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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today.

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Speaker 2: We begin with the latest developments in the Middle East.

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Speaker 2: President Biden is warning Israel that any invasion of the

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Speaker 2: southern Gaza city of Rafa would cross a red line.

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Speaker 2: In an interview with MSNBC, the President criticized the high

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Speaker 2: death toll in Gaza.

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Speaker 3: There's red lines that if he crosses in the cannot

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Speaker 3: have thirty thousand.

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Speaker 2: More Palestinians dead as a consequence of going up.

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Speaker 4: There's other ways to deal to get to to deal

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Speaker 4: with with.

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Speaker 5: The trauma caused by Hamas.

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Speaker 2: The President Biden had helped for a breakthrough in cease

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Speaker 2: fire talks before Ramadan, which began last night, but negotiations

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Speaker 2: have stalled.

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Speaker 1: Well, Nathan, Israel has said that barring a total surrender

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Speaker 1: by Hamas, it has to launch an assault on Rafa

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Speaker 1: because it's the last Bashi of the around Back group began.

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Speaker 1: More on Israel's likely response to President Biden's warning from

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Speaker 1: Bloomberg Stewart living Stone Wallace.

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Speaker 6: Nathan, he does have a long track record as largely

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Speaker 6: ignoring US presidents when it doesn't suit him. And I

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Speaker 6: think in this instance, what he's trying to balance up

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Speaker 6: is the goal that he sets for the country after

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Speaker 6: the events locked over the Servant, which was, we need

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Speaker 6: to destroy the Hamas leadership. And the only conceivable way

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Speaker 6: he can do that is to go into Raffa, because

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Speaker 6: you know that's where many of them still are. If

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Speaker 6: he doesn't go into Raffa, then you know, basically hasn't

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Speaker 6: fulfilled the pledge that he made after the attack on Israel.

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Speaker 1: Bloomberg, Stewart Livingstone Wallace said Hamas is believed to be

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Speaker 1: holding about one hundred and thirty Israeli hostages. A Hamas

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Speaker 1: official and an interview with Bloomberg claimed dozens have been

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Speaker 1: killed by Israeli fire.

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Speaker 2: Turning back home to the nation's capital, Karen. Later today,

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Speaker 2: President Biden sends Congress his budget request for the next

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Speaker 2: fiscal year. That's his lawmakers race to finish work on

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Speaker 2: their remaining government funding bills for this year man avoid

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Speaker 2: a shutdown at the end of next week. US Beinoriti

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Speaker 2: leader Hakim Jeffries is putting pressure on Speaker Mike Johnson

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Speaker 2: to act on ninety five billion dollars installed aids Ukraine, Israel,

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Speaker 2: and Taiwan.

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Speaker 7: The reason why it's not happening is because there's a

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Speaker 7: pro potent faction in the Republican Party led by Donald

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Speaker 7: Trump and Tucker Carlson, who are blocking this legislation, and

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Speaker 7: that's shameful.

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Speaker 2: Democratic Leader Hakim Jeffries was on CBS's Face the Nation

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Speaker 2: Heard Sundays on Bloomberg Radio while he releases his budget,

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Speaker 2: President Biden will be in Manchester, New Hampshire today to

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Speaker 2: talk about lowering costs for families. It's part of a

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Speaker 2: tour of battleground states this week following his State of

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Speaker 2: the Union address.

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Speaker 1: Well, turning to the economy now Nathan. This week, the

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Speaker 1: bond market faces its own Super Tuesday of sorts the

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Speaker 1: release of the Consumer Price Index. It's fresh inflation data

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Speaker 1: that investors will use to predict when the Fed will

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Speaker 1: start cutting interest rates. Former Treasury Secretary Larry Summer says

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Speaker 1: there is potential for surprises.

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Speaker 8: Market used to be expecting six cuts in twenty twenty four.

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Speaker 8: Now the markets expecting three cuts, and the Fed's carried

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Speaker 8: that off skillfully. There hasn't been much disruption or dislocation

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Speaker 8: as that change has taken place, but I think that's

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Speaker 8: going to be there with us.

