1 00:00:03,240 --> 00:00:05,480 Speaker 1: It's now five oh seven on Wall Street. We're fifty 2 00:00:05,519 --> 00:00:07,680 Speaker 1: nine degrees in Central Park. Already seeing a crash on 3 00:00:07,720 --> 00:00:11,160 Speaker 1: the southbound hutch at Bartow Avenue. Details coming up in traffic. 4 00:00:11,440 --> 00:00:13,600 Speaker 1: Michael Bars here now with more on what's going on 5 00:00:13,640 --> 00:00:16,560 Speaker 1: in New York and around the world. Happy Friday, Michael, 6 00:00:16,680 --> 00:00:19,960 Speaker 1: Happy Friday to you, Nathan. More than seventy gas stations 7 00:00:19,960 --> 00:00:23,439 Speaker 1: in New Jersey are offering lower prices today as part 8 00:00:23,440 --> 00:00:26,280 Speaker 1: of an effort to educate people about what might happen 9 00:00:26,320 --> 00:00:28,880 Speaker 1: of self serve gas pumps are allowed in the state. 10 00:00:29,560 --> 00:00:33,000 Speaker 1: Bill has also been introduced in the state legislature're calling 11 00:00:33,040 --> 00:00:36,080 Speaker 1: for self service at stations with more than four pumps 12 00:00:36,360 --> 00:00:39,800 Speaker 1: as gas prices rise because of inflation and the war 13 00:00:39,920 --> 00:00:44,440 Speaker 1: in Ukraine. Advocacy group Fuel Your Way and J said 14 00:00:44,479 --> 00:00:48,040 Speaker 1: Today's Self Served Day of Awareness aims to let drivers 15 00:00:48,080 --> 00:00:50,960 Speaker 1: know that self serve could help them say between one 16 00:00:51,040 --> 00:00:54,240 Speaker 1: hundred and four hundred dollars per year. What do New 17 00:00:54,320 --> 00:00:58,440 Speaker 1: Jersey drivers think about self serve? Phillips, It's a major 18 00:00:58,480 --> 00:01:00,920 Speaker 1: cover because you don't have to deal with the elements. 19 00:01:00,920 --> 00:01:03,680 Speaker 1: The elements are the wars is better and safer if 20 00:01:03,720 --> 00:01:08,080 Speaker 1: they come to you and uh the gas. New Jersey 21 00:01:08,160 --> 00:01:10,360 Speaker 1: is the only state that does not allow any one 22 00:01:10,400 --> 00:01:13,839 Speaker 1: other than gas station attendance to pump gas. New York 23 00:01:13,840 --> 00:01:17,839 Speaker 1: households power bills are poised to surge twelve percent this summer, 24 00:01:18,000 --> 00:01:21,560 Speaker 1: and they had higher electrical demand and soaring natural gas prices, 25 00:01:21,920 --> 00:01:25,120 Speaker 1: according to the State Public Service Commission, that would exceed 26 00:01:25,400 --> 00:01:30,000 Speaker 1: the eleven increases of the two previous summers. The new 27 00:01:30,040 --> 00:01:33,720 Speaker 1: White House COVID nineteen coordinator is issuing a dire warning 28 00:01:34,080 --> 00:01:37,200 Speaker 1: the US will be increasingly vulnerable to the coronavirus this 29 00:01:37,319 --> 00:01:40,399 Speaker 1: fall and winter if Congress does not swiftly approve new 30 00:01:40,400 --> 00:01:44,480 Speaker 1: funding for more vaccines and treatments. Dr rashist Jah says 31 00:01:44,560 --> 00:01:48,280 Speaker 1: that americans immune protection from the virus is waning, the 32 00:01:48,400 --> 00:01:51,680 Speaker 1: virus is adapting to be more contagious, and booster doses 33 00:01:51,720 --> 00:01:55,120 Speaker 1: for most people will be necessary. When I think out 34 00:01:55,160 --> 00:01:57,200 Speaker 1: to the future the rest of the country, as his 35 00:01:57,360 --> 00:02:00,480 Speaker 1: virus spreads, there are places in country that have far 36 00:02:00,560 --> 00:02:02,760 Speaker 1: lower levels of vaccination. I worry about what's going to 37 00:02:02,800 --> 00:02:06,400 Speaker 1: happen there. Dr Rashi's job. President Biden sent a letter 38 00:02:06,400 --> 00:02:08,880 Speaker 1: to the Federal Trade Commission asking the agency to look 39 00:02:08,880 --> 00:02:12,880 Speaker 1: into cases of price gouging, as there's a national shortage 40 00:02:12,880 --> 00:02:16,400 Speaker 1: of baby formula. The supply disruptions are due in part 41 00:02:16,600 --> 00:02:20,240 Speaker 1: to a February recall of some popular brands. New York 42 00:02:20,280 --> 00:02:24,880 Speaker 1: Republican at least Steponi is among members of Congress criticizing 43 00:02:24,880 --> 00:02:27,520 Speaker 1: the Biden administration's handling of the crisis. This is not 44 00:02:27,600 --> 00:02:29,880 Speaker 1: a third world country. This should never happen in the 45 00:02:29,960 --> 00:02:33,960 Speaker 1: United States America. Representative Steponic as the FDA is now 46 00:02:34,040 --> 00:02:37,679 Speaker 1: considering loosening import restrictions. Global News twenty four hours a 47 00:02:37,760 --> 00:02:40,040 Speaker 1: day on air and on Bloomberg Quickday, powered by more 48 00:02:40,080 --> 00:02:42,920 Speaker 1: than seven hundred journalists analysts more than a hundred twenty countries. 49 00:02:43,160 --> 00:02:50,440 Speaker 1: Michael bar this is Bloomberg, Nathan. Thank you, Michael. Almost 50 00:02:50,480 --> 00:02:52,840 Speaker 1: five ten on Wall Street, time for the Bloomberg Sports Update. 51 00:02:52,880 --> 00:02:55,919 Speaker 1: Good morning, John Stah, Good morning Nathan. The Yankees keep winning. 52 00:02:55,960 --> 00:02:58,000 Speaker 1: The pitching, as for the most part, carried them, and 53 00:02:58,080 --> 00:03:01,400 Speaker 1: last night the pitching wasn't great. Hitting was a fifteen 54 00:03:01,480 --> 00:03:03,919 Speaker 1: to seven win over the White Sox in Chicago to 55 00:03:04,120 --> 00:03:07,359 Speaker 1: home run six RBIs for Johant Carlos Stanton, home run 56 00:03:07,400 --> 00:03:10,280 Speaker 1: for Aaron Judge, he drove in four Josh Donaldson, Caffie 57 00:03:10,360 --> 00:03:13,120 Speaker 1: seven run eighth inning for the three run shot. Yanks 58 00:03:13,120 --> 00:03:15,480 Speaker 1: have won sixteen of their last eight teen. The Mets 59 00:03:15,480 --> 00:03:17,360 Speaker 1: with a four one win in Washington, so they win 60 00:03:17,400 --> 00:03:21,440 Speaker 1: another series. They've played ten, they've won nine with one split. 61 00:03:21,520 --> 00:03:24,640 Speaker 1: Mets home tonight for Seattle. Rangers are in Pittsburgh for 62 00:03:24,720 --> 00:03:27,040 Speaker 1: Game six, and it's not known if Penguin stars Sydney 63 00:03:27,040 --> 00:03:30,200 Speaker 1: Crosby will play. An upper body injury suffering Game five 64 00:03:30,520 --> 00:03:33,360 Speaker 1: courtesy of a high hit by Ranger defenseman Jacob Trueba, 65 00:03:33,480 --> 00:03:36,640 Speaker 1: Penn's coach Mike Sullivan clearly anchored by the hit. The 66 00:03:36,720 --> 00:03:39,640 Speaker 1: Ranger coaches Gerard Glenn. I don't think you bothers him 67 00:03:39,680 --> 00:03:41,360 Speaker 1: one bit. And me and he plays his game the 68 00:03:41,440 --> 00:03:44,480 Speaker 1: way he plays his game. And you know, again, Troupe 69 00:03:44,560 --> 00:03:48,040 Speaker 1: Jane hurt Sidney Closby. You know that's not the goal. 70 00:03:48,080 --> 00:03:50,720 Speaker 1: Their goals to play physical hockey. And he was an 71 00:03:50,800 --> 00:03:53,280 Speaker 1: unfortunate play, you know, So, I mean, there's no intend 72 00:03:53,280 --> 00:03:56,520 Speaker 1: to hurt anybody over igor, says Durkin, back in Pittsburgh, 73 00:03:56,520 --> 00:03:58,840 Speaker 1: where he gave up ten goals in three periods over 74 00:03:58,880 --> 00:04:01,440 Speaker 1: games three and fources. Sturk already a finalist to win 75 00:04:01,480 --> 00:04:04,160 Speaker 1: the Vezina Trophy for Best Cooley now named the finalists 76 00:04:04,160 --> 00:04:06,560 Speaker 1: to win the Heart as NHL m v P three 77 00:04:06,600 --> 00:04:09,160 Speaker 1: teams one of one Game six is the force of 78 00:04:09,200 --> 00:04:12,839 Speaker 1: Game seven Boston Edmonton and Tampa Bay one in over time, 79 00:04:12,920 --> 00:04:15,320 Speaker 1: NBA Miami one in Philadelphia to win that series, Dallas 80 00:04:15,360 --> 00:04:18,839 Speaker 1: Blue out Phoenix. That series going seven. NFL schedule out 81 00:04:18,880 --> 00:04:20,839 Speaker 1: Giants will open up at Tennessee and Jets will be 82 00:04:20,880 --> 00:04:23,719 Speaker 1: home for Baltimore. Rich strike off. That miraculous one at 83 00:04:23,720 --> 00:04:27,000 Speaker 1: the Kentucky Derby will not be in next week's Preakness. 