Speaker 1: By from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: day Break for Wednesday, October two. Coming up this hour,
Speaker 1: NAZAC futures fall as big tech earnings disappoint Microsoft post
Speaker 1: is weegest quarterly sales growth in five years, Alphabets quarter
Speaker 1: spells trouble as profit and revenue misestimates, and bank kearneys
Speaker 1: continue in Europe as Deutsche Bank and Bark Laserport. He
Speaker 1: was a big debate night in New York and several
Speaker 1: other states, plus President Biden discussed Ukraine and China in
Speaker 1: a congratulatory call to the UK Prime Minister Michael bar
Speaker 1: More Ahead, I'm down stattoward sports. The Rangers offer that
Speaker 1: shoot out to Colorado Devils one in Detroit and Nixon
Speaker 1: nets of games tonight. That's all train ahead on Bloomberg
Speaker 1: day Break on Bloomberg. He Living Free on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
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Speaker 1: Team and around the World Old on Bloomberg Radio Dot
Speaker 1: Carmen The Bloomberg Business. Good Morning, I'm Nathan Hagar, and
Speaker 1: I'm Karen Moscow in US. Dock Index futures are lower
Speaker 1: this morning. Work coming up to five on one on
Speaker 1: Wall Street, and we check the markets every fifteen minutes
Speaker 1: throughout the trading day on Bloomberg. Right now, S and
Speaker 1: P futures down nineteen points and NASDAC futures are falling
Speaker 1: down one fifty six. That's down one and a third percent.
Speaker 1: DAL futures that'll change this morning. Ten year Treasury up
Speaker 1: fourteen thirty seconds, yield four point oh four percent, and
Speaker 1: they yield on the two year four point four two percent.
Speaker 1: Nathan Karen. The big drop of NASTAC futures this morning
Speaker 1: follows disappointing earnings and forecasts from two tech giants. We
Speaker 1: begin with Microsoft. Those shares are down five and two
Speaker 1: thirds per cent ed. Ludlow has more on the results
Speaker 1: from our Bloomberg nine sixty newsroom in San Francisco. Microsoft
Speaker 1: did beat on both the top and bottom line, but
Speaker 1: recorded its slowest sales growth in five years. The strongest
Speaker 1: dollars certainly was a factor, along with material slowdown it
Speaker 1: seems in both corporate and consumer spending. What really spook
Speaker 1: the market was commentary on the Earning School that the
Speaker 1: Asia Cloud unit would see its growth decelerate to the
Speaker 1: tune of five percentage points quarter on quarter going into
Speaker 1: the final three months of this year. The most significant
Speaker 1: reaction in after hours trading coming at that point at
Speaker 1: Lovelow for Blomberg News in San Francisco. All right and
Speaker 1: thank you well. Shares of Alphabet meantime or down more
Speaker 1: than six percent in early trading. The owner of Google
Speaker 1: reported earnings and revenue that both missed expectations. Bloomberg Intelligence
Speaker 1: Senior analyst man Deep Singh has more in the miss.
Speaker 1: The reason why you see a ten percentage point miss
Speaker 1: when it comes to operating income is because search underperformed.
Speaker 1: Every time search underperformance, Google has a bad quarter. And
Speaker 1: in this case you have to ask you yourself, is
Speaker 1: it temporary, is it what Snap was seeing around a
Speaker 1: pricing or is it more structural because you know there's
Speaker 1: a lot more competition from Amazon, from Walmart, from Target.
Speaker 1: These companies are all add numbers now. Bloomberg Intelligence Senior
Speaker 1: analyst Mandeep Singh says Google is now planning to slow
Speaker 1: hiring and control expenses, and there are plenty of other
Speaker 1: earnings to catch you up. On Karen. Shares of Texas
Speaker 1: Instruments are down more than four percent. The chip makers
Speaker 1: quarterly forecast missed estimates, signaling the semiconductor slump is spreading
Speaker 1: beyond computing in phones. Shares of Visa Meantime are up
Speaker 1: more than one percent. The Digital Payments company reported profit
Speaker 1: and revenue that beat estimates, and Chipotle shares are little changed.
Speaker 1: Comparable sales and profit at Chipotle outpaced Wall Street expectations.
Speaker 1: Well tech earnings continue today, Nathan, with both Meta Platforms
Speaker 1: and Twitter reporting meantime. Elon Musk's acquisition of Twitter is
Speaker 1: in focus. He's pledging to close the deal by this Friday,
Speaker 1: and we get more from Bloomberg's Doug Christener. The comments
Speaker 1: were made yesterday in the video conference call with bankers
Speaker 1: helping to fund the deal. They are providing thirteen billion
Speaker 1: dollars of debt financing. We are told Musk also promised
Speaker 1: to help the banks market the debt to money managers
Speaker 1: after the deal closes. Several banks have been left in
Speaker 1: a lurch after Musk's sudden reversal on going through with
Speaker 1: buying Twitter and early October, and now they're facing paper
Speaker 1: losses of roughly five hundred million dollars on the transaction.
Speaker 1: The pain would be realized once the debt is sold
Speaker 1: to institutional investors. In New York, I'm Doug Chrisener Bloomberg
Speaker 1: Daybreak Doug Banks. While tech stocks are falling this morning,
Speaker 1: the U S stock market may still not have hit
Speaker 1: a bottom. That's according to Golden and Sachs. Strategists at
Speaker 1: the firm say equities don't fully reflect the latest rise
Speaker 1: in really yields and the odds of a recession in
Speaker 1: a severe economic downturn. Goldman's team says it expects the
Speaker 1: SMP five hundred to drop below That would be a
Speaker 1: twenty five percent fall from yesterday's close. Well, in Europe
Speaker 1: this morning, Nathan Banks are in focus once again as
Speaker 1: there's an earning season rolls on and we go live
Speaker 1: to London and get the very latest with Bloomberg's un Paul.
Speaker 1: It's good morning you in Good morning, count and Nathan.
Speaker 1: A big morning for European bankcountings and beating estimate as
Speaker 1: interest rates rise is the key theme. Italy's Uni credit
Speaker 1: has raised fully revenue and profit targets for a second
Speaker 1: straight quarter. Deutsche Bank sales and profits also beating, but
Speaker 1: analysts did flag higher than expected costs at Germany's biggest lender,
Speaker 1: and traders at London based Barclay's beating estimates are setting
Speaker 1: steep declines at the investment bank, with the economy keeping
Speaker 1: deals on the sidelines in London. I'm you in pots Plin,
Speaker 1: big day break, are you and thank you? Back here
Speaker 1: in the US, the focus on politics is ramping up.
