Speaker 1: Markets, headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot Com, The Bloomberg Business at Hand At
Speaker 1: Bloomberg Quick Tape, Chris is a Bloombern business lash and
Speaker 1: I'm Karen. Moscow Future is on the rise this morning.
Speaker 1: SMP future is up about seven points or two tens
Speaker 1: of upper sent down futures of eighty one or a
Speaker 1: quarter percent, and NAS day futures up about two tens
Speaker 1: of upper cent or nineteen points. Attacks in Germany's up
Speaker 1: two tenths of a percent. Ten year treasury on eight
Speaker 1: thirty seconds, he'll three point seven zero percent. They yield
Speaker 1: on the two year four point to eight percent. Nine
Speaker 1: max Screwed oil is up two point four percent of
Speaker 1: a dollar eighty three at seventy nine dollars thirty two
Speaker 1: cents of barrel comex gold up six tens percent or
Speaker 1: ten dollar sixty cents at eighteen oh five ninety announced
Speaker 1: the euro one point oh six one two against the dollar,
Speaker 1: British found one point two zero six seven the ends
Speaker 1: a one thirty two point seven three, and Bitcoin is
Speaker 1: up a third of a percent at about sixteen thousand,
Speaker 1: eight hundred fifty dollars and that's of Bloomberg Business Flash,
Speaker 1: Nathan Karen, thank you to six fifty six on Wall Street.
Speaker 1: Bloomberg surveillances straight ahead. First, let's look under these games
Speaker 1: we're seeing in the futures contract. Some of the pre
Speaker 1: market movers were joined now by Bloomberg Equities reporters Sagreka,
Speaker 1: Jason Ghani, Sagrica. Good morning, got to start with Tesla.
Speaker 1: Are investors buying now that Elon Musk says he's stunned selling?
Speaker 1: Good morning, Nathan, and thank you for having me. That's right.
Speaker 1: Elon Musk is back in focus this morning as you
Speaker 1: sat first time. It's with Tesla, which is dating a
Speaker 1: premarket shading. It's about it's up about a descent at
Speaker 1: the moment after Musk said he isn't planning to say
Speaker 1: any motions in the company for two years. Just to
Speaker 1: put that into context. Musk has sold about forty billion
Speaker 1: dollars of stock this year, mainly to find his takeover
Speaker 1: of Twitter and after being one of the out performers
Speaker 1: in the post COVID stalking about recovery, Tessa shares a
Speaker 1: dan about sixty four pc this year. UM investors just
Speaker 1: this week have raised concerns that the Twitter takeover could
Speaker 1: distract Musk from Tesla at a time when the demand
Speaker 1: for electric vehicles is already slowing. So it will also
Speaker 1: be interesting to see if Mask keeps his word this time,
Speaker 1: as he has said previously that he would stop selling shares,
Speaker 1: but then he just went on to sell more. Yeah,
Speaker 1: it was interesting as well, to say, a pretty big
Speaker 1: move in one of the favorites this year for retail traders,
Speaker 1: AMC Entertainment. They came out with that plan to convert
Speaker 1: preferred equity and the shares dropped a pretty significantly yesterday.
Speaker 1: How's AMC doing this morning? That's right, it's it's down
Speaker 1: about seven percent again this morning. Um so, as you said,
Speaker 1: MC which of course operates the world's largest movies see
Speaker 1: at the chain. So it looks like it's set for
Speaker 1: another day of declines after it proposed yesterday that it
Speaker 1: would convert preferred equity units into common shares. The main
Speaker 1: UH motive for that is to avoid becoming a penny stock,
Speaker 1: and the company is seeking a special share hole they're
Speaker 1: needing to vote on the board proposals. Now, the show
Speaker 1: has had tumbled about two yesterday at one point, but
Speaker 1: it is. Uh. It's worthy of noting that they did
Speaker 1: pare a lot of that at the time they closed,
Speaker 1: so it could go either way today. So you're watching
Speaker 1: another name that's moving on earnings this morning. You're making
Speaker 1: me hungry Sagrica with this report on Mission Produce, the
Speaker 1: avocado supplier absolutely always um, you know, breakfast hab which
Speaker 1: is called to us as all those things, and Mission
Speaker 1: Produce isn't moving yet this morning, but it did slump
Speaker 1: about thirteen percent after the closing bell yesterday when the
Speaker 1: company reported disappointing results for the fourth quarter, and it
Speaker 1: has also forecast little pricing in the first quarter on
Speaker 1: a sequential basis. However, in a bright spot, it did
Speaker 1: say that the industry is expecting volumes to be higher
Speaker 1: in the next quarter, primarily due to expectations for a
Speaker 1: larger Mexican harvest. All right, So, Jyson Ghani, Bloomberg Equities reporter,
Speaker 1: thanks for this. Really appreciate you having having you on
Speaker 1: with us this morning. Looking ahead to the market, open
Speaker 1: futures are moving higher, SMP futures of five points, staff
Speaker 1: futures up seventy one, and NASAC features are on the
Speaker 1: rise right now. By thirteen points ten. Your treasuries down
Speaker 1: seven thirty seconds, yield three point seven per cent. This
Speaker 1: is Bloomberg Daybreak. I'm Nathan Hagar along with Karen Moscow.
Speaker 1: Bloomberg Surveillance starts right now by from the financial capital
Speaker 1: of the world, broadcasting across the globe. This is w BBR,
Speaker 1: New York, Bloomberg. He Living Foe. This is the most expected,
Speaker 1: most anticipated procession ever. Markets headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg
Speaker 1: Business at and at Bloomberg Quick Tape. He's a Bloomberg
Speaker 1: Business Lange and I'm Karen Moscow. And futures around the
Speaker 1: rise this morning. Let's go to the first word breaking
Speaker 1: news dance for today's morning call. And here's Bill Maloney. Bill,
Speaker 1: good morning, Hey, Good morning, Karen. A modest bounce in
Speaker 1: the futures. Fuys today sell UF with dout futures up
Speaker 1: eighty two points, supes gained seven and nastic futures rise
Speaker 1: by two. The US ten year old at three point
Speaker 1: seven percent, Gold is hired by five, Oil is in
Speaker 1: the green, and bitcoin is trading little change. Japan fell
Speaker 1: one overnight, while up markets are quiet. This morning, and
Speaker 1: back in the US on the economic Frinday at thirty
Speaker 1: pc to flatter and durable goods orders and at ten
Speaker 1: o'clock Michigan sentiment and new home sales. You know the news.
Speaker 1: Elon musk vow to stop selling Tesla shares for the
Speaker 1: next two years, and Facebook agreeds to pay seven twenty
Speaker 1: five million over the Cambridge Analytical Analytica scandal. Wrapping things up,
Speaker 1: Charlotte was upgraded to equate Rrett Wells Fargo Live from
Speaker 1: the first breaking news discon fill Maloney care fret bill.
