Speaker 1: Live from the Bloomberg Interactive Burger Studios is his Bloomberg
Speaker 1: Daybreak for a Monday, May nine two Coming up this hour,
Speaker 1: stocks fall and the dollar extends its rally as we
Speaker 1: begin a new trading week. Vladimir Putin justifies his invasion
Speaker 1: of Ukraine at the annual Victory Day celebration in Russia,
Speaker 1: and President Biden plants SWAF for free Internet to millions
Speaker 1: of homes. New York Governor Kathy Hocle test positive for
Speaker 1: COVID plus. Democrats held the pass legislation to preserve a
Speaker 1: Borgian rights protections. I'm Michael Barr. More ahead, I'm John
Speaker 1: stash Hour. In sports, Mets and Yankees with doubleheaders split
Speaker 1: the NBA playoff wins for Dallas and Philadelphia. The Rangers
Speaker 1: have Game four in Pittsburgh tonight. That's all s train
Speaker 1: ahead on Bloomberg Daybreak on Bloomberg E Live in free
Speaker 1: on New York, Bloomberg one, Washington, d C, Bloomberg one
Speaker 1: oh six one, Boston, Bloomberg nine sixties, San Francisco, Syrius
Speaker 1: Exam one nineteen and around the world Old on Bloomberg
Speaker 1: Radio dot Com and via the Bloomberg Business app. Good morning.
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. US DOT index
Speaker 1: futures are following this morning, led by technology. Shares were
Speaker 1: coming up to five o one on Wall Street, and
Speaker 1: we checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg. Right now, SNP futures are down fifty
Speaker 1: six points down, futures down three hundred seventy two, NASTAG
Speaker 1: futures are down two hundred three that's down one point
Speaker 1: six percent. Ten year Treasury down thirteen thirty seconds, held
Speaker 1: three point one seven percent, and the yield on the
Speaker 1: two year two point seven two percent. Nathan, Well, Karen,
Speaker 1: it sounds like more of the same as we enter
Speaker 1: a new trading week. Stock slumping. The dollar is trading
Speaker 1: at a two year high as the feds aggressive tightening
Speaker 1: path and China's COVID lockdowns hit the economic outlook. Steve
Speaker 1: Brown is senior portfolio manager at American Century Investment Management.
Speaker 1: The Fed's gonna continue to raise rates till they get
Speaker 1: the results they want, and I think one the after
Speaker 1: effects of their rate hikes would be at a slowdown
Speaker 1: and g d P in the second half the year.
Speaker 1: In the United States, as well as the reduction and
Speaker 1: earned myths for many compries within the SMP five hundred
Speaker 1: American Century. Steve Brown notes the SMP five hundreds coming
Speaker 1: off it's fifth straight weekly dropped. That is the longest
Speaker 1: losing streak since there is heavy selling in Asia. Over night,
Speaker 1: Nathan Japan's NICK dropped two and a half percent, while
Speaker 1: stocks in Hong Kong plunge three point eight percent. But
Speaker 1: at the recap from Bloomberg's Juliette Sally and Singapore Good Morning,
Speaker 1: Juliet Good Morning Karen, China's on shore you un slid
Speaker 1: past six spots seven to the dollar for the first
Speaker 1: time since twenty twenty a mid data showing stagnating imports
Speaker 1: and the slowest export growth in dollar term since the pandemic.
Speaker 1: Premier Li Ka Chung warned about the employment situation as
Speaker 1: Beijing and Shanghai tight and virus curbs sending stocks low.
Speaker 1: ERM Australia's dollars slumped against the green back, testing seventy
Speaker 1: U s sens. Indonesian stocks fell the most since in
Speaker 1: November twenty twenty as markets reopened after the week long
Speaker 1: eight holiday. In Singapore, Juliette Sally Bloomberg, debreak All right, Juliet. Thanks.
Speaker 1: We now turned to the war in Europe, and as
Speaker 1: Russia's invasion of Ukraine enters its tenth week, President Vladimir
Speaker 1: Putin is presiding over his annual display of military might
Speaker 1: on Moscow's Red Square. Let's get the very latest live
Speaker 1: with Bloomberg's un Potts. Good Morning Euen, Good morning counter Nathan.
Speaker 1: Russia's president has justified his war in Ukraine as a
Speaker 1: battle comparable to the fight against Nazi Germany. Has Putin's
Speaker 1: faltering ten weeks old military action rumbles on. He's been
Speaker 1: speaking at Russia's annual Victory Day celebration on Moscow's Red Square.
Speaker 1: This year's dislay included eleven thousand troops and weaponry, including tanks,
Speaker 1: air defense systems, and nuclear missile launches, but this year
Speaker 1: former leaders were not invited. In London, i'mun Parts Bloomberg,
Speaker 1: debreak you and thank you. Back here in the US,
Speaker 1: the government is adding more sanctions on Russia, including a
Speaker 1: ban on American accounting and consulting firms, and Bloomberg's and
Speaker 1: Baxter has that story. The measures also include new export
Speaker 1: controls on industrial goods lements on three of Russia's pop
Speaker 1: state controlled TV stations and additional visa restrictions. Now the
Speaker 1: Accounting part imposes the first sanctions on gas prom Bank,
Speaker 1: encompassing twenty seven sanctions. It is a first there because
Speaker 1: the US was afraid of disrupting oil shipments, but now
Speaker 1: that the G seven has approved cutting those shipments, it
Speaker 1: decided to go ahead. In San Francisco, I'm at Baxter
Speaker 1: Bloomberg Gay break all right ed, thank you. President Biden
Speaker 1: is also working on his political agenda back home. He's
Speaker 1: about to make high speed internet more widely available across
Speaker 1: the United States, even for households that normally can't afford it.
Speaker 1: Amy Morris has more from our Bloomberg News room in Washington.
Speaker 1: It is part of the infrastructure law that passed last year.
Speaker 1: Twenty internet providers, including A T and T, Comcast, and Verizon,
Speaker 1: agreed to offer high speed connections at essentially no cost
Speaker 1: to millions of low income households. Sources tell Bloomberg News.
