Speaker 1: From the Bloomberg Interactive Burger Studios is Bloomberg day Break
Speaker 1: for Friday, May twenty two. Coming up this hour. Stock
Speaker 1: sept for another weekly decline after losing a trillion dollars
Speaker 1: in value since Monday. Geo politics in focus as Joe
Speaker 1: Biden makes his first presidential trip to Asia. Who sent It?
Speaker 1: Passes a forty billion dollar eight package for Ukraine, and
Speaker 1: the world's second biggest baby formula maker reportedly increases shipments
Speaker 1: to the US. Possible monkey box case has been identified
Speaker 1: in New York City. Plus, the January six panel wants
Speaker 1: to question the GOP lawmaker about the Capitol tour. I'm
Speaker 1: Mike lo Blomberg More Ahead, I'm John Stash Sharon Sports.
Speaker 1: The Yankees lost the Mets one but learned of a
Speaker 1: serious injury, and Rory McElroy has the lead of the
Speaker 1: PGA Championship. That's All's trendy head on Bloomberg Daybreak on
Speaker 1: Bloomberg eleven, Free on New York, Bloomberg one, Washington, d C,
Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and
Speaker 1: Francisco Sirius x M one nineteen and around the World
Speaker 1: Old on Bloomberg Radio dot com and buy the Bloomberg
Speaker 1: Business app. And good morning. I'm Karen Moscow and Tim
Speaker 1: John Tucker. Bloomberg Day Break being brought to you by
Speaker 1: B and Y Melon's Pershing Inside Conference back in person
Speaker 1: June fifteenth through the seventeenth at the Gaylord Resort in Grapevine, Texas.
Speaker 1: They'll visit registered now at Inside dot b n Y
Speaker 1: Melon dot com and US Knock Index futures are higher
Speaker 1: this morning six o one on Wall Street. We checked
Speaker 1: the markets every fifteen minutes throughout the trading day on Bloomberg.
Speaker 1: Right now, S and P futures are up forty one
Speaker 1: points down, Future is up two hundred sixty five and
Speaker 1: as day, futures of one hundred seventy two ten year
Speaker 1: Treasury down six thirty seconds, held two point eight six percent,
Speaker 1: and they yield on the two year two point six
Speaker 1: two percent. John and Karen, let's get more on the
Speaker 1: markets this morning, and uh, right now again, as you say,
Speaker 1: the Dow futures are up two hundred and sixty eight points,
Speaker 1: All right, John, Yev she said, features are higher, and
Speaker 1: we're closing out what appears to be another losing week.
Speaker 1: First stocks In fact, the SNP five is on track
Speaker 1: for a seventh straight weekly decline and be its longest
Speaker 1: decline in twenty one years, and traders are bracy for
Speaker 1: another volatile day ahead. The monthly expiration of options tied
Speaker 1: to equities and exchange traded funds takes place today. Kathy
Speaker 1: and Whistle is a managing director at Morgan Stanley. Being
Speaker 1: far volatile, they are uncertain. Um, it's giving everybody a
Speaker 1: little bit of uneasiness and a lot of people asking
Speaker 1: what to do in these markets, and Morgan Stanley is
Speaker 1: Kathy and Whistle may have the comments on Bloomberg Business
Speaker 1: Week Herd weekdays from two to five pm Eastern on
Speaker 1: Bloomberg Radio. The SNP five hundred has lost more than
Speaker 1: a trillion dollars in market value over the past four sessions.
Speaker 1: At one stock not helping market senterment. This morning, Karen
Speaker 1: Applied Materials down one percent and early trading after the
Speaker 1: chip maker delivered a week forecast. We get that story
Speaker 1: and this report from Bloomberg's Charlie Pellet. Applied is the
Speaker 1: biggest maker of machinery that's used to manufacture semiconductors, had
Speaker 1: said sales will be about six point to five billion
Speaker 1: dollars in the fiscal third quarter, which runs through July.
Speaker 1: Analysts had estimated six point six nine billion on average.
Speaker 1: According to data compelled by Bloomberg, the chip industry is
Speaker 1: ordering machinery from Applied and its peers at a frantic rate,
Speaker 1: trying to build enough production capacity to end industry wide
Speaker 1: shortages that are hurting growth across the economy. But those
Speaker 1: same shortages are leaving Applied without the components it needs
Speaker 1: to make its equipment. In New York. Charlie pet Bloomberg Daybreak.
Speaker 1: All right, Charlie, thank you. The semi conductor industry will
Speaker 1: be in focus when Joe Biden makes his first presidential
Speaker 1: trip to Asia. The President's time in South Korea and
Speaker 1: Japan will focus on security and supply chains, and Bloomberg's
Speaker 1: Amy Morris has details from our newsroom in Washington. The
Speaker 1: president is set to visit a Samsung semiconductor complex as
Speaker 1: he seeks to shore up supply chains that we're use
Speaker 1: reliance on China, an indication of the emphasis he's placing
Speaker 1: on strengthening semiconductor reliances among the world's largest ship makers
Speaker 1: to ease those shortages that have dragged on the global economy.
Speaker 1: He'll also meet with regional leaders to garner more support
Speaker 1: for Ukraine, defend off Russia's invasion, and counter security threats
Speaker 1: from China and North Korea. The visit runs through Tuesday
Speaker 1: in Washington. I maybe more as Bloomberg daybreak. All right,
Speaker 1: thanks Sammy, and meantime on Capitol Hill, the US Senate
Speaker 1: has passed an aid package for Ukraine mor more than
Speaker 1: forty billion dollars, now always President Biden's signature. At the
Speaker 1: same time, the Administration says it is providing Ukraine with
Speaker 1: another one million dollars in military assistance. Well John. The
Speaker 1: baby formula shortage is also in focus this morning. According
Speaker 1: to Reuters, the world's second biggest baby formula maker is
Speaker 1: increasing shipments from Europe to the US. The move, Biden
Speaker 1: known comes after added laboratories how to recall some products.
Speaker 1: Virginia Senator at Tim Kaine is a member of the
Speaker 1: Senate Forum Relations and Armed Services can may days. We're
Speaker 1: now going to use the Defense Production Act to increase production.
Speaker 1: We're allowing importation of formula that's safe from other countries.
