:37,560 Speaker 1: over the Cardinals on a walk off two on Homer 460 00:26:37,600 --> 00:26:40,440 Speaker 1: tent Any by Pete Alonso. But during the game came 461 00:26:40,480 --> 00:26:42,720 Speaker 1: the upfit on Max scherz Or, who took himself out 462 00:26:42,720 --> 00:26:45,240 Speaker 1: of Wednesday's game, and then the m R I showed 463 00:26:45,240 --> 00:26:48,199 Speaker 1: an oblique strain. Shows are off to a five and 464 00:26:48,240 --> 00:26:50,640 Speaker 1: one starters a Matt He's gonna miss the next six 465 00:26:50,720 --> 00:26:53,560 Speaker 1: to eight weeks, and Jacob mcgraham has yet to pitch. 466 00:26:53,640 --> 00:26:57,000 Speaker 1: No timetable on his return. Tyler McGill is another met 467 00:26:57,040 --> 00:26:59,800 Speaker 1: starter currently on the injured list. Yankees into the road 468 00:26:59,840 --> 00:27:02,280 Speaker 1: to the nine six loss in Baltimore, back and fourth 469 00:27:02,280 --> 00:27:04,040 Speaker 1: game to the Yanks. Tied with two outs of the 470 00:27:04,119 --> 00:27:07,120 Speaker 1: ninth that he but Anthony santandair I'll walk off three 471 00:27:07,160 --> 00:27:09,760 Speaker 1: run Homer Bot of the ninth NBA East Finals are 472 00:27:09,760 --> 00:27:11,840 Speaker 1: tied at one of The Celtics won by twenty five 473 00:27:11,880 --> 00:27:15,440 Speaker 1: in Miami. NHL Tampa Bay one again at Florida, now 474 00:27:15,520 --> 00:27:18,520 Speaker 1: up to nothing. First playoff loss for Colorado beaten by St. 475 00:27:18,560 --> 00:27:20,960 Speaker 1: Louis the Rangers tonight. You need to like play like 476 00:27:21,000 --> 00:27:23,160 Speaker 1: they did in the first two periods of Game one 477 00:27:23,200 --> 00:27:25,280 Speaker 1: and not like they did in the third period of 478 00:27:25,280 --> 00:27:27,959 Speaker 1: the overtime. It's Game two and Raleigh. After Carolina won 479 00:27:27,960 --> 00:27:30,440 Speaker 1: the opener. They'll play Round two of the PGA Championship 480 00:27:30,480 --> 00:27:33,240 Speaker 1: today and Tulsa. Rory McElroy has won this tournament twice. 481 00:27:33,600 --> 00:27:35,679 Speaker 1: He wanted in two thousand and fourteen, hasn't won a 482 00:27:35,680 --> 00:27:38,520 Speaker 1: major since. McElroy's got a one shot lead after a 483 00:27:38,600 --> 00:27:41,440 Speaker 1: sixty five. He played with Tiger Woods, who shot seventy 484 00:27:41,520 --> 00:27:46,720 Speaker 1: four bogey six the last ten holes. Struggling physically loading 485 00:27:46,760 --> 00:27:52,040 Speaker 1: it hurts. Uh tossing off that hurts, and UH walking hurts. 486 00:27:51,880 --> 00:27:57,720 Speaker 1: The twisting hurts. So I don't play that if I 487 00:27:57,760 --> 00:27:59,840 Speaker 1: don't do that. The amore right, Tiger very much to 488 00:27:59,880 --> 00:28:03,240 Speaker 1: be missing the cut. Live PGA coverage Bloomberg Radio Today 489 00:28:03,240 --> 00:28:06,280 Speaker 1: started at four in the PGA type show at eleven, 490 00:28:06,400 --> 00:28:09,800 Speaker 1: John Statue Bloomberg's board Punk All right, thanks a lot, John. 491 00:28:10,000 --> 00:28:13,280 Speaker 1: It is now six thirty seven on Wall Street. Time 492 00:28:13,320 --> 00:28:14,920 Speaker 1: to take a look at stocks, some of the names 493 00:28:14,960 --> 00:28:17,000 Speaker 1: that are moving in the pre market, and for that 494 00:28:17,600 --> 00:28:21,080 Speaker 1: we are joined by Bloomberg Radio and TV Marcus correspondent 495 00:28:21,160 --> 00:28:24,200 Speaker 1: Critty Gupta. And I guess we weave into this the 496 00:28:24,440 --> 00:28:28,040 Speaker 1: presidential trip overseas. We do. I mean, I think this 497 00:28:28,280 --> 00:28:32,040 Speaker 1: is being viewed as a lens of geopolitics, as trade negotiations, 498 00:28:32,080 --> 00:28:33,800 Speaker 1: but there is