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Speaker 1: And Larry Summers added that there's an increasing chance that

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Speaker 1: policymakers don't end up lowering their benchmark rate this year.

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Speaker 1: You can hear Summer's full comments on the Bloomberg Wall

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Speaker 1: Street Week podcast, available on Apple, Spotify and anywhere else

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Speaker 1: you get your podcasts.

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Speaker 9: Well.

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Speaker 2: Now the latest on the equity markets, Karen, Futures are

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Speaker 2: lower as we begin a new trading week, but look

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Speaker 2: at bitcoin. It is on the rise once again, topping

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Speaker 2: seventy one thousand dollars for the first time. Checking Bitcoin

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Speaker 2: right now, it's trading at seventy one thousand, two hundred.

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Speaker 2: We're also seeing crypto stocks rise on the news. Coen

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Speaker 2: based Global is up more than five percent in early trading.

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Speaker 2: Micro Strategy is up more than seven percent.

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Speaker 1: Well in company news, nathany social media platform or Reddit

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Speaker 1: is closing in on one of the biggest initial public

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Speaker 1: offerings so far this year. We get the details from

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Speaker 1: Bloomberg's Doug Krisner.

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Speaker 10: It would be one of the biggest IPOs so far

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Speaker 10: this year. We are told Reddit is planning to sell

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Speaker 10: twenty two million shares. They would be priced between thirty

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Speaker 10: one and thirty four dollars each. Earlier, Bloomberg reported Reddit

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Speaker 10: was targeting evaluation of as much as six and a

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Speaker 10: half billion dollars. We're also told Reddit is setting aside

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Speaker 10: nearly one point eight million shares to be bought by

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Speaker 10: users and moderators who created accounts before January first. Those

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Speaker 10: shares would not be subject to a lock up period,

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Speaker 10: and that means the owners can sell them on the

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Speaker 10: first day of trading in New York. I'm Doug Prisoner,

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Speaker 10: Bloomberg Radio.

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Speaker 2: Okay, Doug, thank you.

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Speaker 1: Now.

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Speaker 2: There could be a bad omen for Apple, and it's

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Speaker 2: coming from Warren Buffett. More on that in this report

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Speaker 2: from Bloomberg's John Tucker.

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Speaker 11: And Nate Warren Buffett's Birshire Hathaway sold just over one

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Speaker 11: percent of its holdings in Apple last quarter. When Berkshire

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Speaker 11: last sold these stock between twenty nineteen and twenty twenty,

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Speaker 11: that's selling persisted for several quarters. Apple stock has been

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Speaker 11: hit hard by a drumbeat of negative news, including a

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Speaker 11: two billion dollar anti trust fine, slumping sales in China,

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Speaker 11: and the scrapping of a decade long car project. I

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Speaker 11: spend ten billion dollars on that car project. Apple saw

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Speaker 11: iPhone sales in China dropped twenty four percent of the

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Speaker 11: first six weeks of this year and lost its title

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Speaker 11: of China's best selling smartphonemaker. Analyst revenue outlook for this

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Speaker 11: quarter and next is pretty grim. Berkshire Hathaway sold ten

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Speaker 11: million apples heares equivalent to about one point six to

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Speaker 11: nine billion dollars in the final quarter of twenty twenty three.

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Speaker 11: Apple hasn't participated in this year's stock rally since at

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Speaker 11: the start of the year. It's down eleven percent. John Tucker,

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Speaker 11: Bloomberg Radio.

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Speaker 1: All right, John, thanks, so we'll we have another note

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Speaker 1: on Apple this morning. The company is preparing to open

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Speaker 1: its eighth store in Shanghai this month. The move adds

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Speaker 1: to its largest retail network after the United States. At

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Speaker 1: a time, iPhone sales and are slowing.

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Speaker 9: Now.

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Speaker 2: If you think you missed out on the massive rally

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Speaker 2: in the so called Magnificent seven stocks, there may still

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Speaker 2: be time. Strategists did JP Morgan Chase say those stocks,

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Speaker 2: which include Nvidia, Microsoft, and Amazon, are cheaper compared to

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Speaker 2: the rest of the equity market than they were five

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Speaker 2: years ago. Given their latest set of earnings. JP Morgan

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Speaker 2: says it still favors growth over value stocks.