Speaker 1: The company that closed its plan down has reached an
Speaker 1: agreement to do some fixes. They should be reopened within
Speaker 1: two weeks and starting to produce again, so we will
Speaker 1: solve this problem. I think you'll see that the bipartisan
Speaker 1: but we'll have to have that vote next week and see.
Speaker 1: And Virginia Senator Tim Kaine spoke with our Washington correspondent
Speaker 1: Joe Matthew on Bloomberg Sound on Catch the program weekdays
Speaker 1: at five pm. Easter and on Bloomberg Radio. And the
Speaker 1: pandemic also in focus this morning with news on vaccine eligibility.
Speaker 1: Younger children across the US can now receive a COVID
Speaker 1: booster shot developed by Fiser. Let's get to Tail's live
Speaker 1: from Bloomberg's Ready Too Young, Redia, Good morning, Good morning John.
Speaker 1: CDC director Rochelle will Lynsky recommends the booster for children
Speaker 1: ages five to eleven years old. Making the shot available
Speaker 1: to school age kids will provide much needed protection against
Speaker 1: the contagious omicron cell variants spreading across the country. Well
Speaker 1: Lensky says kids in this age group should receive a
Speaker 1: booster dose at least five months after their primary series.
Speaker 1: Live in New York, I'm Randa Young Bloomberg Daybreak A Right.
Speaker 1: Branda thank you. Well, there's also a sign today that
Speaker 1: the travel industry is bouncing back from the pandemic. Leisure
Speaker 1: travel is now back to pre COVID level. So let
Speaker 1: me get the story from Bloomberg's Doug Kristner. The trend
Speaker 1: could help the travel industry this summer. The MasterCard Economics
Speaker 1: Institute says, for the first time since global movement was
Speaker 1: halted by the pandemic, leisure travel has returned to levels
Speaker 1: and higher airfares don't appear to be a deterrent the
Speaker 1: average global airfares of eighteen percent since the start of
Speaker 1: the year. MasterCard says if flight bookings continue at their
Speaker 1: current pace, and estimated one and a half billion more
Speaker 1: passengers globally will fly this year compared to last, with
Speaker 1: Europe seeing the biggest increase. In New York I Dug Kristner,
Speaker 1: Bloomberg Daybreak, All right, thanks Doug, and we're seeing the
Speaker 1: carnage in retails docts continue this morning. Shares of Ross
Speaker 1: stores are more than twenty eight percent in early trading,
Speaker 1: the discount retailer cutting its outlook for profit and sales.
Speaker 1: Ross's outlook down grade follows similar moves this week by
Speaker 1: Cole's target at Walmart head of the cash open on
Speaker 1: Wall Street HASMP futures up forty three the down futures
Speaker 1: up two eight points. This is Boomberg as six seven
Speaker 1: on Wall Street time to bring in Michael Barr to
Speaker 1: find out what else is going on in New York
Speaker 1: and around the world. John, Thank you very much. SARA
Speaker 1: Health officials say a possible case of monkey pox is
Speaker 1: being investigated in New York City. It would add to
Speaker 1: the case already reported in Massachusetts. The city's health department
Speaker 1: announced on Twitter that the patient is being cared for
Speaker 1: at Bellevue Hospital in Manhattan. Officials say preliminary test for
Speaker 1: the virus are being conducted and if positive, will be
Speaker 1: sent to the c d C for confirmation. Experts say
Speaker 1: it's a rare illness. University of California, San Francisco Professor
Speaker 1: of Medicine R. Peter Chin Hong is an infectious disease expert.
Speaker 1: I don't think it's really going to run rampants in it,
Speaker 1: as opposed to smallpox, which is highly howly transmissible. Dr
Speaker 1: chen Hong says, if you've been vaccinated for vaccinated for smallpox,
Speaker 1: you'll be protected against monkey pox because it's really closely related.
Speaker 1: Relatives of the ten black people gunned down in a
Speaker 1: Buffalo supermarket are pleading with a nation to confront and
Speaker 1: stop racist violence. Agony poured out in the tears of
Speaker 1: a twelve year old child, Jake Patterson, who lost his father.
Speaker 1: His mother spoke, his heart is broken, he has sleeps,
Speaker 1: he has eaten as a mother. What am I supposed
Speaker 1: to do? Earlier yesterday, the accused gunman, who is white,
Speaker 1: eighteen year old Peyton Gendren, silently faced a murder indictments
Speaker 1: in court. The White House calls Oklahoma's new abortion bill
Speaker 1: the most extreme effort to undo the fundamental rights laid
Speaker 1: out in Roe v. Wade. Oklahoma's legis h gave final
Speaker 1: approval to the bill, which would ban almost all abortions
Speaker 1: from the moment of consumption. Vice President Kamala Harris hosted
Speaker 1: a virtual meeting with abortion providers at the White House.
Speaker 1: It's just the latest in a series of extreme laws
Speaker 1: around the country. Oklahoma's governor has vowed to sign it
Speaker 1: into law. The House panel investigating the January six riot
Speaker 1: wants to question a Republican lawmaker who is said to
Speaker 1: have led a group tour of the capital a day
Speaker 1: before the attack. Georgia GOP representative Buried louder Milk is
Speaker 1: being asked to answer questions before the Congressional Committee. Panel
Speaker 1: chairman Bennie Thompson said the committee's review of evidence contradicts
Speaker 1: denials from some Republicans that there were no tours or
Speaker 1: large groups brought to the capital. New York Congresswoman Alexandria
Speaker 1: Ocassio Cortes confirms she's engaged to her longtime partner Riley
Speaker 1: Roberts were yet on her wedding day. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than seven hundred journalists and analysts more
Speaker 1: than a hundred twenty countries. Michael Barr, this is Bloomberg.
Speaker 1: John alright, Michael, thank you very much. He's now six
Speaker 1: ten of Wall Street and the sign of the Bloomberg
Speaker 1: Sports Update. Here's John Stown Howard all right, John Thrilling.
Speaker 1: Win for the Mets. They've had a lot of those
Speaker 1: already this season. The Cardinals got two on runs from
Speaker 1: called Goldsmith they let in the night day the Mets
Speaker 1: tied it. St. Louis went back ahead top of the
Speaker 1: ten heroics in the bottom. He goes ready a belt.
