Speaker 1: Live from the Bloomberg Interact at Burgers Studios. Is Bloomberg
Speaker 1: day Break for Thursday April Coming up this hour. Russia
Speaker 1: claims a key victory as Ukrainian forces remain hold up
Speaker 1: in the port city of Mariopol. The Justice Department will
Speaker 1: appeal of federal judges ruling that lifted mask mandates on
Speaker 1: public transportation, and Tesla shares surge after the electric vehicle
Speaker 1: maker posts of record profit. Legalized pot sales begin today
Speaker 1: in New Jersey. Plus, the state of Florida clashes with
Speaker 1: its biggest tourist attraction, balt Disney World. I'm Michael barr
Speaker 1: More a half, I'm done stage and force the next
Speaker 1: bloo up. Big Ley lost Game two in Boston, the
Speaker 1: Yankees one in Detroit. The Mets lost for the Giants.
Speaker 1: That's all straight ahead on Bloomberg day Break on Bloomberg
Speaker 1: Eliven Frio, New York, Bloomberg one, Washington, d C, Bloomberg
Speaker 1: one or six one, Boston, Bloomberg nine sixties, San Francisco, Syrius,
Speaker 1: Hexam one nineteen and around the world on Bloomberg Radio
Speaker 1: dot Com and via the Bloomberg Business add And Good Morning.
Speaker 1: I'm Nathan Haggart and I'm Karen Moscow. US DOT Index
Speaker 1: futures on the rise this morning, led by technology shares.
Speaker 1: We are coming up to five o one on Wall Street.
Speaker 1: We checked the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg. Right now, SNP Future is up thirty six
Speaker 1: points to own Future is up two hundred thirteen and
Speaker 1: NASDAK futures up one hundred sixties seven. And right now
Speaker 1: the ten year Treasury is down nine thirty seconds. They
Speaker 1: yield at two point eight six percent. They yield on
Speaker 1: the two year two point six one per cent, And
Speaker 1: NIMEX scrude oil is up one percent or a dollar
Speaker 1: three at a hundred three dollars twenty two cents of barrel. Nathan,
Speaker 1: all right, Karen, thanks, we'll have more on the markets
Speaker 1: just a minute. First, it may be a major development
Speaker 1: in the war in Ukraine. Russian President Vladimir Putin now
Speaker 1: says his forces have taken the key port city of Mariopol.
Speaker 1: Let's get the latest now from Amy Morris in our
Speaker 1: Bloomberg news room in Washington. Russia's defense minister says more
Speaker 1: than two thousand Ukrainian troops remain hold up in the city.
Speaker 1: Putin is calling on them to surrender. This as the
Speaker 1: US imposed fresh sanctions on Russia while preparing to send
Speaker 1: another eight hundred million dollars in weapons to Ukraine. Treasury
Speaker 1: Secretary Janet Yellen and others walked out of a group
Speaker 1: of twenty meeting as Russian officials began addressing the gathering.
Speaker 1: Russia meanwhile, test fired a new intercontinental ballistic missile, but
Speaker 1: Pentagon Press Secretary John Kirby says Russia told the US
Speaker 1: about that test ahead of time, and he doesn't consider
Speaker 1: it a threat. In Washington, I'm maybe Morris Bloomberg daybreak,
Speaker 1: all right, Amy, thank you about turning to the pandemic. Now.
Speaker 1: The Florida Chord ruling that put US stop to mask
Speaker 1: mandates in the air will be appealed, and Bloomberg said,
Speaker 1: Bachter has that story. The CDC has come out saying
Speaker 1: that current conditions warrant the mask mandate remain in place.
Speaker 1: The wording it is c DC's continuing assessment that at
Speaker 1: this time, in order requiring masking in the indoor transportation
Speaker 1: corridor remains necessary for the public health. C DC believes
Speaker 1: this is a lawful order well within CDC's legal authority
Speaker 1: to protect public health. Now, remember, the Biden administration has
Speaker 1: said that if the CDC made that determination, it would appeal.
Speaker 1: The d o J has said it is ready to
Speaker 1: move forward. In San Francisco, I'm at Baxter Bloomberg Daybreak,
Speaker 1: All right, ed? Thanks. In China, President Shi Jinping is
Speaker 1: defending his country's reliance on lockdowns to fight COVID despite
Speaker 1: mounting economic woes. We need to work together to defend
Speaker 1: people's lives and health. Safety and health all the perrequisite
Speaker 1: for human development and progress. Speaking through an interpreter, Chinese
Speaker 1: President Hijin Ping reaffirmed the underlying goal is to minimize deaths. Well.
Speaker 1: Turning to the markets now, Nathan shares a Tesla up
Speaker 1: seven percent early trading following a strong earnings report from
Speaker 1: Elon Musk's electric vehicle Giant, and we get the latest
Speaker 1: live from Bloomberg's Ready to Young, Good Morning, Ready to
Speaker 1: Good Morning Care and Tesla's reporting a record profit for
Speaker 1: Q one, boosted by strong demand for its electric fee
Speaker 1: equals and despite industry wide supply chain challenges for key
Speaker 1: components like semiconductors and higher prices. CEO Elon Musk says
Speaker 1: Twitter should be Tesla should be able to make up
Speaker 1: for any production shortfalls. He predicts the company is on
Speaker 1: track to expand production to more than one point five
Speaker 1: million vehicles this year. That's compared with about nine thirty
Speaker 1: six thousand deliveries last year. He said on a conference
Speaker 1: call yesterday, quote, we may pull a rabbit out of
Speaker 1: the head. Live in New York. I'm really need a
Speaker 1: young Bloomberg day breaking all right, We need to thank
Speaker 1: you right there next to Tesla in the pre market.
Speaker 1: Shares of United Airlines also up seven per cent, as
Speaker 1: Bloomberg's Charlie Pellett reports, the airline expects to be profitable
Speaker 1: this year. CEO Scott Kirby says the demand environment is
Speaker 1: the strongest it has been in his thirty years in
Speaker 1: the industry. United joins rival Delta and projecting a return
Speaker 1: to profitability even as the industry grapples with dramatically higher
Speaker 1: fuel costs. Carriers have been hopeful this year would mark
Speaker 1: a rebound from the pandemic slump before the rising expenses
Speaker 1: and a brief surge in the COVID nineteen omicron variant
Speaker 1: disrupted operations in recent months in New York. Charlie Bloombird
Speaker 1: day break. All right, Churley, thank you what we are seeing.