Speaker 1: With less than two weeks till the mid term elections,
Speaker 1: the candidates for New York governor squared off last night.
Speaker 1: Bloomberg's Michael Barr joins US Live from New York with
Speaker 1: the highlights. Michael, thank you very much. Nathan. Crime and
Speaker 1: abortion took center stage last night as New York Governor
Speaker 1: Kathy HOCl facer Republican challenger Republican Representative Lee Selden in
Speaker 1: the campaign's only televised gubernatorial debate on Spectrum News New
Speaker 1: York One. Both candidates were asked to look ahead to
Speaker 1: the race for the White House in four Do you
Speaker 1: want to see Joe Biden run for re election? Yes?
Speaker 1: I do. Do you want to see Donald Trump run
Speaker 1: for president? In Lee's eldn not even thinking about it.
Speaker 1: I'm focused on fourteen days from today, VOCAL slams Elden's
Speaker 1: past support for abortion restrictions and former President Trump. Zelden
Speaker 1: criticized hocal's push to send millions to abortion providers to
Speaker 1: expand access for predicted surgeon out of state patients live
Speaker 1: in New York. Michael Barr Bloomberg Daybreak, Karen, alright, Michael,
Speaker 1: thank you well. Inflation is proving a key in the
Speaker 1: midterm elections orring. Housing costs are a big part of that,
Speaker 1: and in the country's biggest cities, renters are still feeling
Speaker 1: the pinch. New York City has the most expensive rental
Speaker 1: market in the country. According to the rental listing company zumber,
Speaker 1: the median one bedroom apartment runs for more than thirty
Speaker 1: eight hundred dollars a month. Boston has the second highest
Speaker 1: rent in the country. I closed to thirty one hundred
Speaker 1: dollars in San Francisco's close spied at roughly three thousand. Well, Karen,
Speaker 1: you've heard about the great resignation following COVID. Now the
Speaker 1: next swave of workers leaving their jobs could be driven
Speaker 1: by abortion rights. According to a survey by the nonprofit Catalyst,
Speaker 1: of employees are thinking of quitting because of their company's
Speaker 1: response to the Supreme Court's decision to overturn Roe v.
Speaker 1: Wade say their employer isn't doing enough to protect abortion rights.
Speaker 1: You're listening to Bloomberg Daybreak and it's now five oh
Speaker 1: seven on Wall Street. We've got the emergency road work
Speaker 1: this morning. It's got Root thirty six closed in keyboard
Speaker 1: and it is sixty four degrees in Central Park. Michael
Speaker 1: Barr is back with us from more on what's going
Speaker 1: on in New York and around the world this morning. Michael,
Speaker 1: thank you very much. Nathan. On top of New York,
Speaker 1: it was debate night and several other closely watched races.
Speaker 1: Pennsylvania Democrat John Federman debated against Republican doctor Memnaz as
Speaker 1: they vie for a critical Senate seat. In the opening
Speaker 1: minutes of last night's debate, Federman addressed what he called
Speaker 1: the elephant in the room, the stroke he suffered five
Speaker 1: months ago. I have run a campaign, and I've been
Speaker 1: very transparent about being very open about the fact we're
Speaker 1: in used captioning. And I believe that again, my doctors,
Speaker 1: the real doctors that I believe, they all believe that
Speaker 1: I'm ready to be served. Ohs ignored his opponent's health challenges,
Speaker 1: instead seizing on Fetterman's policies on immigration and crime and
Speaker 1: his support for President Joe Biden. On immigration and crossings
Speaker 1: at the southern U. S. Border, Dr Oz said it's
Speaker 1: an issue that's personal to him. My father was an immigrant,
Speaker 1: my mother were immigrants. You know, I understand what legal
Speaker 1: immigration offers us, but the completely porous, open nature of
Speaker 1: our border, which John Fetterman supports, has created a humanitarian crisis.
Speaker 1: The debate was held on News Nation. Meanwhile, the gubernatorial
Speaker 1: debate was held last night. In Michigan. Governor Gretchen Whitmer
Speaker 1: declared her position on abortion, saying she will be voting
Speaker 1: yes on a ballot initiative to protect abortion rights. The
Speaker 1: simple truth is the way to protect women and ensure
Speaker 1: that future generations have the same rights we've had for
Speaker 1: forty nine years is by a adopting Proposal three, and
Speaker 1: I will be a yes vote. Whitmer's Republican opponent, Tudor Dixon,
Speaker 1: argued that Michigan's Proposal three is nothing like the Roe v.
Speaker 1: Wade Supreme Court decision that stood for nearly fifty years
Speaker 1: when Governor Whitmer tells you that this is going to
Speaker 1: be ROW. It's not even close to ROW. It's not
Speaker 1: codifying ROW in our constitution, but it would be the
Speaker 1: most radical abortion law in the entire country. The only
Speaker 1: place that has something similar or China in North Korea.
Speaker 1: The debate was aired on w x y z t V.
Speaker 1: New York City has been ordered to reinstate a group
Speaker 1: of sanitation workers fired for refusing to get a COVID
Speaker 1: nineteen vaccine after a state court judge ruled the mandate
Speaker 1: was unlawful. The White House, as President Joe Biden, congratulated
Speaker 1: the new UK Prime Minister Rishi Sunac in a call
Speaker 1: in which they discussed the Russian invasion of Ukraine and
Speaker 1: challenges arising from China. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quicktake, powered by more
Speaker 1: than twenty seven hundred journalist and analysts more than a
Speaker 1: hundred twenty countries. Michael Barren, this is Bloomberg, Nathan all right,
Speaker 1: thanks again, Michael. Caught up to five ten on Mall
Speaker 1: Street time for the Bloomberg Sports out Day, brought to
Speaker 1: you by Tri State OUTI. Good morning, John Stan shower
Speaker 1: day morning. Nathan good En at the Garden was Family
Speaker 1: Cup champion Colorado in to start a three game tour
Speaker 1: of the New York teams nineties shots on goal in
Speaker 1: the game Adam Fox score was six minutes left to
Speaker 1: tie the score. In the shootout, Ads scored in the
Speaker 1: fourth round. They beat the Rangers three to two. The
Speaker 1: Colorado goalie was Alexander Georgia beat his old team. The
Speaker 1: Ads visit the Devil's Friday. The Devil's just won six
Speaker 1: two in Detroit. They won four the last five the
Speaker 1: Avs and then visit the Islanders on Saturday. The Rangers
Speaker 1: visit the Islanders tonight. Nicks are at the Garden tonight
Speaker 1: to play Charlotte, and the Nets visit Milwaukee. Two of
Speaker 1: the best in the West met last night Phoenix the
Speaker 1: Golden State by nine. Jet say Elijah Moore will play
Speaker 1: Sunday against New England. The second year receiver, upset with
Speaker 1: lack of playing time, demanded a trade, didn't play last Sunday.