84 00:04:27,320 --> 00:04:31,440 Speaker 1: John Stashward Bloomberg Sports than thank John SMP future is 85 00:04:31,480 --> 00:04:34,040 Speaker 1: now forty seven point staff futures of two D seventy eight. 86 00:04:34,120 --> 00:04:37,400 Speaker 1: Nastack futures higher by two hundred fourteen points. The ten 87 00:04:37,480 --> 00:04:40,840 Speaker 1: year Treasury down fifteen thirty seconds, yield two point nine 88 00:04:40,960 --> 00:04:48,520 Speaker 1: zero percent. This is Bloomberg Bloomberg j Break brought to 89 00:04:48,520 --> 00:04:51,680 Speaker 1: you by Peapack Private Wealth Management. Pepack Private Wealth Management 90 00:04:51,720 --> 00:04:54,200 Speaker 1: knows that a portfolio is more than a collection of assets. 91 00:04:54,200 --> 00:04:56,960 Speaker 1: It's a path to your future. Visit Peapack Private dot 92 00:04:57,000 --> 00:05:03,479 Speaker 1: com and begin your financial legacy. Today, Markets headlines and 93 00:05:03,600 --> 00:05:06,880 Speaker 1: breaking news twenty four hours a day at Bloomberg dot com, 94 00:05:07,000 --> 00:05:10,040 Speaker 1: the Bloomberg Business Out and at Bloomberg Quick Take, this 95 00:05:10,520 --> 00:05:19,880 Speaker 1: is a Bloombern business lash, and I'm Karen Moscow. Stocks 96 00:05:19,880 --> 00:05:23,320 Speaker 1: in US stock index futures are rising after federal reserve charge. 97 00:05:23,360 --> 00:05:26,920 Speaker 1: Your Ome Powell pushed back against speculation of steeper interest 98 00:05:27,000 --> 00:05:29,360 Speaker 1: rate hikes. Risk sentiment is getting a boost by your 99 00:05:29,360 --> 00:05:32,760 Speaker 1: rebounding cryptocurrencies. And we checked the markets every fifteen minutes 100 00:05:32,800 --> 00:05:35,680 Speaker 1: throughout the trading day. On Bloomberg Guess and p Future 101 00:05:35,720 --> 00:05:37,599 Speaker 1: is at forty five boys and down Future is up 102 00:05:37,600 --> 00:05:41,000 Speaker 1: two hundred sixty five. Nasdack futures up two hundred five 103 00:05:41,040 --> 00:05:43,680 Speaker 1: that's up one point seven percent. The decks in Germany's 104 00:05:43,680 --> 00:05:46,640 Speaker 1: at one point three percent ten. Your Treasury down sixteen 105 00:05:46,680 --> 00:05:49,280 Speaker 1: thirty seconds, yield two point nine zero percent, yield on 106 00:05:49,360 --> 00:05:52,359 Speaker 1: the two year two point five nine percent. Nimex screwed 107 00:05:52,440 --> 00:05:54,520 Speaker 1: oils up one percent or a dollar four at a 108 00:05:54,600 --> 00:05:57,720 Speaker 1: hundred seven dollars, seventeen cents of barrel comex called down 109 00:05:57,720 --> 00:06:00,000 Speaker 1: two tenths per cent, or four dollars at eighteen twenty 110 00:06:00,080 --> 00:06:02,680 Speaker 1: sixty an ounce. The euro one point oh three nine 111 00:06:02,720 --> 00:06:04,760 Speaker 1: one against the dollar. The British found is at one 112 00:06:04,800 --> 00:06:08,040 Speaker 1: point to one nine and again is at one point 113 00:06:08,080 --> 00:06:11,880 Speaker 1: eight seven, and bitcoin is of seven point three percent, 114 00:06:12,000 --> 00:06:15,960 Speaker 1: up thirty thousand, six hundred dollars. And that's a Bloomberg 115 00:06:15,960 --> 00:06:18,480 Speaker 1: business flash. Now here's Michael Barr with more on what's 116 00:06:18,480 --> 00:06:21,760 Speaker 1: going on around the world. Michael, Good morning, Good morning, Karen. 117 00:06:21,760 --> 00:06:25,120 Speaker 1: The Kremlin has warned it would retaliate after Finland's leaders 118 00:06:25,120 --> 00:06:28,640 Speaker 1: said they favored joining NATO. Sweden could do the same 119 00:06:28,720 --> 00:06:32,640 Speaker 1: within days, and a historic realignment triggered by Russia's invasion 120 00:06:32,680 --> 00:06:36,040 Speaker 1: of Ukraine. House Minority Leader Kevin McCarthy and four other 121 00:06:36,040 --> 00:06:40,680 Speaker 1: Congressional Republicans have been subpoena by House investigators. It comes 122 00:06:40,720 --> 00:06:44,040 Speaker 1: as the January sixth Committee begins public hearings next month, 123 00:06:44,240 --> 00:06:47,320 Speaker 1: but the final report due out this fall. In baseball, 124 00:06:47,360 --> 00:06:50,039 Speaker 1: the Yankees were winners. The Mets beat the Nationals for one, 125 00:06:50,120 --> 00:06:54,200 Speaker 1: the Orioles and A's one. In the NHL playoffs, there 126 00:06:54,200 --> 00:06:56,800 Speaker 1: will be a deciding Game seven after the Bruins beat 127 00:06:56,839 --> 00:06:59,880 Speaker 1: the Hurricanes five to the Rangers will try to avoid 128 00:07:00,000 --> 00:07:03,080 Speaker 1: elimination in Game six to night against the Penguins. Global 129 00:07:03,120 --> 00:07:05,960 Speaker 1: News twenty four hours a day on airand on Bloomberg 130 00:07:06,040 --> 00:07:09,360 Speaker 1: Quick Take Power by more than twenty hundred journalists antalists 131 00:07:09,360 --> 00:07:12,240 Speaker 1: more than a hundred twenty countries. Michael Barr, this is Bloomberg. 132 00:07:12,320 --> 00:07:14,880 Speaker 1: Nathan alright, Michael, thank you. It is five nineteen on 133 00:07:14,920 --> 00:07:18,600 Speaker 1: Wall Street Live from the Bloomberg Interactive Broker Studios. This 134 00:07:18,640 --> 00:07:20,720 Speaker 1: is Bloomberg Daybreak, and as we get ready to close 135 00:07:20,800 --> 00:07:23,760 Speaker 1: the books on a wild trading week, we're very pleased 136 00:07:23,800 --> 00:07:26,239 Speaker 1: to be joined this morning by Matt Maylee, chief market 137 00:07:26,280 --> 00:07:30,840 Speaker 1: strategist at Miller tay Back. Several days of slides of course, Matt, 138 00:07:30,880 --> 00:07:37,480 Speaker 1: now we're seeing a lift for equities. Is this capitulation? Well, 139 00:07:37,520 --> 00:07:40,560 Speaker 1: we certainly seem to be seeing something that that will 140 00:07:41,080 --> 00:07:44,120 Speaker 1: or have seen something this week that could be viewest capitulation. 141 00:07:44,400 --> 00:07:47,720 Speaker 1: And what really happened was we saw this big decline, 142 00:07:47,720 --> 00:07:51,400 Speaker 1: of course in the cryptocurrencies Bitcoin and and the others 143 00:07:51,440 --> 00:07:54,119 Speaker 1: out of this whole all this news about terror et cetera, 144 00:07:54,440 --> 00:07:57,840 Speaker 1: and these stable coins, and what that what that cause was, 145 00:07:57,920 --> 00:08:00,160 Speaker 1: you know, was margin calls. It was just four were 146 00:08:00,160 --> 00:08:03,920 Speaker 1: selling margin calls. A complete capitulation in that market. The 147 00:08:03,960 --> 00:08:07,360 Speaker 1: problem is that many of these UH cryptocurrencies are not 148 00:08:07,520 --> 00:08:11,160 Speaker 1: particularly liquid. UH even bitcoins a lot less liquid than 149 00:08:11,240 --> 00:08:13,600 Speaker 1: it used to be. So what what happens is that 150 00:08:13,680 --> 00:08:15,800 Speaker 1: people are like, oh my gosh, I've got a margin call. 151 00:08:16,120 --> 00:08:19,480 Speaker 1: I'm not i can't raise enough money selling this cryptocurrency. 152 00:08:19,680 --> 00:08:21,720 Speaker 1: I've got to sell what I can sell. And what 153 00:08:22,280 --> 00:08:26,400 Speaker 1: these these people on the cryptocurrencies don't old own old 154 00:08:27,280 --> 00:08:30,280 Speaker 1: you know, old economy stocks like a General Electric or 155 00:08:30,360 --> 00:08:32,800 Speaker 1: U S. Steel. They own Apple and Microsoft and the 156 00:08:32,920 --> 00:08:35,600 Speaker 1: video and they were just dumping those stocks to meet 157 00:08:35,600 --> 00:08:38,840 Speaker 1: their margin calls. Now that these they see that, uh 158 00:08:38,880 --> 00:08:42,120 Speaker 1: that this sorry, the cryptocurrencies are bouncing back and the 159 00:08:42,200 --> 00:08:45,520 Speaker 1: stabilizing and bouncing back, that forced selling is over and 160 00:08:45,559 --> 00:08:48,800 Speaker 1: now that's what's causing the stock market to bounce back nicely. 