Speaker 1: The fallout continue this morning from the massive selloff and
Speaker 1: Netflix shares. Billionaire investor Bill Ackman lost more than four
Speaker 1: hundred thirty million dollars on a three month bet on
Speaker 1: a streaming company. Ackman's Perishing Square Capital Management sold its
Speaker 1: Netflix steak after the company reported an unexpected drop in customers.
Speaker 1: Shares plunged thirty five percent yesterday. Right now, shares are
Speaker 1: down about another one percent in early training. Okay, turning
Speaker 1: to the economy now, Karen J. Powell will have one
Speaker 1: of the final words on the Central banks policy outlook
Speaker 1: before the FED enters its traditional blackout period. Powell speaks
Speaker 1: later today before an International Monetary Fund panel. The fed's
Speaker 1: next policy decision comes on May fourth. Meanwhile, Nathan San
Speaker 1: Francisco FED President Mary Daly is speaking out in the
Speaker 1: future of interest rate. She says Central Bank should raise
Speaker 1: raised to neutral by the end of the year. Moving
Speaker 1: purposefully to a more neutral stance that does not stimulate
Speaker 1: the economy that is clearly demonstrated it can self sustain
Speaker 1: is a top priority. And this is where the question
Speaker 1: of timing comes in how quickly should we get there,
Speaker 1: so accounting for the risk of being too fast or
Speaker 1: too slow, I see an expeditious march to neutral by
Speaker 1: the end of the year as the prudent path and
Speaker 1: San Francisco FED President Mary Daily made the comments at
Speaker 1: an economic conference in Las Vegas. Well, despite the rise
Speaker 1: in inflation and interest rate hikes Karen. Bank of America
Speaker 1: CEO Brian moynihan says, the consumer is holding up well.
Speaker 1: They have more money to spend, and they aren't borrowing
Speaker 1: on alliance. The credit card bowsers still twenty billion of
Speaker 1: all that, says there's a lot of dry powder on
Speaker 1: the consumer side. So that's the tension. So that's the goodness.
Speaker 1: I don't know what they say and worry about, but
Speaker 1: I can tell you on a given day, they're spending
Speaker 1: money and engaging the economy. Bank of America's CEO Brian
Speaker 1: moynihan made those comments in an interview with Bloomberg's David Weston.
Speaker 1: You can hear more of that conversation. We haven't coming
Speaker 1: up for you in just about ten minutes. Right now,
Speaker 1: SMP futures are up thirty two points. Stouth features up
Speaker 1: a hundred eighty two. Nastack futures are higher by a
Speaker 1: hundred fifty two points and the tenure treasuries down nine
Speaker 1: thirty seconds, with a yield of two point eight six percent.
Speaker 1: Local headlines and a check of sports. Next, this is
Speaker 1: Bloomberg the South five oh seven on Wall Street where
Speaker 1: forty six degrees in Central Park, already dealing with an
Speaker 1: accident and overturned tractor trailer on the northbound New Jersey
Speaker 1: Turnpike bags at seven A. Details coming up in traffic.
Speaker 1: First Michael Barr with more on what's going on in
Speaker 1: New York and around the world. Good morning, Michael, Good
Speaker 1: morning Nathan. Today New Jersey begins selling legalized pot, but
Speaker 1: there will still be a minority of people for whom
Speaker 1: cannabis remains off limits the police, Jersey City Mayor Steve
Speaker 1: fullap these guys are carrying weapons and they need to
Speaker 1: be able to have a good judgment at all times
Speaker 1: in the community to feel comfortable with that. So we're
Speaker 1: gonna make the rules that are in the best interest
Speaker 1: of our community here, Jersey City Mayor Steve fullip As
Speaker 1: the a E c LU will start expunging hundreds of
Speaker 1: thousands of pot related records for people across the state.
Speaker 1: A decade's old relationship between Florida and one of the
Speaker 1: world's biggest companies is in danger of coming to an end.
Speaker 1: Governed around the Santist is asking the legislature to terminate
Speaker 1: a deal with the Walt Disney World. The Santists says
Speaker 1: the Walt Disney Company had no right to criticize what
Speaker 1: critics call Florida's don't Say Gay law. The Florida Senate
Speaker 1: has passed to build a repeal of law allowing Walt
Speaker 1: Disney World to operate as a private government over its
Speaker 1: properties in the state. A man, his dad, and a
Speaker 1: police officer critically injured in what police say was a
Speaker 1: gun investigation arrest gone bad just north of New York City.
Speaker 1: Authorities say three people police were following ducked into a
Speaker 1: small grocery store Yonkers, New York Police Commissioner John Mueller
Speaker 1: says the officers then went inside. One of the suspects
Speaker 1: attempted to push past one of our detectives, a Yonkers detective,
Speaker 1: and when our Yakers detectives sh him back, um it
Speaker 1: appears that he fired one shot at our detective. Y
Speaker 1: Ankers Comissioner. Mueller says the officer lost a tremendous amount
Speaker 1: of blood, but thankfully he is going to be okay.
Speaker 1: The alleged gunman was shot and killed by one of
Speaker 1: the other officers. French President Emmanuel mccron last night strongly
Speaker 1: attacked as far right election challenger Marine Lapin for her
Speaker 1: links to Russia. Through an interpreter, mccron claimed that by
Speaker 1: taking out a loan from a Russian bank, Lepin had
Speaker 1: made her self dependent on Russian power. Why did you
Speaker 1: do it? And I say this with great gravity tonight
Speaker 1: because for our country this is bad news, because you
Speaker 1: depend on the Russian power and you depend on Mr Putin.
Speaker 1: In the debate ahead of Sunday's election runoff, Lapin insists
Speaker 1: the French will be better off on purchasing power and
Speaker 1: security under her rule. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quick Take, powered by
Speaker 1: more than twenty seven under journalists and analysts more than
Speaker 1: a twenty countries. Michael barn this is Bloomberg, Nathan, Thank you, Michael.
Speaker 1: Coming up to five ten on Wall Street time for
Speaker 1: the Bloomberg Sports up Take. Good Morty, John Morty Nathan.