Speaker 1: Ty said his pitch Alto built way back. It's love God,
Speaker 1: that's the fun of the ten lot to drive one
Speaker 1: out of each Gydagos have the Mets for the off.
Speaker 1: Serious victory bigs to come. Mets won seven six. Alonzo
Speaker 1: now leads all of baseball the thirty six r b
Speaker 1: i s. However, during the game came the news on
Speaker 1: Max jers Or he has an oblique strain. He's gonna
Speaker 1: miss six to eight weeks of The Mets were hoping
Speaker 1: to have this great one two punch. A Scherzer and
Speaker 1: Jacob de Graham both are hurt, and so was another starter,
Speaker 1: Tyler Miguel, just as the Mets at their walkoff. When
Speaker 1: the Yankees suffered to walk off loss in Baltimore, the
Speaker 1: Orioles Anthony Santander at three run over bottom the night
Speaker 1: off Lucas Letkey for a nine six Orioles win. The
Speaker 1: Yanks had tied the game with two out in the
Speaker 1: top of the ninth. The NBA Playoffs Celtics up twenty
Speaker 1: five at half time. They won Game two in Miami
Speaker 1: by that's hied the series. Stanley kept playoff wins for St.
Speaker 1: Louis and Tampa Bay, both on the road. Rangers looking
Speaker 1: for a road win tonight It's Game two and Raleigh
Speaker 1: after the Hurricanes took the opener in overtime. Amazing the thing.
Speaker 1: Rory McElroy hasn't won a major since the two thousand
Speaker 1: fourteen PGA. McElroy leans this year's pg A by one shot.
Speaker 1: Going to today's second round and tells U Live covered
Speaker 1: Bloomberg Radeo today starting at four with the PG eight.
Speaker 1: Tonight show at eleven, John Dashaward Bloomberg Sports John all Right, John,
Speaker 1: thanks very much. Ahead of the cash show to the
Speaker 1: Wallsbury NSP futures of forty four, the dawn futures of
Speaker 1: two eight, the NASA futures one hundred eighty onloom points higher.
Speaker 1: You're listening to Bloomberg and we closed out a trading
Speaker 1: week that saw the SMP five hundred lose more than
Speaker 1: a trillion dollars in market value. Just ahead, we'll pick
Speaker 1: the brand of Brian Levitt, Global market strategists at Advansco
Speaker 1: Markets headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot com, The Bloomberg Business and at Bloomberg
Speaker 1: quick take, This is a Bloomberg business lash and I'm Cameron. Moscow.
Speaker 1: US stock indise futures are pushing higher this morning, along
Speaker 1: with European shares after China's latest measured a firm up
Speaker 1: its economy and injected a note of optimism at the
Speaker 1: end of another volatile week for global markets. We checked
Speaker 1: the markets every fifteen minutes throughout the trading day on
Speaker 1: Bloomberg s and P futures of about forty two points down,
Speaker 1: futures of two hundred sixty seven and NASDACK futures have
Speaker 1: one hundred seventy three the day. In Germany's up one
Speaker 1: point seven percent, the ten year treasury down eight thirty
Speaker 1: seconds two point eight six percent. They yield on the
Speaker 1: two year two point six two percent. Nimex screwed oil
Speaker 1: is done about two tens per cent, or nineteen cents
Speaker 1: at a hundred twelve dollars two cents a barrel. Comex
Speaker 1: gold is up to ten percent or three dollar sixty
Speaker 1: cents at eighteen fifty one forty anounts. The euro one
Speaker 1: point oh five eight nine against the dollar, British found
Speaker 1: one point two four seven five and the yen at
Speaker 1: one eight point one one and Bitcoin this morning up
Speaker 1: to ten percent at thirty thousand, two hundred ninety dollars.
Speaker 1: That's a Bloomberg Business Flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much. President Joe Biden is in South Korea.
Speaker 1: He will meet South Korean President Yume so kiol as
Speaker 1: they face a growing threat from North Korea's nuclear weapons
Speaker 1: and missile program. Both US and South Korean intelligence officials
Speaker 1: say it's possible at North Korea will conductibilistic or nuclear
Speaker 1: tennis around Biden's visit to South Korea and Japan end.
Speaker 1: The Senate has passed a forty billion dollar package of military,
Speaker 1: economic and food aid for Ukraine. The vote was eighty
Speaker 1: six eleven. In the NBA playoffs, the Celtics have even
Speaker 1: their series that a game of peace after beating the
Speaker 1: Heat one seven, one oh two. In baseball, all the
Speaker 1: Yankees lost to the Orioles nine six, the Mats one
Speaker 1: and along with the Red Sox, Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: more than a hundred twenty countries. Michael bar This is
Speaker 1: Bloomberg John Michael, thank you. Coming up on six twenty
Speaker 1: on Wall Street. We are lying from the Bloomberg Interactor
Speaker 1: Broker Studios. This is Bloomberg day Break. Global shares on
Speaker 1: course for in historic seventh week of declines. Let's try
Speaker 1: to get you set up for the trading day head now.
Speaker 1: We're joined by Brian Levitt, global market strategist at Investco.
Speaker 1: Brian Happy Friday. What is a head for investors? Well,
Speaker 1: it looks like it means at least the futures are
Speaker 1: up this morning. But it's certainly a challenging market environment,
Speaker 1: which tends to be the case when you're persisting through
Speaker 1: a period of policy uncertainty. And even though the market
Speaker 1: has gone a long way to pricing in multiple Fed
Speaker 1: interest rate hikes, we still have inflation very elevated um
Speaker 1: and so volatility is likely to be uh persistent here
Speaker 1: until we have greater clarity on the inflation picture and
Speaker 1: glater greater clarity on where the set is going to
Speaker 1: ultimately head. The vix remains elevated right now. Well, streets
Speaker 1: fear gauge, how much more volatility it had usually when
Speaker 1: usually you see the VIX at around forty when you
Speaker 1: get to a market bottom. We've even seen the VIX
Speaker 1: at forty a couple of times in the last cycle
Speaker 1: when we didn't end up in a recession, whether that
Speaker 1: was with the FED first rate hike twenty eleven during
Speaker 1: the European debt crisis. So volatility is elevated. I don't
Speaker 1: think we've seen the full level of it yet or
Speaker 1: the full capitulation. We're certainly getting closer. If you look
Speaker 1: at the number of stocks on the New York Stock
Speaker 1: Exchange training above their two entre day moving average, we
Speaker 1: were at fifty percent in March. We're now down below.
