1 00:00:02,600 --> 00:00:05,840 Speaker 1: Live from the Bloomberg Interact at Burgers Studios. Is Bloomberg 2 00:00:05,920 --> 00:00:10,440 Speaker 1: day Break for Thursday April Coming up this hour. Russia 3 00:00:10,520 --> 00:00:13,600 Speaker 1: claims a key victory as Ukrainian forces remain hold up 4 00:00:13,600 --> 00:00:16,400 Speaker 1: in the port city of Mariopol. The Justice Department will 5 00:00:16,440 --> 00:00:19,520 Speaker 1: appeal of federal judges ruling that lifted mask mandates on 6 00:00:19,640 --> 00:00:23,560 Speaker 1: public transportation, and Tesla shares surge after the electric vehicle 7 00:00:23,600 --> 00:00:27,160 Speaker 1: maker posts of record profit. Legalized pot sales begin today 8 00:00:27,200 --> 00:00:29,840 Speaker 1: in New Jersey. Plus, the state of Florida clashes with 9 00:00:29,880 --> 00:00:33,360 Speaker 1: its biggest tourist attraction, balt Disney World. I'm Michael barr 10 00:00:33,479 --> 00:00:36,040 Speaker 1: More a half, I'm done stage and force the next 11 00:00:36,080 --> 00:00:38,280 Speaker 1: bloo up. Big Ley lost Game two in Boston, the 12 00:00:38,360 --> 00:00:40,880 Speaker 1: Yankees one in Detroit. The Mets lost for the Giants. 13 00:00:42,520 --> 00:00:46,280 Speaker 1: That's all straight ahead on Bloomberg day Break on Bloomberg 14 00:00:46,360 --> 00:00:51,320 Speaker 1: Eliven Frio, New York, Bloomberg one, Washington, d C, Bloomberg 15 00:00:51,320 --> 00:00:55,880 Speaker 1: one or six one, Boston, Bloomberg nine sixties, San Francisco, Syrius, 16 00:00:55,920 --> 00:00:59,680 Speaker 1: Hexam one nineteen and around the world on Bloomberg Radio 17 00:00:59,720 --> 00:01:07,759 Speaker 1: dot Com and via the Bloomberg Business add And Good Morning. 18 00:01:07,760 --> 00:01:11,000 Speaker 1: I'm Nathan Haggart and I'm Karen Moscow. US DOT Index 19 00:01:11,080 --> 00:01:14,400 Speaker 1: futures on the rise this morning, led by technology shares. 20 00:01:14,480 --> 00:01:16,199 Speaker 1: We are coming up to five o one on Wall Street. 21 00:01:16,240 --> 00:01:18,720 Speaker 1: We checked the markets every fifteen minutes throughout the trading day. 22 00:01:19,080 --> 00:01:21,839 Speaker 1: On Bloomberg. Right now, SNP Future is up thirty six 23 00:01:21,880 --> 00:01:24,120 Speaker 1: points to own Future is up two hundred thirteen and 24 00:01:24,200 --> 00:01:29,040 Speaker 1: NASDAK futures up one hundred sixties seven. And right now 25 00:01:29,040 --> 00:01:31,640 Speaker 1: the ten year Treasury is down nine thirty seconds. They 26 00:01:31,680 --> 00:01:34,280 Speaker 1: yield at two point eight six percent. They yield on 27 00:01:34,319 --> 00:01:37,680 Speaker 1: the two year two point six one per cent, And 28 00:01:37,959 --> 00:01:40,720 Speaker 1: NIMEX scrude oil is up one percent or a dollar 29 00:01:40,840 --> 00:01:43,679 Speaker 1: three at a hundred three dollars twenty two cents of barrel. Nathan, 30 00:01:43,720 --> 00:01:45,560 Speaker 1: all right, Karen, thanks, we'll have more on the markets 31 00:01:45,680 --> 00:01:48,280 Speaker 1: just a minute. First, it may be a major development 32 00:01:48,320 --> 00:01:51,520 Speaker 1: in the war in Ukraine. Russian President Vladimir Putin now 33 00:01:51,560 --> 00:01:55,000 Speaker 1: says his forces have taken the key port city of Mariopol. 34 00:01:55,280 --> 00:01:57,160 Speaker 1: Let's get the latest now from Amy Morris in our 35 00:01:57,160 --> 00:02:01,760 Speaker 1: Bloomberg news room in Washington. Russia's defense minister says more 36 00:02:01,760 --> 00:02:05,000 Speaker 1: than two thousand Ukrainian troops remain hold up in the city. 37 00:02:05,200 --> 00:02:08,080 Speaker 1: Putin is calling on them to surrender. This as the 38 00:02:08,160 --> 00:02:11,560 Speaker 1: US imposed fresh sanctions on Russia while preparing to send 39 00:02:11,560 --> 00:02:15,040 Speaker 1: another eight hundred million dollars in weapons to Ukraine. Treasury 40 00:02:15,080 --> 00:02:17,840 Speaker 1: Secretary Janet Yellen and others walked out of a group 41 00:02:17,840 --> 00:02:21,119 Speaker 1: of twenty meeting as Russian officials began addressing the gathering. 42 00:02:21,360 --> 00:02:25,320 Speaker 1: Russia meanwhile, test fired a new intercontinental ballistic missile, but 43 00:02:25,400 --> 00:02:28,320 Speaker 1: Pentagon Press Secretary John Kirby says Russia told the US 44 00:02:28,400 --> 00:02:30,840 Speaker 1: about that test ahead of time, and he doesn't consider 45 00:02:30,840 --> 00:02:34,160 Speaker 1: it a threat. In Washington, I'm maybe Morris Bloomberg daybreak, 46 00:02:34,240 --> 00:02:36,280 Speaker 1: all right, Amy, thank you about turning to the pandemic. Now. 47 00:02:36,320 --> 00:02:38,720 Speaker 1: The Florida Chord ruling that put US stop to mask 48 00:02:38,800 --> 00:02:41,639 Speaker 1: mandates in the air will be appealed, and Bloomberg said, 49 00:02:41,639 --> 00:02:44,919 Speaker 1: Bachter has that story. The CDC has come out saying 50 00:02:44,960 --> 00:02:48,680 Speaker 1: that current conditions warrant the mask mandate remain in place. 51 00:02:49,000 --> 00:02:52,240 Speaker 1: The wording it is c DC's continuing assessment that at 52 00:02:52,280 --> 00:02:56,320 Speaker 1: this time, in order requiring masking in the indoor transportation 53 00:02:56,400 --> 00:03:01,040 Speaker 1: corridor remains necessary for the public health. C DC believes 54 00:03:01,120 --> 00:03:05,280 Speaker 1: this is a lawful order well within CDC's legal authority 55 00:03:05,280 --> 00:03:08,840 Speaker 1: to protect public health. Now, remember, the Biden administration has 56 00:03:08,880 --> 00:03:12,800 Speaker 1: said that if the CDC made that determination, it would appeal. 57 00:03:13,080 --> 00:03:14,920 Speaker 1: The d o J has said it is ready to 58 00:03:14,960 --> 00:03:18,360 Speaker 1: move forward. In San Francisco, I'm at Baxter Bloomberg Daybreak, 59 00:03:18,400 --> 00:03:21,280 Speaker 1: All right, ed? Thanks. In China, President Shi Jinping is 60 00:03:21,320 --> 00:03:25,440 Speaker 1: defending his country's reliance on lockdowns to fight COVID despite 61 00:03:25,520 --> 00:03:29,160 Speaker 1: mounting economic woes. We need to work together to defend 62 00:03:29,200 --> 00:03:33,840 Speaker 1: people's lives and health. Safety and health all the perrequisite 63 00:03:34,040 --> 00:03:37,600 Speaker 1: for human development and progress. Speaking through an interpreter, Chinese 64 00:03:37,600 --> 00:03:42,080 Speaker 1: President Hijin Ping reaffirmed the underlying goal is to minimize deaths. Well. 65 00:03:42,120 --> 00:03:44,720 Speaker 1: Turning to the markets now, Nathan shares a Tesla up 66 00:03:44,800 --> 00:03:48,560 Speaker 1: seven percent early trading following a strong earnings report from 67 00:03:48,560 --> 00:03:51,400 Speaker 1: Elon Musk's electric vehicle Giant, and we get the latest 68 00:03:51,440 --> 00:03:53,920 Speaker 1: live from Bloomberg's Ready to Young, Good Morning, Ready to 69 00:03:54,000 --> 00:03:56,880 Speaker 1: Good Morning Care and Tesla's reporting a record profit for 70 00:03:57,000 --> 00:04:00,000 Speaker 1: Q one, boosted by strong demand for its electric fee 71 00:04:00,000 --> 00:04:03,840 Speaker 1: equals and despite industry wide supply chain challenges for key 72 00:04:03,840 --> 00:04:08,520 Speaker 1: components like semiconductors and higher prices. CEO Elon Musk says 73 00:04:08,520 --> 00:04:11,840 Speaker 1: Twitter should be Tesla should be able to make up 74 00:04:12,080 --> 00:04:15,240 Speaker 1: for any production shortfalls. He predicts the company is on 75 00:04:15,360 --> 00:04:18,480 Speaker 1: track to expand production to more than one point five 76 00:04:18,560 --> 00:04:22,200 Speaker 1: million vehicles this year. That's compared with about nine thirty 77 00:04:22,279 --> 00:04:25,800 Speaker 1: six thousand deliveries last year. He said on a conference 78 00:04:25,800 --> 00:04:28,560 Speaker 1: call yesterday, quote, we may pull a rabbit out of 79 00:04:28,560 --> 00:04:31,000 Speaker 1: the head. Live in New York. I'm really need a 80 00:04:31,040 --> 00:04:32,840 Speaker 1: young Bloomberg day breaking all right, We need to thank 81 00:04:32,880 --> 00:04:34,960 Speaker 1: you right there next to Tesla in the pre market. 82 00:04:35,000 --> 00:04:38,160 Speaker 1: Shares of United Airlines also up seven per cent, as 83 00:04:38,160 --> 00:04:41,440 Speaker 1: Bloomberg's Charlie Pellett reports, the airline expects to be profitable 84 00:04:41,520 --> 00:04:45,840 Speaker 1: this year. CEO Scott Kirby says the demand environment is 85 00:04:45,920 --> 00:04:48,960 Speaker 1: the strongest it has been in his thirty years in 86 00:04:49,000 --> 00:04:53,040 Speaker 1: the industry. United joins rival Delta and projecting a return 87 00:04:53,080 --> 00:04:57,400 Speaker 1: to profitability even as the industry grapples with dramatically higher 88 00:04:57,400 --> 00:05:00,880 Speaker 1: fuel costs. Carriers have been hopeful this year would mark 89 00:05:00,920 --> 00:05:05,040 Speaker 1: a rebound from the pandemic slump before the rising expenses 90 00:05:05,279 --> 00:05:08,719 Speaker 1: and a brief surge in the COVID nineteen omicron variant 91 00:05:08,920 --> 00:05:13,600 Speaker 1: disrupted operations in recent months in New York. Charlie Bloombird 92 00:05:13,680 --> 00:05:15,760 Speaker 1: day break. All right, Churley, thank you what we are seeing. 93 00:05:15,760 --> 00:05:18,400 Speaker 1: The fallout continue this morning from the massive selloff and 94 00:05:18,520 --> 00:05:22,000 Speaker 1: Netflix shares. Billionaire investor Bill Ackman lost more than four 95 00:05:22,040 --> 00:05:24,560 Speaker 1: hundred thirty million dollars on a three month bet on 96 00:05:24,600 --> 00:05:28,560 Speaker 1: a streaming company. Ackman's Perishing Square Capital Management sold its 97 00:05:28,560 --> 00:05:32,960 Speaker 1: Netflix steak after the company reported an unexpected drop in customers. 