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Speaker 1: By from the Bloomberg Interactive Brooker Studios is Bloomberg day

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Speaker 1: Break for Wednesday, October two. Coming up this hour, NAZAC

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Speaker 1: futures fall as big tech earnings disappoint Microsoft posts the

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Speaker 1: weakest quarterly sales growth in five years. Alphabet's quarter spells

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Speaker 1: trouble as profit and revenue miss estimates, and bank earnings

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Speaker 1: continue in Europe as Deutsche Bank and Bark Laser Court.

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Speaker 1: He was a big debate night in New York and

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Speaker 1: several other states, plus President Biden discussed Ukraine and China

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Speaker 1: in a congratulatory call to the ne UK Prime Minister

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Speaker 1: Michael Barr. More ahead, I'm kind stattoward sports. The Rangers

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Speaker 1: lofted that shoot out to Colorado Devils one in Detroit.

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Speaker 1: The Nixon nets ap games tonight. That's all trendy head

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Speaker 1: on Bloomberg day Break on Bloomberg He live in Freeo,

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Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh

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Speaker 1: six one, Boston, Bloomberg nine sixties, San Francisco, Sirius x

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Speaker 1: M one nine team and around the world Old on

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Speaker 1: Bloomberg Radio dot Com and via The Bloomberg Business and

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Speaker 1: good Morning, I'm Karin Moscow. I'm Nathan Haygar. Bloomberg day

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Speaker 1: Break brought to you by b n y Melon's Pershing

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Speaker 1: learned why the world's most sophisticated wealth management and institutional

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Speaker 1: firms rely on Pershing to help them improve profitability, create efficiency,

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Speaker 1: attract talent, and manage risk at Pershing, dot Com and

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Speaker 1: futures are following this morning six oh one on Wall Street.

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Speaker 1: We checked the markets every fifteen minutes throughout the trading

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Speaker 1: day on Bloomberg. Right now, S and P futures are

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Speaker 1: down thirty three points, now futures down eighty three and

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Speaker 1: NASDACK futures falling down two hundred or one point seven percent.

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Speaker 1: Ten year Treasury up ten thirties seconds, yield four point

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Speaker 1: six percent. Yield on the two year four point four

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Speaker 1: or four percent, Nathan Karen. The big drop at Nasdaq

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Speaker 1: futures this morning follows disappointing earnings and forecasts from two

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Speaker 1: tech giants, who begin with Microsoft. The shares are down

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Speaker 1: six percent. Ed Ludlow has more on the results from

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Speaker 1: our Bloomberg nine sixty newsroom in San Francisco. Microsoft it

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Speaker 1: beat on both the top and bottom line, but recorded

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Speaker 1: its slowest sales growth in five years. The stronger dollars

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Speaker 1: certainly was a factor, along with a material slowdown, it

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Speaker 1: seems in both corporate and consumer spending. What really spooke

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Speaker 1: the market was commentary on the Earning School that the

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Speaker 1: Asia Cloud unit would see its growth decelerate to the

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Speaker 1: tune of five percentage points quarter on quarter going into

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Speaker 1: the final three months of this year. The most significant

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Speaker 1: reaction in after ours trading coming at that point at

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Speaker 1: Lovelow for Bloomberg News in San Francisco, alreat thanks Well.

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Speaker 1: Shares of Alphabet meantime or down about six point four

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Speaker 1: percent in early training. The owner of Google, reported earnings

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Speaker 1: and revenue that both missed analysts expectations. Bloomberg Intelligence Senior

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Speaker 1: analyst man Deep Singh has more on the miss. The

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Speaker 1: reason why you see a ten percentage point miss when

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Speaker 1: it comes to operating income is because search underperformed. Every

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Speaker 1: time search underperformance, Google has a bad quarter. And in

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Speaker 1: this case you have to ask for yourself, is it temporary,

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Speaker 1: is it what Snap was seeing around pricing, or is

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Speaker 1: it more structural because you know there's a lot more

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Speaker 1: competition from Amazon, from Walmart, from Target. These companies are

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Speaker 1: all add numb groups now. Bloomberg Intelligence senior analyst Mundeep

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Speaker 1: Singh says Google is now planning to slow hiring and

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Speaker 1: control expenses, and had plenty of other earnings to catch

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Speaker 1: you up on Karen. Shares of Texas Instruments are down

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Speaker 1: down almost five percent. The chip makers quarterly forecast missed estimates.

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Speaker 1: Shares a Visa are up about one percent. The digital

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Speaker 1: payments company reported profit and revenue that beat, and Chipotle

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Speaker 1: shares a little changed. Comparable sales and profit outpaced expectations.

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Speaker 1: Well tech earnings continue today, Nathan, with both Metal Platforms

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Speaker 1: and Twitter reporting meantime, Elon Musk's acquisition of Twitter is

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Speaker 1: in focus. He's pledging to close the deal by this Friday,

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Speaker 1: and we get more from Bloomberg's Doug Christner. The comments

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Speaker 1: were made yesterday in the video conference call with bankers

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Speaker 1: helping to fund the deal. They are providing thirteen billion

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Speaker 1: dollars of debt financing, we are told Musk also promised

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Speaker 1: to help the banks market the debt to money managers

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Speaker 1: after the deal closes. Several banks have been left in

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Speaker 1: alurch after Musk's sudden reversal on going through with buying

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Speaker 1: Twitter in early October and now they're facing paper losses

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Speaker 1: of roughly five hundred million dollars on the transaction. The

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Speaker 1: pain would be realized once the debt is sold to

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Speaker 1: institutional investors. In New York, I'm Doug Christener Bloomberg Daybreak,

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Speaker 1: Thanks Doug wild Such stocks are falling this morning, the

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Speaker 1: overall stock market may still not have hit bottom. That's

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Speaker 1: according to Goldman Sachs. Strategists at the firm say equities

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Speaker 1: don't fully reflect the latest dries and really yields and

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Speaker 1: the odds of a recession in a severe economic downturn.

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Speaker 1: Goldman's team says it expects the SMP five hundred to

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Speaker 1: drop below That would be a twenty five percent fall

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Speaker 1: from yesterday's close. Well, in Europe this morning, Nathan, banks

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Speaker 1: are in focus once again as earning season rolls on,

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Speaker 1: and we go to London and get the very latest

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Speaker 1: with Bloomberg's un pot skod morning, un good morning, count

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Speaker 1: and Nathan. A big morning for European bankcountings and beating

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Speaker 1: estimates as interest rates Royce is the key theme. Italy's

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Speaker 1: UNI credit has raised fully. Revenue and profit Tall gets

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Speaker 1: full a second straight quarter. Deutsche bank sales and profits

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Speaker 1: also beating, but analysts did flag higher than expected costs

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Speaker 1: at Germany's biggest lender, and traders at London based Barclay's

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Speaker 1: beating estimates are setting steep declines at the investment bank,

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Speaker 1: with the economy keeping deals on the sidelines in London,

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Speaker 1: I'm you in pots in Big Daybreak? Are you in thanks?

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Speaker 1: Back here in the US, the focus is on politics.

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Speaker 1: With less than two weeks before the midterm elections, the

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Speaker 1: candidates for New York governors squared off last night. Bloomberg's

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Speaker 1: Michael Barr joins US Live from New York with the

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Speaker 1: highlights Michael Nathan. Crime and abortion took center stage last

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Speaker 1: night as New York Governor Kathy Hokle faced a Republican challenger,

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Speaker 1: Representatively Zelden in the campaign's only televised gubernatorial debate on

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Speaker 1: Spectrum News New York One. Both candidates were asked to

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Speaker 1: look ahead to the raise for the White House in

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Speaker 1: do you want to see Joe Biden run for re election? Yes?

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Speaker 1: I do. Do you want to see Donald Trump run

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Speaker 1: for president? In Lee's Eldon not even thinking about it.

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Speaker 1: I'm focused on the four team days from today, Hocal

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Speaker 1: slam Zelden's past support for abortion restrictions. Zelden criticized Hocal's

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Speaker 1: push to send millions of abortion providers to expand access

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Speaker 1: for a predicted surge and out of state patients live

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Speaker 1: in New York. Michael Barr Bloomberg Daybreak, Karen, all right, Michael,

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Speaker 1: thank you about candidates for Pennsylvania governor also debated last night,

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Speaker 1: and more on that coming up shortly. Inflation, meanwhile, is

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Speaker 1: proving key in the midterm elections, including soaring housing costs.

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Speaker 1: Renters are feeling the pinch in the country's biggest cities.