161 00:08:49,040 --> 00:08:51,640 Speaker 1: And this could last for a little while. So where 162 00:08:51,640 --> 00:08:54,719 Speaker 1: do you see this bounce going? Then? Well, I mean, 163 00:08:54,800 --> 00:08:56,559 Speaker 1: you know, nothing will comes comes in a straight line. 164 00:08:56,600 --> 00:08:58,720 Speaker 1: But I remember back in March, you know, the second 165 00:08:58,720 --> 00:09:00,760 Speaker 1: half of March, we've bounch know, eight percent was I 166 00:09:00,800 --> 00:09:02,840 Speaker 1: think it was eight percent or even close to tempercent 167 00:09:03,080 --> 00:09:05,920 Speaker 1: over to a couple of weeks. Uh, so we could 168 00:09:05,920 --> 00:09:09,640 Speaker 1: see easily see something that strong. Uh The thing is, 169 00:09:09,679 --> 00:09:11,560 Speaker 1: I do I'm afraid that it's it's not gonna be. 170 00:09:11,600 --> 00:09:13,800 Speaker 1: We haven't seen the bottom, but because I just think 171 00:09:13,840 --> 00:09:15,880 Speaker 1: the headwinds that we're facing right now are are still 172 00:09:15,920 --> 00:09:19,480 Speaker 1: out there. So it is the the destabilization that we've 173 00:09:19,480 --> 00:09:21,120 Speaker 1: seen in the crypto market this week. Do you think 174 00:09:21,160 --> 00:09:23,560 Speaker 1: it's just driven by market calls or or margin calls? 175 00:09:23,559 --> 00:09:28,599 Speaker 1: It Does it say something about what the overall stability 176 00:09:28,960 --> 00:09:33,360 Speaker 1: of cryptocurrency as an asset class is. Could we be 177 00:09:33,440 --> 00:09:38,199 Speaker 1: in line for more volatility going forward? Oh? Sure, the 178 00:09:38,559 --> 00:09:42,520 Speaker 1: no question. I mean it's uh, you know, we haven't 179 00:09:42,559 --> 00:09:44,760 Speaker 1: seen it. It's been basically trading as a risk on, 180 00:09:44,880 --> 00:09:47,840 Speaker 1: risk off trade, uh for for over a year now, 181 00:09:48,120 --> 00:09:50,760 Speaker 1: and and nobody really knows exactly what the fair value 182 00:09:50,800 --> 00:09:52,839 Speaker 1: on the fundamental side of it is. I mean, I'm 183 00:09:52,880 --> 00:09:56,040 Speaker 1: a long term bull on the cryptocurrencies, but it's really hard. 184 00:09:56,160 --> 00:09:57,760 Speaker 1: Is it? Is it? You know? For bitcoin? Is it 185 00:09:57,840 --> 00:10:01,320 Speaker 1: twenty thousand? It is fifteen thousands, twenty five thousand? We 186 00:10:01,360 --> 00:10:04,320 Speaker 1: don't know. Because all this liquidity that the Fed provided, 187 00:10:04,520 --> 00:10:07,640 Speaker 1: you know, that emergency level liquidity that they provided after 188 00:10:07,960 --> 00:10:12,000 Speaker 1: long after the emergency and the economy had ended, UH 189 00:10:12,200 --> 00:10:14,160 Speaker 1: took it higher than it should have. And and and 190 00:10:14,320 --> 00:10:15,880 Speaker 1: so now it is trying to find a level. It's 191 00:10:15,920 --> 00:10:18,000 Speaker 1: gonna take a while before it finally finds that little 192 00:10:18,840 --> 00:10:21,360 Speaker 1: do you think it has some help finding that level? 193 00:10:21,440 --> 00:10:25,080 Speaker 1: With what the FED Chairman J. Powell had to say yesterday, 194 00:10:25,120 --> 00:10:28,640 Speaker 1: again taking the idea of seventy five basis points at 195 00:10:28,720 --> 00:10:33,000 Speaker 1: least actively off the table, that's certainly const things down. 196 00:10:33,080 --> 00:10:35,160 Speaker 1: It's kind of funny people go back and forth between 197 00:10:35,200 --> 00:10:37,560 Speaker 1: saying when you initially took it off the table, it 198 00:10:37,600 --> 00:10:40,040 Speaker 1: was it was, it was, you know, for about twenty 199 00:10:40,040 --> 00:10:42,360 Speaker 1: four hours it was positive, then it was negative, now 200 00:10:42,400 --> 00:10:44,760 Speaker 1: it's positive again. We're kind of all over the map, 201 00:10:45,200 --> 00:10:46,720 Speaker 1: but I think it does kind of things down for 202 00:10:46,760 --> 00:10:50,080 Speaker 1: a while. And and uh we again we uh. The 203 00:10:50,120 --> 00:10:52,400 Speaker 1: problem is inflation is gonna be with us for a while, 204 00:10:52,480 --> 00:10:55,520 Speaker 1: and in particular because of this issue of the war 205 00:10:55,559 --> 00:10:58,360 Speaker 1: in Ukraine, it's now become a war of attrition. That 206 00:10:58,400 --> 00:11:00,360 Speaker 1: means it's gonna last for a long time. That means 207 00:11:00,360 --> 00:11:02,040 Speaker 1: the sanctions are gonna be on for a long time, 208 00:11:02,280 --> 00:11:05,280 Speaker 1: and that means energy prices and food prices are going 209 00:11:05,320 --> 00:11:07,719 Speaker 1: to remain high for a long time. The supply chain 210 00:11:07,760 --> 00:11:10,640 Speaker 1: is gonna be disrupted for a long time, etcetera. So 211 00:11:11,080 --> 00:11:13,160 Speaker 1: we still have some problems, I'm afraid. So are you 212 00:11:13,200 --> 00:11:15,480 Speaker 1: looking for havens then, or do you see opportunity in 213 00:11:15,520 --> 00:11:19,000 Speaker 1: this market right now? I mean for short term traders, 214 00:11:19,040 --> 00:11:21,319 Speaker 1: I think there's a plenty of opportunity out there. Uh, 215 00:11:21,640 --> 00:11:24,160 Speaker 1: not only in in some of these big cap names 216 00:11:24,160 --> 00:11:26,199 Speaker 1: that have been you know, kind of washed out in 217 00:11:26,200 --> 00:11:28,440 Speaker 1: the last couple of days, but also in the names 218 00:11:28,480 --> 00:11:31,640 Speaker 1: that have just been absolutely obliterated and are down quite 219 00:11:31,640 --> 00:11:33,360 Speaker 1: a bit. I mean a stock like Netflix has just 220 00:11:33,400 --> 00:11:36,719 Speaker 1: been absolutely crushed and it's not like they're going out 221 00:11:36,760 --> 00:11:40,079 Speaker 1: of business. Uh. But also that however, though, I'm thinking 222 00:11:40,240 --> 00:11:42,200 Speaker 1: as we get this bounce, people want to use that 223 00:11:42,240 --> 00:11:44,280 Speaker 1: to raise a little bit more cash. I still think 224 00:11:44,280 --> 00:11:46,760 Speaker 1: we have a lot more volatility, uh for the rest 225 00:11:46,760 --> 00:11:50,040 Speaker 1: of this year, and you know, get defensive playing into 226 00:11:50,080 --> 00:11:53,360 Speaker 1: the areas with hard assets like the energy sector. Uh. 227 00:11:53,640 --> 00:11:55,320 Speaker 1: And still you want to play a little bit defensive 228 00:11:55,320 --> 00:11:57,679 Speaker 1: to don't get sucked in by uh by kind of 229 00:11:58,240 --> 00:12:00,840 Speaker 1: a sharp rally just like uh, they'll be gotten back 230 00:12:00,880 --> 00:12:03,640 Speaker 1: in March. Thanks Matt, as always good to talk with you. 231 00:12:03,760 --> 00:12:07,400 Speaker 1: Matt Mayley, chief market strategist at Miller tay Back. As 232 00:12:07,480 --> 00:12:10,640 Speaker 1: we watch stocks rise to close out the week. Right now, 233 00:12:10,800 --> 00:12:13,200 Speaker 1: SMP futures are up forty six point, Staff futures up 234 00:12:13,200 --> 00:12:16,640 Speaker 1: two hundred seventy three. NASTACK futures are higher by two 235 00:12:16,720 --> 00:12:18,920 Speaker 1: hundred twelve points, leading the games this morning with a 236 00:12:18,960 --> 00:12:22,840 Speaker 1: gain of one ten. You're treasuring now down sixteen thirty seconds, 237 00:12:22,880 --> 00:12:25,040 Speaker 1: the yield two point nine zero percent, and the yield 238 00:12:25,080 --> 00:12:27,440 Speaker 1: on the two year right now two point five nine. 239 00:12:27,480 --> 00:12:30,240 Speaker 1: Looking at Bitcoin back above thirty thousand at thirty thousand, 240 00:12:30,400 --> 00:12:35,080 Speaker 1: six hundred dollars just ahead. More on this market volatility 241 00:12:35,200 --> 00:12:39,880 Speaker 1: and the January six Committee issues subpoenas to lawmakers. Top 242 00:12:39,960 --> 00:12:48,119 Speaker 1: stories the morning. Just ahead, You're listening to Bloomberg gambleven 243 00:12:48,160 --> 00:12:49,640 Speaker 1: three oh weather morning Fogg will give way to a 244 00:12:49,720 --> 00:12:52,480 Speaker 1: few showers today with a high near seventy. More showers 245 00:12:52,520 --> 00:12:55,600 Speaker 1: possible tomorrow low seventies and will be near eighty degrees 246 00:12:55,720 --> 00:12:59,079 Speaker 1: with a chance for a few showers sixty two degrees. 