98 00:05:32,960 --> 00:05:37,280 Speaker 1: Shares plunged thirty five percent yesterday. Right now, shares are 99 00:05:37,320 --> 00:05:40,280 Speaker 1: down about another one percent in early training. Okay, turning 100 00:05:40,320 --> 00:05:42,560 Speaker 1: to the economy now, Karen J. Powell will have one 101 00:05:42,600 --> 00:05:45,120 Speaker 1: of the final words on the Central banks policy outlook 102 00:05:45,120 --> 00:05:48,760 Speaker 1: before the FED enters its traditional blackout period. Powell speaks 103 00:05:48,839 --> 00:05:52,080 Speaker 1: later today before an International Monetary Fund panel. The fed's 104 00:05:52,120 --> 00:05:55,400 Speaker 1: next policy decision comes on May fourth. Meanwhile, Nathan San 105 00:05:55,400 --> 00:05:58,200 Speaker 1: Francisco FED President Mary Daly is speaking out in the 106 00:05:58,240 --> 00:06:01,200 Speaker 1: future of interest rate. She says Central Bank should raise 107 00:06:01,360 --> 00:06:04,120 Speaker 1: raised to neutral by the end of the year. Moving 108 00:06:04,160 --> 00:06:07,599 Speaker 1: purposefully to a more neutral stance that does not stimulate 109 00:06:07,600 --> 00:06:10,640 Speaker 1: the economy that is clearly demonstrated it can self sustain 110 00:06:11,240 --> 00:06:13,600 Speaker 1: is a top priority. And this is where the question 111 00:06:13,600 --> 00:06:16,760 Speaker 1: of timing comes in how quickly should we get there, 112 00:06:17,720 --> 00:06:20,080 Speaker 1: so accounting for the risk of being too fast or 113 00:06:20,120 --> 00:06:23,800 Speaker 1: too slow, I see an expeditious march to neutral by 114 00:06:23,839 --> 00:06:26,560 Speaker 1: the end of the year as the prudent path and 115 00:06:26,600 --> 00:06:29,440 Speaker 1: San Francisco FED President Mary Daily made the comments at 116 00:06:29,440 --> 00:06:32,640 Speaker 1: an economic conference in Las Vegas. Well, despite the rise 117 00:06:32,640 --> 00:06:35,560 Speaker 1: in inflation and interest rate hikes Karen. Bank of America 118 00:06:35,640 --> 00:06:39,000 Speaker 1: CEO Brian moynihan says, the consumer is holding up well. 119 00:06:39,360 --> 00:06:41,560 Speaker 1: They have more money to spend, and they aren't borrowing 120 00:06:41,560 --> 00:06:44,480 Speaker 1: on alliance. The credit card bowsers still twenty billion of 121 00:06:44,800 --> 00:06:46,760 Speaker 1: all that, says there's a lot of dry powder on 122 00:06:46,800 --> 00:06:49,560 Speaker 1: the consumer side. So that's the tension. So that's the goodness. 123 00:06:49,600 --> 00:06:51,560 Speaker 1: I don't know what they say and worry about, but 124 00:06:51,560 --> 00:06:53,400 Speaker 1: I can tell you on a given day, they're spending 125 00:06:53,440 --> 00:06:56,520 Speaker 1: money and engaging the economy. Bank of America's CEO Brian 126 00:06:56,600 --> 00:06:59,680 Speaker 1: moynihan made those comments in an interview with Bloomberg's David Weston. 127 00:06:59,720 --> 00:07:01,839 Speaker 1: You can hear more of that conversation. We haven't coming 128 00:07:01,920 --> 00:07:04,920 Speaker 1: up for you in just about ten minutes. Right now, 129 00:07:05,160 --> 00:07:07,800 Speaker 1: SMP futures are up thirty two points. Stouth features up 130 00:07:07,800 --> 00:07:10,040 Speaker 1: a hundred eighty two. Nastack futures are higher by a 131 00:07:10,080 --> 00:07:12,760 Speaker 1: hundred fifty two points and the tenure treasuries down nine 132 00:07:12,800 --> 00:07:15,400 Speaker 1: thirty seconds, with a yield of two point eight six percent. 133 00:07:15,840 --> 00:07:19,200 Speaker 1: Local headlines and a check of sports. Next, this is 134 00:07:19,240 --> 00:07:24,880 Speaker 1: Bloomberg the South five oh seven on Wall Street where 135 00:07:24,880 --> 00:07:27,320 Speaker 1: forty six degrees in Central Park, already dealing with an 136 00:07:27,360 --> 00:07:30,200 Speaker 1: accident and overturned tractor trailer on the northbound New Jersey 137 00:07:30,200 --> 00:07:33,440 Speaker 1: Turnpike bags at seven A. Details coming up in traffic. 138 00:07:33,480 --> 00:07:35,520 Speaker 1: First Michael Barr with more on what's going on in 139 00:07:35,560 --> 00:07:37,760 Speaker 1: New York and around the world. Good morning, Michael, Good 140 00:07:37,800 --> 00:07:41,600 Speaker 1: morning Nathan. Today New Jersey begins selling legalized pot, but 141 00:07:41,760 --> 00:07:44,000 Speaker 1: there will still be a minority of people for whom 142 00:07:44,080 --> 00:07:48,040 Speaker 1: cannabis remains off limits the police, Jersey City Mayor Steve 143 00:07:48,080 --> 00:07:50,880 Speaker 1: fullap these guys are carrying weapons and they need to 144 00:07:50,880 --> 00:07:53,080 Speaker 1: be able to have a good judgment at all times 145 00:07:53,320 --> 00:07:55,320 Speaker 1: in the community to feel comfortable with that. So we're 146 00:07:55,320 --> 00:07:56,880 Speaker 1: gonna make the rules that are in the best interest 147 00:07:56,880 --> 00:07:59,640 Speaker 1: of our community here, Jersey City Mayor Steve fullip As 148 00:07:59,680 --> 00:08:02,880 Speaker 1: the a E c LU will start expunging hundreds of 149 00:08:02,920 --> 00:08:05,880 Speaker 1: thousands of pot related records for people across the state. 150 00:08:06,360 --> 00:08:09,480 Speaker 1: A decade's old relationship between Florida and one of the 151 00:08:09,520 --> 00:08:12,520 Speaker 1: world's biggest companies is in danger of coming to an end. 152 00:08:12,920 --> 00:08:16,080 Speaker 1: Governed around the Santist is asking the legislature to terminate 153 00:08:16,160 --> 00:08:19,040 Speaker 1: a deal with the Walt Disney World. The Santists says 154 00:08:19,080 --> 00:08:21,720 Speaker 1: the Walt Disney Company had no right to criticize what 155 00:08:21,800 --> 00:08:26,000 Speaker 1: critics call Florida's don't Say Gay law. The Florida Senate 156 00:08:26,080 --> 00:08:28,400 Speaker 1: has passed to build a repeal of law allowing Walt 157 00:08:28,400 --> 00:08:32,080 Speaker 1: Disney World to operate as a private government over its 158 00:08:32,120 --> 00:08:34,880 Speaker 1: properties in the state. A man, his dad, and a 159 00:08:34,920 --> 00:08:37,760 Speaker 1: police officer critically injured in what police say was a 160 00:08:37,800 --> 00:08:41,720 Speaker 1: gun investigation arrest gone bad just north of New York City. 161 00:08:41,880 --> 00:08:45,400 Speaker 1: Authorities say three people police were following ducked into a 162 00:08:45,440 --> 00:08:49,679 Speaker 1: small grocery store Yonkers, New York Police Commissioner John Mueller 163 00:08:50,000 --> 00:08:53,160 Speaker 1: says the officers then went inside. One of the suspects 164 00:08:53,200 --> 00:08:57,640 Speaker 1: attempted to push past one of our detectives, a Yonkers detective, 165 00:08:57,880 --> 00:09:01,760 Speaker 1: and when our Yakers detectives sh him back, um it 166 00:09:01,800 --> 00:09:04,719 Speaker 1: appears that he fired one shot at our detective. Y 167 00:09:04,720 --> 00:09:08,320 Speaker 1: Ankers Comissioner. Mueller says the officer lost a tremendous amount 168 00:09:08,360 --> 00:09:11,240 Speaker 1: of blood, but thankfully he is going to be okay. 169 00:09:11,360 --> 00:09:13,680 Speaker 1: The alleged gunman was shot and killed by one of 170 00:09:13,720 --> 00:09:17,600 Speaker 1: the other officers. French President Emmanuel mccron last night strongly 171 00:09:17,600 --> 00:09:21,360 Speaker 1: attacked as far right election challenger Marine Lapin for her 172 00:09:21,400 --> 00:09:24,839 Speaker 1: links to Russia. Through an interpreter, mccron claimed that by 173 00:09:24,960 --> 00:09:27,920 Speaker 1: taking out a loan from a Russian bank, Lepin had 174 00:09:28,000 --> 00:09:31,760 Speaker 1: made her self dependent on Russian power. Why did you 175 00:09:31,800 --> 00:09:35,319 Speaker 1: do it? And I say this with great gravity tonight 176 00:09:36,000 --> 00:09:39,920 Speaker 1: because for our country this is bad news, because you 177 00:09:39,960 --> 00:09:45,160 Speaker 1: depend on the Russian power and you depend on Mr Putin. 178 00:09:45,280 --> 00:09:48,400 Speaker 1: In the debate ahead of Sunday's election runoff, Lapin insists 179 00:09:48,400 --> 00:09:51,040 Speaker 1: the French will be better off on purchasing power and 180 00:09:51,080 --> 00:09:54,400 Speaker 1: security under her rule. Global News twenty four hours a 181 00:09:54,480 --> 00:09:57,520 Speaker 1: day on air and on Bloomberg Quick Take, powered by 182 00:09:57,559 --> 00:10:00,240 Speaker 1: more than twenty seven under journalists and analysts more than 183 00:10:00,240 --> 00:10:03,880 Speaker 1: a twenty countries. Michael barn this is Bloomberg, Nathan, Thank you, Michael. 184 00:10:08,360 --> 00:10:10,040 Speaker 1: Coming up to five ten on Wall Street time for 185 00:10:10,080 --> 00:10:13,200 Speaker 1: the Bloomberg Sports up Take. Good Morty, John Morty Nathan. 