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Speaker 1: Now Nathan to news in the airline industry and more

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Speaker 1: trouble for Boeing. Delta CEO says the airline now expects

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Speaker 1: deliveries of its Boeing seven thirty seven Max ten aircraft

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Speaker 1: could be pushed out to as late as twenty twenty seven.

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Speaker 1: Delta has orders for one hundred Max ten planes and

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Speaker 1: options to purchase thirty more, and was expecting to receive

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Speaker 1: them as soon as next year. The potential delay comes

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Speaker 1: as Boeing faces more federal safety and criminal reviews after

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Speaker 1: a series of incidents, including the blowout of a fuselage

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Speaker 1: section during an Alaska Airline's flight in January. And it's

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Speaker 1: time now for a look at some of the other

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Speaker 1: stories making news in New York and around the world.

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Speaker 1: And for that we're joined by Bloomberg's Michael Barr Michael,

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Speaker 1: Good Morning, Good Morning.

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Speaker 12: Karen Oppenheimer was crown Best Picture at the ninety six

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Speaker 12: Academy Awards. Christopher Nolan also took home Best Director honors

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Speaker 12: for Oppenheimer.

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Speaker 13: Movies are just a little bit over one hundred years old.

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Speaker 13: I mean, imagine being there one hundred years into painting

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Speaker 13: or theater. We don't know where this incredible journey is

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Speaker 13: going from here, but to know that you think that

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Speaker 13: I'm a meaningful part of it means the world to me.

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Speaker 12: The most closely watched contest of the Academy Awards, aired

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Speaker 12: on ABC, went to Emma Stone, who won Best Actress

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Speaker 12: for her performance as Bella Baxter in Poor Things. It's

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Speaker 12: about a team that came together to make something greater

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Speaker 12: than the sum of its parts, and.

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Speaker 2: That is the best part about making movies.

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Speaker 12: Killian Murphy also won his first Oscar named Best Actor.

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Speaker 12: Robert Downey Junior won Best Supporting Actor at the Academy Awards,

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Speaker 12: notching his first Oscar. Divine Joy Randolph took home Best

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Speaker 12: Supporting Actress Hunters for her role in The Holdovers. Meanwhile,

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Speaker 12: protest over Israel's war in Gaza snarl traffic around the

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Speaker 12: Academy Awards. It slows the celebrities arrival at the Red carpet.

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Speaker 12: Threats to the US pos by China, Russia, Iran, North

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Speaker 12: Korea will be in the spotlight. Later today at a

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Speaker 12: Senate hearing, the Intelligence Committee will hear from the heads

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Speaker 12: of the CIA FBI, National Security Agency, Defense Intelligence Agency,

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Speaker 12: and the State Department's Bureau of Intelligence and Research. Lawmakers

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Speaker 12: are expected to question the officials about key world threats,

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Speaker 12: including increasing aggression from Russia, instability in the Middle East,

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Speaker 12: and the looming challenge from China. Democratic Senator Bob Menendez

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Speaker 12: and his co defendants will appear in a federal court today.

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Speaker 12: The senator from New Jersey is facing a new superseding

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Speaker 12: indictment and more charges brought by federal prosecut in the

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Speaker 12: Southern District of New York. Added new charges for the

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Speaker 12: senator his wife alleged co conspirators include conspiracy to obstruct

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Speaker 12: justice and obstruction of justice. The accuse Medendez of working

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Speaker 12: to benefit Cutter. Along with Egypt, heavy rain has brought

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Speaker 12: flooding to parts of the northeast. In Essex County, New

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Speaker 12: Jersey along the Basaic River, A number of residents in

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Speaker 12: Fairfield have already moved their cars to higher ground in

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Speaker 12: anticipation of the water level continuing to swell. Yards are

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Speaker 12: already submerged, especially those along the Basaic. One resident says

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Speaker 12: FEMA raised her house to a second level seventeen years ago,

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Speaker 12: so now she feels safe.

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Speaker 1: They elevated me way above the base flood level, like

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Speaker 1: a foot above.

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Speaker 6: I'm self contained upstairs.

