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Speaker 1: Markets, headlines and breaking news twenty four hours a day

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Speaker 1: at Bloomberg dot Com, The Bloomberg Business at Hand At

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Speaker 1: Bloomberg Quick Tape, Chris is a Bloombern business lash and

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Speaker 1: I'm Karen. Moscow Future is on the rise this morning.

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Speaker 1: SMP future is up about seven points or two tens

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Speaker 1: of upper sent down futures of eighty one or a

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Speaker 1: quarter percent, and NAS day futures up about two tens

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Speaker 1: of upper cent or nineteen points. Attacks in Germany's up

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Speaker 1: two tenths of a percent. Ten year treasury on eight

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Speaker 1: thirty seconds, he'll three point seven zero percent. They yield

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Speaker 1: on the two year four point to eight percent. Nine

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Speaker 1: max Screwed oil is up two point four percent of

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Speaker 1: a dollar eighty three at seventy nine dollars thirty two

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Speaker 1: cents of barrel comex gold up six tens percent or

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Speaker 1: ten dollar sixty cents at eighteen oh five ninety announced

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Speaker 1: the euro one point oh six one two against the dollar,

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Speaker 1: British found one point two zero six seven the ends

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Speaker 1: a one thirty two point seven three, and Bitcoin is

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Speaker 1: up a third of a percent at about sixteen thousand,

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Speaker 1: eight hundred fifty dollars and that's of Bloomberg Business Flash,

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Speaker 1: Nathan Karen, thank you to six fifty six on Wall Street.

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Speaker 1: Bloomberg surveillances straight ahead. First, let's look under these games

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Speaker 1: we're seeing in the futures contract. Some of the pre

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Speaker 1: market movers were joined now by Bloomberg Equities reporters Sagreka,

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Speaker 1: Jason Ghani, Sagrica. Good morning, got to start with Tesla.

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Speaker 1: Are investors buying now that Elon Musk says he's stunned selling?

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Speaker 1: Good morning, Nathan, and thank you for having me. That's right.

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Speaker 1: Elon Musk is back in focus this morning as you

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Speaker 1: sat first time. It's with Tesla, which is dating a

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Speaker 1: premarket shading. It's about it's up about a descent at

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Speaker 1: the moment after Musk said he isn't planning to say

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Speaker 1: any motions in the company for two years. Just to

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Speaker 1: put that into context. Musk has sold about forty billion

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Speaker 1: dollars of stock this year, mainly to find his takeover

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Speaker 1: of Twitter and after being one of the out performers

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Speaker 1: in the post COVID stalking about recovery, Tessa shares a

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Speaker 1: dan about sixty four pc this year. UM investors just

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Speaker 1: this week have raised concerns that the Twitter takeover could

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Speaker 1: distract Musk from Tesla at a time when the demand

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Speaker 1: for electric vehicles is already slowing. So it will also

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Speaker 1: be interesting to see if Mask keeps his word this time,

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Speaker 1: as he has said previously that he would stop selling shares,

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Speaker 1: but then he just went on to sell more. Yeah,

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Speaker 1: it was interesting as well, to say, a pretty big

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Speaker 1: move in one of the favorites this year for retail traders,

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Speaker 1: AMC Entertainment. They came out with that plan to convert

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Speaker 1: preferred equity and the shares dropped a pretty significantly yesterday.

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Speaker 1: How's AMC doing this morning? That's right, it's it's down

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Speaker 1: about seven percent again this morning. Um so, as you said,

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Speaker 1: MC which of course operates the world's largest movies see

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Speaker 1: at the chain. So it looks like it's set for

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Speaker 1: another day of declines after it proposed yesterday that it

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Speaker 1: would convert preferred equity units into common shares. The main

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Speaker 1: UH motive for that is to avoid becoming a penny stock,

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Speaker 1: and the company is seeking a special share hole they're

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Speaker 1: needing to vote on the board proposals. Now, the show

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Speaker 1: has had tumbled about two yesterday at one point, but

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Speaker 1: it is. Uh. It's worthy of noting that they did

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Speaker 1: pare a lot of that at the time they closed,

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Speaker 1: so it could go either way today. So you're watching

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Speaker 1: another name that's moving on earnings this morning. You're making

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Speaker 1: me hungry Sagrica with this report on Mission Produce, the

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Speaker 1: avocado supplier absolutely always um, you know, breakfast hab which

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Speaker 1: is called to us as all those things, and Mission

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Speaker 1: Produce isn't moving yet this morning, but it did slump

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Speaker 1: about thirteen percent after the closing bell yesterday when the

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Speaker 1: company reported disappointing results for the fourth quarter, and it

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Speaker 1: has also forecast little pricing in the first quarter on

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Speaker 1: a sequential basis. However, in a bright spot, it did

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Speaker 1: say that the industry is expecting volumes to be higher

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Speaker 1: in the next quarter, primarily due to expectations for a

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Speaker 1: larger Mexican harvest. All right, So, Jyson Ghani, Bloomberg Equities reporter,

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Speaker 1: thanks for this. Really appreciate you having having you on

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Speaker 1: with us this morning. Looking ahead to the market, open

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Speaker 1: futures are moving higher, SMP futures of five points, staff

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Speaker 1: futures up seventy one, and NASAC features are on the

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Speaker 1: rise right now. By thirteen points ten. Your treasuries down

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Speaker 1: seven thirty seconds, yield three point seven per cent. This

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Speaker 1: is Bloomberg Daybreak. I'm Nathan Hagar along with Karen Moscow.

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Speaker 1: Bloomberg Surveillance starts right now by from the financial capital

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Speaker 1: of the world, broadcasting across the globe. This is w BBR,

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Speaker 1: New York, Bloomberg. He Living Foe. This is the most expected,

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Speaker 1: most anticipated procession ever. Markets headlines and breaking news twenty

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Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg

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Speaker 1: Business at and at Bloomberg Quick Tape. He's a Bloomberg

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Speaker 1: Business Lange and I'm Karen Moscow. And futures around the

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Speaker 1: rise this morning. Let's go to the first word breaking

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Speaker 1: news dance for today's morning call. And here's Bill Maloney. Bill,

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Speaker 1: good morning, Hey, Good morning, Karen. A modest bounce in

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Speaker 1: the futures. Fuys today sell UF with dout futures up

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Speaker 1: eighty two points, supes gained seven and nastic futures rise

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Speaker 1: by two. The US ten year old at three point

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Speaker 1: seven percent, Gold is hired by five, Oil is in

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Speaker 1: the green, and bitcoin is trading little change. Japan fell

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Speaker 1: one overnight, while up markets are quiet. This morning, and

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Speaker 1: back in the US on the economic Frinday at thirty

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Speaker 1: pc to flatter and durable goods orders and at ten

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Speaker 1: o'clock Michigan sentiment and new home sales. You know the news.

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Speaker 1: Elon musk vow to stop selling Tesla shares for the

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Speaker 1: next two years, and Facebook agreeds to pay seven twenty

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Speaker 1: five million over the Cambridge Analytical Analytica scandal. Wrapping things up,

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Speaker 1: Charlotte was upgraded to equate Rrett Wells Fargo Live from

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Speaker 1: the first breaking news discon fill Maloney care fret bill.

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Speaker 1: Thanks to dear live breaking news. O your Bloomberg types,

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Speaker 1: squawk on your terminal SCU a w K and that's

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Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more

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Speaker 1: on what's going on around the world. Michael Karen, thank

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Speaker 1: you very much. Frigid air making its way east across

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Speaker 1: the US, with several states issuing blizzard warnings, metrologists warning

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Speaker 1: the conditions could create bomb cyclone conditions and spots whether

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Speaker 1: it's also caused widespread travel disruptions. The Senate passed one

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Speaker 1: point seven trillion dollars spending bill yesterday in an effort

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Speaker 1: to stop a government shutdown. The bill now heads to

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Speaker 1: the House, where it is expected to pass. In the NFL,

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Speaker 1: the Jets lost to the Jaguars. In the NHL, the

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Speaker 1: Islanders beat the Rangers five three the Bruins one. In

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Speaker 1: the NBA, the Wizards lost. Global News twenty four hours

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Speaker 1: a day on air and on Bloomberg Quicktake, powered by

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Speaker 1: more than twenty seven hundred journalist analysts in more than

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Speaker 1: a hundred twenty countries. I'm Michael, This is Bloomberg. Karen,

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Speaker 1: all right, Michael Bart, thank you. At six forty two

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Speaker 1: on Wall Street, we turned to news and science and

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Speaker 1: technology now with the Bloomberg and j I T stem Reboard,

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Speaker 1: and here's what's making news and science, technology, engineering, and math.

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Speaker 1: Bion Tech has begun human trials on a vaccine for malaria.

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Speaker 1: It's a fresh test for the messenger RNA technology that

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Speaker 1: powered the most successful immunizations against COVID nineteen. The first

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Speaker 1: patient was dosed two days ago. In the phase one

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Speaker 1: study will enroll sixty patients and use three different doses

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Speaker 1: for a single vaccine candidate. According to bion Tech CEO

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Speaker 1: Wahwei has secured an extension to a patent licensing deal

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Speaker 1: with Nokia, suggesting the Chinese company continues to lead in

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Speaker 1: networking technology. The announcement indicates appetite for access to Wahwei's

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Speaker 1: next generation telecom patents remains strong. That's in spite of

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Speaker 1: US accusations the Chinese giant poses a threat to national

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Speaker 1: security and in massive final stage trials under way at ELI,

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Speaker 1: Lilly and a side researchers planned to test brain plaque

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Speaker 1: removing drugs on thousands of healthy adults. Now the hope

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Speaker 1: is to stave off cognitive decline before it begins, or

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Speaker 1: at least delay it. And it's an ethic drug makers

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Speaker 1: are testing in hopes of stopping Alzheimer's before it starts.

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Speaker 1: That's really one to watch, Nathan Heger, that's the Yeah,

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Speaker 1: it's a bloomberg nj I t STEM report that could

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Speaker 1: be a remarkable breakthrough if it goes through. It's something

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Speaker 1: that I know that the Alzheimer's patients have been waiting

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Speaker 1: for for years. Thank you for this, Karen. We're coming

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Speaker 1: up too on Wall Street and it's time now to

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Speaker 1: check what's going on in DC. Hardly a sleepy December

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Speaker 1: in the nation's capital. The January sixth Committee just dropped

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Speaker 1: its final report, and it blasts former President Donald Trump

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Speaker 1: for the capital assault. Also making news a giant funding

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Speaker 1: bill passing the U. S. Senate Ukraine aid and election fix.

