1 00:00:04,200 --> 00:00:06,920 Speaker 1: Live from the Bloomberg Interact at Burger Studios. It is 2 00:00:06,960 --> 00:00:11,840 Speaker 1: Bloomberg Daybreak for Thursday, June second two. Coming up the shower, 3 00:00:12,320 --> 00:00:15,880 Speaker 1: another deadly mass shooting in the US, this time in Tulsa. 4 00:00:16,400 --> 00:00:19,400 Speaker 1: President Biden is likely to visit Saudi Arabia as gas 5 00:00:19,400 --> 00:00:23,479 Speaker 1: prices surge and Cheryl Sandberg steps down from Facebook parent 6 00:00:23,560 --> 00:00:26,880 Speaker 1: Metta after fourteen years. She tells us why New York 7 00:00:26,920 --> 00:00:30,160 Speaker 1: Mayor Adams names of gun violence are plus. President Biden 8 00:00:30,160 --> 00:00:33,639 Speaker 1: gets pushed back, saying no one anticipated the baby formula shortage. 9 00:00:33,800 --> 00:00:37,200 Speaker 1: I'm Michael barr More A hand imtime stands swards forwards. 10 00:00:37,240 --> 00:00:39,519 Speaker 1: Another win for the Rangers. They beat Tampa Bay in 11 00:00:39,600 --> 00:00:45,040 Speaker 1: Game one the Mets. One There six own. That's all's 12 00:00:45,040 --> 00:00:48,760 Speaker 1: training ahead on Bloomberg Daybreak on Bloomberg eleven three on 13 00:00:48,840 --> 00:00:53,279 Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh 14 00:00:53,360 --> 00:00:57,840 Speaker 1: six one, Boston Bloomberg nine sixties and Francisco syrius x 15 00:00:58,000 --> 00:01:00,240 Speaker 1: M one nine team and around the world Old on 16 00:01:00,400 --> 00:01:03,640 Speaker 1: Bloomberg Radio dot Com and via the Bloomberg Business Up 17 00:01:07,600 --> 00:01:10,679 Speaker 1: and good Morning. I'm Karen Moscow, I'm Nathan Hagar. Bloomberg 18 00:01:10,760 --> 00:01:13,080 Speaker 1: Daybreak is brought to you by bn Y Melon Pershing's 19 00:01:13,120 --> 00:01:16,479 Speaker 1: Insight Conference back in person June fifteen through the seventeenth 20 00:01:16,480 --> 00:01:19,240 Speaker 1: at the Gaylord Resort in Grapevine, Texas. Don't miss it. 21 00:01:19,600 --> 00:01:23,000 Speaker 1: Register now at Insight dot b n y melon dot com. 22 00:01:23,000 --> 00:01:25,399 Speaker 1: And US futures are higher this morning six o one 23 00:01:25,400 --> 00:01:27,319 Speaker 1: on Wall Street, and we check the markets every fifteen 24 00:01:27,319 --> 00:01:29,600 Speaker 1: minutes to while the trading day on bloomberg S and 25 00:01:29,680 --> 00:01:32,000 Speaker 1: P Future is up seventeen points down, futures have a 26 00:01:32,040 --> 00:01:34,840 Speaker 1: hundred three Nasdack Future is up seventy three, and the 27 00:01:34,880 --> 00:01:37,479 Speaker 1: ten year treasury down three thirties seconds held two point 28 00:01:37,520 --> 00:01:40,320 Speaker 1: on one percent. Nathan Karen, We begin with yet another 29 00:01:40,400 --> 00:01:42,520 Speaker 1: deadly mass shooting in the US, this time in a 30 00:01:42,560 --> 00:01:46,400 Speaker 1: medical building in Tulsa, Oklahoma. Deputy police Chief Eric Dagley 31 00:01:46,520 --> 00:01:49,400 Speaker 1: says a man carrying a rifle and a handgun opened 32 00:01:49,480 --> 00:01:53,040 Speaker 1: fire on employees and visitors before turning the gun on himself. 33 00:01:53,560 --> 00:01:58,720 Speaker 1: We have four civilians that are dead. We have one 34 00:01:58,840 --> 00:02:03,000 Speaker 1: shooter that is dead and right now we believe that 35 00:02:03,120 --> 00:02:05,920 Speaker 1: is self inflicted. Deputy Chief Ric Dalglish says it took 36 00:02:05,960 --> 00:02:08,360 Speaker 1: about three minutes for officers to arrive at the scene. 37 00:02:08,360 --> 00:02:10,919 Speaker 1: And they made contact with the gunman about ten minutes later. 38 00:02:11,200 --> 00:02:14,320 Speaker 1: This comes after other deadly mass shootings in Yuvaldi, Texas, 39 00:02:14,400 --> 00:02:17,280 Speaker 1: and Buffalo, New York that already have Democratic leaders calling 40 00:02:17,280 --> 00:02:21,160 Speaker 1: for greater restrictions on guns Nathan. While President Biden contented 41 00:02:21,160 --> 00:02:24,880 Speaker 1: another shooting, he is also grappling with rising gas prices 42 00:02:25,280 --> 00:02:27,680 Speaker 1: that has it now planning a trip to Saudi Arabia, maybe, 43 00:02:27,680 --> 00:02:31,760 Speaker 1: Morris says details from our Bloomberg newsroom in Washington. Sources 44 00:02:31,800 --> 00:02:34,960 Speaker 1: tell Bloomberg News President Biden is likely to visit Saudi 45 00:02:35,000 --> 00:02:37,760 Speaker 1: Arabia later this month, and that could mean the President 46 00:02:37,800 --> 00:02:41,040 Speaker 1: would also meet with Crown Prince Mohammed Ben Sulman, who 47 00:02:41,040 --> 00:02:44,120 Speaker 1: the U S blames for the murder of US based 48 00:02:44,160 --> 00:02:47,639 Speaker 1: columnists Jamal Ka Shoji Now. Early in his presidency, Biden 49 00:02:47,639 --> 00:02:50,560 Speaker 1: said he would only deal with Saudi Arabia's official head 50 00:02:50,600 --> 00:02:54,519 Speaker 1: of state, King Solomon bin Abdulaziz. But the president is 51 00:02:54,560 --> 00:02:57,640 Speaker 1: under increasing pressure to meet with Ben Solomon as gas 52 00:02:57,639 --> 00:03:00,560 Speaker 1: prices hit record highs in Washington. I may be more, 53 00:03:00,600 --> 00:03:03,200 Speaker 1: as Bloomberg daybreak, we consumers could get a bit more 54 00:03:03,280 --> 00:03:05,480 Speaker 1: relief at the pump ahead of that proposed trip. According 55 00:03:05,520 --> 00:03:08,320 Speaker 1: to the financial time, Saudi Arabia is prepared to produce 56 00:03:08,400 --> 00:03:12,520 Speaker 1: more crude if Russian output declines substantially. Meantime, OPEC and 57 00:03:12,600 --> 00:03:15,760 Speaker 1: its allies meet today, they're expected to ratify a modest 58 00:03:15,840 --> 00:03:19,480 Speaker 1: increase in production. Checking prices now, Nimex crudes down two 59 00:03:19,480 --> 00:03:21,520 Speaker 1: point two per cent, or two dollars fifty two cents 60 00:03:21,520 --> 00:03:23,760 Speaker 1: at a hundred twelve dollars seventy three cents of barrel. 61 00:03:24,000 --> 00:03:25,760 Speaker 1: Brent is down two and a quarter percent to a 62 00:03:25,800 --> 00:03:29,079 Speaker 1: hundred thirteen dollar sixty six cents. Well. Nathan wall Street 63 00:03:29,160 --> 00:03:32,240 Speaker 1: is still reacting to the resignation of Meta Chief operating 64 00:03:32,280 --> 00:03:35,240 Speaker 1: officer Cheryl Sandberg. She became one of the most recognized 65 00:03:35,280 --> 00:03:38,560 Speaker 1: figures in global business after helping Facebook transform from US 66 00:03:38,560 --> 00:03:42,520 Speaker 1: start up into a multibillion dollar advertising powerhouse. Sandberg spoke 67 00:03:42,560 --> 00:03:45,560 Speaker 1: about her decision with Bloomberg's Emily Chang. The decision I 68 00:03:45,560 --> 00:03:50,400 Speaker 1: didn't come too rightly, but it's been fourteen years. It's 69 00:03:50,440 --> 00:03:53,320 Speaker 1: been fourteen years, and I wanted to make more room 70 00:03:53,440 --> 00:03:57,200 Speaker 1: to do more philanthropically. Cheryl Sandberg caused your time and 71 00:03:57,280 --> 00:04:00,160 Speaker 1: Meta quoth the honor and privilege of a lifetime well 72 00:04:00,160 --> 00:04:03,320 Speaker 1: sanderg leaves a complicated legacy, Karen. While she helped to 73 00:04:03,360 --> 00:04:06,520 Speaker 1: build Facebook into a global giant, the company's reputation was 74 00:04:06,600 --> 00:04:10,960 Speaker 1: tarnished by developing blind spots on data and misinformation. Techonomy 75 00:04:11,000 --> 00:04:14,080 Speaker 1: Media CEO David Kirkpatrick called Sandberg one of the most 76 00:04:14,120 --> 00:04:17,120 Speaker 1: powerful women in the business world. Well, she served as 77 00:04:17,120 --> 00:04:20,039 Speaker 1: a symbol of women's success in business. There's no question. 78 00:04:20,080 --> 00:04:23,280 Speaker 1: I mean for most of the last fourteen years, certainly 79 00:04:23,320 --> 00:04:25,960 Speaker 1: for the last maybe ten or eleven years, she could 80 00:04:26,000 --> 00:04:28,280 Speaker 1: have left Facebook at any time and become the CEO 81 00:04:28,360 --> 00:04:30,440 Speaker 1: of any company in the world. And I know she 82 00:04:30,600 --> 00:04:32,960 Speaker 1: was solicited for those kinds of jobs time and time 83 00:04:32,960 --> 00:04:36,120 Speaker 1: again and didn't show interest because she really wanted to 84 00:04:36,120 --> 00:04:39,880 Speaker 1: stay here. Techonomy Media CEO David Kirkpatrick spoke with Bloomberg 85 00:04:39,880 --> 00:04:43,360 Speaker 1: Technologies Emily Chang. For more from Emily and our tech team, 86 00:04:43,400 --> 00:04:47,000 Speaker 1: subscribed to the Bloomberg Technology Podcast. It's available daily wherever 87 00:04:47,040 --> 00:04:49,960 Speaker 1: you get your podcasts. On Turning to the economy now, Nathan, 88 00:04:49,960 --> 00:04:52,400 Speaker 1: our focus remains on the FED. St. Louis FED President 89 00:04:52,480 --> 00:04:54,760 Speaker 1: James Bullard wants to raise interest rates to three and 90 00:04:54,800 --> 00:04:57,520 Speaker 1: a half percent this year at de tain inflation as 91 00:04:57,600 --> 00:05:02,600 Speaker 1: we get tangible evidence that play is definitely retreating, then 92 00:05:03,080 --> 00:05:07,760 Speaker 1: we could look at reducing the post to rate future years, 93 00:05:08,880 --> 00:05:14,160 Speaker 1: maybe late, saying The West Fan president James Bullard, spoken 94 00:05:14,240 --> 00:05:17,159 Speaker 1: Economic Club of Memphis, He's traditionally been the most huggish 95 00:05:17,240 --> 00:05:19,840 Speaker 1: official on the FED. A couple of Wall Street CEOs 96 00:05:19,880 --> 00:05:22,240 Speaker 1: think Bullet and the FED have a very difficult road 97 00:05:22,240 --> 00:05:25,440 Speaker 1: ahead of them. Karen Here's Wells Fargo CEO Charlie Sharf, 98 00:05:25,720 --> 00:05:29,520 Speaker 1: the economy has to slow. The FED has been very 99 00:05:29,560 --> 00:05:34,599 Speaker 1: clear about what their intentions are, and the scenario of 100 00:05:34,640 --> 00:05:37,719 Speaker 1: a soft landing is very difficult to achieve and I 101 00:05:37,760 --> 00:05:41,200 Speaker 1: think extremely difficult to achieve in the environment that we're 102 00:05:41,200 --> 00:05:44,200 Speaker 1: in today. Wells Fargo CEO Charlie Sharf says he sees 103 00:05:44,200 --> 00:05:47,000 Speaker 1: loan growth starting to moderate. His comments follow us similar 104 00:05:47,000 --> 00:05:50,920 Speaker 1: warning from JP Morgan CEO Jamie Diamond. It's a hurricane. 