247 00:12:59,200 --> 00:13:05,840 Speaker 1: Right now, broadcasting live from the Bloomberg Interactive Broker Studio 248 00:13:06,000 --> 00:13:09,160 Speaker 1: in New York, Bloomberg e Living Freedom to Washington, d C. 249 00:13:09,360 --> 00:13:14,040 Speaker 1: Bloomberg to Boston, Bloomberg one six one to San Francisco, 250 00:13:14,160 --> 00:13:17,360 Speaker 1: Bloomberg nine sixteen to the country, Sirius XM to the 251 00:13:17,440 --> 00:13:20,320 Speaker 1: one nine team and around the globe, the Bloomberg Business 252 00:13:20,720 --> 00:13:30,400 Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's 253 00:13:30,440 --> 00:13:32,680 Speaker 1: five thirty on Wall Street. Good morning. I'm Nathan Hagar 254 00:13:32,960 --> 00:13:35,640 Speaker 1: and I'm Karen Moscow. We're just about four hours away 255 00:13:35,679 --> 00:13:37,640 Speaker 1: from the open of US trading. Let's get you up 256 00:13:37,640 --> 00:13:39,040 Speaker 1: to date of the news you need to know at 257 00:13:39,080 --> 00:13:41,679 Speaker 1: this hour. US futures are higher as we near the 258 00:13:41,800 --> 00:13:44,400 Speaker 1: end of a volatile trading week. Yesterday, the S and 259 00:13:44,480 --> 00:13:47,520 Speaker 1: P five hundred came within spitting distance of a drop 260 00:13:47,600 --> 00:13:50,840 Speaker 1: that would signal a bear market. Joice Chang, global Research 261 00:13:50,960 --> 00:13:53,679 Speaker 1: chair at JP Morgan, expects more wild swings in the 262 00:13:53,760 --> 00:13:56,880 Speaker 1: markets in least in the US could be close to speaking, 263 00:13:56,960 --> 00:13:58,880 Speaker 1: but it's been going up in the rest of the world. 264 00:13:59,120 --> 00:14:01,319 Speaker 1: And even if you've seen the peak for inflation, the 265 00:14:01,440 --> 00:14:04,040 Speaker 1: question is where does the settle. I think that the 266 00:14:04,120 --> 00:14:07,240 Speaker 1: volatility is really going to stay with us here and 267 00:14:07,320 --> 00:14:10,280 Speaker 1: there's still the growth concerns as well in Europe and 268 00:14:10,440 --> 00:14:13,840 Speaker 1: in China where we're taken down forecast. JP Morgan's Joyce 269 00:14:13,960 --> 00:14:17,040 Speaker 1: Chang says, even if inflation has peaked, FED policy will 270 00:14:17,080 --> 00:14:20,160 Speaker 1: remain hawkish and speaking of the FED, Karen J. Powell's 271 00:14:20,240 --> 00:14:23,040 Speaker 1: latest comments helping the stabilize markets. The FED chair was 272 00:14:23,120 --> 00:14:25,600 Speaker 1: confirmed for a second term yesterday. He says the central 273 00:14:25,640 --> 00:14:28,320 Speaker 1: bank still plans to raise rates by fifty basis points 274 00:14:28,360 --> 00:14:31,000 Speaker 1: at each of its next two meetings. San Francisco FED 275 00:14:31,080 --> 00:14:33,520 Speaker 1: President Mary Daly's back in the idea as well, telling 276 00:14:33,560 --> 00:14:36,880 Speaker 1: Bloomberg the hikes makes sense well, Nathan. Cryptocurrency is also 277 00:14:36,960 --> 00:14:39,640 Speaker 1: rebounding this morning, and Bloomberg's Rained A Young joins US 278 00:14:39,720 --> 00:14:41,960 Speaker 1: Live with more. Good morning, Rainy Down, Good morning, Karen. 279 00:14:42,040 --> 00:14:45,240 Speaker 1: Bitcoin is trading back above the key thirty thousand level 280 00:14:45,320 --> 00:14:49,480 Speaker 1: this morning, after falling to nearly twenty five thousand on Wednesday. Tether, 281 00:14:49,680 --> 00:14:53,320 Speaker 1: the largest stable coin used in crypto markets to facilitate trading, 282 00:14:53,720 --> 00:14:57,360 Speaker 1: is also recovering from an earlier mini crash. Major cryptos 283 00:14:57,400 --> 00:15:00,400 Speaker 1: were falling with regular market sentiment, but the osion of 284 00:15:00,440 --> 00:15:04,640 Speaker 1: the Terra USD stable coin kindled widespread panic, and as 285 00:15:04,680 --> 00:15:08,800 Speaker 1: of today, terraform Labs has halted its Tarra blockchain and 286 00:15:08,880 --> 00:15:11,680 Speaker 1: its related Luna tooken twice to come up with a 287 00:15:11,760 --> 00:15:15,440 Speaker 1: plan to reconstitute the Terra network. It's lost its peg 288 00:15:15,520 --> 00:15:18,520 Speaker 1: to the US dollar Live in New York. I'm rened 289 00:15:18,560 --> 00:15:20,760 Speaker 1: a young Bloomberg Daybreak, All right, rened to thank you. 290 00:15:20,880 --> 00:15:23,240 Speaker 1: Shares of robin Hood are also on the move this morning. 291 00:15:23,280 --> 00:15:26,160 Speaker 1: Crypto billionaire Sam Bankman Freed took a nearly eight percent 292 00:15:26,280 --> 00:15:29,080 Speaker 1: stake in the retail trading company, and that has robin 293 00:15:29,160 --> 00:15:32,360 Speaker 1: Hood shares higher in early trading. In Washington, Nathan, the 294 00:15:32,400 --> 00:15:36,400 Speaker 1: House committee investigating the January sixth insurrection is making waves. 295 00:15:36,480 --> 00:15:39,760 Speaker 1: It's a peanut house GOP leader Kevin McCarthy and four 296 00:15:39,880 --> 00:15:44,440 Speaker 1: other Republican lawmakers. Brad Marsh Brad Moss, partner at mark Zade, 297 00:15:44,800 --> 00:15:47,960 Speaker 1: says it's a key step. This very much crossed sort 298 00:15:47,960 --> 00:15:51,120 Speaker 1: of an unwritten line about the idea of Congress going 299 00:15:51,160 --> 00:15:52,920 Speaker 1: after one of their own. We're in a bit of 300 00:15:53,000 --> 00:15:55,800 Speaker 1: uncharted territory. We don't quite know how this will play out. 301 00:15:55,840 --> 00:15:57,800 Speaker 1: I mean, we certainly know we're going to see some 302 00:15:57,920 --> 00:16:02,040 Speaker 1: refusals to cooperate. There's one do some interesting constitutional issue. 303 00:16:02,320 --> 00:16:04,920 Speaker 1: And Brad Moss of mark z spoke with our Washington 304 00:16:04,960 --> 00:16:07,960 Speaker 1: correspondent Joe Matthew on Bloomberry Sound on Catch the program 305 00:16:08,040 --> 00:16:11,440 Speaker 1: weekdays at five pm Eastern on Bloomberg Radio, try to 306 00:16:11,480 --> 00:16:18,840 Speaker 1: head your local headlines and this is Bloomberg. Thanks start 307 00:16:19,560 --> 00:16:21,840 Speaker 1: three on Wall Street fifty nine degrees in Central Park 308 00:16:21,880 --> 00:16:23,440 Speaker 1: and Michael Barr has more on what's going on in 309 00:16:23,520 --> 00:16:26,400 Speaker 1: New York end around the world. Michael, thank you very much, Nathan. Today, 310 00:16:26,480 --> 00:16:29,360 Speaker 1: more than seven to gas stations throughout New Jersey are 311 00:16:29,560 --> 00:16:32,280 Speaker 1: lowering their prices. It's part of an effort to demonstrate 312 00:16:32,440 --> 00:16:35,840 Speaker 1: how allowing self serve at the pump could help lower 313 00:16:35,920 --> 00:16:38,760 Speaker 1: gas prices. New Jersey is one of two states in 314 00:16:38,800 --> 00:16:41,440 Speaker 1: the nation that does not allow drivers to pump their 315 00:16:41,440 --> 00:16:43,800 Speaker 1: own gas. Bill has also been introduced in the state 316 00:16:43,920 --> 00:16:47,200 Speaker 1: legislature calling for self service at stations with more than 317 00:16:47,240 --> 00:16:51,000 Speaker 1: four pumps that the cast prices rise thanks to inflation 318 00:16:51,200 --> 00:16:54,920 Speaker 1: and the war in Ukraine. Assemblywoman Carol Murphy is one 319 00:16:54,960 --> 00:16:57,160 Speaker 1: of the sponsors of the bills. He says the measure 320 00:16:57,240 --> 00:17:01,200 Speaker 1: could solve a workers shortage issue come across is gas 321 00:17:01,240 --> 00:17:05,800 Speaker 1: stations where there are closed pumps. Why because they don't 322 00:17:05,840 --> 00:17:12,080 Speaker 1: have enough work force to man those pumps, which creates 323 00:17:12,400 --> 00:17:16,800 Speaker 1: long lines. Assembly Woman Murphy agrees with advocacy groups that 324 00:17:16,920 --> 00:17:20,200 Speaker 1: self served gas could save drivers between one hundred to 325 00:17:20,359 --> 00:17:23,639 Speaker 1: four hundred dollars a year. White House COVID nineteam response 326 00:17:23,680 --> 00:17:26,840 Speaker 1: coordinator Dr Chi's Jaw renewed his call for Congress to 327 00:17:26,880 --> 00:17:30,320 Speaker 1: authorize more funding to find the virus. Dr Jaws warning 328 00:17:30,359 --> 00:17:34,680 Speaker 1: that many Americans with waning immunity could find themselves vulnerable 329 00:17:34,800 --> 00:17:38,760 Speaker 1: this fall without more preventive efforts. Obviously, if we don't 330 00:17:38,800 --> 00:17:40,800 Speaker 1: get those resources, we're gonna have to make some very 331 00:17:40,880 --> 00:17:44,320 Speaker 1: very difficult choices, right whatever, make difficult choices about vaccines 332 00:17:44,520 --> 00:17:46,359 Speaker 1: or treatments. What do we do with tests and we 333 00:17:46,480 --> 00:17:48,200 Speaker 1: really go into a fall and winter search with no 334 00:17:48,320 --> 00:17:51,040 Speaker 1: testing capability, I mean, that would be a real problem. 