1 00:00:02,360 --> 00:00:05,600 Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg 2 00:00:05,680 --> 00:00:09,360 Speaker 1: day Break for Friday May two. Coming up this hour. 3 00:00:09,600 --> 00:00:12,160 Speaker 1: Stocks are on track for their first weekly gain in 4 00:00:12,320 --> 00:00:15,600 Speaker 1: two months. City Group downgrades US equities on the risk 5 00:00:15,680 --> 00:00:18,599 Speaker 1: of our session. The U S And Taiwan plant talks 6 00:00:18,640 --> 00:00:22,440 Speaker 1: to increase economic ties, and Texas Governor Greg Abbott will 7 00:00:22,440 --> 00:00:26,040 Speaker 1: reportedly not address the n r a's meeting in person today. 8 00:00:26,320 --> 00:00:28,960 Speaker 1: Triple Lass people will back the roads for the long 9 00:00:29,040 --> 00:00:32,200 Speaker 1: Memorial Day weekend. Plus the w h JOE confirmed nine 10 00:00:32,280 --> 00:00:35,280 Speaker 1: cases of monkeypox in the U S. I'm Michael Barr. 11 00:00:35,360 --> 00:00:40,080 Speaker 1: More ahead, Latice, got Edinburg, Yankees women, the Rangers face elimination. 12 00:00:40,280 --> 00:00:45,360 Speaker 1: I'll have that more coming up in sports. That's all's training. 13 00:00:45,440 --> 00:00:48,760 Speaker 1: Head on Bloomberg day Break on Bloomberg eleven, Free on 14 00:00:48,840 --> 00:00:53,239 Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh 15 00:00:53,360 --> 00:00:58,080 Speaker 1: six one, Boston, Bloomberg nine sixties, San Francisco, Sirius XAM 16 00:00:58,160 --> 00:01:01,200 Speaker 1: one nineteen and around the world. Old on Bloomberg Radio 17 00:01:01,320 --> 00:01:08,319 Speaker 1: dot Com and via the Bloombird Business And good Morning. 18 00:01:08,360 --> 00:01:11,479 Speaker 1: I'm Karen Moscow. I'm Nathan Hacker. Bloomberg Daybreak is brought 19 00:01:11,520 --> 00:01:14,560 Speaker 1: to you by B and Y Melon, Pershing's inside conference 20 00:01:14,600 --> 00:01:16,960 Speaker 1: back in person June fifteen through the seventeenth that the 21 00:01:16,959 --> 00:01:20,200 Speaker 1: Gaylord Resort in Grapevine, Texas. Don't miss it. Register now 22 00:01:20,240 --> 00:01:23,959 Speaker 1: at Insight dot b n y Melon dot com and 23 00:01:24,120 --> 00:01:26,720 Speaker 1: US futures are higher this morning six o one on 24 00:01:26,760 --> 00:01:29,160 Speaker 1: Wall Street. We checked the markets every fifteen minutes throughout 25 00:01:29,160 --> 00:01:32,120 Speaker 1: the trading day. On Bloomberg, SNP Future is up seventeen 26 00:01:32,160 --> 00:01:35,120 Speaker 1: points down Future is up sixty six Nasdack Future is 27 00:01:35,160 --> 00:01:38,200 Speaker 1: up seventy five. The ten year Treasury little change yield 28 00:01:38,240 --> 00:01:40,399 Speaker 1: two point seven four percent, and they yield on the 29 00:01:40,440 --> 00:01:43,760 Speaker 1: two year two point four six percent. Nathan Karen, the 30 00:01:43,880 --> 00:01:46,440 Speaker 1: SNP five hundreds on track for its first weekly gain 31 00:01:46,520 --> 00:01:49,760 Speaker 1: in nearly two months. The index rose two percent yesterday 32 00:01:49,760 --> 00:01:52,480 Speaker 1: for its biggest gain in ten days. Max Wasserman is 33 00:01:52,480 --> 00:01:56,720 Speaker 1: founder and senior portfolio manager at Merrimar Capital. I'm optimistic 34 00:01:56,720 --> 00:01:58,800 Speaker 1: in a long term. It doesn't mean you could get 35 00:01:58,840 --> 00:02:00,960 Speaker 1: it more downside, and we could see another five to 36 00:02:01,000 --> 00:02:03,920 Speaker 1: seven percent on the downside, but we think we're through 37 00:02:03,960 --> 00:02:06,440 Speaker 1: the majority of the problem and it's been a bad market. 38 00:02:06,480 --> 00:02:09,359 Speaker 1: I mean, the Majeck was down and the SNP was 39 00:02:09,360 --> 00:02:11,880 Speaker 1: close to down twenty. It could still go further, but 40 00:02:12,040 --> 00:02:14,799 Speaker 1: we're not We're not bailing on this market. Mira Mark 41 00:02:14,840 --> 00:02:17,799 Speaker 1: Capitals Max Wasserman made the comments on Bloomberg Business Week. 42 00:02:17,800 --> 00:02:20,239 Speaker 1: Catch the program weekdays from two to five pm Wall 43 00:02:20,240 --> 00:02:23,560 Speaker 1: Street Time on Bloomberg Radio. Meantime, Nathan's City Group is 44 00:02:23,560 --> 00:02:26,160 Speaker 1: getting more bearish on stock. Shall we get the details 45 00:02:26,160 --> 00:02:28,760 Speaker 1: life from Bloomberg's or any young? Good Morning, Rady Down, 46 00:02:28,800 --> 00:02:31,960 Speaker 1: Good morning Karen. City Group cut its recommendation on US 47 00:02:32,000 --> 00:02:35,320 Speaker 1: stocks to neutral on the risk of a recession. Strategist 48 00:02:35,400 --> 00:02:38,360 Speaker 1: there join an increasing number of banks and warning of 49 00:02:38,400 --> 00:02:41,160 Speaker 1: a growth slow down. They say, with this high level 50 00:02:41,160 --> 00:02:44,480 Speaker 1: of uncertainty and a lack of reassurance from the Federal Reserve, 51 00:02:44,840 --> 00:02:48,200 Speaker 1: the market is showing elements of a deflating bubble. But 52 00:02:48,280 --> 00:02:52,280 Speaker 1: opinion on US equities remains divided. Some Wall Street analysts 53 00:02:52,280 --> 00:02:55,120 Speaker 1: are betting on a rebound. They believe that the odds 54 00:02:55,120 --> 00:02:58,600 Speaker 1: of a recession are overstated. Live in New York, I'm 55 00:02:58,600 --> 00:03:01,400 Speaker 1: renned a young Bloomberg day. We need to thanks. Solid 56 00:03:01,400 --> 00:03:04,960 Speaker 1: retail earnings helped sentiment yesterday. Today, retail results are not 57 00:03:05,040 --> 00:03:09,000 Speaker 1: helping gap shares are down nine after the company's first 58 00:03:09,040 --> 00:03:12,040 Speaker 1: quarter profit missed estimates. We get the story from Bloomberg's 59 00:03:12,080 --> 00:03:16,440 Speaker 1: Charlie Pellett. It shows that operational missteps and higher costs 60 00:03:16,560 --> 00:03:20,400 Speaker 1: are hurting the apparel retailer. The company, which also owns 61 00:03:20,480 --> 00:03:24,040 Speaker 1: the Banana Republic and Old Navy brands, posted a loss 62 00:03:24,080 --> 00:03:26,880 Speaker 1: of forty four cents of share in the quarter ending April, 63 00:03:27,560 --> 00:03:31,480 Speaker 1: below analysts average estimates. Foliar earnings are now seen at 64 00:03:31,520 --> 00:03:34,560 Speaker 1: between forty and seventy cents a share, well below the 65 00:03:34,639 --> 00:03:38,480 Speaker 1: dollar eighty five to two oh five range previously provided 66 00:03:39,040 --> 00:03:42,160 Speaker 1: In New York Charlie pet Bloomberg Day Break, Ye Charley, 67 00:03:42,240 --> 00:03:45,400 Speaker 1: thank you will US futures are still higher despite those 68 00:03:45,440 --> 00:03:48,920 Speaker 1: results from Gap. Sentiment was also strong overnight in Asia 69 00:03:49,240 --> 00:03:52,320 Speaker 1: after solid earning from Chinese tech companies. They get the 70 00:03:52,360 --> 00:03:56,000 Speaker 1: recount from Bloomberg's Juliette Sally In Singapore. Good morning, Juliette, 71 00:03:56,040 --> 00:03:59,000 Speaker 1: Good morning Karen. The Regional Benchmark Index posted its miss 72 00:03:59,000 --> 00:04:00,960 Speaker 1: gain in a week, rising for the first time in 73 00:04:01,040 --> 00:04:04,200 Speaker 1: four sessions to set itself up for a second weekly advance. 74 00:04:04,400 --> 00:04:07,280 Speaker 1: Alibama and Baidu Shares rallied in Hong Kong, lifting the 75 00:04:07,320 --> 00:04:11,160 Speaker 1: hang same Tech index after both beat sales forecast. Japanese 76 00:04:11,160 --> 00:04:13,920 Speaker 1: equities also rose as the nation announced it would reopen 77 00:04:13,960 --> 00:04:17,560 Speaker 1: to selectors on package tools from June ten, and Australian 78 00:04:17,560 --> 00:04:21,240 Speaker 1: retailers recorded a fourth consecutive months of sales gains, highlighting 79 00:04:21,279 --> 00:04:24,240 Speaker 1: underlying momentum in the economy and a degree of resilience 80 00:04:24,240 --> 00:04:28,520 Speaker 1: among consumers in Singapore. Juliet Sally Bloomberg, day break, All right, Juliet. 81 00:04:28,560 --> 00:04:30,960 Speaker 1: Thanks In Shanghai, we're seeing more signs of the extreme 82 00:04:31,040 --> 00:04:34,440 Speaker 1: steps being taken to keep factories running during COVID lockdowns. 83 00:04:34,720 --> 00:04:37,960 Speaker 1: Workers at an Apple supplier, Quanta Computer, have started to 84 00:04:38,000 --> 00:04:40,520 Speaker 1: revolt against their bosses after being locked down in their 85 00:04:40,520 --> 00:04:43,560 Speaker 1: factory for almost two months. They've been fighting with guards 86 00:04:43,760 --> 00:04:47,400 Speaker 1: and rushing past isolation barriers in search of daily necessities. 