Speaker 1: Some companies will drop the prices of existing plans, others
Speaker 1: will raise their speed. The companies were't offered anything, and
Speaker 1: they won't get additional government funding. The government is also
Speaker 1: launching a website called get Internet dot gov to get
Speaker 1: more people involved in the program. President Biden will formally
Speaker 1: announce the plan today in Washington. I maybe more as
Speaker 1: Bloomberg daybreak. All right, Amy, thank you a while staying
Speaker 1: in Washington. Now, it looks like the US government had
Speaker 1: a record tax all this spring. Some of the credit
Speaker 1: goes to the surgeon individual stock trading by Americans. According
Speaker 1: to Treasury Department data, tax collection since the start of
Speaker 1: the fiscal year at October are running at a record high,
Speaker 1: up some forty three percent over the same period. That
Speaker 1: surprised Wall Street and is helping to shrink the budget deficit. Well,
Speaker 1: tax collections rise, Karen, so is the price of gas.
Speaker 1: In fact, the average price of regular grade gasoline jumped
Speaker 1: fifteen cents over the past two weeks to four dollars
Speaker 1: thirty eight cents a gallon. Industry analyst Troby Lundberg says
Speaker 1: that's a dollar thirty eight higher than it was a
Speaker 1: year ago. Nationwide. The highest average price for regular grade
Speaker 1: gases in the San Francisco Bay Area at five eighty
Speaker 1: five per gallon. Well, Nathan, another four or Trump administration
Speaker 1: official is telling all about the inner workings of the
Speaker 1: White House. Former Defense Secretary Mark Sper says he prevented
Speaker 1: dangerous things from happening during his time at the Pentagon,
Speaker 1: like attacking Venezuela and blockading Cuba. Sper says President Trump
Speaker 1: even suggested military action closer to home. The President pulls
Speaker 1: me aside on at least a couple occasions and suggests
Speaker 1: that maybe we have the U. S Military shoot missiles
Speaker 1: into Mexico, shoot missiles into Mexico. For what he would
Speaker 1: say to go after the cartel's Former Defense Secretary Mark
Speaker 1: Esper tells CBS is sixty minutes the former president told him,
Speaker 1: and no one would know the attack came from the US.
Speaker 1: Trump responded to Esper's claim in a statement, writing, quote
Speaker 1: no comment. Listeners in the Washington area can hear sixty
Speaker 1: minutes every Sunday night at ten on Bloomberg and a
Speaker 1: programming note across Bloomberg Radio. Join us later this morning
Speaker 1: on Bloomberg Surveillance when we speak live with Atlanta Fed
Speaker 1: President Raphael Bostick. That's coming up at eight am Wall
Speaker 1: Street time on both Bloomberg Radio and Bloomberg Television. Right now,
Speaker 1: SMP futures are down fifty seven points, drop of one
Speaker 1: point four percent. Down. Futures down three to two points.
Speaker 1: Nasdaq futures leading the declines, down two hundred six points.
Speaker 1: Straight ahead, your latest local headlines and the check of sports.
Speaker 1: This is Bloomberg and it's now five oh seven on
Speaker 1: Wall Street. Were forty seven degrees in Central park dealing
Speaker 1: with an accident investigation on the westbound Belt Parkway. Will
Speaker 1: get you to details coming up in traffic. First Michael
Speaker 1: Barr with more on what's going on in New York
Speaker 1: and around the world. Good morning, Michael, Good morning Nathan.
Speaker 1: New York Governor Kathy Hokel has tested positive for COVID nineteen.
Speaker 1: The governor made the announcement in a tweet yesterday afternoon.
Speaker 1: Governor Hokel says she is vaccinated and boosted against the
Speaker 1: virus and is feeling a symptomatic due to the positive
Speaker 1: test results. You will isolate and work remotely this week.
Speaker 1: Democrats are working to force a vote to codify abortion
Speaker 1: rights for women, but experts believe that vote will likely
Speaker 1: be blocked and the Court's ruling will stand. Senator Amy
Speaker 1: Klobuchar of Minnesota says that if the Democrats are unable
Speaker 1: to successfully pass this legislation. The voters will respond, if
Speaker 1: we are not successful, then we go to the ballot box.
Speaker 1: We march straight to the ballot box, and the women
Speaker 1: of this country and the men who stand with them
Speaker 1: will vote like they've never voted before. Lawmakers in several
Speaker 1: states are already beginning to put in place their legislations
Speaker 1: restricting abortions. In Arkansas, Governor Asa Hutchinson signed a bill
Speaker 1: last year that prohibits abortion in all cases except to
Speaker 1: save the line of the mother. We wanted the reverses
Speaker 1: wade reversed, and the authority to return to the states,
Speaker 1: and and so as a matter of principle, that's where
Speaker 1: it should be. Governor Hutchinson and Senator Clobuchar and spoke
Speaker 1: on a v c S this week, which can be
Speaker 1: heard Sundays on Bloomberg. Dangerous gusty winds are expected to
Speaker 1: continue across northeast New Mexican code today. That's likely to
Speaker 1: complicate the fight against wildfires that's threatened thousands of homes
Speaker 1: in mountainous rural communities. A growing number of parents nationwide
Speaker 1: faces shortage of baby formula due to supply chain issues
Speaker 1: and a February recall of three popular brands made by Abbot.
Speaker 1: Dr A Lock Patel is with Stanford Children's Hospital. For
Speaker 1: parents out there right now who are struggling to find
Speaker 1: a formula, one easy thing you can do is try
Speaker 1: to switch formulas. See if your child can tolerate that.
Speaker 1: Dr Purtell spoke to ABC. An earthquake centered northeast of
Speaker 1: South Carolina's capital city jolted large numbers of state residents
Speaker 1: awake already say the quake overnight had a luminary three
Speaker 1: point three magnitude. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quicktake, powered by more than
Speaker 1: twenty seven hundred journalists and analysts more than a hundred
Speaker 1: twenty countries. Michael barn this is Bloomberg, Nathan, thank you,
Speaker 1: Michael five on on Wall Street time for the Bloomberg
Speaker 1: Sports up taking, Morney, John Stan Shark, and one in
Speaker 1: Major Let's play two Yankees and Mets. Due to all
Speaker 1: the rain at the stadium, Yankees won the opener of
Speaker 1: Texas to the one on the labor tore his home
Speaker 1: run leaving off the bottom of the the ninth that went
Speaker 1: to right center field Chris Woodward. The Rangers manager said
Speaker 1: it would not have been a home run in any
Speaker 1: other ballpark, and he called Yankee Stadium a little league ballpark.
Speaker 1: Tore As was asked Tob that I like both team
Speaker 1: play in the symbol park and this INDI nation. Uh.