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Speaker 1: No new COVID funds though in this legislation, and President

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Speaker 1: Biden targeting Russian mercenaries the latest round of sanctions over

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Speaker 1: the war in Ukraine bloom for government. Reporter Emily Wilkins

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Speaker 1: is taking some time away from pouring through the January

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Speaker 1: six report to give us an idea of what's in it. Emily,

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Speaker 1: good morning. I guess the big takeaway is that for

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Speaker 1: this committee, blame for the insurrection comes down to one man,

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Speaker 1: Donald Trump. Yeah, that's been the committee's feeds us all along.

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Speaker 1: And now the Committee is saying that they need to

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Speaker 1: Congress brother needs to move to make sure that Trump

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Speaker 1: cannot be president again, that the others involved with the

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Speaker 1: January six insurrection also cannot hold any sort of government

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Speaker 1: office or military office. Um. This comes uh as the

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Speaker 1: report basically summarizes a lot of what we saw the

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Speaker 1: Committee already discussed in their last several hearings, but we

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Speaker 1: have gotten a couple of new details, such as the

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Speaker 1: fact that the Trump campaign tried to contact nearly two

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Speaker 1: hundred state legislatures to get support for state level action

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Speaker 1: on overturning election results. That includes lawmakers and the key

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Speaker 1: states of Pennsylvania and Michigan. UM. So, really just the

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Speaker 1: report is just sort of capping off a lot of

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Speaker 1: what we've already heard and seen from the committee. Um

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Speaker 1: just in terms of really the solidifying that recommendation that

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Speaker 1: Trump not be allowed to hold public elected office. Again,

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Speaker 1: what do you expect happens now? Emily, This committee has

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Speaker 1: been meeting holding hearings for more than a year and

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Speaker 1: a half. Now it's come out with its final report.

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Speaker 1: But as you know, the committee is going to be

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Speaker 1: disbanded in the next couple of weeks here when the

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Speaker 1: new Congress comes in. The ball is really really now

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Speaker 1: in the Justice Department's court. They've also been looking into

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Speaker 1: and investigating, uh, what's what happened with the insurrection as

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Speaker 1: well as Trump's attempts to overturn the election. Remember they

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Speaker 1: hired that special counsel to try and make it a

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Speaker 1: little less politicized as well. Uh, And so we're going

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Speaker 1: to just be wait waiting for them to see what

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Speaker 1: their results are. We know that investigation is underway that

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Speaker 1: they're seeking documents and a lot of what we are

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Speaker 1: seen in this January six Committee report that's going to

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Speaker 1: be going towards the Justice Department and towards their investigation.

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Speaker 1: So the fact that we have all these transcripts out now,

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Speaker 1: all these text message that the Committee has really released

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Speaker 1: their trope of data. A lot of that is going

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Speaker 1: to go now toward the Justice departments that own investigation.

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Speaker 1: What about the recommendations that are coming out of this

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Speaker 1: report from the Bloomberg reporting on the terminal, there's a

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Speaker 1: lot of detail, a lot of summarizing of what happened

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Speaker 1: during the insurrection, But when it comes to what comes

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Speaker 1: next from what this committee is recommending, it seems as

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Speaker 1: though it's a little bit vague, a little bit, a

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Speaker 1: little bit thin when it comes to what the committee

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Speaker 1: wants to see. Well, for a certain part, with the committee,

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Speaker 1: they're limited in what they can do, right, I mean,

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Speaker 1: they're not able to pass legislation, they're not able to

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Speaker 1: actually bring charges against someone. What the committee, and what

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Speaker 1: you've really heard from lawmakers who sat on it from

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Speaker 1: the beginning have said is that they really want to

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Speaker 1: make sure that they are doing a thorough investigation into

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Speaker 1: what happened there see themselves as writing sort of like

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Speaker 1: a comphensive, drafted history of exactly what happened in the

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Speaker 1: lead up to January six and on January six, and

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Speaker 1: that's what they really reframed their efforts. As there was

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Speaker 1: debate among the committee as to whether do any sort

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Speaker 1: of criminal referral to what to refer they wound up

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Speaker 1: with four charges more we're discussed, um So, I think

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Speaker 1: we're sort of seeing the limits of the of the

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Speaker 1: committee's power right now and exactly what they're going to

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Speaker 1: do going forward, because you're right, Nathan, I mean they're

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Speaker 1: going to disband and Republicans are are you know, if anything,

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Speaker 1: they're going to set up a committee to investigate the

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Speaker 1: January six Committee, but we're not going to see a

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Speaker 1: lot of these investigative efforts next Congress. Kind of about

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Speaker 1: a minute or so left here, Emily and I guess

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Speaker 1: the final act of this Congress is to pass a

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Speaker 1: massive spending bill. It got a bipartisan vote in the

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Speaker 1: Senate last night. What are we expecting out of the House.

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Speaker 1: It's all just a matter of process now, Nathan. We

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Speaker 1: are expecting the House to pass that of course Democrats

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Speaker 1: have the votes. We saw a couple of Republicans as

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Speaker 1: well being supportive of the week long extension to get

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Speaker 1: us to this point. Um, we are. We do know

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Speaker 1: that this isn't going to get the same level of

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Speaker 1: bipartisan support that it got over in the Senate. Republicans

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Speaker 1: have been really strongly whipping against this bill. Um, including

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Speaker 1: the House Minority Leader Kevin McCarthy, who's said to become

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Speaker 1: speaker next year but has a handful of Republican colleagues

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Speaker 1: who are saying, you know, we're not too sure. We're

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Speaker 1: concerned about spending, So this will be it's a chance

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Speaker 1: for Kevin McCarthy to try to show his members that

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Speaker 1: he is serious about cutting spending. But at the same point,

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Speaker 1: there's every indication that this bill is going to pass.

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Speaker 1: The only reason that has it yet is because there's

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Speaker 1: a whole network of processes of procedures that have to

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Speaker 1: go on and they just weren't able to get those

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Speaker 1: done by Thursday, and so that's why we're coming back today.

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Speaker 1: But the House is very much expected to pass this

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Speaker 1: one point seven trillion government funding bill. Yeah, I'm sure

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Speaker 1: they want to do it in a hurry. Before the

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Speaker 1: temperatures get really really cold and a big winter storm heads.

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Speaker 1: Washington's very worried about. Yeah, I would imagine so. Emily

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Speaker 1: Wilkins of Bloomberg Government, as always, thanks for keeping us

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Speaker 1: up to speed on what's happening in the nation's capital.

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Speaker 1: Hope you and yours have a very happy holiday, and

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Speaker 1: we'll talk again in the new year. Bloomberg Government's Emily

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Speaker 1: Wilkins with us this morning. Read more at Bloomberg dot

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Speaker 1: com or on the Bloomberg terminal, where you can find

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Speaker 1: a link to the January six report as well, and

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Speaker 1: follow all the latest on Bloomberg Radio in Washington Bloomberg

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Speaker 1: and one oh five point seven FM HD two SFP

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Speaker 1: futures are highered now by seven points staff futures of

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Speaker 1: eighty three NASDAC futures on the rise by twenty six

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Speaker 1: points ten. Your treasuries down eight thirty seconds, yield three

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Speaker 1: point seven zero percent, and the yield on the two

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Speaker 1: year right now four point to eight per cent. Check bitcoin,

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Speaker 1: it's up three tenths per cent, six fifty. This is

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Speaker 1: Bloomberg Markets, headlines and breaking news twenty four hours a

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Speaker 1: day at Bloomberg dot com. Bl Bloomberg Business at and

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Speaker 1: at Bloomberg Quick Tape, She's a Bloomburn Business Flash and

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Speaker 1: I'm Karen Moscow. US Dock Index futures are a higher

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Speaker 1: ahead of inflation data do out later this morning. We

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Speaker 1: checked the markets all day long here on Bloomberg, with

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Speaker 1: SNP futures up twelve points or three tens of uppercent.

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Speaker 1: Dow and Nastack future is both also up three tens

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Speaker 1: of uppercent, but down features up a hundred fifteen points

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Speaker 1: and Nastack features up thirty six. The decks in Germany's

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Speaker 1: up about four tens of a percent. Ten year treasury

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Speaker 1: down nine thirty seconds. He'll three point seven one percent.

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Speaker 1: They yield on the two year four point to nine percent.

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Speaker 1: Nimex screwed oil is up one point eight percent of

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Speaker 1: a dollar thirty five at seventy eight dollars eighty six

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Speaker 1: cents of barrel called MIxS gold up six tens percent

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Speaker 1: or eleven dollars fifty cents, and eighteen o six eighty

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Speaker 1: announced the Euro one point six two five against the dollar,

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Speaker 1: British pound one point two zero eight seven. They had

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Speaker 1: one thirty two point six seven and bitcoins up three

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Speaker 1: tens of percent at about sixteen thousand, eight hundred fifty dollars.

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Speaker 1: Investors will be focused on the core PC to fla

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Speaker 1: eater today. It's a key inflation measure track by the Fed.

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Speaker 1: Saturday Wall Street Town, along with personal income and spending

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Speaker 1: in direble goods, orders on new home sales, and consumer

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Speaker 1: sentiment arount of ten and that's a Bloomberg business flash.

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Speaker 1: Now here's Michael Barr with Moore on what's going on

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Speaker 1: around the world. Michael, Karen, thank you very much. A

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Speaker 1: Winders storm has caused thousands of flight cancelations amid one

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Speaker 1: of the most treacherous holiday travel seasons in the nation

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Speaker 1: that has ever been in decades. The House committee investigating

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Speaker 1: the January sixth attack on the U. S. Capitol delivered

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Speaker 1: a scathing report, and its released yesterday. I blame one man,

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Speaker 1: former President Donald Trump, for inciting violence to try and

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Speaker 1: hold onto power. The Senate passed one point seven trillion

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Speaker 1: dollars spending bill in an effort to stop a government shutdown.

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Speaker 1: In the NFL, it looks like New York's Gang Green

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Speaker 1: suffered from jet jag. The Jets lost to the Jaguars

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Speaker 1: nine three. The NHL, the Islanders beat the Rangers, the

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Speaker 1: Bruins one NBA of the Wizard's loss. Global news twenty

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Speaker 1: four hours a day on air, end on Bloomberg Quick Take,

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Speaker 1: powered by more than twenty seven journalists and analysts more

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Speaker 1: than a hundred twenty countries. Michael Barr, this is Bloomberg, Nathan,

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Speaker 1: Thank you, Michael. We're coming up to six twenty four

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Speaker 1: on Wall Street. I'm Nathan Hagar. This is Bloomberg Daybreak.