Speaker 1: The Nets Game two in Boston able to build up
Speaker 1: a seventeen point lead, not because of their stars. They
Speaker 1: were led by the likes of Bruce Brown, gore On Dragic,
Speaker 1: and Seth Curry. When the Celtics caught up in the
Speaker 1: fourth quarter of the game was on the line, the
Speaker 1: Nets looked to their stars and they failed. On Kevin
Speaker 1: Burran shot four for seventeen. He's thirteen for forty one
Speaker 1: in the series. Kyrie Irving, who had a brilliant game one,
Speaker 1: shot four for thirteen. Together they were one for seventeen
Speaker 1: in the second half. Celtics one on fourteen, one oh
Speaker 1: seven lead the series to nothing. Here's Kyrie, just gotta
Speaker 1: be better moving forward, coming out of that that halftime
Speaker 1: and knowing that when we have the lead and against
Speaker 1: a good team or great team like Boston, we just
Speaker 1: gotta take advantage of its expected. Irving booed by Celtics
Speaker 1: fans every time he touched the ball. Game three Saturday
Speaker 1: night at the Barkley Center, Philadelphia won and overtime at Toronto,
Speaker 1: lead that series three noth in Chicago wanted Milwaukee to
Speaker 1: tie that series at one. Another cold night in Detroit,
Speaker 1: another Yankee win by two runs, this time five. The
Speaker 1: three home run for Anthony Rizzo his fourth. Isaiah kinder
Speaker 1: Felifa has come on since the slow star his RBI
Speaker 1: single seven. Then he gave the Yanks the lead back
Speaker 1: after the Tigers had tied at three hits for Detroit's
Speaker 1: Miguel Cabrera. He needs one more for three thousands in
Speaker 1: his career. City failed Giants a quick start three runs
Speaker 1: of the first Thing you Know, Chris Bassett. They went
Speaker 1: on to beat the Mets five to two. Both the
Speaker 1: Mets and Yankees have day games today. Surprising news from
Speaker 1: college basketball, Jay Wright, only sixty years old, but retiring
Speaker 1: after twenty one years at Villanova. He coached before that
Speaker 1: at Amstra. Villanova has already named as rights replacement Kyle
Speaker 1: Neptune from hern Nova assistant just finished his first year
Speaker 1: at Fordham John's Dash Award Bloomberg Sports Nathan all Right, John,
Speaker 1: thank you right now. SMP futures are up thirty three
Speaker 1: points down futures up a hundred nine three. Nasdaq futures
Speaker 1: higher by a hundred fifty seven points. The tenure treasury
Speaker 1: is down nine thirty seconds. The yield two six percent.
Speaker 1: Yield on the two year two point six one. This
Speaker 1: is Bloomberg Bloomberg Day Break, brought to you by the
Speaker 1: New York Community Trust. Your name will live on as
Speaker 1: a champion of the causes you care about for years
Speaker 1: to come through a charitable request to the New York
Speaker 1: Community Trust. Learn more at Philanthropist dot NYC. Markets headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot com, the Bloomberg Business Atland at Bloomberg Quick Tape.
Speaker 1: This is a Bloomberg business lash and I'm Camra in Moscow.
Speaker 1: US DOT Index futures on the rise this morning as
Speaker 1: a strong start to the earnings reporting season, easiest fears
Speaker 1: of a recession in the world's largest economy. A sell
Speaker 1: offen Treasury is resuming with a debate ranging around whether
Speaker 1: inflation is peaking, and we checked the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg. Right now, S
Speaker 1: and P futures are up thirty three points down, futures
Speaker 1: at one undred ninety five NASDACK futures have one hundred
Speaker 1: fifty four the decks in Germany up one percent, CAT
Speaker 1: in Paris up one point four percent, and the foot
Speaker 1: see one hundred is lower down a tenth of upper
Speaker 1: set k to twenty five in Japan gained one and
Speaker 1: a quarter percent, while the Hanks sing in Hong Kong
Speaker 1: was down one at a quarter percent. Ten year Treasury
Speaker 1: down twelve thirty seconds yield two point eight eight percent.
Speaker 1: That yield on the two year two point six two percent.
Speaker 1: Nine Max screwed oils up one percent or a dollar
Speaker 1: three at a hundred three dollars twenty two cents of
Speaker 1: Barrel Comics gold down half percent or nine dollars fifty cents.
Speaker 1: A nineteen forty six ten announced the Euro one point
Speaker 1: nine two three against the dollar, British pound one point
Speaker 1: three zero six zero, the ends at one twenty eight
Speaker 1: point one three and bitcoins higher up one point one
Speaker 1: percent at forty one thousand, nine hundred dollars. Today we
Speaker 1: are watching for the weekly report on initial jobless claims
Speaker 1: at at eight thirty Wall Street Time. Leading indicators out
Speaker 1: at ten snap, an, A, T, and T among companies
Speaker 1: schedule to report earnings today. That's a Bloomberg business flash.
Speaker 1: Now here's muncle bar with more I'm less going on
Speaker 1: around the world. Michael, good morning, Good morning, Karen. President
Speaker 1: Vladimir Putin said of Russia has taken control of Ukraine's Mariupol. However,
Speaker 1: a massive steel plant which Putin ordered blockaded, was not stormed.
Speaker 1: More than two thousand opposing troops remained hold up in
Speaker 1: the industrial complex in the strategic Southern Ports city. Meanwhile,
Speaker 1: the US officials as President Joe Biden is planning to
Speaker 1: send additional military aid to help Ukraine fight the Russian invasion.
Speaker 1: The World Health Organization says that the number of reported
Speaker 1: new COVID nineteen cases worldwide decreased by nearly a quarter
Speaker 1: last week. That means there's been a decline in reported
Speaker 1: infections since the end of March. Meanwhile, the Florida court
Speaker 1: ruling that put A stopped mass mandates will be appealed
Speaker 1: by the Justice Department. In the NBA playoffs, the Celtics
Speaker 1: beat the Nets one fourteen one oh seven to take
Speaker 1: a two games to ZIP lead in their series MLB Action,
Speaker 1: the Yankees won, The Giants beat the Mets five to
Speaker 1: the Red Sox lost the Orioles shut off the A's
Speaker 1: one ZIP. In the NHL, the Capital's lost to the
Speaker 1: Golden Knights in overtime for three Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than twenty seven hundred journalists and analysts in
Speaker 1: more than one hundred twenty countries. I'm Michael Barr, and
Speaker 1: this is Bloomberg. Nathan Our Michael, thank you. It's five
Speaker 1: twenty on Wall Street Live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Daybreak. Good morning. I'm Nathan Hagar. Bank
Speaker 1: of America reported better than expected earnings this week, and
Speaker 1: the bank's CEO, Brian moynihan says the American consumer is
Speaker 1: doing well even with inflation and interest rates on the rise.