a very clear market read through and 499 00:28:33,800 --> 00:28:36,600 Speaker 1: you're already seeing it this morning. President Biden, for those 500 00:28:36,600 --> 00:28:40,240 Speaker 1: are not familiar, visiting a good several countries in Asia, 501 00:28:40,320 --> 00:28:43,960 Speaker 1: starting off with Korea's actually visiting the Samsung site this 502 00:28:44,120 --> 00:28:47,160 Speaker 1: morning and overnight. Actually, you did see the costpy index, 503 00:28:47,240 --> 00:28:50,400 Speaker 1: which is the Korean benchmark up higher. And remember Samsung, 504 00:28:50,560 --> 00:28:52,160 Speaker 1: I think makes a good chunk of that. It is 505 00:28:52,200 --> 00:28:54,040 Speaker 1: a heavy weight in the costpy index. So when you 506 00:28:54,120 --> 00:28:57,960 Speaker 1: see factory it's enormous. And remember Samsung is one of 507 00:28:58,000 --> 00:29:01,680 Speaker 1: the biggest suppliers of chips worldwide. So to kind of 508 00:29:02,000 --> 00:29:04,800 Speaker 1: strengthen the alliances strength and supply chains is good not 509 00:29:04,920 --> 00:29:06,400 Speaker 1: just for the United States. Before a lot of the 510 00:29:06,680 --> 00:29:10,240 Speaker 1: chip companies broadly amid the chip shortage that you're seeing. 511 00:29:10,280 --> 00:29:12,240 Speaker 1: So right off the bat, you are seeing the likes 512 00:29:12,280 --> 00:29:14,440 Speaker 1: of Advanced micro devices a m D up to the 513 00:29:14,520 --> 00:29:17,000 Speaker 1: tune of two point four percent, and video as well, 514 00:29:17,200 --> 00:29:19,800 Speaker 1: m v D A up just shy three percent, Intel 515 00:29:19,880 --> 00:29:22,640 Speaker 1: even i NTC up one percent. The purpose of this 516 00:29:22,800 --> 00:29:25,640 Speaker 1: trip his twofold. One of it is going to be 517 00:29:25,720 --> 00:29:28,320 Speaker 1: to secure the supply chains. The other is to secure 518 00:29:28,400 --> 00:29:32,480 Speaker 1: the Indo Pacific alliance against China UM. This is really 519 00:29:32,520 --> 00:29:36,960 Speaker 1: important because as China grows in economic kind of prowess 520 00:29:37,000 --> 00:29:39,320 Speaker 1: in the region, it's really important for the United States 521 00:29:39,360 --> 00:29:41,040 Speaker 1: to kind of share up the supply chains. And that's 522 00:29:41,160 --> 00:29:44,480 Speaker 1: especially crucial when it comes to tech companies. Automakers, and 523 00:29:44,640 --> 00:29:47,560 Speaker 1: really that comes down to chips, and that's why this 524 00:29:47,720 --> 00:29:51,200 Speaker 1: trip to Korea and specifically Samsung is so crucial. All right, 525 00:29:51,240 --> 00:29:54,880 Speaker 1: let's move out to Santa Clarence, California, where we find 526 00:29:55,000 --> 00:29:58,920 Speaker 1: the home of Palo Alto Networks. Palo Alto Networks, and no, 527 00:29:59,120 --> 00:30:01,000 Speaker 1: it is not a surf company, although it does sound 528 00:30:01,080 --> 00:30:04,000 Speaker 1: like that, doesn't it. Uh is a cybersecurity company. They 529 00:30:04,040 --> 00:30:06,640 Speaker 1: do a lot with software p A and W is 530 00:30:06,680 --> 00:30:10,040 Speaker 1: the company's ticker up eleven percent this morning. They beat 531 00:30:10,120 --> 00:30:13,080 Speaker 1: earnings and really cited a strong buildings here. This is important. 532 00:30:13,120 --> 00:30:16,640 Speaker 1: As we talked about the theme of cybersecurity growing more 533 00:30:16,720 --> 00:30:18,720 Speaker 1: and more, a lot of people have just recently and 534 00:30:18,760 --> 00:30:22,520 Speaker 1: I say companies have recently converted over to cloud infrastructure. 