Speaker 1: The trade deadline is next Tuesday. The jetter five and
Speaker 1: two the Ran six and one. Daniel Jones comes off
Speaker 1: a one hundred yard rushing game for coach Bryant Aaballs,
Speaker 1: John Stashwar the Giant Sunday visits Seattle and the Seahawks
Speaker 1: also a surprise team, sole possession of first in the
Speaker 1: NFC West quarterback by Geno Smith, the ex Jet and Giant.
Speaker 1: Forty two year old Skip Schumacher named new manager of
Speaker 1: the Miami Marlins, replacing Don Mattie When, who had the
Speaker 1: job for seven years. Schumacher most recently a coach in St. Louis.
Speaker 1: Luis Roast, the x met manager, current Yankee third base coach,
Speaker 1: was a candidate for the Marlins managerial job. Ryan Cashman
Speaker 1: has been the Yankee Joe manager since his contract is expiring.
Speaker 1: S n Y reporting he will be offered a new deal.
Speaker 1: Sports Nathan, Yes, you are sp Futures down twenty three
Speaker 1: points right now. Death Future is down two points. Nastac
Speaker 1: Futures leading the declines for sure this morning down a
Speaker 1: hundred seventy six points, a drop of one and a
Speaker 1: half percent. On disappointing earnings from Microsoft, Alphabet and Texas Instruments.
Speaker 1: Bloomberg quick takes Alex Web joins us next. This is
Speaker 1: Bloomberg and Bloomberg Sports is brought to you by Audie.
Speaker 1: Don't let someone else drive off in the Audi model.
Speaker 1: You've always wanted to visit your local Tri state Audie
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Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot Com, the Bloomberg Business Out and at Bloomberg Quick Take,
Speaker 1: He's a Bloomberg Business Flash and I'm kared. Moscow US
Speaker 1: Stock Index Future is following this morning as Megacap technology
Speaker 1: shares slump in early trading Nownsday futures. They're leading the declines,
Speaker 1: down one point six percent after disappointing quarterly updates from Microsoft, Google,
Speaker 1: parent Alphabet and Texas Instruments. And we check the markets
Speaker 1: every fifteen minutes throughout the trading day on Bloomberg so
Speaker 1: nowsday futures, they're down a hundred eighty three points. S
Speaker 1: and P futures down twenty four deal futures that will
Speaker 1: change the decks In Germany's up four tenths of upper
Speaker 1: sent ten year treasury up eleven thirty seconds YELD four
Speaker 1: point oh five percent. They yield on the two year
Speaker 1: four point four three percent Nimex screwed oil is up
Speaker 1: half percent or forty two cents at eighty five dollars
Speaker 1: seventy four cents of barrel comic school that one point
Speaker 1: two percent or nineteen dollars at sixteen seventy seven ten
Speaker 1: an ounce. The euro is at one point zero zero
Speaker 1: three one against the dollar, British pound one point one
Speaker 1: five nine six and again one forty six point nine six.
Speaker 1: And as a Bloomberg Business Flash, now here's Michael Barr
Speaker 1: with more on what's going on around the world. Michael,
Speaker 1: good morning, Good morning, Karen. Pennsylvania Democrat John Federman debated
Speaker 1: against Republican doctor Mementaz as they vie for a critical
Speaker 1: Senate seat. Federman, who suffered a stroke and may spoke
Speaker 1: about abortion. If you believe that the choice of your
Speaker 1: reproductive freedom belongs with Dr Oz, then you have a choice.
Speaker 1: But if you believe that the choice for abortion belongs
Speaker 1: between you and your doctor, that's what I fight for.
Speaker 1: Ah said that he is against federal involvement in a
Speaker 1: women's decision, but he supports what the states decide. I
Speaker 1: want women doctors, local political leaders, letting the democracy that's
Speaker 1: always allowed our nation to thrive to put the best
Speaker 1: ideas forward so states can decide for themselves. Meanwhile, gubernatorial
Speaker 1: debates were held in New York and Michigan. In the NBA,
Speaker 1: the Wizards won, the Warriors lost. In the NHL, the
Speaker 1: Rangers lost the Devil's One along with the Bruins. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg quick Take, powered by more than seven hundred journalist
Speaker 1: and analysts in more than a hundred twenty countries. On
Speaker 1: Michael Barn This is Bloomberg. Nathan, Okay, Michael. Thanks, It's
Speaker 1: five nineteen on Wall Street. Live from the Bloomberg Interactive
Speaker 1: Brokers studios. This is Bloomberg Daybreak, and tech stocks are
Speaker 1: losing this morning as we kickoff tech earning season. Microsoft
Speaker 1: and Google parent Alphabet are leading the way with results
Speaker 1: that missed estimates. Texas Instruments did too. Let's dig into
Speaker 1: these numbers now. Bloomberg Quick Take correspondent Alex Webb is
Speaker 1: with us this morning. Alex morning, Is this the sign
Speaker 1: of the economic storm that so many had been warning about?
Speaker 1: In these results? Yes, I think storm is quite right
Speaker 1: because it's actually sort of slightly different factors affecting Um,
Speaker 1: the different strands of the tech industry. You know, we've
Speaker 1: got Microsoft, which has been affected by the slight slowing
Speaker 1: in cloud spending. We've got Google that's being affected by
Speaker 1: the reduced marketing budgets. And we've got Texas Instruments who
Speaker 1: have been impacted by firstly the huge expansion in the
Speaker 1: semiconductor capacity compounded by slowing down in consumer spending. So
Speaker 1: all those things playing together to create a pretty ugly picture. Yeah, well,
Speaker 1: let's go through these one by one, starting off with
Speaker 1: Microsoft warning about the impact not just for the strong dollar,
Speaker 1: but azure cloud demand does not seem to be where
Speaker 1: it was during the pandemic. I guess that's to be
Speaker 1: expected to some extent, But are these asure results a
Speaker 1: bit of a surprise that the disappointment we saw here?