Speaker 1: In an interview with Bloomberg's David Weston, moynihan said that
Speaker 1: his economic outlook is bullish and he trusts the Fed
Speaker 1: to bring inflation down. Our core estimate for GDP growth
Speaker 1: United States for the by Canadas, Browning Plat and our
Speaker 1: research team, which is one of the best of the
Speaker 1: businesses three point three percent for twenty two and one
Speaker 1: for next year. And that includes signific get rate rises
Speaker 1: by the Fed. And so there's a belief there that
Speaker 1: the the Fed gets it right, that they have a
Speaker 1: soft landing, the engineer returned to trade and growth as
Speaker 1: is saying we go there out is there's debate around that,
Speaker 1: and well, they have to engineer a harder landing just
Speaker 1: because the amount of inflation and system has to be
Speaker 1: pulled back. But what is different this time, and say
Speaker 1: the last rate cycle where they moved up in in
Speaker 1: eighteen nineteen range is even though unemployments down and it's
Speaker 1: down at that point nineteen, wages were growing as fast.
Speaker 1: Wages are growing very fast. At that point, customers had
Speaker 1: money and accounts, but not like they have today because
Speaker 1: of all the stimulus dollars. And at that point, you know, frankly,
Speaker 1: you know, businesses were at the long end of a
Speaker 1: major recovery tenure recovery one longest ever if we remember
Speaker 1: talking about it before the pandemic. So the thing was
Speaker 1: sort of long in the tooth. Now it's almost like
Speaker 1: a restart due to the fact that you had the pandemic,
Speaker 1: the pull back business closures, and you're coming back out
Speaker 1: of a ton of stimulus. So that's that's the two
Speaker 1: ways to think about. So there's gonna be a tug
Speaker 1: of war and his little tension. But is the market says,
Speaker 1: don't fight the FED. As I said yesterday, I wouldn't
Speaker 1: fight the American consumer because what we see in our
Speaker 1: customer base. So I'm happy to talk more about, David
Speaker 1: if you want, is tremendous customer activity by the bank
Speaker 1: American customers, which is our fifty million strong. So the
Speaker 1: very strong labor market. What about the housing market? Because
Speaker 1: I saw that in your first quarter report returns you
Speaker 1: actually were down a little bit in residential mortgages. Should
Speaker 1: we be concerned about that? Particularly as rates go up?
Speaker 1: I suppose people are less likely to borrow money to
Speaker 1: buy a house as rates go up. You know, obviously
Speaker 1: the cost of a mortgage goes up. If you take
Speaker 1: a two mortgage and rates go up one percent is
Speaker 1: two thousand dollars more a year divided by twelve. You
Speaker 1: could do the math, and so it affects affordability. But
Speaker 1: the reality is people sort of make a mistake and
Speaker 1: think about the refive market is being a major contributor economy.
Speaker 1: It it happens, It helps people get a little lower payments.
Speaker 1: That's good because they have more cashful What drives the
Speaker 1: housing economy is construction. And if you just look at
Speaker 1: the housing numbers this week. There's still a lot of
Speaker 1: starts going on. There's still a lot of demanding housing.
Speaker 1: We still have a housing built housing shortage, both in
Speaker 1: the multi family and the single family in many areas.
Speaker 1: You know, when we look with our CEO colleagues in Charlotte,
Speaker 1: we see tens of thousands of units of of workforce
Speaker 1: housing need to be built. When we look with our
Speaker 1: CEO colleagues and Boston, we see the same thing. They
Speaker 1: see the same thing in New York. So there's a
Speaker 1: lot of demand for housing because of just the natural
Speaker 1: way things are working. And I will hold the housing
Speaker 1: market up. Now, was it growing pretty fast price wise? Yes?
Speaker 1: Well that slow down potentially, yes, But remember it's growing
Speaker 1: it three or four times and normal rate it usually
Speaker 1: grows a So I think everything ebbs and flows, and
Speaker 1: that's what the FED will try to work on cooling
Speaker 1: down with the rate hikes. But remember the underlying economic
Speaker 1: activities building those houses, and that still has a lot
Speaker 1: of room to go. Let's talk about inflation. How are
Speaker 1: you seeing that expressed in economic activity? I mean it
Speaker 1: can have expressial self in compressed margin ratios for companies,
Speaker 1: for example, even in demand to structure people buying less things.
Speaker 1: Are you seeing that We're not seeing people buy less
Speaker 1: things yet because frankly, because of some of the shortage,
Speaker 1: is any any price is fine, so they're willing to
Speaker 1: pay the price. The transaction volume of of our customers
Speaker 1: activities going up seven eight percent, the dollar volumes going
Speaker 1: up higher, and that that means if some of that's
Speaker 1: just price increases. So corporate world is making good profits.
Speaker 1: They're passing through when they can, and you're seeing that
Speaker 1: some of the corporate earnings, it will be a very
Speaker 1: interesting earning season. But they're out either handling the shortages
Speaker 1: and they're handling the inflation. It canick go on forever
Speaker 1: that way, and that's why the Fed has a job
Speaker 1: to bring the inflation back in line because that kind
Speaker 1: of spiral is not healthy. But it takes rapid movement
Speaker 1: to get more efficient and rapid movement to move price
Speaker 1: and then with more wages, people can pay the prices
Speaker 1: and doing the things. And that was Bank of America's
Speaker 1: CEO Brian moynihan speaking with Bloomberg's David Westing. You can
Speaker 1: catch their entire interview. We have it for your online
Speaker 1: at Bloomberg dot com Right now, SMP futures are moving higher.
Speaker 1: They're up thirty four points now features up two hundred
Speaker 1: four NASTACK futures up a hundred fifty seven points. The
Speaker 1: ten your Treasury is down eleven thirty seconds. The yield
Speaker 1: two point eight seven percent. Yield on the two year
Speaker 1: right now just shy of two point six two percent.