535 00:30:22,560 --> 00:30:25,040 Speaker 1: So this is a company that takes that cloud infrastructure 536 00:30:25,080 --> 00:30:28,040 Speaker 1: and as an extra layer of cybersecurity. And we also 537 00:30:28,120 --> 00:30:31,080 Speaker 1: know speaking of present Binds agenda, it has been strong 538 00:30:31,640 --> 00:30:33,520 Speaker 1: on that front as well. The other name I want 539 00:30:33,520 --> 00:30:35,920 Speaker 1: to bring to your attention very quickly is ROS stores 540 00:30:36,240 --> 00:30:39,840 Speaker 1: are retailers. So let me guess it's this morning, it 541 00:30:40,080 --> 00:30:42,240 Speaker 1: is ugly r O S t S your taker down 542 00:30:42,320 --> 00:30:45,640 Speaker 1: twenty five percent for international audience This is a discount 543 00:30:45,720 --> 00:30:48,880 Speaker 1: retailer that cut its profit in sales outlook. To me, 544 00:30:49,000 --> 00:30:51,280 Speaker 1: the most important part of this yesday sided inflation, the 545 00:30:51,320 --> 00:30:53,560 Speaker 1: war Ukraine, et cetera. But the most important part to 546 00:30:53,600 --> 00:30:56,400 Speaker 1: me is comps sales falling two to four percent. Their 547 00:30:56,400 --> 00:31:00,160 Speaker 1: previous guidance was as much as three percent growth. They 548 00:31:00,240 --> 00:31:03,000 Speaker 1: all had a pretty good run during the pandemics, So 549 00:31:03,160 --> 00:31:06,160 Speaker 1: tell a big move. Don't cry too much, thank you, 550 00:31:06,240 --> 00:31:10,680 Speaker 1: pretty Gupta. Bloomberg Radio and TV Markets correspondent and ahead 551 00:31:10,680 --> 00:31:15,360 Speaker 1: of the open Dolla futures right now up SMP futures. 552 00:31:16,760 --> 00:31:22,640 Speaker 1: You're listening to the Bloomberg day Break. Bloomberg Weather for today, 553 00:31:22,840 --> 00:31:25,600 Speaker 1: A dense fog that should start to burn off, clouds 554 00:31:25,600 --> 00:31:27,960 Speaker 1: giving away the partial sun. There is the chance of 555 00:31:28,120 --> 00:31:32,320 Speaker 1: late day showers or thunderstorms. The high today about seventy degrees. 556 00:31:37,320 --> 00:31:40,680 Speaker 1: Markets headlines and breaking news twenty four hours a day 557 00:31:40,840 --> 00:31:43,800 Speaker 1: at Bloomberg dot Com, the Bloomberg Business at and at 558 00:31:43,840 --> 00:31:53,360 Speaker 1: Bloomberg Quick Tape. This is a Bloomberg Business Flash and 559 00:31:53,440 --> 00:31:56,600 Speaker 1: I'm Karen Moscow. Futures are rising this morning, and we're 560 00:31:56,640 --> 00:31:58,960 Speaker 1: watching earnings from dear across the Bloomberg. But you to 561 00:31:59,000 --> 00:32:01,280 Speaker 1: the first word breaking new dance for today's morning call. 562 00:32:01,400 --> 00:32:04,920 Speaker 1: Here's Bill Maloney. Bill, good morning, Hey, good morning, Karen. 563 00:32:05,000 --> 00:32:07,840 Speaker 1: That's right. US futures are in the green after yesterday's weakness, 564 00:32:07,920 --> 00:32:11,080 Speaker 1: with Doubt futures up two nine points, sides game forty four, 565 00:32:11,440 --> 00:32:14,800 Speaker 1: NASA futures rise by one seventy eight. The US ten 566 00:32:14,880 --> 00:32:17,600 Speaker 1: year at two point eight six percent, Gold is up three, 567 00:32:17,680 --> 00:32:20,640 Speaker 1: Oil is a little changed, and bitcoin is also quiet 568 00:32:20,840 --> 00:32:23,600 Speaker 1: right now. Hong Kong rose three percent overnight, while up 569 00:32:23,800 --> 00:32:26,080 Speaker 1: markets are also in the green, led by games in 570 00:32:26,200 --> 00:32:29,320 Speaker 1: Germany and Italy. Back in the US, nothing to report 571 00:32:29,360 --> 00:32:32,000 Speaker 1: on the economic front, and after the bellas night Applied 572 00:32:32,080 --> 00:32:36,040 Speaker 1: Materials Q three forecast missed estimates and power Outdo Networks 573 00:32:36,120 --> 00:32:39,760 Speaker 1: topped estimates. Shares They're up eleven percent pre market. Regarding 574 00:32:39,800 --> 00:32:42,880 Speaker 