335 00:17:51,280 --> 00:17:53,639 Speaker 1: Dr John says the twenty two and a half billion 336 00:17:53,720 --> 00:17:56,600 Speaker 1: dollars in COVID nineteam relief funding requested by the White 337 00:17:56,600 --> 00:17:59,679 Speaker 1: House is the bare minimum that we need to get 338 00:17:59,760 --> 00:18:03,000 Speaker 1: through this fall and winter without large loss of life. 339 00:18:03,440 --> 00:18:07,400 Speaker 1: New York households power bills are poison surge twelve percent 340 00:18:07,520 --> 00:18:11,080 Speaker 1: this summer over a year earlier, amid higher electrical demand 341 00:18:11,200 --> 00:18:15,119 Speaker 1: and soaring natural gas prices that would exceed the eleven 342 00:18:15,200 --> 00:18:19,040 Speaker 1: percent increases of the two previous summers. North three s 343 00:18:19,080 --> 00:18:21,680 Speaker 1: s Six people have died in three fifty thousand have 344 00:18:21,840 --> 00:18:25,280 Speaker 1: been treated a day after it acknowledged its first COVID 345 00:18:25,400 --> 00:18:28,640 Speaker 1: nineteen cases of the pandemic. Global News twenty four hours 346 00:18:28,680 --> 00:18:31,120 Speaker 1: a day on air and on Bloomberg Quick Take Power 347 00:18:31,160 --> 00:18:33,879 Speaker 1: by more than hundred journalists analysts in more than a 348 00:18:33,960 --> 00:18:36,800 Speaker 1: hundred twenty countries. Michael Barr, this is Bloomberg Nather. Thank you, 349 00:18:36,920 --> 00:18:44,720 Speaker 1: Michael wall Street. Time for Bloomberg Sports Update with John 350 00:18:44,760 --> 00:18:48,560 Speaker 1: stash Ower aany Yankees in Chicago Blue two leads. The 351 00:18:48,640 --> 00:18:51,080 Speaker 1: game was seven seven going to the eighth inn. The 352 00:18:51,160 --> 00:18:53,760 Speaker 1: yank scored seven runs in the eighth and they won 353 00:18:53,920 --> 00:18:56,600 Speaker 1: fifteen to seven to whom run six RB I has 354 00:18:56,600 --> 00:18:59,800 Speaker 1: been John Carlos Danton, the Yankee manager dar Boom expected 355 00:19:00,320 --> 00:19:02,760 Speaker 1: throw two touchdowns up there on a night when Dylan 356 00:19:02,840 --> 00:19:05,119 Speaker 1: sees his pitching, you know the kind of start he's 357 00:19:05,160 --> 00:19:07,199 Speaker 1: been off too. But a lot of really good at 358 00:19:07,240 --> 00:19:11,119 Speaker 1: bats off of him, obviously big g getting two big ones, 359 00:19:11,560 --> 00:19:13,960 Speaker 1: uh to get us to get us rolling, and then 360 00:19:14,480 --> 00:19:17,040 Speaker 1: you know we lost, We lost the lead. There's really 361 00:19:17,080 --> 00:19:20,800 Speaker 1: good to see. Guys, just continue to push ahead. Gangs 362 00:19:20,840 --> 00:19:23,480 Speaker 1: ever won sixteen the last eight teen. The Mets won four. 363 00:19:23,560 --> 00:19:26,240 Speaker 1: One of Washington Mark Canneth three hits three RBIs first 364 00:19:26,280 --> 00:19:29,119 Speaker 1: win for Taiwan Walker. The Miami Heat have advanced to 365 00:19:29,160 --> 00:19:32,800 Speaker 1: the NBA's East Finals a game six win at Philadelphia 366 00:19:32,880 --> 00:19:36,360 Speaker 1: Jimmy Butler thirty two points. LUKEA. Donson scored thirty three 367 00:19:36,400 --> 00:19:38,760 Speaker 1: in Dallas. The MAVs, coming off a thirty point loss 368 00:19:38,800 --> 00:19:41,920 Speaker 1: in Phoenix, won by twenties seven. That series going with 369 00:19:41,960 --> 00:19:44,879 Speaker 1: a seven game will the Rangers in Penguins series goes 370 00:19:44,960 --> 00:19:47,560 Speaker 1: seven games. Blue Sforts need to win game six tonight 371 00:19:47,600 --> 00:19:50,120 Speaker 1: in Pittsburgh, were the pen won games three and four, 372 00:19:50,680 --> 00:19:52,679 Speaker 1: seven to four and seven to two. Not known if 373 00:19:52,680 --> 00:19:55,240 Speaker 1: the Pencil have Sidney Crosby tonight. He got hurt in 374 00:19:55,400 --> 00:19:58,480 Speaker 1: Game five Tamma by lightning. Two time depending Stanley Cup champs, 375 00:19:58,480 --> 00:20:00,840 Speaker 1: they faced elimination. They stayed a Lot five with an 376 00:20:00,880 --> 00:20:04,240 Speaker 1: overtime Whatever Toronto, they'll be at least three game sevens. 377 00:20:04,280 --> 00:20:07,560 Speaker 1: Also Boston and Carolina, Edmonton and l A. The NFL 378 00:20:07,640 --> 00:20:09,680 Speaker 1: season will pick off with the defending champion l A 379 00:20:09,800 --> 00:20:13,280 Speaker 1: Rams hosting Buffalo the Jets. Week one home for Baltimore 380 00:20:13,359 --> 00:20:16,800 Speaker 1: the Giants f Tennessee. The Giants game in Dallas will 381 00:20:16,840 --> 00:20:20,359 Speaker 1: be on Thanksgiving. John Stashatward Bloomberg Sports, Nathan all Right 382 00:20:20,440 --> 00:20:22,800 Speaker 1: John Thanks thirty seven on Wall Street Time for the 383 00:20:22,840 --> 00:20:26,320 Speaker 1: Tri State Business Report. Here's Bloomberg's d Cory. New York 384 00:20:26,359 --> 00:20:29,320 Speaker 1: City Mayor Eric Adams has signed to measure delaying a 385 00:20:29,440 --> 00:20:32,800 Speaker 1: requirement to disclose the minimum and maximum salary ranges and 386 00:20:32,920 --> 00:20:35,920 Speaker 1: job postings. You signed it just days before the current 387 00:20:36,000 --> 00:20:39,080 Speaker 1: salary disclosure law was supposed to take effect. New York 388 00:20:39,160 --> 00:20:42,719 Speaker 1: City salary disclosure law will now take effect on November one, 389 00:20:43,320 --> 00:20:46,240 Speaker 1: when New York households power bills are supposed to surge 390 00:20:46,320 --> 00:20:49,800 Speaker 1: twelve present this summer over a year earlier amid higher 391 00:20:49,880 --> 00:20:53,879 Speaker 1: electrical demand and soaring natural gas prices that would exceed 392 00:20:53,960 --> 00:20:57,440 Speaker 1: the eleven present increases of the two previous summers. Would 393 00:20:57,480 --> 00:21:00,160 Speaker 1: also be a return to price levels lasting in two 394 00:21:00,240 --> 00:21:04,720 Speaker 1: thousand fourteen. A shortage of contrast dive for medical imaging 395 00:21:04,800 --> 00:21:08,520 Speaker 1: caused by COVID lockdowns in Shanghai will force some New 396 00:21:08,640 --> 00:21:13,080 Speaker 1: Jersey patients to postpone appointments. Physician orders for CT scans 397 00:21:13,119 --> 00:21:16,320 Speaker 1: and other imaging with contrast are being reviewed to see 398 00:21:16,359 --> 00:21:20,680 Speaker 1: if they're absolutely necessary or can be postponed. Begew Bloomberg 399 00:21:20,760 --> 00:21:23,760 Speaker 1: Try State Business Report. I'm ed Corey Okay and thank you. 400 00:21:23,800 --> 00:21:26,119 Speaker 1: It's five thirty eight on Wall Street. Bloomberg Radio is 401 00:21:26,160 --> 00:21:28,439 Speaker 1: on the air from San Francisco to New York, London 402 00:21:28,560 --> 00:21:30,720 Speaker 1: to Hong Kong. Let's check in with our global news 403 00:21:30,760 --> 00:21:32,560 Speaker 1: team for some of the top stories heard on our 404 00:21:32,600 --> 00:21:39,080 Speaker 1: three hundred affiliate radio stations around the world. John Soccer 405 00:21:39,119 --> 00:21:42,000 Speaker 1: pretended went to New York. I'm reporting Apples pushing back 406 00:21:42,080 --> 00:21:46,520 Speaker 1: against unionization efforts at its New York stories um Cornitaaho 407 00:21:46,680 --> 00:21:49,480 Speaker 1: on w h A S and Louiville, Nissan is considering 408 00:21:49,520 --> 00:21:51,720 Speaker 1: adding a new plant, and the US on demand for 409 00:21:51,800 --> 00:21:55,399 Speaker 1: electric vehicles fine Genus Servetti And for w BB, I'm 410 00:21:55,440 --> 00:21:59,200 Speaker 1: in Chicago. I'm reporting that Facebook has fuld certain augmented 411 00:21:59,280 --> 00:22:03,600 Speaker 1: reality to rules for users in Illinois following privacy lawsuits. 