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Speaker 1: New York City has the most expensive market in the country,

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Speaker 1: according to rental listing company Zumper. The media and one

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Speaker 1: bedroom apartment in New York runs more than thirty eight

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Speaker 1: hundred dollars a month. Boston has this second highest rent

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Speaker 1: it close to thirty one hundred dollars. In San Francisco's

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Speaker 1: close behind it roughly three thousand. Well, Karen, you've heard

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Speaker 1: about the great resignation after COVID. Now the next wave

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Speaker 1: of workers leaving their jobs could be driven by abortion rights.

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Speaker 1: According to a survey by the nonprofit Catalyst to employees

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Speaker 1: are thinking of quitting because of their company's response to

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Speaker 1: the Supreme Court decision to overturn Roe v. Wade. Forty

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Speaker 1: percent say their employer isn't doing enough to protect abortion

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Speaker 1: rightst think their company CEO should be more vocal on

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Speaker 1: the issue. Straight ahead, your latest local headlines in the

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Speaker 1: check of sports. This is Bloomberg and it's now six

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Speaker 1: oh seven on Wall Street where at sixty four degrees

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Speaker 1: in Central Park gotta crash on the way to JFK

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Speaker 1: westbound belt park Way Age Springfield Boulevard. Michael bars back

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Speaker 1: with the aforementioned details on the Pennsylvania governor's race and

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Speaker 1: more on what's going on around the world. Michael, thank

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Speaker 1: you very much, Nathan. And on top of New York,

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Speaker 1: it was debate night and several other closely launched races.

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Speaker 1: As you mentioned, Pennsylvania Democrat John Federman debated against the

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Speaker 1: Republican Dr. Memonaz as they've I who are critical Senate seat.

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Speaker 1: In the opening minutes of last night's debate, Federman addressed

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Speaker 1: what he called the elephant in the room, the stroke

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Speaker 1: he suffered five months ago. I have run the campaign

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Speaker 1: and I've been very transparent about being very open about

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Speaker 1: the fact, we're in US captioning, and I believe that. Again,

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Speaker 1: my doctor is the real doctors that I believe, and

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Speaker 1: they all believe that I'm ready to be served. As

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Speaker 1: ignored his opponent's health challenges instead seizing on Fetterman support

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Speaker 1: for President Joe Biden. On immigration and crossings at the

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Speaker 1: southern U. S. Border, doctor said it's an issue that's

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Speaker 1: personal to him. My father was an immigrant, my mother

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Speaker 1: were immigrants. You know, I understand what legal immigration offers us,

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Speaker 1: but the completely porous open nature of our border, which

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Speaker 1: John Fetterman supports, has created a humanitarian crisis. The debate

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Speaker 1: was held on News Nation. Meanwhile, the gubernatorial debate was

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Speaker 1: held last night. In Michigan. Governor Gretchen Whitmer declared her

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Speaker 1: position on abortion, saying she'll be voting yes on a

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Speaker 1: ballot initiative to protect abortion rights. The simple truth is

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Speaker 1: the way to protect women and ensure that future generations

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Speaker 1: have the same rights we've had for forty nine years

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Speaker 1: is by adopting Proposal three, and I will be a yes.

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Speaker 1: Whitmer's Republican opponent, Tutor Dixon, argue that Michigan's Proposal three

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Speaker 1: is nothing like the Roe v. Wade, Supreme Court decision

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Speaker 1: that stood for nearly fifty years. When Governor Whitmer tells

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Speaker 1: you that this is going to be Row, it's not

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Speaker 1: even close to Row. It's not codifying Row in our constitution.

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Speaker 1: But it would be the most radical abortion law in

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Speaker 1: the entire country. The only place that has something similar

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Speaker 1: or China and North Korea. The debate was aired on

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Speaker 1: w x Y and z TV. New York City has

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Speaker 1: been ordered to reinstate a group of sanitation workers fired

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Speaker 1: for refusing to get a COVID nineteen vaccine after a

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Speaker 1: state court judge ruled at the mandate was unlawful. The

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Speaker 1: White House, as President Joe Biden, congratulated the new UK

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Speaker 1: Prime Minister Rishi Sunac in a call in which they

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Speaker 1: discussed the Russian invasion of Ukraine and challenges arising from China.

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Speaker 1: Global News twenty four hours a day on air and

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Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred

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Speaker 1: journalists and analysts more than one hundred twenty countries. Michael

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Speaker 1: Barr and this is Bloomberg. Nathan, Thanks Michael, almost six

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Speaker 1: cent on Wall Street time for the Bloomberg Sports Something

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Speaker 1: for our TV. I try stayed out here. Here's John

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Speaker 1: stash Our Nathan good one at the Garden Stanley Cup

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Speaker 1: champion Colorado in to start a three game tour of

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Speaker 1: the New York teams nineties shots on goal in this

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Speaker 1: game Adam Fox score was six minutes left to tie

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Speaker 1: the score. In the shoot at the Ads scored in

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Speaker 1: the fourth round. They beat the Rangers three to to.

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Speaker 1: The Colorado goalie was Alexander gorgiad beat his old team.

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Speaker 1: The Ads visit the Devil's Friday. Devil's just won six

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Speaker 1: two at Detroit. They've won four to last five, and

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Speaker 1: then they Ads visit the Islanders on Saturday. The Rangers

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Speaker 1: visit the Islanders tonight. Next are at the Garden Tonight

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Speaker 1: place Charlotte. The next visit Milwaukee, who the best in

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Speaker 1: the West met last night. Phoenix blew out Golden State

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Speaker 1: by twenty nine. The Jets say Eli Jahmore will play

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Speaker 1: Sunday against New England. Second year receiver upset with Black

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Speaker 1: of playing time demanded a trade. Didn't play last Sunday

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Speaker 1: the trade deadline Next Tuesday. Chatter five and two. Giants

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Speaker 1: are six and one. Daniel Jones comes off a one

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Speaker 1: hundred yard rushing game for coach Brian Daball. The dual

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Speaker 1: threat quarterbacks as they say nowadays, um, you know, add

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Speaker 1: another element to your offense because it's eleven and eleven football.

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Speaker 1: When those guys can can carry the football or zone

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Speaker 1: read it or do some different things. Um, so he

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Speaker 1: has you know, he has ability to do those things.

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Speaker 1: And Sunday is at Seattle. Seahawks also surprised either in

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Speaker 1: sole possession of first in the NFC West. There quarterback

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Speaker 1: now by Gino Smith, the ex Jet and Giant forty

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Speaker 1: three old Skip Schumacher named new manage with Miami Marlins,

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Speaker 1: replacing Don Madden Lee. He had the job for seven years.

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Speaker 1: Schumacher most recently a coach in St. Louis. Louis Robos,

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Speaker 1: the ex Met manager, current Yake third base coach, was

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Speaker 1: a commendidate for the Marlins manager John Bloom. Big sports,

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Speaker 1: all right, John, Thanks. Futures moving lower, SMP futures down

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Speaker 1: Dan Ives of web Bush Securities joins us. Next. This

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Speaker 1: is Bloomberg. Bloomberg Sports is brought to you by Audie.

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Speaker 1: is a Bloomberg Business Flash and I'm Karen moscown. This

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Speaker 1: m s us Talk index futures falling this morning as

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Speaker 1: Megacap technology share slump in early trading. NASDACK futures down

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Speaker 1: one point seven per cent after disappointing quarterly up days

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Speaker 1: from Microsoft, Google parent, Alphabet and Texas Instruments, and looking

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Speaker 1: at those shares this morning, Microsoft down five point nine percent,

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Speaker 1: in Germany's up half percent. The ten year treasury up

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Speaker 1: seven thirty seconds yield four point oh seven percent, and

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Speaker 1: they yield them a two year four point four or

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Speaker 1: four percent. NIMEX screwed oil is up four tens percent

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Speaker 1: or thirty five cents at eighty five dollar sixty six

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Speaker 1: cents a barrel. Comes Gold up nine ten percent or

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Speaker 1: fourteen dollars seventy cents at sixteen seventy two seventy an ounce.

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Speaker 1: The euro one point zero zero one five against the dollar,

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Speaker 1: British found one point one five five four, and the

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Speaker 1: two percent at twenty thousand, five hundred ninety dollars. That's

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Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more

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Speaker 1: on what's going on around the world. Michael, thank you

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Speaker 1: very much. Daren Pennsylvania Democrat John Fetterman debating against Republican

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Speaker 1: doctor mement Oz as they vie for a critical Senate

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Speaker 1: seat sentiment who suffered a stroke and may spoke about abortion.