87 00:04:47,680 --> 00:04:50,640 Speaker 1: The current system forces workers to live and sleep on 88 00:04:50,920 --> 00:04:54,039 Speaker 1: factory sites, and now Nathan China is coming under even 89 00:04:54,040 --> 00:04:56,960 Speaker 1: more pressure from the White House, as Bloomberg said, Baxter 90 00:04:57,040 --> 00:04:59,880 Speaker 1: reports Secretary of State Anthony Blankel is vowing to in 91 00:05:00,000 --> 00:05:04,160 Speaker 1: fluence China's behavior by shaping the world around Beijing. B 92 00:05:04,200 --> 00:05:06,920 Speaker 1: Lincoln says this is a charged moment for the globe 93 00:05:06,920 --> 00:05:09,120 Speaker 1: and says while he would like to work with China, 94 00:05:09,240 --> 00:05:12,520 Speaker 1: Beijing cannot be trust as stand ready doing prestarted recommunication 95 00:05:12,600 --> 00:05:16,039 Speaker 1: with Beijing across a full range of issues, and we 96 00:05:16,160 --> 00:05:19,520 Speaker 1: hope that that can happen, but we cannot rely on 97 00:05:19,560 --> 00:05:22,960 Speaker 1: Beijing to change its trajectory. B Lincoln says, alliances like 98 00:05:23,080 --> 00:05:25,800 Speaker 1: the Quad this. At the same time, the U, S 99 00:05:25,839 --> 00:05:28,920 Speaker 1: and Taiwan have announced plans to enter into economic talks 100 00:05:29,360 --> 00:05:34,880 Speaker 1: enhancing economic cooperation and supply chain resiliency. Ian San Francisco, 101 00:05:34,920 --> 00:05:37,760 Speaker 1: I'm at Baxter Bloomberg daybreak al right. At thanks meantime, 102 00:05:37,800 --> 00:05:40,240 Speaker 1: the war in Ukraine rages on, and now the US 103 00:05:40,360 --> 00:05:44,039 Speaker 1: is rejecting a food for sanctions relief plan by Russian 104 00:05:44,080 --> 00:05:48,400 Speaker 1: President Vladimir Putin. The proposal would facilitate fertilizer and grain exports, 105 00:05:48,440 --> 00:05:51,719 Speaker 1: but if sanctions on Russia are lifted, that's the condition, 106 00:05:52,240 --> 00:05:55,320 Speaker 1: US says. The Kremlin's blocking the shipments and stoking concerns 107 00:05:55,320 --> 00:05:57,880 Speaker 1: of a global food shortage. Well, we turn out closer 108 00:05:57,920 --> 00:06:00,280 Speaker 1: to home, Nathan, with the latest on the school rooting 109 00:06:00,279 --> 00:06:03,760 Speaker 1: in Jivaldi, Texas. The National Rifle Association is holding its 110 00:06:03,800 --> 00:06:07,640 Speaker 1: annual convention in Houston today, but Texas Governor Greg Abbott 111 00:06:07,680 --> 00:06:10,320 Speaker 1: won't be there. The Dallas Morning News says he's dropped 112 00:06:10,320 --> 00:06:12,640 Speaker 1: plans to address the event in person. He'll give a 113 00:06:12,680 --> 00:06:17,000 Speaker 1: prerecorded speech instead. Anytime, Senate Democrats say there's room for 114 00:06:17,040 --> 00:06:20,039 Speaker 1: a compromise on gun control legislation, and we spoke with 115 00:06:20,080 --> 00:06:22,920 Speaker 1: Maryland Democrat Ben Kurden. What I'd like to see don 116 00:06:23,120 --> 00:06:26,720 Speaker 1: is certainly closed. The loopholes in the background check red 117 00:06:26,760 --> 00:06:30,200 Speaker 1: flags are consistent with that. We need to deal with 118 00:06:30,240 --> 00:06:35,080 Speaker 1: the military style UH and high capacity magazines that are 119 00:06:35,120 --> 00:06:39,320 Speaker 1: out there that are the weapon choice for those who 120 00:06:39,360 --> 00:06:42,400 Speaker 1: want to commit mass murders. Senator Ben Kurten in Maryland 121 00:06:42,400 --> 00:06:45,520 Speaker 1: spoke with our Washington correspondent Joe Matthew on Bloomberg Sound 122 00:06:45,560 --> 00:06:47,760 Speaker 1: on Catch the show weekdays at five pm Eastern on 123 00:06:47,760 --> 00:06:50,880 Speaker 1: Bloomberg Radio. And in the interest of transparency, we should 124 00:06:50,880 --> 00:06:53,400 Speaker 1: note that Michael Bloomberg, the founder and majority owner of 125 00:06:53,400 --> 00:06:56,559 Speaker 1: Bloomberg LP, the parent of Bloomberg Radio, is a donor 126 00:06:56,600 --> 00:06:59,240 Speaker 1: to groups that support gun control. And what more, note 127 00:06:59,240 --> 00:07:01,320 Speaker 1: out of Washington this morning, Karen, the White House is 128 00:07:01,360 --> 00:07:04,279 Speaker 1: scrambling to do something about record high gas prices this 129 00:07:04,360 --> 00:07:07,280 Speaker 1: election year. Bloomberg News has learned the Biden administration has 130 00:07:07,279 --> 00:07:10,640 Speaker 1: reached out to the oil industry about restarting closed refineries. 131 00:07:10,920 --> 00:07:13,360 Speaker 1: The average price of a gallon of regular unletted stood 132 00:07:13,360 --> 00:07:17,000 Speaker 1: at a record four dollars sixty cents as of Wednesday. 133 00:07:17,240 --> 00:07:24,040 Speaker 1: You're listening to Bloomberg Daybreak and it sounds six o 134 00:07:24,160 --> 00:07:26,880 Speaker 1: seven on Wall Street where sixty five degrees in Central Park. 135 00:07:26,880 --> 00:07:29,560 Speaker 1: I've got accident clean up on the westbound l I 136 00:07:29,640 --> 00:07:31,920 Speaker 1: E at the b Que. The off ramp is closed. 137 00:07:31,920 --> 00:07:34,800 Speaker 1: There more coming up in traffic. First Michael Barr with 138 00:07:34,880 --> 00:07:36,640 Speaker 1: more on what else is going on in New York 139 00:07:36,680 --> 00:07:39,160 Speaker 1: and around the world. Michael, thank you very much. Nathan. 140 00:07:39,400 --> 00:07:42,360 Speaker 1: If you're traveling this Memorial Day weekend, getting ready for 141 00:07:42,440 --> 00:07:46,280 Speaker 1: busy airports and roads despite the rising costs of gas 142 00:07:46,400 --> 00:07:49,600 Speaker 1: and airfare, The Triple A says more than thirty nine 143 00:07:49,600 --> 00:07:52,840 Speaker 1: million people will travel fifty miles or more during the 144 00:07:52,880 --> 00:07:56,920 Speaker 1: holiday weekend. Triple A spokesman Andrew Gross says the majority 145 00:07:56,960 --> 00:07:59,800 Speaker 1: of them will be hitting the roads despite these record 146 00:08:00,120 --> 00:08:03,520 Speaker 1: gasoline crisis. We are expecting, based on what we're seeing 147 00:08:03,520 --> 00:08:05,920 Speaker 1: from Memorial Day, that it's going to be a very 148 00:08:06,080 --> 00:08:10,480 Speaker 1: robust travel period for summer people just want to get 149 00:08:10,520 --> 00:08:13,680 Speaker 1: out and go. A gallon of regular now tops four 150 00:08:13,720 --> 00:08:17,080 Speaker 1: dollars in all fifty states. New York City will bid 151 00:08:17,080 --> 00:08:20,200 Speaker 1: to host the Democratic National Convention at Madison Square Garden 152 00:08:20,200 --> 00:08:24,160 Speaker 1: in four. Mayor Eric Adams says this is a team 153 00:08:24,280 --> 00:08:27,600 Speaker 1: New York moment. This is not about Democrat or republic 154 00:08:27,640 --> 00:08:30,080 Speaker 1: and it's about how do we bring resources to while 155 00:08:30,080 --> 00:08:32,719 Speaker 1: we're city. The last time New York City hosted the 156 00:08:32,760 --> 00:08:37,800 Speaker 1: Democratic Convention was in and former President Bill Clinton was nominated. 157 00:08:38,360 --> 00:08:41,680 Speaker 1: Federal health officials say there are now nine presumptive cases 158 00:08:41,720 --> 00:08:44,319 Speaker 1: of monkey pots in the US, including one in New 159 00:08:44,400 --> 00:08:47,719 Speaker 1: York City. The city's Department of Health and Mental Hygiene 160 00:08:47,760 --> 00:08:50,760 Speaker 1: said that officials will be treating this as a probable 161 00:08:50,840 --> 00:08:55,200 Speaker 1: case and will continue its contact tracing efforts globally. The 162 00:08:55,360 --> 00:08:57,720 Speaker 1: w h L says it has confirmed about two hundred 163 00:08:57,760 --> 00:09:02,200 Speaker 1: monkey pox cases. The w HLS Dr Maria van Kerhof 164 00:09:02,600 --> 00:09:06,080 Speaker 1: has addressed misinformation about the spread of the virus. She 165 00:09:06,160 --> 00:09:09,200 Speaker 1: notes that it can be spread through sexual contact, but 166 00:09:09,320 --> 00:09:12,760 Speaker 1: it is not an STD and although it's not a 167 00:09:12,760 --> 00:09:15,400 Speaker 1: new virus, it's now popping up in countries where it 168 00:09:15,440 --> 00:09:18,920 Speaker 1: does not usually spread. We are asking countries to expand 169 00:09:18,960 --> 00:09:22,640 Speaker 1: surveillance so that we are looking for cases of monkeypox um, 170 00:09:22,800 --> 00:09:27,679 Speaker 1: cases of rash um, particularly in people who presents at 171 00:09:27,720 --> 00:09:32,600 Speaker 1: sexual health clinics or emergency departments. Dr Maria Vankerhove answered 172 00:09:32,679 --> 00:09:36,720 Speaker 1: questions on the whose Facebook page. A California parole panel 173 00:09:36,760 --> 00:09:40,760 Speaker 1: has recommended the release of Charles Manson follower Patricia Krenwinkle. 174 00:09:41,240 --> 00:09:43,880 Speaker 1: She rolled helter skelter on a wall using the blood 175 00:09:43,920 --> 00:09:46,559 Speaker 1: of one of her victims, including actor Sharon Tate. In 176 00:09:47,520 --> 00:09:50,120 Speaker 1: nine Global News twenty four hours a day on air, 177 00:09:50,160 --> 00:09:53,559 Speaker 1: rand on Bloomberg Quick Take powered by more than journalists 178 00:09:53,559 --> 00:09:56,880 Speaker 1: and analysts in more than a hundred twenty countries. Michael Barr, 179 00:09:57,000 --> 00:10:00,000 Speaker 1: this is Bloomberg. Nathan all right, Michael, thank you very much. 180 00:10:04,880 --> 00:10:07,320 Speaker 1: And it's almost six ten on Wall Street. Now time 181 00:10:07,360 --> 00:10:12,160 Speaker 1: for the Bloomberg Sports Update. Here's Scott Seidenberg. Thanks Nathan Nesty. 182 00:10:12,280 --> 00:10:15,559 Speaker 1: Nestor lives up to his name. Nestor Cortez through eight 183 00:10:15,600 --> 00:10:17,840 Speaker 1: innings of one run balls, the Yankees beat the race 184 00:10:17,960 --> 00:10:21,520 Speaker 1: seven two. At the Trump Cortez allowed just four hits, 185 00:10:21,559 --> 00:10:25,679 Speaker 1: retiring fourteen straight. At one point, here was Aaron Booney. 