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Speaker 1: And later today, the House takes its final action of

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Speaker 1: the year, one point seven trillion dollars spending bill that

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Speaker 1: includes billions at eight to Ukraine. The Senate passed it

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Speaker 1: on a bipartisan vote last night, a day after Ukrainian

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Speaker 1: President Voladivir Zelenski came to Washington addressing Congress in his

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Speaker 1: first trip outside his war torn country since the Russian

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Speaker 1: invasion began. And for more on what the speech meant

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Speaker 1: to lawmakers, Bloomberg's Joe Matthew spoke with former Ambassador to

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Speaker 1: Poland Daniel Freed, that speech brought home to a lot

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Speaker 1: of members of Congress that this is a real war

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Speaker 1: and the Ukrainians are fighting back. Zelenski symbolizes their resistance,

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Speaker 1: and those kind of human moments make a difference. I

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Speaker 1: remember when luck Lewenza spoke to Congress in uh they

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Speaker 1: increased US assists for Poland right at the beginning of

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Speaker 1: its transformation. Now communism has already gone when Valencia is here,

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Speaker 1: and the fighting is still raging in Ukraine. But speeches

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Speaker 1: like this by leaders who symbolize resistance, or Winston Churchill

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Speaker 1: coming to Washington right after Pearl Harbor, so those are

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Speaker 1: fair comparisons. In Yeah, well, I think I think it's fair.

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Speaker 1: This is a big war. Plutins started a major land

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Speaker 1: war in Europe. We haven't seen this in Europe since

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Speaker 1: nine and it's a war of conquest. So you bet

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Speaker 1: it's a big deal. And American interests are at stake

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Speaker 1: there at stake now in Ukraine, the same way we

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Speaker 1: had interests at stake in Europe during World War Two,

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Speaker 1: and for the same reason. By the way, the one

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Speaker 1: sentence is it's not an American interest to have dictators

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Speaker 1: trampling other countries in Europe. It's not in the American interest.

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Speaker 1: Rose Republicans were in the chamber for the speech. We

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Speaker 1: know that there were several of them, not applauding or

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Speaker 1: or standing for the ovations. Ambassador, what's your thought on that?

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Speaker 1: What would be your message to them? Well, what would

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Speaker 1: Ronald Reagan say? He'd be applauding a fighter for freedom.

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Speaker 1: He believed in in those fighting for freedom. He didn't

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Speaker 1: believe in caving to dictators. And I do understand the

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Speaker 1: calls for a good accounting of the money that we've

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Speaker 1: been spending on behalf of the Ukrainians, and I think

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Speaker 1: the Biden administration is ready to answer those questions. But

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Speaker 1: for some it's not what Some Republicans of minority, thank goodness,

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Speaker 1: I think it's not in the American interest, or a

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Speaker 1: few are even on Putin side, which is simply revolting.

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Speaker 1: Do you believe that money has been spent wisely? I

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Speaker 1: think so, and I think that Ukraine's resistance has been

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Speaker 1: made possible by the weapons that the Americans have sent.

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Speaker 1: That we have sent. That's a good investment. You're investing

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Speaker 1: in freedom and investing in showing a dictator that's Vladim

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Speaker 1: imputinent that he's not gonna win, and Americans should consider.

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Speaker 1: Suppose the Ukrainians win, that's a big deal. And that's

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Speaker 1: former Ambassador to Poland. Daniel Freed speaking with Joe Matthew

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Speaker 1: on Bloomberg Sound On. You can catch the show weeknights

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Speaker 1: at five pm Wall Street Time on Bloomberg Radio, or

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Speaker 1: you can download the show listen to it any time

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Speaker 1: wherever you get your podcast. We have your top stories

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Speaker 1: of the morning, local headlines of the check of markets. Next, first,

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Speaker 1: the holiday weekend weather forecast rain Taper's office and scattered

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Speaker 1: showers that will be windy today. Temperatures will drop from

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Speaker 1: the fifties into the thirties. We have a wind advisory

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Speaker 1: in effect of the Tri State area through ten pm,

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Speaker 1: partially clearing breeze the overnight, the windside down a bit

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Speaker 1: those overnight ten to fifteen Tomorrow partly the mostly sunny

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Speaker 1: at times it's breezy, cold heghty twenty five, clear, breezy

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Speaker 1: Christmas Eve, and sunny Christmas Day to thirty. I'm Rob

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Speaker 1: Caroline with your three day forecast on Bloomberg eleven three

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Speaker 1: oh broadcasting live from the Bloomberg Interactive Broker's studio in

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Speaker 1: New York, Bloomberg eving for you to Washington, d C,

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Speaker 1: Bloomberg nine one to Boston Bloomberg one O six one

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Speaker 1: to San Francisco, Bloomberg Non sixteen to the country, Sirius

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Speaker 1: XM Cho one nineteen and around the globe, the Bloomberg

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Speaker 1: Business app and Bloomberg Radio dot Com. This is Bloomberg Daybreak,

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Speaker 1: coming up to six thirty on Wall Street. Good morning,

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Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We are just

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Speaker 1: about three hours away from the open of US trading.

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Speaker 1: It's time for the five things you need to notice

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Speaker 1: start your day, Brought to you by Innovation Refunds. Your

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Speaker 1: business may be eligible to us a payroll tax refund.

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Speaker 1: The application takes around eight minutes eight minutes or less

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Speaker 1: to see if you're small to medium sized business may

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00:22:08,119 --> 00:22:10,600
Speaker 1: be eligible for a refund of up to twenty six

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Speaker 1: thousand dollars per employee kept on the payroll during the pandemic.

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Speaker 1: Find out I'd get refunds. Dot Com First. US futures

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Speaker 1: are higher after stocks snapped at three day winning streaking yesterday.

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Speaker 1: Tech stocks in particular are on course for their worst

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Speaker 1: December since the dot com bubble burst. Now Moura's head

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Speaker 1: of process at Strategies, Matthew Rowe, believes there'll be one

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Speaker 1: trade in particular that will cause investors some pain next year.

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Speaker 1: I think it's growth stocks. I mean I think when

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Speaker 1: you look at you know, with interest rates in zero,

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Speaker 1: the present value of anything is equal to what it

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Speaker 1: will be in the future, um as a discounting function.

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Speaker 1: When you start to take rates up, especially for nonprofitable companies,

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Speaker 1: that gets pretty ugly from a fundamental perspective. Matthew Rowe

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Speaker 1: with no Morris says the broader take downturn is a

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Speaker 1: sign of a market shrend that could continue into and

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Speaker 1: investors will have some more economic data to the jest Karen,

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Speaker 1: But for the holiday weekend, we get the latest greeting

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Speaker 1: on consumer spending at eight thirty Wall Street time. Then

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Speaker 1: attend the University of Michigan Consumer Sentiment Index. Alright, And meanwhile,

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Speaker 1: and Shina Nathan, we're learning this morning nearly thirty seven

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Speaker 1: million people may have been infective at COVID nineteen on

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Speaker 1: a single day this week, according to estimates from the

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Speaker 1: government's top health authority, making the country's outbreak by far

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Speaker 1: the world's largest. Comes on the heels of a complete

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Speaker 1: reversal in the country strict COVID zero policy. Turning to

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Speaker 1: Tesla now after offloading a massive sum of shares this year.

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Speaker 1: The CEO, Elon Musk, says he will not be selling

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Speaker 1: shares for a while. Bloomberg Steve Rappaport joins US Live, Steve,

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Speaker 1: Good Morning, Nathan and Karen. Shares of Tesla climbed as

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Speaker 1: much as three and a half percent in pre market

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Speaker 1: trading after Elon Musk said he's done offloading for now.

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Speaker 1: I'm not selling any stock for I don't know. Quote

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Speaker 1: a minimum eighteens and twenty four months, so you can

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Speaker 1: count on me. Like most no stock sales will probably

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Speaker 1: out of twenty five or something. Musk has made such

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Speaker 1: declarations before, only to sell more stock. Much of the

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Speaker 1: forty billion dollars of shares he sold this year were

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Speaker 1: to fund his acquisition of Twitter Live in New York.

429
00:24:06,320 --> 00:24:09,240
Speaker 1: I'm Steve Rappaport, Bloomberg Daybreak, Steve, thank you at turning

430
00:24:09,240 --> 00:24:11,119
Speaker 1: to Crypto now and the latest on ft X and

431
00:24:11,200 --> 00:24:14,200
Speaker 1: Sam bankmun Free The Exchange is former CEO has released

432
00:24:14,200 --> 00:24:16,840
Speaker 1: in a massive bail package after making his first U

433
00:24:16,960 --> 00:24:20,360
Speaker 1: S Court appearance yesterday. And in politics, the House committee

434
00:24:20,400 --> 00:24:23,280
Speaker 1: investigating the January six attack on the Capitol has released

435
00:24:23,320 --> 00:24:26,760
Speaker 1: its final report, casting blame on former President Donald Trump,

436
00:24:26,880 --> 00:24:30,399
Speaker 1: specifically for inciting violence to try to hold on to power.

437
00:24:31,000 --> 00:24:32,680
Speaker 1: And that's the five things that you need to notice

438
00:24:32,720 --> 00:24:36,359
Speaker 1: start your day. Brought to you by Innovation Refunds. And again,

439
00:24:36,440 --> 00:24:39,320
Speaker 1: futures are high er SNP futures, they're up a quarter

440
00:24:39,440 --> 00:24:42,080
Speaker 1: percent or nine points this morning. Down futures up three

441
00:24:42,160 --> 00:24:45,040
Speaker 1: ten percent or a hundred one points, NASTACK futures up

442
00:24:45,040 --> 00:24:47,440
Speaker 1: twenty five points or two tents of a percent. And

443
00:24:47,960 --> 00:24:54,240
Speaker 1: this is Bloomberg al right here, and thank you to

444
00:24:54,359 --> 00:24:56,240
Speaker 1: six thirty one on Wall Street Time now to check

445
00:24:56,280 --> 00:24:58,760
Speaker 1: what's going on in New York and around the world.

446
00:24:58,840 --> 00:25:03,480
Speaker 1: We're gonna be shivering very soon. Here's Michael Barr. Good morning, Michael,

447
00:25:03,600 --> 00:25:07,200
Speaker 1: Good morning Nathan. A nasty winter storm has cost thousands

448
00:25:07,240 --> 00:25:09,920
Speaker 1: of light cancelations, including here in the Tri State area.