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Speaker 1: If you believe that the choice of your reproductive freedom

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Speaker 1: belongs with Dr Oz, then you have a choice. But

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Speaker 1: if you believe that the choice for abortion belongs between

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Speaker 1: you and your doctor, that's what I fight for. Ah

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Speaker 1: said that he is against federal involvement in a woman's decision,

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Speaker 1: but he supports what the states decide. I want women, doctors,

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Speaker 1: local political leaders, letting the democracy that's always allowed our

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Speaker 1: nation to thrive, to put the best ideas forward, so

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Speaker 1: states can decide for themselves. Meanwhile, gubernatorial debates were held

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Speaker 1: in New York and Michigan. In the NBA, the Wizards won,

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Speaker 1: the Warriors lost. In the NHL, the Rangers lost the

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Speaker 1: Devil's One along with the Bruins. Global News twenty four

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Speaker 1: hours a day on air and on Bloomberg Quicktake, powered

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Speaker 1: by more than journalists and analysts more than a hundred

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Speaker 1: twenty countries. Michael Barr and this is Bloomberg, Nathan. Thanks Michael.

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Speaker 1: We're coming up to six twenty on Wall Street Live

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Speaker 1: from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak

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Speaker 1: on a morning where tech shares are leading the broader

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Speaker 1: market lower on a disappointing start to earning season. Microsoft

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Speaker 1: and Google parent Alphabet are leading the way joining us now,

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Speaker 1: Dan ives seen your equity research channelist at Wedbush Securities

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Speaker 1: has been pretty bullish on the tech sector for quite

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Speaker 1: some time. Dan, it's good to speak with you this morning,

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Speaker 1: and I'm just getting through your note on Microsoft earning,

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Speaker 1: saying that the quarter was roughly in line with a

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Speaker 1: headline beat, respectable performance from the Azure cloud service, but

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Speaker 1: the guidance was nothing to write home about. Give us

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Speaker 1: a little more on your thoughts on Microsoft's earnings. Yeah,

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Speaker 1: I think it's really about Godens. I mean, I think

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Speaker 1: there's been worried the last few quarters that you're gonna

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Speaker 1: see cracks in the armor and enterprise spending and the

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Speaker 1: clock start midnight last night. I think the gate softer

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Speaker 1: goidance is going to wear on the market as well

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Speaker 1: as with what we saw from Alphabet, and you know,

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Speaker 1: I think's really what's the start of this economic slowdown

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Speaker 1: impact in Microsoft? And yet you're still keeping an outperform

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Speaker 1: on Microsoft stock going forward, keeping your price target. Why. Yeah,

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Speaker 1: So I view this as really a rough patch that

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Speaker 1: they're ultimately just ripped a band aid off. They reset expectations.

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Speaker 1: I think if you look at cloud, that continues to

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Speaker 1: be the core growth driver that's just going to get

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Speaker 1: them through the storm. And I just view this more

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Speaker 1: this was a time where PC continues to be an

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Speaker 1: overhang from Microsoft. They'll get through this with Cloud. I

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Speaker 1: viewed as probably an overreaction terms of what the stock

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Speaker 1: is today. How do you see Microsoft getting through this storm?

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Speaker 1: There's a lot of debate about how long this storm

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Speaker 1: could last. Do you think it lasts long? And how

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Speaker 1: does Microsoft get through it? Well, I think they're going

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Speaker 1: to be able to get through it, probably better than

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Speaker 1: any other tech company because today less than enterprise are

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Speaker 1: on cloud, so it was more hip to cloud. That's

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Speaker 1: going to be an accelerant from Microsoft. More that business

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Speaker 1: is going to be cloud and services. But right now

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Speaker 1: in PC, it's going through what I'd say is probably

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Speaker 1: a forty year type of decline in terms of PC market.

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Speaker 1: That's a dark cloud and the stock ultimately gets rerated

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Speaker 1: more in cloud. That's why you own Microsoft as a

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Speaker 1: Rocket Gibraltar stock through the store. Does it get more

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Speaker 1: difficult to maintain demand in the cloud when we have

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Speaker 1: these kinds of headwinds from a strong dollar and from

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Speaker 1: the fact that the way the economy is going right now,

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Speaker 1: there might be a little bit less demand for cloud

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Speaker 1: services because of just the way things cost right now.

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Speaker 1: Look FX, that's about a five hundred bit headwinds from Microsoft,

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Speaker 1: and you'll see the same thing from Apple air this weekend.

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Speaker 1: Another big text ords strong dollars, huge headwinds. Now, I

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Speaker 1: think on the other side of that that will start

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Speaker 1: to actually be easier compared is going into next year.

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Speaker 1: But look, enterprises, they cannot not go to the cloud,

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Speaker 1: and that's why in terms of from an I T perspective,

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Speaker 1: they are top top of the priority with I think

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Speaker 1: they ripped a band aid off. I think now they

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Speaker 1: reach that expectations, stock will get hit. But I do

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Speaker 1: this more of a bottoming process from Microsoft right in

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Speaker 1: the start of just a multi quarter type of guy

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Speaker 1: ince production. So you think Microsoft is better position than

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Speaker 1: an Amazon Web Services or a Google cloud product that

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Speaker 1: has a lot of market share compared to Microsoft, Yeah,

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Speaker 1: I think all those companies and you saw it with

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Speaker 1: Google in terms of cloud being strong. Of course a

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Speaker 1: WUS they continue to eat the markets. Those are all

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Speaker 1: going to beat benefits and rising todd is gonna lift

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Speaker 1: all boats in terms of cloud. I think in terms

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Speaker 1: of the stocks is that Microsoft is a pure play cloud.

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Speaker 1: Amazon it's still that e commerce that that's still the majority,

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Speaker 1: and of Google Google Google clouds to a smaller piece.

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Speaker 1: That's why what I like about Microsoft, it's plane that

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Speaker 1: pure play cloud, you know, as opposed some of the

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Speaker 1: consumer areas which obviously digital advertisingly in their media pressure. Okay,

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Speaker 1: so just about thirty seconds left here. How does this

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Speaker 1: set us up for the rest of earning season? We've

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Speaker 1: got meta reporting later on this afternoon book. I think

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Speaker 1: met or could be a mini disaster, you know, just

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Speaker 1: giving what we're seeing on digital advertising as well as

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Speaker 1: the business transition that stock would get hid into it.

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Speaker 1: I'm not expecting really good news there. I think you'll

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Speaker 1: start to see positives when it comes to Apple Amazon

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Speaker 1: on the WUS piece book at This is a it's

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Speaker 1: a defining time for tech and that's the key right

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Speaker 1: now in terms of what we saw as always Dan,

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Speaker 1: great to get your thoughts, Dan Ives, senior equity research

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Speaker 1: analysts at wed Bush Securities. Right now, alphabet shares down

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Speaker 1: six percent, Microsoft down more than six percent NAZAC futures

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Speaker 1: as a whole down two points, a drop of one

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Speaker 1: point seven percent. This is Bloomberg Bloomberg eleven three oh

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Speaker 1: weather cloudy today, scattered showers, possible hides in the upper sixties, Sunshine,

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Speaker 1: upper sixties. Tomorrow It's gonna be mostly sunny with a

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Speaker 1: high only near sixty on Friday. Sixty four is the

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Speaker 1: current temperature. Broadcasting live from the Bloomberg Interactive Broker Studio

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Speaker 1: in New York, Bloomberg E Living free to Washington, d C,

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Speaker 1: Bloomberg nine nine one to Boston, Bloomberg one six one

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Speaker 1: to San Francisco, Bloomberg Home sixty to the Country, Sirius

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Speaker 1: XM to the one nineteen and around the globe, the

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Speaker 1: Bloomberg Business app and Bloomberg Radio dot Com. This is

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Speaker 1: Bloomberg Daybreak. It's six thirty on Wall Street of morning

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Speaker 1: of Nathan Hagar and I'm teren Moscow. We are just

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Speaker 1: about three hours away from the open of US trading.

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Speaker 1: Time for the five things you need to notice start

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Speaker 1: your day. Brought to you by Interacted Brokers. Interacted broker's

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Speaker 1: clients are an interest of up to two point five

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Speaker 1: eight percent on the idle cash and their brokerage accounts.