Speaker 1: Usually market bottoms are around ten to fifteen percent. So
Speaker 1: we've seen a big move, we've seen a big wash up,
Speaker 1: but nonetheless, inflation is still elevated. Policy still uncertain, so
Speaker 1: there's no real catalyst here, at least in the short
Speaker 1: term for markets. And would you think it's full of
Speaker 1: err and to be buying on depths right now? Well,
Speaker 1: I think if you're a long term investor, you're starting
Speaker 1: to see some good value emerge in the market. So
Speaker 1: if you're trying to get the next days or the
Speaker 1: next week's right, um, buying the dips could be a challenge,
Speaker 1: but if you're a long term investor, I think it
Speaker 1: certainly makes sense to consider starting to do so. I mean,
Speaker 1: we've looked at past downturn. Even if you invest halfway
Speaker 1: through it, you're still far better off over the long
Speaker 1: term than having not done so, so you know the messages.
Speaker 1: Near term challenges will ultimately see the economy slow and
Speaker 1: some of these supplied demand imbalances start to work their
Speaker 1: way out Directionally, inflation should start to come down, which
Speaker 1: will set up a better environment for stock. So we
Speaker 1: may not be all the way through it, but again,
Speaker 1: if you have your eye on the long term, there's
Speaker 1: good value that's starting to emerge. And on the earnings front,
Speaker 1: of course, with Walmart, Target the other retailers, I guess
Speaker 1: the lesson to the takeaway there is margin compression. How
Speaker 1: much more of that are we going to see? What
Speaker 1: are the lessons we get for that? Yeah, margin compression,
Speaker 1: But let's remember margins were a very very elevated levels,
Speaker 1: and so I think the way to think of this
Speaker 1: is it's a slow down in demand where costs are
Speaker 1: still quite elevated and so that creates a difficult a
Speaker 1: drop in the in the short term. But this slowdown
Speaker 1: is likely to bring UM. As demands slows, you're likely
Speaker 1: to start to see inflationary pressures moderate. Now, of course
Speaker 1: we need better clarity on China with zero COVID policy.
Speaker 1: UM cases in Shanghai do seem to be coming down.
Speaker 1: Policy makers in China are trying to support growth. So
Speaker 1: you know, if we can start to see some movement
Speaker 1: they are. As demand slows, we should start to see
Speaker 1: inventories get rebuilt UM and and and some of that
Speaker 1: pricing pressure should start to come down. But but you know,
Speaker 1: margins coming down again from from very very elevated levels.
Speaker 1: Do you want to gauge the risk of hard versus
Speaker 1: soft landings, Well, look, it's it's gonna be a challenge.
Speaker 1: I mean, it's hard for the fit to navigate this
Speaker 1: um and so you know growth is going to slow meaningfully.
Speaker 1: Now that all the debate is whether or not we're
Speaker 1: going to have a recession with the markets are already
Speaker 1: pricing in a pretty a meaningful deterioration in growth UM
Speaker 1: and the reality is the fundamentals of this economy are
Speaker 1: pretty sound. That the households have been in good shape, UM,
Speaker 1: the banking system strong, the business sectors has been has been,
Speaker 1: UM is well capitalized, and so even if you were
Speaker 1: to have a recession, it would likely be a pretty
Speaker 1: mild one. Brian. Always a pleasure appreciated. Brian left, global
Speaker 1: markets strategist at Investco with us this morning and ahead
Speaker 1: of the up on the Wall Street futures in the
Speaker 1: green this morning. The Dow futures of two D ninety
Speaker 1: nine points as of the immate of futures six right now,
Speaker 1: and that asset futures are on one hundred and eighty
Speaker 1: nine points. As for treasuries, the benchmark tenure yield up
Speaker 1: two basis points right now at two point eight six percent.
Speaker 1: You're listening to Bloomberg day Break, the Bloomberg Weather from
Speaker 1: maybe Ron just robbed Caroline Desk five Advisory and effect
Speaker 1: through nine o'clock this morning, the fog will burn off,
Speaker 1: giving way to low clouds, then partial sun the possibility
Speaker 1: of showers. Broadcasting live from the Bloomberg Interactive Brokery Studio
Speaker 1: in New York, Bloomberg E Living free on to Washington,
Speaker 1: d C, Bloomberg nine one to Boston. Bloomberg one O
Speaker 1: six one to San Francisco, Bloomberg N sixty to the country,
Speaker 1: Sirius XM CHADO one nine and around the globe, the
Speaker 1: Bloomberg Business and Bloomberg Radio dot com. This is Bloomberg
Speaker 1: Daybreak at six thirty on Wall Street. Good morning, I'm
Speaker 1: John Tucker and I'm caroen Mosca. We're just about three
Speaker 1: hours away from the open of US trading. Time for
Speaker 1: the five things you need to notice start your day.
Speaker 1: Brought to you by Interactive Brokers ib k Our Investment
Speaker 1: Advisors switched to Interactive Brokers for lowest cost global trading
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Speaker 1: i A first US Future is higher as we close
Speaker 1: out a trading week that saw the S and P
Speaker 1: fi've harder to lose more than a trillion dollars and
Speaker 1: market value. The index is down almost from its January
Speaker 1: third closing high, and it is on track for a
Speaker 1: seventh week of losses. Ken Griffin is CEO of Citadel.
Speaker 1: What we're seeing in the markets is a rotation from
Speaker 1: growth Fox with earnings very far in the future towards
Speaker 1: stocks that are are much more value stocks earnings here
Speaker 1: in the present, and this reflects the fact that real
Speaker 1: rates for the first time in a very long time,
Speaker 1: are likely to go positive in and Citadel CEO Ken
Speaker 1: Griffin made the comments to Bloomberg's francying Laqua at the
Speaker 1: Bloomberg Intelligence Market Structure three point conference in New York.