1: earnings this morning, you mentioned Dear, Dear, sales missed estimates 575 00:32:43,080 --> 00:32:46,360 Speaker 1: and foot Locker EPs beat estimates. Rapid things up. Co 576 00:32:46,360 --> 00:32:50,320 Speaker 1: America was raised to outperform over at Robert Baird Live 577 00:32:50,440 --> 00:32:52,640 Speaker 1: from the First or Bigger News Descomb Bill Maloney, Karen, 578 00:32:53,000 --> 00:32:54,840 Speaker 1: all right, Bill, thank you into your live breaking news 579 00:32:54,880 --> 00:32:57,240 Speaker 1: of her Bloomberg type squawk on your termin I'll ask 580 00:32:57,280 --> 00:32:59,720 Speaker 1: you you a w K and that's a Bloomberg business Flash. 581 00:32:59,760 --> 00:33:01,720 Speaker 1: Now is Michael Barrow with more on what's going on 582 00:33:01,840 --> 00:33:04,760 Speaker 1: around the world. Michael Karen, thank you very much. President 583 00:33:04,920 --> 00:33:09,240 Speaker 1: Biden arrived in South Kowia. Everywhere he visited an electronic 584 00:33:09,320 --> 00:33:13,440 Speaker 1: semiconductor complex. Biden is seeking to boolsters fly change that 585 00:33:13,560 --> 00:33:17,720 Speaker 1: reduced reliance on China. Biden's first trip to Asias president, 586 00:33:18,040 --> 00:33:22,080 Speaker 1: which runs through to Tuesday, also includes Japan. US health 587 00:33:22,120 --> 00:33:25,040 Speaker 1: advisers are urging a booster dose and finds here's COVID 588 00:33:25,120 --> 00:33:29,520 Speaker 1: nineteen vaccine for kids ages five to eleven. A CDC 589 00:33:29,720 --> 00:33:32,720 Speaker 1: panel signed off on the booster shots yesterday. In the 590 00:33:32,880 --> 00:33:35,520 Speaker 1: NBA playoffs, the Celtics have even their series at the 591 00:33:35,560 --> 00:33:39,000 Speaker 1: Game of Peace after beating the Heat one, one o two. 592 00:33:39,480 --> 00:33:42,200 Speaker 1: In baseball, the Yankees lost to the Orioles nine six 593 00:33:42,280 --> 00:33:45,000 Speaker 1: the Mets one, along with the Red Sox. Global News 594 00:33:45,080 --> 00:33:48,000 Speaker 1: twenty four hours a day on here and on Bloomberg 595 00:33:48,080 --> 00:33:51,120 Speaker 1: Quick Take, powered by more than twenty seven hundred journalist 596 00:33:51,160 --> 00:33:53,400 Speaker 1: and analysts in more than a hundred twenty countries. I'm 597 00:33:53,400 --> 00:33:57,320 Speaker 1: Michael Barr. This is Bloomberg Karen. All right, Michael Barr, 598 00:33:57,400 --> 00:34:00,040 Speaker 1: thank you. And it is currently six forty nine in 599 00:34:00,120 --> 00:34:02,120 Speaker 1: on Wall Street. We turned to news and science and 600 00:34:02,200 --> 00:34:04,760 Speaker 1: Technology Now with the Bloomberg n j I t is 601 00:34:04,840 --> 00:34:08,920 Speaker 1: stem rapport and here's what's making news on science, technology, 602 00:34:09,000 --> 00:34:12,840 Speaker 1: engineering and math. Vacation travels back to pre COVID levels. 603 00:34:12,880 --> 00:34:16,160 Speaker 1: According to our report released by the MasterCard Economics Institute, 604 00:34:16,200 --> 00:34:19,040 Speaker 1: people are feeling more comfortable heading off to far flung 605 00:34:19,080 --> 00:34:22,200 Speaker 1: adventures despite a surge in cases and average airfares jumping 606 00:34:22,239 --> 00:34:25,880 Speaker 1: eighteen percent globally since the start of the year. Boeing 607 00:34:25,880 --> 00:34:29,440 Speaker 1: and Nassa have launched the long delayed at Starliners space Capsule. 608 00:34:29,520 --> 00:34:32,239 Speaker 1: The unmanned spacecraft is headed for a rendezvous with the 609 00:34:32,280 --> 00:34:35,920 Speaker 1: International Space Station. It was Boeing's third launch attempts since 610 00:34:37,120 --> 00:34:39,799 Speaker 1: the two failed attempts left Bowing perplexed, and it left 611 00:34:39,840 --> 00:34:43,680 Speaker 1: SpaceX is the only American option for ferrying astronauts into space. 