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00:21:07,400 --> 00:21:09,879
Speaker 1: Visit i dk R dot com slash interest rates to

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Speaker 1: learn more. Up First US futures are lower this morning

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Speaker 1: after earning sir Microsoft and Alphabet despite beating projections. Shares

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Speaker 1: of Microsoft are down six point three percent in early

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Speaker 1: trading after the strong dollars slowed revenue growth. Shares of

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Speaker 1: Alphabet are down more than six percent after sales miss

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Speaker 1: analyst estimates. Bloomberg Intelligence senior analyst man Deep Sing says

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Speaker 1: Alphabet and Google are facing a fundamental problem. Search is

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Speaker 1: the main business and that is what drives margins. The

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Speaker 1: question is is searched saturated? Probably yes, because there's a

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Speaker 1: lot of direct traffic going to these mobile apps, you know,

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Speaker 1: the companies that I talked about. On the retail side,

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Speaker 1: you don't need Search. You start off your search on

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Speaker 1: Walmart or Target or Amazon. And Bloomberg Intelligence analyst Mandeep

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Speaker 1: Sing says Google is now planning to slow hiring and

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Speaker 1: control expenses. Watching shares of Texas Instruments care and they're

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Speaker 1: down nearly five percent. The ship maker's forecast missed estimates,

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Speaker 1: signaling a broader slowdown in the semiconductor industry. So far

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Speaker 1: head of Investment Strategy, Liz Young says, the outlook for

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Speaker 1: tech stocks may now be uncertain. We're sitting at a

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Speaker 1: point in the year where we've done a lot of

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Speaker 1: work and valuations have seen a decent amount of pain

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Speaker 1: since January, and I think it's less about what's the

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Speaker 1: right valuation for these stocks to be at, and it's

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Speaker 1: more about what are people actually willing to pay for them.

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Speaker 1: Knowing that we have not solved all the problems that

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Speaker 1: still lie ahead so far, as Liz Young says, she

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Speaker 1: sees broader market volatility continuing for several weeks well. Nathan

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Speaker 1: techernings continue today with Meta Platforms and Twitter reporting. At

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Speaker 1: the same time, Elon Muski is working to wrap up

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Speaker 1: his acquisition of Twitter, telling bankers he's going to close

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Speaker 1: the deal this week. Bloomberg's Ed Ludlow has the details

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Speaker 1: the banks that kind of brace for this borrowing notice

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Speaker 1: that should have come Tuesday. Then the money that the

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Speaker 1: banks have pledged in the form of debt would go

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Speaker 1: into es growth. Thursday is told these anchors that he

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Speaker 1: fully intends to close the deal Friday, and Bloomberg's and

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Speaker 1: Ludlow says, Twitter shares approached a must four dollars twenties

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Speaker 1: center share acquisition price. Following the news and Karen renters

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Speaker 1: across the US are still feeling the pinch. New York

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Speaker 1: City has the most expensive rental market in the US,

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Speaker 1: according to the rental listing company Zumper. Boston jumped to

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Speaker 1: the second highest rent surpassing San Francisco, which is now third.

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Speaker 1: And that's the five things that you need to notice

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Speaker 1: start your day. Brought to you by Interactive Brokers and

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Speaker 1: straight Ahead your latest local headlines, plus a check of sports.

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Speaker 1: And this is Bloomberg. Thanks Karen. Six thirty three on

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Speaker 1: Wall Street, sixty four degrees in Central Park. Now, we

429
00:23:42,040 --> 00:23:44,240
Speaker 1: got two accidents on the belt park Way that Peter

430
00:23:44,320 --> 00:23:45,720
Speaker 1: Van is gonna tell you about in a few minutes.

431
00:23:45,760 --> 00:23:47,840
Speaker 1: But first, Michael Bars here with more on what's going

432
00:23:47,920 --> 00:23:50,200
Speaker 1: on in New York and around the world. Good morning, Michael,

433
00:23:50,280 --> 00:23:54,120
Speaker 1: Good morning Nathan Sparring over crime and abortion. It took

434
00:23:54,160 --> 00:23:58,440
Speaker 1: center stage yesterday as New York Governor Kathy Hocle faced

435
00:23:58,480 --> 00:24:02,000
Speaker 1: a Republican challenger, You West Representative Lee Zelden in the

436
00:24:02,080 --> 00:24:07,800
Speaker 1: campaign's only televised gubernatorial debate. Local blasted Zeldin's past support

437
00:24:07,880 --> 00:24:12,000
Speaker 1: for abortion restrictions, and the governor pointed to Zelden's position

438
00:24:12,080 --> 00:24:14,800
Speaker 1: on gun laws. When you had the chance as a

439
00:24:14,920 --> 00:24:17,680
Speaker 1: member of Congress to stand with other Republicans who finally

440
00:24:17,720 --> 00:24:20,560
Speaker 1: said enough is enough, you were nowhere to be found. Lee.

441
00:24:20,680 --> 00:24:23,360
Speaker 1: I mean that's people need to know. You can't talk

442
00:24:23,440 --> 00:24:26,399
Speaker 1: about because all you have his rhetoric Zelden valid to

443
00:24:26,480 --> 00:24:30,640
Speaker 1: repeal liberal criminal justice reforms. There are criminals out there

444
00:24:30,840 --> 00:24:33,720
Speaker 1: who need to pay the consequences for their action instead

445
00:24:33,760 --> 00:24:36,639
Speaker 1: of the catual lease policies. The debate was aired on

446
00:24:36,760 --> 00:24:39,879
Speaker 1: Spectrum New York. One. The candidates for US Senate in

447
00:24:39,920 --> 00:24:44,400
Speaker 1: Pennsylvania squared off in a debate. Democrat John Fetterman, still

448
00:24:44,440 --> 00:24:46,639
Speaker 1: recovering from a stroke in May, was asked if he

449
00:24:46,640 --> 00:24:50,160
Speaker 1: would support a Biden run for the White House. It's

450
00:24:50,240 --> 00:24:52,199
Speaker 1: up to his choice whether he you know, and if

451
00:24:52,240 --> 00:24:54,320
Speaker 1: he does choose to run, I would absolutely support him.

452
00:24:54,720 --> 00:24:59,040
Speaker 1: Dr Oz, I want to bring civility, balance, all the

453
00:24:59,160 --> 00:25:00,920
Speaker 1: things that you want to secrets. You've been telling it

454
00:25:00,960 --> 00:25:03,359
Speaker 1: to me on the campaign trail, and by doing that

455
00:25:03,680 --> 00:25:05,640
Speaker 1: we can bring us together in a way that has

456
00:25:05,720 --> 00:25:08,320
Speaker 1: not been done of late. The debate was held on

457
00:25:08,480 --> 00:25:11,920
Speaker 1: News nation. Meanwhile, in Michigan, the two candidates debated in

458
00:25:11,960 --> 00:25:15,800
Speaker 1: their gubernatorial race. President Joe Biden talked about Russia and

459
00:25:16,280 --> 00:25:20,240
Speaker 1: Ukraine and China in a call congratulating the new UK

460
00:25:20,400 --> 00:25:24,240
Speaker 1: Prime Minister Rishi Sunac. The conversation. Conversation also touched on

461
00:25:24,320 --> 00:25:28,320
Speaker 1: the unresolved issue of the Irish border after Brexit. Another

462
00:25:28,400 --> 00:25:30,760
Speaker 1: setback for w n B A star Brittney Grinder in

463
00:25:30,840 --> 00:25:34,399
Speaker 1: Russia's judicial system, Bloomberg said Baxter. As the story, Russian

464
00:25:34,440 --> 00:25:37,520
Speaker 1: court has refused to hear an appeal of Grinder's sentence.

465
00:25:37,880 --> 00:25:40,880
Speaker 1: What House spokesman Korean Jean Pierre says, the US will

466
00:25:41,280 --> 00:25:44,200
Speaker 1: double down now. I'm getting her free. This is this

467
00:25:44,400 --> 00:25:47,679
Speaker 1: is a priority, and we need Russia. We are asking

468
00:25:47,800 --> 00:25:50,960
Speaker 1: and telling Russia to negotiate in good faith. But at

469
00:25:51,000 --> 00:25:54,760
Speaker 1: this point, her nine year drug sentence remains in place

470
00:25:55,400 --> 00:25:58,439
Speaker 1: in San Francisco. I'm at Baxter. Bloomberg day Break Global

471
00:25:58,520 --> 00:26:01,080
Speaker 1: News twenty four hours a day on air and on

472
00:26:01,200 --> 00:26:05,159
Speaker 1: Bloomberg Quick Take, powered by more than undred journalist and

473
00:26:05,200 --> 00:26:08,399
Speaker 1: analysts more than a hundred twenty countries. Michael Barren, this

474
00:26:08,640 --> 00:26:16,200
Speaker 1: is Bloomberg, Nathan. Thanks Michael. Six thirty five on Wall Street.

475
00:26:16,200 --> 00:26:17,919
Speaker 1: Time for the Bloomberg Sports Day, brought to you by

476
00:26:18,000 --> 00:26:20,240
Speaker 1: Try State. Out of here again is John stat Shower?