105 00:05:51,400 --> 00:05:55,039 Speaker 1: It's right now, it's kind of sunny. Things are doing fine. 106 00:05:55,480 --> 00:05:59,000 Speaker 1: Everyone thinks that the FED can handle this. That hurricane 107 00:05:59,120 --> 00:06:01,480 Speaker 1: is right out there down the road coming our way. 108 00:06:01,880 --> 00:06:04,039 Speaker 1: We just don't know if it's a minor one or 109 00:06:04,279 --> 00:06:08,279 Speaker 1: Superstorm Sandy. Both JP Morgan's Jamie Diamond and Charlie Sharf 110 00:06:08,279 --> 00:06:10,520 Speaker 1: of Wells Fargo made their comments at a conference in 111 00:06:10,520 --> 00:06:13,400 Speaker 1: New York. Let's update you now on some key earnings 112 00:06:13,400 --> 00:06:17,520 Speaker 1: from late yesterday. Shares of Hewlett Packard Enterprise down more 113 00:06:17,560 --> 00:06:20,080 Speaker 1: than six percent in early trading after the company lowered 114 00:06:20,080 --> 00:06:23,520 Speaker 1: its forecast. Bomb Dog Krisner has more. The company sited 115 00:06:23,560 --> 00:06:28,200 Speaker 1: a few headwinds on favorable currency movements, supply chain disruptions, 116 00:06:28,320 --> 00:06:31,520 Speaker 1: and the impact of the company's exit from the Russian market. 117 00:06:31,680 --> 00:06:35,359 Speaker 1: Hewlett Packard Enterprise said profit excluding some items will be 118 00:06:35,400 --> 00:06:38,120 Speaker 1: as much as seven cents less than the previous guidance 119 00:06:38,200 --> 00:06:41,440 Speaker 1: issued in March. HPE has been working to reduce its 120 00:06:41,480 --> 00:06:45,000 Speaker 1: reliance on sales of hardware such as data center servers 121 00:06:45,240 --> 00:06:49,599 Speaker 1: by encouraging customers to pay for additional services with subscriptions. 122 00:06:49,960 --> 00:06:52,880 Speaker 1: In New York, I'm Doug Prisner, Bloomberg, Daybreak, all Right, Doug, Thanks, 123 00:06:52,920 --> 00:06:55,120 Speaker 1: and some other stocks were following in the pre market. 124 00:06:55,200 --> 00:06:58,120 Speaker 1: Shares of chewy right now are up more than seventeen percent. 125 00:06:58,200 --> 00:07:00,720 Speaker 1: The pet products retailer reported profit in sales at top 126 00:07:00,960 --> 00:07:04,279 Speaker 1: estimates and as usuals some volatility for games stop shares. 127 00:07:04,320 --> 00:07:06,960 Speaker 1: The video game retailer reported a wider than expected first 128 00:07:07,040 --> 00:07:10,480 Speaker 1: quartered at loss after falling almost three percent. Game Stop 129 00:07:10,520 --> 00:07:14,280 Speaker 1: is now up about one percent. Futures are up as well. 130 00:07:14,440 --> 00:07:17,200 Speaker 1: Straight ahead your latest local headlines and a check of sports. 131 00:07:17,240 --> 00:07:24,920 Speaker 1: This is Bloomberg Sounds six oh seven on Wall Street. 132 00:07:24,960 --> 00:07:27,680 Speaker 1: We're sixty three degrees in Central Park. Flooding issues are 133 00:07:27,680 --> 00:07:31,040 Speaker 1: improving on the Bronx Server Parkway in White Plains. We'll 134 00:07:31,080 --> 00:07:33,480 Speaker 1: get the latest in traffic shortly. First, Michael Bars here 135 00:07:33,520 --> 00:07:34,920 Speaker 1: with what else is going on in New York and 136 00:07:35,080 --> 00:07:37,600 Speaker 1: around the world. Money Michael, Good morning, Nathan. New York 137 00:07:37,640 --> 00:07:41,320 Speaker 1: Mayor Eric Adams will name a gun violence are. Adams 138 00:07:41,360 --> 00:07:44,240 Speaker 1: continues to be confronted with a stubbornly high number of 139 00:07:44,280 --> 00:07:47,520 Speaker 1: gun offenses in the city. According to The New York Times, 140 00:07:47,600 --> 00:07:51,440 Speaker 1: the Adams administration has also considered declaring a state of 141 00:07:51,480 --> 00:07:55,400 Speaker 1: emergency related to the surgeon gun violence. Meanwhile, Mayor Adams 142 00:07:55,440 --> 00:07:59,080 Speaker 1: also sent a stern letter to city employees that they 143 00:07:59,160 --> 00:08:02,840 Speaker 1: need to stop working from home. Adams rode all city employee, 144 00:08:02,840 --> 00:08:06,640 Speaker 1: you should be advised that, absent a reasonable accommodation, you 145 00:08:06,680 --> 00:08:09,520 Speaker 1: are required to report to work in person for every 146 00:08:09,560 --> 00:08:13,880 Speaker 1: scheduled workday, and hybrid schedules of any kind are not permitted. 147 00:08:14,280 --> 00:08:17,800 Speaker 1: Baby formula makers met with President Biden for an update 148 00:08:17,920 --> 00:08:20,880 Speaker 1: on ending the supply crisis in the US. There's nothing 149 00:08:20,920 --> 00:08:23,240 Speaker 1: more stressful than the feeling you can't get what your 150 00:08:23,320 --> 00:08:26,840 Speaker 1: child needs, he or she needs, and that's why I've 151 00:08:26,880 --> 00:08:29,920 Speaker 1: directed my administration to use every tool available or increase 152 00:08:30,000 --> 00:08:34,480 Speaker 1: the supply, getting more formula on shelves as quickly as possible. However, 153 00:08:34,600 --> 00:08:37,680 Speaker 1: President Biden faced push back on his claims that no 154 00:08:37,760 --> 00:08:42,040 Speaker 1: one predicted shutting one food plant would create a nationwide shortage. 155 00:08:42,400 --> 00:08:46,560 Speaker 1: Parago Baby formula producer executive Murray Kessler told President Biden 156 00:08:46,880 --> 00:08:50,400 Speaker 1: he immediately knew there would be a supply crisis when 157 00:08:50,400 --> 00:08:53,800 Speaker 1: the FDA closed the Abbot formula plant. The very first 158 00:08:53,840 --> 00:08:56,720 Speaker 1: thing we did when we heard about the Abbot recall 159 00:08:56,960 --> 00:09:00,680 Speaker 1: was we could foresee that this was going to free 160 00:09:00,679 --> 00:09:06,320 Speaker 1: a tremendous shortage. We um significantly increased all our material orders. 161 00:09:06,720 --> 00:09:10,000 Speaker 1: Murray Kessler with Parago. Later, the White House Press Secretaries 162 00:09:10,000 --> 00:09:13,120 Speaker 1: said the administration has been working to relieve the formula 163 00:09:13,160 --> 00:09:16,840 Speaker 1: shortage since day one. The U. S. Transportation Department is 164 00:09:16,840 --> 00:09:20,160 Speaker 1: making it easier for Americans to travel to Cuba, lifting 165 00:09:20,240 --> 00:09:23,960 Speaker 1: flight restrictions that were established during the Trump administration. The 166 00:09:24,000 --> 00:09:27,760 Speaker 1: restrictions had prevented US airline flights and chartered flights from 167 00:09:27,800 --> 00:09:31,480 Speaker 1: going to Cuban cities other than Havana. The Queen's Platinum 168 00:09:31,559 --> 00:09:34,520 Speaker 1: Jubilee is underway, a four day bash designed to honor 169 00:09:34,559 --> 00:09:37,880 Speaker 1: her seventy years on the throne. Millions across Britain are 170 00:09:37,920 --> 00:09:40,680 Speaker 1: ready to take to the streets for parties. Global News 171 00:09:40,760 --> 00:09:43,480 Speaker 1: twenty four hours a day on air and on Bloomberg 172 00:09:43,559 --> 00:09:46,600 Speaker 1: Quick Take, powered by more than twenty seven hundred journalists 173 00:09:46,600 --> 00:09:49,320 Speaker 1: and analysts more than a hundred twenty countries. Michael Barr 174 00:09:49,360 --> 00:09:56,720 Speaker 1: and this is Bloomberg, Nathan. Alright, Michael, thank you, six 175 00:09:56,720 --> 00:09:58,840 Speaker 1: o nine on Wall Street, time for the Bloomberg Sports 176 00:09:58,880 --> 00:10:01,240 Speaker 1: Up Day with John stash Hour. Nathan. The Rangers are 177 00:10:01,240 --> 00:10:03,320 Speaker 1: in a place they had not been before in the 178 00:10:03,320 --> 00:10:06,600 Speaker 1: Stanley Cup playouts. A head in the series before Game seven, 179 00:10:06,640 --> 00:10:08,840 Speaker 1: Game one with Tampa Bay and a Chris Pryder goal 180 00:10:09,240 --> 00:10:11,560 Speaker 1: on the Rangers first shot of the series, they led 181 00:10:11,559 --> 00:10:13,160 Speaker 1: to the one, then three to two, and then the 182 00:10:13,240 --> 00:10:18,080 Speaker 1: kid line Philippino Capocaco and alexis La Fronnier, all under 183 00:10:18,080 --> 00:10:20,680 Speaker 1: the age of twenty two. They were on the ice 184 00:10:20,720 --> 00:10:24,040 Speaker 1: for almost three minutes. He just chill up the board. 