186 00:10:25,800 --> 00:10:27,400 Speaker 1: I think how efficient he got, you know, I had 187 00:10:27,440 --> 00:10:29,560 Speaker 1: to work a little bit in a first inning, and 188 00:10:29,600 --> 00:10:32,280 Speaker 1: then he just dialed in from from a command standpoint 189 00:10:32,320 --> 00:10:36,160 Speaker 1: and kind of cruise there, uh for much of the game. Um, 190 00:10:36,160 --> 00:10:38,120 Speaker 1: but I thought he was really sharp. Prior to the game, 191 00:10:38,160 --> 00:10:41,760 Speaker 1: the Yankees signing former Cardinals all star Mett Carpenter. He 192 00:10:41,840 --> 00:10:44,640 Speaker 1: went over two with a walk as the designated hitter. 193 00:10:44,679 --> 00:10:46,400 Speaker 1: The Mets were off last night. They begin to set 194 00:10:46,400 --> 00:10:49,319 Speaker 1: with the Phillies tonight at City Field. The Rangers are 195 00:10:49,360 --> 00:10:52,760 Speaker 1: on the brink of elimination after falling to Carolina three 196 00:10:52,800 --> 00:10:55,800 Speaker 1: one last night. Game six at the Garden tomorrow or 197 00:10:55,920 --> 00:10:59,400 Speaker 1: nights elsewhere. The Oilers onto the Western Conference Finals after 198 00:10:59,440 --> 00:11:03,280 Speaker 1: beating the flame Is five four in overtime. NBA last night, 199 00:11:03,320 --> 00:11:05,720 Speaker 1: the Warriors beat the Mavericks to earn a trip back 200 00:11:05,760 --> 00:11:08,120 Speaker 1: to the NBA Finals for the sixth time in the 201 00:11:08,200 --> 00:11:11,600 Speaker 1: last eight seasons. Tonight, the Celtics look to close out 202 00:11:11,640 --> 00:11:14,400 Speaker 1: the heat in the Eastern Conference Finals. Tennis at the 203 00:11:14,440 --> 00:11:17,800 Speaker 1: French Open, make it thirties straight for Egos to the Optic. 204 00:11:18,080 --> 00:11:20,640 Speaker 1: The world's number one defeated Allison Risk to extend the 205 00:11:20,720 --> 00:11:23,960 Speaker 1: longest winning streak in women's tennis, and Serena won thirty 206 00:11:23,960 --> 00:11:27,760 Speaker 1: four matches in a row back in ten. I'm Scott 207 00:11:27,920 --> 00:11:32,160 Speaker 1: Edinburg with Bloomberg Sports. Nathan Scott, thanks for that. SMP 208 00:11:32,280 --> 00:11:34,400 Speaker 1: Future is right now up eleven points. Staff Future is 209 00:11:34,440 --> 00:11:37,839 Speaker 1: up thirty seven. NASTAC futures leading the games this morning. 210 00:11:37,840 --> 00:11:40,480 Speaker 1: They are higher by fifty three points, and the tenure 211 00:11:40,480 --> 00:11:43,760 Speaker 1: Treasury right now is up to thirty seconds. Yield now 212 00:11:43,960 --> 00:11:47,040 Speaker 1: just shy of two point seven four percent yield on 213 00:11:47,120 --> 00:11:51,000 Speaker 1: the two year two point four five percent. Stay with us. 214 00:11:51,040 --> 00:11:54,920 Speaker 1: A Bloomberg News exclusive coming up here on Bloomberg day Break, 215 00:11:54,920 --> 00:11:57,640 Speaker 1: a one on one conversation with the Prime Minister of 216 00:11:57,800 --> 00:12:02,400 Speaker 1: the UK Boris Johnson. That's X. You're listening to Bloomberg 217 00:12:02,600 --> 00:12:10,000 Speaker 1: Daybreak Bloomber eleven three. Weather showers and storms developing this 218 00:12:10,080 --> 00:12:13,480 Speaker 1: afternoon with the high near eighty degrees. Afternoon showers possible 219 00:12:13,480 --> 00:12:16,160 Speaker 1: tomorrow as well with the hind your eighty sunshine prevails 220 00:12:16,200 --> 00:12:22,640 Speaker 1: Sunday right now at sixty five in Central Park Markets. 221 00:12:22,720 --> 00:12:25,800 Speaker 1: Headlines and breaking news twenty four hours a day at 222 00:12:25,840 --> 00:12:29,240 Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg 223 00:12:29,280 --> 00:12:38,520 Speaker 1: Quick Tape. He's a Bloomberg Business Flash and I'm Karen 224 00:12:38,600 --> 00:12:41,840 Speaker 1: Moscow and stocks are rallying as dip buyers return, with 225 00:12:41,920 --> 00:12:45,520 Speaker 1: European shares heading for the best weekly advanced since mid March, 226 00:12:45,600 --> 00:12:48,080 Speaker 1: and US stock index futures are also on the rise. 227 00:12:48,640 --> 00:12:51,320 Speaker 1: SNP future is up about thirteen points this morning, Down 228 00:12:51,320 --> 00:12:54,760 Speaker 1: Future is up thirty seven and nowesday futures of fifty six. 229 00:12:54,800 --> 00:12:57,400 Speaker 1: The decks in Germany's up seven tenths percent, CAC in 230 00:12:57,440 --> 00:12:59,920 Speaker 1: Paris up nine tenths per cent, and the foot Sea 231 00:13:00,000 --> 00:13:02,680 Speaker 1: one hundred is up at tenth of a percent. And 232 00:13:02,840 --> 00:13:05,480 Speaker 1: we want to see what individual stocks are moving this 233 00:13:05,520 --> 00:13:08,760 Speaker 1: morning with Bloomberg Radio and TV markets reporter Credy Goofta 234 00:13:08,880 --> 00:13:11,360 Speaker 1: Market created Good morning, Good morning. Let's start with a 235 00:13:11,440 --> 00:13:14,559 Speaker 1: retailer story. Gap of course, reporting GPS after the belt 236 00:13:14,840 --> 00:13:18,920 Speaker 1: last night, down to guidance cut that was more than expected, 237 00:13:19,120 --> 00:13:22,120 Speaker 1: prompting brokers to lower their targets and downgrade the stock. 238 00:13:22,160 --> 00:13:23,840 Speaker 1: Of course, that wall of warri we've been talking about 239 00:13:23,840 --> 00:13:27,840 Speaker 1: for retailers hitting gap across the board, inflation, the margin story, inventory, 240 00:13:27,880 --> 00:13:30,200 Speaker 1: supply chain, you name it. A similar story for cost 241 00:13:30,280 --> 00:13:32,400 Speaker 1: go c O s T is your taker down one 242 00:13:32,440 --> 00:13:35,120 Speaker 1: point eight percent, the margin story hitting them to freight 243 00:13:35,200 --> 00:13:38,079 Speaker 1: costs really in the spotlight there. We also have to 244 00:13:38,080 --> 00:13:40,120 Speaker 1: talked about d D d I d I, the Chinese 245 00:13:40,200 --> 00:13:42,559 Speaker 1: ride shailer up six and a half percent after the 246 00:13:42,640 --> 00:13:45,679 Speaker 1: Bloomberg report that the state owned automaker China f a 247 00:13:45,960 --> 00:13:49,440 Speaker 1: W Group is considering acquiring a significant state in the 248 00:13:49,520 --> 00:13:51,360 Speaker 1: ride hailing company. Keep an eye on those shares, and 249 00:13:51,440 --> 00:13:52,920 Speaker 1: of course we also have to keep an eye on 250 00:13:53,040 --> 00:13:55,600 Speaker 1: z Scaler. Z S is your ticker up three point 251 00:13:55,679 --> 00:13:59,160 Speaker 1: six percent of security software company reporting third quarter results 252 00:13:59,200 --> 00:14:02,480 Speaker 1: that beat x actations, coming off of strength in multi 253 00:14:02,520 --> 00:14:06,360 Speaker 1: product deals. According to analyst Karen Alright, Critty Group Dot, 254 00:14:06,400 --> 00:14:08,000 Speaker 1: thank you, and of course we'll be checking back in 255 00:14:08,040 --> 00:14:10,680 Speaker 1: with you in about twenty minutes from now for an update. 256 00:14:10,720 --> 00:14:13,280 Speaker 1: Taking a look at treasuries, the ten year yield moving 257 00:14:13,280 --> 00:14:16,040 Speaker 1: lower this morning at two point seven three percent right now, 258 00:14:16,080 --> 00:14:17,960 Speaker 1: the yield on a two year two point four or 259 00:14:17,960 --> 00:14:21,240 Speaker 1: five percent. Nine night screwed oils lower down half percent, 260 00:14:21,320 --> 00:14:23,800 Speaker 1: now down sixty cents at a hundred thirteen dollars fifty 261 00:14:23,800 --> 00:14:26,560 Speaker 1: five cents of Barrel Comics gold is up half percent 262 00:14:26,640 --> 00:14:29,360 Speaker 1: or eight dollars ninety cents at eighteen sixty two seventy 263 00:14:29,360 --> 00:14:31,960 Speaker 1: an ounce the euro one point oh seven one one 264 00:14:31,960 --> 00:14:34,360 Speaker 1: against the dollar, British pound one point to six oh 265 00:14:34,400 --> 00:14:37,360 Speaker 1: six the end one seven point oh nine and watching 266 00:14:37,400 --> 00:14:39,720 Speaker 1: bitcoin has always down what and a half percent at 267 00:14:40,040 --> 00:14:43,360 Speaker 1: twenty nine thousand dollars, and that's a Bloomberg business flash. 268 00:14:43,400 --> 00:14:45,760 Speaker 1: Now here's Michael Barr with more on what's going on 269 00:14:45,840 --> 00:14:48,880 Speaker 1: around the world. Michael, thank you very much, Karen. Texas 270 00:14:48,920 --> 00:14:52,360 Speaker 1: Governor Greg Abbott reportedly dropped plans to address the National 271 00:14:52,480 --> 00:14:56,240 Speaker 1: Rifle Association's annual meeting in person. The event, starting to 272 00:14:56,320 --> 00:14:58,840 Speaker 1: day in Houston comes just days after the deadly school 273 00:14:58,840 --> 00:15:02,640 Speaker 1: shooting in Uvalde. A week filled with goodbyes continues for 274 00:15:02,720 --> 00:15:05,360 Speaker 1: families and friends of victims of the racist attack on 275 00:15:05,440 --> 00:15:09,960 Speaker 1: a Buffalo supermarket. Funeral services set for today for three 276 00:15:10,080 --> 00:15:13,680 Speaker 1: of those killed. The US rejected a plan by Russian 277 00:15:13,680 --> 00:15:18,280 Speaker 1: President Vladimir Putin to facilitate grain and fertilizer exports only 278 00:15:18,600 --> 00:15:21,840 Speaker 1: if sanctions on his country are lifted. The US blames 279 00:15:21,880 --> 00:15:25,640 Speaker 1: the Kremlin for blocking shipments and stoking concerns of global 280 00:15:25,760 --> 00:15:29,240 Speaker 1: food shortages. In the NHL playoffs, the Rangers are on 281 00:15:29,280 --> 00:15:32,359 Speaker 1: the brink of elimination. New York lost to the Hurricanes 282 00:15:32,360 --> 00:15:35,360 Speaker 1: in Game five in the NBA Playoffs. The Warriors are 283 00:15:35,360 --> 00:15:37,960 Speaker 1: in the finals. They won the West, beating the Mavericks. 