477
00:26:20,359 --> 00:26:23,160
Speaker 1: All right, Nathan? The World Series starts Friday. For the Yankees,

478
00:26:23,280 --> 00:26:25,600
Speaker 1: the off season's underway. A couple of reports concerning the

479
00:26:25,680 --> 00:26:28,120
Speaker 1: Yanks s n Y reporting a long time general manager

480
00:26:28,200 --> 00:26:31,000
Speaker 1: Bryan Cashman will get a new contract as current one

481
00:26:31,160 --> 00:26:34,840
Speaker 1: is expiring. Cashman has been the GM since began with

482
00:26:34,840 --> 00:26:38,240
Speaker 1: the Yankees as an intern. Six that's for Aaron Judges

483
00:26:38,320 --> 00:26:41,520
Speaker 1: future MLB dot Com with the story that the Dodgers

484
00:26:41,560 --> 00:26:44,480
Speaker 1: are expected to pursue Judge as a free agent, that

485
00:26:44,560 --> 00:26:47,000
Speaker 1: their plan would be to then move Mookie Betts to

486
00:26:47,119 --> 00:26:49,000
Speaker 1: second base, where he played in high school. He did

487
00:26:49,080 --> 00:26:52,440
Speaker 1: play their briefly this season. Skip Schumacher was a Cardinals

488
00:26:52,520 --> 00:26:54,920
Speaker 1: coach made the new manager of the Miami Martins. That

489
00:26:55,040 --> 00:26:57,720
Speaker 1: the Guard and the Rangers faced an old friend, Alexander Gorgiev,

490
00:26:57,800 --> 00:27:00,720
Speaker 1: was the Rangers backup goalie the last five seasons. He's

491
00:27:00,760 --> 00:27:03,879
Speaker 1: now with Colorado. He and Igor Sterkin both made some

492
00:27:03,960 --> 00:27:06,719
Speaker 1: big says. The game went to a shootout, Colorado won

493
00:27:06,800 --> 00:27:09,560
Speaker 1: three to two. The Ranger coach Gerard Glen they played

494
00:27:09,600 --> 00:27:11,960
Speaker 1: really fast and like I said, we no surprise. We

495
00:27:12,040 --> 00:27:14,240
Speaker 1: talked about that before the game. And the guys, you know,

496
00:27:14,359 --> 00:27:16,639
Speaker 1: they know this Stanley Cup champion to a quick at

497
00:27:16,640 --> 00:27:18,720
Speaker 1: fast team, and they'll build like that. And I thought

498
00:27:18,720 --> 00:27:20,400
Speaker 1: I part us into the battle more than the second

499
00:27:20,480 --> 00:27:23,639
Speaker 1: or third. Two official Rangers visit the Islanders Tonight The

500
00:27:23,760 --> 00:27:26,280
Speaker 1: Devil's Last Night won six two at Detroit and next

501
00:27:26,320 --> 00:27:29,159
Speaker 1: tonight host Charlotte. The Nets visit in Milwaukee, Jets and

502
00:27:29,240 --> 00:27:33,639
Speaker 1: Patriots Sunday at MetLife. Jets won four in a row.

503
00:27:33,800 --> 00:27:36,720
Speaker 1: Red hot Patriots just got blown out at home by Chicago.

504
00:27:36,960 --> 00:27:39,320
Speaker 1: And yet Pats are right now and with a slight

505
00:27:39,440 --> 00:27:41,399
Speaker 1: favor And that's despite a lot of controversy in New

506
00:27:41,440 --> 00:27:44,320
Speaker 1: England over Bill Belichick's decision in that Monday Night lost

507
00:27:44,400 --> 00:27:47,200
Speaker 1: a bench quarterback Mac Jones, he got over the playoffs

508
00:27:47,280 --> 00:27:49,760
Speaker 1: last year as a rookie. They put in rookie Bailey Zappy.

509
00:27:49,920 --> 00:27:52,480
Speaker 1: He struggled, and Belichick then said it was his plan

510
00:27:52,520 --> 00:27:54,359
Speaker 1: all along to use both of them. Pats white out.

511
00:27:54,400 --> 00:27:57,960
Speaker 1: Chakobe Myers calls the team to QB situation ugly don't

512
00:27:59,720 --> 00:28:02,240
Speaker 1: all John thanks sixty seven on Wall Street. Time to

513
00:28:02,280 --> 00:28:03,960
Speaker 1: take a look at stock some of the names moving

514
00:28:04,000 --> 00:28:06,840
Speaker 1: in the pre market. Bloomberg Radio and TV Markets correspondent

515
00:28:06,880 --> 00:28:09,960
Speaker 1: Crety guptas with us and speaking of ugly creaty gonna

516
00:28:10,000 --> 00:28:12,160
Speaker 1: talk about tech earnings. I'm so glad that you're calling

517
00:28:12,160 --> 00:28:15,080
Speaker 1: me ugly for a second, so I never would goodness

518
00:28:15,720 --> 00:28:17,680
Speaker 1: some red on the screen certainly for some of these

519
00:28:17,720 --> 00:28:20,240
Speaker 1: tech earnings. Alphabet at the top of the pile here

520
00:28:20,320 --> 00:28:21,920
Speaker 1: g O O G is going to be your taker,

521
00:28:22,000 --> 00:28:23,000
Speaker 1: or if you want to look at the Class C

522
00:28:23,119 --> 00:28:25,959
Speaker 1: shares g O O g L regardless, both are down

523
00:28:25,960 --> 00:28:28,160
Speaker 1: about six percent in the pre market. This, of course

524
00:28:28,200 --> 00:28:31,119
Speaker 1: follows some pretty bad earnings. Remember we like to look

525
00:28:31,160 --> 00:28:34,040
Speaker 1: at Alphabet as kind of the poster child not just

526
00:28:34,200 --> 00:28:36,960
Speaker 1: for social media companies, but for advertising as a whole.

527
00:28:37,040 --> 00:28:40,080
Speaker 1: And you actually saw YouTube have an AD revenue shrink

528
00:28:40,200 --> 00:28:42,720
Speaker 1: for the first time since they were reporting YouTube ad

529
00:28:42,760 --> 00:28:45,680
Speaker 1: revenue separately. So that's really where you're seeing a lot

530
00:28:45,760 --> 00:28:49,320
Speaker 1: of pain this idea here. The advertising really is kind

531
00:28:49,360 --> 00:28:51,120
Speaker 1: of facing a little bit of crunch time as more

532
00:28:51,120 --> 00:28:53,840
Speaker 1: and more people say, well, our consumers really going to

533
00:28:53,920 --> 00:28:56,880
Speaker 1: be spending when they're kind of looking down at a recession.

534
00:28:57,120 --> 00:28:58,600
Speaker 1: So that's going to be the concern there. You can

535
00:28:58,640 --> 00:29:01,440
Speaker 1: really see Corporate America feel the pain. Their cloud numbers

536
00:29:01,720 --> 00:29:04,000
Speaker 1: also not helping them much either, So G O O

537
00:29:04,120 --> 00:29:07,200
Speaker 1: G down six percent. A similar story, Nathan, when you

538
00:29:07,200 --> 00:29:09,600
Speaker 1: look at Microsoft this morning as well, M s f

539
00:29:09,760 --> 00:29:12,440
Speaker 1: t S your ticker down six point three percent this morning.

540
00:29:12,680 --> 00:29:15,200
Speaker 1: This comes a lot from their Asia business, specifically the

541
00:29:15,280 --> 00:29:17,440
Speaker 1: cloud business that's really been driving a lot of the

542
00:29:17,480 --> 00:29:21,200
Speaker 1: growth for Microsoft. But they they're warning about slowing PC demand,

543
00:29:21,440 --> 00:29:23,920
Speaker 1: slowing business investment demand. No one really wants to make

544
00:29:23,960 --> 00:29:27,400
Speaker 1: those big investments into cloud technology right now and really

545
00:29:27,480 --> 00:29:30,880
Speaker 1: hitting their bottom line. Not to mention them the FX headwinds.

546
00:29:30,920 --> 00:29:32,760
Speaker 1: This idea that the dollar has just been on an

547
00:29:32,760 --> 00:29:36,480
Speaker 1: absolute tear, and most of Microsoft's business comes from abroad

548
00:29:36,600 --> 00:29:39,120
Speaker 1: as opposed to right here in the US, so converting

549
00:29:39,160 --> 00:29:42,760
Speaker 1: those profits back to dollars that indeed is painful as well. Yeah,

550
00:29:42,840 --> 00:29:46,640
Speaker 1: we're seeing the chip pain spread the Texas Instruments as well.