185 00:10:24,600 --> 00:10:29,360 Speaker 1: I fight, but it's patted down by Cox. Heap the 186 00:10:29,440 --> 00:10:32,840 Speaker 1: up pitcher to he said pillock for game, let's tud 187 00:10:32,880 --> 00:10:39,160 Speaker 1: the middle hiller, he stared won a shift by the Racers, 188 00:10:39,679 --> 00:10:44,680 Speaker 1: and its top is a light ship. It's fur to Rangers. 189 00:10:45,760 --> 00:10:47,920 Speaker 1: He had second goal and night for the suddenly red 190 00:10:47,920 --> 00:10:50,560 Speaker 1: hot Filipino. He scored eight goals in the regular season. 191 00:10:50,559 --> 00:10:52,920 Speaker 1: He's got seven in the playoffs. Are Tammy Panerva scored 192 00:10:52,920 --> 00:10:54,400 Speaker 1: open him in at the third period of the Mika 193 00:10:54,480 --> 00:10:58,000 Speaker 1: Savanna Jad Rangers beat the Lightning six to two. Tampa 194 00:10:58,080 --> 00:11:00,600 Speaker 1: had only allowed a total of three goals. Old and 195 00:11:00,679 --> 00:11:03,400 Speaker 1: it's four games swape with Florida Rangers double that in 196 00:11:03,480 --> 00:11:05,960 Speaker 1: one game. They've had won five the last six seven 197 00:11:05,960 --> 00:11:08,240 Speaker 1: a row at the Garden where they'll be back for 198 00:11:08,360 --> 00:11:10,520 Speaker 1: game two tomorrow. Met's hit the road right in a 199 00:11:10,559 --> 00:11:12,880 Speaker 1: sixth game winning Today finished the swathe and Washington five 200 00:11:13,000 --> 00:11:16,200 Speaker 1: nothing behind Carlos Carrasco and four it's by Thomas Nto. 201 00:11:16,280 --> 00:11:19,080 Speaker 1: Now a ten game road trip, all ten in southern California, 202 00:11:19,440 --> 00:11:22,120 Speaker 1: starting tonight against the Dodgers, Yankees and Angels rained down 203 00:11:22,160 --> 00:11:25,760 Speaker 1: so a swit doubleheader today and tonight. NBA finals begin 204 00:11:25,840 --> 00:11:28,800 Speaker 1: tonight's Celtics and Warriors in San Francisco, and also today 205 00:11:28,840 --> 00:11:32,240 Speaker 1: the women's semi finals at the French Open. John Stasheller, 206 00:11:32,280 --> 00:11:35,640 Speaker 1: Bloomberg Sports d Okay, John thanks SMP futures right now 207 00:11:35,720 --> 00:11:39,440 Speaker 1: up nineteen points. Staff futures up A. NAZAC futures are 208 00:11:39,520 --> 00:11:42,360 Speaker 1: higher by seventy seven points. The tenure treasury is down 209 00:11:42,400 --> 00:11:46,319 Speaker 1: three thirty seconds. The yield two point nine yield on 210 00:11:46,400 --> 00:11:50,200 Speaker 1: the two year two point six five per cent. Cheryl 211 00:11:50,280 --> 00:11:54,920 Speaker 1: Sandberg looks to life beyond Facebook. Parent meta platforms will 212 00:11:54,920 --> 00:11:59,439 Speaker 1: get reaction to her departure, as CEO Dan Ives of 213 00:11:59,600 --> 00:12:03,520 Speaker 1: Web Securities joins us. Next, you're listening to Bloomberg Gay Break. 214 00:12:07,559 --> 00:12:09,400 Speaker 1: The Bloomberg Gay Break is brought to you by Hofstre 215 00:12:09,559 --> 00:12:12,680 Speaker 1: University's Frank gez Our School of Business, top ranked online 216 00:12:12,760 --> 00:12:15,560 Speaker 1: NBA program with the Real World Foundation. Learned war at 217 00:12:15,600 --> 00:12:23,280 Speaker 1: Hofstra dot e d u slash Go Brad markets headlines 218 00:12:23,320 --> 00:12:26,319 Speaker 1: and breaking news twenty four hours a day at Bloomberg 219 00:12:26,360 --> 00:12:29,720 Speaker 1: dot Com, the Bloomberg Business At and at Bloomberg Quick Tape. 220 00:12:29,920 --> 00:12:39,560 Speaker 1: He's a Bloomberg Business Flash, and I'm Karen Moscow stocks 221 00:12:39,559 --> 00:12:43,120 Speaker 1: in Europe, in US DOT Index futures are rising this morning. 222 00:12:43,120 --> 00:12:46,360 Speaker 1: Investors are assessing attractive valuations and a drop in oil 223 00:12:46,400 --> 00:12:51,000 Speaker 1: prices against hawkish messages from central bankers on raining and inflation. 224 00:12:51,120 --> 00:12:54,000 Speaker 1: Crude oil is falling out a report that Saudi Arabia 225 00:12:54,080 --> 00:12:57,000 Speaker 1: is ready to pump more oil if Russian output declines. 226 00:12:57,080 --> 00:12:59,400 Speaker 1: We checked the markets every fifteen minutes throughout the trading 227 00:12:59,480 --> 00:13:02,600 Speaker 1: day on bloomberg S and P futures of nineteen points 228 00:13:02,600 --> 00:13:04,760 Speaker 1: this morning, down futures have a hundred twenty two and 229 00:13:04,840 --> 00:13:07,960 Speaker 1: nasday futures have seventy seven. The decks in Germany's up 230 00:13:07,960 --> 00:13:10,679 Speaker 1: three quarters of a percent ten, Your treasury down three 231 00:13:10,720 --> 00:13:13,400 Speaker 1: thirty seconds two point on one percent. They yield them 232 00:13:13,400 --> 00:13:16,079 Speaker 1: the two year two point six five percent. Nine max 233 00:13:16,120 --> 00:13:18,520 Speaker 1: Screwed oil is down two point six percent, down two 234 00:13:18,559 --> 00:13:21,240 Speaker 1: dollars cents and a hundred twelve dollars thirty three cents 235 00:13:21,240 --> 00:13:24,000 Speaker 1: of barrel comic schooled up half percent or nine dollars 236 00:13:24,000 --> 00:13:27,280 Speaker 1: twenty cents at eighteen fifty seven ninety announce the euro 237 00:13:27,400 --> 00:13:30,120 Speaker 1: one point oh six eight nine against the dollar. British 238 00:13:30,120 --> 00:13:32,360 Speaker 1: found one point to five for eight the end at 239 00:13:32,400 --> 00:13:36,400 Speaker 1: one twenty nine point seven nine Bitcoin this morning is higher, 240 00:13:36,480 --> 00:13:39,520 Speaker 1: up one percent, at twenty nine thousand, nine hundred dollars. 241 00:13:39,600 --> 00:13:42,000 Speaker 1: And that's a Bloomberg business flash. Now here's Michael Barr 242 00:13:42,120 --> 00:13:45,440 Speaker 1: with more on what's going on around the world. Michael Karen, 243 00:13:45,480 --> 00:13:47,959 Speaker 1: thank you very much. Police officials say four people were 244 00:13:48,000 --> 00:13:50,400 Speaker 1: killed in a mass shooting at a Tulsa medical building 245 00:13:50,440 --> 00:13:53,760 Speaker 1: on the hospital campus. Authorities say the shooter killed himself. 246 00:13:54,120 --> 00:13:57,560 Speaker 1: President Biden says no one anticipated the baby formula crisis 247 00:13:57,600 --> 00:14:01,440 Speaker 1: until months after a crucial manu facturing plant was shut down. 248 00:14:01,800 --> 00:14:05,480 Speaker 1: Formula makers Biden met with disagreed. Game one of the 249 00:14:05,600 --> 00:14:08,599 Speaker 1: NHL East Final, the Rangers beat the Lightning six to 250 00:14:09,120 --> 00:14:12,200 Speaker 1: Game one of the NBA Finals is tonight between the 251 00:14:12,200 --> 00:14:15,680 Speaker 1: Celtics and Warriors. And baseball the Yankees game was reigned out. 252 00:14:15,679 --> 00:14:18,560 Speaker 1: The Mets beat the Nationals, the Red Sox and Orioles won. 253 00:14:18,640 --> 00:14:22,200 Speaker 1: The A's and Giants lost. Global News twenty four hours 254 00:14:22,200 --> 00:14:25,360 Speaker 1: a day on air and on Bloomberg Quick Take, powered 255 00:14:25,360 --> 00:14:27,680 Speaker 1: by more than twenty seven hundred journalist and analysts more 256 00:14:27,680 --> 00:14:30,680 Speaker 1: than a hundred twenty countries. Michael Bard, this is Bloomberg. 257 00:14:30,760 --> 00:14:33,320 Speaker 1: Nathan all Right, Michael Thanks six nineteen on Wall Street 258 00:14:33,360 --> 00:14:37,160 Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. 259 00:14:37,320 --> 00:14:40,040 Speaker 1: Let's turn more now to uh, probably the biggest corporate 260 00:14:40,080 --> 00:14:43,080 Speaker 1: story of the moment. After fourteen years running the nuts 261 00:14:43,080 --> 00:14:45,800 Speaker 1: and bolts of the world's biggest social media company, Cheryl 262 00:14:45,840 --> 00:14:49,680 Speaker 1: Sandberg is stepping down as Chief operating Officer Facebook parent 263 00:14:50,120 --> 00:14:53,240 Speaker 1: Meta Platforms. Dan Ives is with us this morning from 264 00:14:53,240 --> 00:14:55,880 Speaker 1: We're on this Managing director and senior equity research channel 265 00:14:55,920 --> 00:14:59,200 Speaker 1: list at Wedbush Securities. Dan, it is hard to overstate 266 00:14:59,280 --> 00:15:03,800 Speaker 1: Cheryl sandburg impact turning Facebook into the powerhouse. It is. 267 00:15:03,880 --> 00:15:08,120 Speaker 1: Now what's the legacy that she leaves behind. Look, I mean, 268 00:15:08,280 --> 00:15:11,800 Speaker 1: she's a key reason that people know Facebook. I mean, 269 00:15:12,080 --> 00:15:16,760 Speaker 1: you know, of course Zuckerberg, you know, it continues to 270 00:15:16,480 --> 00:15:18,120 Speaker 1: to to sort of be the one that's going to 271 00:15:18,240 --> 00:15:20,880 Speaker 1: take the legacy from here, even though it's gonna be choppy. 