186 00:10:13,200 --> 00:10:16,080 Speaker 1: The Nets Game two in Boston able to build up 187 00:10:16,080 --> 00:10:18,480 Speaker 1: a seventeen point lead, not because of their stars. They 188 00:10:18,480 --> 00:10:20,920 Speaker 1: were led by the likes of Bruce Brown, gore On Dragic, 189 00:10:21,000 --> 00:10:23,559 Speaker 1: and Seth Curry. When the Celtics caught up in the 190 00:10:23,600 --> 00:10:25,080 Speaker 1: fourth quarter of the game was on the line, the 191 00:10:25,120 --> 00:10:27,800 Speaker 1: Nets looked to their stars and they failed. On Kevin 192 00:10:27,840 --> 00:10:31,800 Speaker 1: Burran shot four for seventeen. He's thirteen for forty one 193 00:10:31,800 --> 00:10:33,959 Speaker 1: in the series. Kyrie Irving, who had a brilliant game one, 194 00:10:34,280 --> 00:10:37,480 Speaker 1: shot four for thirteen. Together they were one for seventeen 195 00:10:37,520 --> 00:10:40,319 Speaker 1: in the second half. Celtics one on fourteen, one oh 196 00:10:40,360 --> 00:10:43,160 Speaker 1: seven lead the series to nothing. Here's Kyrie, just gotta 197 00:10:43,200 --> 00:10:46,440 Speaker 1: be better moving forward, coming out of that that halftime 198 00:10:46,520 --> 00:10:49,160 Speaker 1: and knowing that when we have the lead and against 199 00:10:49,320 --> 00:10:51,640 Speaker 1: a good team or great team like Boston, we just 200 00:10:51,679 --> 00:10:54,760 Speaker 1: gotta take advantage of its expected. Irving booed by Celtics 201 00:10:54,800 --> 00:10:57,120 Speaker 1: fans every time he touched the ball. Game three Saturday 202 00:10:57,200 --> 00:10:59,840 Speaker 1: night at the Barkley Center, Philadelphia won and overtime at Toronto, 203 00:11:00,360 --> 00:11:02,960 Speaker 1: lead that series three noth in Chicago wanted Milwaukee to 204 00:11:02,960 --> 00:11:05,199 Speaker 1: tie that series at one. Another cold night in Detroit, 205 00:11:05,520 --> 00:11:07,920 Speaker 1: another Yankee win by two runs, this time five. The 206 00:11:08,040 --> 00:11:11,079 Speaker 1: three home run for Anthony Rizzo his fourth. Isaiah kinder 207 00:11:11,200 --> 00:11:14,160 Speaker 1: Felifa has come on since the slow star his RBI 208 00:11:14,280 --> 00:11:16,319 Speaker 1: single seven. Then he gave the Yanks the lead back 209 00:11:16,400 --> 00:11:18,760 Speaker 1: after the Tigers had tied at three hits for Detroit's 210 00:11:18,760 --> 00:11:21,760 Speaker 1: Miguel Cabrera. He needs one more for three thousands in 211 00:11:21,800 --> 00:11:24,600 Speaker 1: his career. City failed Giants a quick start three runs 212 00:11:24,600 --> 00:11:26,280 Speaker 1: of the first Thing you Know, Chris Bassett. They went 213 00:11:26,320 --> 00:11:27,839 Speaker 1: on to beat the Mets five to two. Both the 214 00:11:27,880 --> 00:11:30,880 Speaker 1: Mets and Yankees have day games today. Surprising news from 215 00:11:30,880 --> 00:11:34,160 Speaker 1: college basketball, Jay Wright, only sixty years old, but retiring 216 00:11:34,200 --> 00:11:36,640 Speaker 1: after twenty one years at Villanova. He coached before that 217 00:11:36,720 --> 00:11:40,320 Speaker 1: at Amstra. Villanova has already named as rights replacement Kyle 218 00:11:40,440 --> 00:11:43,800 Speaker 1: Neptune from hern Nova assistant just finished his first year 219 00:11:44,120 --> 00:11:47,840 Speaker 1: at Fordham John's Dash Award Bloomberg Sports Nathan all Right, John, 220 00:11:47,880 --> 00:11:50,199 Speaker 1: thank you right now. SMP futures are up thirty three 221 00:11:50,200 --> 00:11:53,120 Speaker 1: points down futures up a hundred nine three. Nasdaq futures 222 00:11:53,160 --> 00:11:56,360 Speaker 1: higher by a hundred fifty seven points. The tenure treasury 223 00:11:56,440 --> 00:11:59,960 Speaker 1: is down nine thirty seconds. The yield two six percent. 224 00:12:00,120 --> 00:12:02,640 Speaker 1: Yield on the two year two point six one. This 225 00:12:02,720 --> 00:12:08,640 Speaker 1: is Bloomberg Bloomberg Day Break, brought to you by the 226 00:12:08,640 --> 00:12:10,760 Speaker 1: New York Community Trust. Your name will live on as 227 00:12:10,760 --> 00:12:12,920 Speaker 1: a champion of the causes you care about for years 228 00:12:12,960 --> 00:12:15,440 Speaker 1: to come through a charitable request to the New York 229 00:12:15,440 --> 00:12:22,960 Speaker 1: Community Trust. Learn more at Philanthropist dot NYC. Markets headlines 230 00:12:23,000 --> 00:12:26,000 Speaker 1: and breaking news twenty four hours a day at Bloomberg 231 00:12:26,080 --> 00:12:29,480 Speaker 1: dot com, the Bloomberg Business Atland at Bloomberg Quick Tape. 232 00:12:29,640 --> 00:12:38,600 Speaker 1: This is a Bloomberg business lash and I'm Camra in Moscow. 233 00:12:38,720 --> 00:12:41,480 Speaker 1: US DOT Index futures on the rise this morning as 234 00:12:41,480 --> 00:12:44,480 Speaker 1: a strong start to the earnings reporting season, easiest fears 235 00:12:44,480 --> 00:12:47,040 Speaker 1: of a recession in the world's largest economy. A sell 236 00:12:47,080 --> 00:12:50,200 Speaker 1: offen Treasury is resuming with a debate ranging around whether 237 00:12:50,240 --> 00:12:53,560 Speaker 1: inflation is peaking, and we checked the markets every fifteen 238 00:12:53,600 --> 00:12:56,600 Speaker 1: minutes throughout the trading day on Bloomberg. Right now, S 239 00:12:56,640 --> 00:12:59,600 Speaker 1: and P futures are up thirty three points down, futures 240 00:12:59,640 --> 00:13:02,760 Speaker 1: at one undred ninety five NASDACK futures have one hundred 241 00:13:02,800 --> 00:13:06,120 Speaker 1: fifty four the decks in Germany up one percent, CAT 242 00:13:06,120 --> 00:13:08,600 Speaker 1: in Paris up one point four percent, and the foot 243 00:13:08,640 --> 00:13:10,760 Speaker 1: see one hundred is lower down a tenth of upper 244 00:13:10,840 --> 00:13:13,640 Speaker 1: set k to twenty five in Japan gained one and 245 00:13:13,679 --> 00:13:16,000 Speaker 1: a quarter percent, while the Hanks sing in Hong Kong 246 00:13:16,080 --> 00:13:19,000 Speaker 1: was down one at a quarter percent. Ten year Treasury 247 00:13:19,040 --> 00:13:21,480 Speaker 1: down twelve thirty seconds yield two point eight eight percent. 248 00:13:21,520 --> 00:13:23,920 Speaker 1: That yield on the two year two point six two percent. 249 00:13:24,360 --> 00:13:26,680 Speaker 1: Nine Max screwed oils up one percent or a dollar 250 00:13:26,760 --> 00:13:28,679 Speaker 1: three at a hundred three dollars twenty two cents of 251 00:13:28,760 --> 00:13:32,000 Speaker 1: Barrel Comics gold down half percent or nine dollars fifty cents. 252 00:13:32,040 --> 00:13:35,160 Speaker 1: A nineteen forty six ten announced the Euro one point 253 00:13:35,360 --> 00:13:37,640 Speaker 1: nine two three against the dollar, British pound one point 254 00:13:37,679 --> 00:13:40,120 Speaker 1: three zero six zero, the ends at one twenty eight 255 00:13:40,200 --> 00:13:42,840 Speaker 1: point one three and bitcoins higher up one point one 256 00:13:42,880 --> 00:13:45,920 Speaker 1: percent at forty one thousand, nine hundred dollars. Today we 257 00:13:45,960 --> 00:13:48,800 Speaker 1: are watching for the weekly report on initial jobless claims 258 00:13:48,840 --> 00:13:51,800 Speaker 1: at at eight thirty Wall Street Time. Leading indicators out 259 00:13:51,840 --> 00:13:54,320 Speaker 1: at ten snap, an, A, T, and T among companies 260 00:13:54,320 --> 00:13:58,040 Speaker 1: schedule to report earnings today. That's a Bloomberg business flash. 261 00:13:58,120 --> 00:14:00,559 Speaker 1: Now here's muncle bar with more I'm less going on 262 00:14:00,679 --> 00:14:03,640 Speaker 1: around the world. Michael, good morning, Good morning, Karen. President 263 00:14:03,720 --> 00:14:08,240 Speaker 1: Vladimir Putin said of Russia has taken control of Ukraine's Mariupol. However, 264 00:14:08,400 --> 00:14:12,240 Speaker 1: a massive steel plant which Putin ordered blockaded, was not stormed. 265 00:14:12,640 --> 00:14:15,360 Speaker 1: More than two thousand opposing troops remained hold up in 266 00:14:15,440 --> 00:14:19,800 Speaker 1: the industrial complex in the strategic Southern Ports city. Meanwhile, 267 00:14:19,840 --> 00:14:23,040 Speaker 1: the US officials as President Joe Biden is planning to 268 00:14:23,120 --> 00:14:26,960 Speaker 1: send additional military aid to help Ukraine fight the Russian invasion. 269 00:14:27,400 --> 00:14:30,480 Speaker 1: The World Health Organization says that the number of reported 270 00:14:30,560 --> 00:14:34,600 Speaker 1: new COVID nineteen cases worldwide decreased by nearly a quarter 271 00:14:34,760 --> 00:14:37,840 Speaker 1: last week. That means there's been a decline in reported 272 00:14:37,880 --> 00:14:41,720 Speaker 1: infections since the end of March. Meanwhile, the Florida court 273 00:14:41,800 --> 00:14:44,720 Speaker 1: ruling that put A stopped mass mandates will be appealed 274 00:14:44,760 --> 00:14:48,320 Speaker 1: by the Justice Department. In the NBA playoffs, the Celtics 275 00:14:48,360 --> 00:14:50,880 Speaker 1: beat the Nets one fourteen one oh seven to take 276 00:14:50,920 --> 00:14:54,040 Speaker 1: a two games to ZIP lead in their series MLB Action, 277 00:14:54,080 --> 00:14:56,160 Speaker 1: the Yankees won, The Giants beat the Mets five to 278 00:14:56,360 --> 00:14:59,160 Speaker 1: the Red Sox lost the Orioles shut off the A's 279 00:14:59,400 --> 00:15:01,800 Speaker 1: one ZIP. In the NHL, the Capital's lost to the 280 00:15:01,840 --> 00:15:06,280 Speaker 1: Golden Knights in overtime for three Global News twenty four 281 00:15:06,320 --> 00:15:09,960 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 282 00:15:10,000 --> 00:15:13,480 Speaker 1: by more than twenty seven hundred journalists and analysts in 283 00:15:13,560 --> 00:15:16,440 Speaker 1: more than one hundred twenty countries. I'm Michael Barr, and 284 00:15:16,680 --> 00:15:19,720 Speaker 1: this is Bloomberg. Nathan Our Michael, thank you. It's five 285 00:15:19,800 --> 00:15:23,280 Speaker 1: twenty on Wall Street Live from the Bloomberg Interactive Broker Studios. 