Speaker 1: Stay with us listening to Bloomberg Daybreak Bloomberg eleven three
Speaker 1: oh weather. More clouds than sun today, cool with highs
Speaker 1: in the upper fifties. Will be in the upper sixties
Speaker 1: tomorrow with sunshine partly sunny, low sixties for Saturday. Right
Speaker 1: now forty six in Central Park, Broadcasting live from the
Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg Eloving Freedom
Speaker 1: to Washington, d C. Bloomberg to Boston, Bloomberg one oh
Speaker 1: six one to San Francisco, Bloomberg Nome sixty to the country,
Speaker 1: Sirius xm Chan one nine and around the globe the
Speaker 1: Bloomberg Business in Bloomberg Radio dot com. This is Bloomberg Daybreak.
Speaker 1: It's five thirty on Wall Street. Good morning. I'm Nathan
Speaker 1: Hagar and I'm Ferre at Moscow we are just about
Speaker 1: four hours away from the open of US trading. Let's
Speaker 1: get you have to date on the news you need
Speaker 1: to know at this shower, we begin with the war
Speaker 1: in Ukraine, where Russian President Vladimir Putin says his country
Speaker 1: has taken control of a key poort city of Mario
Speaker 1: Pole as it continues it's offensive in the east and south.
Speaker 1: Ukraine's president vladimir's Lensky, he said the situation remains severe
Speaker 1: in Russia. Meanwhile, test fired a new intercontinental ballistic missile Wednesday.
Speaker 1: A day earlier, Pentagon spokesturce In John Kirby addressed the
Speaker 1: current status of Russia's nuclear weapons, arsenal and the defense
Speaker 1: capabilities of the US. We are actively monitoring every single
Speaker 1: day and even today. The Secretary remains comfortable that we
Speaker 1: have an appropriate strategic deterrent posture in place, and Pentagon
Speaker 1: spokesperson John Kirby released a statement Wednesday saying the US
Speaker 1: knew the missile test was happening and did not deem
Speaker 1: it a threat. Let's stay in Washington, Karen. The CDC
Speaker 1: has asked the Justice Department to appeal. A judge is
Speaker 1: ruling that throughout the mask requirement for planes and other
Speaker 1: public transportation that sets up a court battle over the decision.
Speaker 1: D o J said earlier this week it stood ready
Speaker 1: to appeal that. Turning to the economy now Federal Reserve
Speaker 1: chaired your own, Powell will speak publicly for the final
Speaker 1: time before the FEDS blackout period, which starts Friday at midnight.
Speaker 1: Powell may reinforce bets to FED will raise interest rates
Speaker 1: half a point next month. Powell will speak at an
Speaker 1: event Thursday before taking part in a panel hosted by
Speaker 1: the International Monetary Fund alongside several policymakers, including European Central
Speaker 1: Bank President Christine Lookard. Turning the market, Snowcare and shares
Speaker 1: of Tesla are up seven percent in early trading following
Speaker 1: a robust earnings report. Let's get the latest life from
Speaker 1: Bloomberg's Ornita Young. Good morning, Granita, Good morning Nathan. Tesla's
Speaker 1: reporting a record profit for Q one, boosted by strong
Speaker 1: demand for its electric vehicles and despite industry wide supply
Speaker 1: chain challenges for key components like semiconductors and higher prices.
Speaker 1: CEO Elon Musk says Tesla should be able to make
Speaker 1: up for any production shortfalls so to help mitigate the
Speaker 1: effect of all that the company has been raising vehicle
Speaker 1: prices and must predence predicts Tesla's on track to expand
Speaker 1: production by more than one point five million vehicles this year.
Speaker 1: That's compared with about nine thirty six thousand deliveries last year.
Speaker 1: Live in New York, I'm gonned a young Bloomberg daybreak.
Speaker 1: All right, we need it, thank you, And after reporting
Speaker 1: disappointing earnings, Netflix plunge to thirty percent Wednesday shares are
Speaker 1: currently down more than half percent in early trading. Futures
Speaker 1: are higher this morning right now. S and P futures
Speaker 1: are up thirty three points. Staff futures of a hundred
Speaker 1: three Nasdack futures up a hundred forty six. Hands straight
Speaker 1: to had your latest local headlines plus a check of sports.
Speaker 1: This is Bloomberg. Thanks Caring. Three on Wall Street, forty
Speaker 1: degrees in Central Park, still dealing with an overturned tractor
Speaker 1: trailer on the north bound New Jersey Turnpike. Gigs at
Speaker 1: seven A details coming up in traffic. First Michael Barr
Speaker 1: with more on what's going on in New York and
Speaker 1: around the world. Michael, thank you very much. Nathan, New
Speaker 1: Jersey begins legalized recreational pod sales today. Amy call of
Speaker 1: the a c l U says the law also has
Speaker 1: a reach back effect to when it used to be illegal.
Speaker 1: After decriminalization was signed into law, of our courts started
Speaker 1: the process of expunging over three D sixty marijuana related
Speaker 1: records for people across the state. Amy Cancello with the
Speaker 1: a c l U. Meanwhile, legal pot is off limits
Speaker 1: to police officers. With COVID cases spiking across the country
Speaker 1: and hospitalizations in the Northeast up by twenty five percent
Speaker 1: over the last seven days, New York is keeping its
Speaker 1: masked mandate in play at JFK and LaGuardia and on
Speaker 1: public transit. Governor Kathy Hocle we're not panicking about this.
Speaker 1: We're not changing, but we also want to make sure
Speaker 1: that we're heart so smart about this, Governor hole. A
Speaker 1: suspect is dead and a police officer critically injured in
Speaker 1: what police and Yonkers say it was a gun investigation
Speaker 1: arrest gone bad. Yonkers Police Commissioner John Muller said cops
Speaker 1: were following a lead when they are Three suspects ducked
Speaker 1: into a bodega when police followed them into the store.
Speaker 1: Mueller said is one tried to flee and shot the detective.
Speaker 1: He was shot once in the in the stomach. He
Speaker 1: has damaged to his uh colin, his intestines, and his kidneys.
Speaker 1: Commissioner Mueller says the suspect was shot and killed by
Speaker 1: another officer at the scene. The Florida Senate has passed
Speaker 1: bill to repeal the law allowing Walt Disney World to
Speaker 1: operate as a private government over its properties in the state.
Speaker 1: The Republican controlled chamber approved the bill, esculating a feud
Speaker 1: with the entertainment giant over its opposition to what critics
Speaker 1: call the Don't Say Again and law. The proposal could
Speaker 1: have huge tax implications for Disney, whose series of theme
Speaker 1: parks have over the decades transformed Orlando into one of
Speaker 1: the world's most popular tourist destinations. The Florida House of
Speaker 1: Representatives is expected to take up the bill. Today Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than journalists and analysts more
Speaker 1: than a hundred twenty countries. Michael Barr, this is Bloomberg Naken. Michael,
Speaker 1: thank you on Wall Street Time for the Bloomberg Sports Update.