Speaker 1: Results from Applied Materials weighing on some sentiment this morning,
Speaker 1: shares down almost one percent in early trading, the company
Speaker 1: delivering a week forecast as chip shortages persist. Training to
Speaker 1: politics now, President Joe Biden heads to South Korea and
Speaker 1: Japan to reassure allies of America's commitment to Asia. On
Speaker 1: Bloomberg's Daybreak, Asia anchor Brian Curtis has the details. The
Speaker 1: last time a US president visited Soul, in twenty nineteen,
Speaker 1: Donald Trump and Kim Jong lun agreed to restart nuclear talks.
Speaker 1: This time, the White House has not indicated Biden will
Speaker 1: be heading up to the d m Z. In the meantime,
Speaker 1: the North Korean leader is preparing to launch another i
Speaker 1: CBM and possibly conduct his first nuclear test since t seventeen.
Speaker 1: President Biden is aiming to firm up the US pivot
Speaker 1: to Asia and counter China's military build up in the region.
Speaker 1: Brian Curtis, Bloomberg Daybreak, Thanks Ryan. The pandemic also in
Speaker 1: focus this morning with news on vaccine eligibility. Younger children
Speaker 1: across the US can now Receiva COVID boosters shot developed
Speaker 1: by Fiser. Now let's get to tails. Lying from Bloomberg's
Speaker 1: Rind Young. Good morning, Reneva, Good morning, John CDC dre
Speaker 1: to Rochelle Willinsky recommends the booster for children ages five
Speaker 1: to eleven years old. Making the shot available to school
Speaker 1: age kids will provide much needed protection against the contagious
Speaker 1: O Macron subvariants spreading across the country. Wellinsky says kids
Speaker 1: in this age group should receive a booster dose at
Speaker 1: least five months after their primary series Live in New York,
Speaker 1: I'm Ranita Young, Bloomberg Daybreak. All right, Nita, thank you,
Speaker 1: and that's the five things you need to notice start
Speaker 1: your day. Brought to you by Interactive Brokers and straight
Speaker 1: to hand your latest local headlines. This is Bloomberg. Thanks
Speaker 1: give six thirty three on Wall Street. Let's bring in
Speaker 1: Michael barn Now and tell us what else is going
Speaker 1: on to New York end around the world, John, Thank
Speaker 1: you very much, Sarah. Possible case of monkey boxes being
Speaker 1: investigated in New York City, adding to the case already
Speaker 1: reported in Massachusetts. Health officials at preliminary tests for the
Speaker 1: virus are being conducted and if positive, will be sent
Speaker 1: to the c d C for confirmation. The patient is
Speaker 1: being treated at Bellevue Hospital in Manhattan. Experts say it's
Speaker 1: a rare illness. University of California, San Francisco Professor of Medicine,
Speaker 1: Dr Peter chinn Hong is an infectious disease expert. There's
Speaker 1: an adopted boxing from monkey pox. But the interesting thing
Speaker 1: is that if you've been voxinated with smallpox, you get
Speaker 1: protection against monkey box because it's really closely related. Dr
Speaker 1: chin Hong says he doesn't believe monkey pox will run rampant.
Speaker 1: The House Republican is pushing back on the January sixth
Speaker 1: committee that claims he gave unauthorized capital tours the day
Speaker 1: before the attack. The committee says it has evidence that
Speaker 1: Georgia Republican Congressman Barry louder Milk gave a tour of
Speaker 1: the Capital. The committee wants louder Milk to testify. Tops
Speaker 1: Markets valve they would reopen their Buffalo supermarket, which was
Speaker 1: the scene of Saturday's deadly mass shooting. Meanwhile, the eighteen
Speaker 1: year old suspected gunman appeared in courtier yesterday, the Oklahoma
Speaker 1: state legislature passed bill which would ban almost all abortions
Speaker 1: from the moment of conception. The bill includes narrow exceptions
Speaker 1: to protect the life of the mother and for the
Speaker 1: cases of rape and incests, but only if they are
Speaker 1: reported to law enforcement. State Representative Wendy Steerman is the
Speaker 1: bill's author. Well, the goal of this is to protect
Speaker 1: the child, the unborn child, so I believe that putting
Speaker 1: in the exception as we have it is um is
Speaker 1: acceptable in the situation, Representative Steerman says. Oklahoma's governor is
Speaker 1: expected to sign the bill into law. Emily Wales, president
Speaker 1: of the Great Plains Oklahoma Chapter of Planned Parenthood, called
Speaker 1: it a dark day for human rights. Today's ban, which
Speaker 1: encourages bounty hunters to see their neighbors or strangers for
Speaker 1: accessing abortion care at any stage of pregnancy, is a
Speaker 1: reversal of history happening in front of our eyes. Wales,
Speaker 1: with Planned Parenthood agrees with Vice President Harris, who called
Speaker 1: the bill outrages. Majority Leader Chuck Schumer has told colleagues
Speaker 1: and the Senate he plans to bring an antitrust bill
Speaker 1: to the floor in early summer that would crack down
Speaker 1: on the major jack platforms. The bill is said to
Speaker 1: prevent platforms from favoring its own content. Global Dunes twenty
Speaker 1: four hours a day on air and on Bloomberg Quicktake,
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Speaker 1: than a hundred twenty countries on Michael Barr, This is Bloomberg, John, Michael,
Speaker 1: thank you. He's coming up to five and thirty sits
Speaker 1: under all screen. Has signed out for the Bloomberg Sports
Speaker 1: Off Day. Here's John's town Showers. John bittersweet day for
Speaker 1: the Mets. A thrilling win at City Field seven six
Speaker 1: over the Cardinals on a walk off two on Homer
Speaker 1: tent Any by Pete Alonso. But during the game came
Speaker 1: the upfit on Max scherz Or, who took himself out
Speaker 1: of Wednesday's game, and then the m R I showed
Speaker 1: an oblique strain. Shows are off to a five and
Speaker 1: one starters a Matt He's gonna miss the next six
Speaker 1: to eight weeks, and Jacob mcgraham has yet to pitch.
Speaker 1: No timetable on his return. Tyler McGill is another met
Speaker 1: starter currently on the injured list. Yankees into the road
Speaker 1: to the nine six loss in Baltimore, back and fourth
Speaker 1: game to the Yanks. Tied with two outs of the
Speaker 1: ninth that he but Anthony santandair I'll walk off three
Speaker 1: run Homer Bot of the ninth NBA East Finals are
Speaker 1: tied at one of The Celtics won by twenty five
Speaker 1: in Miami. NHL Tampa Bay one again at Florida, now
Speaker 1: up to nothing. First playoff loss for Colorado beaten by St.