Speaker 1: Thanks to dear live breaking news. O your Bloomberg types,
Speaker 1: squawk on your terminal SCU a w K and that's
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more
Speaker 1: on what's going on around the world. Michael Karen, thank
Speaker 1: you very much. Frigid air making its way east across
Speaker 1: the US, with several states issuing blizzard warnings, metrologists warning
Speaker 1: the conditions could create bomb cyclone conditions and spots whether
Speaker 1: it's also caused widespread travel disruptions. The Senate passed one
Speaker 1: point seven trillion dollars spending bill yesterday in an effort
Speaker 1: to stop a government shutdown. The bill now heads to
Speaker 1: the House, where it is expected to pass. In the NFL,
Speaker 1: the Jets lost to the Jaguars. In the NHL, the
Speaker 1: Islanders beat the Rangers five three the Bruins one. In
Speaker 1: the NBA, the Wizards lost. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than twenty seven hundred journalist analysts in more than
Speaker 1: a hundred twenty countries. I'm Michael, This is Bloomberg. Karen,
Speaker 1: all right, Michael Bart, thank you. At six forty two
Speaker 1: on Wall Street, we turned to news and science and
Speaker 1: technology now with the Bloomberg and j I T stem Reboard,
Speaker 1: and here's what's making news and science, technology, engineering, and math.
Speaker 1: Bion Tech has begun human trials on a vaccine for malaria.
Speaker 1: It's a fresh test for the messenger RNA technology that
Speaker 1: powered the most successful immunizations against COVID nineteen. The first
Speaker 1: patient was dosed two days ago. In the phase one
Speaker 1: study will enroll sixty patients and use three different doses
Speaker 1: for a single vaccine candidate. According to bion Tech CEO
Speaker 1: Wahwei has secured an extension to a patent licensing deal
Speaker 1: with Nokia, suggesting the Chinese company continues to lead in
Speaker 1: networking technology. The announcement indicates appetite for access to Wahwei's
Speaker 1: next generation telecom patents remains strong. That's in spite of
Speaker 1: US accusations the Chinese giant poses a threat to national
Speaker 1: security and in massive final stage trials under way at ELI,
Speaker 1: Lilly and a side researchers planned to test brain plaque
Speaker 1: removing drugs on thousands of healthy adults. Now the hope
Speaker 1: is to stave off cognitive decline before it begins, or
Speaker 1: at least delay it. And it's an ethic drug makers
Speaker 1: are testing in hopes of stopping Alzheimer's before it starts.
Speaker 1: That's really one to watch, Nathan Heger, that's the Yeah,
Speaker 1: it's a bloomberg nj I t STEM report that could
Speaker 1: be a remarkable breakthrough if it goes through. It's something
Speaker 1: that I know that the Alzheimer's patients have been waiting
Speaker 1: for for years. Thank you for this, Karen. We're coming
Speaker 1: up too on Wall Street and it's time now to
Speaker 1: check what's going on in DC. Hardly a sleepy December
Speaker 1: in the nation's capital. The January sixth Committee just dropped
Speaker 1: its final report, and it blasts former President Donald Trump
Speaker 1: for the capital assault. Also making news a giant funding
Speaker 1: bill passing the U. S. Senate Ukraine aid and election fix.
Speaker 1: No new COVID funds though in this legislation, and President
Speaker 1: Biden targeting Russian mercenaries the latest round of sanctions over
Speaker 1: the war in Ukraine bloom for government. Reporter Emily Wilkins
Speaker 1: is taking some time away from pouring through the January
Speaker 1: six report to give us an idea of what's in it. Emily,
Speaker 1: good morning. I guess the big takeaway is that for
Speaker 1: this committee, blame for the insurrection comes down to one man,
Speaker 1: Donald Trump. Yeah, that's been the committee's feeds us all along.
Speaker 1: And now the Committee is saying that they need to
Speaker 1: Congress brother needs to move to make sure that Trump
Speaker 1: cannot be president again, that the others involved with the
Speaker 1: January six insurrection also cannot hold any sort of government
Speaker 1: office or military office. Um. This comes uh as the
Speaker 1: report basically summarizes a lot of what we saw the
Speaker 1: Committee already discussed in their last several hearings, but we
Speaker 1: have gotten a couple of new details, such as the
Speaker 1: fact that the Trump campaign tried to contact nearly two
Speaker 1: hundred state legislatures to get support for state level action
Speaker 1: on overturning election results. That includes lawmakers and the key
Speaker 1: states of Pennsylvania and Michigan. UM. So, really just the
Speaker 1: report is just sort of capping off a lot of
Speaker 1: what we've already heard and seen from the committee. Um
Speaker 1: just in terms of really the solidifying that recommendation that
Speaker 1: Trump not be allowed to hold public elected office. Again,
Speaker 1: what do you expect happens now? Emily, This committee has
Speaker 1: been meeting holding hearings for more than a year and
Speaker 1: a half. Now it's come out with its final report.
Speaker 1: But as you know, the committee is going to be
Speaker 1: disbanded in the next couple of weeks here when the
Speaker 1: new Congress comes in. The ball is really really now
Speaker 1: in the Justice Department's court. They've also been looking into
Speaker 1: and investigating, uh, what's what happened with the insurrection as
Speaker 1: well as Trump's attempts to overturn the election. Remember they
Speaker 1: hired that special counsel to try and make it a
Speaker 1: little less politicized as well. Uh, And so we're going
Speaker 1: to just be wait waiting for them to see what
Speaker 1: their results are. We know that investigation is underway that
Speaker 1: they're seeking documents and a lot of what we are
Speaker 1: seen in this January six Committee report that's going to
Speaker 1: be going towards the Justice Department and towards their investigation.
Speaker 1: So the fact that we have all these transcripts out now,
Speaker 1: all these text message that the Committee has really released
Speaker 1: their trope of data. A lot of that is going
Speaker 1: to go now toward the Justice departments that own investigation.
Speaker 1: What about the recommendations that are coming out of this
Speaker 1: report from the Bloomberg reporting on the terminal, there's a
Speaker 1: lot of detail, a lot of summarizing of what happened
Speaker 1: during the insurrection, But when it comes to what comes
Speaker 1: next from what this committee is recommending, it seems as
Speaker 1: though it's a little bit vague, a little bit, a
Speaker 1: little bit thin when it comes to what the committee
Speaker 1: wants to see. Well, for a certain part, with the committee,
Speaker 1: they're limited in what they can do, right, I mean,
Speaker 1: they're not able to pass legislation, they're not able to
Speaker 1: actually bring charges against someone. What the committee, and what
Speaker 1: you've really heard from lawmakers who sat on it from
Speaker 1: the beginning have said is that they really want to
Speaker 1: make sure that they are doing a thorough investigation into
Speaker 1: what happened there see themselves as writing sort of like
Speaker 1: a comphensive, drafted history of exactly what happened in the
Speaker 1: lead up to January six and on January six, and
Speaker 1: that's what they really reframed their efforts. As there was
Speaker 1: debate among the committee as to whether do any sort
Speaker 1: of criminal referral to what to refer they wound up
Speaker 1: with four charges more we're discussed, um So, I think
Speaker 1: we're sort of seeing the limits of the of the
Speaker 1: committee's power right now and exactly what they're going to
Speaker 1: do going forward, because you're right, Nathan, I mean they're
Speaker 1: going to disband and Republicans are are you know, if anything,
Speaker 1: they're going to set up a committee to investigate the
Speaker 1: January six Committee, but we're not going to see a
Speaker 1: lot of these investigative efforts next Congress. Kind of about
Speaker 1: a minute or so left here, Emily and I guess
Speaker 1: the final act of this Congress is to pass a
Speaker 1: massive spending bill. It got a bipartisan vote in the
Speaker 1: Senate last night. What are we expecting out of the House.