284 00:15:39,000 --> 00:15:41,520 Speaker 1: In baseball, the Yankees beat the Rays. New York and 285 00:15:41,600 --> 00:15:45,240 Speaker 1: Tampa Bay dedicated their Twitter feeds last night posting gun 286 00:15:45,240 --> 00:15:49,600 Speaker 1: awareness messages rather than baseball stats. The Red Sox Nationals 287 00:15:49,600 --> 00:15:53,360 Speaker 1: won the A's Lost. Global news twenty four hours a 288 00:15:53,440 --> 00:15:56,640 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 289 00:15:56,720 --> 00:15:59,600 Speaker 1: than twenty seven hundred journalists and analysts in more than 290 00:15:59,600 --> 00:16:04,800 Speaker 1: one h twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan. Okay, Michael, 291 00:16:04,800 --> 00:16:07,440 Speaker 1: thank you. It is six one on Wall Street Live 292 00:16:07,480 --> 00:16:11,560 Speaker 1: from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak. 293 00:16:11,640 --> 00:16:13,920 Speaker 1: Let's get more now on the war in Ukraine and 294 00:16:13,960 --> 00:16:18,520 Speaker 1: the response from Europe. Boris Johnson wants even more military 295 00:16:18,560 --> 00:16:21,680 Speaker 1: support for Ukraine as it continues to battle Russian forces. 296 00:16:22,200 --> 00:16:25,320 Speaker 1: The UK Prime Minister sat down for an exclusive interview 297 00:16:25,320 --> 00:16:28,760 Speaker 1: with Bloomberg Goose this morning. We spoke with him aboard 298 00:16:28,760 --> 00:16:30,960 Speaker 1: a train as he travels today. Let's listen in to 299 00:16:31,040 --> 00:16:34,320 Speaker 1: part of that conversation right now. I think it's very, 300 00:16:34,440 --> 00:16:37,280 Speaker 1: very important but we do not get into we do 301 00:16:37,360 --> 00:16:40,760 Speaker 1: not get lulled because of the incredible roism of the 302 00:16:40,840 --> 00:16:44,560 Speaker 1: Ukrainians in uh In, pushing the Russians back from the 303 00:16:44,600 --> 00:16:50,640 Speaker 1: gates of Kien, because of the amazing valor of President Zelenski, 304 00:16:51,000 --> 00:16:53,480 Speaker 1: we should not believe that this problem has gone away. 305 00:16:53,480 --> 00:16:57,120 Speaker 1: On the contrary, I'm afraid that Putin, at great cost 306 00:16:57,240 --> 00:16:59,960 Speaker 1: to himself and to to to Russian mistry, he's can 307 00:17:00,000 --> 00:17:05,000 Speaker 1: sinuing to chew through ground in don Bat, He's continuing 308 00:17:05,040 --> 00:17:10,159 Speaker 1: to make gradual, slow but I'm afraid palpable progress, and 309 00:17:10,240 --> 00:17:14,160 Speaker 1: therefore it is absolutely vital that we continue to support 310 00:17:14,200 --> 00:17:17,760 Speaker 1: the Ukrainians military, and indeed, I think that they what 311 00:17:17,880 --> 00:17:25,120 Speaker 1: they need now is the type of rocketry multiple launch 312 00:17:25,240 --> 00:17:29,880 Speaker 1: rocketism l l r S that will enable them to 313 00:17:29,920 --> 00:17:34,720 Speaker 1: defend themselves against his very brutal Russian artillery. And that's 314 00:17:34,720 --> 00:17:37,560 Speaker 1: where the world needs to needs to go down. Okay, 315 00:17:37,880 --> 00:17:41,640 Speaker 1: final question, and this is about President Selinski. Years you've 316 00:17:41,720 --> 00:17:44,600 Speaker 1: stood shoulder to shoulder with him. But there's certain calls 317 00:17:44,640 --> 00:17:48,160 Speaker 1: around Europe, pat from France, from Germany to maybe settled 318 00:17:48,160 --> 00:17:52,000 Speaker 1: with Putin. Try and trying what I would say to 319 00:17:52,080 --> 00:17:57,479 Speaker 1: any to any such proponent of a deal with Putin? 320 00:17:57,640 --> 00:18:00,119 Speaker 1: How can you deal? How can you deal? And the 321 00:18:00,200 --> 00:18:03,040 Speaker 1: crocodile when it's in the middle of meeting your left leg, 322 00:18:03,760 --> 00:18:06,960 Speaker 1: you know what's what's the negotiation, and that is what 323 00:18:07,000 --> 00:18:09,840 Speaker 1: Putin is doing, and any kind of he will try 324 00:18:09,880 --> 00:18:12,080 Speaker 1: to freeze the conflict. He will try and call for 325 00:18:12,119 --> 00:18:16,840 Speaker 1: a ceasefar while he remains in possession of substantial parts 326 00:18:16,880 --> 00:18:21,199 Speaker 1: of you. And I make that point to all my 327 00:18:21,240 --> 00:18:24,480 Speaker 1: friends and colleagues in the in the G seven and 328 00:18:24,520 --> 00:18:27,840 Speaker 1: at Nata, and by the way, everybody gets that once, 329 00:18:27,920 --> 00:18:30,840 Speaker 1: once you go through the logic, you can see that 330 00:18:30,920 --> 00:18:35,760 Speaker 1: it's very, very difficult to get a negotiated solution. We 331 00:18:35,840 --> 00:18:38,680 Speaker 1: desperately need need it to end. We dobt the world 332 00:18:38,720 --> 00:18:41,600 Speaker 1: needs it to end. But the one way that it 333 00:18:41,680 --> 00:18:47,600 Speaker 1: can end is for Putin to accept that. Let us 334 00:18:47,640 --> 00:18:52,600 Speaker 1: say that the d Nartification of Ukraine has taken place, 335 00:18:54,400 --> 00:18:58,000 Speaker 1: and that he's able to withdraw with dignity and honor, 336 00:18:58,359 --> 00:19:02,440 Speaker 1: and that would be that's what needs to happen. I'm 337 00:19:02,480 --> 00:19:04,399 Speaker 1: not saying I'm not saying that they're wearing any Nazis 338 00:19:04,440 --> 00:19:07,000 Speaker 1: in Ukraine, but you know, I think one of the 339 00:19:07,040 --> 00:19:11,240 Speaker 1: interesting things about the situation is the very strong support 340 00:19:11,280 --> 00:19:15,040 Speaker 1: that Putin commands in Russia for what he anything that 341 00:19:15,080 --> 00:19:18,240 Speaker 1: he says, well does I think he has the political 342 00:19:18,320 --> 00:19:21,359 Speaker 1: margin of maneuver to make an end to this. And 343 00:19:21,400 --> 00:19:25,840 Speaker 1: that was Boris Johnson speaking exclusively this morning with Bloomberg News. 344 00:19:26,160 --> 00:19:29,560 Speaker 1: We spoke with the UK Prime Minister as he's traveling today. 345 00:19:29,840 --> 00:19:32,560 Speaker 1: Stay tuned for more from that conversation. Will have it 346 00:19:32,680 --> 00:19:37,040 Speaker 1: for you throughout the day on Bloomberg Radio and Bloomberg Television. 347 00:19:37,359 --> 00:19:39,920 Speaker 1: Looking ahead to the market open on this Friday, futures 348 00:19:39,920 --> 00:19:42,480 Speaker 1: are higher. We have SMP futures right now up eleven points, 349 00:19:42,480 --> 00:19:45,439 Speaker 1: Staff futures up thirty. Nastack futures are higher by fifty 350 00:19:45,480 --> 00:19:48,679 Speaker 1: five points ten. Your treasury is up three thirty seconds. 351 00:19:48,720 --> 00:19:51,920 Speaker 1: That yield now two point seven on the tenure note. 352 00:19:51,960 --> 00:19:55,560 Speaker 1: Yield on the two year two point four five. Nime 353 00:19:55,680 --> 00:19:58,320 Speaker 1: X screwed lower at the moment, down four tenths percent 354 00:19:58,359 --> 00:20:00,679 Speaker 1: at a hundred thirteen dollars fifty nine. Sense of barrel. 355 00:20:01,359 --> 00:20:08,720 Speaker 1: You're listening to Bloomberg Daybreak, Bloomberg eleven three oh Weather 356 00:20:08,760 --> 00:20:11,720 Speaker 1: mostly cloudy today, Showers and thunderstorms developing this afternoon with 357 00:20:11,800 --> 00:20:14,440 Speaker 1: highs in the upper seventies. Afternoon showers and storms possible 358 00:20:14,480 --> 00:20:18,160 Speaker 1: tomorrow as well, highs again in the upper seventies. Sunshine Sunday. 359 00:20:18,359 --> 00:20:23,760 Speaker 1: Right now six in Central Park, Broadcasting live from the 360 00:20:23,840 --> 00:20:27,960 Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg looking for 361 00:20:28,040 --> 00:20:32,399 Speaker 1: you to Washington, d C. Bloomberg to Boston, Bloomberg one 362 00:20:32,720 --> 00:20:35,800 Speaker 1: six one, to San Francisco, Bloomberg No. Sixt to the 363 00:20:35,840 --> 00:20:38,919 Speaker 1: country Sirius XM Toto one nine team, and around the 364 00:20:38,960 --> 00:20:43,000 Speaker 1: globe the Bloomberg Business and Bloomberg Radio dot Com. This 365 00:20:43,359 --> 00:20:51,920 Speaker 1: is Bloomberg Daybreak at six thirty on Wall Street. Good morning, 366 00:20:51,920 --> 00:20:54,960 Speaker 1: I'm Nathan Hagar and I'm Karen Moscow or just about 367 00:20:55,000 --> 00:20:57,440 Speaker 1: three hours away from the open of US trading time 368 00:20:57,480 --> 00:20:59,359 Speaker 1: for the five things you need to notice. Start your 369 00:20:59,440 --> 00:21:04,320 Speaker 1: day brunch, you buy Interactive Broker Simple IBPR Global Trader app, 370 00:21:04,520 --> 00:21:07,360 Speaker 1: deposit in your local currency, and trade stocks in the US, 371 00:21:07,480 --> 00:21:10,040 Speaker 1: Europe and Asia. Start a free trial at ib k 372 00:21:10,320 --> 00:21:13,760 Speaker 1: R dot com slash Global Trader. Well at first. US 373 00:21:13,840 --> 00:21:16,080 Speaker 1: futures are higher as we close out a trading week 374 00:21:16,080 --> 00:21:17,920 Speaker 1: that has the S and P five hundred on track 375 00:21:18,000 --> 00:21:20,840 Speaker 1: for its first weekly gain in two months. However, one 376 00:21:20,920 --> 00:21:24,080 Speaker 1: Wall Street firm sees more paint a head for investors 377 00:21:24,280 --> 00:21:26,200 Speaker 1: to get the latest line for a Bloomberg shre need 378 00:21:26,200 --> 00:21:28,560 Speaker 1: a young good morning, Ready to good morning. Karen City 379 00:21:28,560 --> 00:21:31,720 Speaker 1: Group cut its recommendation on US stocks to neutral on 380 00:21:31,760 --> 00:21:35,160 Speaker 1: the risk of a recession. Strategist they're joining an increasing 381 00:21:35,240 --> 00:21:38,560 Speaker 1: number of banks and warning of a growth slowdown. They say, 382 00:21:38,600 --> 00:21:40,720 Speaker 1: with this high level of uncertainty and a lack of 383 00:21:40,800 --> 00:21:44,400 Speaker 1: reassurance from the Federal Reserve, the market is showing elements 384 00:21:44,400 --> 00:21:48,520 Speaker 1: of a deflating bubble. But opinion on US equities remains divided. 