412 00:22:04,000 --> 00:22:06,960 Speaker 1: My kind had gilled Bloomberg D eight Digital inlandon the 413 00:22:07,080 --> 00:22:10,200 Speaker 1: Chancellor VISI sooner because we're speaking to Blumberg's Tefneie Flanders 414 00:22:10,240 --> 00:22:14,600 Speaker 1: defending the amount of financial support one off for struggling concesion. 415 00:22:15,640 --> 00:22:18,240 Speaker 1: And those are some of the stories our Tyred Bloomberg 416 00:22:18,320 --> 00:22:20,760 Speaker 1: journalists and analyst are working on this morning around the world. 417 00:22:20,840 --> 00:22:23,600 Speaker 1: It's five thirty nine on Wall Street. The following is 418 00:22:23,680 --> 00:22:28,199 Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by 419 00:22:28,280 --> 00:22:33,160 Speaker 1: the Bloomberg Editorial Board. US consumer prices rose eight point 420 00:22:33,240 --> 00:22:36,119 Speaker 1: three percent in the year to April, only a slight 421 00:22:36,240 --> 00:22:41,000 Speaker 1: decline from eight point five percent in March. Inflation, it seems, 422 00:22:41,280 --> 00:22:45,000 Speaker 1: has already peaked. Now. The question is how quickly will 423 00:22:45,080 --> 00:22:48,480 Speaker 1: it return to an acceptable level. At the moment, the 424 00:22:48,600 --> 00:22:52,920 Speaker 1: answer appears to be not quickly enough. The Federal Reserve 425 00:22:53,240 --> 00:22:56,359 Speaker 1: needs to do better. Last week, the Central Bank raised 426 00:22:56,480 --> 00:22:59,720 Speaker 1: its policy interest rate by fifty basis points and said 427 00:22:59,760 --> 00:23:03,600 Speaker 1: to expect more hikes, But the schedule that's led investors 428 00:23:03,680 --> 00:23:07,840 Speaker 1: to anticipate would leave rates substantially negative in real terms 429 00:23:08,160 --> 00:23:11,600 Speaker 1: for many months. Despite the risk that faster than expected 430 00:23:11,680 --> 00:23:15,080 Speaker 1: tightening might tip the economy into recession. The Fed needs 431 00:23:15,160 --> 00:23:19,000 Speaker 1: to weigh the case for firmer action and prepare investors 432 00:23:19,160 --> 00:23:23,000 Speaker 1: for the possibility. The more clearly it commits itself to 433 00:23:23,119 --> 00:23:27,680 Speaker 1: fighting inflation, the easier it will be. This editorial was 434 00:23:27,760 --> 00:23:31,399 Speaker 1: written by the Bloomberg Editorial Board. For more Bloomberg Opinion, 435 00:23:31,480 --> 00:23:35,000 Speaker 1: please go to Bloomberg dot com, Slash Opinion or Ope 436 00:23:35,160 --> 00:23:38,440 Speaker 1: I n go on the Bloomberg terminal. This has been 437 00:23:38,560 --> 00:23:42,600 Speaker 1: Bloomberg Opinion. Listen for Bloomberg opinion editorials every weekday at 438 00:23:42,680 --> 00:23:45,119 Speaker 1: this time and terminal customers can read more at O 439 00:23:45,280 --> 00:23:48,160 Speaker 1: P I n go. SP futures right now at forty 440 00:23:48,200 --> 00:23:50,679 Speaker 1: one point. Staff futures up two or twenty nine. NASTAT 441 00:23:50,760 --> 00:23:53,280 Speaker 1: futures are higher by one eight eight points in the 442 00:23:53,320 --> 00:23:56,200 Speaker 1: tenure treasury yield now two point nine one per cent. 443 00:23:56,760 --> 00:24:04,080 Speaker 1: This is Bloomberg Bloomberg eleven three oh weather, morning fog. 444 00:24:04,200 --> 00:24:05,840 Speaker 1: We give way to a few showers today with a 445 00:24:05,880 --> 00:24:08,920 Speaker 1: high near seventy degrees. More showers possible tomorrow, low seventies 446 00:24:09,000 --> 00:24:11,119 Speaker 1: will be near eighty by Sunday, with a mix of 447 00:24:11,160 --> 00:24:12,840 Speaker 1: sun and clouds and a chance for a few more 448 00:24:12,920 --> 00:24:18,879 Speaker 1: showers sixty two degrees right now, Markets, headlines and breaking 449 00:24:18,960 --> 00:24:21,760 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 450 00:24:21,960 --> 00:24:25,560 Speaker 1: the Bloomberg Business at and at Bloomberg Quick Takes a 451 00:24:25,600 --> 00:24:34,480 Speaker 1: Bloomberg Business Flash. And I'm Karen Moscow and we're watching 452 00:24:34,520 --> 00:24:37,680 Speaker 1: this headline crossing the Bloomberg with Elon Musk is saying 453 00:24:37,720 --> 00:24:42,600 Speaker 1: that Twitter deal is temporarily on hold, pending details again 454 00:24:42,720 --> 00:24:46,280 Speaker 1: he's saying the Twitter deal temporarily on hold, and we'll 455 00:24:46,320 --> 00:24:50,800 Speaker 1: be keeping watch of Twitter shares. They are. We're watching 456 00:24:50,840 --> 00:24:52,720 Speaker 1: Twitter shares in the early trade. Will be taking a 457 00:24:52,760 --> 00:24:54,520 Speaker 1: look at those in just a moment right now though. 458 00:24:54,600 --> 00:24:58,040 Speaker 1: Futures are higher and they're rising after Federal Reserve charge 459 00:24:58,080 --> 00:25:01,000 Speaker 1: your own Powell pushed back against specula of steeper interest 460 00:25:01,080 --> 00:25:03,919 Speaker 1: rate hikes. We check the markets every fifteen minutes throughout 461 00:25:03,920 --> 00:25:06,200 Speaker 1: the trading day on Bloomberg Guess and P futures of 462 00:25:06,320 --> 00:25:08,800 Speaker 1: forty one points down, futures of two hundred twenty five 463 00:25:09,119 --> 00:25:11,760 Speaker 1: nasdack futures of one hundred ninety eight The decks in 464 00:25:11,840 --> 00:25:14,640 Speaker 1: Germany's a one point two percent ten year treasury down 465 00:25:14,680 --> 00:25:17,399 Speaker 1: fourteen thirty seconds, held two point nine zero percent, and 466 00:25:17,440 --> 00:25:19,959 Speaker 1: they yield on the two year two point five nine percent. 467 00:25:20,400 --> 00:25:23,119 Speaker 1: Nime X Screwed oil is up one point three percent, 468 00:25:23,200 --> 00:25:25,280 Speaker 1: up a dollar forty at a hundred seven dollars fifty 469 00:25:25,320 --> 00:25:27,600 Speaker 1: three cents of barrel. Comic School is down a tenth 470 00:25:27,640 --> 00:25:29,399 Speaker 1: of a per cent, or two dollars twenty cents at 471 00:25:29,440 --> 00:25:32,439 Speaker 1: eighteen twenty two forty anounts. The Euro one point oh 472 00:25:32,560 --> 00:25:34,959 Speaker 1: three eight one against the dollar, the en one eight 473 00:25:35,000 --> 00:25:38,080 Speaker 1: point nine two, and Bitcoin this morning moving higher up 474 00:25:38,119 --> 00:25:41,720 Speaker 1: six point four percent at thirty thousand, three hundred eighty dollars. 475 00:25:41,800 --> 00:25:44,200 Speaker 1: And that's a Bloomberg business flash. Now here's Michael Barr 476 00:25:44,320 --> 00:25:47,119 Speaker 1: with more on what's going on around the world. Michael Karen, 477 00:25:47,160 --> 00:25:50,080 Speaker 1: thank you very much. A new forty billion dollar round 478 00:25:50,200 --> 00:25:54,119 Speaker 1: of aid Ukraine has wide bipartisan supporting Congress, but it 479 00:25:54,320 --> 00:25:56,880 Speaker 1: is being held up in the Senate by one senator. 480 00:25:57,200 --> 00:26:01,040 Speaker 1: Republican Senator Rand Paul of Kentucky says there should be 481 00:26:01,119 --> 00:26:03,840 Speaker 1: a watch dog keeping eye on how the money is 482 00:26:04,000 --> 00:26:07,760 Speaker 1: used in Ukraine, all eyes on House Minority Leader Kevin 483 00:26:07,840 --> 00:26:10,719 Speaker 1: McCarthy and four of the Congressional Republican and subpoena by 484 00:26:10,800 --> 00:26:16,320 Speaker 1: House investigators. The January six committee begins public hearings next month, 485 00:26:16,560 --> 00:26:19,879 Speaker 1: with the final report dueout this fall. In baseball, the 486 00:26:19,960 --> 00:26:22,200 Speaker 1: Yankees were winners. The Mets beat the Nationals four one, 487 00:26:22,280 --> 00:26:25,440 Speaker 1: the Orioles in eighties one. In the NHL playoffs, there 488 00:26:25,520 --> 00:26:28,320 Speaker 1: will be a deciding Game seven after the Bruins beat 489 00:26:28,359 --> 00:26:31,119 Speaker 1: the Hurricanes five to the Rangers will try to avoid 490 00:26:31,160 --> 00:26:34,520 Speaker 1: elimination in Game six tonight against the Penguins. Global News 491 00:26:34,640 --> 00:26:37,880 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktech, 492 00:26:38,119 --> 00:26:41,040 Speaker 1: powered by more than twenty seven hundred journalist analysts more 493 00:26:41,080 --> 00:26:45,280 Speaker 1: than a hundred twenty countries. How Michael Bart, this is Bloomberg. Nathan, Hi, Michael, 494 00:26:45,320 --> 00:26:47,199 Speaker 1: thank you. It's five forty nine on Wall Street Life 495 00:26:47,200 --> 00:26:50,919 Speaker 1: from the Bloomberg intractor Broker's studios. This is Bloomberg Daybreak. 