Speaker 1: Louis the Rangers tonight. You need to like play like
Speaker 1: they did in the first two periods of Game one
Speaker 1: and not like they did in the third period of
Speaker 1: the overtime. It's Game two and Raleigh. After Carolina won
Speaker 1: the opener. They'll play Round two of the PGA Championship
Speaker 1: today and Tulsa. Rory McElroy has won this tournament twice.
Speaker 1: He wanted in two thousand and fourteen, hasn't won a
Speaker 1: major since. McElroy's got a one shot lead after a
Speaker 1: sixty five. He played with Tiger Woods, who shot seventy
Speaker 1: four bogey six the last ten holes. Struggling physically loading
Speaker 1: it hurts. Uh tossing off that hurts, and UH walking hurts.
Speaker 1: The twisting hurts. So I don't play that if I
Speaker 1: don't do that. The amore right, Tiger very much to
Speaker 1: be missing the cut. Live PGA coverage Bloomberg Radio Today
Speaker 1: started at four in the PGA type show at eleven,
Speaker 1: John Statue Bloomberg's board Punk All right, thanks a lot, John.
Speaker 1: It is now six thirty seven on Wall Street. Time
Speaker 1: to take a look at stocks, some of the names
Speaker 1: that are moving in the pre market, and for that
Speaker 1: we are joined by Bloomberg Radio and TV Marcus correspondent
Speaker 1: Critty Gupta. And I guess we weave into this the
Speaker 1: presidential trip overseas. We do. I mean, I think this
Speaker 1: is being viewed as a lens of geopolitics, as trade negotiations,
Speaker 1: but there is a very clear market read through and
Speaker 1: you're already seeing it this morning. President Biden, for those
Speaker 1: are not familiar, visiting a good several countries in Asia,
Speaker 1: starting off with Korea's actually visiting the Samsung site this
Speaker 1: morning and overnight. Actually, you did see the costpy index,
Speaker 1: which is the Korean benchmark up higher. And remember Samsung,
Speaker 1: I think makes a good chunk of that. It is
Speaker 1: a heavy weight in the costpy index. So when you
Speaker 1: see factory it's enormous. And remember Samsung is one of
Speaker 1: the biggest suppliers of chips worldwide. So to kind of
Speaker 1: strengthen the alliances strength and supply chains is good not
Speaker 1: just for the United States. Before a lot of the
Speaker 1: chip companies broadly amid the chip shortage that you're seeing.
Speaker 1: So right off the bat, you are seeing the likes
Speaker 1: of Advanced micro devices a m D up to the
Speaker 1: tune of two point four percent, and video as well,
Speaker 1: m v D A up just shy three percent, Intel
Speaker 1: even i NTC up one percent. The purpose of this
Speaker 1: trip his twofold. One of it is going to be
Speaker 1: to secure the supply chains. The other is to secure
Speaker 1: the Indo Pacific alliance against China UM. This is really
Speaker 1: important because as China grows in economic kind of prowess
Speaker 1: in the region, it's really important for the United States
Speaker 1: to kind of share up the supply chains. And that's
Speaker 1: especially crucial when it comes to tech companies. Automakers, and
Speaker 1: really that comes down to chips, and that's why this
Speaker 1: trip to Korea and specifically Samsung is so crucial. All right,
Speaker 1: let's move out to Santa Clarence, California, where we find
Speaker 1: the home of Palo Alto Networks. Palo Alto Networks, and no,
Speaker 1: it is not a surf company, although it does sound
Speaker 1: like that, doesn't it. Uh is a cybersecurity company. They
Speaker 1: do a lot with software p A and W is
Speaker 1: the company's ticker up eleven percent this morning. They beat
Speaker 1: earnings and really cited a strong buildings here. This is important.
Speaker 1: As we talked about the theme of cybersecurity growing more
Speaker 1: and more, a lot of people have just recently and
Speaker 1: I say companies have recently converted over to cloud infrastructure.
Speaker 1: So this is a company that takes that cloud infrastructure
Speaker 1: and as an extra layer of cybersecurity. And we also
Speaker 1: know speaking of present Binds agenda, it has been strong
Speaker 1: on that front as well. The other name I want
Speaker 1: to bring to your attention very quickly is ROS stores
Speaker 1: are retailers. So let me guess it's this morning, it
Speaker 1: is ugly r O S t S your taker down
Speaker 1: twenty five percent for international audience This is a discount
Speaker 1: retailer that cut its profit in sales outlook. To me,
Speaker 1: the most important part of this yesday sided inflation, the
Speaker 1: war Ukraine, et cetera. But the most important part to
Speaker 1: me is comps sales falling two to four percent. Their
Speaker 1: previous guidance was as much as three percent growth. They
Speaker 1: all had a pretty good run during the pandemics, So
Speaker 1: tell a big move. Don't cry too much, thank you,
Speaker 1: pretty Gupta. Bloomberg Radio and TV Markets correspondent and ahead
Speaker 1: of the open Dolla futures right now up SMP futures.
Speaker 1: You're listening to the Bloomberg day Break. Bloomberg Weather for today,
Speaker 1: A dense fog that should start to burn off, clouds
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Speaker 1: late day showers or thunderstorms. The high today about seventy degrees.
Speaker 1: Markets headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot Com, the Bloomberg Business at and at
Speaker 1: Bloomberg Quick Tape. This is a Bloomberg Business Flash and
Speaker 1: I'm Karen Moscow. Futures are rising this morning, and we're
Speaker 1: watching earnings from dear across the Bloomberg. But you to
Speaker 1: the first word breaking new dance for today's morning call.
Speaker 1: Here's Bill Maloney. Bill, good morning, Hey, good morning, Karen.