385 00:21:48,920 --> 00:21:52,200 Speaker 1: Some Wall Street analysts are betting on a rebound. They 386 00:21:52,240 --> 00:21:55,920 Speaker 1: believe that the odds of a recession are overstated. Live 387 00:21:55,960 --> 00:21:58,400 Speaker 1: in New York, I'm gonna need a young Bloomberg day break. 388 00:21:59,080 --> 00:22:02,240 Speaker 1: Thank you. A retailer Arnings helped boost sentiment yesterday. This morning, 389 00:22:02,280 --> 00:22:05,560 Speaker 1: it's a much different story. Shares of Gap are down 390 00:22:06,080 --> 00:22:09,200 Speaker 1: eighteen percent in early trading. The retailer lowered its full 391 00:22:09,280 --> 00:22:13,160 Speaker 1: year forecast after posting profit that missed estimates. Well. Geo 392 00:22:13,240 --> 00:22:16,240 Speaker 1: politics also and focus this morning, Nathan with the latest 393 00:22:16,320 --> 00:22:19,479 Speaker 1: US challenged at China, the Boden administration and Taiwan are 394 00:22:19,480 --> 00:22:23,919 Speaker 1: announcing negotiations to increase economic ties tooms would focus on 395 00:22:24,040 --> 00:22:28,000 Speaker 1: enhancing economic cooperation and supply chain resiliency, but it falls 396 00:22:28,040 --> 00:22:31,120 Speaker 1: short of a free trade agreement. Beijing has warned Washington 397 00:22:31,160 --> 00:22:34,600 Speaker 1: about its relationship with Taiwan. Van Karen, Texas Governor Grey 398 00:22:34,640 --> 00:22:38,480 Speaker 1: Gabbott has dropped plans to attend today's National Rifle Association convention. 399 00:22:38,680 --> 00:22:40,679 Speaker 1: The Dallas Morning News reports he's going to give her 400 00:22:40,720 --> 00:22:43,800 Speaker 1: prerecorded speech instead while he visits the school in Vivaldi 401 00:22:43,840 --> 00:22:46,640 Speaker 1: where nineteen children and two adults were killed this week. 402 00:22:46,880 --> 00:22:51,040 Speaker 1: Houston Mayor Sylvester Turner is rejecting calls to cancel the convention. 403 00:22:51,359 --> 00:22:54,840 Speaker 1: We just don't have that luxury of that option, just 404 00:22:55,000 --> 00:22:58,560 Speaker 1: to cancel a convention that has been on the books 405 00:22:58,560 --> 00:23:03,840 Speaker 1: for two years where we are contractually obligated. Houston Mayor 406 00:23:03,880 --> 00:23:05,960 Speaker 1: Sylvester Turner says the n r A could delay the 407 00:23:05,960 --> 00:23:08,200 Speaker 1: convention if it wants, but he doesn't think that will happen. 408 00:23:08,400 --> 00:23:11,160 Speaker 1: In the interest of transparency, we should note that Michael Bloomberg, 409 00:23:11,240 --> 00:23:13,560 Speaker 1: the founder and majority owner of Bloomberg LP, parent of 410 00:23:13,560 --> 00:23:16,200 Speaker 1: Bloomberg Radio, is an owner two groups that support gun 411 00:23:16,280 --> 00:23:18,760 Speaker 1: control and again futures are higher with this and P 412 00:23:19,000 --> 00:23:21,919 Speaker 1: futures up eleven points this morning. Down futures have twenty 413 00:23:21,960 --> 00:23:24,960 Speaker 1: eight and nastday futures have fifty seven ten year treasury 414 00:23:24,960 --> 00:23:28,280 Speaker 1: of four thirty seconds two points seven three. And that's 415 00:23:28,320 --> 00:23:30,240 Speaker 1: the five things you need to know to start your day. 416 00:23:30,440 --> 00:23:34,639 Speaker 1: Brought to you by Interactive Brokers, your local news straight Ahead. 417 00:23:34,640 --> 00:23:40,080 Speaker 1: This is Bloomberg. Okay, Karen. Thanks At six thirty three 418 00:23:40,080 --> 00:23:42,440 Speaker 1: on Wall Street, sixty five degrees in Central Park. We've 419 00:23:42,440 --> 00:23:45,040 Speaker 1: got twenty minute delays for New Jersey transit in and 420 00:23:45,040 --> 00:23:47,480 Speaker 1: out of the city. Details coming up in traffic. First, 421 00:23:47,520 --> 00:23:49,359 Speaker 1: Michael Barr with war on what's going on in New 422 00:23:49,440 --> 00:23:52,000 Speaker 1: York end around the world. Michael, thank you very much. Nathan. 423 00:23:52,040 --> 00:23:54,960 Speaker 1: In spite of high inflation and surging gas prices, Triple 424 00:23:55,040 --> 00:23:59,160 Speaker 1: A expects millions of Americans will travel this Memorial Day weekend. 425 00:23:59,480 --> 00:24:03,200 Speaker 1: Spokesman Andrew Gross says Triple A estimates thirty nine point 426 00:24:03,200 --> 00:24:06,360 Speaker 1: two million people in the US will travel fifty miles 427 00:24:06,480 --> 00:24:09,520 Speaker 1: or more from home during the holiday weekend. Of that 428 00:24:10,640 --> 00:24:13,240 Speaker 1: are expected to go by car. We've never had a 429 00:24:13,280 --> 00:24:16,280 Speaker 1: Memoriality travel period where so many people are gonna go 430 00:24:16,280 --> 00:24:18,560 Speaker 1: in by car at the same time you have these 431 00:24:18,640 --> 00:24:21,880 Speaker 1: high gas prices triple A spokesman Grows says, people just 432 00:24:22,119 --> 00:24:25,480 Speaker 1: want to get out and go. New York City will 433 00:24:25,560 --> 00:24:28,600 Speaker 1: bid to host the Democratic National Convention and Madison Square 434 00:24:28,640 --> 00:24:32,679 Speaker 1: Garden in Mayor Eric Adams says this is a Team 435 00:24:32,800 --> 00:24:36,280 Speaker 1: New York moment, not a Democratic Republican The last time 436 00:24:36,359 --> 00:24:40,360 Speaker 1: New York City hosted the Democratic Convention was in when 437 00:24:40,400 --> 00:24:44,280 Speaker 1: former President Bill Clinton was nominated. Federal health officials say 438 00:24:44,320 --> 00:24:47,119 Speaker 1: there are now nine confirmed cases of monkey pots in 439 00:24:47,119 --> 00:24:51,280 Speaker 1: the US, including one presumptive case in New York City. Globally, 440 00:24:51,320 --> 00:24:53,600 Speaker 1: the w h L says it has confirmed about two 441 00:24:53,680 --> 00:24:56,639 Speaker 1: hundred monkey box cases from more than two hundred or 442 00:24:56,640 --> 00:25:01,960 Speaker 1: twenty countries. The w h Dr Maria van Korhoev is 443 00:25:02,000 --> 00:25:05,720 Speaker 1: addressing misinformation about the spread of the virus. This is 444 00:25:05,760 --> 00:25:09,560 Speaker 1: not a sexually transmitted infection UM. We do know that 445 00:25:09,640 --> 00:25:14,080 Speaker 1: monkeypox does transmit primarily from physical contact skin to skin 446 00:25:14,200 --> 00:25:19,359 Speaker 1: contact UM, and that includes sexual contact. Dr Maria Vankerhov 447 00:25:19,400 --> 00:25:23,760 Speaker 1: answered questions on the WHOSE Facebook page again the latest 448 00:25:23,840 --> 00:25:28,160 Speaker 1: monkeypox cases for more than twenty countries. Expect more baby 449 00:25:28,200 --> 00:25:30,320 Speaker 1: formula to be flown into the US. To ease the 450 00:25:30,359 --> 00:25:34,159 Speaker 1: shortage problem. The White House says more Operation Fly formula 451 00:25:34,240 --> 00:25:37,800 Speaker 1: shipments should arrive, but did not disclose when that will be. 452 00:25:38,400 --> 00:25:42,160 Speaker 1: Hours after FDA Commissioner Dr Robert Calef was grilled by 453 00:25:42,240 --> 00:25:45,400 Speaker 1: senators about the response to the infant formula shortage, White 454 00:25:45,440 --> 00:25:49,520 Speaker 1: House Press Secretary Karine Jean Pierre says President Biden still 455 00:25:49,600 --> 00:25:52,520 Speaker 1: ask confidence in him for the job. Yes, yes, and 456 00:25:52,640 --> 00:25:56,160 Speaker 1: yes um. So. The FDA has an important mission, right 457 00:25:56,280 --> 00:25:58,520 Speaker 1: is to make sure that the infant formula on the 458 00:25:58,560 --> 00:26:02,920 Speaker 1: shelf isn't just available, also that it's safe. Right. Spokeswoman 459 00:26:03,040 --> 00:26:06,480 Speaker 1: Jean Pierre says, our focus right now is getting more 460 00:26:06,560 --> 00:26:10,440 Speaker 1: infant formulas applies to families across the country as quickly 461 00:26:10,520 --> 00:26:13,399 Speaker 1: as possible. Global Nemes twenty four hours a day on 462 00:26:13,520 --> 00:26:16,240 Speaker 1: air and on Bloomberg Quick Take, powered by more than 463 00:26:16,320 --> 00:26:19,040 Speaker 1: twenty seven hundred journalists and analysts more than a hundred 464 00:26:19,040 --> 00:26:23,200 Speaker 1: twenty countries. Michael Barron, this is Bloomberg, Nathan. Alright, Michael, 465 00:26:23,200 --> 00:26:30,040 Speaker 1: thank you. Just about six thirty six on Wall Street. 466 00:26:30,080 --> 00:26:33,879 Speaker 1: Time for the Bloomberg Sports Update. Here's Scott Seedinberg. Good morning, Nathan. 