449
00:25:10,160 --> 00:25:14,359
Speaker 1: Bloomberg meteorologist Rob Caroline has more. Michael, powerful winter storm

450
00:25:14,440 --> 00:25:17,200
Speaker 1: continues to develop over the eastern Great Lakes this morning.

451
00:25:17,359 --> 00:25:19,440
Speaker 1: This system is going to be driving a cold front

452
00:25:19,680 --> 00:25:22,200
Speaker 1: through much of the eastern part of the country this morning,

453
00:25:22,440 --> 00:25:24,960
Speaker 1: where we're seeing temperatures in the fifties and sixties out

454
00:25:25,000 --> 00:25:27,600
Speaker 1: ahead of the front. Generally in the teens across the

455
00:25:27,680 --> 00:25:30,200
Speaker 1: Ohio River Valley behind the front, and then it's in

456
00:25:30,240 --> 00:25:34,120
Speaker 1: the single digits below zero across the western Ohio River Valley.

457
00:25:34,160 --> 00:25:35,800
Speaker 1: All this are now going to work its way into

458
00:25:35,800 --> 00:25:38,639
Speaker 1: the southeastern United States day, the mid Atlantic States, and

459
00:25:38,720 --> 00:25:40,840
Speaker 1: the Northeast. It's also going to set up some very

460
00:25:40,960 --> 00:25:43,760
Speaker 1: potent lake effects snows outside of Buffalo today, they could

461
00:25:43,760 --> 00:25:46,160
Speaker 1: see anywhere from one to three ft of snowfall from

462
00:25:46,240 --> 00:25:48,840
Speaker 1: today through Christmas Day. And it's also going to be

463
00:25:48,880 --> 00:25:50,600
Speaker 1: a companied by winds that are gonna be gusting in

464
00:25:50,680 --> 00:25:53,520
Speaker 1: times over sixty miles an hour. This is gonna be

465
00:25:53,680 --> 00:25:56,040
Speaker 1: one of the coldest Christmas Is for the century United States,

466
00:25:56,080 --> 00:26:01,399
Speaker 1: probably since coldest Christmas in the Northeast since at least Michael,

467
00:26:01,600 --> 00:26:04,119
Speaker 1: Thank you Rob. A trip on a Staten Island ferry

468
00:26:04,200 --> 00:26:07,360
Speaker 1: turned out to be anything but a normal ride. Last night.

469
00:26:07,760 --> 00:26:11,240
Speaker 1: We received the nine one one call reporting a fire

470
00:26:11,480 --> 00:26:15,640
Speaker 1: in the engine room of one of the Staten Island ferries. Frankly,

471
00:26:15,840 --> 00:26:17,479
Speaker 1: but the f d n MIA says more than eight

472
00:26:17,560 --> 00:26:20,840
Speaker 1: hundred passengers had to be evacuated. The Senate passed at

473
00:26:20,880 --> 00:26:23,440
Speaker 1: one point seven trillion dollars spending bill in an effort

474
00:26:23,480 --> 00:26:27,080
Speaker 1: to stop a government shutdown. Democratic Senator Patrick Leahy. Most

475
00:26:27,119 --> 00:26:29,639
Speaker 1: of what's in here has been put together by priors

476
00:26:29,720 --> 00:26:35,119
Speaker 1: of fashion funding things that we all say we agree with.

477
00:26:35,760 --> 00:26:39,159
Speaker 1: Republican Senator Richard Shelby. This bill, we know what it is.

478
00:26:39,280 --> 00:26:42,360
Speaker 1: We know it's ombimus, we know it's not perfect. Uh,

479
00:26:42,920 --> 00:26:44,800
Speaker 1: but it's got a lot of stuff in it, a

480
00:26:44,920 --> 00:26:47,520
Speaker 1: lot of good stuff. The bill includes a forty billion

481
00:26:47,640 --> 00:26:51,639
Speaker 1: dollar aid for disaster relief. Global News twenty four hours

482
00:26:51,720 --> 00:26:54,119
Speaker 1: a day on air and on Bloomberg quick Take, powered

483
00:26:54,160 --> 00:26:56,680
Speaker 1: by more than undred journalists analysts more than a d

484
00:26:56,800 --> 00:27:00,480
Speaker 1: twenty countries. Michael Barr, this is Bloomberg. Nathan, alright, thanks

485
00:27:05,320 --> 00:27:07,040
Speaker 1: almost six thirty four in Wall Street time for the

486
00:27:07,040 --> 00:27:09,760
Speaker 1: Bloomberg Sports Update with John Stash. Thanks Nathan. Hard to

487
00:27:09,800 --> 00:27:11,520
Speaker 1: believe now, but the Jets not that long ago. We're

488
00:27:11,560 --> 00:27:14,399
Speaker 1: flirting with the idea of winning the a f C East.

489
00:27:15,000 --> 00:27:17,320
Speaker 1: They're in last place now. Their season's pretty much gone down,

490
00:27:17,359 --> 00:27:19,320
Speaker 1: the two four straight losses, just two wins in the

491
00:27:19,400 --> 00:27:22,199
Speaker 1: last eight games. Again last night in the Jets home finale,

492
00:27:22,640 --> 00:27:25,159
Speaker 1: pretty good effort by the defense, allowing Jackson Go to

493
00:27:25,200 --> 00:27:28,280
Speaker 1: score only one touchdown, but virtually no offense. Just Jets

494
00:27:28,280 --> 00:27:30,479
Speaker 1: got an early field goal only because of the Jaguars fumble,

495
00:27:30,800 --> 00:27:33,359
Speaker 1: and they didn't score after that first half. They had

496
00:27:33,440 --> 00:27:36,720
Speaker 1: three first down sixty six yards. Zack Wilson threw another

497
00:27:36,760 --> 00:27:40,320
Speaker 1: interception late third quarter. Wilson got benched again. The crowd

498
00:27:40,480 --> 00:27:43,399
Speaker 1: loved that, this time in favor of the undrafted former

499
00:27:43,440 --> 00:27:46,840
Speaker 1: Winnipeg Blue bomber Chris Traveler, who had some good moments

500
00:27:46,880 --> 00:27:48,879
Speaker 1: for the Jets in the preseason. He outplayed Wilson. He

501
00:27:49,000 --> 00:27:50,760
Speaker 1: ran for fifty four yards and just over a quarter

502
00:27:50,840 --> 00:27:53,680
Speaker 1: with the Jaguars made it three straight wins, five wins

503
00:27:53,720 --> 00:27:55,520
Speaker 1: in their last seven games. They won in the rain

504
00:27:55,640 --> 00:27:58,280
Speaker 1: nineteen to three, and Wilson was asked about losing his

505
00:27:58,440 --> 00:28:02,200
Speaker 1: job again offensively, and you know, I'm trying to figure

506
00:28:02,200 --> 00:28:04,400
Speaker 1: it out, trying to help get the guys going. I'm

507
00:28:04,400 --> 00:28:05,960
Speaker 1: trying to, you know, get myself in a little bit

508
00:28:06,000 --> 00:28:08,200
Speaker 1: of rhythm and and you know, we had nothing there,

509
00:28:08,240 --> 00:28:10,520
Speaker 1: and so you know, you can't blame Hi in that situation.

510
00:28:10,640 --> 00:28:12,359
Speaker 1: You know, he put Chris out there, and he's obviously

511
00:28:12,359 --> 00:28:14,480
Speaker 1: great with his legs in his arm and he was

512
00:28:14,560 --> 00:28:16,520
Speaker 1: able to give us a little bit of sparks Ninian's Way.

513
00:28:16,600 --> 00:28:19,640
Speaker 1: Tomorrow at Minnesota, the Giants win and they get two

514
00:28:19,680 --> 00:28:22,960
Speaker 1: of three teams to lose between Seattle, Detroit and Washington.

515
00:28:23,000 --> 00:28:25,440
Speaker 1: The Giants Clint to play up at the Garden Rangers

516
00:28:25,440 --> 00:28:28,480
Speaker 1: with Theologers five to three goal to Assister Barkley Goodrow

517
00:28:28,600 --> 00:28:30,840
Speaker 1: Capocco Store to go ahead go with under three minutes

518
00:28:30,920 --> 00:28:34,240
Speaker 1: left home games with the Knicks, and next tonight Nick's

519
00:28:34,480 --> 00:28:37,520
Speaker 1: Welcome in Chicago and the Nets to look to keep

520
00:28:37,520 --> 00:28:39,520
Speaker 1: their win Street going against the wa talks to actually

521
00:28:39,520 --> 00:28:41,920
Speaker 1: were Boomberg's brought to you buy out He don't let

522
00:28:41,960 --> 00:28:44,120
Speaker 1: someone else drive off in the autie model. You've always

523
00:28:44,160 --> 00:28:46,120
Speaker 1: wanted to visit your local try seat Outie Dealer to

524
00:28:46,160 --> 00:28:48,200
Speaker 1: get behind the wheel of yours today, or visit outie

525
00:28:48,240 --> 00:28:52,440
Speaker 1: Offers dot com for more information. It's six thirty five

526
00:28:52,480 --> 00:28:56,600
Speaker 1: on Wall Street. The following is an editorial from Bloomberg Opinion.

527
00:28:57,120 --> 00:29:00,400
Speaker 1: This editorial was written by the Bloomberg Editorial Board. As

528
00:29:00,480 --> 00:29:04,560
Speaker 1: the demise of the ft X crypto empire unfolds, lawmakers

529
00:29:04,640 --> 00:29:07,760
Speaker 1: and regulators are grappling with a question, what, if anything,

530
00:29:07,800 --> 00:29:10,320
Speaker 1: should they try to do to civilize a market so

531
00:29:10,520 --> 00:29:13,200
Speaker 1: rife with abuse. Some might be tempted to sit back

532
00:29:13,280 --> 00:29:15,960
Speaker 1: and hope the crypto market will simply burn out, putting

533
00:29:16,000 --> 00:29:18,680
Speaker 1: an end to the whole bizarre episode, but that would

534
00:29:18,680 --> 00:29:21,520
Speaker 1: be wishful thinking. Officials need to act on the lessons

535
00:29:21,560 --> 00:29:25,280
Speaker 1: of fiascos from the collapse of the terrorist stable coin

536
00:29:25,360 --> 00:29:28,280
Speaker 1: to f t X, to ensure that renewed speculation never

537
00:29:28,400 --> 00:29:32,120
Speaker 1: threatens the broader financial system. Clear rules would provide authorities

538
00:29:32,120 --> 00:29:34,640
Speaker 1: with the framework they need to crack down on bad actors,

539
00:29:35,040 --> 00:29:37,640
Speaker 1: a category into which ft X would have fallen. A

540
00:29:37,720 --> 00:29:41,600
Speaker 1: few regulatory fixes should prevent crypto from becoming a systemic threat.