Speaker 1: I think I feel good to to hit walk off
Speaker 1: homer in the little liberal par and I mean happy
Speaker 1: to the first game tour as the second welko off
Speaker 1: head of the season. Yanks denied the swift. They led
Speaker 1: to nothing with the John Carlos Stanton home run, but
Speaker 1: Brad Miller two run shot off Michael King in the
Speaker 1: seventh inning the Rangers one four to two. King took
Speaker 1: the loss. He came in having not allowed to run
Speaker 1: in his last thirteen innings. In Philadelphia, the Mets lost
Speaker 1: three to two. Max Scherzer struck act and but suffered
Speaker 1: his first Met loss. Is now born and one Chris
Speaker 1: asked it then got his fourth win. Mets took to
Speaker 1: night Caps six to one thanks to Pete Alonzo to
Speaker 1: run over in the first name three run shot. In
Speaker 1: the fifth n b A and NHL playoffs, there were
Speaker 1: a total of six games played. All six were Game four's,
Speaker 1: and all six won by the home team in all
Speaker 1: six series are out tied to two. That's after Dallas
Speaker 1: beat Phoenix in the NBA, Philadelphia Top in Miami, and
Speaker 1: Stanley Cup WOP wins for Boston, Tampa, Bay St. Louis,
Speaker 1: and l A. Rangers hoping to be too two with
Speaker 1: the Penguins after tonight's Game four in Pittsburgh. The Rangers
Speaker 1: two losses have been tough ones, one of triple overtime
Speaker 1: and then Saturday they lost after coming from three goals
Speaker 1: down to tie the game. John stash Award Bloomberg Sports,
Speaker 1: All right, John, thank you. S and P futures down
Speaker 1: down fifty five points to drop of one of the
Speaker 1: third percent. Own futures down one point one percent or
Speaker 1: three sixty three points. NASTAC futures are lower by one
Speaker 1: point six percent to drop of two hundred three points.
Speaker 1: The tenure treasury is down thirteen thirty seconds, yield three
Speaker 1: point one eight percent. Dennis Gartman, former publisher of The
Speaker 1: Gartman Letter, joins us next on this market. You're listening
Speaker 1: to Bloomberg Daybreak Bloomberger eleven three oh weather partly mostly sunny, breezy,
Speaker 1: mid sixties. Today will be sunny and breezy with a
Speaker 1: high near seventy tomorrow high near seventy in the sunshine
Speaker 1: on Wednesday as well. Right now forty seven degrees in
Speaker 1: Central Park. Markets headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business Outland
Speaker 1: at Bloomberg Victape. She's a Bloomberg Business flash and I'm
Speaker 1: Cameron Moscow. And investors are rushing to the safety of
Speaker 1: the US dollar about global stock slide ever closer to
Speaker 1: a bear market as the Federal reserves aggressive tightening path
Speaker 1: in China's COVID lockdown's worse in the outlook for economic growth.
Speaker 1: The dollar are extending at two year high, rising against
Speaker 1: all of its major peers. And we checked the markets
Speaker 1: every fifteen minutes throughout the trading day on Bloomberg. Right
Speaker 1: now isn't P futures are down fifty five points down,
Speaker 1: futures down three hundred fifty nine. NASDACK futures down one
Speaker 1: D ninety five. That's down one and a half percent.
Speaker 1: The decks in Germany's down eight tenths percent. Ten year
Speaker 1: treasury down fourteen thirty seconds. He'll three point one eight percent.
Speaker 1: The yield on the two year two point seven two percent.
Speaker 1: Not a mex scret oil is down one point two
Speaker 1: percent on a dollar twenty seven at a hundred eight
Speaker 1: dollars forty six cents of barrel comex school down nine
Speaker 1: tenths per cent, or sixteen dollars seventy cents at eighteen
Speaker 1: sixty six an ounce. The Euro one point oh five
Speaker 1: one five against the dollar, British bound one point to
Speaker 1: two nine zero the end at one thirty one point
Speaker 1: one two and Bitcoin this morning down one percent at
Speaker 1: thirty three thousand, six hundred dollars. Today we are watching
Speaker 1: for a report on wholesale inventories at at ten o'clock
Speaker 1: Wall Street Time, and Tyson Foods among companies scheduled to
Speaker 1: report earnings today. That's a Bloomberg business flash. Now here's
Speaker 1: Michael Barr with more on what's going on around the world. Michael,
Speaker 1: Good morning, Good morning, Karen. Russia commemorated Victory Day with
Speaker 1: a military parade this morning. Russia's Victory Day marks the
Speaker 1: end of World War Two. President Vladimir Putin addressed the
Speaker 1: parade and Red Square as Ukraine's military warns of a
Speaker 1: high probability of missile strukes ahead of the expected Senate
Speaker 1: vote this week on an abortion rights bill. Catholic churches
Speaker 1: and cities across the country are increasing security. In baseball,
Speaker 1: the Yankees split a double header with the Rangers. The
Speaker 1: Mets split a double header with the Phillies. The Orioles
Speaker 1: won a double header against the Royals. The Red Sox Nationals,
Speaker 1: and he has lost the Giants one NHL Playoffs. The
Speaker 1: Bruins beat the Hurricanes to even the series at two games.
Speaker 1: Apiece Global News twenty four hours a day on air
Speaker 1: and on Bloomberg Quick Take, powered by more than twenty
Speaker 1: seven under journalists an analyist in more than a hundred
Speaker 1: twenty countries. I'm Michael Barren. This is Bloomberg, Nathan Now.
Speaker 1: A lot of baseball players got their working yesterday. Thank you, Michael.
Speaker 1: And we're coming up to five twenty on Wall Street
Speaker 1: Life from the Bloomberg Interactive Broker Studios. This is Bloomberg
Speaker 1: daybreaking with us for the hour this morning, as we
Speaker 1: kick off a new trading week. Dennis Gartman, chairman of
Speaker 1: the University of Akron and Dowmint Investment Committee and former
Speaker 1: publisher of the Gartment Letter. As we watch the bleeding
Speaker 1: continue on Wall Street this morning. Dennis. I know you've
Speaker 1: been calling for a bear market for some time now.
Speaker 1: I wonder if you have any idea or any insights
Speaker 1: into when this this slide might stop. Nate and I've
Speaker 1: been at this for forty five years, and the best
Speaker 1: that I've learned is this the trend that's in place
Speaker 1: will continue until it stops. That's the best that I've learned.