Speaker 1: I mean, the expectations were already had already been tempered
Speaker 1: quite a lot. The fact that it came even below
Speaker 1: those was clearly something the market was not to really
Speaker 1: appreciative of. The Yes, you're quite right that essentially the
Speaker 1: lockdow will happen with the lockdowns that perhaps brought forward
Speaker 1: a lot of the cloud demand, accelerated the cloud demand,
Speaker 1: which means that actually people who might have been or
Speaker 1: companies that might have been likely to adopt it sort
Speaker 1: of now have already done, so she caveat it. Of course,
Speaker 1: they're saying it is still a business that is growing
Speaker 1: at a fairly heptic pace. The the forward looking comment
Speaker 1: was that growth would be five percentage points lower than
Speaker 1: in the previous quarter. That imply is still thirty seven
Speaker 1: percent growth, which you know, most companies would be delighted at.
Speaker 1: But expectations for this business have been pretty high, and
Speaker 1: when it comes to Alphabet's results, very interesting and disappointing
Speaker 1: as well to investors. That we're starting to see that
Speaker 1: even Google's business, which had been somewhat insulated from the
Speaker 1: the ads spending head winds for some of its other competitors,
Speaker 1: is starting to get hit here as well. Yeah, Google
Speaker 1: really is the big beast when it comes to advertising technology.
Speaker 1: It's it's really gained ground over Facebook, you know, because
Speaker 1: if you're navigating the Internet, you kind of need to
Speaker 1: use Google Search, and that means that if you're therefore
Speaker 1: in the business of selling things, you need to be
Speaker 1: in Google Search too. Now a lot of their customers
Speaker 1: are in fact small and medium sized enterprises and and
Speaker 1: these guys are finding perhaps that consumer spending is has
Speaker 1: slowed down. Therefore they start cutting their own budgets, and
Speaker 1: marketing tends to be the first thing that falls victim
Speaker 1: to that. Um we had seen plenty of other smaller
Speaker 1: ad tech players from Snap and and and beyond to
Speaker 1: feel the impact of that. The fact that it is
Speaker 1: now affecting Google is significant and shows that they are
Speaker 1: not immune. And now for Texas Instruments to see that
Speaker 1: the chips story, it's not just the digital chips. So
Speaker 1: we focus so much on with you know, Taiwan Semiconductor, Samsung,
Speaker 1: are that, some of those other companies, but these analog
Speaker 1: chips as well are getting hit by a demand problems. Yes,
Speaker 1: and Texas Instruments has a huge, huge, long customer lists
Speaker 1: stretching from you know, not just consumer kids, but through
Speaker 1: to automotive and industrials. And of course people at the
Speaker 1: moment are not buying as many cars as perhaps they
Speaker 1: might otherwise have done. And the real comment that was
Speaker 1: interesting was to slow down industrial spending. So industrial customers
Speaker 1: clearly tightening their purse strings a little bit. That t
Speaker 1: I feeling that And and on the sort of supply
Speaker 1: side because of the trip constraints that were felt during
Speaker 1: the lockdowns, there was an acceleration of investment in additional capacity.
Speaker 1: So now you've got a tightening of demand an acceleration
Speaker 1: of supply, and which clearly is not an ideal situation
Speaker 1: if in those park markets. So in our last thirty
Speaker 1: seconds here, Alex, what does this tell us about what
Speaker 1: we could expect from some of the other big names
Speaker 1: that are going to be reporting later on this week,
Speaker 1: particularly Meta platforms coming up later this afternoon. I think
Speaker 1: perhaps that expectations for Meta are going to be, given
Speaker 1: the context we've we've seen in the past few days,
Speaker 1: pretty low. Perhaps that might mean actually it's uh, it's
Speaker 1: it'll be easy to surprise that any glimmer of hope
Speaker 1: will be a cause for optimism, but um that there
Speaker 1: is a huge amount of optimism heading into it. And
Speaker 1: of course when you look at it, and we've got
Speaker 1: Amazon coming up as well, yeah, you consumer spending has
Speaker 1: also slid down. We'll have to see whether their cloud
Speaker 1: business is being effected the same way the Microsoft has.
Speaker 1: Now we're certainly seeing the impact from these results in
Speaker 1: the shares this morning, with Microsoft down six percent right now,
Speaker 1: Alphabet leading the decline six and a third percent lower,
Speaker 1: and Texas Instruments now down four point six percent on
Speaker 1: those earnings. Alex Web of Bloomberg quick take as always
Speaker 1: great to hear from you, even after a disappointing tech
Speaker 1: earnings day. We've seen AZDAC futures now down a hundred
Speaker 1: ninety six points to drop at one point seven percent
Speaker 1: their S ANDP futures are on twenty eight. Dow futures
Speaker 1: down thirty three points. This is Bloomberg Bloomberg eleven three
Speaker 1: oh weather cloudy today, scattered showers with highs near seventy degrees, sunny,
Speaker 1: upper sixties Tomorrow. It will be mostly sunny Friday, but
Speaker 1: cooler with a high only near sixty Right now sixty
Speaker 1: four in Central Park. Broadcasting live from the Bloomberg Interactive
Speaker 1: Broker's studio in New York. Bloomberg E Living Freedom to Washington,
Speaker 1: d C, Bloomberg to Boston, Bloomberg one O six one
Speaker 1: to San Francisco, Bloomberg nine sixt to the Country, Sirius
Speaker 1: XM chto one nineteen and around the globe the Bloomberg
Speaker 1: Business app and Bloomberg Radio dot Com. This is Bloomberg
Speaker 1: Daybreak and it's about thirty on Wall Street. Good morning,
Speaker 1: I'm Karen Moscow, I'm Nathan Heger. Bloomberg Daybreak is brought
Speaker 1: to you by SEI. Built on advanced technologies and fifty
Speaker 1: years of innovation. SEI offers asset managers a comprehensive and
Speaker 1: flexible operations outsourcing platform. Go to se i C dot
Speaker 1: com slash managers. But we're just about four hours away
Speaker 1: from the open of US trading. Let's yet you have
Speaker 1: to date on the news you need to know at
Speaker 1: this hour. US futures are lower this morning after earning
Speaker 1: sir Microsoft and Alphabet despite beating projection. Shares of Microsoft
Speaker 1: are down about six percent this morning after the strong
Speaker 1: dollar slowed revenue growth, and shares of Alphabet are down
Speaker 1: almost six and a half percent after sales missed estimates.