Speaker 1: It's all just a matter of process now, Nathan. We
Speaker 1: are expecting the House to pass that of course Democrats
Speaker 1: have the votes. We saw a couple of Republicans as
Speaker 1: well being supportive of the week long extension to get
Speaker 1: us to this point. Um, we are. We do know
Speaker 1: that this isn't going to get the same level of
Speaker 1: bipartisan support that it got over in the Senate. Republicans
Speaker 1: have been really strongly whipping against this bill. Um, including
Speaker 1: the House Minority Leader Kevin McCarthy, who's said to become
Speaker 1: speaker next year but has a handful of Republican colleagues
Speaker 1: who are saying, you know, we're not too sure. We're
Speaker 1: concerned about spending, So this will be it's a chance
Speaker 1: for Kevin McCarthy to try to show his members that
Speaker 1: he is serious about cutting spending. But at the same point,
Speaker 1: there's every indication that this bill is going to pass.
Speaker 1: The only reason that has it yet is because there's
Speaker 1: a whole network of processes of procedures that have to
Speaker 1: go on and they just weren't able to get those
Speaker 1: done by Thursday, and so that's why we're coming back today.
Speaker 1: But the House is very much expected to pass this
Speaker 1: one point seven trillion government funding bill. Yeah, I'm sure
Speaker 1: they want to do it in a hurry. Before the
Speaker 1: temperatures get really really cold and a big winter storm heads.
Speaker 1: Washington's very worried about. Yeah, I would imagine so. Emily
Speaker 1: Wilkins of Bloomberg Government, as always, thanks for keeping us
Speaker 1: up to speed on what's happening in the nation's capital.
Speaker 1: Hope you and yours have a very happy holiday, and
Speaker 1: we'll talk again in the new year. Bloomberg Government's Emily
Speaker 1: Wilkins with us this morning. Read more at Bloomberg dot
Speaker 1: com or on the Bloomberg terminal, where you can find
Speaker 1: a link to the January six report as well, and
Speaker 1: follow all the latest on Bloomberg Radio in Washington Bloomberg
Speaker 1: and one oh five point seven FM HD two SFP
Speaker 1: futures are highered now by seven points staff futures of
Speaker 1: eighty three NASDAC futures on the rise by twenty six
Speaker 1: points ten. Your treasuries down eight thirty seconds, yield three
Speaker 1: point seven zero percent, and the yield on the two
Speaker 1: year right now four point to eight per cent. Check bitcoin,
Speaker 1: it's up three tenths per cent, six fifty. This is
Speaker 1: Bloomberg Markets, headlines and breaking news twenty four hours a
Speaker 1: day at Bloomberg dot com. Bl Bloomberg Business at and
Speaker 1: at Bloomberg Quick Tape, She's a Bloomburn Business Flash and
Speaker 1: I'm Karen Moscow. US Dock Index futures are a higher
Speaker 1: ahead of inflation data do out later this morning. We
Speaker 1: checked the markets all day long here on Bloomberg, with
Speaker 1: SNP futures up twelve points or three tens of uppercent.
Speaker 1: Dow and Nastack future is both also up three tens
Speaker 1: of uppercent, but down features up a hundred fifteen points
Speaker 1: and Nastack features up thirty six. The decks in Germany's
Speaker 1: up about four tens of a percent. Ten year treasury
Speaker 1: down nine thirty seconds. He'll three point seven one percent.
Speaker 1: They yield on the two year four point to nine percent.
Speaker 1: Nimex screwed oil is up one point eight percent of
Speaker 1: a dollar thirty five at seventy eight dollars eighty six
Speaker 1: cents of barrel called MIxS gold up six tens percent
Speaker 1: or eleven dollars fifty cents, and eighteen o six eighty
Speaker 1: announced the Euro one point six two five against the dollar,
Speaker 1: British pound one point two zero eight seven. They had
Speaker 1: one thirty two point six seven and bitcoins up three
Speaker 1: tens of percent at about sixteen thousand, eight hundred fifty dollars.
Speaker 1: Investors will be focused on the core PC to fla
Speaker 1: eater today. It's a key inflation measure track by the Fed.
Speaker 1: Saturday Wall Street Town, along with personal income and spending
Speaker 1: in direble goods, orders on new home sales, and consumer
Speaker 1: sentiment arount of ten and that's a Bloomberg business flash.
Speaker 1: Now here's Michael Barr with Moore on what's going on
Speaker 1: around the world. Michael, Karen, thank you very much. A
Speaker 1: Winders storm has caused thousands of flight cancelations amid one
Speaker 1: of the most treacherous holiday travel seasons in the nation
Speaker 1: that has ever been in decades. The House committee investigating
Speaker 1: the January sixth attack on the U. S. Capitol delivered
Speaker 1: a scathing report, and its released yesterday. I blame one man,
Speaker 1: former President Donald Trump, for inciting violence to try and
Speaker 1: hold onto power. The Senate passed one point seven trillion
Speaker 1: dollars spending bill in an effort to stop a government shutdown.
Speaker 1: In the NFL, it looks like New York's Gang Green
Speaker 1: suffered from jet jag. The Jets lost to the Jaguars
Speaker 1: nine three. The NHL, the Islanders beat the Rangers, the
Speaker 1: Bruins one NBA of the Wizard's loss. Global news twenty
Speaker 1: four hours a day on air, end on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven journalists and analysts more
Speaker 1: than a hundred twenty countries. Michael Barr, this is Bloomberg, Nathan,
Speaker 1: Thank you, Michael. We're coming up to six twenty four
Speaker 1: on Wall Street. I'm Nathan Hagar. This is Bloomberg Daybreak.
Speaker 1: And later today, the House takes its final action of
Speaker 1: the year, one point seven trillion dollars spending bill that
Speaker 1: includes billions at eight to Ukraine. The Senate passed it
Speaker 1: on a bipartisan vote last night, a day after Ukrainian
Speaker 1: President Voladivir Zelenski came to Washington addressing Congress in his
Speaker 1: first trip outside his war torn country since the Russian
Speaker 1: invasion began. And for more on what the speech meant
Speaker 1: to lawmakers, Bloomberg's Joe Matthew spoke with former Ambassador to
Speaker 1: Poland Daniel Freed, that speech brought home to a lot
Speaker 1: of members of Congress that this is a real war
Speaker 1: and the Ukrainians are fighting back. Zelenski symbolizes their resistance,
Speaker 1: and those kind of human moments make a difference. I
Speaker 1: remember when luck Lewenza spoke to Congress in uh they
Speaker 1: increased US assists for Poland right at the beginning of
Speaker 1: its transformation. Now communism has already gone when Valencia is here,
Speaker 1: and the fighting is still raging in Ukraine. But speeches
Speaker 1: like this by leaders who symbolize resistance, or Winston Churchill
Speaker 1: coming to Washington right after Pearl Harbor, so those are
Speaker 1: fair comparisons. In Yeah, well, I think I think it's fair.
Speaker 1: This is a big war. Plutins started a major land
Speaker 1: war in Europe. We haven't seen this in Europe since
Speaker 1: nine and it's a war of conquest. So you bet
Speaker 1: it's a big deal. And American interests are at stake
Speaker 1: there at stake now in Ukraine, the same way we
Speaker 1: had interests at stake in Europe during World War Two,
Speaker 1: and for the same reason. By the way, the one
Speaker 1: sentence is it's not an American interest to have dictators
Speaker 1: trampling other countries in Europe. It's not in the American interest.