612 00:34:44,239 --> 00:34:47,439 Speaker 1: Clomberg News has learned Apple executives have previewed their next 613 00:34:47,560 --> 00:34:51,040 Speaker 1: big bet of the company's board, a mixed reality headset. 614 00:34:51,400 --> 00:34:53,920 Speaker 1: It indicates that development of the device has reached an 615 00:34:53,920 --> 00:34:57,680 Speaker 1: advanced stage. Board members, including eight independent directors and CEO 616 00:34:57,800 --> 00:35:00,680 Speaker 1: Tim Cook, convene at least four times a year. We're 617 00:35:00,760 --> 00:35:03,279 Speaker 1: told a version of the device was demonstrated during the 618 00:35:03,360 --> 00:35:05,800 Speaker 1: latest gathering, and that's a Bloomberg and j I t 619 00:35:05,960 --> 00:35:08,879 Speaker 1: Stem report. John. All right, Karen, we are live from 620 00:35:08,880 --> 00:35:12,200 Speaker 1: the Bloomberg into Hampton Broker's studios, where it is now 621 00:35:12,440 --> 00:35:15,319 Speaker 1: six fifty on Wall Street. Time to check what's going 622 00:35:15,360 --> 00:35:17,920 Speaker 1: on in d C. Some of the top stories in 623 00:35:18,040 --> 00:35:21,160 Speaker 1: the nation's capital include, of course, President Biden in Asia 624 00:35:21,600 --> 00:35:25,240 Speaker 1: for the first time as commander in chief, the fallout 625 00:35:25,280 --> 00:35:27,520 Speaker 1: from this week's primary contest, sending the stage for the 626 00:35:27,560 --> 00:35:31,000 Speaker 1: battle in November, the Senate passing at forty billion dollar 627 00:35:31,080 --> 00:35:34,000 Speaker 1: bill for aid to Ukraine. And let's take a deeper 628 00:35:34,040 --> 00:35:36,640 Speaker 1: time with some of these stories this morning with Wendy Schiller, 629 00:35:36,760 --> 00:35:42,920 Speaker 1: Director Brown University's Talman Center for American Politics and Policy. Wendy, 630 00:35:43,040 --> 00:35:45,640 Speaker 1: thanks for being with us this morning. Happy Friday. Uh. 631 00:35:45,719 --> 00:35:49,839 Speaker 1: In fact, President Biden speaking right now, he's in South 632 00:35:49,960 --> 00:35:52,960 Speaker 1: Korea and a giant chip factory. And I got it. Actually, 633 00:35:53,080 --> 00:35:57,200 Speaker 1: just from the political perspective, how does this play at 634 00:35:57,280 --> 00:36:01,200 Speaker 1: home and doesn't really matter? Well, John, I mean, I 635 00:36:01,280 --> 00:36:04,279 Speaker 1: think I think having the president travel and represent the 636 00:36:04,360 --> 00:36:08,200 Speaker 1: United States globally usually is a plus for the United States, 637 00:36:08,440 --> 00:36:11,640 Speaker 1: but also for Biden because of course with COVID and 638 00:36:12,000 --> 00:36:14,800 Speaker 1: UM lots of other reasons, I'm restricting his travel and 639 00:36:15,000 --> 00:36:18,640 Speaker 1: interaction with you know, Americans. You know, not getting out 640 00:36:18,760 --> 00:36:23,040 Speaker 1: for Biden is a real disadvantage because you know, he 641 00:36:23,200 --> 00:36:24,840 Speaker 1: sometimes he's on his game when he gets a speech 642 00:36:24,960 --> 00:36:28,160 Speaker 1: or press conference. Sometimes he's not so coherent. So having 643 00:36:28,280 --> 00:36:31,960 Speaker 1: him look good traveling abroad, you know, counters some of 644 00:36:32,000 --> 00:36:35,000 Speaker 1: those images that we have of the president or sort 645 00:36:35,040 --> 00:36:37,800 Speaker 1: of allegations that he's not up to the job. You know. 646 00:36:37,880 --> 00:36:41,520 Speaker 1: I I earlier just a personal and was talking about 647 00:36:41,560 --> 00:36:45,480 Speaker 1: shopping the gas tank was it was like Bucks this morning. 