Speaker 1: Here's John Stenshower. Thanks Nathan. The Nets coming home after
Speaker 1: two losses in Boston. They certainly could have won both games.
Speaker 1: Lost the series opener at the Buzzer and led game
Speaker 1: too by seventeen points, never trailed until the fourth quarter
Speaker 1: when the Celtics had a run of twenty three to
Speaker 1: four in Boston. Wanted one fourteen one oh seven. The
Speaker 1: Nets are not going to win when they're two stars
Speaker 1: struggle and Kevin Duran and Caybrie irving together in the
Speaker 1: second half shot one for seventeen. Katie also had a
Speaker 1: subpart Game one. He was asked how the Celtics aren't
Speaker 1: defending them playing two or three guys only sometimes on
Speaker 1: loft the ball, they you know, mocking up actions when
Speaker 1: I run. All stuff is, let's see Horford leaving his
Speaker 1: man to come over and hit me some time, and
Speaker 1: they're just playing two or three guys hit me and
Speaker 1: wherever I go, you know, And that's just the nature
Speaker 1: of the Beast. In the playoffs three Saturday night at Barkley's,
Speaker 1: Philadelphia won and overtime at Toronto to go up three nothing.
Speaker 1: Chicago won at Milwaukee to tie up that series. In
Speaker 1: the Bucks lost their second best player, Chris Middleton, to
Speaker 1: a knee injuring. Mets starting pitching has been so good.
Speaker 1: Not last night at City Field, Giants got to Chris Bassett,
Speaker 1: three first inning runs of Brandon Belle homer and the
Speaker 1: second Mets shutout until the seventh, and the Giants won
Speaker 1: five to two. Day game today, Yankees, having matinee in Detroit,
Speaker 1: Yanks go for the sweep. They won five to three,
Speaker 1: five strong, getting from Luis Severino home run for Anthony Rizzo,
Speaker 1: go ahead RBI single in the seventh by Isaiah kind
Speaker 1: Of Filefa Jay Wright. It's twenty two years ago left
Speaker 1: Hofstra for Villanova and then coached the Wildcats at two
Speaker 1: national championships, retiring at age sixty. Villanova is replacing right
Speaker 1: with Fordham coach Kyle Neptune, who until a year ago
Speaker 1: had been a right assistant at Villanova. John Stashward Bloomberg Sports,
Speaker 1: Thank you John seven on Wall Street time for the
Speaker 1: Tri State Business Report. Here's Bloomberg's head Cory. New York
Speaker 1: City residents at more than three thousand buildings can breathe
Speaker 1: a sigh of relief now that workers have struck a
Speaker 1: labor deal, ending the possibility of a strike. More than
Speaker 1: thirty thousand Dorman superintendents and other building employees have negotiated
Speaker 1: a new contract with the Realty Advisory Board on Labor Relations.
Speaker 1: A union bidding to represent Amazon workers at a New
Speaker 1: Jersey facility has withdrawn its request. Local seven thirteen of
Speaker 1: the International Brotherhood of Trade Unions filed the petition last
Speaker 1: week seeking to represent two workers in an Amazon delivery
Speaker 1: station in Bayonne. Two environmental bills are about to take
Speaker 1: effect in New Jersey, causing major changes in the way
Speaker 1: restaurants operate. A ban on plastic bags and foam containers
Speaker 1: and new regulations for takeout containers so forced restaurant owners
Speaker 1: to buy more expensive environmentally friendly products that you Bloomberg
Speaker 1: try State Business Report. I'm d Corey. Thanks on Wall Street.
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Speaker 1: On Steve Cootas got on Chenchen Wins in New York.
Speaker 1: We're talking about how it looks like there has never
Speaker 1: been a better time to be a graduating college student.
Speaker 1: Um Courtney Donahoe on CAERL Dan Dallas United Airlines as
Speaker 1: forecasting or returned to profit this year. It's more people fly.
Speaker 1: I'm kline had complete DAB digital radio in London. Or
Speaker 1: reports on Bois Johnson, who appears on track to lead
Speaker 1: his Conservative party at the next general election despite being
Speaker 1: the first sitting prime minister found to have broken the laws.
Speaker 1: I'm ad Corey on w A t AM in Cleveland.
Speaker 1: I'm reporting Abbey and formerly known as Polly One is
Speaker 1: buying DSM protective material. And those are some of the
Speaker 1: stories our twenty seven hundred Bloomberg journalists and analysts are
Speaker 1: working on this morning around the world. It's five thirty
Speaker 1: nine on Wall Street. The following is an editorial from
Speaker 1: Bloomberg Opinion. No one can doubt President Joe Biden's commitment
Speaker 1: to clean energy. Unfortunately, his agenda faces a challenge rarely
Speaker 1: mentioned by climate activists. Excessive regulation state and federal rules
Speaker 1: are impeding progress on crucial win nuclear and energy transmission projects.
Speaker 1: Such hold ups are more than a nuisance. They waste
Speaker 1: tax dollars, raise construction costs, and all too often discourage
Speaker 1: new ideas. Worse, by delaying the switch to cleaner alternatives,
Speaker 1: they only add to total greenhouse gas emissions. A government
Speaker 1: that views climate change as an existential threat in the
Speaker 1: present's words can't tolerate such gridlock. A zero carbon economy
Speaker 1: won't materialize by magic. It will take immense effort, foresight
Speaker 1: and fresh thinking a good place to start as this.
Speaker 1: When it comes to green energy, red tape is the enemy.
Speaker 1: This editorial was written by the Bloomberg Opinion Editorial Board.
Speaker 1: I'm David Shipley. For more Bloomberg Opinion place called to
Speaker 1: Bloomberg dot com, slash opinion or op and go on
Speaker 1: the Bloomberg terminal. These has been Bloomberg Opinion. You can
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Speaker 1: SMP futures up thirty points, staff futures up add eighty
Speaker 1: four Dastack futures are higher by a hunt at thirty
Speaker 1: two points. The tenure treasury is down down eleven thirty seconds.