541
00:29:41,840 --> 00:29:44,760
Speaker 1: This editorial was written by the Bloomberg Editorial Board. For

542
00:29:44,880 --> 00:29:47,720
Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash

543
00:29:47,760 --> 00:29:51,080
Speaker 1: opinion or opi and go on the Bloomberg terminal. This

544
00:29:51,360 --> 00:29:54,480
Speaker 1: has been Bloomberg opinion, and you can hear Bloomberg opinion

545
00:29:54,600 --> 00:29:57,680
Speaker 1: editorials every weekday at this time. Terminal customers can read

546
00:29:57,720 --> 00:30:00,440
Speaker 1: more at op I end go. It's six thirty six

547
00:30:00,520 --> 00:30:02,560
Speaker 1: on Wall Street. Bloomberg Radio is on the air from

548
00:30:02,600 --> 00:30:05,840
Speaker 1: San Francisco to New York, London to Hong Kong. Let's

549
00:30:05,920 --> 00:30:07,680
Speaker 1: check in with our global news team for some of

550
00:30:07,720 --> 00:30:10,720
Speaker 1: the top stories heard on our three hundred affiliate radio

551
00:30:10,800 --> 00:30:16,640
Speaker 1: stations around the world. Um Grin, He's done, Hoan Kathabe

552
00:30:16,680 --> 00:30:20,320
Speaker 1: and Omaha. The extreme calls is endangering crops, livestock and

553
00:30:20,520 --> 00:30:22,680
Speaker 1: rail lines from the latest blow to the food supply.

554
00:30:23,040 --> 00:30:26,640
Speaker 1: I'm Jeff Goveringer and on WTV and in Columbus, I'll

555
00:30:26,720 --> 00:30:29,960
Speaker 1: be updating the business and financial and to the big

556
00:30:30,000 --> 00:30:32,960
Speaker 1: Winter's roar. I'm Karin Head Film bloom Bag Dad Radio.

557
00:30:33,040 --> 00:30:35,640
Speaker 1: In London. We are reporting on bord of force workers

558
00:30:35,720 --> 00:30:38,920
Speaker 1: on strike as we await news on newstrike dates from

559
00:30:39,000 --> 00:30:42,160
Speaker 1: the nurses Union. I'm Steve Poto, Scott k and X

560
00:30:42,240 --> 00:30:44,800
Speaker 1: in Los Angeles. We're talking about the golden age of

561
00:30:44,880 --> 00:30:49,120
Speaker 1: television getting a little tarnished as streaming services cut costs.

562
00:30:49,600 --> 00:30:52,560
Speaker 1: I'm a Tory on w w J and Detroit. I'm

563
00:30:52,600 --> 00:30:57,080
Speaker 1: reporting the city has awarded recreational marijuana linenses the thirty

564
00:30:57,120 --> 00:31:01,680
Speaker 1: Greek companies and though are some of the stories that

565
00:31:01,760 --> 00:31:05,080
Speaker 1: are twenty hundred Bloomberg journalists and analysts are working on

566
00:31:05,360 --> 00:31:10,720
Speaker 1: this morning around the world. Right now, Futures are moving higher,

567
00:31:11,040 --> 00:31:13,920
Speaker 1: though trimming some of the gains on the session. Right now,

568
00:31:14,080 --> 00:31:17,160
Speaker 1: SMP futures are up seven points. That's a gain of

569
00:31:17,240 --> 00:31:19,920
Speaker 1: two tenths per cent. Down futures are hired by eighty nine.

570
00:31:20,360 --> 00:31:23,840
Speaker 1: NASTAC futures on the rise by twenty three points. The

571
00:31:23,920 --> 00:31:26,920
Speaker 1: futures have been as high as four tenths percent higher. So,

572
00:31:27,040 --> 00:31:29,959
Speaker 1: as I said, giving back some of the gains right now,

573
00:31:30,320 --> 00:31:33,080
Speaker 1: send your treasuries down eight thirty seconds, yield three point

574
00:31:33,160 --> 00:31:35,160
Speaker 1: seven zero percent, and the yield on the two year

575
00:31:35,240 --> 00:31:38,080
Speaker 1: right now four point to eight percent. Straight ahead, will

576
00:31:38,120 --> 00:31:40,840
Speaker 1: head to the nation's capital where they're pouring through the

577
00:31:40,960 --> 00:31:44,480
Speaker 1: January sixth report and getting ready to pass a giant

578
00:31:44,560 --> 00:31:47,320
Speaker 1: spending bill before lawmakers try to beat their way ahead

579
00:31:47,320 --> 00:31:53,480
Speaker 1: of a storm. This is Bloomberg Live from the Bloomberg

580
00:31:53,520 --> 00:31:56,640
Speaker 1: Interactive Brooker Studios. This is Bloomberg Day Break for Friday,

581
00:31:56,720 --> 00:32:00,600
Speaker 1: December twenty two. Coming up this hour. Kids look for

582
00:32:00,680 --> 00:32:03,960
Speaker 1: gains ahead of the holidays and made concerns over fed tightening.

583
00:32:04,160 --> 00:32:07,280
Speaker 1: In January six committee releases a skating report with blame

584
00:32:07,400 --> 00:32:11,520
Speaker 1: focusing on former President Trump, Sam Bankman freed released on

585
00:32:11,600 --> 00:32:15,600
Speaker 1: a massive bail payment, and starring COVID cases threatened China's economy,

586
00:32:15,760 --> 00:32:18,920
Speaker 1: people taking planes trains and automobiles are hoping a window

587
00:32:19,000 --> 00:32:22,400
Speaker 1: storm does not play Grinch with holiday travel plans, plus

588
00:32:22,480 --> 00:32:24,959
Speaker 1: a fire on a New York ferry. I'm Michael bar

589
00:32:25,200 --> 00:32:28,440
Speaker 1: More Ahead, I'm Don Stashower. The Jets losing street, continue

590
00:32:28,480 --> 00:32:31,120
Speaker 1: to struggling offense and a home loss to Jacksonville. The

591
00:32:31,280 --> 00:32:36,720
Speaker 1: Rangers beat the Islander. That's all trended ahead on Bloomberg

592
00:32:36,800 --> 00:32:41,880
Speaker 1: Daybreak on Bloomberg eleven Free on New York, Bloomberg one, Washington,

593
00:32:42,000 --> 00:32:45,600
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine

594
00:32:45,680 --> 00:32:49,920
Speaker 1: sixties and Francisco Syrius x M one nineteen and around

595
00:32:49,920 --> 00:32:52,760
Speaker 1: the world on Bloomberg Radio dot com and via the

596
00:32:52,800 --> 00:33:00,280
Speaker 1: Bloomberg Business App. Good morning, I'm Nathan Hagar and I'm

597
00:33:00,360 --> 00:33:03,720
Speaker 1: Karen Moscow. Ust Index futures on the rise this morning,

598
00:33:03,720 --> 00:33:05,360
Speaker 1: and we checked the markets all day long here on

599
00:33:05,400 --> 00:33:08,240
Speaker 1: Bloomberg SMP future is up fourteen points or a third

600
00:33:08,280 --> 00:33:10,400
Speaker 1: of u percent down. Futures up about the same, or

601
00:33:10,400 --> 00:33:13,000
Speaker 1: a hundred twenty seven points. And as that futures have

602
00:33:13,080 --> 00:33:15,600
Speaker 1: four tenths per cent or forty six points. The decks

603
00:33:15,640 --> 00:33:17,880
Speaker 1: in Germany's have four tenths of upper cent. Ten year

604
00:33:17,880 --> 00:33:20,200
Speaker 1: Treasury down six thirty seconds. You have three point seven

605
00:33:20,280 --> 00:33:22,600
Speaker 1: zero percent and they yield on the two year is

606
00:33:22,640 --> 00:33:25,560
Speaker 1: at four point to seven percent. Nathan, alright, so we're

607
00:33:25,600 --> 00:33:28,200
Speaker 1: on the rise this morning, Karen, but Stuck snapped a

608
00:33:28,320 --> 00:33:31,480
Speaker 1: three day wind streak yesterday. The latest strong economic data

609
00:33:31,720 --> 00:33:33,880
Speaker 1: seemed to validate the case of the Federal Reserve can

610
00:33:33,920 --> 00:33:37,440
Speaker 1: continue tightening monetary policy, and that's set a downbeat tone.

611
00:33:37,800 --> 00:33:40,720
Speaker 1: Tech stocks in particular are on course for their worst

612
00:33:40,760 --> 00:33:44,360
Speaker 1: December since the burst of the dot com bubble. Namera's

613
00:33:44,400 --> 00:33:46,760
Speaker 1: head of process at Strategies, Matthew Roe, says, it's the

614
00:33:46,800 --> 00:33:49,360
Speaker 1: son of a broader market trend. We're sort of getting

615
00:33:49,440 --> 00:33:53,160
Speaker 1: off of that addiction to zero interest rate free ride

616
00:33:53,240 --> 00:33:55,840
Speaker 1: on risk, and that's why I think is going to

617
00:33:55,880 --> 00:33:59,239
Speaker 1: be the year of credit, because most investors haven't had

618
00:33:59,280 --> 00:34:02,760
Speaker 1: to contemplate rising implied in actual default rates, you know,

619
00:34:02,880 --> 00:34:06,080
Speaker 1: eroding credit markets, widening credit spreads. So it's gonna be

620
00:34:06,120 --> 00:34:09,239
Speaker 1: an interesting education and path for investors in Matthew Rowe

621
00:34:09,280 --> 00:34:11,680
Speaker 1: with Numeri says growth stocks will be the big pain

622
00:34:11,800 --> 00:34:15,279
Speaker 1: trade in three and Nathan, investors get more data to

623
00:34:15,360 --> 00:34:18,360
Speaker 1: digest today, just ahead of the holiday weekend, Bloomberg's If

624
00:34:18,360 --> 00:34:21,840
Speaker 1: Any Deal, Judace has a preview. In October, consumer spending

625
00:34:21,880 --> 00:34:25,520
Speaker 1: adjusted for inflation posted the largest increase since the start

626
00:34:25,600 --> 00:34:28,760
Speaker 1: of the year. Today's report could tell a different stories.