648 00:36:45,600 --> 00:36:49,160 Speaker 1: The grocery store was eighty Bucks didn't get all that 649 00:36:49,320 --> 00:36:54,719 Speaker 1: much yesterday. There are big concerns on the domestic front. Yeah, 650 00:36:54,760 --> 00:36:57,640 Speaker 1: I mean an economy like this where we have relatively 651 00:36:57,680 --> 00:37:01,120 Speaker 1: low unemployment. Uh typically is it for Democrats? You know, 652 00:37:01,760 --> 00:37:06,319 Speaker 1: Democrats typically their constituencies worry more about jobs and unemployment, 653 00:37:06,680 --> 00:37:08,920 Speaker 1: and Republicans used to be sort of the wealth here 654 00:37:08,960 --> 00:37:10,960 Speaker 1: and they worry much more about inflation in terms of 655 00:37:11,040 --> 00:37:14,600 Speaker 1: the degradation of their assets and investments. But now you know, 656 00:37:14,760 --> 00:37:17,680 Speaker 1: these things are all demographically mixed now in terms of allegiances. 657 00:37:17,760 --> 00:37:20,800 Speaker 1: Republicans are getting more lower income voters and the Democrats 658 00:37:20,800 --> 00:37:23,480 Speaker 1: are getting more hiring income voters. So it's flipping the 659 00:37:23,600 --> 00:37:26,840 Speaker 1: script that we've been used to for politics, and a 660 00:37:26,960 --> 00:37:29,120 Speaker 1: lot of more people who typically vote for the Democrats 661 00:37:29,239 --> 00:37:31,879 Speaker 1: or would be voting for the Democrats in November, are 662 00:37:32,080 --> 00:37:35,040 Speaker 1: very concerned about maunaging the economy, which is a global 663 00:37:35,160 --> 00:37:38,640 Speaker 1: in nature. Uh nothing, you know, showed up more than that, 664 00:37:38,800 --> 00:37:41,360 Speaker 1: than than the COVID pandemic, and you know, we're not 665 00:37:41,520 --> 00:37:43,400 Speaker 1: used to that idea. We're used to the president can 666 00:37:43,440 --> 00:37:45,359 Speaker 1: control the economy, but there are a lot of things 667 00:37:45,440 --> 00:37:49,040 Speaker 1: outside his control. So again, Americans have to kind of 668 00:37:49,160 --> 00:37:52,120 Speaker 1: reset how they evaluate the president in the economy. And 669 00:37:52,200 --> 00:37:53,719 Speaker 1: that's going to come too late, i think for the 670 00:37:53,800 --> 00:37:56,720 Speaker 1: Democrats and Biden this November, still looking at the fallout 671 00:37:56,760 --> 00:38:00,440 Speaker 1: from the primary contest, setting the stage for no member's 672 00:38:00,600 --> 00:38:08,040 Speaker 1: general election the congressional elections. Your assessment a few days out, Well, 673 00:38:08,560 --> 00:38:12,680 Speaker 1: the primaries were really interesting. You know, Pennsylvania is incredibly 674 00:38:12,680 --> 00:38:15,800 Speaker 1: important obviously not just for the primaries but for the 675 00:38:15,880 --> 00:38:19,200 Speaker 1: presidential election in twenty four So the Senate race is important, 676 00:38:19,239 --> 00:38:21,600 Speaker 1: but the governor's race is very important. You know, the 677 00:38:21,680 --> 00:38:24,640 Speaker 1: Democrats have held the governor's seat in Pennsylvania and if 678 00:38:24,760 --> 00:38:28,280 Speaker 1: that flits, particularly the candidate that that one the primary, 679 00:38:28,360 --> 00:38:32,480 Speaker 1: who seems to be fairly you know, extreme right, very 680 00:38:32,560 --> 00:38:35,320 Speaker 1: weyal to Trump, but also wants to sort of unregister 681 00:38:35,440 --> 00:38:37,880 Speaker 1: lots of voters and redo elections and is willing to 682 00:38:38,400 --> 00:38:41,920 Speaker 1: change the outcome of the elections supposedly. You know, that 683 00:38:42,160 --> 00:38:45,200 Speaker 1: makes a huge difference going into twenty four and also 684 00:38:45,280 --> 00:38:48,399 Speaker 1: for our security and elections. So it matters, i think, 685 00:38:48,600 --> 00:38:51,080 