Speaker 1: Rose Republicans were in the chamber for the speech. We
Speaker 1: know that there were several of them, not applauding or
Speaker 1: or standing for the ovations. Ambassador, what's your thought on that?
Speaker 1: What would be your message to them? Well, what would
Speaker 1: Ronald Reagan say? He'd be applauding a fighter for freedom.
Speaker 1: He believed in in those fighting for freedom. He didn't
Speaker 1: believe in caving to dictators. And I do understand the
Speaker 1: calls for a good accounting of the money that we've
Speaker 1: been spending on behalf of the Ukrainians, and I think
Speaker 1: the Biden administration is ready to answer those questions. But
Speaker 1: for some it's not what Some Republicans of minority, thank goodness,
Speaker 1: I think it's not in the American interest, or a
Speaker 1: few are even on Putin side, which is simply revolting.
Speaker 1: Do you believe that money has been spent wisely? I
Speaker 1: think so, and I think that Ukraine's resistance has been
Speaker 1: made possible by the weapons that the Americans have sent.
Speaker 1: That we have sent. That's a good investment. You're investing
Speaker 1: in freedom and investing in showing a dictator that's Vladim
Speaker 1: imputinent that he's not gonna win, and Americans should consider.
Speaker 1: Suppose the Ukrainians win, that's a big deal. And that's
Speaker 1: former Ambassador to Poland. Daniel Freed speaking with Joe Matthew
Speaker 1: on Bloomberg Sound On. You can catch the show weeknights
Speaker 1: at five pm Wall Street Time on Bloomberg Radio, or
Speaker 1: you can download the show listen to it any time
Speaker 1: wherever you get your podcast. We have your top stories
Speaker 1: of the morning, local headlines of the check of markets. Next, first,
Speaker 1: the holiday weekend weather forecast rain Taper's office and scattered
Speaker 1: showers that will be windy today. Temperatures will drop from
Speaker 1: the fifties into the thirties. We have a wind advisory
Speaker 1: in effect of the Tri State area through ten pm,
Speaker 1: partially clearing breeze the overnight, the windside down a bit
Speaker 1: those overnight ten to fifteen Tomorrow partly the mostly sunny
Speaker 1: at times it's breezy, cold heghty twenty five, clear, breezy
Speaker 1: Christmas Eve, and sunny Christmas Day to thirty. I'm Rob
Speaker 1: Caroline with your three day forecast on Bloomberg eleven three
Speaker 1: oh broadcasting live from the Bloomberg Interactive Broker's studio in
Speaker 1: New York, Bloomberg eving for you to Washington, d C,
Speaker 1: Bloomberg nine one to Boston Bloomberg one O six one
Speaker 1: to San Francisco, Bloomberg Non sixteen to the country, Sirius
Speaker 1: XM Cho one nineteen and around the globe, the Bloomberg
Speaker 1: Business app and Bloomberg Radio dot Com. This is Bloomberg Daybreak,
Speaker 1: coming up to six thirty on Wall Street. Good morning,
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We are just
Speaker 1: about three hours away from the open of US trading.
Speaker 1: It's time for the five things you need to notice
Speaker 1: start your day, Brought to you by Innovation Refunds. Your
Speaker 1: business may be eligible to us a payroll tax refund.
Speaker 1: The application takes around eight minutes eight minutes or less
Speaker 1: to see if you're small to medium sized business may
Speaker 1: be eligible for a refund of up to twenty six
Speaker 1: thousand dollars per employee kept on the payroll during the pandemic.
Speaker 1: Find out I'd get refunds. Dot Com First. US futures
Speaker 1: are higher after stocks snapped at three day winning streaking yesterday.
Speaker 1: Tech stocks in particular are on course for their worst
Speaker 1: December since the dot com bubble burst. Now Moura's head
Speaker 1: of process at Strategies, Matthew Rowe, believes there'll be one
Speaker 1: trade in particular that will cause investors some pain next year.
Speaker 1: I think it's growth stocks. I mean I think when
Speaker 1: you look at you know, with interest rates in zero,
Speaker 1: the present value of anything is equal to what it
Speaker 1: will be in the future, um as a discounting function.
Speaker 1: When you start to take rates up, especially for nonprofitable companies,
Speaker 1: that gets pretty ugly from a fundamental perspective. Matthew Rowe
Speaker 1: with no Morris says the broader take downturn is a
Speaker 1: sign of a market shrend that could continue into and
Speaker 1: investors will have some more economic data to the jest Karen,
Speaker 1: But for the holiday weekend, we get the latest greeting
Speaker 1: on consumer spending at eight thirty Wall Street time. Then
Speaker 1: attend the University of Michigan Consumer Sentiment Index. Alright, And meanwhile,
Speaker 1: and Shina Nathan, we're learning this morning nearly thirty seven
Speaker 1: million people may have been infective at COVID nineteen on
Speaker 1: a single day this week, according to estimates from the
Speaker 1: government's top health authority, making the country's outbreak by far
Speaker 1: the world's largest. Comes on the heels of a complete
Speaker 1: reversal in the country strict COVID zero policy. Turning to
Speaker 1: Tesla now after offloading a massive sum of shares this year.
Speaker 1: The CEO, Elon Musk, says he will not be selling
Speaker 1: shares for a while. Bloomberg Steve Rappaport joins US Live, Steve,
Speaker 1: Good Morning, Nathan and Karen. Shares of Tesla climbed as
Speaker 1: much as three and a half percent in pre market
Speaker 1: trading after Elon Musk said he's done offloading for now.
Speaker 1: I'm not selling any stock for I don't know. Quote
Speaker 1: a minimum eighteens and twenty four months, so you can
Speaker 1: count on me. Like most no stock sales will probably
Speaker 1: out of twenty five or something. Musk has made such
Speaker 1: declarations before, only to sell more stock. Much of the
Speaker 1: forty billion dollars of shares he sold this year were
Speaker 1: to fund his acquisition of Twitter Live in New York.
Speaker 1: I'm Steve Rappaport, Bloomberg Daybreak, Steve, thank you at turning
Speaker 1: to Crypto now and the latest on ft X and
Speaker 1: Sam bankmun Free The Exchange is former CEO has released
Speaker 1: in a massive bail package after making his first U
Speaker 1: S Court appearance yesterday. And in politics, the House committee
Speaker 1: investigating the January six attack on the Capitol has released
Speaker 1: its final report, casting blame on former President Donald Trump,
Speaker 1: specifically for inciting violence to try to hold on to power.
Speaker 1: And that's the five things that you need to notice
Speaker 1: start your day. Brought to you by Innovation Refunds. And again,
Speaker 1: futures are high er SNP futures, they're up a quarter
Speaker 1: percent or nine points this morning. Down futures up three
Speaker 1: ten percent or a hundred one points, NASTACK futures up
Speaker 1: twenty five points or two tents of a percent. And
Speaker 1: this is Bloomberg al right here, and thank you to
Speaker 1: six thirty one on Wall Street Time now to check
Speaker 1: what's going on in New York and around the world.