Speaker 1: That's right. US futures are in the green after yesterday's weakness,
Speaker 1: with Doubt futures up two nine points, sides game forty four,
Speaker 1: NASA futures rise by one seventy eight. The US ten
Speaker 1: year at two point eight six percent, Gold is up three,
Speaker 1: Oil is a little changed, and bitcoin is also quiet
Speaker 1: right now. Hong Kong rose three percent overnight, while up
Speaker 1: markets are also in the green, led by games in
Speaker 1: Germany and Italy. Back in the US, nothing to report
Speaker 1: on the economic front, and after the bellas night Applied
Speaker 1: Materials Q three forecast missed estimates and power Outdo Networks
Speaker 1: topped estimates. Shares They're up eleven percent pre market. Regarding
Speaker 1: earnings this morning, you mentioned Dear, Dear, sales missed estimates
Speaker 1: and foot Locker EPs beat estimates. Rapid things up. Co
Speaker 1: America was raised to outperform over at Robert Baird Live
Speaker 1: from the First or Bigger News Descomb Bill Maloney, Karen,
Speaker 1: all right, Bill, thank you into your live breaking news
Speaker 1: of her Bloomberg type squawk on your termin I'll ask
Speaker 1: you you a w K and that's a Bloomberg business Flash.
Speaker 1: Now is Michael Barrow with more on what's going on
Speaker 1: around the world. Michael Karen, thank you very much. President
Speaker 1: Biden arrived in South Kowia. Everywhere he visited an electronic
Speaker 1: semiconductor complex. Biden is seeking to boolsters fly change that
Speaker 1: reduced reliance on China. Biden's first trip to Asias president,
Speaker 1: which runs through to Tuesday, also includes Japan. US health
Speaker 1: advisers are urging a booster dose and finds here's COVID
Speaker 1: nineteen vaccine for kids ages five to eleven. A CDC
Speaker 1: panel signed off on the booster shots yesterday. In the
Speaker 1: NBA playoffs, the Celtics have even their series at the
Speaker 1: Game of Peace after beating the Heat one, one o two.
Speaker 1: In baseball, the Yankees lost to the Orioles nine six
Speaker 1: the Mets one, along with the Red Sox. Global News
Speaker 1: twenty four hours a day on here and on Bloomberg
Speaker 1: Quick Take, powered by more than twenty seven hundred journalist
Speaker 1: and analysts in more than a hundred twenty countries. I'm
Speaker 1: Michael Barr. This is Bloomberg Karen. All right, Michael Barr,
Speaker 1: thank you. And it is currently six forty nine in
Speaker 1: on Wall Street. We turned to news and science and
Speaker 1: Technology Now with the Bloomberg n j I t is
Speaker 1: stem rapport and here's what's making news on science, technology,
Speaker 1: engineering and math. Vacation travels back to pre COVID levels.
Speaker 1: According to our report released by the MasterCard Economics Institute,
Speaker 1: people are feeling more comfortable heading off to far flung
Speaker 1: adventures despite a surge in cases and average airfares jumping
Speaker 1: eighteen percent globally since the start of the year. Boeing
Speaker 1: and Nassa have launched the long delayed at Starliners space Capsule.
Speaker 1: The unmanned spacecraft is headed for a rendezvous with the
Speaker 1: International Space Station. It was Boeing's third launch attempts since
Speaker 1: the two failed attempts left Bowing perplexed, and it left
Speaker 1: SpaceX is the only American option for ferrying astronauts into space.
Speaker 1: Clomberg News has learned Apple executives have previewed their next
Speaker 1: big bet of the company's board, a mixed reality headset.
Speaker 1: It indicates that development of the device has reached an
Speaker 1: advanced stage. Board members, including eight independent directors and CEO
Speaker 1: Tim Cook, convene at least four times a year. We're
Speaker 1: told a version of the device was demonstrated during the
Speaker 1: latest gathering, and that's a Bloomberg and j I t
Speaker 1: Stem report. John. All right, Karen, we are live from
Speaker 1: the Bloomberg into Hampton Broker's studios, where it is now
Speaker 1: six fifty on Wall Street. Time to check what's going
Speaker 1: on in d C. Some of the top stories in
Speaker 1: the nation's capital include, of course, President Biden in Asia
Speaker 1: for the first time as commander in chief, the fallout
Speaker 1: from this week's primary contest, sending the stage for the
Speaker 1: battle in November, the Senate passing at forty billion dollar
Speaker 1: bill for aid to Ukraine. And let's take a deeper
Speaker 1: time with some of these stories this morning with Wendy Schiller,
Speaker 1: Director Brown University's Talman Center for American Politics and Policy. Wendy,
Speaker 1: thanks for being with us this morning. Happy Friday. Uh.
Speaker 1: In fact, President Biden speaking right now, he's in South
Speaker 1: Korea and a giant chip factory. And I got it. Actually,
Speaker 1: just from the political perspective, how does this play at
Speaker 1: home and doesn't really matter? Well, John, I mean, I
Speaker 1: think I think having the president travel and represent the
Speaker 1: United States globally usually is a plus for the United States,
Speaker 1: but also for Biden because of course with COVID and
Speaker 1: UM lots of other reasons, I'm restricting his travel and
Speaker 1: interaction with you know, Americans. You know, not getting out
Speaker 1: for Biden is a real disadvantage because you know, he
Speaker 1: sometimes he's on his game when he gets a speech
Speaker 1: or press conference. Sometimes he's not so coherent. So having
Speaker 1: him look good traveling abroad, you know, counters some of
Speaker 1: those images that we have of the president or sort
Speaker 1: of allegations that he's not up to the job. You know.
Speaker 1: I I earlier just a personal and was talking about
Speaker 1: shopping the gas tank was it was like Bucks this morning.
Speaker 1: The grocery store was eighty Bucks didn't get all that
Speaker 1: much yesterday. There are big concerns on the domestic front. Yeah,
Speaker 1: I mean an economy like this where we have relatively
Speaker 1: low unemployment. Uh typically is it for Democrats? You know,
Speaker 1: Democrats typically their constituencies worry more about jobs and unemployment,
Speaker 1: and Republicans used to be sort of the wealth here
Speaker 1: and they worry much more about inflation in terms of
Speaker 1: the degradation of their assets and investments. But now you know,
Speaker 1: these things are all demographically mixed now in terms of allegiances.