Speaker 1: for the system for the country as much in the 686 00:38:51,160 --> 00:38:54,759 Speaker 1: governor's outcome as it does for whatever ultimately happens in 687 00:38:54,800 --> 00:38:57,560 Speaker 1: the Senate primary. What's interesting is that a lot of 688 00:38:57,640 --> 00:39:00,600 Speaker 1: people in the Republican partment voted. A lot Republicans got 689 00:39:00,600 --> 00:39:03,400 Speaker 1: out the door slightly more than the Democrats. That's got 690 00:39:03,520 --> 00:39:05,440 Speaker 1: to worry the Democrats, even know the contest were a 691 00:39:05,480 --> 00:39:08,719 Speaker 1: little bit more more publicized. Um, and then you have 692 00:39:08,800 --> 00:39:10,600 Speaker 1: to think to yourself, you know, is there really a 693 00:39:10,640 --> 00:39:12,920 Speaker 1: split in the Republican party, because that's what we always think, 694 00:39:13,200 --> 00:39:16,080 Speaker 1: But Republicans come together and unite when it comes down 695 00:39:16,160 --> 00:39:19,040 Speaker 1: to their election general election. In ways, the Democrats don't. 696 00:39:19,440 --> 00:39:21,759 Speaker 1: So I'm not reading into this division as if it's 697 00:39:21,840 --> 00:39:24,600 Speaker 1: some signal that the Republicans will stay divided by the 698 00:39:24,680 --> 00:39:28,080 Speaker 1: time you get to November. You were talking about Doug Mastriano, 699 00:39:28,160 --> 00:39:33,239 Speaker 1: the Republican pick for governor's race in Pennsylvania. Does that 700 00:39:33,360 --> 00:39:38,360 Speaker 1: mean the race now becomes a TOSSA? Um? Yeah, I 701 00:39:38,400 --> 00:39:41,400 Speaker 1: mean for the governor's race, it's you know, you've got 702 00:39:41,480 --> 00:39:44,320 Speaker 1: Josha Piro, who's who won the primary and who's already 703 00:39:44,400 --> 00:39:47,520 Speaker 1: won statewide attorney general of Pennsylvania. So you know, you've 704 00:39:47,560 --> 00:39:50,520 Speaker 1: got somebody who theoretically should win this race because he's 705 00:39:50,520 --> 00:39:54,640 Speaker 1: already won statewide. Um. And the Senate race is gonna 706 00:39:54,640 --> 00:39:56,960 Speaker 1: be really interesting. Sederman looks like you was somebody who 707 00:39:57,000 --> 00:39:59,560 Speaker 1: could resonate a really good candidate for the Midwest. But 708 00:39:59,640 --> 00:40:02,560 Speaker 1: he's had and health problems, very significant health problems, and 709 00:40:02,680 --> 00:40:04,640 Speaker 1: we don't know how he'll do. We don't know how 710 00:40:04,680 --> 00:40:07,719 Speaker 1: people will react to that. Uh. And and so he 711 00:40:07,880 --> 00:40:10,160 Speaker 1: has still a chance to keep that seat. But if 712 00:40:10,200 --> 00:40:13,399 Speaker 1: you think about it, looking at Ohio and looking at Pennsylvania, 713 00:40:13,760 --> 00:40:18,000 Speaker 1: you know there's a real vibrancy to that Republican turnout. Uh. 714 00:40:18,080 --> 00:40:20,279 Speaker 1: And there's a real enthusiasm on the Republican side, and 715 00:40:20,360 --> 00:40:22,400 Speaker 1: you're just you have to wonder will there be the 716 00:40:22,440 --> 00:40:24,759 Speaker 1: people who show up for the Democrats. North Carolina could 717 00:40:24,760 --> 00:40:27,160 Speaker 1: be an exception. You have an African American woman running 718 00:40:27,200 --> 00:40:30,920 Speaker 1: for Senate who's also well known, and I think that 719 00:40:31,239 --> 00:40:35,480 Speaker 1: that case, Jerry Beasley could with African American turnout, do 720 00:40:35,880 --> 00:40:39,120 Speaker 1: pretty well in that contest against Um, the candidate that 721 00:40:39,200 --> 00:40:42,560 Speaker 1: Trump endorsed. And you might see some still over into 722 00:40:42,600 --> 00:40:45,440 Speaker 1: Georgia because you might you might