Speaker 1: By from the Bloomberg Interactive Brooker Studios is Bloomberg day
Speaker 1: Break for Wednesday, October two. Coming up this hour, NAZAC
Speaker 1: futures fall as big tech earnings disappoint Microsoft posts the
Speaker 1: weakest quarterly sales growth in five years. Alphabet's quarter spells
Speaker 1: trouble as profit and revenue miss estimates, and bank earnings
Speaker 1: continue in Europe as Deutsche Bank and Bark Laser Court.
Speaker 1: He was a big debate night in New York and
Speaker 1: several other states, plus President Biden discussed Ukraine and China
Speaker 1: in a congratulatory call to the ne UK Prime Minister
Speaker 1: Michael Barr. More ahead, I'm kind stattoward sports. The Rangers
Speaker 1: lofted that shoot out to Colorado Devils one in Detroit.
Speaker 1: The Nixon nets ap games tonight. That's all trendy head
Speaker 1: on Bloomberg day Break on Bloomberg He live in Freeo,
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Speaker 1: good Morning, I'm Karin Moscow. I'm Nathan Haygar. Bloomberg day
Speaker 1: Break brought to you by b n y Melon's Pershing
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Speaker 1: futures are following this morning six oh one on Wall Street.
Speaker 1: We checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg. Right now, S and P futures are
Speaker 1: down thirty three points, now futures down eighty three and
Speaker 1: NASDACK futures falling down two hundred or one point seven percent.
Speaker 1: Ten year Treasury up ten thirties seconds, yield four point
Speaker 1: six percent. Yield on the two year four point four
Speaker 1: or four percent, Nathan Karen. The big drop at Nasdaq
Speaker 1: futures this morning follows disappointing earnings and forecasts from two
Speaker 1: tech giants, who begin with Microsoft. The shares are down
Speaker 1: six percent. Ed Ludlow has more on the results from
Speaker 1: our Bloomberg nine sixty newsroom in San Francisco. Microsoft it
Speaker 1: beat on both the top and bottom line, but recorded
Speaker 1: its slowest sales growth in five years. The stronger dollars
Speaker 1: certainly was a factor, along with a material slowdown, it
Speaker 1: seems in both corporate and consumer spending. What really spooke
Speaker 1: the market was commentary on the Earning School that the
Speaker 1: Asia Cloud unit would see its growth decelerate to the
Speaker 1: tune of five percentage points quarter on quarter going into
Speaker 1: the final three months of this year. The most significant
Speaker 1: reaction in after ours trading coming at that point at
Speaker 1: Lovelow for Bloomberg News in San Francisco, alreat thanks Well.
Speaker 1: Shares of Alphabet meantime or down about six point four
Speaker 1: percent in early training. The owner of Google, reported earnings
Speaker 1: and revenue that both missed analysts expectations. Bloomberg Intelligence Senior
Speaker 1: analyst man Deep Singh has more on the miss. The
Speaker 1: reason why you see a ten percentage point miss when
Speaker 1: it comes to operating income is because search underperformed. Every
Speaker 1: time search underperformance, Google has a bad quarter. And in
Speaker 1: this case you have to ask for yourself, is it temporary,
Speaker 1: is it what Snap was seeing around pricing, or is
Speaker 1: it more structural because you know there's a lot more
Speaker 1: competition from Amazon, from Walmart, from Target. These companies are
Speaker 1: all add numb groups now. Bloomberg Intelligence senior analyst Mundeep
Speaker 1: Singh says Google is now planning to slow hiring and
Speaker 1: control expenses, and had plenty of other earnings to catch
Speaker 1: you up on Karen. Shares of Texas Instruments are down
Speaker 1: down almost five percent. The chip makers quarterly forecast missed estimates.
Speaker 1: Shares a Visa are up about one percent. The digital
Speaker 1: payments company reported profit and revenue that beat, and Chipotle
Speaker 1: shares a little changed. Comparable sales and profit outpaced expectations.