627
00:34:28,840 --> 00:34:33,320
Speaker 1: Inflation chips away at household finances. Preliminary data show November

628
00:34:33,400 --> 00:34:36,200
Speaker 1: retail sales dropped by the most in nearly a year.

629
00:34:36,680 --> 00:34:40,239
Speaker 1: Also on today's data agenda, new home sales, then Heat

630
00:34:40,280 --> 00:34:43,200
Speaker 1: del Judace, Bloomberg Daybreak, right any thank you, and we'll

631
00:34:43,239 --> 00:34:45,640
Speaker 1: get one more notable data point at ten am Wall

632
00:34:45,680 --> 00:34:49,160
Speaker 1: Street time at the University of Michigan Consumer Sentiment Index.

633
00:34:49,239 --> 00:34:51,680
Speaker 1: That report has proven to be a market mover in

634
00:34:51,800 --> 00:34:55,720
Speaker 1: recent months. Right Let's gender markets moves in Asia Now, Karen,

635
00:34:55,800 --> 00:34:59,120
Speaker 1: We saw weakness across several markets ahead of the weekend,

636
00:34:59,160 --> 00:35:03,280
Speaker 1: and Bloomberg's and Curtis has more. Asian equities tracked lower

637
00:35:03,360 --> 00:35:07,240
Speaker 1: after a slump in US technology stocks. Strong US economic

638
00:35:07,400 --> 00:35:10,240
Speaker 1: data strengthened the case for the Fed to continue raising

639
00:35:10,280 --> 00:35:13,200
Speaker 1: interest rates. The Hank Sank Tech index led the falls,

640
00:35:13,480 --> 00:35:17,960
Speaker 1: but weakness was also seen in Japan, Australia, and South Korea. Elsewhere.

641
00:35:18,080 --> 00:35:21,200
Speaker 1: Oil headed for a big weekly gain. Has China shift

642
00:35:21,239 --> 00:35:25,480
Speaker 1: away from COVID zero bolster the outlook for demand. Brian Curtis,

643
00:35:25,560 --> 00:35:29,040
Speaker 1: Bloomberg Daybreak, Right, Brian. Thanks. Meanwhile, in China, we're learning

644
00:35:29,120 --> 00:35:32,239
Speaker 1: this morning nearly thirty seven million people may have been

645
00:35:32,320 --> 00:35:36,080
Speaker 1: infected with COVID nineteen on a single day this week,

646
00:35:36,120 --> 00:35:39,399
Speaker 1: according to estimates from the government's top health authority, making

647
00:35:39,440 --> 00:35:42,759
Speaker 1: the country's outbreak by far the world's largest. It comes

648
00:35:42,760 --> 00:35:45,040
Speaker 1: in the heels of a complete reversal in the country

649
00:35:45,120 --> 00:35:47,640
Speaker 1: straight COVID zero policy. All right, let's turn back to

650
00:35:47,719 --> 00:35:50,080
Speaker 1: this country caring. A major note in politics of the

651
00:35:50,120 --> 00:35:53,600
Speaker 1: House committee investigating the January sixth attack on the US capital,

652
00:35:53,960 --> 00:35:56,600
Speaker 1: they've released their final report on the insurrection, and it

653
00:35:56,719 --> 00:35:59,840
Speaker 1: cast the blame on former President Donald Trump, specifically for

654
00:36:00,040 --> 00:36:03,280
Speaker 1: citing violence to try to hold onto power. The fourteen

655
00:36:03,320 --> 00:36:07,040
Speaker 1: page reports detales the Trump effort to pressure state officials

656
00:36:07,360 --> 00:36:11,280
Speaker 1: and the Justice Department to overturn the election. The committee

657
00:36:11,280 --> 00:36:14,200
Speaker 1: also recommends that Congress establish a mechanism that would formally

658
00:36:14,360 --> 00:36:17,600
Speaker 1: bar Trump and others identified in the report from holding

659
00:36:17,640 --> 00:36:21,040
Speaker 1: any government or military office under the fourteenth Amendment. But

660
00:36:21,200 --> 00:36:23,800
Speaker 1: he turned to Tesla now Nathan after offloading a massive

661
00:36:23,880 --> 00:36:26,959
Speaker 1: sum of Tesla shares this year CEO Elon Musk says

662
00:36:27,239 --> 00:36:30,040
Speaker 1: he won't be selling shares for a while. On Bloomberry,

663
00:36:30,040 --> 00:36:32,399
Speaker 1: Steve rapp Report joins US Live with that story. Steve,

664
00:36:32,440 --> 00:36:35,560
Speaker 1: good morning, Good morning, Karen, and Nathan. Musk sold almost

665
00:36:35,680 --> 00:36:38,839
Speaker 1: forty million dollars of Tesla shares already, mostly to fund

666
00:36:38,920 --> 00:36:41,239
Speaker 1: his purchase of Twitter, and now he's ready to take

667
00:36:41,280 --> 00:36:44,279
Speaker 1: a break. I'm not selling any stock for I don't know,

668
00:36:45,960 --> 00:36:48,640
Speaker 1: quote a minimum eighteens and twenty four months, so you

669
00:36:48,680 --> 00:36:51,200
Speaker 1: can count on me. Like most now, stock sales will

670
00:36:51,239 --> 00:36:54,800
Speaker 1: probably on twenty five or something. Musk's declaration was in

671
00:36:54,880 --> 00:36:57,799
Speaker 1: response to a question from longtime investor Ross Gerber, who

672
00:36:57,960 --> 00:37:01,680
Speaker 1: challenged the CEO's leadership of the elector vehicle maker. Shareholders

673
00:37:01,719 --> 00:37:04,520
Speaker 1: seemed pleased with the announcement, with Tesla stock rising as

674
00:37:04,600 --> 00:37:06,440
Speaker 1: much as three and a half percent in pre market

675
00:37:06,480 --> 00:37:09,560
Speaker 1: trading Live in New York. I'm Steve Rappaport, Bloomberg Daybreak.

676
00:37:09,600 --> 00:37:11,440
Speaker 1: All right, Steve, thanks, so let's get the latest on

677
00:37:11,560 --> 00:37:15,000
Speaker 1: ft X and Sam Bankman freed. The collapse Crypto Exchanges

678
00:37:15,080 --> 00:37:18,640
Speaker 1: former CEO was released on a massive bail package after

679
00:37:18,719 --> 00:37:21,040
Speaker 1: he made his first U S court appearance yesterday. The

680
00:37:21,120 --> 00:37:23,799
Speaker 1: package includes a two hundred fifty million dollar personal were

681
00:37:23,840 --> 00:37:27,080
Speaker 1: cognizant sponds secured by his parents home in California. One

682
00:37:27,160 --> 00:37:30,160
Speaker 1: federal prosecutor calls this one of the largest pre trial

683
00:37:30,239 --> 00:37:33,960
Speaker 1: bonds in US history. Sam Bankman free faces fraud charges

684
00:37:34,040 --> 00:37:36,319
Speaker 1: over the collapse of f t X. His next court

685
00:37:36,360 --> 00:37:39,399
Speaker 1: appearance isn't too far away, now scheduled for January three,

686
00:37:39,880 --> 00:37:42,480
Speaker 1: well as the ft X sanga plays out, Nathan. SEC

687
00:37:42,640 --> 00:37:45,640
Speaker 1: chair Gary Gensler is saying the agency's patients is wearing

688
00:37:45,719 --> 00:37:49,040
Speaker 1: thin for digital asset exchanges and other firms that sir

689
00:37:49,160 --> 00:37:52,640
Speaker 1: gets regulations. We get more from Bloomberg stud Kristner. In

690
00:37:52,719 --> 00:37:56,560
Speaker 1: an interview yesterday, SEC Chair Gary Gensler said the agency's

691
00:37:56,600 --> 00:38:00,200
Speaker 1: patients is wearing thin for digital asset exchanges and their

692
00:38:00,239 --> 00:38:03,960
Speaker 1: firms that sure gets regulations. Gensler said the runway is

693
00:38:04,000 --> 00:38:07,680
Speaker 1: getting shorter to start following rules and register with the agency.

694
00:38:07,920 --> 00:38:11,040
Speaker 1: He also said the casinos in this Wild West are

695
00:38:11,160 --> 00:38:16,160
Speaker 1: non compliant intermediaries. Gensler also declined to identify firms facing

696
00:38:16,200 --> 00:38:19,239
Speaker 1: scrutiny or common on where the probe of ft X

697
00:38:19,320 --> 00:38:22,560
Speaker 1: may go next. In New York, I'm Doug prisoner Bloomberg daybreak,

698
00:38:22,640 --> 00:38:25,040
Speaker 1: All right, Doug, thank you, and oils headed for a

699
00:38:25,080 --> 00:38:28,480
Speaker 1: substantial weekly gain as Russia says it may cut crude

700
00:38:28,520 --> 00:38:31,960
Speaker 1: production in response to the G seven price cap on

701
00:38:32,120 --> 00:38:35,360
Speaker 1: its exports. Taking a look at the price now, Nimex

702
00:38:35,480 --> 00:38:38,799
Speaker 1: crude is moving higher by one cent of a dollar

703
00:38:38,880 --> 00:38:41,160
Speaker 1: forty three at seventy eight dollars ninety two cents of

704
00:38:41,200 --> 00:38:44,959
Speaker 1: barrel SMP futures are higher by sixteen points. And straight

705
00:38:45,000 --> 00:38:47,840
Speaker 1: ahead your latest local headlines and a check of sports.

706
00:38:48,000 --> 00:38:55,080
Speaker 1: This is Bloomberg. That sounds six though seven on Wall Street.

707
00:38:55,120 --> 00:38:57,560
Speaker 1: Fifty five degrees in New York. But it's not going

708
00:38:57,600 --> 00:39:00,560
Speaker 1: to stay mild for long. We expect temperatures to sink

709
00:39:00,760 --> 00:39:04,480
Speaker 1: like a stone this afternoon, and Michael Barr is here

710
00:39:04,520 --> 00:39:06,840
Speaker 1: to help us get ready for it. Michael, thank you

711
00:39:06,960 --> 00:39:10,520
Speaker 1: very much, Nathan. Two hundred million Americans are expected to

712
00:39:10,600 --> 00:39:14,760
Speaker 1: be affected by this massive winter storm rolling across the country.