286 00:15:23,360 --> 00:15:26,560 Speaker 1: This is Bloomberg Daybreak. Good morning. I'm Nathan Hagar. Bank 287 00:15:26,600 --> 00:15:30,000 Speaker 1: of America reported better than expected earnings this week, and 288 00:15:30,200 --> 00:15:34,080 Speaker 1: the bank's CEO, Brian moynihan says the American consumer is 289 00:15:34,280 --> 00:15:37,960 Speaker 1: doing well even with inflation and interest rates on the rise. 290 00:15:38,520 --> 00:15:41,560 Speaker 1: In an interview with Bloomberg's David Weston, moynihan said that 291 00:15:41,840 --> 00:15:45,240 Speaker 1: his economic outlook is bullish and he trusts the Fed 292 00:15:45,360 --> 00:15:49,200 Speaker 1: to bring inflation down. Our core estimate for GDP growth 293 00:15:49,400 --> 00:15:51,960 Speaker 1: United States for the by Canadas, Browning Plat and our 294 00:15:52,000 --> 00:15:53,360 Speaker 1: research team, which is one of the best of the 295 00:15:53,440 --> 00:15:57,120 Speaker 1: businesses three point three percent for twenty two and one 296 00:15:57,960 --> 00:16:00,760 Speaker 1: for next year. And that includes signific get rate rises 297 00:16:00,800 --> 00:16:02,520 Speaker 1: by the Fed. And so there's a belief there that 298 00:16:02,640 --> 00:16:04,360 Speaker 1: the the Fed gets it right, that they have a 299 00:16:04,400 --> 00:16:08,000 Speaker 1: soft landing, the engineer returned to trade and growth as 300 00:16:08,080 --> 00:16:10,800 Speaker 1: is saying we go there out is there's debate around that, 301 00:16:10,880 --> 00:16:12,600 Speaker 1: and well, they have to engineer a harder landing just 302 00:16:12,680 --> 00:16:14,800 Speaker 1: because the amount of inflation and system has to be 303 00:16:14,920 --> 00:16:17,920 Speaker 1: pulled back. But what is different this time, and say 304 00:16:18,240 --> 00:16:20,880 Speaker 1: the last rate cycle where they moved up in in 305 00:16:21,280 --> 00:16:24,840 Speaker 1: eighteen nineteen range is even though unemployments down and it's 306 00:16:24,880 --> 00:16:27,760 Speaker 1: down at that point nineteen, wages were growing as fast. 307 00:16:27,840 --> 00:16:30,600 Speaker 1: Wages are growing very fast. At that point, customers had 308 00:16:31,040 --> 00:16:33,320 Speaker 1: money and accounts, but not like they have today because 309 00:16:33,320 --> 00:16:36,680 Speaker 1: of all the stimulus dollars. And at that point, you know, frankly, 310 00:16:36,840 --> 00:16:39,080 Speaker 1: you know, businesses were at the long end of a 311 00:16:39,280 --> 00:16:42,320 Speaker 1: major recovery tenure recovery one longest ever if we remember 312 00:16:42,360 --> 00:16:44,640 Speaker 1: talking about it before the pandemic. So the thing was 313 00:16:44,680 --> 00:16:46,440 Speaker 1: sort of long in the tooth. Now it's almost like 314 00:16:46,480 --> 00:16:49,040 Speaker 1: a restart due to the fact that you had the pandemic, 315 00:16:49,280 --> 00:16:52,480 Speaker 1: the pull back business closures, and you're coming back out 316 00:16:52,520 --> 00:16:55,200 Speaker 1: of a ton of stimulus. So that's that's the two 317 00:16:55,240 --> 00:16:56,680 Speaker 1: ways to think about. So there's gonna be a tug 318 00:16:56,760 --> 00:16:59,080 Speaker 1: of war and his little tension. But is the market says, 319 00:16:59,120 --> 00:17:01,800 Speaker 1: don't fight the FED. As I said yesterday, I wouldn't 320 00:17:01,800 --> 00:17:03,560 Speaker 1: fight the American consumer because what we see in our 321 00:17:03,600 --> 00:17:05,680 Speaker 1: customer base. So I'm happy to talk more about, David 322 00:17:05,680 --> 00:17:09,080 Speaker 1: if you want, is tremendous customer activity by the bank 323 00:17:09,119 --> 00:17:11,960 Speaker 1: American customers, which is our fifty million strong. So the 324 00:17:12,200 --> 00:17:14,600 Speaker 1: very strong labor market. What about the housing market? Because 325 00:17:14,600 --> 00:17:17,200 Speaker 1: I saw that in your first quarter report returns you 326 00:17:17,240 --> 00:17:19,640 Speaker 1: actually were down a little bit in residential mortgages. Should 327 00:17:19,640 --> 00:17:21,679 Speaker 1: we be concerned about that? Particularly as rates go up? 328 00:17:21,760 --> 00:17:24,080 Speaker 1: I suppose people are less likely to borrow money to 329 00:17:24,080 --> 00:17:26,679 Speaker 1: buy a house as rates go up. You know, obviously 330 00:17:26,760 --> 00:17:28,440 Speaker 1: the cost of a mortgage goes up. If you take 331 00:17:28,440 --> 00:17:31,680 Speaker 1: a two mortgage and rates go up one percent is 332 00:17:31,720 --> 00:17:34,200 Speaker 1: two thousand dollars more a year divided by twelve. You 333 00:17:34,560 --> 00:17:37,639 Speaker 1: could do the math, and so it affects affordability. But 334 00:17:37,800 --> 00:17:41,000 Speaker 1: the reality is people sort of make a mistake and 335 00:17:41,080 --> 00:17:44,040 Speaker 1: think about the refive market is being a major contributor economy. 336 00:17:44,119 --> 00:17:47,439 Speaker 1: It it happens, It helps people get a little lower payments. 337 00:17:47,520 --> 00:17:50,040 Speaker 1: That's good because they have more cashful What drives the 338 00:17:50,080 --> 00:17:52,760 Speaker 1: housing economy is construction. And if you just look at 339 00:17:52,760 --> 00:17:54,560 Speaker 1: the housing numbers this week. There's still a lot of 340 00:17:54,600 --> 00:17:56,600 Speaker 1: starts going on. There's still a lot of demanding housing. 341 00:17:56,640 --> 00:17:59,159 Speaker 1: We still have a housing built housing shortage, both in 342 00:17:59,240 --> 00:18:02,320 Speaker 1: the multi family and the single family in many areas. 343 00:18:02,440 --> 00:18:05,439 Speaker 1: You know, when we look with our CEO colleagues in Charlotte, 344 00:18:05,480 --> 00:18:07,680 Speaker 1: we see tens of thousands of units of of workforce 345 00:18:07,760 --> 00:18:09,280 Speaker 1: housing need to be built. When we look with our 346 00:18:09,320 --> 00:18:11,840 Speaker 1: CEO colleagues and Boston, we see the same thing. They 347 00:18:11,880 --> 00:18:14,200 Speaker 1: see the same thing in New York. So there's a 348 00:18:14,240 --> 00:18:16,919 Speaker 1: lot of demand for housing because of just the natural 349 00:18:17,160 --> 00:18:19,080 Speaker 1: way things are working. And I will hold the housing 350 00:18:19,160 --> 00:18:22,160 Speaker 1: market up. Now, was it growing pretty fast price wise? Yes? 351 00:18:22,440 --> 00:18:26,280 Speaker 1: Well that slow down potentially, yes, But remember it's growing 352 00:18:26,320 --> 00:18:29,000 Speaker 1: it three or four times and normal rate it usually 353 00:18:29,000 --> 00:18:31,480 Speaker 1: grows a So I think everything ebbs and flows, and 354 00:18:31,560 --> 00:18:33,720 Speaker 1: that's what the FED will try to work on cooling 355 00:18:33,720 --> 00:18:36,480 Speaker 1: down with the rate hikes. But remember the underlying economic 356 00:18:36,520 --> 00:18:38,600 Speaker 1: activities building those houses, and that still has a lot 357 00:18:38,600 --> 00:18:40,840 Speaker 1: of room to go. Let's talk about inflation. How are 358 00:18:40,880 --> 00:18:43,960 Speaker 1: you seeing that expressed in economic activity? I mean it 359 00:18:44,000 --> 00:18:47,440 Speaker 1: can have expressial self in compressed margin ratios for companies, 360 00:18:47,480 --> 00:18:50,200 Speaker 1: for example, even in demand to structure people buying less things. 361 00:18:50,240 --> 00:18:53,239 Speaker 1: Are you seeing that We're not seeing people buy less 362 00:18:53,400 --> 00:18:57,080 Speaker 1: things yet because frankly, because of some of the shortage, 363 00:18:57,200 --> 00:18:59,200 Speaker 1: is any any price is fine, so they're willing to 364 00:18:59,240 --> 00:19:02,840 Speaker 1: pay the price. The transaction volume of of our customers 365 00:19:02,880 --> 00:19:05,240 Speaker 1: activities going up seven eight percent, the dollar volumes going 366 00:19:05,320 --> 00:19:07,280 Speaker 1: up higher, and that that means if some of that's 367 00:19:07,320 --> 00:19:10,880 Speaker 1: just price increases. So corporate world is making good profits. 368 00:19:10,880 --> 00:19:12,879 Speaker 1: They're passing through when they can, and you're seeing that 369 00:19:12,960 --> 00:19:14,359 Speaker 1: some of the corporate earnings, it will be a very 370 00:19:14,400 --> 00:19:17,520 Speaker 1: interesting earning season. But they're out either handling the shortages 371 00:19:17,560 --> 00:19:19,880 Speaker 1: and they're handling the inflation. It canick go on forever 372 00:19:19,960 --> 00:19:21,520 Speaker 1: that way, and that's why the Fed has a job 373 00:19:21,600 --> 00:19:23,560 Speaker 1: to bring the inflation back in line because that kind 374 00:19:23,600 --> 00:19:26,560 Speaker 1: of spiral is not healthy. But it takes rapid movement 375 00:19:26,640 --> 00:19:28,920 Speaker 1: to get more efficient and rapid movement to move price 376 00:19:29,000 --> 00:19:31,359 Speaker 1: and then with more wages, people can pay the prices 377 00:19:31,400 --> 00:19:33,400 Speaker 1: and doing the things. And that was Bank of America's 378 00:19:33,400 --> 00:19:36,520 Speaker 1: CEO Brian moynihan speaking with Bloomberg's David Westing. You can 379 00:19:36,560 --> 00:19:38,920 Speaker 1: catch their entire interview. We have it for your online 380 00:19:39,359 --> 00:19:43,640 Speaker 1: at Bloomberg dot com Right now, SMP futures are moving higher. 381 00:19:43,640 --> 00:19:45,800 Speaker 1: They're up thirty four points now features up two hundred 382 00:19:45,840 --> 00:19:48,320 Speaker 1: four NASTACK futures up a hundred fifty seven points. The 383 00:19:48,400 --> 00:19:51,639 Speaker 1: ten your Treasury is down eleven thirty seconds. The yield 384 00:19:51,760 --> 00:19:54,719 Speaker 1: two point eight seven percent. Yield on the two year 385 00:19:54,840 --> 00:19:58,400 Speaker 1: right now just shy of two point six two percent. 386 00:19:59,080 --> 00:20:08,400 Speaker 1: Stay with us listening to Bloomberg Daybreak Bloomberg eleven three 387 00:20:08,440 --> 00:20:10,920 Speaker 1: oh weather. More clouds than sun today, cool with highs 388 00:20:10,920 --> 00:20:12,920 Speaker 1: in the upper fifties. Will be in the upper sixties 389 00:20:13,000 --> 00:20:16,520 Speaker 1: tomorrow with sunshine partly sunny, low sixties for Saturday. Right 390 00:20:16,560 --> 00:20:23,760 Speaker 1: now forty six in Central Park, Broadcasting live from the 391 00:20:23,880 --> 00:20:28,240 Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg Eloving Freedom 392 00:20:28,400 --> 00:20:32,639 Speaker 1: to Washington, d C. Bloomberg to Boston, Bloomberg one oh 393 00:20:32,760 --> 00:20:36,200 Speaker 1: six one to San Francisco, Bloomberg Nome sixty to the country, 394 00:20:36,359 --> 00:20:39,480 Speaker 1: Sirius xm Chan one nine and around the globe the 395 00:20:39,520 --> 00:20:44,560 Speaker 1: Bloomberg Business in Bloomberg Radio dot com. This is Bloomberg Daybreak. 