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Speaker 9: It's wonderful.

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Speaker 5: I fish you off the deck.

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Speaker 6: I grilled my food, and I don't have to go

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Speaker 6: to work for a few days.

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Speaker 2: It's a good excuse.

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Speaker 12: Today's strong wind guests will hit the Tri State area

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Speaker 12: of at least fifty miles an hour. Global news twenty

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Speaker 12: four hours a day, and whenever you want it with

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Speaker 12: Bloomberg News. Now, Lebarn, this is Bloomberg Camry.

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Speaker 1: All right, Michael, thank you, and it's time now for

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Speaker 1: the Bloomberg Sports Update, brought to you by Tri State Audi.

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Speaker 1: For that we bring in John stash Hour. John, good morning,

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Speaker 1: Good morning, Karen.

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Speaker 4: To say the NIXT struggle to score would be quite

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Speaker 4: the understatement. Only fifteen points in the first quarter. The

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Speaker 4: second quarter was better. They scored sixteen. They finished with

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Speaker 4: seventy three. If you had scored an NBA game this

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Speaker 4: season at the Guard in Philadelphia, won an ugly one

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Speaker 4: seventy nine seventy three. Nick shot only thirty three percent,

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Speaker 4: had nineteen turnovers. Their coach is Tom Thibodeau.

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Speaker 9: Thought our defense was good. I thought the rebounding was good. Enough,

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Speaker 9: you know, and then they made a couple shots at

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Speaker 9: you know, late in the third start to fourth, but

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Speaker 9: we fought, got back, they had a chance at the

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Speaker 9: end and we had, you know, a couple turnovers that

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Speaker 9: hurt us.

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Speaker 12: There.

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Speaker 4: The same two teams right back at the Garden tomorrow.

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Speaker 4: The Knicks still sits fourth in the East, but just barely.

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Speaker 4: They led to Orlando by a half game, won Indiana

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Speaker 4: by a game and a half. In Miami by two.

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Speaker 4: The Pacers beat the Magic the Heat We're upset, lost

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Speaker 4: at home to the Wizards. Good win for the Nets

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Speaker 4: one twenty to one. On one on Cleveland. Mckel Bridges

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Speaker 4: scored twenty five in La Anthony Davis scored twenty seven.

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Speaker 4: He had twenty five rebounds, seven steals, five assists, and

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Speaker 4: three blocks, and the Lakers win over Minnesota. Islanders stay

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Speaker 4: hot one through six in a row, six to one.

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Speaker 4: At Edmonton. NFL free agency kicks off Wednesday, there's word

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Speaker 4: that Russell Wilson will sign a one year deal with

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Speaker 4: the Pittsburgh Steelers. They drafted Kenny Pickett in the first

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Speaker 4: round two years ago. He seemed to regress in his

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Speaker 4: second season. Another QB baker Mayfield staying with Tampa Bay.

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Speaker 4: A year ago he signed with the Bucks for four million.

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Speaker 4: This deal is for one hundred million over three years.

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Speaker 4: Half of that guaranteed. The Patriots will reportedly trade QB

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Speaker 4: mac Jones to the Jaguars. He's a Jacksonville, Nada. Scottie

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Speaker 4: Scheffler shot sixty six, pulled away won the Palmer Golf

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Speaker 4: at Bay Hill by five strokes. John Stasheward Bloomberg Sports

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Speaker 4: Nathan Okay, John, Thanks, want to turn right back to

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Speaker 4: the market. Gets you set for the trading week ahead,

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Speaker 4: at a time when gold and bitcoiner trading at record highs,

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Speaker 4: while futures are pulling back a bit as we wait

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Speaker 4: key inflation data later on this week. Joining us now

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Speaker 4: is Dennis Gartman, the chairman of the University of Akron

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Speaker 4: Indowment Investment Committee and the former publisher of the Gartment Letter.

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Speaker 4: It's a pretty interesting time in the market here, Dennis,

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Speaker 4: with some of these inflation headges trading at all time highs.

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Speaker 4: We saw that big swing and Invidia stock to end

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Speaker 4: the week. How do you read that swing to the

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Speaker 4: downside now for Nvidia, I.