272 00:15:20,960 --> 00:15:24,280 Speaker 1: But Cheryl is a key part of the DNA of Facebook, 273 00:15:24,480 --> 00:15:29,400 Speaker 1: navigating all the challenges, the vision, the street credibility. She 274 00:15:29,720 --> 00:15:33,600 Speaker 1: leaves a massive hole at Facebook, and right now I 275 00:15:33,600 --> 00:15:36,480 Speaker 1: think it's some darker days ahead for Zuckerberg and team, 276 00:15:36,560 --> 00:15:39,760 Speaker 1: especially with Samburg no longer in the co pilots eat. 277 00:15:40,200 --> 00:15:42,040 Speaker 1: I'll talk a little bit more about that. Why do 278 00:15:42,040 --> 00:15:45,800 Speaker 1: you see darker days ahead now? Well, I think, first off, 279 00:15:45,960 --> 00:15:49,040 Speaker 1: I mean the company transitioning to Metaverse, obviously changing their 280 00:15:49,120 --> 00:15:52,240 Speaker 1: name to Meta, the revenues not come from our three 281 00:15:52,240 --> 00:15:54,240 Speaker 1: to five years and and that's going to be a 282 00:15:54,280 --> 00:15:57,320 Speaker 1: bumpy transition. And right now, in terms of social media, 283 00:15:57,920 --> 00:16:01,760 Speaker 1: it's really these Apple priv the iOS changes. That's been 284 00:16:01,800 --> 00:16:04,680 Speaker 1: the gut punch of the business model. And that's why 285 00:16:04,800 --> 00:16:08,200 Speaker 1: right now, I mean, there was always a thought she 286 00:16:08,280 --> 00:16:11,440 Speaker 1: was going to leave, the fact that she's leaving right 287 00:16:11,560 --> 00:16:15,680 Speaker 1: as there transitioning to Meta and the Metaverse couldn't come 288 00:16:16,160 --> 00:16:19,160 Speaker 1: exactly at the right time, And I think that's why 289 00:16:19,200 --> 00:16:21,880 Speaker 1: it's gonna be a negative reaction for the street as 290 00:16:21,920 --> 00:16:25,560 Speaker 1: it goes to this transition. Does her departure say something 291 00:16:25,600 --> 00:16:29,880 Speaker 1: about her feeling about the direction that Facebook is taking 292 00:16:29,920 --> 00:16:34,040 Speaker 1: down now that it is meta platforms. Look, she's obviously 293 00:16:34,080 --> 00:16:37,640 Speaker 1: become more than just a business leader. I mean, you know, 294 00:16:37,680 --> 00:16:40,440 Speaker 1: worldly iconic, you know, especially with a lot of her 295 00:16:40,520 --> 00:16:45,040 Speaker 1: endeavor's charity. So she's gonna, you know, be really focused 296 00:16:45,080 --> 00:16:48,800 Speaker 1: on that. But you can't look past her leaving at 297 00:16:48,840 --> 00:16:52,000 Speaker 1: this time. It's like looking at a tornado being like, 298 00:16:52,040 --> 00:16:54,720 Speaker 1: you know, I'll go the other way, And I think 299 00:16:54,760 --> 00:16:57,560 Speaker 1: that's the view of the street here and look at us. 300 00:16:57,560 --> 00:17:00,960 Speaker 1: When it comes to Zuckerberg, he's not exactly Sully sellinger 301 00:17:01,040 --> 00:17:04,639 Speaker 1: flying the plane. That there's not super confidence that that 302 00:17:04,760 --> 00:17:07,040 Speaker 1: he can navigate some of these challenges. And that's why 303 00:17:07,080 --> 00:17:09,120 Speaker 1: the bench is going to have to ultimately come through. 304 00:17:09,480 --> 00:17:13,600 Speaker 1: But clearly these are almost impossible shoes to fill for 305 00:17:13,680 --> 00:17:16,040 Speaker 1: you know, for for the rest of Managine team. Well, 306 00:17:16,080 --> 00:17:18,240 Speaker 1: we do know that those shoes are going to be 307 00:17:18,400 --> 00:17:23,480 Speaker 1: filled at least at the moment by Meta's Chief growth officer, 308 00:17:23,600 --> 00:17:26,639 Speaker 1: Javier Olivan. What's your view on him? What direction do 309 00:17:26,680 --> 00:17:29,880 Speaker 1: you think he's going to take the company? Look strong, background, 310 00:17:29,960 --> 00:17:33,199 Speaker 1: has proven himself, you know in outside you know, of 311 00:17:33,320 --> 00:17:38,080 Speaker 1: the industry. But these are herculean like challenges they have, 312 00:17:38,359 --> 00:17:42,040 Speaker 1: I mean, transitioning to Meta, the name change the metaurs 313 00:17:42,080 --> 00:17:44,159 Speaker 1: that's gonna be easier said than done. And this is 314 00:17:44,160 --> 00:17:46,520 Speaker 1: all sort of time social media. I mean we've seen 315 00:17:46,600 --> 00:17:52,040 Speaker 1: it from snapping others. Advertising continues to see massive headwinds 316 00:17:52,119 --> 00:17:54,359 Speaker 1: and and Cheryl was the one, she was the pillar 317 00:17:54,480 --> 00:17:59,359 Speaker 1: strength of the Street credibility despite whatever the choppiness was, 318 00:17:59,760 --> 00:18:02,720 Speaker 1: and and he's going to have to start to navigate 319 00:18:02,800 --> 00:18:05,679 Speaker 1: some of those challenges. But but again this continues to 320 00:18:05,760 --> 00:18:10,080 Speaker 1: really be was a surprise to the Street that happened now, 321 00:18:10,560 --> 00:18:13,359 Speaker 1: especially as they're going to this transition. It's not just 322 00:18:13,720 --> 00:18:17,040 Speaker 1: meta platforms that's been hit hard this year. Text stocks 323 00:18:17,080 --> 00:18:21,119 Speaker 1: as a whole of then hammered. They're starting to stabilize 324 00:18:21,119 --> 00:18:23,280 Speaker 1: a bit. Do you think the worst is over for 325 00:18:23,320 --> 00:18:26,399 Speaker 1: big tech? Look? I believe the worst is over a 326 00:18:26,520 --> 00:18:30,120 Speaker 1: relative to what we're seeing on fundamentals. I think Street 327 00:18:30,160 --> 00:18:34,120 Speaker 1: was anticipating a lot worst news. Ultimately the video how 328 00:18:34,240 --> 00:18:37,600 Speaker 1: out does the scower sales wre's better than expected, supply 329 00:18:37,800 --> 00:18:41,000 Speaker 1: chain starting to ease, Army getting was pricing the tech 330 00:18:41,040 --> 00:18:43,600 Speaker 1: stocks I believe way over correct, and that's why you 331 00:18:43,680 --> 00:18:48,840 Speaker 1: started investors look for bargains despite the inflationary Rubert's c 332 00:18:49,119 --> 00:18:52,240 Speaker 1: mac or I think tech stocks away over sold. Here overall, 333 00:18:53,000 --> 00:18:55,119 Speaker 1: just quickly our last thirty seconds here, where do you 334 00:18:55,200 --> 00:18:59,560 Speaker 1: see opportunity in tech? I think software and cybersecurity, I 335 00:18:59,640 --> 00:19:02,200 Speaker 1: think iber security, front and zone names a cow out, 336 00:19:02,280 --> 00:19:06,720 Speaker 1: do z Scale or Tenable, Apple, Microsoft continue to be 337 00:19:07,000 --> 00:19:09,680 Speaker 1: our top favorites in terms of tech, and then I 338 00:19:09,760 --> 00:19:12,680 Speaker 1: think in disruptive tech, you look at EVS memes like 339 00:19:12,760 --> 00:19:15,080 Speaker 1: a Tessla. You know, I think way oversold, you know, 340 00:19:15,200 --> 00:19:18,280 Speaker 1: even though the Twitter Circus show continues to play on. Yeah, 341 00:19:18,440 --> 00:19:20,960 Speaker 1: something else for us to watch as always, Dan, thanks 342 00:19:21,000 --> 00:19:24,920 Speaker 1: for your thoughts. Dan Ives is Managing Director Senior equity 343 00:19:25,000 --> 00:19:30,080 Speaker 1: research analyst at Wedbush Securities. Nasdaq futures the tech heavy 344 00:19:30,160 --> 00:19:33,840 Speaker 1: age on the rise, about a half percent gain of 345 00:19:34,200 --> 00:19:37,919 Speaker 1: sixty three points for dance deck futures. SMP futures are 346 00:19:38,000 --> 00:19:40,160 Speaker 1: up fifteen points, that's a gain of four tenths percent, 347 00:19:40,240 --> 00:19:43,320 Speaker 1: and down futures are higher by ninety four points three 348 00:19:43,400 --> 00:19:47,800 Speaker 1: tenths percent increase. The tenure treasury down two thirty seconds 349 00:19:48,240 --> 00:19:53,040 Speaker 1: yield two point on the benchmark ten uere Note just ahead, 350 00:19:53,480 --> 00:19:57,040 Speaker 1: another deadly mass shooting and President Biden maybe headed to 351 00:19:57,080 --> 00:20:00,200 Speaker 1: Saudi Arabia with gas prices on the rise. Five things 352 00:20:00,240 --> 00:20:02,639 Speaker 1: you need to notice start your day. Coming up on 353 00:20:02,720 --> 00:20:09,479 Speaker 1: Bloomberg day break Bloomberg eleven three oh Weather mostly CLOUDI 354 00:20:09,480 --> 00:20:11,480 Speaker 1: a chance for showers and storms today with a high 355 00:20:11,520 --> 00:20:14,760 Speaker 1: near eighty degrees upper seventies clearing tomorrow, giving way to 356 00:20:15,000 --> 00:20:18,800 Speaker 1: sunshine for the weekend. Right now sixty three in Central Park, 357 00:20:22,080 --> 00:20:26,600 Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York. 358 00:20:26,720 --> 00:20:31,359 Speaker 1: Bloomberg E Living Free to Washington, d C, Bloomberg to Boston, 359 00:20:31,520 --> 00:20:34,920 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg M 360 00:20:35,000 --> 00:20:38,080 Speaker 1: sixteen to the Country, Sirius XM to the one nine team, 361 00:20:38,200 --> 00:20:41,320 Speaker 1: and around the bloom the Bloomberg Business apt in Bloomberg 362 00:20:41,440 --> 00:20:50,960 Speaker 1: Radio dot com. This is Bloomberg Daybreak. It's six thirty 363 00:20:51,000 --> 00:20:53,520 Speaker 1: on Wall Street. Good morning. I'm Nathan Hagar and I'm 364 00:20:53,600 --> 00:20:56,040 Speaker 1: Karen Moscow. We are just about three hours away from 365 00:20:56,080 --> 00:20:58,160 Speaker 1: the open of US trading. Time for the five things 366 00:20:58,240 --> 00:21:00,200 Speaker 1: you need to notice start your day. Brown to you 367 00:21:00,359 --> 00:21:03,480 Speaker 1: by Interactive Brokers Global Analysts. It helps you find new 368 00:21:03,520 --> 00:21:08,080 Speaker 1: global investment opportunities to diversify your portfolio and discover undervalued 369 00:21:08,119 --> 00:21:11,160 Speaker 1: companies that make may have greater growth potential. Try ib 370 00:21:11,280 --> 00:21:14,000 Speaker 1: k our Global Analysts today at ib k R dot com. 371 00:21:14,119 --> 00:21:17,800 Speaker 1: Slash g A first, another mass shooting in the US, 372 00:21:17,920 --> 00:21:20,680 Speaker 1: this time at a medical building in Tulsa, Oklahoma, that 373 00:21:20,800 --> 00:21:24,600 Speaker 1: left four dead plus the shooter. Deputy Chief Eric Douglas 374 00:21:24,680 --> 00:21:27,280 Speaker 1: says it took about three minutes for officers to arrive 375 00:21:27,359 --> 00:21:29,840 Speaker 1: at the scene and they made contact with a gunman. 