713
00:39:15,080 --> 00:39:17,840
Speaker 1: Here in the Try State area, temperatures are forecast. Like

714
00:39:17,960 --> 00:39:22,040
Speaker 1: you said, the plummet around thirty degrees and hours freezing

715
00:39:22,320 --> 00:39:25,920
Speaker 1: any rain already on the roads. Strong winds, snow, and

716
00:39:26,040 --> 00:39:28,959
Speaker 1: flooding are also part of the storm. This woman lives

717
00:39:29,000 --> 00:39:31,920
Speaker 1: in Lyndenhurst, New York, where she says there was flooding

718
00:39:32,000 --> 00:39:34,880
Speaker 1: from heavy rain just last week. I do get nervous

719
00:39:34,880 --> 00:39:37,240
Speaker 1: as far as losing power and just trying to manage

720
00:39:37,280 --> 00:39:38,920
Speaker 1: what we're gonna do, as far as eating and just

721
00:39:39,000 --> 00:39:41,280
Speaker 1: making sure we have a heat on. Hundreds of flights

722
00:39:41,320 --> 00:39:44,880
Speaker 1: have already been canceled or delayed in the Tri state area. Meanwhile,

723
00:39:44,960 --> 00:39:49,040
Speaker 1: President Biden worn Americans to take the storm seriously. It

724
00:39:49,200 --> 00:39:53,480
Speaker 1: goes from Oklahoma all the way to Wyoming, and Wyoming

725
00:39:53,560 --> 00:39:58,520
Speaker 1: to Maine, and it's several consequence. So I encourage everyone, everyone,

726
00:39:58,800 --> 00:40:02,960
Speaker 1: please local warning. The President says. It's not like a

727
00:40:03,080 --> 00:40:05,920
Speaker 1: snow day when you were a kid. This is serious stuff.

728
00:40:06,400 --> 00:40:08,360
Speaker 1: Hundreds of New York City commuter has had to be

729
00:40:08,440 --> 00:40:11,479
Speaker 1: evacuated from a Staten Island ferry after a fire broke

730
00:40:11,560 --> 00:40:14,360
Speaker 1: out on board last evening. Officials say there were no

731
00:40:14,480 --> 00:40:17,240
Speaker 1: major injuries, but at least five people are being treated

732
00:40:17,280 --> 00:40:21,600
Speaker 1: for smoke inhalation. Officials say workers quickly detected the fire,

733
00:40:21,760 --> 00:40:25,520
Speaker 1: activated a high tech suppression system, and sealed the flames

734
00:40:25,600 --> 00:40:28,960
Speaker 1: behind air tight doors. F d n Y Deputy T.

735
00:40:29,160 --> 00:40:32,560
Speaker 1: Frank Lee praised the crew members for their response. This

736
00:40:32,800 --> 00:40:35,040
Speaker 1: is the way the system is supposed to happen. When

737
00:40:35,840 --> 00:40:39,560
Speaker 1: fire just supposed to notify the coast guard, and then

738
00:40:39,560 --> 00:40:41,320
Speaker 1: you're supposed to make sure that you seal it and

739
00:40:41,400 --> 00:40:43,640
Speaker 1: get the people out of the way. So everybody acted

740
00:40:43,680 --> 00:40:45,640
Speaker 1: the way that the way I would expect them to.

741
00:40:46,280 --> 00:40:49,120
Speaker 1: The f D n MS Frank Leeves has passengers filed

742
00:40:49,320 --> 00:40:53,000
Speaker 1: downstairs and evacuated onto other ferries which had race to help.

743
00:40:53,480 --> 00:40:57,240
Speaker 1: A Connecticut judge denied Info Wars host Alex Jones's motion

744
00:40:57,600 --> 00:40:59,959
Speaker 1: seeking a new trial and the overturning of a jury

745
00:41:00,160 --> 00:41:03,520
Speaker 1: verdict requiring him to pay hundreds of millions of dollars

746
00:41:03,600 --> 00:41:07,400
Speaker 1: to families of victims of the Sandy Hook Elementary School shootings.

747
00:41:07,840 --> 00:41:11,400
Speaker 1: For years, Jones described the twenty twelve shootings in Newtown

748
00:41:11,840 --> 00:41:15,160
Speaker 1: as a hoax. Global News twenty four hours a day

749
00:41:15,360 --> 00:41:18,560
Speaker 1: on air and on Bloomberg Quick Take, powered by more

750
00:41:18,640 --> 00:41:21,200
Speaker 1: than twenty seven hundred journalists and analysts and more than

751
00:41:21,320 --> 00:41:25,240
Speaker 1: one twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan.

752
00:41:25,360 --> 00:41:32,160
Speaker 1: Thanks Michael six o nine on Wall Street time for

753
00:41:32,160 --> 00:41:34,720
Speaker 1: the Bloomberg Sports Update with John Show. All right, Nathan

754
00:41:34,719 --> 00:41:36,600
Speaker 1: didn't seem as if this was possible, But things have

755
00:41:36,719 --> 00:41:39,320
Speaker 1: gone from bad the worst for the Jets. Young quarterback

756
00:41:39,440 --> 00:41:41,960
Speaker 1: Zack Wilson lost his job to Mike White, got it

757
00:41:42,080 --> 00:41:45,040
Speaker 1: back when White got hurt, lost his job again last night,

758
00:41:45,120 --> 00:41:47,520
Speaker 1: got bench late third quarter, and the fans who braved

759
00:41:47,560 --> 00:41:50,759
Speaker 1: the weather went wild when Wilson was removed in favor

760
00:41:50,840 --> 00:41:53,360
Speaker 1: of Chris Traveler. Wilson was the second pick of the

761
00:41:53,480 --> 00:41:56,719
Speaker 1: draft s. Traveler is the former Winnipeg Blue Bomber who

762
00:41:56,800 --> 00:41:59,319
Speaker 1: wasn't drafted at all. Jacksonville one in the rain at

763
00:41:59,360 --> 00:42:02,040
Speaker 1: MetLife Night, team to three, and both teams were now

764
00:42:02,160 --> 00:42:03,880
Speaker 1: seven and eight. For the Jaguars are red hot that

765
00:42:03,920 --> 00:42:05,840
Speaker 1: they win their last two games, they're going to the playoffs.

766
00:42:05,880 --> 00:42:08,279
Speaker 1: The Jets fading fast. They've lost four in a rows

767
00:42:08,320 --> 00:42:10,359
Speaker 1: six of the last eight. Their season, which was going

768
00:42:10,480 --> 00:42:13,879
Speaker 1: so well earlier, will almost certainly ended a couple of weeks,

769
00:42:13,920 --> 00:42:15,800
Speaker 1: and then the Jets will have to decide what to

770
00:42:15,920 --> 00:42:19,839
Speaker 1: do with Wilson. Giants way Tomorrow in Minnesota, Philadelphia brings

771
00:42:19,880 --> 00:42:22,880
Speaker 1: its thirteen and one record into Dallas and Gardner Minshew

772
00:42:22,920 --> 00:42:25,719
Speaker 1: will quarterback the Eagles to the injured Jalen Hurts. Lamar.

773
00:42:25,840 --> 00:42:28,759
Speaker 1: Jackson's gonna miss a third straight game for Baltimore at

774
00:42:28,760 --> 00:42:32,560
Speaker 1: the Garden, Rangers and Islanders goes back at the ark

775
00:42:32,680 --> 00:42:36,040
Speaker 1: point for tro check for Panarin at the circle, back

776
00:42:36,120 --> 00:42:38,800
Speaker 1: up top for Fox. Straight away Fox drives to the

777
00:42:38,840 --> 00:42:41,360
Speaker 1: far circle. Fox still with it, passes the Savantage that

778
00:42:41,440 --> 00:42:48,960
Speaker 1: quickly pay four play Rankers and Islanders longer to call.

779
00:42:49,000 --> 00:42:50,880
Speaker 1: They were also tight at two and then three, and

780
00:42:50,920 --> 00:42:53,560
Speaker 1: that's when Capo Caacko scored with under three minutes left.

781
00:42:53,600 --> 00:42:55,680
Speaker 1: The Rangers won five to three. They held the Islanders

782
00:42:55,800 --> 00:42:58,600
Speaker 1: only eighteen shots, and the Rangers have won eight of

783
00:42:58,640 --> 00:43:00,960
Speaker 1: their last nine, while the Island There's have lost five

784
00:43:01,040 --> 00:43:02,799
Speaker 1: of six, nicks of one eight of nine. They host

785
00:43:02,920 --> 00:43:04,759
Speaker 1: Chicago tonight. The Nets go for an eighth win in

786
00:43:04,840 --> 00:43:07,840
Speaker 1: a row home game with first place in Milwak. John S,

787
00:43:08,360 --> 00:43:11,800
Speaker 1: Bloomberg Sports, Nathan Okay, John Thanks, and Bloomberg Sports was

788
00:43:11,880 --> 00:43:13,919
Speaker 1: brought to you by Audie. Don't let someone else drive

789
00:43:13,960 --> 00:43:16,680
Speaker 1: off in the Audi model. You've always wanted to visit

790
00:43:16,760 --> 00:43:19,239
Speaker 1: your local Tri state autie dealer to get behind the

791
00:43:19,280 --> 00:43:22,399
Speaker 1: wheel of yours today, or visit autie Offers dot com

792
00:43:22,920 --> 00:43:26,680
Speaker 1: for more information. Futures may taking a leg higher this

793
00:43:26,920 --> 00:43:30,440
Speaker 1: morning We've got SMP futures up fourteen points, staff futures

794
00:43:30,520 --> 00:43:33,120
Speaker 1: up a hundred twenty nine, NASTAC futures are higher by

795
00:43:33,239 --> 00:43:35,480
Speaker 1: forty eight points. That's a gain of four tenth percent

796
00:43:35,600 --> 00:43:39,640
Speaker 1: across the board for the futures in disease ten. Your

797
00:43:39,680 --> 00:43:43,319
Speaker 1: treasuries down six thirty seconds. You'ld three point seven zero percent.

798
00:43:43,360 --> 00:43:45,719
Speaker 1: The yield on the two year right now four point

799
00:43:45,800 --> 00:43:48,960
Speaker 1: to eight percent long bond, the thirty year yield three

800
00:43:49,080 --> 00:43:55,000
Speaker 1: point seven six Live from coast to coast, from New

801
00:43:55,120 --> 00:43:59,080
Speaker 1: York to San Francisco, Boston to Washington, d C. Nationwide

802
00:43:59,160 --> 00:44:02,719
Speaker 1: on sirius x them the Bloomberg Business Happened Bloomberg dot Com.