Speaker 1: We're gonna be shivering very soon. Here's Michael Barr. Good morning, Michael,
Speaker 1: Good morning Nathan. A nasty winter storm has cost thousands
Speaker 1: of light cancelations, including here in the Tri State area.
Speaker 1: Bloomberg meteorologist Rob Caroline has more. Michael, powerful winter storm
Speaker 1: continues to develop over the eastern Great Lakes this morning.
Speaker 1: This system is going to be driving a cold front
Speaker 1: through much of the eastern part of the country this morning,
Speaker 1: where we're seeing temperatures in the fifties and sixties out
Speaker 1: ahead of the front. Generally in the teens across the
Speaker 1: Ohio River Valley behind the front, and then it's in
Speaker 1: the single digits below zero across the western Ohio River Valley.
Speaker 1: All this are now going to work its way into
Speaker 1: the southeastern United States day, the mid Atlantic States, and
Speaker 1: the Northeast. It's also going to set up some very
Speaker 1: potent lake effects snows outside of Buffalo today, they could
Speaker 1: see anywhere from one to three ft of snowfall from
Speaker 1: today through Christmas Day. And it's also going to be
Speaker 1: a companied by winds that are gonna be gusting in
Speaker 1: times over sixty miles an hour. This is gonna be
Speaker 1: one of the coldest Christmas Is for the century United States,
Speaker 1: probably since coldest Christmas in the Northeast since at least Michael,
Speaker 1: Thank you Rob. A trip on a Staten Island ferry
Speaker 1: turned out to be anything but a normal ride. Last night.
Speaker 1: We received the nine one one call reporting a fire
Speaker 1: in the engine room of one of the Staten Island ferries. Frankly,
Speaker 1: but the f d n MIA says more than eight
Speaker 1: hundred passengers had to be evacuated. The Senate passed at
Speaker 1: one point seven trillion dollars spending bill in an effort
Speaker 1: to stop a government shutdown. Democratic Senator Patrick Leahy. Most
Speaker 1: of what's in here has been put together by priors
Speaker 1: of fashion funding things that we all say we agree with.
Speaker 1: Republican Senator Richard Shelby. This bill, we know what it is.
Speaker 1: We know it's ombimus, we know it's not perfect. Uh,
Speaker 1: but it's got a lot of stuff in it, a
Speaker 1: lot of good stuff. The bill includes a forty billion
Speaker 1: dollar aid for disaster relief. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg quick Take, powered
Speaker 1: by more than undred journalists analysts more than a d
Speaker 1: twenty countries. Michael Barr, this is Bloomberg. Nathan, alright, thanks
Speaker 1: almost six thirty four in Wall Street time for the
Speaker 1: Bloomberg Sports Update with John Stash. Thanks Nathan. Hard to
Speaker 1: believe now, but the Jets not that long ago. We're
Speaker 1: flirting with the idea of winning the a f C East.
Speaker 1: They're in last place now. Their season's pretty much gone down,
Speaker 1: the two four straight losses, just two wins in the
Speaker 1: last eight games. Again last night in the Jets home finale,
Speaker 1: pretty good effort by the defense, allowing Jackson Go to
Speaker 1: score only one touchdown, but virtually no offense. Just Jets
Speaker 1: got an early field goal only because of the Jaguars fumble,
Speaker 1: and they didn't score after that first half. They had
Speaker 1: three first down sixty six yards. Zack Wilson threw another
Speaker 1: interception late third quarter. Wilson got benched again. The crowd
Speaker 1: loved that, this time in favor of the undrafted former
Speaker 1: Winnipeg Blue bomber Chris Traveler, who had some good moments
Speaker 1: for the Jets in the preseason. He outplayed Wilson. He
Speaker 1: ran for fifty four yards and just over a quarter
Speaker 1: with the Jaguars made it three straight wins, five wins
Speaker 1: in their last seven games. They won in the rain
Speaker 1: nineteen to three, and Wilson was asked about losing his
Speaker 1: job again offensively, and you know, I'm trying to figure
Speaker 1: it out, trying to help get the guys going. I'm
Speaker 1: trying to, you know, get myself in a little bit
Speaker 1: of rhythm and and you know, we had nothing there,
Speaker 1: and so you know, you can't blame Hi in that situation.
Speaker 1: You know, he put Chris out there, and he's obviously
Speaker 1: great with his legs in his arm and he was
Speaker 1: able to give us a little bit of sparks Ninian's Way.
Speaker 1: Tomorrow at Minnesota, the Giants win and they get two
Speaker 1: of three teams to lose between Seattle, Detroit and Washington.
Speaker 1: The Giants Clint to play up at the Garden Rangers
Speaker 1: with Theologers five to three goal to Assister Barkley Goodrow
Speaker 1: Capocco Store to go ahead go with under three minutes
Speaker 1: left home games with the Knicks, and next tonight Nick's
Speaker 1: Welcome in Chicago and the Nets to look to keep
Speaker 1: their win Street going against the wa talks to actually
Speaker 1: were Boomberg's brought to you buy out He don't let
Speaker 1: someone else drive off in the autie model. You've always
Speaker 1: wanted to visit your local try seat Outie Dealer to
Speaker 1: get behind the wheel of yours today, or visit outie
Speaker 1: Offers dot com for more information. It's six thirty five
Speaker 1: on Wall Street. The following is an editorial from Bloomberg Opinion.
Speaker 1: This editorial was written by the Bloomberg Editorial Board. As
Speaker 1: the demise of the ft X crypto empire unfolds, lawmakers
Speaker 1: and regulators are grappling with a question, what, if anything,
Speaker 1: should they try to do to civilize a market so
Speaker 1: rife with abuse. Some might be tempted to sit back
Speaker 1: and hope the crypto market will simply burn out, putting
Speaker 1: an end to the whole bizarre episode, but that would
Speaker 1: be wishful thinking. Officials need to act on the lessons
Speaker 1: of fiascos from the collapse of the terrorist stable coin
Speaker 1: to f t X, to ensure that renewed speculation never
Speaker 1: threatens the broader financial system. Clear rules would provide authorities
Speaker 1: with the framework they need to crack down on bad actors,
Speaker 1: a category into which ft X would have fallen. A
Speaker 1: few regulatory fixes should prevent crypto from becoming a systemic threat.
Speaker 1: This editorial was written by the Bloomberg Editorial Board. For
Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash
Speaker 1: opinion or opi and go on the Bloomberg terminal. This
Speaker 1: has been Bloomberg opinion, and you can hear Bloomberg opinion
Speaker 1: editorials every weekday at this time. Terminal customers can read
Speaker 1: more at op I end go. It's six thirty six
Speaker 1: on Wall Street. Bloomberg Radio is on the air from
Speaker 1: San Francisco to New York, London to Hong Kong. Let's
Speaker 1: check in with our global news team for some of
Speaker 1: the top stories heard on our three hundred affiliate radio
Speaker 1: stations around the world. Um Grin, He's done, Hoan Kathabe
Speaker 1: and Omaha. The extreme calls is endangering crops, livestock and
Speaker 1: rail lines from the latest blow to the food supply.
Speaker 1: I'm Jeff Goveringer and on WTV and in Columbus, I'll
Speaker 1: be updating the business and financial and to the big
Speaker 1: Winter's roar. I'm Karin Head Film bloom Bag Dad Radio.