Speaker 1: Bloomberg Intelligence Senior analyst Mandeep Sing says Alphabet and Google
Speaker 1: are facing a fundamental problem. Search is the main business
Speaker 1: and that is what drives margins. The question is is
Speaker 1: search saturated? Probably yes, because there's a lot of direct
Speaker 1: traffic going through these mobile apps. You know the companies
Speaker 1: that I talked about on the retail side, you don't
Speaker 1: need search you start off your search on Walmart or
Speaker 1: Target or Amazon. Bloomberg Intelligence analyst Mandeep Sing says Google
Speaker 1: is now planning to slow hiring and control expenses. Shares
Speaker 1: of Texas Instruments are down more than four and a
Speaker 1: half percent. Karen the chipmaker's forecast misdestimates, signaling a broader
Speaker 1: slowdown in the semiconductor industry. So FI head of investment
Speaker 1: Strategy Liz Young says the outlook for tech stocks may
Speaker 1: now be uncertain. We're sitting at a point in the
Speaker 1: year where we've done a lot of work and valuations
Speaker 1: have seen a decent amount of pain since January, and
Speaker 1: I think it's less about what's the right valuation for
Speaker 1: these stocks to be at, and it's more about what
Speaker 1: are people actually willing to pay for them. Knowing that
Speaker 1: we have not solved all the problems that still lie
Speaker 1: ahead so far, as Liz Young says, she sees broader
Speaker 1: market volatility continuing for several weeks. We'll tek Erning's continue today.
Speaker 1: Nathan with Meta Platforms and Twitter reporting. At the same time,
Speaker 1: Elon Muski is working to wrap up his acquisition of Twitter,
Speaker 1: telling bankers he's going to close the deal this week
Speaker 1: and Bloomberg said, Ludlow has the details the banks, the
Speaker 1: kind of brace for this borrowing notice that should have
Speaker 1: come Tuesday. Then the money that the banks have pledged
Speaker 1: in the form of debt would go into es growth.
Speaker 1: Thursday is told these bankers that he fully intend is
Speaker 1: supposed to deal Friday and Bloomberg's said Ludlows As Twitter
Speaker 1: shares jump following the news, approaching must do twenties cents
Speaker 1: a share acquisition price to the housing market now, Karen
Speaker 1: Renters in the country's biggest cities continue to feel the pinch.
Speaker 1: New York City has the most expensive rental market in
Speaker 1: the US, according to the rental listing company Zumper. Boston
Speaker 1: jumped to the second highest rent surpassing San Francisco, which
Speaker 1: came in third. And as the futures they're leading to
Speaker 1: clins down almost two hundred points or one point seven
Speaker 1: per cent. Straight ahead your latest local headlines plus a
Speaker 1: check of sports and this is Bloomberg. Thanks three On
Speaker 1: Wall Street sixty four degrees in Central Park still got
Speaker 1: the emergency repairs and keyboard Route thirty six still closed
Speaker 1: both ways at Broad Street. Michael Barr is still here
Speaker 1: with more on what's going on in New York and
Speaker 1: around the world, Michael, thank you very much. Nathan sparring
Speaker 1: over crime and abortion. It took center stage Tuesday as
Speaker 1: New York Governor Kafe hoc faced a Republican challenger U
Speaker 1: S representatively Zelden in the campaigns only televised government at
Speaker 1: a real debate, Hocoll blasted Zelden's past support for abortion restrictions,
Speaker 1: and the governor pointed to Zelden's position on gun laws.
Speaker 1: When you had the chance as a member of Congress
Speaker 1: to stand with other Republicans who finally said enough is enough,
Speaker 1: you were nowhere to be found. Lee. I mean that's
Speaker 1: people need to know. You can't talk about because all
Speaker 1: you have his rhetoric. Zelden vow to repeal liberal criminal
Speaker 1: justice reforms. There are criminals out there who need to
Speaker 1: pay the consequences for their action instead of the catch
Speaker 1: real lease policies. The debate was aired on Spectrum New
Speaker 1: York One. The candidates for US Send It in Pennsylvania
Speaker 1: squared off into debate. Democrat John Fetterman, still recovering from
Speaker 1: a stroke in May, took Republican memit Oz to task
Speaker 1: over senior healthcare program, saying Ah supports cutting medicare. Oz
Speaker 1: denied that and touted his plan to boast to another
Speaker 1: program for seniors, social Security, making sure that it adequately
Speaker 1: increases with the inflation that we have. Meanwhile, in Michigan,
Speaker 1: the two candidates debated, and they're goobing totorial debate. President
Speaker 1: Joe Biden talked about Russia and Ukraine and China and
Speaker 1: a call congratulating the new UK Prime Minister Rishi Sunac.
Speaker 1: The conversation also touched on the unresolved issue of the
Speaker 1: Irish border after Brexit. Another setback for w n B
Speaker 1: a star Britney Grinder in Russia's judicial system, Bloomberg said Baxter.
Speaker 1: As the story, Russian court has refused to hear an
Speaker 1: appeal of Grinder's sentence. What House spokesman Koarne and Jean
Speaker 1: Pierre says, the US will double down now on getting
Speaker 1: her free. This is this is a priority, and we
Speaker 1: need Russia. We are asking and telling Russia to negotiate
Speaker 1: in good faith. But at this point, her nine year
Speaker 1: drug sentence remains in place in San Francisco. I'm at Baxter,
Speaker 1: Bloomberg day Break Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take powered by more
Speaker 1: than twenty seven hundred journalists and analyst more than a
Speaker 1: hundred twenty countries. Michael barn This is Bloomberg, Nathan. Thanks
Speaker 1: Michael on Wall Street time for the Bloomberg Sports Untake
Speaker 1: brought you by Try State Aunty with John Stenshow all right, Nathan.
Speaker 1: The World Series starts Friday. For the Yankees, the off
Speaker 1: seasons underway, and a couple of reports concerning the Yanks.
Speaker 1: S San Uy reporting long time general manager Brian Cashman
Speaker 1: will get a new contract his current one is expiring.