396 00:20:50,480 --> 00:20:52,520 Speaker 1: It's five thirty on Wall Street. Good morning. I'm Nathan 397 00:20:52,560 --> 00:20:55,200 Speaker 1: Hagar and I'm Ferre at Moscow we are just about 398 00:20:55,280 --> 00:20:57,720 Speaker 1: four hours away from the open of US trading. Let's 399 00:20:57,760 --> 00:20:59,040 Speaker 1: get you have to date on the news you need 400 00:20:59,119 --> 00:21:00,760 Speaker 1: to know at this shower, we begin with the war 401 00:21:00,840 --> 00:21:04,280 Speaker 1: in Ukraine, where Russian President Vladimir Putin says his country 402 00:21:04,560 --> 00:21:07,280 Speaker 1: has taken control of a key poort city of Mario 403 00:21:07,400 --> 00:21:10,520 Speaker 1: Pole as it continues it's offensive in the east and south. 404 00:21:10,680 --> 00:21:14,520 Speaker 1: Ukraine's president vladimir's Lensky, he said the situation remains severe 405 00:21:14,960 --> 00:21:18,960 Speaker 1: in Russia. Meanwhile, test fired a new intercontinental ballistic missile Wednesday. 406 00:21:19,200 --> 00:21:22,200 Speaker 1: A day earlier, Pentagon spokesturce In John Kirby addressed the 407 00:21:22,240 --> 00:21:25,359 Speaker 1: current status of Russia's nuclear weapons, arsenal and the defense 408 00:21:25,440 --> 00:21:30,040 Speaker 1: capabilities of the US. We are actively monitoring every single 409 00:21:30,160 --> 00:21:33,480 Speaker 1: day and even today. The Secretary remains comfortable that we 410 00:21:33,600 --> 00:21:37,719 Speaker 1: have an appropriate strategic deterrent posture in place, and Pentagon 411 00:21:37,800 --> 00:21:41,040 Speaker 1: spokesperson John Kirby released a statement Wednesday saying the US 412 00:21:41,119 --> 00:21:43,920 Speaker 1: knew the missile test was happening and did not deem 413 00:21:43,960 --> 00:21:46,720 Speaker 1: it a threat. Let's stay in Washington, Karen. The CDC 414 00:21:46,920 --> 00:21:49,920 Speaker 1: has asked the Justice Department to appeal. A judge is 415 00:21:50,000 --> 00:21:52,800 Speaker 1: ruling that throughout the mask requirement for planes and other 416 00:21:52,840 --> 00:21:56,480 Speaker 1: public transportation that sets up a court battle over the decision. 417 00:21:56,800 --> 00:21:59,119 Speaker 1: D o J said earlier this week it stood ready 418 00:21:59,200 --> 00:22:02,359 Speaker 1: to appeal that. Turning to the economy now Federal Reserve 419 00:22:02,480 --> 00:22:04,840 Speaker 1: chaired your own, Powell will speak publicly for the final 420 00:22:04,960 --> 00:22:08,560 Speaker 1: time before the FEDS blackout period, which starts Friday at midnight. 421 00:22:09,000 --> 00:22:12,080 Speaker 1: Powell may reinforce bets to FED will raise interest rates 422 00:22:12,160 --> 00:22:14,800 Speaker 1: half a point next month. Powell will speak at an 423 00:22:14,800 --> 00:22:17,399 Speaker 1: event Thursday before taking part in a panel hosted by 424 00:22:17,440 --> 00:22:22,200 Speaker 1: the International Monetary Fund alongside several policymakers, including European Central 425 00:22:22,200 --> 00:22:25,359 Speaker 1: Bank President Christine Lookard. Turning the market, Snowcare and shares 426 00:22:25,400 --> 00:22:28,520 Speaker 1: of Tesla are up seven percent in early trading following 427 00:22:28,600 --> 00:22:31,439 Speaker 1: a robust earnings report. Let's get the latest life from 428 00:22:31,440 --> 00:22:34,640 Speaker 1: Bloomberg's Ornita Young. Good morning, Granita, Good morning Nathan. Tesla's 429 00:22:34,680 --> 00:22:38,040 Speaker 1: reporting a record profit for Q one, boosted by strong 430 00:22:38,160 --> 00:22:41,679 Speaker 1: demand for its electric vehicles and despite industry wide supply 431 00:22:41,840 --> 00:22:45,840 Speaker 1: chain challenges for key components like semiconductors and higher prices. 432 00:22:46,240 --> 00:22:49,000 Speaker 1: CEO Elon Musk says Tesla should be able to make 433 00:22:49,080 --> 00:22:52,240 Speaker 1: up for any production shortfalls so to help mitigate the 434 00:22:52,280 --> 00:22:55,000 Speaker 1: effect of all that the company has been raising vehicle 435 00:22:55,119 --> 00:22:59,320 Speaker 1: prices and must predence predicts Tesla's on track to expand 436 00:22:59,400 --> 00:23:03,520 Speaker 1: production by more than one point five million vehicles this year. 437 00:23:03,800 --> 00:23:07,680 Speaker 1: That's compared with about nine thirty six thousand deliveries last year. 438 00:23:08,160 --> 00:23:10,719 Speaker 1: Live in New York, I'm gonned a young Bloomberg daybreak. 439 00:23:10,840 --> 00:23:12,600 Speaker 1: All right, we need it, thank you, And after reporting 440 00:23:12,680 --> 00:23:17,280 Speaker 1: disappointing earnings, Netflix plunge to thirty percent Wednesday shares are 441 00:23:17,320 --> 00:23:21,320 Speaker 1: currently down more than half percent in early trading. Futures 442 00:23:21,359 --> 00:23:23,960 Speaker 1: are higher this morning right now. S and P futures 443 00:23:24,000 --> 00:23:26,240 Speaker 1: are up thirty three points. Staff futures of a hundred 444 00:23:26,600 --> 00:23:30,160 Speaker 1: three Nasdack futures up a hundred forty six. Hands straight 445 00:23:30,200 --> 00:23:32,720 Speaker 1: to had your latest local headlines plus a check of sports. 446 00:23:32,840 --> 00:23:39,800 Speaker 1: This is Bloomberg. Thanks Caring. Three on Wall Street, forty 447 00:23:40,000 --> 00:23:42,520 Speaker 1: degrees in Central Park, still dealing with an overturned tractor 448 00:23:42,640 --> 00:23:45,119 Speaker 1: trailer on the north bound New Jersey Turnpike. Gigs at 449 00:23:45,160 --> 00:23:47,720 Speaker 1: seven A details coming up in traffic. First Michael Barr 450 00:23:48,040 --> 00:23:49,600 Speaker 1: with more on what's going on in New York and 451 00:23:49,680 --> 00:23:51,760 Speaker 1: around the world. Michael, thank you very much. Nathan, New 452 00:23:51,840 --> 00:23:56,800 Speaker 1: Jersey begins legalized recreational pod sales today. Amy call of 453 00:23:56,880 --> 00:23:59,160 Speaker 1: the a c l U says the law also has 454 00:23:59,240 --> 00:24:02,440 Speaker 1: a reach back effect to when it used to be illegal. 455 00:24:02,760 --> 00:24:05,320 Speaker 1: After decriminalization was signed into law, of our courts started 456 00:24:05,359 --> 00:24:10,200 Speaker 1: the process of expunging over three D sixty marijuana related 457 00:24:10,280 --> 00:24:13,960 Speaker 1: records for people across the state. Amy Cancello with the 458 00:24:14,040 --> 00:24:17,719 Speaker 1: a c l U. Meanwhile, legal pot is off limits 459 00:24:17,760 --> 00:24:22,000 Speaker 1: to police officers. With COVID cases spiking across the country 460 00:24:22,080 --> 00:24:25,639 Speaker 1: and hospitalizations in the Northeast up by twenty five percent 461 00:24:25,720 --> 00:24:28,399 Speaker 1: over the last seven days, New York is keeping its 462 00:24:28,560 --> 00:24:32,359 Speaker 1: masked mandate in play at JFK and LaGuardia and on 463 00:24:32,480 --> 00:24:36,080 Speaker 1: public transit. Governor Kathy Hocle we're not panicking about this. 464 00:24:36,240 --> 00:24:38,600 Speaker 1: We're not changing, but we also want to make sure 465 00:24:38,640 --> 00:24:41,520 Speaker 1: that we're heart so smart about this, Governor hole. A 466 00:24:41,640 --> 00:24:44,600 Speaker 1: suspect is dead and a police officer critically injured in 467 00:24:44,720 --> 00:24:47,520 Speaker 1: what police and Yonkers say it was a gun investigation 468 00:24:47,640 --> 00:24:51,800 Speaker 1: arrest gone bad. Yonkers Police Commissioner John Muller said cops 469 00:24:51,880 --> 00:24:55,320 Speaker 1: were following a lead when they are Three suspects ducked 470 00:24:55,359 --> 00:24:58,879 Speaker 1: into a bodega when police followed them into the store. 471 00:24:59,359 --> 00:25:02,240 Speaker 1: Mueller said is one tried to flee and shot the detective. 472 00:25:02,600 --> 00:25:05,560 Speaker 1: He was shot once in the in the stomach. He 473 00:25:05,720 --> 00:25:10,400 Speaker 1: has damaged to his uh colin, his intestines, and his kidneys. 474 00:25:11,040 --> 00:25:13,840 Speaker 1: Commissioner Mueller says the suspect was shot and killed by 475 00:25:13,880 --> 00:25:17,119 Speaker 1: another officer at the scene. The Florida Senate has passed 476 00:25:17,200 --> 00:25:19,920 Speaker 1: bill to repeal the law allowing Walt Disney World to 477 00:25:20,000 --> 00:25:23,840 Speaker 1: operate as a private government over its properties in the state. 478 00:25:24,280 --> 00:25:27,520 Speaker 1: The Republican controlled chamber approved the bill, esculating a feud 479 00:25:27,600 --> 00:25:30,800 Speaker 1: with the entertainment giant over its opposition to what critics 480 00:25:30,960 --> 00:25:34,120 Speaker 1: call the Don't Say Again and law. The proposal could 481 00:25:34,200 --> 00:25:37,840 Speaker 1: have huge tax implications for Disney, whose series of theme 482 00:25:37,920 --> 00:25:41,399 Speaker 1: parks have over the decades transformed Orlando into one of 483 00:25:41,440 --> 00:25:45,159 Speaker 1: the world's most popular tourist destinations. The Florida House of 484 00:25:45,240 --> 00:25:48,520 Speaker 1: Representatives is expected to take up the bill. Today Global 485 00:25:48,560 --> 00:25:50,879 Speaker 1: News twenty four hours a day on air and on 486 00:25:50,960 --> 00:25:55,000 Speaker 1: Bloomberg Quicktake, powered by more than journalists and analysts more 487 00:25:55,000 --> 00:25:58,639 Speaker 1: than a hundred twenty countries. Michael Barr, this is Bloomberg Naken. Michael, 488 00:25:58,680 --> 00:26:06,359 Speaker 1: thank you on Wall Street Time for the Bloomberg Sports Update. 