376 00:21:29,840 --> 00:21:33,280 Speaker 1: About ten minutes later. The officers that did arrive, we're 377 00:21:33,359 --> 00:21:36,479 Speaker 1: hearing shots in the building and that's what directed them 378 00:21:36,560 --> 00:21:40,080 Speaker 1: to the second floor. Deputy Police Chief Eric Dalgleish says 379 00:21:40,119 --> 00:21:43,160 Speaker 1: a man open fire on employees and visitors before turning 380 00:21:43,200 --> 00:21:46,080 Speaker 1: the gun on himself. This comes after recent mass shootings 381 00:21:46,119 --> 00:21:48,720 Speaker 1: and evolved the Texas and Buffalo, New York that have 382 00:21:48,840 --> 00:21:52,680 Speaker 1: Democratic leaders calling for greater restrictions on guns. Melsware in 383 00:21:52,760 --> 00:21:55,479 Speaker 1: DC Karen. President Biden's planning a trip to Saudi Arabia 384 00:21:55,560 --> 00:21:58,000 Speaker 1: as he looks through address rising gas prices. According to 385 00:21:58,040 --> 00:22:00,320 Speaker 1: a new report from The Financial Times, Saudi Arabe is 386 00:22:00,359 --> 00:22:03,520 Speaker 1: prepared to pump more crews should rushes output some stances decline. 387 00:22:03,800 --> 00:22:06,399 Speaker 1: The OLPEC plus coalition meets today. It's expected to ratify 388 00:22:06,440 --> 00:22:09,720 Speaker 1: and modest increase checking prices now NIMEX crews down two 389 00:22:09,800 --> 00:22:12,480 Speaker 1: point four at a hundred twelve dollars forty nine cents 390 00:22:12,520 --> 00:22:16,480 Speaker 1: of barrel brents at a hundred Well Nathan. The financial 391 00:22:16,520 --> 00:22:19,560 Speaker 1: world is reacting to the resignation of META chief operating 392 00:22:19,600 --> 00:22:22,879 Speaker 1: officer Cheryl Sandberg. She became a top figure in global 393 00:22:22,960 --> 00:22:25,520 Speaker 1: business in tech during her fourteen years with the company. 394 00:22:25,880 --> 00:22:29,000 Speaker 1: Sendberg tells Bloomberg's Emily Chang the decision to step down 395 00:22:29,240 --> 00:22:31,880 Speaker 1: wasn't easy. It really is about how I will spend 396 00:22:31,960 --> 00:22:34,080 Speaker 1: my time, not how much I've been leave in the company. 397 00:22:34,200 --> 00:22:36,159 Speaker 1: I've believe in the company, but as much as I 398 00:22:36,240 --> 00:22:39,520 Speaker 1: ever did and staying on board, and I really have 399 00:22:39,640 --> 00:22:41,880 Speaker 1: complete confidence in the team Mark and I have built. 400 00:22:42,359 --> 00:22:45,040 Speaker 1: Cheryl Zenberg says she wants to do more philanthropy. She 401 00:22:45,119 --> 00:22:47,879 Speaker 1: helped transform Facebook from US start up into a multibillion 402 00:22:47,920 --> 00:22:51,280 Speaker 1: dollar powerhouse, but the company's reputation was turnished by blind 403 00:22:51,359 --> 00:22:55,400 Speaker 1: spots on data and misinformation. Sendberg spoke on Bloomberg Technology. 404 00:22:55,480 --> 00:22:57,840 Speaker 1: You can subtrib to the daily podcast on all your 405 00:22:57,880 --> 00:23:01,040 Speaker 1: podcast platforms. But turning to Inflate Chian Karen, we continue 406 00:23:01,040 --> 00:23:03,120 Speaker 1: to keep a close eye on the FED. St. Louis 407 00:23:03,200 --> 00:23:05,760 Speaker 1: President James Bullard says he wants to raise interest rates 408 00:23:05,800 --> 00:23:07,719 Speaker 1: to three and a half percent this year to bring 409 00:23:07,800 --> 00:23:11,240 Speaker 1: down inflation. And an update on key earnings from late yesterday, 410 00:23:11,320 --> 00:23:13,640 Speaker 1: Shares at Hewlett Packard Enterprise down six and a half 411 00:23:13,720 --> 00:23:16,760 Speaker 1: percent in early trading after the company lowered its forecast. 412 00:23:16,840 --> 00:23:18,520 Speaker 1: And that's the five things you need to know to 413 00:23:18,560 --> 00:23:22,399 Speaker 1: start your day. Brought to you by Interactive Brokers. SMP 414 00:23:22,600 --> 00:23:25,280 Speaker 1: futures up about fifteen points this morning. Down futures of 415 00:23:25,480 --> 00:23:28,679 Speaker 1: ninety Nasdack. Future is up sixty two. Straight ahead your 416 00:23:28,720 --> 00:23:32,080 Speaker 1: latest local headlines, plus a check of sports. And this 417 00:23:32,760 --> 00:23:40,000 Speaker 1: is Bloomberg. Thanks Karen. Six thirty three on Wall Street, 418 00:23:40,040 --> 00:23:42,760 Speaker 1: sixty three degrees in Central Parker. Good volume building on 419 00:23:42,800 --> 00:23:45,320 Speaker 1: the Hudson River bridges and tunnels, about ten to fifteen 420 00:23:45,400 --> 00:23:48,440 Speaker 1: minute delays. More coming up in traffic. First Michael Barr 421 00:23:48,560 --> 00:23:49,960 Speaker 1: with more on what's going on in New York and 422 00:23:50,000 --> 00:23:52,720 Speaker 1: around the world. Good morning, Michael, Good morning, Nathan. Experts 423 00:23:52,720 --> 00:23:56,160 Speaker 1: say installing technology to scan large numbers of people quickly 424 00:23:56,240 --> 00:23:59,400 Speaker 1: for weapons in the New York City subway would be challenging. 425 00:24:00,320 --> 00:24:03,600 Speaker 1: Eric Adams says the technology might still be worth trying, 426 00:24:03,680 --> 00:24:07,280 Speaker 1: and a pop up fashion at select locations as a deterrent. 427 00:24:07,840 --> 00:24:10,400 Speaker 1: The idea has gotten a closer look after a mass 428 00:24:10,440 --> 00:24:13,560 Speaker 1: shooting on the subway in April. It comes as The 429 00:24:13,640 --> 00:24:16,600 Speaker 1: New York Times reports Adam's plans to name a gun 430 00:24:16,720 --> 00:24:19,800 Speaker 1: violence are soon. The White House is pulling back on 431 00:24:20,000 --> 00:24:22,920 Speaker 1: statements made by President Biden that he was not aware 432 00:24:23,000 --> 00:24:26,240 Speaker 1: the maybe formula crisis would be so severe. Bloomberg's at 433 00:24:26,280 --> 00:24:30,400 Speaker 1: Baxter reports the President saying he doesn't think anybody knew. 434 00:24:30,520 --> 00:24:35,159 Speaker 1: I don't think anyone anticipated the impact of the shutdown 435 00:24:35,480 --> 00:24:39,679 Speaker 1: of one facility, but me Johnson. Vice President Robert Cleveland 436 00:24:39,760 --> 00:24:42,800 Speaker 1: says they anticipated the crisis. We knew from the very 437 00:24:42,880 --> 00:24:45,119 Speaker 1: beginning this would be a very serious about And now 438 00:24:45,200 --> 00:24:47,560 Speaker 1: the White House says that they were on it from 439 00:24:47,680 --> 00:24:51,600 Speaker 1: day one, and now that all production is ramping up 440 00:24:52,200 --> 00:24:55,679 Speaker 1: in San Francisco. I'm at Baxter Bloomberg Daybreak. The federal 441 00:24:55,760 --> 00:24:58,879 Speaker 1: government would soon be lifting travel restrictions for Americans who 442 00:24:58,960 --> 00:25:01,480 Speaker 1: want to go to Cuba. The flight of restrictions, but 443 00:25:01,600 --> 00:25:04,480 Speaker 1: in place during the Trump administration, prevented flights from going 444 00:25:04,560 --> 00:25:07,399 Speaker 1: to Cuban cities other than Havana. With the start of 445 00:25:07,440 --> 00:25:11,639 Speaker 1: the hurricane season, Miami Dade County Mayor Daniella Levine Cava 446 00:25:12,040 --> 00:25:16,160 Speaker 1: and several county commissioners urged Floridians to take the necessary 447 00:25:16,240 --> 00:25:19,800 Speaker 1: steps to prepare for possible storms earlier this year, especially 448 00:25:19,880 --> 00:25:22,560 Speaker 1: with a system heading to Florida over the weekend. We 449 00:25:22,680 --> 00:25:25,119 Speaker 1: know that the time to get ready is now. No 450 00:25:25,320 --> 00:25:28,840 Speaker 1: time to wait, and especially everyone should have received their 451 00:25:29,000 --> 00:25:32,960 Speaker 1: hurricane kit in the in their mailboxes at home. Mayor 452 00:25:33,040 --> 00:25:36,399 Speaker 1: Levine Cava says well, a tropical disturbance is already beginning 453 00:25:36,440 --> 00:25:39,240 Speaker 1: to gain speed in the Western Caribbean. It's not threatening 454 00:25:39,359 --> 00:25:42,240 Speaker 1: southern Florida with a direct hit just yet, but it 455 00:25:42,320 --> 00:25:45,560 Speaker 1: could bring heavy rains. The Biden administration announced hundreds of 456 00:25:45,640 --> 00:25:49,040 Speaker 1: thousands of students who attended the Corinthian Colleges chain will 457 00:25:49,040 --> 00:25:53,000 Speaker 1: automatically get their federal student loans canceled. Anyone who attended 458 00:25:53,080 --> 00:25:57,600 Speaker 1: the now defunct chain from its collapse in We'll get 459 00:25:57,600 --> 00:26:04,560 Speaker 1: their federal student debt wiped clean. Today in Britain, the 460 00:26:04,720 --> 00:26:09,120 Speaker 1: Trooping the Color ceremony kicks off celebrations for the four 461 00:26:09,240 --> 00:26:13,000 Speaker 1: day long weekend in honor of Queen Elizabeth's seventy years 462 00:26:13,160 --> 00:26:15,960 Speaker 1: on the throne. Globally used twenty four hours a day 463 00:26:16,000 --> 00:26:18,359 Speaker 1: on air and on Bloomberg quick Take, powered by more 464 00:26:18,400 --> 00:26:21,880 Speaker 1: than journalists analysts more than a hundred twenty countries. I'm 465 00:26:21,880 --> 00:26:24,680 Speaker 1: Michael Barr. This is Bloomberg. Nathan nice reason for parade. 466 00:26:24,800 --> 00:26:31,760 Speaker 1: Thank you my Dall almost six thirty six on Wall Street. 