Speaker 1: Cashman has been the GM since began with the Yankees
Speaker 1: as an intern in six As for Aaron Judges, future
Speaker 1: MLB dot Com with the story that the Dodgers are
Speaker 1: expected to pursue Judge as a free agent and that
Speaker 1: their plan would be to then move rookie Betts to
Speaker 1: second base, where he played in high school. He played
Speaker 1: their briefly this season. Skip Schumacher, who was a coach
Speaker 1: with St. Louis, named the new manager of the Miami Marlins.
Speaker 1: At the Garden the Rangers based an old friend, Alexander
Speaker 1: Gorgie was the Rangers backup goalie the previous five seasons.
Speaker 1: Now with Colorado, he and igors Histercan both made some
Speaker 1: big says. The game went to a shootout, Colorado won
Speaker 1: three to two. The Ranger coach is Gerard. They played
Speaker 1: really us and like I said, were no surprise. We're
Speaker 1: talking about that before the game. And the guy who's
Speaker 1: you know, they know this Stanley Cup champion to a
Speaker 1: quick at past team and they'll go like that. And
Speaker 1: I thought I bought us into the battlemore. In the
Speaker 1: second of third Corey Official, Rangers visit the Islanders tonight
Speaker 1: the Devil's Last Night one six two at Detroit. Next
Speaker 1: tonight host Charlotte, and the next visit in Milwaukee, Jets
Speaker 1: and Patriots Sunday at MetLife Jets and Red Hot, winners
Speaker 1: of the last four. The Pats are in last place,
Speaker 1: just got blown out at home by Chicago. And yet
Speaker 1: Pat's right now when we have a slight favorite. And
Speaker 1: that's despite a lot of controversy in New England over
Speaker 1: Bill Belichick's decision Monday night, the bench quarterback Mac Jones,
Speaker 1: he got him to the playoffs last year as a rookie.
Speaker 1: He put in rookie Bailey's appy and then said it
Speaker 1: was his plan all along to use both of them.
Speaker 1: Pat's white out. Jacobe Myers calls the team's QB situation ugly.
Speaker 1: John stashellar Bloomberg Schools. Nathan thanks John seven on Wall
Speaker 1: Street Time for the Tri State Business Report. Here's Bloomberg City.
Speaker 1: Fellogreen a tourist street about this, giving New York City's
Speaker 1: economy a boost. Kashman in waite Field says time square
Speaker 1: foot traffic is now close to pre pandemic levels again,
Speaker 1: and that's even without the usual flood of Chinese tourists.
Speaker 1: Even so, some tourists might find the places they want
Speaker 1: to go to closed. Side Dish says some hotspots, including
Speaker 1: the Tin Building, the massive Nebula Nightclub, the new Kosher
Speaker 1: Sushi fin in Scales, and Zassi's Pizza are among those
Speaker 1: either limiting hours or days open because of workers shortages
Speaker 1: and in some places because of problems with crime. Workers
Speaker 1: at Cure Leafs Edgewater, New Jersey, location of unionized the
Speaker 1: Cannabis dispensary workers have joined with the United Food and
Speaker 1: Commercial Workers Local three sixty union, and Westport leads the
Speaker 1: Connecticut real estate market Berkshire. Hathaway Home Services, New England
Speaker 1: says that's when you look at overall momentum. Stanford Africa
Speaker 1: Had also says Greenwich is still the priceiest, but buyers
Speaker 1: there are driving harder bargains. With the Dry State Business Report,
Speaker 1: I'm Denise Pellegrini on Wall Street. Bloomberg Radio is on
Speaker 1: the air from San Francisco to New York, London to
Speaker 1: Hong Kong. Let's check in with our global news team
Speaker 1: for some of the top stories heard on our three
Speaker 1: hundred of FILLI at radio stations around the world. I'm
Speaker 1: Steve Podas on K and X in Los Angeles. We're
Speaker 1: talking about Mattel slashing its profit forecast, has a tough
Speaker 1: holiday shopping season looms. I'm Corney Donahoe on w h
Speaker 1: A S and Louisville. Chipotle says that's being low income
Speaker 1: consumers pull back on spending plan Ginas Servettian for w
Speaker 1: w BBM in Chicago. I'm reporting the Kraft Times in
Speaker 1: a Jeff bezos Bach firm are about to announce their
Speaker 1: first plant based foods, cheese slices and mayonnaise. I'm Waity
Speaker 1: to Let on WTVN and Columbus. I'm reporting on the
Speaker 1: end of the pandemic housing Boom. I'm Stephen Carol and
Speaker 1: Bloomberg DAB Digital Radio in London. We've been reporting on
Speaker 1: earnings beats from a slew of top European banks, including
Speaker 1: Santander and Unkradis, and those are some of the stories
Speaker 1: are twenty d Bloomberg journalists and analysts working on this
Speaker 1: morning around the world. It's five thirty nine on Wall Street.
Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial
Speaker 1: was written by the Bloomberg Editorial Board. Britain's new Prime Minister,
Speaker 1: Rishi Sunac is widely seen as pragmatic and competent, virtues
Speaker 1: lately all but absent from British politics. Investors have greeted
Speaker 1: his rise with relief, but that might not last long.
Speaker 1: Sunac inherits a party deeply split over Brexit especially, but
Speaker 1: also immigration, taxes, regional inequality and other contentious matters. Meanwhile,
Speaker 1: the UK has been especially hard hit by the soaring
Speaker 1: cost of gas, making its inflation among the highest in Europe.
Speaker 1: Sunac's pledge to restore responsibility make calm markets, but standing
Speaker 1: by that commitment as the central bank raises interest rates,
Speaker 1: makes a serious recession possible after the past few weeks.
Speaker 1: A prolonged spell of boredom is just what the UK needs,
Speaker 1: but events are unlikely to oblige. This editorial was written
Speaker 1: by the Bloomberg Editory, a board. For more Bloomberg opinion,
Speaker 1: please go to Bloomberg dot com, slash Opinion or Opie
Speaker 1: I n go on the Bloomberg terminal. This has been
Speaker 1: Bloomberg Opinion. Listen for Bloomberg opinion editorials every weekday at
Speaker 1: this time. Terminal customers can read more at Opie I
Speaker 1: n Go. This is Bloomberg. Bloomberg Sports is brought to
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Speaker 1: This is a Bloomberg Business Flash and I'm Karen Moscow.