Speaker 1: The yield two point eight seven percent yield on the
Speaker 1: two year two point six one TESLA shares continue to
Speaker 1: rise in the pre market, up six and a half
Speaker 1: percent after the positive quarter can Elon Musk keep it up, Dan,
Speaker 1: i'ves of wed Bush with us. Next. This is Bloomberg
Speaker 1: Bloomberg eleven three oh weather more clouds than sun today
Speaker 1: his near sixty degrees. We'll get up to near seventy
Speaker 1: tomorrow under sunshine. It will be partly sunny, low sixties
Speaker 1: for Saturday. Right now forty six degrees in Central Park markets.
Speaker 1: Headlines and breaking news twenty four hours a day at
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Speaker 1: Quick Tape. This is a Bloomberg Business flash and I'm
Speaker 1: Karen Moscow us Knock Index futures on the rise this
Speaker 1: morning as a strong start to the earnings reporting season
Speaker 1: eases fears a recession in the world's largest economy, a
Speaker 1: sell off in a Treasury's resuming with a debate ranging
Speaker 1: around whether inflation is peaking. And we checked the markets
Speaker 1: every fifteen minutes throughout the trading day on Bloomberg Guess
Speaker 1: and P futures up thirty points this morning. Down futures
Speaker 1: up a hundred eighties six Nasdack future is up a
Speaker 1: hundred thirty two the decks in Germany up one point
Speaker 1: to percent. Tenure treasury down nine thirty seconds, yield two
Speaker 1: point eight six percent. The yield on the two year
Speaker 1: two point six one percent. Name X screwed oils up
Speaker 1: one point two percent, up a dollar twenty three and
Speaker 1: a hundred three dollars forty two cents in barrel. And
Speaker 1: that's a Bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much. President of Vladimir Putin declared that
Speaker 1: Russia has seized Ukraine's Maryuple, even as his defense ministers
Speaker 1: said more than two thousand opposing troops remain hold up
Speaker 1: and an industrial complex in the strategic southern ports city.
Speaker 1: Putin and a televised meeting says taking control of such
Speaker 1: an important center in the South as Maruple is a success.
Speaker 1: In the NBA playoffs, the Celtics beat the Nets one
Speaker 1: four teen one O seven to take a two games
Speaker 1: to ZIP lead in their series. In MLB, the Yankees one,
Speaker 1: the Giants beat the Mets five to the Red Sox lost.
Speaker 1: The Orioles shut out the A's one ZIP in the NHL,
Speaker 1: the Capitol's lost to the Golden Knights. In overtime for
Speaker 1: three Global News twenty four hours a day on air
Speaker 1: and on Bloomberg Quick Take, powered by more than twenty
Speaker 1: seven hundred journalists and analysts more than twenty countries. Michael Barr,
Speaker 1: this is Bloomberg Naked. All right, Michael, thank you. It's
Speaker 1: five forty eight on Wall Street Live from the Bloomberg
Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak. And speaking of winners,
Speaker 1: how about Tesla up nearly seven percent in the pre
Speaker 1: market after the electric vehicle maker delivered record profit in
Speaker 1: the first quarter, even with supply chain issues and COVID
Speaker 1: in the way. Dan Ives is back with us this morning,
Speaker 1: Managing Director, senior equity analyst at Wedbush Securities. Dan, It's
Speaker 1: always great to talk with you about Tesla and tech.
Speaker 1: I know you've been bullish on Elon Musk company for
Speaker 1: some time and Tesla continue to power through the supply
Speaker 1: chain challenges. Well, me, I think that was the key.
Speaker 1: I mean, back was against the wall with the China shutdowns,
Speaker 1: logistics from the supply chain unprecedented, and he came through
Speaker 1: the billion dollar beat. I think it just shows the
Speaker 1: price increases, there's no impact in demand, and they're able
Speaker 1: to handle the supply chain basically better than any automaker
Speaker 1: in the world. And that's why this is doctor that's
Speaker 1: gonna be up by double digits today. But Dilon Musk,
Speaker 1: of course has been promising for some time to bring
Speaker 1: out lower priced models to try to get to more
Speaker 1: of the mass market. Is that going to be a
Speaker 1: headwind in the medium term. Look, it is a headwind
Speaker 1: when you think about from an overall demand perspective. A
Speaker 1: look right now, put in numbers, there's demand for a
Speaker 1: little over two million tests of vehicles. They can only
Speaker 1: produce that one point five millions, so so demands out
Speaker 1: strum and supply by now the biggest issue when talks
Speaker 1: about batteries and components. It's gone up about three to
Speaker 1: four thousand hours per car. They're passing that through. But
Speaker 1: no doubt, I mean that's something to get to lower
Speaker 1: priced cars, It's gonna be tough in the near term,
Speaker 1: just given these astronomical pricing creatures that we're seeing globally. Now,
Speaker 1: he heard me a lot of Musk and the call
Speaker 1: promising to meet that fifty annual growth target. If these
Speaker 1: price pressures continue, how's he going to be able to
Speaker 1: pull that off? Well, I think the big thing into that.
Speaker 1: But also it's the China shut You know, China has
Speaker 1: been shut down. That's their that's their hearts and lungs.
Speaker 1: Gigga Shang I've been shut down for three weeks. That's
Speaker 1: about fifty cars that won't be in too cute in
Speaker 1: terms of deliveries. They still are expected to meet fifty
Speaker 1: potentially six. You're gonna see a significant ramp in China,
Speaker 1: but also at Berlin and Austin now ramping. I think
Speaker 1: it just shows their flexing their muscles from a distribution
Speaker 1: perspective globally. But no doubt this China is the mean
Speaker 1: swing factor. When you look at these results relative to
Speaker 1: some of the fears, Cinderella like is how it call him? Now?
Speaker 1: We've been focused a lot, of course on the COVID overhang.