467 00:26:31,800 --> 00:26:34,639 Speaker 1: John stash Our has a Bloomberg Sports update acts Nathan 468 00:26:34,680 --> 00:26:37,720 Speaker 1: the Rangers Keith winning another decisive victory, like the last 469 00:26:37,800 --> 00:26:40,240 Speaker 1: two with Carolina. Those were five to two and six 470 00:26:40,320 --> 00:26:42,320 Speaker 1: two and more the same. At the Garden Game one 471 00:26:42,400 --> 00:26:44,920 Speaker 1: with Tampa Bay, the Rangers never trailed. Chris Prydor scored 472 00:26:44,960 --> 00:26:48,119 Speaker 1: a minute eleven in. It was one one second period 473 00:26:48,119 --> 00:26:50,520 Speaker 1: of ted Loops. Is up to Prider, long past the 474 00:26:50,640 --> 00:26:53,240 Speaker 1: Fox hit of the pedal, of the thick of the croudel, 475 00:26:53,440 --> 00:26:58,919 Speaker 1: the cover five Pctrotto hut. He starts Frank for fronto 476 00:27:00,359 --> 00:27:06,480 Speaker 1: with the right he shot. There's a Rangers free game. 477 00:27:06,600 --> 00:27:10,159 Speaker 1: The lead it the EPN. Then came two goals by 478 00:27:10,240 --> 00:27:13,479 Speaker 1: Philiphedeos now scored seven in the postseason, and then Artemi 479 00:27:13,560 --> 00:27:16,199 Speaker 1: Pinerin and Mike's avantaget in the third, and the Rangers 480 00:27:16,280 --> 00:27:19,040 Speaker 1: beat the Lightning six to two. It's their first Game 481 00:27:19,119 --> 00:27:21,280 Speaker 1: one victory of the postseason. They'll look to keep it 482 00:27:21,359 --> 00:27:23,520 Speaker 1: going in Game two tomorrow at the Garden. With The 483 00:27:23,640 --> 00:27:27,080 Speaker 1: Rangers lost their playoff opener with Pittsburgh and triple overtime, 484 00:27:27,080 --> 00:27:30,040 Speaker 1: and since then they are seven oh on home ice. 485 00:27:30,240 --> 00:27:33,280 Speaker 1: NBA Finals begin tonight's Celtics and Warriors in San Francisco 486 00:27:33,480 --> 00:27:36,000 Speaker 1: or the Warriors are nine and oh in the playoffs, 487 00:27:36,040 --> 00:27:38,440 Speaker 1: a Yankee double header with the Angels at the stadium, 488 00:27:38,440 --> 00:27:40,359 Speaker 1: a day game to make up last night's rain out, 489 00:27:40,359 --> 00:27:42,960 Speaker 1: and then tonight the Yanks will face show Hey Otani. 490 00:27:43,040 --> 00:27:45,080 Speaker 1: The Mets will visit the Dodgers, starting a four game 491 00:27:45,119 --> 00:27:48,120 Speaker 1: series in a ten game road trip, all in Southern California. 492 00:27:48,560 --> 00:27:50,720 Speaker 1: Mets just won their six in a row five nothing 493 00:27:50,800 --> 00:27:54,200 Speaker 1: over Washington. Carlos Carrasco improved the six and one team 494 00:27:54,240 --> 00:27:56,920 Speaker 1: with three relievers on the shutout. Four hits for Tomas Niedo. 495 00:27:57,040 --> 00:28:00,880 Speaker 1: French Open Women's semifinals today be the first ever Grand 496 00:28:00,920 --> 00:28:05,439 Speaker 1: Fund semi her ecun year old American cook John Stashward 497 00:28:05,520 --> 00:28:08,480 Speaker 1: Bloomberg Sports may All right, John, thanks six thirty seven 498 00:28:08,520 --> 00:28:10,280 Speaker 1: on Wall Street. Time to take a look at Stark 499 00:28:10,400 --> 00:28:12,840 Speaker 1: some of the names moving in the pre market. Bloomberg's 500 00:28:12,880 --> 00:28:15,560 Speaker 1: Laura right is hard at work this morning, even with 501 00:28:15,920 --> 00:28:21,200 Speaker 1: the Queen's Platinum Jubilee underway in the UK. Laura, good morning, 502 00:28:21,560 --> 00:28:24,520 Speaker 1: What names you chewing on this morning? Can I just 503 00:28:24,600 --> 00:28:27,119 Speaker 1: say this is quite tragic because I was also working 504 00:28:27,400 --> 00:28:31,200 Speaker 1: the last Jubilee celebrating back in twent twelve. So I'm 505 00:28:31,480 --> 00:28:34,280 Speaker 1: thinking that next time I will actually be able to 506 00:28:34,400 --> 00:28:37,560 Speaker 1: take the tale. But I've been keeping myself busy having 507 00:28:37,640 --> 00:28:39,640 Speaker 1: a look at some of the U S pre market movies. 508 00:28:40,080 --> 00:28:42,360 Speaker 1: Chewy is one name I'm looking at the head of 509 00:28:42,400 --> 00:28:47,520 Speaker 1: the bell rallying seventeen reporting after the bell yesterday, Ebbit, 510 00:28:47,640 --> 00:28:51,760 Speaker 1: Dart and Net sales topped estimates. According to one broker, Jeffreys, 511 00:28:51,840 --> 00:28:55,120 Speaker 1: they see the recent sell off as way overdone. To 512 00:28:55,200 --> 00:29:00,920 Speaker 1: put this in context, Chewy is down year today, pets 513 00:29:01,120 --> 00:29:03,800 Speaker 1: continued to be pampered. It's not just a dog is 514 00:29:03,840 --> 00:29:07,320 Speaker 1: for Christmas mentality that the market is seeing. Nathan, Yeah, 515 00:29:07,440 --> 00:29:11,240 Speaker 1: it's certainly seeing a big move there this morning, and 516 00:29:11,520 --> 00:29:14,720 Speaker 1: I've gotta think meta platform shares are moving as well. 517 00:29:14,840 --> 00:29:18,720 Speaker 1: With Cheryl Sandberg saying goodbye yeah ahead of the open, 518 00:29:19,040 --> 00:29:23,520 Speaker 1: Meta up around one, recovering from a sharp sell off 519 00:29:23,640 --> 00:29:27,320 Speaker 1: at the close yesterday. She's been chief operating officer at 520 00:29:27,360 --> 00:29:31,360 Speaker 1: the social platform, been at Facebook formerly for the last 521 00:29:31,560 --> 00:29:34,040 Speaker 1: fourteen years. She said she's ready to move on to 522 00:29:34,560 --> 00:29:38,440 Speaker 1: other ventures, but there was talk of a potential tension 523 00:29:38,480 --> 00:29:42,240 Speaker 1: between herself and the founder, Mark Zuckerberger's Facebook pivots more 524 00:29:42,280 --> 00:29:47,080 Speaker 1: aggressively toward hardware and the metaverse. Sherl Sandberg specialty remember 525 00:29:47,160 --> 00:29:50,680 Speaker 1: has been generating advertising revenue, Dad is something she was 526 00:29:50,760 --> 00:29:54,480 Speaker 1: very successful at her former employer Google and staying in 527 00:29:54,600 --> 00:29:58,120 Speaker 1: the tech space, Laura, we got earnings from HP Enterprise. 528 00:29:58,680 --> 00:30:02,400 Speaker 1: How are those shows doing this morning, Hewlett Packard south 529 00:30:02,520 --> 00:30:07,160 Speaker 1: of the red down ahead of the open, So the 530 00:30:07,240 --> 00:30:11,840 Speaker 1: computer hardware and storage company lowered that adjusted EPs forecast 531 00:30:11,960 --> 00:30:15,520 Speaker 1: for the full year. Supply Jane congestion, the war in 532 00:30:15,720 --> 00:30:18,920 Speaker 1: Ukraine some of the factors that they cited. But in 533 00:30:19,040 --> 00:30:23,160 Speaker 1: this environment, analysts on the market have little apptite for 534 00:30:23,600 --> 00:30:27,120 Speaker 1: a myths. All right, Laura, right with us this morning. 535 00:30:27,240 --> 00:30:30,000 Speaker 1: Glad to have you hear. Fingers crossed for you though 536 00:30:30,080 --> 00:30:32,640 Speaker 1: on the next bank holiday Bloomberg's lare right with us 537 00:30:32,680 --> 00:30:36,640 Speaker 1: this morning from London, checking futures as we get ready 538 00:30:36,680 --> 00:30:39,600 Speaker 1: for the Thursday morning open. We have SMP futures higher 539 00:30:39,680 --> 00:30:43,040 Speaker 1: by eighteen points, down futures up a hundred seventeen and 540 00:30:43,360 --> 00:30:46,360 Speaker 1: Nasdaq futures right now are higher by seventy eight points. 541 00:30:46,560 --> 00:30:49,080 Speaker 1: As you might imagine the footste London is closed with 542 00:30:49,280 --> 00:30:53,680 Speaker 1: the queens celebrated seventy years on the throne. Decent reason 543 00:30:53,760 --> 00:30:57,120 Speaker 1: to take a break from trading. The jacks in Germany 544 00:30:57,240 --> 00:30:59,360 Speaker 1: up two thirds percent to cack in Paris higher by 545 00:30:59,440 --> 00:31:02,120 Speaker 1: nine tenths of one percent. Tenure treasury is down to 546 00:31:02,280 --> 00:31:05,760 Speaker 1: thirty seconds. You're two pot on the tenure note and 547 00:31:05,880 --> 00:31:10,320 Speaker 1: the two year two point six five Nimex crude continuing. 548 00:31:10,320 --> 00:31:12,880 Speaker 1: It's plunged down two point seven percent to a hundred 549 00:31:12,920 --> 00:31:18,200 Speaker 1: twelve dollars thirteen cents apparel. You're listening to Bloomberg Daybreak. 