551
00:29:46,720 --> 00:29:49,880
Speaker 1: Cre We absolutely are Texas Instruments. T x N is

552
00:29:49,920 --> 00:29:52,200
Speaker 1: going to be your tacker there, down about just shy

553
00:29:52,400 --> 00:29:55,120
Speaker 1: five percent in the pre market. This is a chip maker.

554
00:29:55,160 --> 00:29:59,880
Speaker 1: Their fourth quarter outlook signaling that semiconductor slump is continuing

555
00:30:00,080 --> 00:30:03,080
Speaker 1: to spread. Essentially, they're missing their earnings. And remember this

556
00:30:03,200 --> 00:30:06,480
Speaker 1: is a company that makes chips for everything from washing

557
00:30:06,560 --> 00:30:09,760
Speaker 1: machines to cars, to mobile phones, et cetera. And you

558
00:30:09,800 --> 00:30:11,640
Speaker 1: can really see that that kind of sentiment that you

559
00:30:11,720 --> 00:30:13,920
Speaker 1: saw in their fourth quarter spreading to the likes of

560
00:30:14,040 --> 00:30:16,840
Speaker 1: end Video for as well. And video is that major heavyweight.

561
00:30:17,040 --> 00:30:20,480
Speaker 1: N v D as your ticker down about two in

562
00:30:20,600 --> 00:30:23,840
Speaker 1: the pre market. And finally, Creedy, I see you're watching

563
00:30:23,960 --> 00:30:27,920
Speaker 1: Twitter looking to see whether the deal goes through. The

564
00:30:28,000 --> 00:30:33,640
Speaker 1: Twitter saga continues. We'll find out on Friday. Elon must

565
00:30:33,720 --> 00:30:36,240
Speaker 1: saying that before he's looking to close that deal. To

566
00:30:36,360 --> 00:30:38,600
Speaker 1: your point, by Friday, about about six tenths of one

567
00:30:38,640 --> 00:30:41,280
Speaker 1: percent is the boost you're seeing in Twitter shares. This follows,

568
00:30:41,320 --> 00:30:44,000
Speaker 1: by the way, the boost we saw off yesterday as well.

569
00:30:44,560 --> 00:30:46,320
Speaker 1: One of the big questions though for Twitter is going

570
00:30:46,400 --> 00:30:49,800
Speaker 1: to be the regulatory story. Will the Biden administration actually

571
00:30:50,040 --> 00:30:52,000
Speaker 1: let this deal happen. That's gonna be the big question,

572
00:30:52,040 --> 00:30:54,760
Speaker 1: all right. Bloomberg Radio on TV Markets corresponding, Creedy, Goop

573
00:30:54,960 --> 00:30:58,160
Speaker 1: looking great as always, Thanks for being here looking at

574
00:30:58,200 --> 00:31:02,280
Speaker 1: stocks as a whole this morning. Not looking great. SMP

575
00:31:02,400 --> 00:31:05,200
Speaker 1: futures down twenty six point. Staff futures down thirty six.

576
00:31:05,400 --> 00:31:09,560
Speaker 1: Nasdack futures leading the declines, now down five points for

577
00:31:09,600 --> 00:31:12,920
Speaker 1: a drop of one point six Tenure Treasury up eight

578
00:31:13,000 --> 00:31:16,160
Speaker 1: thirty seconds, yield four point zero six percent on the

579
00:31:16,240 --> 00:31:23,640
Speaker 1: benchmark ten year. This is Bloomberg and the Bloomberg Sports

580
00:31:23,720 --> 00:31:25,480
Speaker 1: Report was brought to you by Audie. Don't let someone

581
00:31:25,520 --> 00:31:27,640
Speaker 1: else drive off in the Audi model. You've always wanted

582
00:31:27,680 --> 00:31:29,800
Speaker 1: to visit your local Tri state autie dealer to get

583
00:31:29,840 --> 00:31:32,240
Speaker 1: behind the wheel of yours today, or visit Audie Offers

584
00:31:32,320 --> 00:31:39,440
Speaker 1: dot com for more information, markets, headlines and breaking news

585
00:31:39,600 --> 00:31:42,160
Speaker 1: twenty four hours a day. At Bloomberg dot Com, the

586
00:31:42,280 --> 00:31:45,760
Speaker 1: Bloomberg Business Out and at Bloomberg Quick Tape, He's a

587
00:31:45,800 --> 00:31:55,560
Speaker 1: Bloomberg Business Flash and I'm Karin Moscow and Nasdack futures

588
00:31:55,640 --> 00:31:58,760
Speaker 1: are dropping following big tech earnings, and we get to

589
00:31:58,840 --> 00:32:01,320
Speaker 1: the first word breaking news desk now for today's morning

590
00:32:01,400 --> 00:32:04,760
Speaker 1: call with Bill Maloney. Bill, Good morning, Hey, good morning, Karen.

591
00:32:04,800 --> 00:32:06,720
Speaker 1: That's right. US features are on the red after the

592
00:32:06,760 --> 00:32:10,360
Speaker 1: Google and Microsoft earnings. Down. Futures currently down ten points,

593
00:32:10,400 --> 00:32:13,280
Speaker 1: subs dropped twenty three will the Nasdaq futures are off

594
00:32:13,400 --> 00:32:16,360
Speaker 1: by a hundred and seventies six. The US ten year

595
00:32:16,480 --> 00:32:19,000
Speaker 1: at four point oh six percent, gold is of fifteen,

596
00:32:19,080 --> 00:32:21,680
Speaker 1: Oil is trading in the green, and bitcoin is hired

597
00:32:21,720 --> 00:32:25,280
Speaker 1: by two point two percent. Hong Kong rose one percent overnight,

598
00:32:25,320 --> 00:32:28,240
Speaker 1: while Europan markets are trading mixed this morning and back

599
00:32:28,280 --> 00:32:30,600
Speaker 1: in the US. On the economic front, day thirty wholesale

600
00:32:30,640 --> 00:32:33,760
Speaker 1: inventories at at ten o'clock, New home sales after the

601
00:32:33,840 --> 00:32:36,800
Speaker 1: bells after the bell. Last night, Microsoft posted its slowest

602
00:32:36,800 --> 00:32:40,680
Speaker 1: growth in five years. Google Q three revenue missed estimates,

603
00:32:40,720 --> 00:32:44,840
Speaker 1: and Texas Instruments Q for revenue forecast also missed estimates

604
00:32:45,160 --> 00:32:46,920
Speaker 1: regarding some of the earnings. This morning, look for a

605
00:32:46,960 --> 00:32:49,800
Speaker 1: bone to report in the pre market, and wrapping things up,

606
00:32:50,080 --> 00:32:53,080
Speaker 1: Discover Financial was raised to overweight at Morgan Stanley, Baker

607
00:32:53,160 --> 00:32:55,720
Speaker 1: Hughes cut the equate at Wells Fargo, and Regeneral was

608
00:32:55,760 --> 00:32:59,400
Speaker 1: cut to underperform over at Rain and James Live from

609
00:32:59,440 --> 00:33:02,160
Speaker 1: the First Break Intershed. That's gone bo Maloney, Karen, all right, Bill,

610
00:33:02,200 --> 00:33:03,800
Speaker 1: thank you, and to hear live breaking news over your

611
00:33:03,800 --> 00:33:06,640
Speaker 1: Bloomberg type squawk on your terminal SCU you a w

612
00:33:06,880 --> 00:33:09,320
Speaker 1: K and of course we're watching shares of Microsoft down

613
00:33:09,360 --> 00:33:12,480
Speaker 1: six point two percent, Alphabet is down five point nine percent.

614
00:33:12,680 --> 00:33:15,760
Speaker 1: Right now, Texas Instruments down four point nine percent in

615
00:33:15,840 --> 00:33:18,840
Speaker 1: early trading. And that's a Bloomberg business flash. Now here's

616
00:33:18,880 --> 00:33:21,320
Speaker 1: Michael Barr with more on what's going on around the world.

617
00:33:21,440 --> 00:33:23,760
Speaker 1: Michael Karen, thank you very much. The candidates for the

618
00:33:23,800 --> 00:33:28,120
Speaker 1: Pennsylvania Senate race squared off into debate last night. Republican

619
00:33:28,320 --> 00:33:31,719
Speaker 1: Dr Memonaz says that he would not support a federal

620
00:33:31,760 --> 00:33:35,600
Speaker 1: abortion ban, which some others in the GOP have called for.

621
00:33:36,400 --> 00:33:39,240
Speaker 1: There should not be involved in from the federal government

622
00:33:39,360 --> 00:33:42,800
Speaker 1: and how states decide their abortion decisions. As a physician,

623
00:33:43,000 --> 00:33:46,440
Speaker 1: I've been in the room when there's some difficult conversations happening.