Speaker 1: Is there a potential geopolitical overhang, particularly when you think
Speaker 1: about the Giga factory in Berlin, which is very close,
Speaker 1: very affected by what's going on with the Russia situation. Yeah,
Speaker 1: I mean especially with Berlin. I mean that's what them
Speaker 1: getting a foothold in Europe is key and they've gone
Speaker 1: through a turn of red tape to get there. But
Speaker 1: of course when when you could heartbreaking situation Ukraine, I mean,
Speaker 1: Tessa is going to be impacted by that, just like
Speaker 1: they're impacted by the COVID issues in China. You know,
Speaker 1: I think right now investors are looking at those is
Speaker 1: almost transitory relative to the value of the company, because
Speaker 1: it's all about demand and the key if there's one
Speaker 1: head on the price increases as opposed to Netflix and others,
Speaker 1: the price increases or nine impact in demand, and that's
Speaker 1: key in terms of the investors digestion story. Today the
Speaker 1: time we have left and I want to get your
Speaker 1: thoughts on Netflix. Obviously the stock has been crushed since
Speaker 1: that subscriber loss. I wonder if you think the sell
Speaker 1: off may be overdone, Well, we don't. I mean, I
Speaker 1: think it's to catch a fallen knife situation, because you know,
Speaker 1: right now the clock stock twelve. In terms of the
Speaker 1: growth story, screaming, competition increasing, they got hubers in terms
Speaker 1: of price increases, and it was a dog eate the
Speaker 1: homework excuse in terms of you know, passwords being used
Speaker 1: across the board. But I think it's a bi for
Speaker 1: kid tactape. Netflix is on the wrong side of this.
Speaker 1: You looking names like Apple, Microsoft, Google, among others in
Speaker 1: tech and enterprise, Netflix is a name that I continue
Speaker 1: to think the multiple trade weller and uh as you mentioned,
Speaker 1: we do have some of those other big tech names
Speaker 1: reporting next week, including Apple, Microsoft, and Amazon on Are
Speaker 1: you still bullish on those names. Yeah, I think it's
Speaker 1: a have and have nots in tech, enterprise focused names,
Speaker 1: product driven names like Apple, those are names are going
Speaker 1: to contain my opinion, continue to move higher. But the
Speaker 1: work from home post her Child's where growth have really
Speaker 1: got pulled forward. Some of the e commerce names, those
Speaker 1: names are going to fade. Amazon Cloud continues to be
Speaker 1: the story. They're just like Microsoft. And I believe overall
Speaker 1: tech is going to be a very solid earning season,
Speaker 1: and I think it's gonna get cattast with tech stocks
Speaker 1: and move higher. Just about a minute left here, Dan,
Speaker 1: just to bring it back to Tesla and Elon Musk,
Speaker 1: do you think the Twitter buy out effort is going
Speaker 1: to be a distraction when it comes to Tesla? For
Speaker 1: Elon Musk, I think that's been a perception. How to
Speaker 1: juggle so many balls between this SpaceX as well as Twitter.
Speaker 1: There was also worries just how you're gonna pay for it,
Speaker 1: because there was some that thought he'd sell a sock.
Speaker 1: He's gonna collapse, generalizes stock in terms of the learn book.
Speaker 1: This is a game of thrones with Twitter, you know,
Speaker 1: and I think you know this is just getting started.
Speaker 1: They'll likely be probably a tender offer, could be a
Speaker 1: competing bid. But I think what we saw last night
Speaker 1: is a focused musk, probably the more mature one that
Speaker 1: I've seen on these conference calls, and I think that
Speaker 1: was important at a time my investors where he's getting destructed.
Speaker 1: Always great getting your thoughts down. Thanks Dan Ives, senior
Speaker 1: equity analyst the web Bush Securities, Karen, Great, Nathan, thank you,
Speaker 1: And it is five or fifty four on Wall Street.
Speaker 1: Time for a legal story we're following this morning. Well,
Speaker 1: on Monday, a federal judge in Florida revoked the national
Speaker 1: mask mandate for travel with a nationwide injunction. Now, the
Speaker 1: US Justice Department says it will appeal that ruling following
Speaker 1: a request from the CDC. This sets up a likely
Speaker 1: court battle that could extend past the mid term elections.
Speaker 1: For more, Bloomberg stun Grosso space to Robert Field, a
Speaker 1: professor of law and public policy and management at Drexel University,
Speaker 1: and like you to start just by giving your general
Speaker 1: reaction to the decision. I think that it misses the
Speaker 1: mark by a mile. There are two grounds on which
Speaker 1: the judge struck down the mask mandate. One was that
Speaker 1: it exceeds c d c's authority, and the statute says
Speaker 1: it can impose measures like sanitation and other measures that
Speaker 1: it deems necessary in the face of an infectious emergency.
Speaker 1: To say that masking is not a form of sanitation
Speaker 1: is to obliterate the meaning of the term keeping germs
Speaker 1: away from people a sanitation. That's why we have clean
Speaker 1: water sewage operations. And even if it isn't sanitation, it
Speaker 1: would be a measure that CDC believes is necessary to
Speaker 1: find a national emergency. A lot of the analysis has
Speaker 1: revolved around her interpretation of the word sanitation, which you mentioned.
Speaker 1: She said your two competing senses, and that the words
Speaker 1: meaning must be limited to measures that clean something, not
Speaker 1: ones that keep something clean. And she used the dictionary. Yeah, well,
Speaker 1: there are a lot of dictionaries and you can often
Speaker 1: pick and choose. I think the common meaning in public
Speaker 1: health and medical circles is to eliminate a health threat,
Speaker 1: whether it's micro organisms or a toxin or a dangerous chemical,
Speaker 1: and to keep that away from people who could be exposed.
Speaker 1: Is sanitation. Whether it's preventing new exposure to the agent
Speaker 1: or whether it's just maintaining prevention of the agent, I
Speaker 1: don't really see what the distinction is. It seems like
Speaker 1: a tortured distinction. Now, to add to the confusion, the
Speaker 1: Justice Department said it plans to appeal the ruling. They're
Speaker 1: in a tough spot right now, sort of damned if
Speaker 1: you do, then if you don't. If they don't appeal,
Speaker 1: then the mandate is gone. And this ruling is out there.
Speaker 1: It's at a lower court level, so it's not a precedent,
Speaker 1: but it is still out there for another judge to
Speaker 1: refer to. And as Robert Field of Direct the University,
Speaker 1: speaking at the Bloomberg's June Grosso, catch more of that
Speaker 1: interview plus analysis of the latest legal news by listening
Speaker 1: to The Bloomberg Law Show at ten pm Eastern Time
Speaker 1: or subscribing to the Bloomberg Law Podcast. And attorneys can
Speaker 1: find exceptional legal research and business development tools at Bloomberg
Speaker 1: Law dot com. Futures this morning are on the rise.
Speaker 1: SNP futures up thirty points, now futures up a hundred
Speaker 1: eighty eight, nasday futures up one hundred thirty one, and
Speaker 1: our top stories are straight ahead as Bloomberg Daybreak continues.
Speaker 1: This is Bloomberg