496 00:26:50,960 --> 00:26:52,600 Speaker 1: When I get you a few more details on this 497 00:26:52,880 --> 00:26:55,880 Speaker 1: red headline story just crossing the Bloomberg terminal. Elon Musk 498 00:26:55,960 --> 00:26:59,120 Speaker 1: saying on Twitter that are on Twitter that the deal 499 00:26:59,240 --> 00:27:03,080 Speaker 1: to buy Twitter is temporarily on hold, pending details supporting 500 00:27:03,160 --> 00:27:06,560 Speaker 1: his calculation that spam slash fake accounts do indeed represent 501 00:27:06,720 --> 00:27:09,240 Speaker 1: less than five percent of users. That is, according to 502 00:27:09,440 --> 00:27:12,760 Speaker 1: a tweet from Elon Musk linking to a Reuter's article 503 00:27:13,119 --> 00:27:15,840 Speaker 1: on that story. Twitter shares are slumping as much as 504 00:27:15,880 --> 00:27:18,840 Speaker 1: eleven percent in the pre market trading, while Tesla shares 505 00:27:18,880 --> 00:27:21,159 Speaker 1: have jumped as high as four point nine percent. Will 506 00:27:21,200 --> 00:27:25,080 Speaker 1: continue monitoring all the latest developments on that story. In 507 00:27:25,119 --> 00:27:27,480 Speaker 1: the meantime, we want to get you to some of 508 00:27:27,560 --> 00:27:30,119 Speaker 1: what's happening in Washington, not the least of which is 509 00:27:30,240 --> 00:27:32,760 Speaker 1: j Powell winning a second term at the Federal Reserve 510 00:27:32,840 --> 00:27:36,200 Speaker 1: to try to turn the hottest inflation in decades around. 511 00:27:36,320 --> 00:27:40,399 Speaker 1: Emily Wilkins is with US Now, reporter for Bloomberg Government. Uh, 512 00:27:40,520 --> 00:27:45,320 Speaker 1: Emily J. Powell did get a bipartisan vote of confidence 513 00:27:45,480 --> 00:27:48,840 Speaker 1: in the Senate, but as he himself is acknowledging, he 514 00:27:48,880 --> 00:27:52,920 Speaker 1: has a very tough job ahead. Oh, absolutely, Nathan. I 515 00:27:52,960 --> 00:27:55,280 Speaker 1: mean he's got to figure out a way to get 516 00:27:55,359 --> 00:27:58,959 Speaker 1: inflation to come down well also avoiding driving the country 517 00:27:59,160 --> 00:28:01,720 Speaker 1: into a risk session. And I mean he has the 518 00:28:01,800 --> 00:28:04,359 Speaker 1: vote of confidence right now, he has that that strong 519 00:28:04,520 --> 00:28:07,600 Speaker 1: bipartisan vote that we saw the other day. Um, but 520 00:28:07,720 --> 00:28:09,800 Speaker 1: it's not going to be expected to be an easy 521 00:28:09,880 --> 00:28:12,639 Speaker 1: road ahead, but it's also one that's kind of desperately needed, 522 00:28:12,720 --> 00:28:16,359 Speaker 1: particularly from Democrats who are facing a very difficult um 523 00:28:16,720 --> 00:28:20,800 Speaker 1: election this November, who, thanks to historical precedent, are likely 524 00:28:20,920 --> 00:28:24,240 Speaker 1: to lose the House. And that's exactly how much they 525 00:28:24,320 --> 00:28:26,720 Speaker 1: lose it by is really going to be determined by 526 00:28:26,920 --> 00:28:29,520 Speaker 1: how bad inflation is when it's time for Americans to 527 00:28:29,600 --> 00:28:31,840 Speaker 1: head to the polls and sort of feeding into that 528 00:28:31,920 --> 00:28:35,320 Speaker 1: inflation story or tell me if I'm wrong, This nationwide 529 00:28:35,440 --> 00:28:40,320 Speaker 1: baby formulas shortage that Republicans, as we've seen just yes 530 00:28:40,560 --> 00:28:45,280 Speaker 1: since yesterday, are really trying to capitalize on politically, yes, 531 00:28:45,440 --> 00:28:47,800 Speaker 1: And I mean, like, let's let's be very clear here. 532 00:28:48,000 --> 00:28:50,240 Speaker 1: You're seeing a lot of action both from Democrats and 533 00:28:50,320 --> 00:28:52,680 Speaker 1: Republicans on this issue, and they're both kind of playing 534 00:28:52,720 --> 00:28:55,400 Speaker 1: the roles that you would expect Democrats in the majority. 535 00:28:55,480 --> 00:28:58,600 Speaker 1: You saw Biden meeting with groups yesterday trying to put 536 00:28:58,720 --> 00:29:01,560 Speaker 1: more money towards trying to figure out ways to make 537 00:29:01,600 --> 00:29:05,440 Speaker 1: sure that that formulas supply can get a boost. Obviously, 538 00:29:05,600 --> 00:29:07,760 Speaker 1: this is not just a supply chain issue. This is 539 00:29:07,800 --> 00:29:11,400 Speaker 1: also an issue from Abbott Industries needing to recall so 540 00:29:11,480 --> 00:29:15,240 Speaker 1: many different baby formulas after numerous ones were found to 541 00:29:15,320 --> 00:29:18,440 Speaker 1: be making babies and infants sick. And so this is 542 00:29:18,640 --> 00:29:22,360 Speaker 1: a dual pronged issue here. You still have seen Republicans 543 00:29:22,480 --> 00:29:25,880 Speaker 1: come out, uh introduced legislation and really sort of attack 544 00:29:25,920 --> 00:29:28,720 Speaker 1: the Abiden administration on this. But you are also seeing 545 00:29:28,760 --> 00:29:32,440 Speaker 1: Democrats scheduling hearings. We've got at least one for next week, uh, 546 00:29:32,560 --> 00:29:34,719 Speaker 1: one for the week after they're going to be speaking 547 00:29:35,080 --> 00:29:36,840 Speaker 1: with the f D head of the f D A. 548 00:29:37,200 --> 00:29:40,120 Speaker 1: They want to be speaking with Abbott Industries on this um. 549 00:29:40,320 --> 00:29:44,880 Speaker 1: And we're also potentially anticipating some additional legislation from Democrats 550 00:29:44,960 --> 00:29:47,640 Speaker 1: on this that could move even sooner than that. So 551 00:29:47,720 --> 00:29:50,400 Speaker 1: it's certainly that something that both parties are very focused 552 00:29:50,440 --> 00:29:53,120 Speaker 1: on right now. Um. Of course, Republicans don't have the 553 00:29:53,200 --> 00:29:55,760 Speaker 1: majority at this point, so there's little legislation that they 554 00:29:55,840 --> 00:29:59,000 Speaker 1: can move, but they're certainly putting pressure on Democrats to 555 00:29:59,080 --> 00:30:02,480 Speaker 1: address this in a meaningful capacity. Only about thirty seconds 556 00:30:02,560 --> 00:30:04,680 Speaker 1: left here, Emily, but we were expecting that Ukraine Aid 557 00:30:04,800 --> 00:30:06,560 Speaker 1: was going to move quickly, but it's on hold now 558 00:30:06,640 --> 00:30:09,680 Speaker 1: in the Senate. What's going on? So despite bleeze from 559 00:30:10,120 --> 00:30:13,360 Speaker 1: the top Democrat Chuck Schumer and the top Recoplican Mitch McConnell, 560 00:30:13,760 --> 00:30:16,480 Speaker 1: Senator Rampaul stuck to his guns and said, if we 561 00:30:16,520 --> 00:30:18,920 Speaker 1: don't get additional language that I want in there on 562 00:30:19,040 --> 00:30:22,720 Speaker 1: an inspector general kind of overseeing this funding, I'm not 563 00:30:22,840 --> 00:30:25,040 Speaker 1: going to give the okay for this to move quickly. 564 00:30:25,240 --> 00:30:27,360 Speaker 1: And Nathan, you need all the hundred senators to get 565 00:30:27,440 --> 00:30:30,200 Speaker 1: this through quickly. So look, Ukrainate, it's still gonna pass. 566 00:30:30,560 --> 00:30:32,400 Speaker 1: It's just gonna be the middle of next week and 567 00:30:32,480 --> 00:30:36,360 Speaker 1: the problem there is that about next Thursday, next Friday, 568 00:30:36,600 --> 00:30:39,520 Speaker 1: the Biden administration they run out of that funding that 569 00:30:39,600 --> 00:30:42,560 Speaker 1: Congress allocated for them to use on Ukraine. So that's 570 00:30:42,560 --> 00:30:44,680 Speaker 1: the big thing. They have to get that funding replenished. 