624
00:33:46,560 --> 00:33:48,960
Speaker 1: I don't want the federal government involved with that at all.

625
00:33:49,280 --> 00:33:52,840
Speaker 1: Democratic Lieutenant Governor John Federman addressed what he called the

626
00:33:53,040 --> 00:33:56,560
Speaker 1: elephant in the room. I had a stroke. He's never

627
00:33:56,680 --> 00:34:00,360
Speaker 1: let me forget that, and I might miss the words

628
00:34:00,480 --> 00:34:04,080
Speaker 1: during this debate, two words together, but it knocked me

629
00:34:04,160 --> 00:34:06,960
Speaker 1: down and I'm gonna keep coming back up. The debate

630
00:34:07,040 --> 00:34:09,920
Speaker 1: was aired on News Nation in New York. Democratic Governor

631
00:34:10,000 --> 00:34:13,360
Speaker 1: Kathy Hokel squared off against Republican Representative Lee Zelden in

632
00:34:13,400 --> 00:34:17,640
Speaker 1: the gubernatorial race. Hoco blasted Zelden's position on gun laws.

633
00:34:17,840 --> 00:34:20,200
Speaker 1: It is a joke to talk about a crime policy

634
00:34:20,600 --> 00:34:25,040
Speaker 1: that doesn't include doing something about illegal guns. Meanwhile, Zelden

635
00:34:25,120 --> 00:34:28,759
Speaker 1: vowed to repeal liberal criminal justice reforms. Kathy Hocle is

636
00:34:28,800 --> 00:34:31,200
Speaker 1: too busy patting herself on the back. Job well done.

637
00:34:31,440 --> 00:34:34,640
Speaker 1: The debate was on Spectrum New York. One. In the NBA,

638
00:34:34,719 --> 00:34:37,880
Speaker 1: the Wizards won, the Warriors lost. In the NHL, the

639
00:34:38,000 --> 00:34:41,160
Speaker 1: Rangers lost, the Devil's and Bruins One. Global News twenty

640
00:34:41,160 --> 00:34:43,879
Speaker 1: four hours a day on air and on Bloomberg Quick Take,

641
00:34:44,160 --> 00:34:46,920
Speaker 1: powered by more than twenty seven under journalist and analysts

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00:34:46,920 --> 00:34:50,040
Speaker 1: and more than twenty countries. Michael Barr, this is Bloomberg,

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00:34:50,120 --> 00:34:52,160
Speaker 1: Nathan A him Michael, Thanks for ly from the Bloomberg

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00:34:52,200 --> 00:34:54,720
Speaker 1: Interactive Broker Studios or at six fifty on Wall Street

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00:34:54,760 --> 00:34:56,279
Speaker 1: Time Now to check what's going on in d C.

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Speaker 1: Some of the top stories Internation's capital include Fetterman's debate

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00:35:00,000 --> 00:35:03,920
Speaker 1: performance giving dr Oz potential traction in the Pennsylvania Senate race,

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00:35:04,239 --> 00:35:07,760
Speaker 1: President Biden warning Russia against a false flag nuke attack

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00:35:07,880 --> 00:35:11,400
Speaker 1: in Ukraine, and the President saying diplomacy over Britney Griner

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00:35:11,480 --> 00:35:14,879
Speaker 1: has gotten a cold reception in Russia. Also making news

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Speaker 1: the Biden fourteen, the races that could be key to

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00:35:17,960 --> 00:35:21,439
Speaker 1: Democrats long shot bid to keep the House next month.

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Speaker 1: For more on some of these stories were bloom joined

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Speaker 1: by Bloomberg Government reporter Emily Wilkins. Emily, good morning. Let's

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Speaker 1: get to the debate. First off, last night in Pennsylvania,

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Speaker 1: Democrat John Federman tried to keep expectations low ahead of

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Speaker 1: the performance. What did you make of what we saw

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Speaker 1: last night? So it was a really rough performance for

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Speaker 1: the Democratic nominee John Federman last night. I mean, obviously,

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Speaker 1: as you pointed out in that club, he did have

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Speaker 1: a stroke a couple months ago. His uh, how he

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00:35:50,440 --> 00:35:53,160
Speaker 1: has talked has been impaired. Of course, Federman says that

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Speaker 1: it's it's a verbal thing, not a cognitivet thing. But

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Speaker 1: still the attacks from Dr Oz on Federal Rman and

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00:36:00,880 --> 00:36:04,480
Speaker 1: how he's been able to present himself after the stroke, Uh,

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00:36:04,719 --> 00:36:08,200
Speaker 1: they've been really allowing oz to gain traction in the race.

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Speaker 1: And last night Federate Funnerman just had stumbled several stumbles,

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Speaker 1: several major stumbles. Um that really could potentially hurt his

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00:36:17,719 --> 00:36:21,600
Speaker 1: polling and hurt his chances of winning Pennsylvania. So I

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00:36:21,680 --> 00:36:24,040
Speaker 1: think that was one of the really big takeaways from

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Speaker 1: last night. Of course, the other thing um that Futterman's

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00:36:27,600 --> 00:36:30,920
Speaker 1: campaign has really touted is the fact that Oz actually

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00:36:31,040 --> 00:36:34,480
Speaker 1: said that whether or not a woman gets an abortion

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Speaker 1: or what kind of health care she has does involve

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00:36:37,239 --> 00:36:40,400
Speaker 1: to a certain extent local elected leaders um, which is

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00:36:40,400 --> 00:36:42,520
Speaker 1: an argument that Democrats have been trying to make to

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Speaker 1: show the extremeness of the Republican position on abortion. Of course,

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Speaker 1: we're gonna be keeping a very close eye for the

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Speaker 1: next polls to come out of this race, but really

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00:36:52,239 --> 00:36:55,120
Speaker 1: Dr Os and the Republicans have been very much closing

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Speaker 1: the gap in recent weeks, and and last night might

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00:36:58,160 --> 00:37:01,000
Speaker 1: have potentially sealed the deal for them. What's the potential

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Speaker 1: that this debate could have much sway in the Pennsylvania

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Speaker 1: Senate race, given that more than half a million Pennsylvania

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00:37:08,680 --> 00:37:14,360
Speaker 1: voters have already cast early ballads. And that's an excellent point, Nathan.

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Speaker 1: To a certain extent, it does matter that voters have

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Speaker 1: voted early, that they've already got some of their billets.

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00:37:20,320 --> 00:37:22,200
Speaker 1: And at the same point, we know that a lot

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00:37:22,239 --> 00:37:25,240
Speaker 1: of voters are going to be voting from now until

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00:37:25,320 --> 00:37:28,920
Speaker 1: November eighth, and then on November eighth itself half a

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00:37:28,960 --> 00:37:34,080
Speaker 1: million voters. It's a lot, for sure. But after debate

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00:37:34,160 --> 00:37:36,759
Speaker 1: performance like this, you could see some folks have their

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00:37:36,800 --> 00:37:40,239
Speaker 1: minds changed about which candidate they want. All right, let's

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00:37:40,280 --> 00:37:43,280
Speaker 1: turn to what's happening at the White House. President Biden

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00:37:43,360 --> 00:37:46,120
Speaker 1: is being asked again about the threat of a nuclear

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Speaker 1: dirty bomb attack in Ukraine, and it comes as Russia's

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00:37:50,320 --> 00:37:55,520
Speaker 1: signaling that it's going to begin regular nuclear drills. Yes,

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00:37:55,760 --> 00:37:58,719
Speaker 1: lots of things going on in Russia right now. There

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00:37:58,760 --> 00:38:04,000
Speaker 1: are reports of this potential dirty bomb, potential biological weapons

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00:38:04,040 --> 00:38:07,320
Speaker 1: bomb that could be released at some point in Ukraine,

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00:38:07,600 --> 00:38:10,400
Speaker 1: and there are concerns about it. You're seeing President Biden

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00:38:10,480 --> 00:38:12,719
Speaker 1: renew his warning to Putin that it would be an

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00:38:12,760 --> 00:38:16,240
Speaker 1: incredibly serious mistake to use any sort of nuclear weapon

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00:38:16,400 --> 00:38:20,000
Speaker 1: weapon in Ukraine. And this really reflects this urgent concern

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00:38:20,120 --> 00:38:23,040
Speaker 1: that you're seeing in Washington and among some of its

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00:38:23,080 --> 00:38:26,120
Speaker 1: other allies that Russia might be searching for a reason

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00:38:26,440 --> 00:38:30,560
Speaker 1: to unleash such a weapon. I think they're these concerns

708
00:38:30,560 --> 00:38:32,840
Speaker 1: about nuclear weapons have been present for a while but

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00:38:32,960 --> 00:38:36,799
Speaker 1: the fact that you're seeing President Biden address them again, Uh,

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00:38:36,880 --> 00:38:40,040
Speaker 1: it really kind of shows the heightened concern in Washington

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00:38:40,200 --> 00:38:42,880
Speaker 1: as well as elsewhere. In the time we have left, Emily,

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00:38:42,880 --> 00:38:44,960
Speaker 1: I want to get to this reporting from your colleagues

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00:38:45,000 --> 00:38:48,640
Speaker 1: at Bloomberg Government on what they're terming the Biden fourteen

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00:38:48,840 --> 00:38:53,680
Speaker 1: races important to Democrats long shot grasp of the House.