467 00:26:33,960 --> 00:26:36,879 Speaker 1: The Rangers are on the brink of elimination after falling 468 00:26:36,880 --> 00:26:40,639 Speaker 1: to Carolina three one last night. The Hurricanes dominated for 469 00:26:40,680 --> 00:26:44,119 Speaker 1: the majority of the game. According to Gerard glance Well, 470 00:26:44,160 --> 00:26:45,679 Speaker 1: I didn't think we played a game at all. I 471 00:26:45,680 --> 00:26:47,639 Speaker 1: thought we were reaching which sticks all night instead of 472 00:26:47,720 --> 00:26:50,440 Speaker 1: finishing checks with the body like we did the other nights. Obviously, 473 00:26:50,440 --> 00:26:52,760 Speaker 1: we to meet. It was the worst game in the 474 00:26:52,800 --> 00:26:55,280 Speaker 1: five games so far and ensures Game six at the 475 00:26:55,320 --> 00:26:59,560 Speaker 1: Garden tomorrow night. Elsewhere, the Oilers onto the Western Conference 476 00:26:59,600 --> 00:27:03,480 Speaker 1: Finals after beating the Flames five four in overtime. Baseball 477 00:27:03,560 --> 00:27:06,080 Speaker 1: Nest Cortez through eight innings of one run balls. The 478 00:27:06,160 --> 00:27:08,520 Speaker 1: Yankees beat the Raised seven to two at the trop 479 00:27:08,600 --> 00:27:11,360 Speaker 1: Prior to the game, the Yankees signing former Cardinals All 480 00:27:11,359 --> 00:27:14,560 Speaker 1: star Mett Carpenter. He went over two with a walk 481 00:27:14,640 --> 00:27:16,920 Speaker 1: as the designated hitter. The Mets were off last night. 482 00:27:16,920 --> 00:27:19,840 Speaker 1: They begin a set with the Phillies tonight at City Field. NBA. 483 00:27:19,960 --> 00:27:22,320 Speaker 1: Last night, the Warriors beat the Mavericks to earn a 484 00:27:22,359 --> 00:27:25,000 Speaker 1: trip back to the NBA Finals for the sixth time 485 00:27:25,080 --> 00:27:28,480 Speaker 1: in the last eight seasons. Tonight, the Celtics look close 486 00:27:28,520 --> 00:27:31,439 Speaker 1: out the Heats in the Eastern Conference Finals. Tennis at 487 00:27:31,440 --> 00:27:34,920 Speaker 1: the French Open make it thirties straight for Ego Sattech. 488 00:27:35,160 --> 00:27:37,760 Speaker 1: The world's number one defeated Allison Risk to extend the 489 00:27:37,840 --> 00:27:41,080 Speaker 1: longest winning streak in women's tennis since Serena won thirty 490 00:27:41,080 --> 00:27:44,879 Speaker 1: four matches in a row back in ten I'm Scott 491 00:27:44,880 --> 00:27:48,400 Speaker 1: s Edinburg with Bloomberg Sports, Nathan Alright, Scott, thanks six 492 00:27:48,480 --> 00:27:51,080 Speaker 1: thirty seven on Wall Street and Bloomberg Radio and TV 493 00:27:51,200 --> 00:27:54,240 Speaker 1: Markets Corresponding, Crety Gupta is back with us this morning 494 00:27:54,240 --> 00:27:56,400 Speaker 1: for more of a look at some of the stocks 495 00:27:56,440 --> 00:27:59,320 Speaker 1: moving in the pre market. Cretty, good morning. We mentioned 496 00:27:59,320 --> 00:28:02,600 Speaker 1: the drop in gap shares this morning on earnings. What 497 00:28:02,680 --> 00:28:04,840 Speaker 1: else has your eye? Well, let's just take a beat 498 00:28:04,880 --> 00:28:07,320 Speaker 1: and give maybe a little bit more attention to the gap, sure, 499 00:28:07,400 --> 00:28:09,920 Speaker 1: because it's it's fascinating to me. GPS is your taker, 500 00:28:09,960 --> 00:28:12,480 Speaker 1: folks down eighteen percent. We've been covering it all morning 501 00:28:12,480 --> 00:28:15,280 Speaker 1: on Bloomber television and radio and this is important at 502 00:28:15,359 --> 00:28:17,800 Speaker 1: least to me, and I'm sure it's the broader consumer 503 00:28:17,880 --> 00:28:21,520 Speaker 1: as well. But the wall of rory that we were seeing, inflation, 504 00:28:21,640 --> 00:28:26,040 Speaker 1: supply chain issues, margin pressure, the COVID nineteen lockdowns, a 505 00:28:26,280 --> 00:28:29,399 Speaker 1: slowing consumer, all of that is showing up in gap earnings. 506 00:28:29,480 --> 00:28:31,840 Speaker 1: I think, to me, it's not just the guidance cut 507 00:28:31,920 --> 00:28:34,320 Speaker 1: that was more than expected. That, of course is is 508 00:28:34,359 --> 00:28:36,680 Speaker 1: tanking the stock this morning, but it's also this kind 509 00:28:36,680 --> 00:28:39,520 Speaker 1: of nugget indulge me here, Nathan, This nugget here on 510 00:28:39,640 --> 00:28:42,360 Speaker 1: store closures, I think is so important. We haven't heard 511 00:28:42,400 --> 00:28:46,480 Speaker 1: about store closures since I want to say, the pandemic 512 00:28:46,800 --> 00:28:49,680 Speaker 1: Onslaught and Gap actually saying that they're going to close 513 00:28:49,840 --> 00:28:54,720 Speaker 1: fifty Gap and Banana Republic stores but open forty Athleta 514 00:28:54,800 --> 00:28:57,840 Speaker 1: and Old Navy stores for international audience. Athleta and Old 515 00:28:57,880 --> 00:29:00,920 Speaker 1: Navy are kind of the uh, I don't want to say, 516 00:29:01,200 --> 00:29:05,320 Speaker 1: cheaper but more but inexpensive relative to Gap in Banana Republic. 517 00:29:05,360 --> 00:29:07,400 Speaker 1: So it's interesting that they're making that diverges. They put 518 00:29:07,400 --> 00:29:09,240 Speaker 1: a lot of weight in Old Navy lately anyway, had 519 00:29:09,400 --> 00:29:11,440 Speaker 1: a little bit of an executive shake up as well. 520 00:29:11,760 --> 00:29:13,640 Speaker 1: But the fact that they are kind of making that 521 00:29:13,680 --> 00:29:16,560 Speaker 1: pivot and kind of therehaps pulling away from the Gap 522 00:29:16,560 --> 00:29:19,320 Speaker 1: in Banana Republic in some ways, it's interesting. Compare that 523 00:29:19,360 --> 00:29:22,280 Speaker 1: to what you saw from Macy's and Nordstrom, where they're saying, well, 524 00:29:22,280 --> 00:29:26,080 Speaker 1: the wealthy consumers actually quite uh insulated from some of 525 00:29:26,080 --> 00:29:28,280 Speaker 1: these issues, so that was very important to me. GPS 526 00:29:28,360 --> 00:29:31,320 Speaker 1: is your taker down eighteen percent. Thanks for indulging me 527 00:29:31,440 --> 00:29:34,680 Speaker 1: on my little journey there with the gap. Okay, well, 528 00:29:34,760 --> 00:29:37,680 Speaker 1: let's take a look at some I guess outside of 529 00:29:37,800 --> 00:29:40,120 Speaker 1: the retail sector. What else you looking at? We got 530 00:29:40,160 --> 00:29:42,480 Speaker 1: to talk abou d D D here Um, this is such 531 00:29:42,480 --> 00:29:44,840 Speaker 1: an important story as we talked about Chinese A d 532 00:29:45,000 --> 00:29:47,000 Speaker 1: R S broadly. D I d I S your ticker 533 00:29:47,400 --> 00:29:50,400 Speaker 1: up eight percent this morning Bloomberg reporting that the state 534 00:29:50,400 --> 00:29:53,800 Speaker 1: owned automaker China f a W Group is considering acquiring 535 00:29:53,840 --> 00:29:56,800 Speaker 1: a significant steak in the ride hailing company. This is 536 00:29:56,840 --> 00:29:59,760 Speaker 1: important as we talk about how much kind of g 537 00:30:00,040 --> 00:30:02,920 Speaker 1: for mint use there is a government stake there is 538 00:30:03,160 --> 00:30:05,720 Speaker 1: for a lot of these Chinese companies, especially ones that 539 00:30:05,840 --> 00:30:08,760 Speaker 1: have perhaps listings in the United States where perhaps will 540 00:30:08,800 --> 00:30:11,200 Speaker 1: be delisted. Indeed, if d D is a case study 541 00:30:11,240 --> 00:30:13,600 Speaker 1: for some of those other Chinese tech companies, what's next 542 00:30:13,640 --> 00:30:15,520 Speaker 1: is going to be the question. Nevertheless, d I d 543 00:30:15,560 --> 00:30:17,920 Speaker 1: I is your ticker up eight percent, Nathan, I also 544 00:30:17,920 --> 00:30:19,480 Speaker 1: want to stick to the tech story and talked about 545 00:30:19,480 --> 00:30:22,680 Speaker 1: the z Scaler z S is your taker up four 546 00:30:22,760 --> 00:30:25,600 Speaker 1: percent this morning. This is a security software company, makes 547 00:30:25,600 --> 00:30:27,560 Speaker 1: a lot of cloud products. It also has a lot 548 00:30:27,560 --> 00:30:30,160 Speaker 1: to do with cybersecurity. They report a third quarter results 549 00:30:30,160 --> 00:30:33,080 Speaker 1: that beat expectations. They raise their full year forecast. Member. 550 00:30:33,120 --> 00:30:35,479 Speaker 1: This is coming in the wake of the war Ukraine 551 00:30:35,560 --> 00:30:38,080 Speaker 1: is also coming post pandemic, where you have a lot 552 00:30:38,120 --> 00:30:40,080 Speaker 1: of companies saying, Okay, now that we're in this new 553 00:30:40,120 --> 00:30:42,640 Speaker 1: work from home structure, we have this new kind of 554 00:30:42,680 --> 00:30:46,120 Speaker 1: era of technology, maybe we should really accelerate our switch 555 00:30:46,200 --> 00:30:49,240 Speaker 1: to cloud anti cybersecurity. Nevertheless, z S seeing that on 556 00:30:49,280 --> 00:30:52,560 Speaker 1: their balance sheet up four percent, created as always good 557 00:30:52,560 --> 00:30:54,240 Speaker 1: to have you on at the pre market. Bloomberg Radio 558 00:30:54,280 --> 00:30:57,080 Speaker 1: on TV Markets corresponding create goop to keeping an eye 559 00:30:57,120 --> 00:31:01,440 Speaker 1: on the names moving before the cash been looking ahead 560 00:31:01,520 --> 00:31:04,800 Speaker 1: to that for stocks as a whole. Futures moving higher. 