Speaker 1: US dot Index futures falling this morning is Megacap Technology
Speaker 1: Shares slump in early trading now today futures leading the
Speaker 1: declines down one point six percent after disappointing quarterly updates
Speaker 1: from Microsoft, Google, Parent Alphabet and Texas Instruments. And we
Speaker 1: check the markets every fifteen minutes throughout the trading day
Speaker 1: on Bloomberg so NASDACK futures are down one ninety one points,
Speaker 1: SMP futures down twenty nine and DAL futures are down
Speaker 1: forty nine. The decks in Germany is up four tenths
Speaker 1: of upper set ten. Your treasury up ten thirty seconds
Speaker 1: yield four point oh six percent. They yield on the
Speaker 1: two year four point four three percent. Nine x scred
Speaker 1: oil is up six tens percent or fifty three cents
Speaker 1: at eighty five dollars eighty five cents of barrel comes.
Speaker 1: Gold up one percent or sixteen dollars ten cents at
Speaker 1: sixteen seventy four ten an ounce. The Euro one point
Speaker 1: zero zero two two against the dollar, British found one
Speaker 1: point one five seven two and again one forty seven
Speaker 1: point one two, and Bitcoin it's up two point three
Speaker 1: percent at twenty thousand, six hundred fifty dollars. As a
Speaker 1: Bloomberg Business Flash Now here's Michael Barr with more on
Speaker 1: what's going on around the world. Michael, Karen, thank you
Speaker 1: very much. The candidates for Pennsylvania's Senates race squared off
Speaker 1: on the issues in the televised debate last night on
Speaker 1: News Nation. Lieutenant Governor John Federman addressed what he called
Speaker 1: the elephant in the room. I had a stroke. He's
Speaker 1: never let me forget that, and I might miss some
Speaker 1: words during this debate, two words together, but it knocked
Speaker 1: me down and I'm gonna keep coming back up. Doctor
Speaker 1: Memonaz made his stance on abortion clear that he would
Speaker 1: not support a federal abortion ban, which some other Republicans
Speaker 1: have called for. There should not be involved in from
Speaker 1: the federal government and how states decide their abortion decisions.
Speaker 1: As a physician, I've been in the room when there's
Speaker 1: some difficult conversations happening. I don't want the federal government
Speaker 1: involved with that at all. In New York, Governor Kathy
Speaker 1: Hokell squared off against the Republican Representative Lee Zelden in
Speaker 1: the gubernatorial race. Local blasted Zeldin's pass support for abortion
Speaker 1: restrictions and Zelden's position on gun laws. It is a
Speaker 1: joke to talk about a crime policy that doesn't include
Speaker 1: doing something about illegal guns. Meanwhile, Zelden vowed to repeal
Speaker 1: liberal criminal justice reforms. Kathy Hockle is too busy patting
Speaker 1: herself on the back. Job well done. The debate on
Speaker 1: Spectrum New York One took place with now less than
Speaker 1: two weeks before the midterm elections. Global News twenty four
Speaker 1: hours a day on here and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalist and analyist
Speaker 1: more than a hundred twenty countries. Michael Barr and this
Speaker 1: is Bloomberg. Nathan Okay, Michael. Thanks, It's five forty nine
Speaker 1: on Wall Street Live from the Bloomberg Interactive Brokers studios.
Speaker 1: This is Bloomberg Daybreak and Bloomberg New York Bureau chief
Speaker 1: Shelley Banjo is with us live in studio this morning
Speaker 1: to get a little more insight on last night's governors
Speaker 1: debate in the New York race. Shelley, good morning. Very
Speaker 1: interesting in those clips that Michael Barr just played in
Speaker 1: the News to kind of hear Governor Hocle turned the
Speaker 1: tables on an issue that Lee Zelden, the Republican has
Speaker 1: really been trying to take advantage of in this race,
Speaker 1: and that would be the issue of crime. What stood
Speaker 1: out to you from last night's debate, Good morning. Yeah,
Speaker 1: the crime definitely took center stage at the debate, and
Speaker 1: every time Hocal tried to bring it away from crime,
Speaker 1: h Zelden would try to bring it right back there.
Speaker 1: And Uh, you know, it's an important topic that's really
Speaker 1: resonated with a lot of New York voters in a
Speaker 1: way that I don't think Hoco has been quite prepared
Speaker 1: for until the most recent weeks, where she has really
Speaker 1: shifted her tone to really address a lot of these
Speaker 1: concerns around crime. Is there time though we're less than
Speaker 1: two weeks away, and to have that shift in tone
Speaker 1: come now, is it going to do her any favors
Speaker 1: at this point? Well, that's the question because it has
Speaker 1: been and has been from the beginning Hoco's election to lose.
Speaker 1: The interesting part is that she was up ahead, she
Speaker 1: had to double digit lead for for quite some time,
Speaker 1: and just in the last few days we've seen some
Speaker 1: recent polls showing a much narrowing, much narrower lead, uh
Speaker 1: with Hocal over Zelden. And you saw that last night
Speaker 1: in the debate. This is the one only time that
Speaker 1: you have agreed to debate, and she was on the
Speaker 1: defensive for quite a lot of the debate. And yeah,
Speaker 1: interesting to hear that as well, particularly when in the
Speaker 1: lead up to this debate and the lead up over
Speaker 1: the last couple of months here, it seemed for Democrats
Speaker 1: that abortion rights was really going to be the issue
Speaker 1: that they hope to capitalize on following the Supreme Court's
Speaker 1: decision to overturn Roe v. Wait. Now, it seems as
Speaker 1: though that that issue, as far as the catalyst for voters,
Speaker 1: seems to be fading into the background absolutely, and Lee's
Speaker 1: elden is completely out of step with most of the
Speaker 1: voters in New York when when you look at polling
Speaker 1: around things like abortion, legal abortion, and as well as
Speaker 1: support for President Donald Trump, Les Eldon is a is
Speaker 1: a big Trump supporter. As well as election deniability, those
Speaker 1: are election integrity, Those are kind of three things that
Speaker 1: don't seem to comport with a lot of New York
Speaker 1: as at least according to polling, at least accorint to
Speaker 1: what people say they think. And yet Hoco has been
Speaker 1: kind of trotting out these defenses for quite some time,
Speaker 1: But those aren't the issues that seemed to be now
Speaker 1: front of mine to voters with the two weeks left
Speaker 1: before the election. Now folks are focused on crime and
Speaker 1: pocketbook issues, you know, the things that come down to
Speaker 1: two races every time. You know what's in my backyard
Speaker 1: right now? Yeah, And as we mentioned, crime did seem
Speaker 1: to be the issue that Leezelden really tried to hammer
Speaker 1: home on in the debate last night. Were you kind
Speaker 1: of surprised that we didn't see as much emphasis in
Speaker 1: this debate on the economy given where voters are right
Speaker 1: now with inflation as high as it is. I was,
Speaker 1: especially because you are seeing that play out across the
Speaker 1: rest of the country, and you're saying that play out
Speaker 1: in places like upstate New York where Les Elden is
Speaker 1: more popular than say New York City, where Local is
Speaker 1: leading the race. There, they did talk about the economy. Zelden,
Speaker 1: you know, criticized her for passing the state's largest ever budget,
Speaker 1: increasing state spending, giving big tax cuts to the Buffalo
Speaker 1: Bills to keep them in York, which a lot of
Speaker 1: people have criticized Hoco on. And to her point, Hocal said, well,
Speaker 1: you know what, I signed this. I signed all these
Speaker 1: big economic deals since I've been in governor in the
Speaker 1: Governor's mansion, including a hundred billion dollar investment from Micron.