489 00:26:06,359 --> 00:26:09,040 Speaker 1: Here's John Stenshower. Thanks Nathan. The Nets coming home after 490 00:26:09,160 --> 00:26:12,560 Speaker 1: two losses in Boston. They certainly could have won both games. 491 00:26:12,600 --> 00:26:14,720 Speaker 1: Lost the series opener at the Buzzer and led game 492 00:26:14,800 --> 00:26:18,520 Speaker 1: too by seventeen points, never trailed until the fourth quarter 493 00:26:18,600 --> 00:26:20,800 Speaker 1: when the Celtics had a run of twenty three to 494 00:26:20,960 --> 00:26:24,000 Speaker 1: four in Boston. Wanted one fourteen one oh seven. The 495 00:26:24,040 --> 00:26:26,200 Speaker 1: Nets are not going to win when they're two stars 496 00:26:26,240 --> 00:26:29,480 Speaker 1: struggle and Kevin Duran and Caybrie irving together in the 497 00:26:29,560 --> 00:26:33,000 Speaker 1: second half shot one for seventeen. Katie also had a 498 00:26:33,080 --> 00:26:35,640 Speaker 1: subpart Game one. He was asked how the Celtics aren't 499 00:26:35,680 --> 00:26:38,560 Speaker 1: defending them playing two or three guys only sometimes on 500 00:26:38,720 --> 00:26:42,199 Speaker 1: loft the ball, they you know, mocking up actions when 501 00:26:42,200 --> 00:26:44,960 Speaker 1: I run. All stuff is, let's see Horford leaving his 502 00:26:45,040 --> 00:26:46,520 Speaker 1: man to come over and hit me some time, and 503 00:26:46,560 --> 00:26:48,800 Speaker 1: they're just playing two or three guys hit me and 504 00:26:48,840 --> 00:26:51,760 Speaker 1: wherever I go, you know, And that's just the nature 505 00:26:51,800 --> 00:26:54,640 Speaker 1: of the Beast. In the playoffs three Saturday night at Barkley's, 506 00:26:54,640 --> 00:26:57,400 Speaker 1: Philadelphia won and overtime at Toronto to go up three nothing. 507 00:26:57,560 --> 00:26:59,879 Speaker 1: Chicago won at Milwaukee to tie up that series. In 508 00:26:59,920 --> 00:27:02,639 Speaker 1: the Bucks lost their second best player, Chris Middleton, to 509 00:27:02,680 --> 00:27:04,920 Speaker 1: a knee injuring. Mets starting pitching has been so good. 510 00:27:05,280 --> 00:27:07,679 Speaker 1: Not last night at City Field, Giants got to Chris Bassett, 511 00:27:07,840 --> 00:27:09,920 Speaker 1: three first inning runs of Brandon Belle homer and the 512 00:27:10,000 --> 00:27:12,800 Speaker 1: second Mets shutout until the seventh, and the Giants won 513 00:27:12,880 --> 00:27:15,840 Speaker 1: five to two. Day game today, Yankees, having matinee in Detroit, 514 00:27:16,240 --> 00:27:18,400 Speaker 1: Yanks go for the sweep. They won five to three, 515 00:27:18,520 --> 00:27:21,919 Speaker 1: five strong, getting from Luis Severino home run for Anthony Rizzo, 516 00:27:22,160 --> 00:27:24,840 Speaker 1: go ahead RBI single in the seventh by Isaiah kind 517 00:27:24,880 --> 00:27:27,640 Speaker 1: Of Filefa Jay Wright. It's twenty two years ago left 518 00:27:27,680 --> 00:27:30,280 Speaker 1: Hofstra for Villanova and then coached the Wildcats at two 519 00:27:30,400 --> 00:27:34,680 Speaker 1: national championships, retiring at age sixty. Villanova is replacing right 520 00:27:35,000 --> 00:27:37,760 Speaker 1: with Fordham coach Kyle Neptune, who until a year ago 521 00:27:37,880 --> 00:27:41,960 Speaker 1: had been a right assistant at Villanova. John Stashward Bloomberg Sports, 522 00:27:42,400 --> 00:27:44,760 Speaker 1: Thank you John seven on Wall Street time for the 523 00:27:44,800 --> 00:27:48,480 Speaker 1: Tri State Business Report. Here's Bloomberg's head Cory. New York 524 00:27:48,560 --> 00:27:51,480 Speaker 1: City residents at more than three thousand buildings can breathe 525 00:27:51,520 --> 00:27:54,320 Speaker 1: a sigh of relief now that workers have struck a 526 00:27:54,400 --> 00:27:57,520 Speaker 1: labor deal, ending the possibility of a strike. More than 527 00:27:57,560 --> 00:28:01,760 Speaker 1: thirty thousand Dorman superintendents and other building employees have negotiated 528 00:28:01,800 --> 00:28:05,639 Speaker 1: a new contract with the Realty Advisory Board on Labor Relations. 529 00:28:06,040 --> 00:28:09,000 Speaker 1: A union bidding to represent Amazon workers at a New 530 00:28:09,119 --> 00:28:13,200 Speaker 1: Jersey facility has withdrawn its request. Local seven thirteen of 531 00:28:13,240 --> 00:28:16,400 Speaker 1: the International Brotherhood of Trade Unions filed the petition last 532 00:28:16,480 --> 00:28:20,160 Speaker 1: week seeking to represent two workers in an Amazon delivery 533 00:28:20,240 --> 00:28:23,880 Speaker 1: station in Bayonne. Two environmental bills are about to take 534 00:28:23,920 --> 00:28:27,000 Speaker 1: effect in New Jersey, causing major changes in the way 535 00:28:27,160 --> 00:28:31,399 Speaker 1: restaurants operate. A ban on plastic bags and foam containers 536 00:28:31,800 --> 00:28:35,879 Speaker 1: and new regulations for takeout containers so forced restaurant owners 537 00:28:35,960 --> 00:28:40,800 Speaker 1: to buy more expensive environmentally friendly products that you Bloomberg 538 00:28:40,840 --> 00:28:44,920 Speaker 1: try State Business Report. I'm d Corey. Thanks on Wall Street. 539 00:28:44,920 --> 00:28:47,160 Speaker 1: Bloomberg Radio is on the air from San Francisco to 540 00:28:47,240 --> 00:28:49,680 Speaker 1: New York, London to Hong Kong. Let's check in with 541 00:28:49,720 --> 00:28:51,800 Speaker 1: our global news team for some of the top stories 542 00:28:51,840 --> 00:28:55,200 Speaker 1: heard on our three hundred affiliate radio stations around the world. 543 00:28:57,520 --> 00:29:00,480 Speaker 1: On Steve Cootas got on Chenchen Wins in New York. 544 00:29:00,600 --> 00:29:02,760 Speaker 1: We're talking about how it looks like there has never 545 00:29:02,880 --> 00:29:05,840 Speaker 1: been a better time to be a graduating college student. 546 00:29:06,120 --> 00:29:09,680 Speaker 1: Um Courtney Donahoe on CAERL Dan Dallas United Airlines as 547 00:29:09,760 --> 00:29:12,600 Speaker 1: forecasting or returned to profit this year. It's more people fly. 548 00:29:13,000 --> 00:29:15,880 Speaker 1: I'm kline had complete DAB digital radio in London. Or 549 00:29:15,920 --> 00:29:18,720 Speaker 1: reports on Bois Johnson, who appears on track to lead 550 00:29:18,840 --> 00:29:22,320 Speaker 1: his Conservative party at the next general election despite being 551 00:29:22,400 --> 00:29:24,920 Speaker 1: the first sitting prime minister found to have broken the laws. 552 00:29:25,200 --> 00:29:27,760 Speaker 1: I'm ad Corey on w A t AM in Cleveland. 553 00:29:27,800 --> 00:29:31,120 Speaker 1: I'm reporting Abbey and formerly known as Polly One is 554 00:29:31,200 --> 00:29:36,040 Speaker 1: buying DSM protective material. And those are some of the 555 00:29:36,120 --> 00:29:38,960 Speaker 1: stories our twenty seven hundred Bloomberg journalists and analysts are 556 00:29:39,000 --> 00:29:41,600 Speaker 1: working on this morning around the world. It's five thirty 557 00:29:41,720 --> 00:29:45,080 Speaker 1: nine on Wall Street. The following is an editorial from 558 00:29:45,240 --> 00:29:49,400 Speaker 1: Bloomberg Opinion. No one can doubt President Joe Biden's commitment 559 00:29:49,520 --> 00:29:53,640 Speaker 1: to clean energy. Unfortunately, his agenda faces a challenge rarely 560 00:29:53,760 --> 00:29:58,360 Speaker 1: mentioned by climate activists. Excessive regulation state and federal rules 561 00:29:58,400 --> 00:30:02,920 Speaker 1: are impeding progress on crucial win nuclear and energy transmission projects. 562 00:30:03,320 --> 00:30:06,040 Speaker 1: Such hold ups are more than a nuisance. They waste 563 00:30:06,080 --> 00:30:09,760 Speaker 1: tax dollars, raise construction costs, and all too often discourage 564 00:30:09,800 --> 00:30:13,640 Speaker 1: new ideas. Worse, by delaying the switch to cleaner alternatives, 565 00:30:13,720 --> 00:30:17,120 Speaker 1: they only add to total greenhouse gas emissions. A government 566 00:30:17,200 --> 00:30:20,400 Speaker 1: that views climate change as an existential threat in the 567 00:30:20,480 --> 00:30:25,280 Speaker 1: present's words can't tolerate such gridlock. A zero carbon economy 568 00:30:25,320 --> 00:30:28,760 Speaker 1: won't materialize by magic. It will take immense effort, foresight 569 00:30:28,920 --> 00:30:31,280 Speaker 1: and fresh thinking a good place to start as this. 570 00:30:31,960 --> 00:30:34,960 Speaker 1: When it comes to green energy, red tape is the enemy. 571 00:30:35,280 --> 00:30:38,080 Speaker 1: This editorial was written by the Bloomberg Opinion Editorial Board. 572 00:30:38,360 --> 00:30:41,040 Speaker 1: I'm David Shipley. For more Bloomberg Opinion place called to 573 00:30:41,080 --> 00:30:44,560 Speaker 1: Bloomberg dot com, slash opinion or op and go on 574 00:30:44,720 --> 00:30:47,959 Speaker 1: the Bloomberg terminal. These has been Bloomberg Opinion. You can 575 00:30:48,000 --> 00:30:51,320 Speaker 1: hear Bloomberg opinion editorials every weekday. At this time terminal 576 00:30:51,360 --> 00:30:54,600 Speaker 1: customers can read more at op I n go right now. 577 00:30:54,760 --> 00:30:57,960 Speaker 1: SMP futures up thirty points, staff futures up add eighty 578 00:30:58,000 --> 00:31:00,400 Speaker 1: four Dastack futures are higher by a hunt at thirty 579 00:31:00,440 --> 00:31:04,120 Speaker 1: two points. The tenure treasury is down down eleven thirty seconds. 580 00:31:04,160 --> 00:31:06,520 Speaker 1: The yield two point eight seven percent yield on the 581 00:31:06,600 --> 00:31:10,520 Speaker 1: two year two point six one TESLA shares continue to 582 00:31:10,640 --> 00:31:12,720 Speaker 1: rise in the pre market, up six and a half 583 00:31:12,800 --> 00:31:17,000 Speaker 1: percent after the positive quarter can Elon Musk keep it up, Dan, 584 00:31:17,120 --> 00:31:20,240 Speaker 1: i'ves of wed Bush with us. Next. This is Bloomberg 585 00:31:22,400 --> 00:31:24,720 Speaker 1: Bloomberg eleven three oh weather more clouds than sun today 586 00:31:24,760 --> 00:31:26,840 Speaker 1: his near sixty degrees. We'll get up to near seventy 587 00:31:26,880 --> 00:31:30,080 Speaker 1: tomorrow under sunshine. It will be partly sunny, low sixties 588 00:31:30,280 --> 00:31:37,720 Speaker 1: for Saturday. Right now forty six degrees in Central Park markets. 