Speaker 1: So to put some number on it, it would be
Speaker 1: ill advised. I've been bearissed since January. I continue to
Speaker 1: be bearish of share prices. I think that the this
Speaker 1: is something that's going on globally, not just domestically here
Speaker 1: in the United States. Look at the look at your
Speaker 1: screens this morning. It's read everywhere. It's read in in Japan,
Speaker 1: it's read in Europe, it's read here in the early
Speaker 1: futures markets here and in the United States. It's read
Speaker 1: in Canada, it's read in Australia. This is something that's
Speaker 1: happening around the world, and it's predicated upon the fact
Speaker 1: that the monetary authorities, especially here in the United States,
Speaker 1: that have been so expansionary for such a long period
Speaker 1: of time right now being contractionary and they're going to
Speaker 1: remain contractionary, trying to fight against the inflationary pressures that
Speaker 1: they themselves have engendered do their own expansionary policies over
Speaker 1: the course of the past near decades. So this is
Speaker 1: a bear market, and the best that is be less involved,
Speaker 1: to be less long, trying to be as uh as
Speaker 1: conservative as one can be. I was lucky enough as
Speaker 1: the chairman of the University of Akron to get us
Speaker 1: out of twelve to fifteen percent of our our equities
Speaker 1: at the end of the last year. Right on the
Speaker 1: last day of the year last February, I actually moved
Speaker 1: us out of three percent of our our equities and
Speaker 1: moved us into three percent gold. And I'm comfortable with
Speaker 1: doing that. And in a bear market, as I like
Speaker 1: to say here, she who loses the league shall be
Speaker 1: the winner. And that's the that's sadly, that's the attitude
Speaker 1: that one should have at this point. So, as you say,
Speaker 1: you've been a participant in this market for some time,
Speaker 1: obviously you've seen contractionary central banks in the past. What
Speaker 1: do you make of the violence of this of I'm
Speaker 1: not sure it's that violent. Yet we're only going down
Speaker 1: one percent a day, which after the course of a
Speaker 1: week he adds up. But it's not as if we're
Speaker 1: taking out five in the course of one session, so
Speaker 1: it's not terribly violent. The market will end in in
Speaker 1: a violent downward movement, will have one day when we'll
Speaker 1: be down five or six percent, and that will be
Speaker 1: a that'll be the final selling pressure that will that
Speaker 1: will end the bear market. But until then, I'm not
Speaker 1: sure that it's been that terribly violent. The VIX has
Speaker 1: not been that high yet, it's not been that strong.
Speaker 1: It's up in the thirties. I guess we'll get it
Speaker 1: up into the forties and that that that'll mark the
Speaker 1: end of the mor of the move. But until then,
Speaker 1: it's a bear market, and prices are moving from the
Speaker 1: upper left to the lower right and will continue to
Speaker 1: do so until they stop. That's that's all I've learned.
Speaker 1: What's the biggest culprit behind this steady slide that we
Speaker 1: have seen in markets The fact that the monetary authorities
Speaker 1: who have been so expansionary uh as as made evident
Speaker 1: by the the fact that the Fed's balance sheet had
Speaker 1: gone from less than a trillion dollars to nine trillion
Speaker 1: dollars in the course of what seven or eight years
Speaker 1: that was. That was fuel adding to a bull market
Speaker 1: all all along the while, and now they're they're taking
Speaker 1: that fuel away. It's as if the automobile has been
Speaker 1: starved for fuel and now it's sputtering to a close.
Speaker 1: And that's to to make the metaphor complete, that's the
Speaker 1: easiest way to look at it. The the fuel that
Speaker 1: had been the sponsor of the bull market is now
Speaker 1: being taken away and the automobile is running out of gas.
Speaker 1: Our last minute of this segment, Dennis, do you think
Speaker 1: the FED continues on the tightening path that it's laid
Speaker 1: out here multiple uh fifty basis point hikes or could
Speaker 1: the financial conditions that we're seeing sort of do some
Speaker 1: of the work of the Fed for it. Well, the
Speaker 1: Fed has to stay with this new policy that has
Speaker 1: put into effect only at this past meeting. It has
Speaker 1: to stay in that way for about a year or
Speaker 1: so just to be consistent. So I think that fifty fifty, fifty,
Speaker 1: fifty and fifty is almost a given. They have no choice.
Speaker 1: They have to otherwise they look far too and consists.
Speaker 1: And so yes, this is the FED is going to
Speaker 1: remain in a in a tightening monetary policy for quite
Speaker 1: some period of time going forward. Dennis Gartman, as I say,
Speaker 1: with us for the hour here, the first hour here
Speaker 1: on Boomberg daybreaks, we'll be checking back in with the
Speaker 1: next in the with Dennis in the next half hour.
Speaker 1: I want to get your thoughts as well on the
Speaker 1: outlook for inflation now that the FED is getting more
Speaker 1: aggressive on this market. So Dennis Scartman will be back
Speaker 1: with us later this hour as we kick off this
Speaker 1: new trading week, and looking at head to the market
Speaker 1: open more losses look like they are in the offing
Speaker 1: here with SMP futures now down fifty five points or
Speaker 1: one point three percent down, futures down three sixty nine,
Speaker 1: that's a drop of one point one percent, the Nasdaq
Speaker 1: futures down one point six percent, a drop of one
Speaker 1: hundred ninety eight points, and the tenure treasury is down
Speaker 1: twelve thirty seconds, the yield three point one seven percent,
Speaker 1: yield on the two year two point seven one percent.
Speaker 1: More analysis of this market slide and Vladimir Putin's address
Speaker 1: on Moscow's victory day. All that's straight ahead on Bloomberg
Speaker 1: Day right Bloomberg eleven three oh weather partly the mostly sunny,
Speaker 1: breezy mid sixties today. We'll get up to near seventy
Speaker 1: tomorrow with sunshine and a breeze. It will be sunny
Speaker 1: with a high near seventy Wednesday as well, currently forty
Speaker 1: seven degrees in Central Park. Broadcasting live from the Bloomberg
Speaker 1: Interactive Broker Studio in New York, Bloomberg Elving Free on
Speaker 1: to Washington, d C. Bloomberg to Boston, Bloomberg one O
Speaker 1: six one to San Francisco, Bloomberg nine sixty to the
Speaker 1: Country Sirius XM to one nineteen and around the globe
Speaker 1: the Bloomberg Business app in Bloomberg Radio dot Com. This
Speaker 1: is Bloomberg day Break. It's five thirty on Wall Street.
Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen Moscow. We
Speaker 1: are just about four hours away from the open of
Speaker 1: US trading. Let's catch you up to date in the
Speaker 1: news you need to know at this hour. While stocks
Speaker 1: are lower, as the dollar trades at a two year
Speaker 1: high to begin the week, the S and P has
Speaker 1: dropped for five straight weeks, and global stocks continue their
Speaker 1: downward shread. This all comes as rising interest rates in
Speaker 1: China's COVID lockdowns pressure markets. Katrina L's, senior economist with
Speaker 1: Moody's Analytics, says lockdowns are significantly impacting exports from China
Speaker 1: and economies across the globe. It is disrupting the pots,
Speaker 1: it is disrupting manufacturing, it and more broadly, it's really
Speaker 1: hurting China's economic recovery because consumers and businesses a you know,
Speaker 1: a force basically back into hibernation, and that's in stock
Speaker 1: contrast to the rest of the world. Moody's Analytics senior
Speaker 1: economist Katrina l says economic prospects for China are dim
Speaker 1: due to lockdowns. Kind of quick programming. Now we're gonna
Speaker 1: speak live with Atlanta Fed President Raphael Bostick about the
Speaker 1: economy this morning. Karen, So, I want to invite our
Speaker 1: listeners to join us at eight am Wall Street time
Speaker 1: for that on both Bloomberg Radio and television. Well, turning
Speaker 1: to Russia now, Nathan, we're President Vladimir Putin is attempting
Speaker 1: to justify his invasion of Ukraine. He spoke at the
Speaker 1: country's annual Victory Day parade in Moscow, started capturing the
Speaker 1: territories of which so so on a planned basis there
Speaker 1: was a threat which was totally unacceptable to US. Russia
Speaker 1: President Vladimir Putin said the invasion as comparable to Russia's
Speaker 1: fight against Nazi Germany. Back in the US, Karen, President
Speaker 1: Biden is about to make high speed internet more widely
Speaker 1: available as a part of his infrastructure law of the
Speaker 1: past last year. The President will discuss the plan later today.
Speaker 1: Mustang in d C. Nathan. The US government is reporting
Speaker 1: a record tax hall tax collections since it started the
Speaker 1: fiscal year in October. Or upte p from and former
Speaker 1: President Trump's former Defense secretary Mark Asper is revealing conversations
Speaker 1: he had about possible military action against Mexico. As Per says,
Speaker 1: then President Trump wanted to launch missiles to attack drug cartels.
Speaker 1: We would have this private discussion where I'd say, Mr President,
Speaker 1: you know, I understand the motive, because he was very
Speaker 1: serious about dealing with drugs in America. I get that,
Speaker 1: we we all understand. But I had explained to him,
Speaker 1: we can't do that. It would violate in their national law.
Speaker 1: The former Defense Secretary Mark Espert tell CBS IS sixty
Speaker 1: minutes he persuaded President Trump not to take those actions.
Speaker 1: Trump issued a statement saying no comment. Listeners in the
Speaker 1: Washington area can hear sixty minutes every Sunday night at
Speaker 1: ten on Bloomberg and SMP futures are lower this morning,
Speaker 1: down sixty three points and down features down four nine,
Speaker 1: nasdack futures down two two straight to head your local headlines,
Speaker 1: And this is Bloomberg and it's now five thirty three
Speaker 1: on Wall Street. Let's check in with Michael Barr with
Speaker 1: what's going on in New York and around the world. Michael,
Speaker 1: thank you very much. Nathan. New York Governor Kathy Oakl
Speaker 1: has tested positive for COVID nineteen. The governor made the
Speaker 1: announcement in that sweet yesterday afternoon. Governor Hokel says she
Speaker 1: is vaccinated and boosted against the virus and is feeling
Speaker 1: a symptomatic due to the positive test results. You will
Speaker 1: isolate and work remotely this week. A new CBS News
Speaker 1: poll shows majority of those surveyed do not want the
Speaker 1: Supreme Court to overturn the Roe v. Wade. It comes
Speaker 1: in the week of elite draft opinion from the High
Speaker 1: courts majority calling for reverse and Row Democrats are now
Speaker 1: working to force a vote to qualify abortion rights for
Speaker 1: women nationwide next week, but experts believe that it will
Speaker 1: likely be blocked and the Court's ruling will stand. Senate
Speaker 1: Majority Leader Chuck Schumer of New York says every Senator
Speaker 1: will have to go on record and vowed keep fighting
Speaker 1: not on our watch. Will you take away women's rights?
Speaker 1: Will you take away the right to choose? Will you
Speaker 1: dismantle women's rights after fifty years fifty years of president?
Speaker 1: Senator Schumer says if Republicans vote the bill down, it
Speaker 1: will backfire. In Arkansas, Governor He's A. Hutchinson signed bill
Speaker 1: last year that prohibits abortion in all cases except to
Speaker 1: save the life of the mother. Hutchinson says he doesn't
Speaker 1: agree with some of his GOP colleagues calling for a
Speaker 1: nationwide abortion band, and state's gonna make different determinations of it,
Speaker 1: but the people are going to express through their representative
Speaker 1: exactly the direction they want to go, and to me,
Speaker 1: that makes sense, and I think it makes sense under
Speaker 1: our constitution. Governor Hutchinson made his comments on ABC's This Week,
Speaker 1: which can be heard Sundays on Bloomberg. Italy's capital has
Speaker 1: banned outdoor picnics. A woman in a Rome park recently
Speaker 1: tried scaring awful wild boar that was charging her dog.
Speaker 1: Another woman was recently knocked over by one while taking
Speaker 1: to throwing her garbage in a street bin. There are
Speaker 1: about twenty three thousand wild boards that live in and
Speaker 1: around Rome, often seen eating on garbage. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than hundred journalists and analysts more than
Speaker 1: a hundred twenty countries. Michael barn this is Bloomberg, Nathan,
Speaker 1: Thank you. Michael wall Street. John Stashire has a Bloomberg
Speaker 1: Sports update. All right, Nathan, Yankees and Mets were both
Speaker 1: running out twice. Yanks finally took the field doubleheader with Texas,
Speaker 1: their first game since last Wednesday. They beat the Rangers
Speaker 1: to the one on a Glabor tore As home run
Speaker 1: leading off the bottom of the ninth inning. That made
Speaker 1: a twelve wins in thirteen games and they had a
Speaker 1: two not in Leader of the Nightcappa. Texas came back
Speaker 1: to win four to two. They'll finish the series with
Speaker 1: a makeup game this afternoon at the stadium. The Mets,
Speaker 1: with a pair in Philadelphia, lost three to two and
Speaker 1: then one six to one, with Peter Alonso doing the
Speaker 1: damage to run Homer, then a three run shots of
Speaker 1: the Mets win the series. They've yet to lose the
Speaker 1: series this season. In Seattle's win over Tampa Bay, George
Speaker 1: Kirby started for the Mariners. He's a top prospect and
Speaker 1: in his big league debut six scoreless innings. Kirby grew
Speaker 1: up in Westchester. NBA playoffs, Dallas beat Phoenix, Philadelphia beat Miami.