Speaker 1: Well tech earnings continue today, Nathan, with both Metal Platforms
Speaker 1: and Twitter reporting meantime, Elon Musk's acquisition of Twitter is
Speaker 1: in focus. He's pledging to close the deal by this Friday,
Speaker 1: and we get more from Bloomberg's Doug Christner. The comments
Speaker 1: were made yesterday in the video conference call with bankers
Speaker 1: helping to fund the deal. They are providing thirteen billion
Speaker 1: dollars of debt financing, we are told Musk also promised
Speaker 1: to help the banks market the debt to money managers
Speaker 1: after the deal closes. Several banks have been left in
Speaker 1: alurch after Musk's sudden reversal on going through with buying
Speaker 1: Twitter in early October and now they're facing paper losses
Speaker 1: of roughly five hundred million dollars on the transaction. The
Speaker 1: pain would be realized once the debt is sold to
Speaker 1: institutional investors. In New York, I'm Doug Christener Bloomberg Daybreak,
Speaker 1: Thanks Doug wild Such stocks are falling this morning, the
Speaker 1: overall stock market may still not have hit bottom. That's
Speaker 1: according to Goldman Sachs. Strategists at the firm say equities
Speaker 1: don't fully reflect the latest dries and really yields and
Speaker 1: the odds of a recession in a severe economic downturn.
Speaker 1: Goldman's team says it expects the SMP five hundred to
Speaker 1: drop below That would be a twenty five percent fall
Speaker 1: from yesterday's close. Well, in Europe this morning, Nathan, banks
Speaker 1: are in focus once again as earning season rolls on,
Speaker 1: and we go to London and get the very latest
Speaker 1: with Bloomberg's un pot skod morning, un good morning, count
Speaker 1: and Nathan. A big morning for European bankcountings and beating
Speaker 1: estimates as interest rates Royce is the key theme. Italy's
Speaker 1: UNI credit has raised fully. Revenue and profit Tall gets
Speaker 1: full a second straight quarter. Deutsche bank sales and profits
Speaker 1: also beating, but analysts did flag higher than expected costs
Speaker 1: at Germany's biggest lender, and traders at London based Barclay's
Speaker 1: beating estimates are setting steep declines at the investment bank,
Speaker 1: with the economy keeping deals on the sidelines in London,
Speaker 1: I'm you in pots in Big Daybreak? Are you in thanks?
Speaker 1: Back here in the US, the focus is on politics.
Speaker 1: With less than two weeks before the midterm elections, the
Speaker 1: candidates for New York governors squared off last night. Bloomberg's
Speaker 1: Michael Barr joins US Live from New York with the
Speaker 1: highlights Michael Nathan. Crime and abortion took center stage last
Speaker 1: night as New York Governor Kathy Hokle faced a Republican challenger,
Speaker 1: Representatively Zelden in the campaign's only televised gubernatorial debate on
Speaker 1: Spectrum News New York One. Both candidates were asked to
Speaker 1: look ahead to the raise for the White House in
Speaker 1: do you want to see Joe Biden run for re election? Yes?
Speaker 1: I do. Do you want to see Donald Trump run
Speaker 1: for president? In Lee's Eldon not even thinking about it.
Speaker 1: I'm focused on the four team days from today, Hocal
Speaker 1: slam Zelden's past support for abortion restrictions. Zelden criticized Hocal's
Speaker 1: push to send millions of abortion providers to expand access
Speaker 1: for a predicted surge and out of state patients live
Speaker 1: in New York. Michael Barr Bloomberg Daybreak, Karen, all right, Michael,
Speaker 1: thank you about candidates for Pennsylvania governor also debated last night,
Speaker 1: and more on that coming up shortly. Inflation, meanwhile, is
Speaker 1: proving key in the midterm elections, including soaring housing costs.
Speaker 1: Renters are feeling the pinch in the country's biggest cities.
Speaker 1: New York City has the most expensive market in the country,
Speaker 1: according to rental listing company Zumper. The media and one
Speaker 1: bedroom apartment in New York runs more than thirty eight
Speaker 1: hundred dollars a month. Boston has this second highest rent
Speaker 1: it close to thirty one hundred dollars. In San Francisco's
Speaker 1: close behind it roughly three thousand. Well, Karen, you've heard
Speaker 1: about the great resignation after COVID. Now the next wave
Speaker 1: of workers leaving their jobs could be driven by abortion rights.