589 00:31:37,840 --> 00:31:40,920 Speaker 1: Headlines and breaking news twenty four hours a day at 590 00:31:40,920 --> 00:31:44,320 Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg 591 00:31:44,400 --> 00:31:53,280 Speaker 1: Quick Tape. This is a Bloomberg Business flash and I'm 592 00:31:53,360 --> 00:31:56,120 Speaker 1: Karen Moscow us Knock Index futures on the rise this 593 00:31:56,320 --> 00:31:59,040 Speaker 1: morning as a strong start to the earnings reporting season 594 00:31:59,120 --> 00:32:02,640 Speaker 1: eases fears a recession in the world's largest economy, a 595 00:32:02,760 --> 00:32:06,000 Speaker 1: sell off in a Treasury's resuming with a debate ranging 596 00:32:06,040 --> 00:32:08,800 Speaker 1: around whether inflation is peaking. And we checked the markets 597 00:32:08,800 --> 00:32:11,880 Speaker 1: every fifteen minutes throughout the trading day on Bloomberg Guess 598 00:32:11,920 --> 00:32:14,720 Speaker 1: and P futures up thirty points this morning. Down futures 599 00:32:14,760 --> 00:32:17,280 Speaker 1: up a hundred eighties six Nasdack future is up a 600 00:32:17,360 --> 00:32:20,120 Speaker 1: hundred thirty two the decks in Germany up one point 601 00:32:20,160 --> 00:32:23,440 Speaker 1: to percent. Tenure treasury down nine thirty seconds, yield two 602 00:32:23,480 --> 00:32:25,520 Speaker 1: point eight six percent. The yield on the two year 603 00:32:25,600 --> 00:32:28,480 Speaker 1: two point six one percent. Name X screwed oils up 604 00:32:28,520 --> 00:32:30,840 Speaker 1: one point two percent, up a dollar twenty three and 605 00:32:30,880 --> 00:32:33,160 Speaker 1: a hundred three dollars forty two cents in barrel. And 606 00:32:33,200 --> 00:32:35,680 Speaker 1: that's a Bloomberg business flash. Now here's Michael Barr with 607 00:32:35,840 --> 00:32:38,280 Speaker 1: more on what's going on around the world. Michael Karen, 608 00:32:38,320 --> 00:32:40,760 Speaker 1: thank you very much. President of Vladimir Putin declared that 609 00:32:40,880 --> 00:32:45,320 Speaker 1: Russia has seized Ukraine's Maryuple, even as his defense ministers 610 00:32:45,360 --> 00:32:48,640 Speaker 1: said more than two thousand opposing troops remain hold up 611 00:32:48,960 --> 00:32:52,440 Speaker 1: and an industrial complex in the strategic southern ports city. 612 00:32:52,840 --> 00:32:55,720 Speaker 1: Putin and a televised meeting says taking control of such 613 00:32:55,720 --> 00:32:59,240 Speaker 1: an important center in the South as Maruple is a success. 614 00:32:59,640 --> 00:33:02,040 Speaker 1: In the NBA playoffs, the Celtics beat the Nets one 615 00:33:02,120 --> 00:33:03,920 Speaker 1: four teen one O seven to take a two games 616 00:33:04,000 --> 00:33:07,720 Speaker 1: to ZIP lead in their series. In MLB, the Yankees one, 617 00:33:07,760 --> 00:33:10,480 Speaker 1: the Giants beat the Mets five to the Red Sox lost. 618 00:33:10,560 --> 00:33:13,960 Speaker 1: The Orioles shut out the A's one ZIP in the NHL, 619 00:33:14,080 --> 00:33:16,520 Speaker 1: the Capitol's lost to the Golden Knights. In overtime for 620 00:33:16,800 --> 00:33:19,840 Speaker 1: three Global News twenty four hours a day on air 621 00:33:20,000 --> 00:33:22,960 Speaker 1: and on Bloomberg Quick Take, powered by more than twenty 622 00:33:23,040 --> 00:33:26,400 Speaker 1: seven hundred journalists and analysts more than twenty countries. Michael Barr, 623 00:33:26,520 --> 00:33:28,719 Speaker 1: this is Bloomberg Naked. All right, Michael, thank you. It's 624 00:33:28,760 --> 00:33:30,840 Speaker 1: five forty eight on Wall Street Live from the Bloomberg 625 00:33:30,880 --> 00:33:34,360 Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak. And speaking of winners, 626 00:33:34,440 --> 00:33:38,120 Speaker 1: how about Tesla up nearly seven percent in the pre 627 00:33:38,280 --> 00:33:41,960 Speaker 1: market after the electric vehicle maker delivered record profit in 628 00:33:42,040 --> 00:33:45,920 Speaker 1: the first quarter, even with supply chain issues and COVID 629 00:33:46,120 --> 00:33:49,120 Speaker 1: in the way. Dan Ives is back with us this morning, 630 00:33:49,200 --> 00:33:53,240 Speaker 1: Managing Director, senior equity analyst at Wedbush Securities. Dan, It's 631 00:33:53,280 --> 00:33:55,800 Speaker 1: always great to talk with you about Tesla and tech. 632 00:33:55,880 --> 00:33:58,560 Speaker 1: I know you've been bullish on Elon Musk company for 633 00:33:58,800 --> 00:34:03,360 Speaker 1: some time and Tesla continue to power through the supply 634 00:34:03,520 --> 00:34:06,720 Speaker 1: chain challenges. Well, me, I think that was the key. 635 00:34:06,840 --> 00:34:09,759 Speaker 1: I mean, back was against the wall with the China shutdowns, 636 00:34:10,040 --> 00:34:14,319 Speaker 1: logistics from the supply chain unprecedented, and he came through 637 00:34:14,440 --> 00:34:17,160 Speaker 1: the billion dollar beat. I think it just shows the 638 00:34:17,360 --> 00:34:21,640 Speaker 1: price increases, there's no impact in demand, and they're able 639 00:34:21,719 --> 00:34:25,520 Speaker 1: to handle the supply chain basically better than any automaker 640 00:34:25,560 --> 00:34:27,520 Speaker 1: in the world. And that's why this is doctor that's 641 00:34:27,560 --> 00:34:31,319 Speaker 1: gonna be up by double digits today. But Dilon Musk, 642 00:34:31,360 --> 00:34:34,960 Speaker 1: of course has been promising for some time to bring 643 00:34:35,040 --> 00:34:37,960 Speaker 1: out lower priced models to try to get to more 644 00:34:38,040 --> 00:34:40,160 Speaker 1: of the mass market. Is that going to be a 645 00:34:40,239 --> 00:34:45,080 Speaker 1: headwind in the medium term. Look, it is a headwind 646 00:34:45,120 --> 00:34:47,800 Speaker 1: when you think about from an overall demand perspective. A 647 00:34:47,880 --> 00:34:51,040 Speaker 1: look right now, put in numbers, there's demand for a 648 00:34:51,120 --> 00:34:53,640 Speaker 1: little over two million tests of vehicles. They can only 649 00:34:53,680 --> 00:34:56,799 Speaker 1: produce that one point five millions, so so demands out 650 00:34:56,840 --> 00:35:00,759 Speaker 1: strum and supply by now the biggest issue when talks 651 00:35:00,760 --> 00:35:04,400 Speaker 1: about batteries and components. It's gone up about three to 652 00:35:04,480 --> 00:35:07,920 Speaker 1: four thousand hours per car. They're passing that through. But 653 00:35:08,040 --> 00:35:10,560 Speaker 1: no doubt, I mean that's something to get to lower 654 00:35:10,680 --> 00:35:13,600 Speaker 1: priced cars, It's gonna be tough in the near term, 655 00:35:13,960 --> 00:35:18,719 Speaker 1: just given these astronomical pricing creatures that we're seeing globally. Now, 656 00:35:18,760 --> 00:35:20,200 Speaker 1: he heard me a lot of Musk and the call 657 00:35:20,360 --> 00:35:24,480 Speaker 1: promising to meet that fifty annual growth target. If these 658 00:35:24,840 --> 00:35:27,239 Speaker 1: price pressures continue, how's he going to be able to 659 00:35:27,280 --> 00:35:30,680 Speaker 1: pull that off? Well, I think the big thing into that. 660 00:35:30,880 --> 00:35:33,040 Speaker 1: But also it's the China shut You know, China has 661 00:35:33,080 --> 00:35:35,800 Speaker 1: been shut down. That's their that's their hearts and lungs. 662 00:35:36,360 --> 00:35:38,799 Speaker 1: Gigga Shang I've been shut down for three weeks. That's 663 00:35:38,800 --> 00:35:43,080 Speaker 1: about fifty cars that won't be in too cute in 664 00:35:43,280 --> 00:35:46,720 Speaker 1: terms of deliveries. They still are expected to meet fifty 665 00:35:46,800 --> 00:35:50,840 Speaker 1: potentially six. You're gonna see a significant ramp in China, 666 00:35:50,960 --> 00:35:54,759 Speaker 1: but also at Berlin and Austin now ramping. I think 667 00:35:54,760 --> 00:35:58,000 Speaker 1: it just shows their flexing their muscles from a distribution 668 00:35:58,160 --> 00:36:02,239 Speaker 1: perspective globally. But no doubt this China is the mean 669 00:36:02,320 --> 00:36:05,440 Speaker 1: swing factor. When you look at these results relative to 670 00:36:05,600 --> 00:36:09,480 Speaker 1: some of the fears, Cinderella like is how it call him? Now? 671 00:36:09,560 --> 00:36:13,080 Speaker 1: We've been focused a lot, of course on the COVID overhang. 