Speaker 1: Both series now tied to two, with the home team
Speaker 1: winning every game at home teams also one in the
Speaker 1: NHL Boston, Tampa Bay, St. Louis, and Los Angeles. All
Speaker 1: four of those first round series are tied at two.
Speaker 1: Rangers hoping to be too too with the Penguins. After
Speaker 1: tonight's Game four in Pittsburgh, Igor says dark it will
Speaker 1: be back in the Ranger goal. After coach Rod go
Speaker 1: In pulled him after a shaky first period Saturday exaction
Speaker 1: of d H game. You know, he's you know, it's
Speaker 1: a it's a one off for me like that. Stuff
Speaker 1: happens like that, and again nobody's blaming him. And when
Speaker 1: the now team was dominant, tored like we said last night,
Speaker 1: so it's nothing on Egal. There was two lucky goals
Speaker 1: at first two. The way we're going to the Rangers
Speaker 1: two losses in the series. They have yet to score
Speaker 1: a goal after the second period. Includes the three overtime
Speaker 1: periods of Game one. Jox Dash were Bloomberg Sports. Thank you, John.
Speaker 1: It's five thirty seven on Wall Street time for the
Speaker 1: Tri State Business Report with Bloomberg Scott Carr. Amazon has
Speaker 1: fired several managers at its New York JFK eight warehouse.
Speaker 1: That's where workers voted in April to join the upstart
Speaker 1: Amazon labor union. The company is not saying how many
Speaker 1: managers were let go from the Staten Island warehouse, but
Speaker 1: the New York Times reports it was six, and that
Speaker 1: they were let go because the union and won the election.
Speaker 1: Real estate investor Jamestown LP says it'll invest a half
Speaker 1: billion dollars to redevelop One Time Square, the one d
Speaker 1: eighteen year old building the site of the New Year's
Speaker 1: eve Ball drop. Jamestown says they'll transform the twenty six
Speaker 1: story building into a modern day visitors center with interactive experiences.
Speaker 1: A grand opening has been held for the new sixteen
Speaker 1: million dollar Camden athletic complex on the side of the
Speaker 1: former Campbell's Field minor league baseball stadium on Camden Waterfront.
Speaker 1: They demolished the old Campbell's Field and put in a
Speaker 1: new turf baseball field, a multi purpose field and eight
Speaker 1: lane track and clubhouse complete with locker and training rooms.
Speaker 1: That's the Bloomberg tri State Business Report. I'm Scott Carr.
Speaker 1: Thank you, Scott. It's five thirty eight on Wall Street.
Speaker 1: Bloomberg Radio is on the air from San Francisco to
Speaker 1: New York, London to Hong Kong. Let's check in with
Speaker 1: our global news team for some of the top stories
Speaker 1: heard on our three hundred affiliate radio stations around the world.
Speaker 1: I'm John Tucker pretended Wins of New York. I'm reporting
Speaker 1: New York hospitals are battling in a short je of
Speaker 1: chemicals used in the imaging tests. I'm Courtney Donahoe on
Speaker 1: Keral Dan Dallas. Business trips return as executives choose in
Speaker 1: person over Zoom. I'm Gina Servettian for w BBM in Chicago.
Speaker 1: I'm reporting that seven eleven is being sued again in
Speaker 1: Illinois for collecting customers biometric data. I'm klin Head, Combombay,
Speaker 1: Dave Disovedo in Lundon, Willie Push Computin's Victory Day parade
Speaker 1: and speech justifying the ten week conflicts in Ukraine, Finles
Speaker 1: Matteo and on cam O X and St. Louis. I'll
Speaker 1: be reporting on a possible saving grace for the airline industry.
Speaker 1: I'm Scott Carr on w b B R and New York.
Speaker 1: I'm reporting on Amazon workers unionizing behind a cleaning house
Speaker 1: in one of their New York warehouses. And those are
Speaker 1: some of the stories our twenty hundred Bloomberg journalists and
Speaker 1: analysts are working on this morning around the world. It's
Speaker 1: thirty nine on Wall Street. The following is an editorial
Speaker 1: from Bloomberg Opinion. This editorial was written by the Bloomberg
Speaker 1: Editorial Board. With inflation skyrocketing, the Federal was herve is
Speaker 1: taking an aggressive approach to tightening monetary poddlicy given current conditions.
Speaker 1: This makes perfect sense. Still, it's worth keeping in mind
Speaker 1: just how difficult the Fed's task is right now. After
Speaker 1: the pandemics slammed output in the U S, economy recovered strongly,
Speaker 1: too strongly, as it turned out, thanks to an unduly
Speaker 1: powerful fiscal stimulus enacted by Congress. COVID's effects were still
Speaker 1: complicating economic policy when Russia invaded Ukraine, causing the US
Speaker 1: and its allies to impose sanctions that disrupted energy and
Speaker 1: commodity markets all over again. Than China's initial success in
Speaker 1: containing the virus gave way to massive new shutdowns, putting
Speaker 1: yet more stress on global supply chains. Faced with such turbulence,
Speaker 1: monetary poddlicy can only do so much. Investors would be
Speaker 1: wise to temper their expectations. This editorial was written by
Speaker 1: the blue Burgh Editorial Board. For more Bloomberg opinion, please
Speaker 1: go to Bloomberg dot com, slash opinion or ope I
Speaker 1: n go on the Bloomberg terminal. This has been Bloomberg opinion.
Speaker 1: You can hear Bloomberg opinion editorials every week at this time.
Speaker 1: Terminal customers can read more at O P I n go.
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather. Sunshine in
Speaker 1: the breeze today, highs in your sixty five degrees. We'll
Speaker 1: get in your seventy tomorrow with a sunny and breezy conditions.