561 00:31:04,800 --> 00:31:07,120 Speaker 1: We have SMP futures up eleven points, staff futures up, 562 00:31:08,120 --> 00:31:11,600 Speaker 1: NASTAC features leading the gains up fifty eight points. That 563 00:31:11,760 --> 00:31:15,160 Speaker 1: is again of just about a half percent. You're listening 564 00:31:15,200 --> 00:31:23,120 Speaker 1: to Bloomberg day Break on this Friday morning, Bloomberg eleven 565 00:31:23,160 --> 00:31:26,160 Speaker 1: three oh Weather mostly cloudy today, Showers and thunderstorms possible 566 00:31:26,160 --> 00:31:28,120 Speaker 1: this afternoon, with a high and near eighty degrees. More 567 00:31:28,160 --> 00:31:31,120 Speaker 1: showers and storms possible tomorrow with a high near eighty 568 00:31:31,400 --> 00:31:38,600 Speaker 1: sunshine Sunday right now sixty five degrees. Markets, headlines and 569 00:31:38,760 --> 00:31:42,000 Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com, 570 00:31:42,080 --> 00:31:45,200 Speaker 1: Blo Bloomberg Business app and at Bloomberg Quick Tape. This 571 00:31:45,640 --> 00:31:54,760 Speaker 1: is a Bloomberg Business lash and I'm Karen Moscow. Futures 572 00:31:54,760 --> 00:31:56,640 Speaker 1: are higher this morning. We got to the first Word 573 00:31:56,640 --> 00:31:59,960 Speaker 1: Breaking newsdesk for today's morning call, and here's Bill Maloney. Bill, 574 00:32:00,040 --> 00:32:03,520 Speaker 1: good morning, and good morning, Karen. Modest gains in the 575 00:32:03,640 --> 00:32:05,800 Speaker 1: US futures right now, with death futures up twenty eight 576 00:32:05,800 --> 00:32:08,200 Speaker 1: point sesames game twelve one. That is that futures are 577 00:32:08,280 --> 00:32:11,280 Speaker 1: higher by fifty nine. The US ten year old at 578 00:32:11,280 --> 00:32:14,080 Speaker 1: two point seven three percent, Gold is up nine, oil 579 00:32:14,200 --> 00:32:16,800 Speaker 1: is down, and Bitcoin is trading lower by one point 580 00:32:16,880 --> 00:32:20,200 Speaker 1: nine percent. Hong Kong rose two point nine percent overnight, 581 00:32:20,200 --> 00:32:22,760 Speaker 1: while your p markets are posting modest games this morning. 582 00:32:23,040 --> 00:32:24,920 Speaker 1: And back in the US on the economic front, day 583 00:32:25,000 --> 00:32:28,880 Speaker 1: dirty Hoste inventories and PC and it's ten o'clock Michigan 584 00:32:29,040 --> 00:32:32,440 Speaker 1: sentiment after the bellas night, Costco EPs beat estimates and 585 00:32:32,520 --> 00:32:36,280 Speaker 1: Dell revenue beat estimates in the auto space, Toyota cut 586 00:32:36,280 --> 00:32:39,840 Speaker 1: its goal output plan for June again and four beat 587 00:32:39,880 --> 00:32:43,920 Speaker 1: Tesla by delivering its first electric truck. Wrapping things up, 588 00:32:43,960 --> 00:32:46,719 Speaker 1: CVS was cut to market perform at Bernstein, and Macy's 589 00:32:46,800 --> 00:32:50,480 Speaker 1: was raised to equate over at Morgan Stanley. Live from 590 00:32:50,480 --> 00:32:53,480 Speaker 1: the First Breaking News desk, Bell Maloney Ker, all right, Bill, 591 00:32:53,520 --> 00:32:55,480 Speaker 1: thank you to here live breaking news of your Bloomberg 592 00:32:55,560 --> 00:32:58,360 Speaker 1: type squawk on your terminal, escue you a w K 593 00:32:58,560 --> 00:33:01,120 Speaker 1: and that's a Bloomberg business flat show. Here's Michael Barr 594 00:33:01,200 --> 00:33:03,880 Speaker 1: with more on what's going on around the world. Michael Karen, 595 00:33:03,960 --> 00:33:06,440 Speaker 1: thank you very much. Texas Governor Greg Abbott will no 596 00:33:06,520 --> 00:33:09,320 Speaker 1: longer appear in person at the nr A convention that 597 00:33:09,440 --> 00:33:14,400 Speaker 1: begins today in Houston. Instead, Abbott says he'll return to Yuvaldi, 598 00:33:14,480 --> 00:33:18,920 Speaker 1: Texas to meet with families impacted by this week's school shooting. Meanwhile, 599 00:33:18,960 --> 00:33:21,560 Speaker 1: when it comes to gun laws, Senate Minority Leader Mitch 600 00:33:21,640 --> 00:33:25,680 Speaker 1: McConnell is urging colleagues to find common ground, directing Texas 601 00:33:25,720 --> 00:33:30,120 Speaker 1: Senator John Cornyn to work with Democrats. In the NHL playoffs, 602 00:33:30,160 --> 00:33:32,680 Speaker 1: the Rangers are on the brink of elimination New York 603 00:33:32,720 --> 00:33:35,360 Speaker 1: lost to the Hurricanes three one in Game five. In 604 00:33:35,480 --> 00:33:39,200 Speaker 1: the NBA Playoffs, the Warriors are in the finals. They 605 00:33:39,200 --> 00:33:43,200 Speaker 1: one in the West, beating the Mavericks one one ten. 606 00:33:43,640 --> 00:33:46,240 Speaker 1: In baseball, the Yankees beat the Ray seven to New York, 607 00:33:46,240 --> 00:33:49,640 Speaker 1: and Tampa Bay dedicated their Twitter feeds last night posting 608 00:33:49,680 --> 00:33:53,640 Speaker 1: gun awareness messages rather than baseball stats. The Red Sox 609 00:33:53,640 --> 00:33:57,160 Speaker 1: and Nationals won the a's Lost. Global news twenty four 610 00:33:57,200 --> 00:34:00,440 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 611 00:34:00,480 --> 00:34:03,400 Speaker 1: by more than dred journalists and analysts more than a 612 00:34:03,440 --> 00:34:06,720 Speaker 1: hundred twenty countries. Him Michael Barrn, this is Bloomberg, Karen, 613 00:34:06,960 --> 00:34:09,120 Speaker 1: all right, Michael, thank you At A sixty nine on 614 00:34:09,200 --> 00:34:11,279 Speaker 1: Wall Street, and we turned to news and science and 615 00:34:11,320 --> 00:34:14,360 Speaker 1: technology now. But the Bloomberg and j I T. Stemmer 616 00:34:14,440 --> 00:34:17,480 Speaker 1: Board brought to you by New Jersey Institute of Technology, 617 00:34:17,640 --> 00:34:20,560 Speaker 1: one of the nation's leading polytechnic universities in a top 618 00:34:20,600 --> 00:34:23,480 Speaker 1: military friendly school. Learn more at n j I T, 619 00:34:23,680 --> 00:34:26,359 Speaker 1: DOT E d U slash Veterans and now here's what's 620 00:34:26,400 --> 00:34:29,959 Speaker 1: making news and science, technology, engineering, and math. The White 621 00:34:30,000 --> 00:34:32,440 Speaker 1: House has announced more steps to make the anti viral 622 00:34:32,480 --> 00:34:36,279 Speaker 1: treatment packs LIVID more accessible across the US, as it 623 00:34:36,320 --> 00:34:39,400 Speaker 1: projects COVID infections will continue to spread over the summer 624 00:34:39,440 --> 00:34:42,840 Speaker 1: travel season. The nation's first federally backed Test to Treat 625 00:34:42,920 --> 00:34:46,000 Speaker 1: site is opened in Rhode Island, providing patients with immediate 626 00:34:46,040 --> 00:34:49,280 Speaker 1: access to the drug once they test positive. More federally 627 00:34:49,280 --> 00:34:51,520 Speaker 1: supported sites are said to open in the coming weeks 628 00:34:51,520 --> 00:34:55,520 Speaker 1: in Massachusetts and New York City. Microsoft will slow hiring 629 00:34:55,560 --> 00:34:59,080 Speaker 1: at its Windows Office and Teams Chat and conferencing software 630 00:34:59,120 --> 00:35:02,480 Speaker 1: groups side you need to realign staffing priorities as it 631 00:35:02,520 --> 00:35:05,080 Speaker 1: approaches a new fiscal year in a time of global 632 00:35:05,120 --> 00:35:08,880 Speaker 1: economic uncertainty. A spokesperson said this lowdown is not company 633 00:35:08,920 --> 00:35:11,920 Speaker 1: wide and overall, the software maker will continue to hire. 634 00:35:12,360 --> 00:35:15,200 Speaker 1: And Ford has beaten Tesla to the punch. The automaker 635 00:35:15,280 --> 00:35:18,920 Speaker 1: has delivered its first F one fifty electric pickup. The 636 00:35:19,000 --> 00:35:21,600 Speaker 1: owner is a Michigan man who had a deposit down 637 00:35:21,600 --> 00:35:25,120 Speaker 1: on the Tesla cyber truck and considered buying a Rivian 638 00:35:25,200 --> 00:35:28,000 Speaker 1: to electrifying. The F one fifty is a big deal 639 00:35:28,040 --> 00:35:31,319 Speaker 1: for Ford. It's been America's best selling vehicle for four 640 00:35:31,400 --> 00:35:34,600 Speaker 1: decades and as a Bloomberg n j I t STEM report. 641 00:35:34,719 --> 00:35:37,160 Speaker 1: Nathan all Right, Karen Thank you. We are live from 642 00:35:37,160 --> 00:35:40,120 Speaker 1: the Bloomberg Interactive Broker Studios where it's almost six fifty 643 00:35:40,239 --> 00:35:42,759 Speaker 1: one on Wall Street time now to check what's going 644 00:35:42,800 --> 00:35:44,680 Speaker 1: on in d C. Some of the top stories in 645 00:35:44,680 --> 00:35:48,080 Speaker 1: our nation's capital include Senate Democrats eyeing the potential for 646 00:35:48,120 --> 00:35:51,680 Speaker 1: a compromise on gun safety after the Vivaldi shooting, the 647 00:35:51,800 --> 00:35:55,360 Speaker 1: US planning economic talks with Taiwan, and the latest challenge 648 00:35:55,360 --> 00:35:59,600 Speaker 1: to China, and the White House eyeing restarting idle refineries 649 00:36:00,080 --> 00:36:03,080 Speaker 1: to tame sky high fuel prices. It's getting brought in 650 00:36:03,120 --> 00:36:06,120 Speaker 1: all these stories. Now we're joined by Bloomberg Government Congressional 651 00:36:06,160 --> 00:36:09,920 Speaker 1: reporter Jack Fitzpatrick, who remains a busy man despite the 652 00:36:09,960 --> 00:36:14,320 Speaker 1: fact that Congress is going off on recess. Jack, good morning. 653 00:36:14,400 --> 00:36:18,560 Speaker 1: What is this potential for guns safety compromise given that 654 00:36:18,640 --> 00:36:22,239 Speaker 1: the Senate has started going out of town. Now, yeah, 655 00:36:22,280 --> 00:36:25,360 Speaker 1: they have left town in a fit an official capacity, 656 00:36:25,400 --> 00:36:27,880 Speaker 1: but some members may be staying in town or at 657 00:36:27,960 --> 00:36:32,160 Speaker 1: least communicating with each other over the ten day recess. 658 00:36:32,600 --> 00:36:36,400 Speaker 1: It seems that John Cornyn has sort of been deputized 659 00:36:36,440 --> 00:36:39,799 Speaker 1: as the Republican in the Senate who will take the 660 00:36:39,880 --> 00:36:44,280 Speaker 1: lead in these discussions. Uh, Chris Murphy has been very involved. 