672 00:36:13,280 --> 00:36:18,239 Speaker 1: Is there a potential geopolitical overhang, particularly when you think 673 00:36:18,280 --> 00:36:21,880 Speaker 1: about the Giga factory in Berlin, which is very close, 674 00:36:22,120 --> 00:36:26,919 Speaker 1: very affected by what's going on with the Russia situation. Yeah, 675 00:36:26,920 --> 00:36:30,440 Speaker 1: I mean especially with Berlin. I mean that's what them 676 00:36:30,520 --> 00:36:33,799 Speaker 1: getting a foothold in Europe is key and they've gone 677 00:36:33,800 --> 00:36:35,920 Speaker 1: through a turn of red tape to get there. But 678 00:36:36,080 --> 00:36:39,560 Speaker 1: of course when when you could heartbreaking situation Ukraine, I mean, 679 00:36:39,640 --> 00:36:41,520 Speaker 1: Tessa is going to be impacted by that, just like 680 00:36:41,600 --> 00:36:44,560 Speaker 1: they're impacted by the COVID issues in China. You know, 681 00:36:44,640 --> 00:36:47,680 Speaker 1: I think right now investors are looking at those is 682 00:36:48,480 --> 00:36:52,720 Speaker 1: almost transitory relative to the value of the company, because 683 00:36:52,719 --> 00:36:55,520 Speaker 1: it's all about demand and the key if there's one 684 00:36:55,640 --> 00:36:59,400 Speaker 1: head on the price increases as opposed to Netflix and others, 685 00:37:00,040 --> 00:37:02,640 Speaker 1: the price increases or nine impact in demand, and that's 686 00:37:02,719 --> 00:37:05,840 Speaker 1: key in terms of the investors digestion story. Today the 687 00:37:05,920 --> 00:37:07,440 Speaker 1: time we have left and I want to get your 688 00:37:07,480 --> 00:37:11,360 Speaker 1: thoughts on Netflix. Obviously the stock has been crushed since 689 00:37:11,560 --> 00:37:15,239 Speaker 1: that subscriber loss. I wonder if you think the sell 690 00:37:15,320 --> 00:37:19,600 Speaker 1: off may be overdone, Well, we don't. I mean, I 691 00:37:19,680 --> 00:37:23,000 Speaker 1: think it's to catch a fallen knife situation, because you know, 692 00:37:23,239 --> 00:37:26,440 Speaker 1: right now the clock stock twelve. In terms of the 693 00:37:26,520 --> 00:37:30,520 Speaker 1: growth story, screaming, competition increasing, they got hubers in terms 694 00:37:30,560 --> 00:37:33,160 Speaker 1: of price increases, and it was a dog eate the 695 00:37:33,200 --> 00:37:36,120 Speaker 1: homework excuse in terms of you know, passwords being used 696 00:37:36,160 --> 00:37:38,480 Speaker 1: across the board. But I think it's a bi for 697 00:37:38,600 --> 00:37:41,000 Speaker 1: kid tactape. Netflix is on the wrong side of this. 698 00:37:41,160 --> 00:37:45,480 Speaker 1: You looking names like Apple, Microsoft, Google, among others in 699 00:37:45,640 --> 00:37:49,000 Speaker 1: tech and enterprise, Netflix is a name that I continue 700 00:37:49,000 --> 00:37:53,440 Speaker 1: to think the multiple trade weller and uh as you mentioned, 701 00:37:53,760 --> 00:37:56,279 Speaker 1: we do have some of those other big tech names 702 00:37:56,320 --> 00:38:00,279 Speaker 1: reporting next week, including Apple, Microsoft, and Amazon on Are 703 00:38:00,320 --> 00:38:03,160 Speaker 1: you still bullish on those names. Yeah, I think it's 704 00:38:03,200 --> 00:38:07,200 Speaker 1: a have and have nots in tech, enterprise focused names, 705 00:38:07,719 --> 00:38:10,400 Speaker 1: product driven names like Apple, those are names are going 706 00:38:10,440 --> 00:38:13,239 Speaker 1: to contain my opinion, continue to move higher. But the 707 00:38:13,320 --> 00:38:16,799 Speaker 1: work from home post her Child's where growth have really 708 00:38:16,840 --> 00:38:20,359 Speaker 1: got pulled forward. Some of the e commerce names, those 709 00:38:20,520 --> 00:38:23,759 Speaker 1: names are going to fade. Amazon Cloud continues to be 710 00:38:23,840 --> 00:38:26,960 Speaker 1: the story. They're just like Microsoft. And I believe overall 711 00:38:27,360 --> 00:38:30,120 Speaker 1: tech is going to be a very solid earning season, 712 00:38:30,360 --> 00:38:32,240 Speaker 1: and I think it's gonna get cattast with tech stocks 713 00:38:32,239 --> 00:38:34,680 Speaker 1: and move higher. Just about a minute left here, Dan, 714 00:38:34,800 --> 00:38:37,120 Speaker 1: just to bring it back to Tesla and Elon Musk, 715 00:38:37,239 --> 00:38:41,319 Speaker 1: do you think the Twitter buy out effort is going 716 00:38:41,400 --> 00:38:44,200 Speaker 1: to be a distraction when it comes to Tesla? For 717 00:38:44,280 --> 00:38:48,800 Speaker 1: Elon Musk, I think that's been a perception. How to 718 00:38:49,000 --> 00:38:52,840 Speaker 1: juggle so many balls between this SpaceX as well as Twitter. 719 00:38:53,440 --> 00:38:55,960 Speaker 1: There was also worries just how you're gonna pay for it, 720 00:38:56,080 --> 00:38:58,520 Speaker 1: because there was some that thought he'd sell a sock. 721 00:38:58,640 --> 00:39:03,640 Speaker 1: He's gonna collapse, generalizes stock in terms of the learn book. 722 00:39:03,719 --> 00:39:06,200 Speaker 1: This is a game of thrones with Twitter, you know, 723 00:39:06,280 --> 00:39:08,440 Speaker 1: and I think you know this is just getting started. 724 00:39:08,480 --> 00:39:10,800 Speaker 1: They'll likely be probably a tender offer, could be a 725 00:39:10,880 --> 00:39:14,440 Speaker 1: competing bid. But I think what we saw last night 726 00:39:14,560 --> 00:39:17,680 Speaker 1: is a focused musk, probably the more mature one that 727 00:39:17,680 --> 00:39:20,120 Speaker 1: I've seen on these conference calls, and I think that 728 00:39:20,239 --> 00:39:23,200 Speaker 1: was important at a time my investors where he's getting destructed. 729 00:39:23,960 --> 00:39:27,200 Speaker 1: Always great getting your thoughts down. Thanks Dan Ives, senior 730 00:39:27,239 --> 00:39:31,160 Speaker 1: equity analyst the web Bush Securities, Karen, Great, Nathan, thank you, 731 00:39:31,480 --> 00:39:34,040 Speaker 1: And it is five or fifty four on Wall Street. 732 00:39:34,120 --> 00:39:36,920 Speaker 1: Time for a legal story we're following this morning. Well, 733 00:39:37,000 --> 00:39:40,320 Speaker 1: on Monday, a federal judge in Florida revoked the national 734 00:39:40,480 --> 00:39:43,759 Speaker 1: mask mandate for travel with a nationwide injunction. Now, the 735 00:39:43,840 --> 00:39:47,000 Speaker 1: US Justice Department says it will appeal that ruling following 736 00:39:47,000 --> 00:39:49,720 Speaker 1: a request from the CDC. This sets up a likely 737 00:39:49,800 --> 00:39:52,600 Speaker 1: court battle that could extend past the mid term elections. 738 00:39:52,800 --> 00:39:55,560 Speaker 1: For more, Bloomberg stun Grosso space to Robert Field, a 739 00:39:55,640 --> 00:39:59,320 Speaker 1: professor of law and public policy and management at Drexel University, 740 00:39:59,760 --> 00:40:02,480 Speaker 1: and like you to start just by giving your general 741 00:40:02,680 --> 00:40:08,040 Speaker 1: reaction to the decision. I think that it misses the 742 00:40:08,200 --> 00:40:12,000 Speaker 1: mark by a mile. There are two grounds on which 743 00:40:12,120 --> 00:40:15,600 Speaker 1: the judge struck down the mask mandate. One was that 744 00:40:15,719 --> 00:40:19,120 Speaker 1: it exceeds c d c's authority, and the statute says 745 00:40:19,360 --> 00:40:23,800 Speaker 1: it can impose measures like sanitation and other measures that 746 00:40:23,920 --> 00:40:28,120 Speaker 1: it deems necessary in the face of an infectious emergency. 747 00:40:28,719 --> 00:40:31,880 Speaker 1: To say that masking is not a form of sanitation 748 00:40:32,600 --> 00:40:36,560 Speaker 1: is to obliterate the meaning of the term keeping germs 749 00:40:36,600 --> 00:40:41,080 Speaker 1: away from people a sanitation. That's why we have clean 750 00:40:41,200 --> 00:40:46,000 Speaker 1: water sewage operations. And even if it isn't sanitation, it 751 00:40:46,080 --> 00:40:49,200 Speaker 1: would be a measure that CDC believes is necessary to 752 00:40:49,280 --> 00:40:54,040 Speaker 1: find a national emergency. A lot of the analysis has 753 00:40:54,600 --> 00:40:59,120 Speaker 1: revolved around her interpretation of the word sanitation, which you mentioned. 754 00:40:59,440 --> 00:41:02,600 Speaker 1: She said your two competing senses, and that the words 755 00:41:02,680 --> 00:41:06,200 Speaker 1: meaning must be limited to measures that clean something, not 756 00:41:06,480 --> 00:41:11,000 Speaker 1: ones that keep something clean. And she used the dictionary. Yeah, well, 757 00:41:11,320 --> 00:41:14,720 Speaker 1: there are a lot of dictionaries and you can often 758 00:41:14,800 --> 00:41:18,320 Speaker 1: pick and choose. I think the common meaning in public 759 00:41:18,400 --> 00:41:23,320 Speaker 1: health and medical circles is to eliminate a health threat, 760 00:41:23,520 --> 00:41:28,080 Speaker 1: whether it's micro organisms or a toxin or a dangerous chemical, 761 00:41:28,480 --> 00:41:32,360 Speaker 1: and to keep that away from people who could be exposed. 762 00:41:33,200 --> 00:41:38,040 Speaker 1: Is sanitation. Whether it's preventing new exposure to the agent 763 00:41:38,360 --> 00:41:42,120 Speaker 1: or whether it's just maintaining prevention of the agent, I 764 00:41:42,200 --> 00:41:44,400 Speaker 1: don't really see what the distinction is. It seems like 765 00:41:44,480 --> 00:41:48,560 Speaker 1: a tortured distinction. Now, to add to the confusion, the 766 00:41:48,719 --> 00:41:52,839 Speaker 1: Justice Department said it plans to appeal the ruling. They're 767 00:41:52,880 --> 00:41:55,719 Speaker 1: in a tough spot right now, sort of damned if 768 00:41:55,760 --> 00:41:58,880 Speaker 1: you do, then if you don't. If they don't appeal, 769 00:41:59,600 --> 00:42:03,520 Speaker 1: then the mandate is gone. And this ruling is out there. 770 00:42:03,600 --> 00:42:07,080 Speaker 1: It's at a lower court level, so it's not a precedent, 771 00:42:07,320 --> 00:42:10,040 Speaker 1: but it is still out there for another judge to 772 00:42:10,520 --> 00:42:14,280 Speaker 1: refer to. And as Robert Field of Direct the University, 773 00:42:14,320 --> 00:42:17,040 Speaker 1: speaking at the Bloomberg's June Grosso, catch more of that 774 00:42:17,200 --> 00:42:20,280 Speaker 1: interview plus analysis of the latest legal news by listening 775 00:42:20,320 --> 00:42:22,919 Speaker 1: to The Bloomberg Law Show at ten pm Eastern Time 776 00:42:23,280 --> 00:42:26,120 Speaker 1: or subscribing to the Bloomberg Law Podcast. And attorneys can 777 00:42:26,200 --> 00:42:29,920 Speaker 1: find exceptional legal research and business development tools at Bloomberg 778 00:42:30,040 --> 00:42:34,120 Speaker 1: Law dot com. Futures this morning are on the rise. 779 00:42:34,520 --> 00:42:38,000 Speaker 1: SNP futures up thirty points, now futures up a hundred 780 00:42:38,040 --> 00:42:41,640 Speaker 1: eighty eight, nasday futures up one hundred thirty one, and 781 00:42:42,800 --> 00:42:46,239 Speaker 1: our top stories are straight ahead as Bloomberg Daybreak continues. 782 00:42:46,480 --> 00:42:47,680 Speaker 1: This is Bloomberg