Speaker 1: Sunshine high your seventy Wednesday right now forty seven degrees
Speaker 1: in Central Park markets, headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, The Bloomberg Business
Speaker 1: at Land at Bloomberg Quick Tape, this is a Bloomberg
Speaker 1: business blash and I'm fair. In Moscow, investors rushing to
Speaker 1: the safety of the US dollar while global stock slide
Speaker 1: ever closer to a bear market as the federal reserves
Speaker 1: aggressive tightening path in China's COVID lockdown so worse in
Speaker 1: the outlook for economic growth. We checked the markets every
Speaker 1: fifteen minutes throughout the trading day. On Bloomberg SMP futures
Speaker 1: down about sixty seven points this morning, Down futures down
Speaker 1: four hundred forty two and NASDAG futures there down two
Speaker 1: hundred fifty two. That's down two percent. The decks in
Speaker 1: Germany's down one point one percent, the ten year treasury
Speaker 1: down seventeen thirty seconds, heel three point one nine percent,
Speaker 1: yield on the two year two point seven one percent.
Speaker 1: Nimex Screwede oil is down one point nine percent, down
Speaker 1: two dollars fifteen cents and a hundred seven dollars sixty
Speaker 1: cents of barrel comes goal down one percent or nineteen
Speaker 1: dollars thirty cents at eighteen sixty three fifty announced the
Speaker 1: euro one point oh five to zero against the dollar,
Speaker 1: British found one point to nine four the end at
Speaker 1: one thirty one point to three, and Bitcoin this morning
Speaker 1: is down two point three percent at thirty three thousand,
Speaker 1: four hundred forty dollars. That's a Bloomberg business flash. Now
Speaker 1: here's Michael Barr with more on what's going on around
Speaker 1: the world. Monk Karen, thank you very much. Russian forest
Speaker 1: has pushed forward and they were sold on Ukraine, seeking
Speaker 1: to capture the crucial southern port city of mary Upol.
Speaker 1: As Moscow celebrated its Victory Day holiday, Russian troops pumbled
Speaker 1: a steel mill where an estimated two thousand Ukrainian fighters
Speaker 1: are making their last stand. Speaking today at a military
Speaker 1: parade marking the holiday, Russian President Vladimir Putin sought to
Speaker 1: justify his invasion. In baseball, the Yankees split a double
Speaker 1: header with the Rangers, The Mets split a double header
Speaker 1: with the Phillies. The Orioles swept a double header against
Speaker 1: the Royals, The Red Sox Nationals and he has lost.
Speaker 1: The Giants won NHL playoffs the Bruins beat the Hurricanes,
Speaker 1: the even the series at two games. Apiece Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: more than a hundred twenty countries. Michael barn this is Bloomberg, Nathan.
Speaker 1: All right, Michael. Thanks, It's five forty nine on Wall
Speaker 1: Street line from the Bloomberg Intractive Broker Studios. This is
Speaker 1: Bloomberg Daybreak and Dennis Cartman is back with us now,
Speaker 1: chairman of the University of acron Endowminant Investment Committee and
Speaker 1: former publisher of the Garment Letter. Dennis, I know you've
Speaker 1: been barished onto this market for months now. For those
Speaker 1: listeners who may have just joined us, do you see
Speaker 1: this five week slide in stocks having further room to run? Nathan,
Speaker 1: I'm afraid that it has a great good deal for
Speaker 1: the to run to the downside. The fact that they
Speaker 1: take the FED is taken away the fuel that had
Speaker 1: supplied most of the bull market for the past several years.
Speaker 1: The aggressively and I think comregiously and I think wrongly,
Speaker 1: expansionary monetary policy has been ended, and now we have
Speaker 1: a FED that is going to air upon the side
Speaker 1: of tighter monetary policies with it for the near term,
Speaker 1: probably from quite some period of future. So the fuel
Speaker 1: has been taken away in the to make the metaphor complete,
Speaker 1: the automobile is running out of gasoline. The automobiles running
Speaker 1: out of fuel. The fuel that had supplied the bull
Speaker 1: market is being taken away. And again, as I like
Speaker 1: to say, in a bear market, he or she who
Speaker 1: loses least shall be the winner. That's the sad reality
Speaker 1: of against. Everybody loses money in a bear market. Very
Speaker 1: few people will to actually be net short. And the
Speaker 1: best that I can do is the chairman of the
Speaker 1: University of Akrans Endowment was to reduce our position by
Speaker 1: twelve to fifteen percent at the end of last year.
Speaker 1: So we're still gonna be losing money, but we're gonna
Speaker 1: be losing a lot less than most endowments are going
Speaker 1: to be losing. So he or she who loses the
Speaker 1: least in a bear market winner. That's the harsh reality.
Speaker 1: What will the more aggressive FED mean for inflation? You
Speaker 1: say that the FED has been behind the curve when
Speaker 1: it comes to inflation. Well, the moves that it's projected
Speaker 1: out there get the Fed back ahead of inflation at
Speaker 1: some point in the future, and I'm afraid it's probably
Speaker 1: several years in true. That's that'll that will be the truth.
Speaker 1: But the fact is they have been expansionary for far
Speaker 1: too long. The FED did the right thing in two
Speaker 1: thousand seven, two thousand and eight, two thousand nine, two
Speaker 1: thousand ten by being expansionary, but they stayed far too
Speaker 1: expansionary for far too long a period of time. They
Speaker 1: are the ones that have engendered inflation that we are
Speaker 1: now feeling rather outly. And the fact that they are
Speaker 1: beginning the process of becoming less expansionary, becoming contractionary. UH.
Speaker 1: Monetary policy always lags behind or the economy and in
Speaker 1: the stock market lag behind where the monetary officials actually
Speaker 1: end up acting, so it shall be a delayed reaction.
Speaker 1: Eventually they're they're they're less aggressive um policy, their actual
Speaker 1: mood to being tighter monetary policies will have a deleterious
Speaker 1: and and and deflationary impact. But that's several years in
Speaker 1: the future. The inflation that we're now feeling is the
Speaker 1: effect of the expansion that has gone on for the
Speaker 1: previous several years, and it'll be a delayed reaction. So
Speaker 1: it's going to be some period of time before we
Speaker 1: see actually a deflationary impact of of a more constrictive
Speaker 1: and and tighter monetary policy. So don't think inflation is
Speaker 1: going away anytime soon. It shall be years. It will
Speaker 1: It'll be with us for years into the future. So
Speaker 1: you don't think that the lockdowns in China, the commodity
Speaker 1: prices moving higher have had as much of an impact
Speaker 1: or have had any impact compared to the FED. They
Speaker 1: will have some impact, no question about it. The lockdown
Speaker 1: in China will have a delatarious impact upon the global
Speaker 1: economy generally, no question about that. But there'll be a
Speaker 1: delayed impact. And the fact that in our markets we
Speaker 1: live from Tuesday to Tuesday, as I like to say,
Speaker 1: so it will be a number of tuesdays before we
Speaker 1: actually see any deflationary implications to be drawn. Inflationary implications
Speaker 1: are still extant, and the FED is becoming contractionary, doing
Speaker 1: what it needed to do and to what it should
Speaker 1: have done several years ago by being less expansionary. So
Speaker 1: it'll be a while yet before we see any any
Speaker 1: real impact. The inflation is going to be with us
Speaker 1: for a long period of time. I'm afraid to say that.