Speaker 1: So she's trying to kind of tell her story of
Speaker 1: what she's done as governor over the last year and
Speaker 1: focus it on the policy she's been able to enact
Speaker 1: and the actions she's been able to have rather than
Speaker 1: just the soundbites that that Les Elden is quite frankly
Speaker 1: better at lots for voters in New York to think about,
Speaker 1: with early voting beginning actually just this weekend, well ahead
Speaker 1: of actual election day less than two weeks away now.
Speaker 1: Shelley Banjo, New York Or Chief here, Bloomberg News. Thanks
Speaker 1: for this and thanks for coming in studio to talk
Speaker 1: about last night's debate. Karen Nathan, It's time fifty four
Speaker 1: on Walla Street, and it's time now for a legal story.
Speaker 1: We're watching this morning since d law, Republican Senator Lindsey
Speaker 1: Graham has been finding us a peanut to testify before
Speaker 1: US special grand jury investigating criminal election interference in Georgia.
Speaker 1: Now he's asking the Supreme Court to intervene, and Justice
Speaker 1: Clarence Thomas has done that at least temporarily shielding Graham
Speaker 1: from having to testify. Fulton County District Attorney Fannie Willis
Speaker 1: wants to question Graham about two phone calls he made
Speaker 1: to Georgia's Secretary of State Brad Rathnsburger in the weeks
Speaker 1: after the election for more of Bloomberg's doing. Grosso speaks
Speaker 1: to constitutional law professor Randy Beck of the University of
Speaker 1: Georgia's School of Law. The Eleventh Circuit being one of
Speaker 1: the more conservative circuits in the country, and in a
Speaker 1: panel with two Trump appointees, said that this could go forward.
Speaker 1: Are you surprised then that Justice Thomas issued this stay?
Speaker 1: I'm not surprised by that. I think Cynator Graham has
Speaker 1: a couple of things going for him and then some
Speaker 1: things that work against him. One of the things going
Speaker 1: for him is that there is some ambiguity about the
Speaker 1: extent to which informal investigative activities are covered by the
Speaker 1: speech A clause. And the other is that it's the
Speaker 1: privilege against being questioned. And so if the Supreme Court
Speaker 1: is going to do anything, now is probably the time
Speaker 1: that they would want to take the case. And so
Speaker 1: I can understand Justice Thomas not wanting to make this
Speaker 1: decision on his own, wanting to keep the status quo
Speaker 1: as it is until the other justices have the chance
Speaker 1: to think about it and weigh in a vote from
Speaker 1: the whole court. I guess technically he could make the
Speaker 1: decision on his own, but I would expect in a
Speaker 1: matter like this, he would refer the issue to the
Speaker 1: entire nine justice Supreme Court. Is it likely that the
Speaker 1: Court would take this in a case where I don't
Speaker 1: see any you know, conflict in the circuits, and you
Speaker 1: have the Eleventh Circuit unanimously affirming the District Court judge,
Speaker 1: and the District Court judge giving some you know, leeway
Speaker 1: for Lindsay Graham to object to certain questions. So I
Speaker 1: think that there could be an argument made that there
Speaker 1: is disagreement in the circuits about the scope to which
Speaker 1: informal investigative activities are protected. I'm not sure though, that
Speaker 1: that will carry the day for Senator Graham, because, as
Speaker 1: the Eleventh are pointed out, the District Court protected him
Speaker 1: against questions about anything that could be characterized as informal investigation.
Speaker 1: And so I think, you know, even the Supreme Court
Speaker 1: was convinced that there is an issue that warrants their consideration,
Speaker 1: they may decide this is not the case to do it,
Speaker 1: because it wouldn't really help Senator Graham any more than
Speaker 1: the District Court already has. There's been some criticism of
Speaker 1: Justice Thomas for not recusing himself from cases like this
Speaker 1: covering the elections because his wife is a conservative activist
Speaker 1: who played a role in the effort to overturn the election.
Speaker 1: Do you think that he should be recusing himself. I
Speaker 1: don't think just because one has a spouse who has,
Speaker 1: you know, kind of certain political activities, that that necessarily
Speaker 1: means you need to recuse yourself from any case relating
Speaker 1: to the election. I think, you know, if there were
Speaker 1: the thing that came before the court that his wife
Speaker 1: was involved in, that would be a much much clearer
Speaker 1: case for accused, I think. And as Professor Randy Beck
Speaker 1: of the University at Georgia School of Law speaking with
Speaker 1: Bloomberg student Grosso, catch more of that interview, plus analysis
Speaker 1: of the latest legal news, by subscribing to the Bloomberg
Speaker 1: Law Podcast or downloading the show at Bloomberg dot com.
Speaker 1: Slash podcast. Attorney's Confined Exceptional legal research and business development
Speaker 1: tools at Bloomberg Law dot com and on the Bloomberg
Speaker 1: terminal at b law Go, and we're watching nazdack futures
Speaker 1: plummet this morning, down about one point six percent, led
Speaker 1: by Microsoft and Alphabet, both down in early training, Microsoft
Speaker 1: down about six percent, in Alphabet down six point two percent.
Speaker 1: Much more on that straight ahead as Bloomberg day Break continues.
Speaker 1: And this is Bloomberg