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00:38:53,760 --> 00:38:58,040
Speaker 1: So there are fourteen districts in particular that political watchers

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00:38:58,040 --> 00:39:00,759
Speaker 1: should be focusing on here, Well, there are lots of

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00:39:00,840 --> 00:39:03,919
Speaker 1: different different districts, but I think my colleague David Hood

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00:39:04,000 --> 00:39:07,439
Speaker 1: was right to focus on these particular fourteen. They're really

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00:39:07,560 --> 00:39:10,480
Speaker 1: unique districts because there are ones that Biden would have

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00:39:10,760 --> 00:39:14,920
Speaker 1: won in but they were redistricted to that so Biden

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00:39:14,960 --> 00:39:17,840
Speaker 1: didn't actually win them. It's just the lines changed and

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00:39:17,960 --> 00:39:21,160
Speaker 1: made them more favorable to Democrats. And this is really

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00:39:21,200 --> 00:39:25,239
Speaker 1: gonna show these political headwinds. Doesn't matter that Biden one

724
00:39:25,320 --> 00:39:29,560
Speaker 1: in particular district or Democrats losing ground with voters of

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00:39:29,680 --> 00:39:33,840
Speaker 1: these districts are very competitive. Um, there's a sense that

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00:39:33,960 --> 00:39:36,640
Speaker 1: some of them are going to wind up flipping to Republicans.

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00:39:36,719 --> 00:39:39,520
Speaker 1: According to to several experts who are to quote talked

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00:39:39,520 --> 00:39:42,600
Speaker 1: about in the story, Um, And basically what these are

729
00:39:42,680 --> 00:39:46,160
Speaker 1: just showing is that there is this gap between where

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00:39:46,239 --> 00:39:51,480
Speaker 1: Democrats were in and where they are now, in the

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00:39:51,560 --> 00:39:54,960
Speaker 1: fact that just politically wise, things have gotten much tougher

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00:39:55,040 --> 00:39:57,279
Speaker 1: for them. They've lost a lot of support, and there

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00:39:57,320 --> 00:39:59,560
Speaker 1: have been a lot of questions about sort of where

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00:39:59,600 --> 00:40:01,719
Speaker 1: the party goes next from year, and so in our

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00:40:01,760 --> 00:40:03,960
Speaker 1: last thirty seconds here, I guess this adds on to

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00:40:04,120 --> 00:40:08,920
Speaker 1: the headwinds politically for Democrats and what's usually a difficult

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00:40:08,960 --> 00:40:11,400
Speaker 1: time anyway for a party in power to hold on

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Speaker 1: to Congress and the balance of power on Capitol Hill.

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Speaker 1: It certainly is, Nathan. I mean, the fact that we've

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00:40:18,440 --> 00:40:21,000
Speaker 1: seen inflation remain high, the fact that gas prices are

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00:40:21,080 --> 00:40:23,960
Speaker 1: going back up, um, the fact that there's really only

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00:40:24,080 --> 00:40:26,120
Speaker 1: much so much of Democrats can do to try to

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00:40:26,239 --> 00:40:28,759
Speaker 1: tell voters about the bills that they've passed. I mean,

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00:40:28,840 --> 00:40:31,120
Speaker 1: for a while it like Dems were getting a bounce

745
00:40:31,320 --> 00:40:34,800
Speaker 1: after the Rovwade decision was released, after they passed a

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00:40:34,840 --> 00:40:37,360
Speaker 1: lot of legislation. But at this point a lot of

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00:40:37,440 --> 00:40:40,520
Speaker 1: polling is showing Republicans gaining ground before the mid terms.

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Speaker 1: Thanks so much, Bloomberg government reporter Emily Wilkins. Read much

749
00:40:44,120 --> 00:40:46,600
Speaker 1: more on Bloomberg dot Com or on the Bloomberg Terminal.

750
00:40:46,640 --> 00:40:49,919
Speaker 1: Listen to Bloomberg and one oh five point seven FM

751
00:40:50,040 --> 00:40:53,640
Speaker 1: HD two to hear Bloomberg Radio in Washington. Karen, all right, Nathan,

752
00:40:53,719 --> 00:40:55,759
Speaker 1: it is six six on Wall Street. We turned to

753
00:40:55,840 --> 00:40:58,320
Speaker 1: news and science and technology now with the Bloomberg and

754
00:40:58,400 --> 00:41:01,200
Speaker 1: j I T STEM report. It has run to UVINE,

755
00:41:01,200 --> 00:41:04,080
Speaker 1: New Jersey Institute of Technology, ranked to top one hundred

756
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Speaker 1: national university by u S News and World Report and

757
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Speaker 1: number fourteen in the nation on Money's Best Colleges list.

758
00:41:10,440 --> 00:41:12,279
Speaker 1: Learn more at n j I T dot E d

759
00:41:12,480 --> 00:41:15,759
Speaker 1: U and here's what's making news in science, Technology, engineering

760
00:41:15,840 --> 00:41:18,719
Speaker 1: and math. New COVID boosters are not any better than

761
00:41:18,800 --> 00:41:21,640
Speaker 1: the old ones, according to an early independent study on

762
00:41:21,719 --> 00:41:24,960
Speaker 1: a small group of people. Researchers at Columbia University and

763
00:41:25,000 --> 00:41:27,880
Speaker 1: the University of Michigan say by valent booster shots from

764
00:41:27,880 --> 00:41:31,440
Speaker 1: Maderna and Fiser failed to raise levels of protective proteins

765
00:41:31,480 --> 00:41:35,759
Speaker 1: called neutralizing antibodies against the dominant omicron strains any more

766
00:41:35,800 --> 00:41:40,080
Speaker 1: than four doses of the original COVID vaccine. Scientists may

767
00:41:40,120 --> 00:41:42,879
Speaker 1: have discovered a method for making magnets used in wind

768
00:41:42,920 --> 00:41:45,880
Speaker 1: turbines at electric cars without the rare earth metals that

769
00:41:46,000 --> 00:41:49,239
Speaker 1: are almost exclusively produced in China. A team from the

770
00:41:49,320 --> 00:41:52,360
Speaker 1: University at Cambridge and colleagues from Austria found a new

771
00:41:52,440 --> 00:41:55,480
Speaker 1: way to make tetra chinite, a possible replacement for rare

772
00:41:55,560 --> 00:41:58,680
Speaker 1: earth magnets. If the manufacturing process is proven to be

773
00:41:58,800 --> 00:42:02,239
Speaker 1: commercially feasible, it could loosen China's dominance are the rare

774
00:42:02,360 --> 00:42:05,880
Speaker 1: earth market, where it accounts for over of global supply.

775
00:42:06,520 --> 00:42:08,960
Speaker 1: And a new study found that playing video games is

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00:42:09,040 --> 00:42:12,279
Speaker 1: linked to better cognitive skills. It says that kids who

777
00:42:12,320 --> 00:42:14,480
Speaker 1: played three hours or more of video games a day

778
00:42:14,520 --> 00:42:18,279
Speaker 1: perform better on tests of memory and impulse control than

779
00:42:18,360 --> 00:42:21,480
Speaker 1: those who did not play games. The National Institute on

780
00:42:21,560 --> 00:42:25,960
Speaker 1: Drug Abuse says the studies results are worthy of further investigation.

781
00:42:26,360 --> 00:42:29,480
Speaker 1: And that's the Bloomberg and j I t Stem report.

782
00:42:29,560 --> 00:42:32,920
Speaker 1: But we continue to watch shares of Microsoft and Alphabet

783
00:42:33,040 --> 00:42:36,760
Speaker 1: this morning. Alphabet now down about six percent in early trading,

784
00:42:36,840 --> 00:42:40,359
Speaker 1: Microsoft down more than six percent, And we'll have more

785
00:42:40,680 --> 00:42:43,880
Speaker 1: much more on that straight ahead on Bloomberg Surveillance for

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00:42:44,160 --> 00:42:47,279
Speaker 1: Nathan Hager, I'm Karen Moscow, and this is Bloomberg