803
00:44:03,160 --> 00:44:07,680
Speaker 1: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager, and

804
00:44:07,719 --> 00:44:10,640
Speaker 1: we are joined this morning by Sam Stovall, chief investment

805
00:44:10,680 --> 00:44:13,799
Speaker 1: strategist at cfr A Research, as we limp our way

806
00:44:13,880 --> 00:44:16,799
Speaker 1: to the end of two and look ahead to twenty three. Sam,

807
00:44:17,040 --> 00:44:21,239
Speaker 1: good morning, Really looking forward to getting your perspective on

808
00:44:21,400 --> 00:44:24,839
Speaker 1: what we've seen in two with the SNP on track

809
00:44:24,920 --> 00:44:28,279
Speaker 1: for a twenty percent decline this year as the Fed

810
00:44:28,440 --> 00:44:31,719
Speaker 1: fights inflation. It seems as though fighting the Fed has

811
00:44:31,760 --> 00:44:34,880
Speaker 1: been a losing game. What do you make of the

812
00:44:34,960 --> 00:44:38,680
Speaker 1: action that we've seen in this year gone by? Well,

813
00:44:38,760 --> 00:44:41,680
Speaker 1: good morning, Nathan. Uh. Certainly it is one of the

814
00:44:42,400 --> 00:44:47,040
Speaker 1: ten worst performing years going back to So if there

815
00:44:47,200 --> 00:44:51,080
Speaker 1: is any kind of consolation, historically when we have had

816
00:44:51,239 --> 00:44:54,960
Speaker 1: a negative year, it's been positive the year after, rising

817
00:44:55,040 --> 00:44:59,879
Speaker 1: on average of four and only in the three year

818
00:45:00,040 --> 00:45:02,719
Speaker 1: Mega meltdown of two thousand through two thousand and two

819
00:45:03,200 --> 00:45:06,600
Speaker 1: did we have back to back negative years. So you know,

820
00:45:06,719 --> 00:45:08,800
Speaker 1: if there is some sort of a consolation, it is

821
00:45:08,920 --> 00:45:13,280
Speaker 1: that possibly we end up with a positive return in tree.

822
00:45:14,080 --> 00:45:16,800
Speaker 1: Do you think that's a possibility given the messaging that

823
00:45:16,920 --> 00:45:19,640
Speaker 1: we've heard, not just from the FED but central banks

824
00:45:19,719 --> 00:45:22,120
Speaker 1: around the world, particularly with the move from the Bank

825
00:45:22,160 --> 00:45:24,920
Speaker 1: of Japan just this week, that higher for longer is

826
00:45:24,960 --> 00:45:28,400
Speaker 1: going to be the story in the well, that certainly

827
00:45:28,520 --> 00:45:31,480
Speaker 1: is the worry, um. And also the worry is that

828
00:45:31,640 --> 00:45:35,680
Speaker 1: because so many strategists are saying that three will be

829
00:45:35,800 --> 00:45:38,719
Speaker 1: a tale of two halves, where the first half is

830
00:45:38,800 --> 00:45:41,200
Speaker 1: the challenging one where a bottom will likely be put

831
00:45:41,280 --> 00:45:43,719
Speaker 1: into place, and that we then have a recovery in

832
00:45:43,800 --> 00:45:46,960
Speaker 1: the second half, one has to worry. Well, either we

833
00:45:47,120 --> 00:45:50,400
Speaker 1: don't get any kind of a real meaningful decline and

834
00:45:50,520 --> 00:45:53,720
Speaker 1: that the October twelfth low was the low for this market,

835
00:45:54,120 --> 00:45:57,160
Speaker 1: or we end up slipping into a multi year mega

836
00:45:57,200 --> 00:45:59,919
Speaker 1: meltdown bear market. I'm going to stick with the tail

837
00:46:00,040 --> 00:46:02,400
Speaker 1: of two halves. I believe that the FED will stop

838
00:46:02,520 --> 00:46:05,120
Speaker 1: raising rates by the end of the first quarter of

839
00:46:05,200 --> 00:46:09,200
Speaker 1: twenty three, and history tells us that the FED starts

840
00:46:09,280 --> 00:46:12,359
Speaker 1: to cut interest rates about eight and a half months

841
00:46:12,440 --> 00:46:15,320
Speaker 1: after the last week hike, so that would point to

842
00:46:15,560 --> 00:46:19,479
Speaker 1: December as a possible beginning of an easy move. There's

843
00:46:19,480 --> 00:46:23,600
Speaker 1: still a lot of unknowns h heading into that forecast, though,

844
00:46:23,719 --> 00:46:25,600
Speaker 1: is that there. We've still got a war in Ukraine,

845
00:46:26,000 --> 00:46:29,200
Speaker 1: We've got this COVID situation in China where we're just

846
00:46:29,560 --> 00:46:32,440
Speaker 1: hearing from the Chinese government that as many as thirty

847
00:46:32,480 --> 00:46:35,960
Speaker 1: seven million people in one day could have been infected

848
00:46:36,040 --> 00:46:41,000
Speaker 1: with this dramatic shift from COVID zero to a something

849
00:46:41,080 --> 00:46:45,759
Speaker 1: of an attempt reopening that's causing the virus to explode.

850
00:46:46,520 --> 00:46:50,560
Speaker 1: What about some of those exogenous factors that are out

851
00:46:50,600 --> 00:46:54,800
Speaker 1: of the Fed's control, Well, those are certainly items that

852
00:46:55,040 --> 00:46:58,200
Speaker 1: investors have to be concerned with. We've had almost a

853
00:46:58,320 --> 00:47:02,800
Speaker 1: year's worth of UH prontation in Ukraine UM so possibly

854
00:47:03,800 --> 00:47:08,520
Speaker 1: would actually bring some sort of resolution um, ceasefire, etcetera,

855
00:47:08,600 --> 00:47:11,640
Speaker 1: which I think would be very supportive at least of

856
00:47:12,040 --> 00:47:16,359
Speaker 1: European equities. Also, maybe we find that China is more

857
00:47:16,440 --> 00:47:20,160
Speaker 1: willing to import vaccines from the US, which would be

858
00:47:20,480 --> 00:47:24,080
Speaker 1: helpful to their situation as well. Wall Street has constantly

859
00:47:24,160 --> 00:47:26,360
Speaker 1: climbed a wall of worry, and these have been with

860
00:47:26,560 --> 00:47:29,880
Speaker 1: us for a while, so I think that that likely

861
00:47:29,960 --> 00:47:32,920
Speaker 1: has already been factored in the share prices and forecasts.

862
00:47:33,840 --> 00:47:36,520
Speaker 1: How about the earnings back drop going forward? Here, we

863
00:47:36,600 --> 00:47:40,280
Speaker 1: got strong earnings this week from sort of consumer facing

864
00:47:40,560 --> 00:47:44,719
Speaker 1: names like FedEx and Nike, disappointing results from some of

865
00:47:44,800 --> 00:47:47,960
Speaker 1: those tech names like Micron Technologies. What does that tell

866
00:47:48,080 --> 00:47:52,520
Speaker 1: us about the earnings picture heading into the first quarter. Well,

867
00:47:52,600 --> 00:47:55,960
Speaker 1: it's offering a glimmer of hope in an otherwise dismal

868
00:47:56,120 --> 00:48:00,320
Speaker 1: environment because now expectations are that we will be flipping

869
00:48:00,360 --> 00:48:03,600
Speaker 1: into an earnings recession with the fourth quarter of this

870
00:48:03,760 --> 00:48:07,880
Speaker 1: year being down two point eight percent, followed by negative

871
00:48:08,200 --> 00:48:11,319
Speaker 1: year on year changes in three for the first two

872
00:48:11,400 --> 00:48:14,600
Speaker 1: quarters uh and then starting to see a comeback in

873
00:48:14,680 --> 00:48:17,560
Speaker 1: the second half with a more than ten percent advance

874
00:48:17,600 --> 00:48:22,800
Speaker 1: expected for so, I think that historically we've found that

875
00:48:23,440 --> 00:48:28,000
Speaker 1: earnings recessions have been coincident with the beginning of economic recessions.

876
00:48:28,560 --> 00:48:32,520
Speaker 1: Uh so, we might find that the economic recession overlaps

877
00:48:32,880 --> 00:48:36,120
Speaker 1: the earnings one from possibly the fourth quarter of this

878
00:48:36,320 --> 00:48:39,520
Speaker 1: year into the half first half of next year. Only

879
00:48:39,520 --> 00:48:42,040
Speaker 1: about thirty seconds left here, Sam, as you know, the

880
00:48:42,920 --> 00:48:46,279
Speaker 1: portfolio hasn't been a winner this year, couldn't make a

881
00:48:46,400 --> 00:48:49,120
Speaker 1: comeback in twenty three and what would that look like

882
00:48:49,480 --> 00:48:53,160
Speaker 1: if it if it does well, That's an interesting question

883
00:48:53,280 --> 00:48:57,359
Speaker 1: because certainly the sixty is something that investors have had

884
00:48:57,440 --> 00:49:00,960
Speaker 1: to worry about. But traditionally, go back over the last

885
00:49:01,040 --> 00:49:05,560
Speaker 1: fifty years, we have found that the next year after

886
00:49:05,719 --> 00:49:09,880
Speaker 1: a decline in a portfolio, we have seen the market

887
00:49:10,040 --> 00:49:12,719
Speaker 1: up or the portfolio up by a little more than

888
00:49:14,880 --> 00:49:19,880
Speaker 1: rising in price almost of the time. I think the

889
00:49:19,960 --> 00:49:23,080
Speaker 1: real problem is what will equities be doing, because in

890
00:49:23,239 --> 00:49:25,960
Speaker 1: most of those cases what was dragged down of the

891
00:49:26,840 --> 00:49:33,600
Speaker 1: portfolio was for equity side side. Thanks for this as always,

892
00:49:33,640 --> 00:49:38,359
Speaker 1: hope you have a happy holiday and a prosperous new year.

893
00:49:38,440 --> 00:49:42,040
Speaker 1: For sure. Sam Stovall's chief investment strategist at c F

894
00:49:42,200 --> 00:49:45,600
Speaker 1: r A prosperous this morning. At least in the futures contracts.

895
00:49:45,680 --> 00:49:48,920
Speaker 1: We have gains modest gains across the board. This is

896
00:49:49,080 --> 00:49:49,239
Speaker 1: from