Speaker 1: In London. We are reporting on bord of force workers
Speaker 1: on strike as we await news on newstrike dates from
Speaker 1: the nurses Union. I'm Steve Poto, Scott k and X
Speaker 1: in Los Angeles. We're talking about the golden age of
Speaker 1: television getting a little tarnished as streaming services cut costs.
Speaker 1: I'm a Tory on w w J and Detroit. I'm
Speaker 1: reporting the city has awarded recreational marijuana linenses the thirty
Speaker 1: Greek companies and though are some of the stories that
Speaker 1: are twenty hundred Bloomberg journalists and analysts are working on
Speaker 1: this morning around the world. Right now, Futures are moving higher,
Speaker 1: though trimming some of the gains on the session. Right now,
Speaker 1: SMP futures are up seven points. That's a gain of
Speaker 1: two tenths per cent. Down futures are hired by eighty nine.
Speaker 1: NASTAC futures on the rise by twenty three points. The
Speaker 1: futures have been as high as four tenths percent higher. So,
Speaker 1: as I said, giving back some of the gains right now,
Speaker 1: send your treasuries down eight thirty seconds, yield three point
Speaker 1: seven zero percent, and the yield on the two year
Speaker 1: right now four point to eight percent. Straight ahead, will
Speaker 1: head to the nation's capital where they're pouring through the
Speaker 1: January sixth report and getting ready to pass a giant
Speaker 1: spending bill before lawmakers try to beat their way ahead
Speaker 1: of a storm. This is Bloomberg Live from the Bloomberg
Speaker 1: Interactive Brooker Studios. This is Bloomberg Day Break for Friday,
Speaker 1: December twenty two. Coming up this hour. Kids look for
Speaker 1: gains ahead of the holidays and made concerns over fed tightening.
Speaker 1: In January six committee releases a skating report with blame
Speaker 1: focusing on former President Trump, Sam Bankman freed released on
Speaker 1: a massive bail payment, and starring COVID cases threatened China's economy,
Speaker 1: people taking planes trains and automobiles are hoping a window
Speaker 1: storm does not play Grinch with holiday travel plans, plus
Speaker 1: a fire on a New York ferry. I'm Michael bar
Speaker 1: More Ahead, I'm Don Stashower. The Jets losing street, continue
Speaker 1: to struggling offense and a home loss to Jacksonville. The
Speaker 1: Rangers beat the Islander. That's all trended ahead on Bloomberg
Speaker 1: Daybreak on Bloomberg eleven Free on New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine
Speaker 1: sixties and Francisco Syrius x M one nineteen and around
Speaker 1: the world on Bloomberg Radio dot com and via the
Speaker 1: Bloomberg Business App. Good morning, I'm Nathan Hagar and I'm
Speaker 1: Karen Moscow. Ust Index futures on the rise this morning,
Speaker 1: and we checked the markets all day long here on
Speaker 1: Bloomberg SMP future is up fourteen points or a third
Speaker 1: of u percent down. Futures up about the same, or
Speaker 1: a hundred twenty seven points. And as that futures have
Speaker 1: four tenths per cent or forty six points. The decks
Speaker 1: in Germany's have four tenths of upper cent. Ten year
Speaker 1: Treasury down six thirty seconds. You have three point seven
Speaker 1: zero percent and they yield on the two year is
Speaker 1: at four point to seven percent. Nathan, alright, so we're
Speaker 1: on the rise this morning, Karen, but Stuck snapped a
Speaker 1: three day wind streak yesterday. The latest strong economic data
Speaker 1: seemed to validate the case of the Federal Reserve can
Speaker 1: continue tightening monetary policy, and that's set a downbeat tone.
Speaker 1: Tech stocks in particular are on course for their worst
Speaker 1: December since the burst of the dot com bubble. Namera's
Speaker 1: head of process at Strategies, Matthew Roe, says, it's the
Speaker 1: son of a broader market trend. We're sort of getting
Speaker 1: off of that addiction to zero interest rate free ride
Speaker 1: on risk, and that's why I think is going to
Speaker 1: be the year of credit, because most investors haven't had
Speaker 1: to contemplate rising implied in actual default rates, you know,
Speaker 1: eroding credit markets, widening credit spreads. So it's gonna be
Speaker 1: an interesting education and path for investors in Matthew Rowe
Speaker 1: with Numeri says growth stocks will be the big pain
Speaker 1: trade in three and Nathan, investors get more data to
Speaker 1: digest today, just ahead of the holiday weekend, Bloomberg's If
Speaker 1: Any Deal, Judace has a preview. In October, consumer spending
Speaker 1: adjusted for inflation posted the largest increase since the start
Speaker 1: of the year. Today's report could tell a different stories.
Speaker 1: Inflation chips away at household finances. Preliminary data show November
Speaker 1: retail sales dropped by the most in nearly a year.
Speaker 1: Also on today's data agenda, new home sales, then Heat
Speaker 1: del Judace, Bloomberg Daybreak, right any thank you, and we'll
Speaker 1: get one more notable data point at ten am Wall
Speaker 1: Street time at the University of Michigan Consumer Sentiment Index.
Speaker 1: That report has proven to be a market mover in
Speaker 1: recent months. Right Let's gender markets moves in Asia Now, Karen,
Speaker 1: We saw weakness across several markets ahead of the weekend,
Speaker 1: and Bloomberg's and Curtis has more. Asian equities tracked lower
Speaker 1: after a slump in US technology stocks. Strong US economic
Speaker 1: data strengthened the case for the Fed to continue raising
Speaker 1: interest rates. The Hank Sank Tech index led the falls,
Speaker 1: but weakness was also seen in Japan, Australia, and South Korea. Elsewhere.
Speaker 1: Oil headed for a big weekly gain. Has China shift
Speaker 1: away from COVID zero bolster the outlook for demand. Brian Curtis,
Speaker 1: Bloomberg Daybreak, Right, Brian. Thanks. Meanwhile, in China, we're learning
Speaker 1: this morning nearly thirty seven million people may have been
Speaker 1: infected with COVID nineteen on a single day this week,
Speaker 1: according to estimates from the government's top health authority, making
Speaker 1: the country's outbreak by far the world's largest. It comes
Speaker 1: in the heels of a complete reversal in the country
Speaker 1: straight COVID zero policy. All right, let's turn back to
Speaker 1: this country caring. A major note in politics of the
Speaker 1: House committee investigating the January sixth attack on the US capital,
Speaker 1: they've released their final report on the insurrection, and it
Speaker 1: cast the blame on former President Donald Trump, specifically for
Speaker 1: citing violence to try to hold onto power. The fourteen
Speaker 1: page reports detales the Trump effort to pressure state officials
Speaker 1: and the Justice Department to overturn the election. The committee
Speaker 1: also recommends that Congress establish a mechanism that would formally
Speaker 1: bar Trump and others identified in the report from holding
Speaker 1: any government or military office under the fourteenth Amendment. But
Speaker 1: he turned to Tesla now Nathan after offloading a massive
Speaker 1: sum of Tesla shares this year CEO Elon Musk says
Speaker 1: he won't be selling shares for a while. On Bloomberry,
Speaker 1: Steve rapp Report joins US Live with that story. Steve,
Speaker 1: good morning, Good morning, Karen, and Nathan. Musk sold almost
Speaker 1: forty million dollars of Tesla shares already, mostly to fund
Speaker 1: his purchase of Twitter, and now he's ready to take
Speaker 1: a break. I'm not selling any stock for I don't know,
Speaker 1: quote a minimum eighteens and twenty four months, so you
Speaker 1: can count on me. Like most now, stock sales will
Speaker 1: probably on twenty five or something. Musk's declaration was in
Speaker 1: response to a question from longtime investor Ross Gerber, who
Speaker 1: challenged the CEO's leadership of the elector vehicle maker. Shareholders
Speaker 1: seemed pleased with the announcement, with Tesla stock rising as
Speaker 1: much as three and a half percent in pre market
Speaker 1: trading Live in New York. I'm Steve Rappaport, Bloomberg Daybreak.