Speaker 1: I don't like saying that. I don't feel comfortable saying that,
Speaker 1: but that's the reality. We have about a minute left here, Dennis,
Speaker 1: As I say, you've been embarished on this market for
Speaker 1: some time, and given your forecast that inflation is going
Speaker 1: to be with us for some time, what needs to
Speaker 1: change in this market for you to get bullish? A
Speaker 1: wash out a day when we take prices down three,
Speaker 1: four or five six percent and one day one fell
Speaker 1: swoop and and they throwing up at the hands. When
Speaker 1: when it's time to buy stocks, you don't want to
Speaker 1: buy them. And that's the reality right now. People still
Speaker 1: feel comfortable buying the dip. And until they give up
Speaker 1: buying the dip until three or four or five percent
Speaker 1: decline in one day and another washout, I'll have to
Speaker 1: stay barished. Dennis Gartman as always good to have you
Speaker 1: with us. Dennis Gartman, the former publisher of the Gartment Letter,
Speaker 1: now chairman of the University of Akron Endowment Investment Committee. Karen,
Speaker 1: all right, Nathan, thank you, and it is five fifty
Speaker 1: three on Wall Street. Now to a legal story where
Speaker 1: Following this morning, and light of the unprecedented league of
Speaker 1: the Supreme Court of draft opinion reversing Roe v. Wade
Speaker 1: last week, little noticed was an opinion in which the
Speaker 1: justices were unanimous. The Court decided that Boston violated the
Speaker 1: Constitution by refusing to fly a Christian civic groups flag
Speaker 1: at City Hall while raising the banners of fifty of
Speaker 1: our organizations for more. Bloomberg student Grosso speaks to First
Speaker 1: Amendment law expert Timothy Zick, a professor ed Williams and
Speaker 1: Mary Law School. Justice Brian wrote the majority opinion and
Speaker 1: said the central question was whether the city had created
Speaker 1: a public forum for private speech. Can you explain that
Speaker 1: for us? Sure? So, when the government opens up a
Speaker 1: public space, the a plaza or something like that, for
Speaker 1: private speakers to come in a sort of diversity of views,
Speaker 1: to let them communicate in that space, then it's opened
Speaker 1: up essentially a forum for private speakers. And that's distinguished
Speaker 1: from the government using a space or a property to
Speaker 1: communicate its own messages. And that's the essential dividing line
Speaker 1: in this case. If the government was using the flagpole
Speaker 1: to send out its own messages, then it would be
Speaker 1: government speech. And it would be immune from First Amendment concerns.
Speaker 1: Exactly when the government speaks, it gets to decide what
Speaker 1: it wants to say, what viewpoint us to express, what
Speaker 1: message it wants to communicate, which is quite different from
Speaker 1: when the government regulates private speakers. It has to sort
Speaker 1: of obey the opposite rule, which is to say, it
Speaker 1: cannot discriminate based on what a private speaker wants to say,
Speaker 1: what viewpoint they want to communicate. It nothing prevents Boston
Speaker 1: from changing its policies going forward, and the city has
Speaker 1: said that in the event of a loss at the court,
Speaker 1: it will probably change its policy. What would a policy
Speaker 1: change entail that would make this government speech. I think
Speaker 1: they have to make it clearer or clear. I guess
Speaker 1: one would say that this is not a forum for
Speaker 1: just any comers. Anyone who wants to display a flag.
Speaker 1: They've got to exercise the kind of control that the
Speaker 1: court says is missing, the editorial control in their policy.
Speaker 1: And the court actually points to different flag flying policies
Speaker 1: from other jurisdictions like San Jose, where they make clear
Speaker 1: that flagpoles are not intended to serve as a forum
Speaker 1: for free expression by the public. And then they live
Speaker 1: to prove flags that can be flown as an expression
Speaker 1: of the city's official sentiment. And that's not what the
Speaker 1: City of Boston was doing, is opening up this space
Speaker 1: and inviting speakers of all kinds to come in and
Speaker 1: then shutting the door to just this one particular speaker.
Speaker 1: I mean, the easiest thing for Boston to do is
Speaker 1: simply to fly its own city flag on that third
Speaker 1: flag pole and be done with it. But if they
Speaker 1: do want to open that flag up two different flags
Speaker 1: of you know, non city entities, they're going to have
Speaker 1: to be much more selective and much clearer about what
Speaker 1: it is they're trying to communicate to the public. And
Speaker 1: as Timothy Zake, a professor at William and Mary Law School,
Speaker 1: speaking with the Bloomberg Student Grass Show. Catch more of
Speaker 1: that interview plus analysis of the latest legal news by
Speaker 1: listening to the Bloomberg Law Show at ten pm Eastern
Speaker 1: Time or subscribing to the Bloomberg Law Podcast, and attorneys
Speaker 1: can find exceptional legal research and business development tools at
Speaker 1: Bloomberg Law dot com. Again. Futures this morning are a
Speaker 1: fall laing led by technology shares, S and P Futures
Speaker 1: down about sixty eight points down, futures down four hundred
Speaker 1: forty eight and NASDAG futures are down two hundred and
Speaker 1: sixty that's down more than two percent. The tenure Treasury
Speaker 1: is down eighteen thirty seconds, the three point one nine percent,
Speaker 1: and the yield on the two year two point seven
Speaker 1: one percent. NIMEX scrude oil is down two percent, down
Speaker 1: two dollars sixteen cents and a hundred and seven dollars
Speaker 1: sixty four cents, and barrel comexs gold is down one
Speaker 1: point one percent, down twenty dollars eighty cents at one thousand,
Speaker 1: eight hundred sixty two dollars announce and still ahead. On
Speaker 1: Bloomberg Daybreak, we have a check on the business headlines
Speaker 1: and all the news you need to start your day.
Speaker 1: And this is Bloomberg