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Speaker 5: Pay attention to the charts. Fundamentally, you want to understand

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Speaker 5: why something is working. Then you want to understand why

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Speaker 5: the technicals are how the technicals are functioning. And one

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Speaker 5: of the most important technical circumstances that can prevail is

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Speaker 5: what's known as a reversal day. When you make a

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Speaker 5: new high trade to new highs on volume and then

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Speaker 5: break below the previous days low and close below the

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Speaker 5: previous days low. When you have an outside reversal day,

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Speaker 5: that's important, and outside reversal week is even more important.

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Speaker 5: But you had an outside reversal day after just euphoria

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Speaker 5: in Nvidia on Friday, and I think that that can

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Speaker 5: mark a very important top in that stock. It's the

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Speaker 5: first time I've talked about that for a while, but

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Speaker 5: we had an outside reversal day in Nvidia, and you

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Speaker 5: had weakness across the board and most of the other

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Speaker 5: high tech stocks on Friday following what happened to Nvidia.

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Speaker 5: So I think you have to pay attention to the

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Speaker 5: fact that so many people had bought into that stock

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Speaker 5: in the course of the past two or three or

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Speaker 5: four weeks and now find themselves trapped in a rather

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Speaker 5: uncomfortable positions. So I think Friday was an important technical

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Speaker 5: circumstance for Nvidia and for the stock market generally.

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Speaker 2: Now on the other side of the coin, we did

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Speaker 2: hear from a JP Morgan Chase strategist saying that the

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Speaker 2: Magnificent seven stocks, which include Nvidia, could have more room

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Speaker 2: to run, that they're cheaper compared to the rest of

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Speaker 2: the market because of their latest set of earnings.

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Speaker 12: What did that.

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Speaker 5: Timeshelters whether that is a viable alternative or not a

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Speaker 5: viable outlook or not. I think that that probably is

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Speaker 5: a little misbegotten or shall prove to be misbegotten. And

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Speaker 5: of course the next two or three weeks I pay

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Speaker 5: attention to reversal days, and that was the first reversal

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Speaker 5: we've seen in quite some period of time in Nvidia

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Speaker 5: and and a high tech stock. So I think that

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Speaker 5: that outlook will prove to be incorrect over time. Time

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Speaker 5: shall tell.

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Speaker 2: Now we have yet to see a reversal when it

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Speaker 2: comes to not just gold but bitcoin. I mean, the

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Speaker 2: move that we're seeing in the digital currency is just

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Speaker 2: breathtaking right now. I know you've been skeptical of bitcoin

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Speaker 2: in the past. What is your read on this now?

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Speaker 5: I remain skeptical of bitcoin, but let's be blunt. I

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Speaker 5: have been wrong. I'm too old to be involved in bitcoin.

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Speaker 5: It's a young person's trade, to be blunt. I much

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Speaker 5: prefer being an owner of gold as an inflation hedge,

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Speaker 5: as a geopolitical risk hedge. And I congratulate those people

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Speaker 5: who have listened to and followed, and played with and invested.

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Speaker 5: I put the word invested in quotation marks concerning bitcoin.

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Speaker 5: But congratulations to those people who have invested in bitcoin.

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Speaker 5: They they have been proven correct. It's a generational circumstance

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Speaker 5: rather than a fundamental circumstance. But I do understand why

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Speaker 5: they have. It has risen because of scarcity values and

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Speaker 5: the having, as they call it, will be taking place,

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Speaker 5: I guess later this month or early next month, which

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Speaker 5: slows the creation of bitcoin. And that's the that's the

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Speaker 5: one fundamental that does make some sense. There is a finite,

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Speaker 5: a very distinct, finite amount of bitcoin that can be created,

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Speaker 5: and soon that that amount will be finalized. So unlike

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Speaker 5: debt here in the United States, which can go on

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Speaker 5: and grow exorbitantly and exponentially, the amount of bitcoin that

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Speaker 5: will be created is a finite circumstance. I still will

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Speaker 5: be skeptical of it, and congratulations to those people who

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Speaker 5: have done the job and been involved, but I shall

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Speaker 5: not be.

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