Speaker 1: Republicans are getting more lower income voters and the Democrats
Speaker 1: are getting more hiring income voters. So it's flipping the
Speaker 1: script that we've been used to for politics, and a
Speaker 1: lot of more people who typically vote for the Democrats
Speaker 1: or would be voting for the Democrats in November, are
Speaker 1: very concerned about maunaging the economy, which is a global
Speaker 1: in nature. Uh nothing, you know, showed up more than that,
Speaker 1: than than the COVID pandemic, and you know, we're not
Speaker 1: used to that idea. We're used to the president can
Speaker 1: control the economy, but there are a lot of things
Speaker 1: outside his control. So again, Americans have to kind of
Speaker 1: reset how they evaluate the president in the economy. And
Speaker 1: that's going to come too late, i think for the
Speaker 1: Democrats and Biden this November, still looking at the fallout
Speaker 1: from the primary contest, setting the stage for no member's
Speaker 1: general election the congressional elections. Your assessment a few days out, Well,
Speaker 1: the primaries were really interesting. You know, Pennsylvania is incredibly
Speaker 1: important obviously not just for the primaries but for the
Speaker 1: presidential election in twenty four So the Senate race is important,
Speaker 1: but the governor's race is very important. You know, the
Speaker 1: Democrats have held the governor's seat in Pennsylvania and if
Speaker 1: that flits, particularly the candidate that that one the primary,
Speaker 1: who seems to be fairly you know, extreme right, very
Speaker 1: weyal to Trump, but also wants to sort of unregister
Speaker 1: lots of voters and redo elections and is willing to
Speaker 1: change the outcome of the elections supposedly. You know, that
Speaker 1: makes a huge difference going into twenty four and also
Speaker 1: for our security and elections. So it matters, i think,
Speaker 1: for the system for the country as much in the
Speaker 1: governor's outcome as it does for whatever ultimately happens in
Speaker 1: the Senate primary. What's interesting is that a lot of
Speaker 1: people in the Republican partment voted. A lot Republicans got
Speaker 1: out the door slightly more than the Democrats. That's got
Speaker 1: to worry the Democrats, even know the contest were a
Speaker 1: little bit more more publicized. Um, and then you have
Speaker 1: to think to yourself, you know, is there really a
Speaker 1: split in the Republican party, because that's what we always think,
Speaker 1: But Republicans come together and unite when it comes down
Speaker 1: to their election general election. In ways, the Democrats don't.
Speaker 1: So I'm not reading into this division as if it's
Speaker 1: some signal that the Republicans will stay divided by the
Speaker 1: time you get to November. You were talking about Doug Mastriano,
Speaker 1: the Republican pick for governor's race in Pennsylvania. Does that
Speaker 1: mean the race now becomes a TOSSA? Um? Yeah, I
Speaker 1: mean for the governor's race, it's you know, you've got
Speaker 1: Josha Piro, who's who won the primary and who's already
Speaker 1: won statewide attorney general of Pennsylvania. So you know, you've
Speaker 1: got somebody who theoretically should win this race because he's
Speaker 1: already won statewide. Um. And the Senate race is gonna
Speaker 1: be really interesting. Sederman looks like you was somebody who
Speaker 1: could resonate a really good candidate for the Midwest. But
Speaker 1: he's had and health problems, very significant health problems, and
Speaker 1: we don't know how he'll do. We don't know how
Speaker 1: people will react to that. Uh. And and so he
Speaker 1: has still a chance to keep that seat. But if
Speaker 1: you think about it, looking at Ohio and looking at Pennsylvania,
Speaker 1: you know there's a real vibrancy to that Republican turnout. Uh.
Speaker 1: And there's a real enthusiasm on the Republican side, and
Speaker 1: you're just you have to wonder will there be the
Speaker 1: people who show up for the Democrats. North Carolina could
Speaker 1: be an exception. You have an African American woman running
Speaker 1: for Senate who's also well known, and I think that
Speaker 1: that case, Jerry Beasley could with African American turnout, do
Speaker 1: pretty well in that contest against Um, the candidate that
Speaker 1: Trump endorsed. And you might see some still over into
Speaker 1: Georgia because you might you might have an African American
Speaker 1: incumbent versus an African American Republican candidate. So the African
Speaker 1: American vote will be absolutely crucial. And right now you're wondering,
Speaker 1: if you're watching politics, what will get African American voters
Speaker 1: to the polls in November and Canda Democrats really mobilize
Speaker 1: that constituency. Uh, there were no claims of election fraud,
Speaker 1: well maybe save for one with a former president saying
Speaker 1: memitage to just go ahead in the clear victory UM
Speaker 1: about forty five seconds. How's that going to play out? Well,
Speaker 1: you know the question is given inflation, given COVID given obviously, Uh,
Speaker 1: you know, shortages on the on the shelves and grocery stores.
Speaker 1: You know, if this persists, I don't think that mid
Speaker 1: terms will be about for the suburban Republican voters who
Speaker 1: are key to winning this race. They may be for
Speaker 1: the Trump supporters, but not everybody else. And so the
Speaker 1: Democrats have so many things to worry about. Uh. One
Speaker 1: wonders whether they should keep focusing on Trump uh and
Speaker 1: sort of bother to relitigate this or just move on
Speaker 1: and say where the party that improves the economy, which
Speaker 1: statistically has been true for the last thirty years, that
Speaker 1: they inherit bad economies and they do better with them. So,
Speaker 1: you know, they've got to get back to that message
Speaker 1: what can they do to make daily life better? And
Speaker 1: reduced to focus on Trump and the Republican divisions. I
Speaker 1: think that you know, you gotta get you would have
Speaker 1: want to get out to the polls and so forth.
Speaker 1: I haven't been able to get that message across. Wendy.
Speaker 1: Always a pleasure. Thanks Professor Wendy Schiller, Director Brown University's
Speaker 1: Tavern Center for American Politics and Policy. You can read
Speaker 1: more about these stories on bloomberg dot Com or the
Speaker 1: Bloomberg terminal, and the reminder you can follow all the
Speaker 1: latest on Bloomberg Radio in Washington at Bloomberg at one
Speaker 1: of five point seven FM HD two and ahead of
Speaker 1: the cash opened DAL futures right now up two hundred
Speaker 1: eighty seven points, the SMP EMDI futures forty three points higher,
Speaker 1: and the ASDAK futures are a one hundred and seventy
Speaker 1: five points. Just ahead Bloomberg surveillance for Camaron Moscow. I'm
Speaker 1: John Tucker, and you've been listening the Bloomberg day Break