661 00:36:44,280 --> 00:36:47,440 Speaker 1: A number of bipartisan senators though involved in these talks, 662 00:36:47,719 --> 00:36:51,440 Speaker 1: it's about something very limited in scope. We know that, Uh, 663 00:36:51,520 --> 00:36:56,920 Speaker 1: there have been discussions on red flag laws, about instances 664 00:36:56,960 --> 00:37:00,880 Speaker 1: in which law enforcement can take guns away from people 665 00:37:00,920 --> 00:37:04,239 Speaker 1: based on criminal history or other red flags, as the 666 00:37:04,360 --> 00:37:08,760 Speaker 1: name suggests. Unclear if this would be potentially a federal 667 00:37:09,000 --> 00:37:11,960 Speaker 1: red flag law or if you listen to someone like 668 00:37:12,040 --> 00:37:16,880 Speaker 1: Lindsey Graham, he has mentioned maybe incentivizing states to pass 669 00:37:16,960 --> 00:37:21,200 Speaker 1: those red law red flag laws. So it's nothing that would, 670 00:37:21,440 --> 00:37:25,880 Speaker 1: you know, drastically reduce the four million guns in America. 671 00:37:25,920 --> 00:37:29,479 Speaker 1: It's not something that gun control advocates would necessarily get 672 00:37:29,600 --> 00:37:32,799 Speaker 1: excited about. But those conversations are happening to see what 673 00:37:32,840 --> 00:37:35,799 Speaker 1: they realistically could get through the Senate with sixty votes, 674 00:37:36,120 --> 00:37:38,160 Speaker 1: uh and and try to come up with a a 675 00:37:38,320 --> 00:37:41,480 Speaker 1: sort of slimmed down compromise. Why do you see the 676 00:37:41,520 --> 00:37:46,319 Speaker 1: momentum for some kind of compromise moving forward in the Senate? Jack, 677 00:37:46,360 --> 00:37:49,440 Speaker 1: We have an n r A convention happening today, just 678 00:37:49,640 --> 00:37:52,000 Speaker 1: days after the shooting in Uvaldi, and it's in the 679 00:37:52,080 --> 00:37:54,880 Speaker 1: same state of Texas where this is happening, and we 680 00:37:54,960 --> 00:37:58,400 Speaker 1: know that President Biden is going to be visiting Uvaldi 681 00:37:58,600 --> 00:38:03,640 Speaker 1: this weekend. US Obviously, just the gruesome nature of this 682 00:38:03,800 --> 00:38:08,959 Speaker 1: shooting at least motivates people to take action, uh in 683 00:38:09,040 --> 00:38:13,720 Speaker 1: some capacity. Again, the legislative outlook would be very very narrow, 684 00:38:14,520 --> 00:38:18,600 Speaker 1: but politically it's something that demands a response. So you 685 00:38:18,640 --> 00:38:22,560 Speaker 1: see the President preparing to go to Uvaldi. Uh. You 686 00:38:22,680 --> 00:38:26,719 Speaker 1: see Texas Governor Greg Abbott sort of partially pulling out 687 00:38:26,719 --> 00:38:29,840 Speaker 1: of that n r A annual meeting. He's still supposed 688 00:38:29,880 --> 00:38:35,600 Speaker 1: to do a virtual video discussion, but the report from 689 00:38:35,600 --> 00:38:37,320 Speaker 1: the Dallas Morning News with it was that he was 690 00:38:37,400 --> 00:38:40,880 Speaker 1: not going to attend in person anymore. Uh. So it's 691 00:38:40,920 --> 00:38:43,880 Speaker 1: it's a you know, it's a very partisan issue where 692 00:38:43,920 --> 00:38:48,040 Speaker 1: at least at face value for the idea of Second 693 00:38:48,040 --> 00:38:52,680 Speaker 1: Amendment rights, Republicans are not wholeheartedly backing down, but there 694 00:38:52,760 --> 00:38:56,839 Speaker 1: there is motivation to do something. It's just that right now, 695 00:38:56,880 --> 00:39:00,520 Speaker 1: at least in Congress, the discussion is about something very 696 00:39:00,560 --> 00:39:03,920 Speaker 1: limited that could actually get bipartisan support. And just for 697 00:39:03,960 --> 00:39:07,000 Speaker 1: interance of transparency, we should note that Michael Bloomberg, foundered 698 00:39:07,080 --> 00:39:11,160 Speaker 1: majority owner of the parent company of this operation, Bloomberg LP, 699 00:39:11,840 --> 00:39:14,600 Speaker 1: does donate to groups that support gun control, including Every 700 00:39:14,640 --> 00:39:17,760 Speaker 1: Town for Gun Safety. Let's turn out Jack to another 701 00:39:17,840 --> 00:39:21,160 Speaker 1: potential friction point. I think it's probably safe to say 702 00:39:21,160 --> 00:39:24,600 Speaker 1: between the US and China now with this report from 703 00:39:24,600 --> 00:39:28,879 Speaker 1: Bloomberg News that economic talks could be starting pretty soon 704 00:39:28,960 --> 00:39:33,200 Speaker 1: between the US and Taiwan. Yes, uh, that obviously is 705 00:39:33,360 --> 00:39:37,600 Speaker 1: done with an eye towards China. UH. These economic talks 706 00:39:37,640 --> 00:39:40,680 Speaker 1: between the US and Taiwan would fall short of a 707 00:39:40,920 --> 00:39:43,920 Speaker 1: free trade agreement. It's not something that uh that the 708 00:39:43,960 --> 00:39:46,880 Speaker 1: White House would have to go to Congress to for approval. 709 00:39:47,239 --> 00:39:50,640 Speaker 1: It is sort of in line with the Indo Pacific 710 00:39:50,640 --> 00:39:54,680 Speaker 1: Economic Framework that President Biden has announced and work with 711 00:39:55,280 --> 00:39:59,600 Speaker 1: other Asian countries on. This is separate from that, at 712 00:39:59,680 --> 00:40:03,480 Speaker 1: least in part because some of those other countries were 713 00:40:03,520 --> 00:40:06,239 Speaker 1: concerned about the message it would send uh, sort of 714 00:40:06,280 --> 00:40:10,360 Speaker 1: alienating China to involve Taiwan in this. The US clearly 715 00:40:10,440 --> 00:40:14,400 Speaker 1: is not quite as concerned about about sort of negative 716 00:40:14,440 --> 00:40:19,040 Speaker 1: repercussions from China. UH. And it's part of a broader 717 00:40:19,120 --> 00:40:24,640 Speaker 1: attempt to at least in some limited way through executive actions, UM, 718 00:40:25,320 --> 00:40:28,759 Speaker 1: sort of align the US with Asian countries other than 719 00:40:28,880 --> 00:40:31,080 Speaker 1: China more than what has done in the past. This 720 00:40:31,080 --> 00:40:35,960 Speaker 1: would be a sort of supply chain resilience measures, trade 721 00:40:36,040 --> 00:40:39,440 Speaker 1: measures that aren't quite up to the standard of a 722 00:40:39,480 --> 00:40:42,040 Speaker 1: trade agreement that would guarantee market access. It would be 723 00:40:42,080 --> 00:40:44,520 Speaker 1: much more limited than a true trade agreement, but still 724 00:40:45,080 --> 00:40:48,839 Speaker 1: a framework discussion with Taiwan. And finally, Jack, we're heading 725 00:40:48,840 --> 00:40:52,720 Speaker 1: into Memorial Day weekend here, the unofficial start of summer 726 00:40:52,800 --> 00:40:55,920 Speaker 1: driving season. It looks like the Biden administrations making a 727 00:40:55,960 --> 00:40:59,880 Speaker 1: new move to try to tamp down these UH sky 728 00:41:00,040 --> 00:41:02,840 Speaker 1: high gas prices we're dealing with right now. Yes, so 729 00:41:02,880 --> 00:41:08,000 Speaker 1: the Biden administration is contacting people in the oil industry 730 00:41:08,040 --> 00:41:13,319 Speaker 1: to discuss the parameters of what might happen regarding restarting 731 00:41:13,960 --> 00:41:18,920 Speaker 1: oil refineries that had closed down. It's not a formal request, 732 00:41:18,960 --> 00:41:21,600 Speaker 1: but according to our colleague Ari Natter, who has reported 733 00:41:21,600 --> 00:41:25,320 Speaker 1: on this UH, the National Economic Council has had people 734 00:41:25,719 --> 00:41:29,400 Speaker 1: UH inquiring to the industry about what kind of factors 735 00:41:29,480 --> 00:41:34,399 Speaker 1: led to refineries closing, what might help restart that and 736 00:41:34,400 --> 00:41:37,840 Speaker 1: and increase the capacity for them to UH to do 737 00:41:37,920 --> 00:41:40,880 Speaker 1: to refine oil. It's part of a bit of a 738 00:41:40,920 --> 00:41:44,200 Speaker 1: patchwork approach by the President and Democrats to try to 739 00:41:44,239 --> 00:41:49,000 Speaker 1: have some sort of action regarding oil prices. It's been difficult. 740 00:41:49,080 --> 00:41:52,960 Speaker 1: They've they've stalled a bit on a price gouging measure 741 00:41:53,080 --> 00:41:56,800 Speaker 1: that was supposed to uh sort of focus on gas 742 00:41:56,840 --> 00:42:00,239 Speaker 1: prices and other increasing prices. But it's at LEAs east 743 00:42:00,239 --> 00:42:02,920 Speaker 1: to a sign of activity from the White House, as 744 00:42:02,960 --> 00:42:05,680 Speaker 1: they know they have to be seen taking some sort 745 00:42:05,680 --> 00:42:08,799 Speaker 1: of action and and and I guess hustling at least 746 00:42:08,840 --> 00:42:11,319 Speaker 1: in some way on gas prices. Ye. I can't take 747 00:42:11,320 --> 00:42:15,000 Speaker 1: a holiday with the average right around four sixty a 748 00:42:15,080 --> 00:42:18,879 Speaker 1: gallon according to Triple A as of Wednesday. Jack Fitzpatrick, 749 00:42:19,239 --> 00:42:22,239 Speaker 1: Bloomberg Government. As always, thanks for this, and you can 750 00:42:22,320 --> 00:42:25,080 Speaker 1: read more about all these stories at Bloomberg dot com 751 00:42:25,200 --> 00:42:28,319 Speaker 1: or on the Bloomberg terminal. And a reminder, follow all 752 00:42:28,320 --> 00:42:32,320 Speaker 1: the latest on Bloomberg Radio in Washington, d C. Tuned 753 00:42:32,320 --> 00:42:36,600 Speaker 1: into Bloomberg one oh five point seven FM HD two. 754 00:42:37,280 --> 00:42:40,480 Speaker 1: Futures moving higher on this Friday before the holiday weekend. 755 00:42:40,520 --> 00:42:46,160 Speaker 1: Bloomberg Surveillance is next for Karen Moscow. I'm Nathan Haker, 756 00:42:46,200 --> 00:42:48,319 Speaker 1: and this is Bloomberg