have an African American 723 00:40:45,560 --> 00:40:49,000 Speaker 1: incumbent versus an African American Republican candidate. So the African 724 00:40:49,000 --> 00:40:52,200 Speaker 1: American vote will be absolutely crucial. And right now you're wondering, 725 00:40:52,400 --> 00:40:55,480 Speaker 1: if you're watching politics, what will get African American voters 726 00:40:55,600 --> 00:40:59,080 Speaker 1: to the polls in November and Canda Democrats really mobilize 727 00:40:59,080 --> 00:41:02,520 Speaker 1: that constituency. Uh, there were no claims of election fraud, 728 00:41:02,560 --> 00:41:05,279 Speaker 1: well maybe save for one with a former president saying 729 00:41:05,320 --> 00:41:08,239 Speaker 1: memitage to just go ahead in the clear victory UM 730 00:41:08,680 --> 00:41:12,279 Speaker 1: about forty five seconds. How's that going to play out? Well, 731 00:41:12,480 --> 00:41:17,400 Speaker 1: you know the question is given inflation, given COVID given obviously, Uh, 732 00:41:17,520 --> 00:41:19,960 Speaker 1: you know, shortages on the on the shelves and grocery stores. 733 00:41:20,200 --> 00:41:22,640 Speaker 1: You know, if this persists, I don't think that mid 734 00:41:22,719 --> 00:41:26,920 Speaker 1: terms will be about for the suburban Republican voters who 735 00:41:26,920 --> 00:41:29,080 Speaker 1: are key to winning this race. They may be for 736 00:41:29,200 --> 00:41:32,360 Speaker 1: the Trump supporters, but not everybody else. And so the 737 00:41:32,440 --> 00:41:35,799 Speaker 1: Democrats have so many things to worry about. Uh. One 738 00:41:35,840 --> 00:41:38,840 Speaker 1: wonders whether they should keep focusing on Trump uh and 739 00:41:39,120 --> 00:41:41,560 Speaker 1: sort of bother to relitigate this or just move on 740 00:41:41,800 --> 00:41:44,279 Speaker 1: and say where the party that improves the economy, which 741 00:41:44,320 --> 00:41:47,600 Speaker 1: statistically has been true for the last thirty years, that 742 00:41:47,840 --> 00:41:50,239 Speaker 1: they inherit bad economies and they do better with them. So, 743 00:41:50,719 --> 00:41:52,720 Speaker 1: you know, they've got to get back to that message 744 00:41:52,760 --> 00:41:55,239 Speaker 1: what can they do to make daily life better? And 745 00:41:56,080 --> 00:41:58,960 Speaker 1: reduced to focus on Trump and the Republican divisions. I 746 00:41:59,040 --> 00:42:00,360 Speaker 1: think that you know, you gotta get you would have 747 00:42:00,400 --> 00:42:02,319 Speaker 1: want to get out to the polls and so forth. 748 00:42:02,400 --> 00:42:05,400 Speaker 1: I haven't been able to get that message across. Wendy. 749 00:42:05,480 --> 00:42:09,279 Speaker 1: Always a pleasure. Thanks Professor Wendy Schiller, Director Brown University's 750 00:42:09,320 --> 00:42:12,359 Speaker 1: Tavern Center for American Politics and Policy. You can read 751 00:42:12,400 --> 00:42:14,480 Speaker 1: more about these stories on bloomberg dot Com or the 752 00:42:14,600 --> 00:42:17,520 Speaker 1: Bloomberg terminal, and the reminder you can follow all the 753 00:42:17,600 --> 00:42:21,759 Speaker 1: latest on Bloomberg Radio in Washington at Bloomberg at one 754 00:42:21,840 --> 00:42:25,680 Speaker 1: of five point seven FM HD two and ahead of 755 00:42:25,680 --> 00:42:28,920 Speaker 1: the cash opened DAL futures right now up two hundred 756 00:42:29,080 --> 00:42:33,479 Speaker 1: eighty seven points, the SMP EMDI futures forty three points higher, 757 00:42:33,600 --> 00:42:37,120 Speaker 1: and the ASDAK futures are a one hundred and seventy 758 00:42:37,239 --> 00:42:42,960 Speaker 1: five points. Just ahead Bloomberg surveillance for Camaron Moscow. I'm 759 00:42:43,040 --> 00:42:46,319 Speaker 1: John Tucker, and you've been listening the Bloomberg day Break