550 00:31:22,560 --> 00:31:24,920 Speaker 1: Bomb're eleven three oh weather mostly cloudy today, chance for 551 00:31:25,000 --> 00:31:27,840 Speaker 1: showers and storms of behind your eighty degrees upper seventies 552 00:31:27,960 --> 00:31:32,440 Speaker 1: tomorrow as skies clear for a very nice weekend. Right 553 00:31:32,480 --> 00:31:39,080 Speaker 1: now sixty three in Central Park Markets. Headlines and breaking 554 00:31:39,120 --> 00:31:41,920 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 555 00:31:42,080 --> 00:31:45,680 Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape. He's 556 00:31:45,720 --> 00:31:55,080 Speaker 1: a Bloomberg Business Flash. Good morning, I'm Cameron Moscow and 557 00:31:55,200 --> 00:31:57,080 Speaker 1: futures this morning on the rise, we get to the 558 00:31:57,120 --> 00:31:59,480 Speaker 1: first word breaking news dance for today's morning call, and 559 00:31:59,560 --> 00:32:03,680 Speaker 1: here's Maloney Bill. Good morning, Good morning, caring you as 560 00:32:03,720 --> 00:32:05,800 Speaker 1: futures are in the green right now with doubt futures 561 00:32:05,880 --> 00:32:08,240 Speaker 1: up a hundred and fifty points. Sysis Game twenty four 562 00:32:08,280 --> 00:32:10,680 Speaker 1: will not is that futures are up by nineties six 563 00:32:11,120 --> 00:32:14,400 Speaker 1: the US ten year at two point nine, gold is up, 564 00:32:14,480 --> 00:32:17,400 Speaker 1: ten oil is down, and bitcoin is trading higher by 565 00:32:17,480 --> 00:32:20,600 Speaker 1: one percent. Hong Kong dropped one percent overnight, while up 566 00:32:20,760 --> 00:32:23,360 Speaker 1: markets are mostly in the green this morning and back 567 00:32:23,400 --> 00:32:27,160 Speaker 1: in the US on the economic FRONDADP employment change at 568 00:32:27,200 --> 00:32:29,640 Speaker 1: a thirty initial jobs claims and at ten o'clock factory 569 00:32:29,760 --> 00:32:33,200 Speaker 1: orders and durable goods orders. After develous night, C three 570 00:32:33,280 --> 00:32:37,280 Speaker 1: AI reported the stock is plunging percent pre market. Game 571 00:32:37,360 --> 00:32:40,880 Speaker 1: Stop reported a wider than expected loss, but sales beat estimates, 572 00:32:41,120 --> 00:32:45,800 Speaker 1: and HPE cut its annual profit forecast. Indian News Toshiba 573 00:32:45,840 --> 00:32:49,000 Speaker 1: said it received eight buyout offers and wrapping things up, 574 00:32:49,040 --> 00:32:51,240 Speaker 1: the C three A I was cut to neutral. Well 575 00:32:51,280 --> 00:32:54,200 Speaker 1: Brad Piper live from the First Baking News Desk on 576 00:32:54,280 --> 00:32:56,400 Speaker 1: Bill Maloney, car all right, Bill, thank you and here 577 00:32:56,440 --> 00:32:59,240 Speaker 1: live breaking news over your Bloomberg tips, Squawk on your terminal, 578 00:32:59,440 --> 00:33:02,320 Speaker 1: SCU you a w K and that's a Bloomberg business Flash. Now, 579 00:33:02,400 --> 00:33:04,760 Speaker 1: here's Michael Barr with more on what's going on around 580 00:33:04,760 --> 00:33:07,160 Speaker 1: the world. Michael, Karen, thank you very much. Tell us 581 00:33:07,160 --> 00:33:09,720 Speaker 1: the police say a man carrying a rifle and a 582 00:33:09,840 --> 00:33:13,360 Speaker 1: handgun opened fire in a medical office building, killing four people. 583 00:33:13,720 --> 00:33:16,720 Speaker 1: Authorities say the gunman took his own life. With record 584 00:33:16,800 --> 00:33:19,840 Speaker 1: high gas prices, President Joe Biden is likely to visit 585 00:33:19,920 --> 00:33:23,280 Speaker 1: Saudi Arabia later this month as part of an international 586 00:33:23,360 --> 00:33:26,720 Speaker 1: trip for NATO and Group of Seven meetings. In Game 587 00:33:26,800 --> 00:33:29,800 Speaker 1: one of the NHL East Final, Rangers beat the Lightning 588 00:33:29,920 --> 00:33:33,440 Speaker 1: six two. Game one of the NBA Finals is tonight 589 00:33:33,520 --> 00:33:36,520 Speaker 1: between the Celtics and the Warriors. In baseball, the Yankees 590 00:33:36,600 --> 00:33:39,280 Speaker 1: game was reigned out. The Mets beat the Nationals, the 591 00:33:39,320 --> 00:33:42,440 Speaker 1: Red Sox and Orioles won. The A's and Giants lost. 592 00:33:42,720 --> 00:33:45,480 Speaker 1: Global News twenty four hours a day on air and 593 00:33:45,720 --> 00:33:49,520 Speaker 1: on Bloomberg Quicktech, powered by more than seven hundred journalist 594 00:33:49,560 --> 00:33:51,760 Speaker 1: and analysts in more than a hundred twenty countries. I'm 595 00:33:51,800 --> 00:33:54,640 Speaker 1: Michael bar This is Bloomberg. Karen, all right, Michael, thank you. 596 00:33:54,760 --> 00:33:57,600 Speaker 1: Sixtine on Wall Street returned to News and Science and 597 00:33:57,640 --> 00:33:59,960 Speaker 1: Technology Now with a Bloomberg and j I T. S 598 00:34:00,000 --> 00:34:03,640 Speaker 1: STEMME report brought to you by New Jersey Institute of Technology, 599 00:34:03,760 --> 00:34:06,920 Speaker 1: one of the nation's leading polytechnic universities and a top 600 00:34:06,960 --> 00:34:09,480 Speaker 1: military friendly school. Learned more at n j I t 601 00:34:09,640 --> 00:34:14,640 Speaker 1: dot edu, slash veterans and here'slet's making news and science, Technology, engineering, 602 00:34:14,719 --> 00:34:17,720 Speaker 1: and math. FISER has asked you as regulators to approve 603 00:34:17,760 --> 00:34:20,759 Speaker 1: its COVID vaccine for emergency use in children under the 604 00:34:20,840 --> 00:34:23,920 Speaker 1: age of five last month. Finser and its partner by 605 00:34:23,960 --> 00:34:26,359 Speaker 1: On Tech announced in late May that a three shot 606 00:34:26,440 --> 00:34:29,879 Speaker 1: regime was highly effective in kids. Their trial is likely 607 00:34:29,960 --> 00:34:32,759 Speaker 1: to pave the way for infants and toddlers to get immunized. 608 00:34:33,280 --> 00:34:36,360 Speaker 1: The world's largest trunk makers says the semiconductor shortage that 609 00:34:36,440 --> 00:34:40,120 Speaker 1: has heard manufacturers is easing. An executive at Diameler Truck 610 00:34:40,200 --> 00:34:42,839 Speaker 1: calls the situation not perfect, but better than last year. 611 00:34:43,160 --> 00:34:45,520 Speaker 1: Time learned other truck makers had to curb output at 612 00:34:45,520 --> 00:34:48,160 Speaker 1: a time of strong demand because they could not obtain 613 00:34:48,400 --> 00:34:52,360 Speaker 1: enough chips. And scientists have discovered the world's largest plant 614 00:34:52,480 --> 00:34:55,920 Speaker 1: off the Australia coast, a sea grass meadow that has 615 00:34:55,960 --> 00:35:00,480 Speaker 1: grown by repeatedly cloning itself. Genetic analysis, how revealed that 616 00:35:00,560 --> 00:35:03,719 Speaker 1: the underwater fields of waving green sea grass are a 617 00:35:03,800 --> 00:35:08,360 Speaker 1: single organism covering seventies square miles through making copies of 618 00:35:08,440 --> 00:35:12,560 Speaker 1: itself over four thousand, five hundred years. The scientists called 619 00:35:12,600 --> 00:35:15,879 Speaker 1: the meadow of Poseidon's ribbon weed the most widespread known 620 00:35:15,960 --> 00:35:20,120 Speaker 1: clone on Earth, covering an area larger than Washington. That's 621 00:35:20,160 --> 00:35:22,920 Speaker 1: a Bloomberg, NJ. I know that's the Bloomberg, n J. 622 00:35:23,120 --> 00:35:25,600 Speaker 1: I t stem report, Nathan, Yeah, I don't think there's 623 00:35:25,640 --> 00:35:28,560 Speaker 1: gonna be anything much larger than seventies square miles. That 624 00:35:28,960 --> 00:35:32,160 Speaker 1: is incredible. All right, thank you, Karen. We are live 625 00:35:32,200 --> 00:35:34,800 Speaker 1: from the Bloomberg Getter Active Brokers studios, where it's almost 626 00:35:34,800 --> 00:35:37,440 Speaker 1: six fifty one on Wall Street time not to check 627 00:35:37,480 --> 00:35:39,759 Speaker 1: what's going on in d C or. Some of the 628 00:35:39,840 --> 00:35:43,040 Speaker 1: top stories include the House taking up gun legislation in 629 00:35:43,120 --> 00:35:46,359 Speaker 1: the right wake of recent mass shootings, President Biden likely 630 00:35:46,400 --> 00:35:49,760 Speaker 1: to visit Saudi Arabia with gas prices continuing to spiral, 631 00:35:49,880 --> 00:35:53,080 Speaker 1: and baby formula makers telling the President they could see 632 00:35:53,120 --> 00:35:56,839 Speaker 1: shortages coming. Bloomberg Government congressional reporter Jack Fitzpatrick is back 633 00:35:56,920 --> 00:35:59,880 Speaker 1: with us from more on all these stories. Jack, good morning. 634 00:36:00,320 --> 00:36:02,920 Speaker 1: We are expecting this mark up at the House Judiciary 635 00:36:02,960 --> 00:36:07,239 Speaker 1: Committee today on gun legislation, and it comes after yet 636 00:36:07,320 --> 00:36:11,680 Speaker 1: another deadly mass shooting in the US just yesterday and Tulsa, 637 00:36:12,440 --> 00:36:15,759 Speaker 1: yes Uh. You know, I was saying on sound on 638 00:36:16,000 --> 00:36:20,480 Speaker 1: just you know, thirteen hours ago that lawmakers negotiating this 639 00:36:20,640 --> 00:36:23,960 Speaker 1: gun bill know that they have a short timeline. There's 640 00:36:23,960 --> 00:36:27,400 Speaker 1: a certain amount of political pressure following the Vivaldi shooting, 641 00:36:27,440 --> 00:36:30,640 Speaker 1: and if they take too long to negotiate something that 642 00:36:30,840 --> 00:36:35,960 Speaker 1: the political atmosphere can change. And yet we see another shooting, uh, 643 00:36:36,520 --> 00:36:40,239 Speaker 1: something significant enough in Tulsa so that the President has 644 00:36:40,320 --> 00:36:43,720 Speaker 1: been briefed on it. Um. It's I think it probably 645 00:36:43,760 --> 00:36:47,200 Speaker 1: adds a bit more political pressure, a little bit more urgency. 