Speaker 1: All right, Steve, thanks, so let's get the latest on
Speaker 1: ft X and Sam Bankman freed. The collapse Crypto Exchanges
Speaker 1: former CEO was released on a massive bail package after
Speaker 1: he made his first U S court appearance yesterday. The
Speaker 1: package includes a two hundred fifty million dollar personal were
Speaker 1: cognizant sponds secured by his parents home in California. One
Speaker 1: federal prosecutor calls this one of the largest pre trial
Speaker 1: bonds in US history. Sam Bankman free faces fraud charges
Speaker 1: over the collapse of f t X. His next court
Speaker 1: appearance isn't too far away, now scheduled for January three,
Speaker 1: well as the ft X sanga plays out, Nathan. SEC
Speaker 1: chair Gary Gensler is saying the agency's patients is wearing
Speaker 1: thin for digital asset exchanges and other firms that sir
Speaker 1: gets regulations. We get more from Bloomberg stud Kristner. In
Speaker 1: an interview yesterday, SEC Chair Gary Gensler said the agency's
Speaker 1: patients is wearing thin for digital asset exchanges and their
Speaker 1: firms that sure gets regulations. Gensler said the runway is
Speaker 1: getting shorter to start following rules and register with the agency.
Speaker 1: He also said the casinos in this Wild West are
Speaker 1: non compliant intermediaries. Gensler also declined to identify firms facing
Speaker 1: scrutiny or common on where the probe of ft X
Speaker 1: may go next. In New York, I'm Doug prisoner Bloomberg daybreak,
Speaker 1: All right, Doug, thank you, and oils headed for a
Speaker 1: substantial weekly gain as Russia says it may cut crude
Speaker 1: production in response to the G seven price cap on
Speaker 1: its exports. Taking a look at the price now, Nimex
Speaker 1: crude is moving higher by one cent of a dollar
Speaker 1: forty three at seventy eight dollars ninety two cents of
Speaker 1: barrel SMP futures are higher by sixteen points. And straight
Speaker 1: ahead your latest local headlines and a check of sports.
Speaker 1: This is Bloomberg. That sounds six though seven on Wall Street.
Speaker 1: Fifty five degrees in New York. But it's not going
Speaker 1: to stay mild for long. We expect temperatures to sink
Speaker 1: like a stone this afternoon, and Michael Barr is here
Speaker 1: to help us get ready for it. Michael, thank you
Speaker 1: very much, Nathan. Two hundred million Americans are expected to
Speaker 1: be affected by this massive winter storm rolling across the country.
Speaker 1: Here in the Try State area, temperatures are forecast. Like
Speaker 1: you said, the plummet around thirty degrees and hours freezing
Speaker 1: any rain already on the roads. Strong winds, snow, and
Speaker 1: flooding are also part of the storm. This woman lives
Speaker 1: in Lyndenhurst, New York, where she says there was flooding
Speaker 1: from heavy rain just last week. I do get nervous
Speaker 1: as far as losing power and just trying to manage
Speaker 1: what we're gonna do, as far as eating and just
Speaker 1: making sure we have a heat on. Hundreds of flights
Speaker 1: have already been canceled or delayed in the Tri state area. Meanwhile,
Speaker 1: President Biden worn Americans to take the storm seriously. It
Speaker 1: goes from Oklahoma all the way to Wyoming, and Wyoming
Speaker 1: to Maine, and it's several consequence. So I encourage everyone, everyone,
Speaker 1: please local warning. The President says. It's not like a
Speaker 1: snow day when you were a kid. This is serious stuff.
Speaker 1: Hundreds of New York City commuter has had to be
Speaker 1: evacuated from a Staten Island ferry after a fire broke
Speaker 1: out on board last evening. Officials say there were no
Speaker 1: major injuries, but at least five people are being treated
Speaker 1: for smoke inhalation. Officials say workers quickly detected the fire,
Speaker 1: activated a high tech suppression system, and sealed the flames
Speaker 1: behind air tight doors. F d n Y Deputy T.
Speaker 1: Frank Lee praised the crew members for their response. This
Speaker 1: is the way the system is supposed to happen. When
Speaker 1: fire just supposed to notify the coast guard, and then
Speaker 1: you're supposed to make sure that you seal it and
Speaker 1: get the people out of the way. So everybody acted
Speaker 1: the way that the way I would expect them to.
Speaker 1: The f D n MS Frank Leeves has passengers filed
Speaker 1: downstairs and evacuated onto other ferries which had race to help.
Speaker 1: A Connecticut judge denied Info Wars host Alex Jones's motion
Speaker 1: seeking a new trial and the overturning of a jury
Speaker 1: verdict requiring him to pay hundreds of millions of dollars
Speaker 1: to families of victims of the Sandy Hook Elementary School shootings.
Speaker 1: For years, Jones described the twenty twelve shootings in Newtown
Speaker 1: as a hoax. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take, powered by more
Speaker 1: than twenty seven hundred journalists and analysts and more than
Speaker 1: one twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan.
Speaker 1: Thanks Michael six o nine on Wall Street time for
Speaker 1: the Bloomberg Sports Update with John Show. All right, Nathan
Speaker 1: didn't seem as if this was possible, But things have
Speaker 1: gone from bad the worst for the Jets. Young quarterback
Speaker 1: Zack Wilson lost his job to Mike White, got it
Speaker 1: back when White got hurt, lost his job again last night,
Speaker 1: got bench late third quarter, and the fans who braved
Speaker 1: the weather went wild when Wilson was removed in favor
Speaker 1: of Chris Traveler. Wilson was the second pick of the
Speaker 1: draft s. Traveler is the former Winnipeg Blue Bomber who
Speaker 1: wasn't drafted at all. Jacksonville one in the rain at
Speaker 1: MetLife Night, team to three, and both teams were now
Speaker 1: seven and eight. For the Jaguars are red hot that
Speaker 1: they win their last two games, they're going to the playoffs.
Speaker 1: The Jets fading fast. They've lost four in a rows
Speaker 1: six of the last eight. Their season, which was going
Speaker 1: so well earlier, will almost certainly ended a couple of weeks,
Speaker 1: and then the Jets will have to decide what to
Speaker 1: do with Wilson. Giants way Tomorrow in Minnesota, Philadelphia brings
Speaker 1: its thirteen and one record into Dallas and Gardner Minshew
Speaker 1: will quarterback the Eagles to the injured Jalen Hurts. Lamar.
Speaker 1: Jackson's gonna miss a third straight game for Baltimore at
Speaker 1: the Garden, Rangers and Islanders goes back at the ark
Speaker 1: point for tro check for Panarin at the circle, back
Speaker 1: up top for Fox. Straight away Fox drives to the
Speaker 1: far circle. Fox still with it, passes the Savantage that
Speaker 1: quickly pay four play Rankers and Islanders longer to call.