571 00:30:44,760 --> 00:30:46,880 Speaker 1: This bill is the way to do it, and we're 572 00:30:46,960 --> 00:30:49,200 Speaker 1: going to see that sometime next week. All right, Boomberg. 573 00:30:49,200 --> 00:30:51,680 Speaker 1: Government reporter Emily Wilkins with us from Washington. Will be 574 00:30:51,800 --> 00:30:53,840 Speaker 1: checking back with Emily in the next hour for more 575 00:30:53,880 --> 00:30:57,240 Speaker 1: on what's happening in the nation's capital. That Karen, We've 576 00:30:57,280 --> 00:31:01,000 Speaker 1: had some big breaking news involving the Twitter buyout by Elms. Yeah, 577 00:31:01,040 --> 00:31:03,920 Speaker 1: and we're watching this tweet here from Elon Musk. He 578 00:31:04,040 --> 00:31:07,840 Speaker 1: said that the Twitter deal is temporarily on hold. This 579 00:31:08,040 --> 00:31:12,400 Speaker 1: is pending details supporting calculation that spam or fake accounts 580 00:31:12,520 --> 00:31:16,560 Speaker 1: do indeed represent less than five percent of users. This 581 00:31:16,680 --> 00:31:20,680 Speaker 1: again according to Elon Musk in a tweet just moments ago, 582 00:31:20,880 --> 00:31:23,360 Speaker 1: and Twitter shares were watching those in the early trade 583 00:31:23,400 --> 00:31:28,040 Speaker 1: there down about nine right now, while Tesla shares are 584 00:31:28,160 --> 00:31:31,800 Speaker 1: moving higher around up around five percent. If we want 585 00:31:31,800 --> 00:31:34,240 Speaker 1: to get to a legal story, we're watching this morning. 586 00:31:34,320 --> 00:31:38,160 Speaker 1: Celebrity chef Mario Batali was found not guilty of indecent 587 00:31:38,240 --> 00:31:40,960 Speaker 1: assault and battery this week. This after a woman accused 588 00:31:41,000 --> 00:31:43,680 Speaker 1: him of groping her while taking selfies in a Boston 589 00:31:43,720 --> 00:31:47,680 Speaker 1: bar in but Tally chose to have a judge decide 590 00:31:47,760 --> 00:31:50,680 Speaker 1: his case rather than a jury, and Boston Municipal Court 591 00:31:50,760 --> 00:31:53,600 Speaker 1: Judge James Stanton agreed with the defense lawyers that the 592 00:31:53,640 --> 00:31:56,880 Speaker 1: accuser had credibility issues and acquitted Batali of the charges. 593 00:31:57,320 --> 00:31:59,600 Speaker 1: There is still the matter of the fifty tho dollar 594 00:31:59,680 --> 00:32:03,640 Speaker 1: civil lawsuit the accuser filed against Patali. For more, Bloomberg's 595 00:32:03,680 --> 00:32:07,720 Speaker 1: June Grasso speaks to Bobby Shamullian, founding attorney of My 596 00:32:08,000 --> 00:32:12,880 Speaker 1: Law Rights law Group. The vast majority of criminal defendants 597 00:32:13,120 --> 00:32:16,600 Speaker 1: asked for a jury trial, but Tally wanted a judge 598 00:32:16,680 --> 00:32:20,640 Speaker 1: to decide his case. What was behind that decision? This 599 00:32:21,080 --> 00:32:25,000 Speaker 1: case involved a serious gamble by the defense. They bet 600 00:32:25,080 --> 00:32:28,360 Speaker 1: that a bench trial would be better for the defense 601 00:32:28,440 --> 00:32:31,440 Speaker 1: side rather than leaving up to a panel of jurors. 602 00:32:31,880 --> 00:32:35,760 Speaker 1: That means that the judge was the trier of fact 603 00:32:36,320 --> 00:32:39,800 Speaker 1: meaningless fact finders in addition to deciding the law. I 604 00:32:39,960 --> 00:32:43,200 Speaker 1: feel likely this was because he and his team didn't 605 00:32:43,240 --> 00:32:46,200 Speaker 1: want a jury to lump him in together with other 606 00:32:46,880 --> 00:32:51,880 Speaker 1: celebrities accused of behaving badly like Bill Cosby, Harvey Weinstein, 607 00:32:52,280 --> 00:32:56,400 Speaker 1: Cuba Gooding Jr. Who just pled guilty. Of course, the 608 00:32:56,480 --> 00:32:59,720 Speaker 1: allegations in the Cosby and Weinstein crimes were much worse. 609 00:33:00,000 --> 00:33:04,200 Speaker 1: It still, let's talk about the defense. The defense attacked 610 00:33:04,280 --> 00:33:09,120 Speaker 1: the credibility of the excuser. Explain their argument. This kind 611 00:33:09,160 --> 00:33:11,920 Speaker 1: of ties into the reason I feel his team went 612 00:33:12,000 --> 00:33:14,320 Speaker 1: with a bench trial rather than a jury trial. I 613 00:33:14,440 --> 00:33:17,520 Speaker 1: feel that they felt the text messages that they were 614 00:33:17,520 --> 00:33:20,120 Speaker 1: going to get into evidence would do far better in 615 00:33:20,200 --> 00:33:23,600 Speaker 1: the hands of this judge. There was excellent work on 616 00:33:23,720 --> 00:33:27,600 Speaker 1: by the defense to challenge the accuser credibility. Mainly she 617 00:33:27,720 --> 00:33:30,600 Speaker 1: was confronted with her prior text messages with friends joking 618 00:33:30,640 --> 00:33:33,280 Speaker 1: about the encounter and the nine in question, and they 619 00:33:33,360 --> 00:33:36,440 Speaker 1: discussed ways to potentially profit from it by selling it 620 00:33:36,560 --> 00:33:41,040 Speaker 1: to the media like TMZ selling them photos and the story. 621 00:33:41,840 --> 00:33:45,240 Speaker 1: It didn't end there. It was revealed and cross examination 622 00:33:45,320 --> 00:33:47,920 Speaker 1: by the defense that the accuser tried to get out 623 00:33:47,960 --> 00:33:51,600 Speaker 1: of jury duty by claiming she was a clairvoyance. I've 624 00:33:51,640 --> 00:33:53,840 Speaker 1: heard some creative ways to get out of jury duty, 625 00:33:54,360 --> 00:33:57,560 Speaker 1: this one I won't forget. The defense asked her if 626 00:33:57,600 --> 00:34:01,000 Speaker 1: she made those statements on the stand before. She said 627 00:34:01,040 --> 00:34:03,360 Speaker 1: she did, than they asked her if it was true. 628 00:34:03,920 --> 00:34:06,840 Speaker 1: She replied yes to some degree. I really feel the 629 00:34:06,920 --> 00:34:11,400 Speaker 1: judge hearing this testimony suayed him towards the defense. Now, 630 00:34:11,560 --> 00:34:14,520 Speaker 1: as far as the civil case, the standard of proof 631 00:34:14,600 --> 00:34:17,799 Speaker 1: is much lower. Could she actually win the civil case 632 00:34:17,920 --> 00:34:22,680 Speaker 1: even though the prosecution lost the criminal case? That's certainly possible. 633 00:34:23,000 --> 00:34:26,640 Speaker 1: A criminal case deals with a much higher standard. The 634 00:34:26,719 --> 00:34:29,440 Speaker 1: prosecution in this case how to prove their case that 635 00:34:29,719 --> 00:34:34,279 Speaker 1: Mr vitally caused an indecent assault and battery beyond a 636 00:34:34,360 --> 00:34:38,560 Speaker 1: reasonable doubt, And these cases can be difficult for the 637 00:34:38,920 --> 00:34:43,440 Speaker 1: prosecution to prove. And as Bobby Shamilian, founding attorney of 638 00:34:43,640 --> 00:34:47,040 Speaker 1: My Law Rights Law Groups, speaking at the Bloomberge doing Grosso, 639 00:34:47,160 --> 00:34:50,200 Speaker 1: catching more of that interview plus analysis of the latest 640 00:34:50,280 --> 00:34:53,160 Speaker 1: legal news my subscribing to the Bloomberg Law podcast or 641 00:34:53,200 --> 00:34:57,080 Speaker 1: downloading the show at Bloomberg dot com slash podcast. Attorneys 642 00:34:57,120 --> 00:35:00,520 Speaker 1: can find exceptional legal research and business development tools Bloomberg 643 00:35:00,600 --> 00:35:03,239 Speaker 1: Law dot com and on the Bloomberg terminal at v 644 00:35:03,400 --> 00:35:06,359 Speaker 1: law Go. And they continue to watch Twitter shares there 645 00:35:06,400 --> 00:35:10,040 Speaker 1: down nine this morning after Elon must said that Twitter 646 00:35:10,160 --> 00:35:13,360 Speaker 1: deal is temporarily on hold. We're going to continue to 647 00:35:13,400 --> 00:35:16,320 Speaker 1: watch those shares and have more details on that story 648 00:35:16,560 --> 00:35:20,080 Speaker 1: straight ahead, as Bloomberg Daybreak continues on a day when 649 00:35:20,160 --> 00:35:22,360 Speaker 1: futures are on the rise. S and P future is 650 00:35:22,440 --> 00:35:25,960 Speaker 1: up thirty six points this morning. And this is Bloomberg