646 00:36:47,640 --> 00:36:50,520 Speaker 1: But at the same time, lawmakers still know one to 647 00:36:50,640 --> 00:36:53,000 Speaker 1: get something bipartisan done in the Senate, it has to 648 00:36:53,080 --> 00:36:57,160 Speaker 1: be very very limited, maybe something regarding uh state level 649 00:36:57,360 --> 00:37:00,279 Speaker 1: red flag laws. Uh. And they do need to act 650 00:37:00,400 --> 00:37:03,400 Speaker 1: quickly because there there have been mass shootings in the 651 00:37:03,480 --> 00:37:07,000 Speaker 1: past where Congress just didn't respond. According to the Gun 652 00:37:07,160 --> 00:37:10,680 Speaker 1: Violence Archive, that shooting in Tulsa yesterday was the two 653 00:37:10,840 --> 00:37:15,200 Speaker 1: hundred thirty third mass shooting event in the US this year. 654 00:37:15,840 --> 00:37:18,680 Speaker 1: Talk to me a little bit more about the Senate 655 00:37:18,760 --> 00:37:22,560 Speaker 1: negotiations that are underway. You mentioned something bipartisan has to 656 00:37:22,640 --> 00:37:24,880 Speaker 1: happen there, and we do know that bipartisan talks have 657 00:37:25,000 --> 00:37:28,480 Speaker 1: been going on while the Senates in recess. Yes, they've 658 00:37:28,520 --> 00:37:32,359 Speaker 1: been meeting virtually. There's a group of senators really led 659 00:37:32,640 --> 00:37:35,640 Speaker 1: by Chris Murphy from Connecticut on the Democratic side and 660 00:37:36,000 --> 00:37:39,360 Speaker 1: John Cornn the Republican from Texas who really kind of 661 00:37:39,640 --> 00:37:43,560 Speaker 1: was tapped by Mitch McConnell to lead those discussions to 662 00:37:43,840 --> 00:37:48,040 Speaker 1: talk about something bipartisan. They have all acknowledged this would 663 00:37:48,400 --> 00:37:51,759 Speaker 1: need to be quite limited, as I mentioned, you know, 664 00:37:51,880 --> 00:37:56,280 Speaker 1: Lindsay Graham mentioned early on, even short of a federal 665 00:37:56,480 --> 00:38:00,360 Speaker 1: red flag law, maybe incentives for states to take up 666 00:38:00,400 --> 00:38:03,160 Speaker 1: their own red flag laws. That's the kind of thing 667 00:38:03,239 --> 00:38:08,359 Speaker 1: they're discussing. There may be some things aside from gun 668 00:38:08,640 --> 00:38:11,719 Speaker 1: control or safety measures. You know, Mitch McConnell has talked 669 00:38:11,760 --> 00:38:17,640 Speaker 1: about hardening schools, so there may be some Republican provisions 670 00:38:17,719 --> 00:38:20,920 Speaker 1: that are aside from that. But you know, red flag laws, 671 00:38:21,120 --> 00:38:26,080 Speaker 1: potentially safer storage of guns, potentially expanded background checks, nothing 672 00:38:26,160 --> 00:38:30,520 Speaker 1: that would get a huge victory lap from the advocates 673 00:38:30,520 --> 00:38:33,680 Speaker 1: who have called for much more significant gun control but 674 00:38:33,760 --> 00:38:36,560 Speaker 1: they are still having those conversations about something bipartisan that 675 00:38:36,600 --> 00:38:39,640 Speaker 1: could realistically get sixty votes in the Senate. Apart from 676 00:38:39,640 --> 00:38:42,120 Speaker 1: the gun issue, of course, the economy continues to be 677 00:38:42,160 --> 00:38:44,440 Speaker 1: a major challenge for the president. Now we're hearing he 678 00:38:44,520 --> 00:38:47,960 Speaker 1: may be headed to Saudi Arabia too, as gas prices 679 00:38:48,000 --> 00:38:52,600 Speaker 1: continue to climb. Yes, Our our colleague Jennifer Jacobs reported UH, 680 00:38:52,719 --> 00:38:56,160 Speaker 1: citing people familiar that there is a plan for President 681 00:38:56,239 --> 00:39:00,040 Speaker 1: Biden to visit Saudi Arabia. The key question, UH, and 682 00:39:00,040 --> 00:39:03,400 Speaker 1: I think the key expectation would be a potential meeting 683 00:39:03,800 --> 00:39:07,560 Speaker 1: with Crown Prince Mohammed Ben Salomon. Keep in mind, President 684 00:39:07,640 --> 00:39:11,120 Speaker 1: Biden had previously said he would only deal directly with 685 00:39:11,280 --> 00:39:15,240 Speaker 1: the king rather than the Crown Prince, holding the Crown 686 00:39:15,280 --> 00:39:19,680 Speaker 1: Prince largely responsible for the killing of Jamal Kashoji, the 687 00:39:20,040 --> 00:39:24,279 Speaker 1: US based UH Saudi Arabian Washington Post columnists. So if 688 00:39:24,320 --> 00:39:26,959 Speaker 1: there's an easing of a tent of the tensions there, 689 00:39:27,520 --> 00:39:30,840 Speaker 1: and if there's some forgiveness, which may be frustrating to 690 00:39:31,120 --> 00:39:35,719 Speaker 1: some in the US, including UH nine eleven survivor advocates 691 00:39:35,760 --> 00:39:39,120 Speaker 1: in those types, that would be very noteworthy and something 692 00:39:39,480 --> 00:39:41,719 Speaker 1: to keep in mind that you know this this this 693 00:39:41,880 --> 00:39:44,279 Speaker 1: is all happening through the lens at least partly of 694 00:39:44,480 --> 00:39:48,080 Speaker 1: gas prices and the pressure for Biden to to have 695 00:39:48,200 --> 00:39:52,000 Speaker 1: good relations with oil producing countries. Yeah. And I'm sure 696 00:39:52,080 --> 00:39:54,880 Speaker 1: that the President is also feeling pressure to do something 697 00:39:55,040 --> 00:39:59,160 Speaker 1: domestically around gas prices as well. Is there anything more 698 00:39:59,200 --> 00:40:01,000 Speaker 1: that the White House is talking about on that front? 699 00:40:01,520 --> 00:40:04,759 Speaker 1: You know, he has acknowledged that in the short term 700 00:40:05,320 --> 00:40:09,960 Speaker 1: for something really significant, there's there's not a quick fix. 701 00:40:10,440 --> 00:40:15,320 Speaker 1: He has very limited options. You've seen attempts in Congress 702 00:40:15,400 --> 00:40:18,760 Speaker 1: that have stalled. Uh. There there was a gas price 703 00:40:19,280 --> 00:40:22,880 Speaker 1: price gouging bill that couldn't actually get out of committee 704 00:40:22,920 --> 00:40:25,480 Speaker 1: in the Senate. Uh. And we are at a point 705 00:40:25,520 --> 00:40:28,800 Speaker 1: where the President has gotten pretty honest and said that 706 00:40:29,280 --> 00:40:31,960 Speaker 1: his his options are very limited as it as it 707 00:40:32,040 --> 00:40:35,839 Speaker 1: relates to the short term. Uh, increasing gas prices. Maybe 708 00:40:35,880 --> 00:40:37,400 Speaker 1: in the in the longer term, you're gonna have a 709 00:40:37,480 --> 00:40:40,880 Speaker 1: broader discussion about energy policy, but the issues we're facing today, 710 00:40:41,560 --> 00:40:44,319 Speaker 1: his hands are kind of tied. In our last minute 711 00:40:44,400 --> 00:40:46,319 Speaker 1: or so here, Jack, let's talk more about that meeting 712 00:40:46,440 --> 00:40:51,040 Speaker 1: yesterday between President Biden and baby formula manufacturers. Is it 713 00:40:51,160 --> 00:40:53,160 Speaker 1: going too far? To say that this is starting to 714 00:40:53,280 --> 00:40:56,040 Speaker 1: look more like a story of what did the president 715 00:40:56,120 --> 00:40:58,480 Speaker 1: know and when did he know it about the potential 716 00:40:58,560 --> 00:41:01,960 Speaker 1: for shortages? Yes, and he has said that he didn't 717 00:41:02,080 --> 00:41:05,480 Speaker 1: know as early as some of the people in the 718 00:41:05,680 --> 00:41:10,040 Speaker 1: industry who said yesterday that they could see the shortage 719 00:41:10,120 --> 00:41:14,040 Speaker 1: coming and they understood earlier, evidently than the president how 720 00:41:14,200 --> 00:41:18,440 Speaker 1: significant net shortage would be. I think going forward, especially 721 00:41:18,520 --> 00:41:20,640 Speaker 1: if you listen to what lawmakers have said about the 722 00:41:20,760 --> 00:41:23,160 Speaker 1: f d A and the slowness of the response there, 723 00:41:23,520 --> 00:41:27,000 Speaker 1: there's going to be a significant push to figure out 724 00:41:27,440 --> 00:41:31,319 Speaker 1: why did this information about the abbot closure and how 725 00:41:31,400 --> 00:41:34,120 Speaker 1: that would affect the industry more broadly, Why did that 726 00:41:34,280 --> 00:41:37,560 Speaker 1: not filter up through the f d A get to 727 00:41:37,680 --> 00:41:40,800 Speaker 1: the president, Why was there not earlier action and earlier 728 00:41:40,920 --> 00:41:44,319 Speaker 1: knowledge about it? Really the how that would ripple through 729 00:41:44,480 --> 00:41:47,360 Speaker 1: the whole supply, because it wasn't just a matter of 730 00:41:47,719 --> 00:41:51,919 Speaker 1: one closure. It's it's a major national issue that wasn't 731 00:41:52,000 --> 00:41:55,040 Speaker 1: necessarily treated as such as early as it should have been. 732 00:41:55,520 --> 00:41:57,400 Speaker 1: Thanks for this, Jack, God having you back on with us. 733 00:41:57,480 --> 00:42:01,719 Speaker 1: Jack Fitzpatrick, congressional reporter for Bloomberg Government. You can read 734 00:42:01,719 --> 00:42:03,880 Speaker 1: more about all these stories on Bloomberg dot Com or 735 00:42:03,920 --> 00:42:06,920 Speaker 1: on the Bloomberg terminal. Listen to Bloomberg Radio in Washington 736 00:42:06,960 --> 00:42:10,520 Speaker 1: at Bloomberg and one oh five point seven FM h 737 00:42:10,680 --> 00:42:13,080 Speaker 1: D two. It is Jack Benchined Bloomberg Sound On. You 738 00:42:13,160 --> 00:42:16,200 Speaker 1: can catch that show every weekday at five pm Wall 739 00:42:16,280 --> 00:42:19,680 Speaker 1: Street time across Bloomberg Radio to get the very latest 740 00:42:20,000 --> 00:42:23,560 Speaker 1: on what's happening in the nation's capital and the impact 741 00:42:23,719 --> 00:42:27,160 Speaker 1: on markets. Looking ahead to the open, SMP futures are 742 00:42:27,320 --> 00:42:30,320 Speaker 1: higher by twenty four points, now down futures up a 743 00:42:30,400 --> 00:42:32,640 Speaker 1: hundred fifty eight, NASTACK futures up a hundred points, a 744 00:42:32,680 --> 00:42:35,719 Speaker 1: gain of eight ten percent. The tenuere treasury down one 745 00:42:35,800 --> 00:42:39,080 Speaker 1: thirty second yield two point nine zero percent. NIMEX crewed 746 00:42:39,160 --> 00:42:41,839 Speaker 1: down two and three quarters percent at a hundred twelve 747 00:42:41,880 --> 00:42:45,320 Speaker 1: dollars nine cents of barrel. Bloomberg Surveillance is next for 748 00:42:45,480 --> 00:42:48,680 Speaker 1: Karen Moscow. I'm Nathan Hager, and this is Bloomberg