Speaker 1: They were also tight at two and then three, and
Speaker 1: that's when Capo Caacko scored with under three minutes left.
Speaker 1: The Rangers won five to three. They held the Islanders
Speaker 1: only eighteen shots, and the Rangers have won eight of
Speaker 1: their last nine, while the Island There's have lost five
Speaker 1: of six, nicks of one eight of nine. They host
Speaker 1: Chicago tonight. The Nets go for an eighth win in
Speaker 1: a row home game with first place in Milwak. John S,
Speaker 1: Bloomberg Sports, Nathan Okay, John Thanks, and Bloomberg Sports was
Speaker 1: brought to you by Audie. Don't let someone else drive
Speaker 1: off in the Audi model. You've always wanted to visit
Speaker 1: your local Tri state autie dealer to get behind the
Speaker 1: wheel of yours today, or visit autie Offers dot com
Speaker 1: for more information. Futures may taking a leg higher this
Speaker 1: morning We've got SMP futures up fourteen points, staff futures
Speaker 1: up a hundred twenty nine, NASTAC futures are higher by
Speaker 1: forty eight points. That's a gain of four tenth percent
Speaker 1: across the board for the futures in disease ten. Your
Speaker 1: treasuries down six thirty seconds. You'ld three point seven zero percent.
Speaker 1: The yield on the two year right now four point
Speaker 1: to eight percent long bond, the thirty year yield three
Speaker 1: point seven six Live from coast to coast, from New
Speaker 1: York to San Francisco, Boston to Washington, d C. Nationwide
Speaker 1: on sirius x them the Bloomberg Business Happened Bloomberg dot Com.
Speaker 1: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager, and
Speaker 1: we are joined this morning by Sam Stovall, chief investment
Speaker 1: strategist at cfr A Research, as we limp our way
Speaker 1: to the end of two and look ahead to twenty three. Sam,
Speaker 1: good morning, Really looking forward to getting your perspective on
Speaker 1: what we've seen in two with the SNP on track
Speaker 1: for a twenty percent decline this year as the Fed
Speaker 1: fights inflation. It seems as though fighting the Fed has
Speaker 1: been a losing game. What do you make of the
Speaker 1: action that we've seen in this year gone by? Well,
Speaker 1: good morning, Nathan. Uh. Certainly it is one of the
Speaker 1: ten worst performing years going back to So if there
Speaker 1: is any kind of consolation, historically when we have had
Speaker 1: a negative year, it's been positive the year after, rising
Speaker 1: on average of four and only in the three year
Speaker 1: Mega meltdown of two thousand through two thousand and two
Speaker 1: did we have back to back negative years. So you know,
Speaker 1: if there is some sort of a consolation, it is
Speaker 1: that possibly we end up with a positive return in tree.
Speaker 1: Do you think that's a possibility given the messaging that
Speaker 1: we've heard, not just from the FED but central banks
Speaker 1: around the world, particularly with the move from the Bank
Speaker 1: of Japan just this week, that higher for longer is
Speaker 1: going to be the story in the well, that certainly
Speaker 1: is the worry, um. And also the worry is that
Speaker 1: because so many strategists are saying that three will be
Speaker 1: a tale of two halves, where the first half is
Speaker 1: the challenging one where a bottom will likely be put
Speaker 1: into place, and that we then have a recovery in
Speaker 1: the second half, one has to worry. Well, either we
Speaker 1: don't get any kind of a real meaningful decline and
Speaker 1: that the October twelfth low was the low for this market,
Speaker 1: or we end up slipping into a multi year mega
Speaker 1: meltdown bear market. I'm going to stick with the tail
Speaker 1: of two halves. I believe that the FED will stop
Speaker 1: raising rates by the end of the first quarter of
Speaker 1: twenty three, and history tells us that the FED starts
Speaker 1: to cut interest rates about eight and a half months
Speaker 1: after the last week hike, so that would point to
Speaker 1: December as a possible beginning of an easy move. There's
Speaker 1: still a lot of unknowns h heading into that forecast, though,
Speaker 1: is that there. We've still got a war in Ukraine,
Speaker 1: We've got this COVID situation in China where we're just
Speaker 1: hearing from the Chinese government that as many as thirty
Speaker 1: seven million people in one day could have been infected
Speaker 1: with this dramatic shift from COVID zero to a something
Speaker 1: of an attempt reopening that's causing the virus to explode.
Speaker 1: What about some of those exogenous factors that are out
Speaker 1: of the Fed's control, Well, those are certainly items that
Speaker 1: investors have to be concerned with. We've had almost a
Speaker 1: year's worth of UH prontation in Ukraine UM so possibly
Speaker 1: would actually bring some sort of resolution um, ceasefire, etcetera,
Speaker 1: which I think would be very supportive at least of
Speaker 1: European equities. Also, maybe we find that China is more
Speaker 1: willing to import vaccines from the US, which would be
Speaker 1: helpful to their situation as well. Wall Street has constantly
Speaker 1: climbed a wall of worry, and these have been with
Speaker 1: us for a while, so I think that that likely
Speaker 1: has already been factored in the share prices and forecasts.
Speaker 1: How about the earnings back drop going forward? Here, we
Speaker 1: got strong earnings this week from sort of consumer facing
Speaker 1: names like FedEx and Nike, disappointing results from some of
Speaker 1: those tech names like Micron Technologies. What does that tell
Speaker 1: us about the earnings picture heading into the first quarter. Well,
Speaker 1: it's offering a glimmer of hope in an otherwise dismal
Speaker 1: environment because now expectations are that we will be flipping
Speaker 1: into an earnings recession with the fourth quarter of this
Speaker 1: year being down two point eight percent, followed by negative
Speaker 1: year on year changes in three for the first two
Speaker 1: quarters uh and then starting to see a comeback in
Speaker 1: the second half with a more than ten percent advance
Speaker 1: expected for so, I think that historically we've found that
Speaker 1: earnings recessions have been coincident with the beginning of economic recessions.
Speaker 1: Uh so, we might find that the economic recession overlaps
Speaker 1: the earnings one from possibly the fourth quarter of this
Speaker 1: year into the half first half of next year. Only
Speaker 1: about thirty seconds left here, Sam, as you know, the
Speaker 1: portfolio hasn't been a winner this year, couldn't make a
Speaker 1: comeback in twenty three and what would that look like
Speaker 1: if it if it does well, That's an interesting question
Speaker 1: because certainly the sixty is something that investors have had
Speaker 1: to worry about. But traditionally, go back over the last
Speaker 1: fifty years, we have found that the next year after
Speaker 1: a decline in a portfolio, we have seen the market
Speaker 1: up or the portfolio up by a little more than
Speaker 1: rising in price almost of the time. I think the
Speaker 1: real problem is what will equities be doing, because in
Speaker 1: most of those cases what was dragged down of the
Speaker 1: portfolio was for equity side side. Thanks for this as always,
Speaker 1: hope you have a happy holiday and a prosperous new year.
Speaker 1: For sure. Sam Stovall's chief investment strategist at c F
Speaker 1: r A prosperous this morning. At least in the futures contracts.
Speaker 1: We have gains modest gains across the board. This is
Speaker 1: from