Speaker 1: According to a survey by the nonprofit Catalyst to employees
Speaker 1: are thinking of quitting because of their company's response to
Speaker 1: the Supreme Court decision to overturn Roe v. Wade. Forty
Speaker 1: percent say their employer isn't doing enough to protect abortion
Speaker 1: rightst think their company CEO should be more vocal on
Speaker 1: the issue. Straight ahead, your latest local headlines in the
Speaker 1: check of sports. This is Bloomberg and it's now six
Speaker 1: oh seven on Wall Street where at sixty four degrees
Speaker 1: in Central Park gotta crash on the way to JFK
Speaker 1: westbound belt park Way Age Springfield Boulevard. Michael bars back
Speaker 1: with the aforementioned details on the Pennsylvania governor's race and
Speaker 1: more on what's going on around the world. Michael, thank
Speaker 1: you very much, Nathan. And on top of New York,
Speaker 1: it was debate night and several other closely launched races.
Speaker 1: As you mentioned, Pennsylvania Democrat John Federman debated against the
Speaker 1: Republican Dr. Memonaz as they've I who are critical Senate seat.
Speaker 1: In the opening minutes of last night's debate, Federman addressed
Speaker 1: what he called the elephant in the room, the stroke
Speaker 1: he suffered five months ago. I have run the campaign
Speaker 1: and I've been very transparent about being very open about
Speaker 1: the fact, we're in US captioning, and I believe that. Again,
Speaker 1: my doctor is the real doctors that I believe, and
Speaker 1: they all believe that I'm ready to be served. As
Speaker 1: ignored his opponent's health challenges instead seizing on Fetterman support
Speaker 1: for President Joe Biden. On immigration and crossings at the
Speaker 1: southern U. S. Border, doctor said it's an issue that's
Speaker 1: personal to him. My father was an immigrant, my mother
Speaker 1: were immigrants. You know, I understand what legal immigration offers us,
Speaker 1: but the completely porous open nature of our border, which
Speaker 1: John Fetterman supports, has created a humanitarian crisis. The debate
Speaker 1: was held on News Nation. Meanwhile, the gubernatorial debate was
Speaker 1: held last night. In Michigan. Governor Gretchen Whitmer declared her
Speaker 1: position on abortion, saying she'll be voting yes on a
Speaker 1: ballot initiative to protect abortion rights. The simple truth is
Speaker 1: the way to protect women and ensure that future generations
Speaker 1: have the same rights we've had for forty nine years
Speaker 1: is by adopting Proposal three, and I will be a yes.
Speaker 1: Whitmer's Republican opponent, Tutor Dixon, argue that Michigan's Proposal three
Speaker 1: is nothing like the Roe v. Wade, Supreme Court decision
Speaker 1: that stood for nearly fifty years. When Governor Whitmer tells
Speaker 1: you that this is going to be Row, it's not
Speaker 1: even close to Row. It's not codifying Row in our constitution.
Speaker 1: But it would be the most radical abortion law in
Speaker 1: the entire country. The only place that has something similar
Speaker 1: or China and North Korea. The debate was aired on
Speaker 1: w x Y and z TV. New York City has
Speaker 1: been ordered to reinstate a group of sanitation workers fired
Speaker 1: for refusing to get a COVID nineteen vaccine after a
Speaker 1: state court judge ruled at the mandate was unlawful. The
Speaker 1: White House, as President Joe Biden, congratulated the new UK
Speaker 1: Prime Minister Rishi Sunac in a call in which they
Speaker 1: discussed the Russian invasion of Ukraine and challenges arising from China.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists and analysts more than one hundred twenty countries. Michael
Speaker 1: Barr and this is Bloomberg. Nathan, Thanks Michael, almost six
Speaker 1: cent on Wall Street time for the Bloomberg Sports Something
Speaker 1: for our TV. I try stayed out here. Here's John
Speaker 1: stash Our Nathan good one at the Garden Stanley Cup
Speaker 1: champion Colorado in to start a three game tour of
Speaker 1: the New York teams nineties shots on goal in this
Speaker 1: game Adam Fox score was six minutes left to tie
Speaker 1: the score. In the shoot at the Ads scored in
Speaker 1: the fourth round. They beat the Rangers three to to.
Speaker 1: The Colorado goalie was Alexander gorgiad beat his old team.
Speaker 1: The Ads visit the Devil's Friday. Devil's just won six
Speaker 1: two at Detroit. They've won four to last five, and
Speaker 1: then they Ads visit the Islanders on Saturday. The Rangers
Speaker 1: visit the Islanders tonight. Next are at the Garden Tonight
Speaker 1: place Charlotte. The next visit Milwaukee, who the best in
Speaker 1: the West met last night. Phoenix blew out Golden State
Speaker 1: by twenty nine. The Jets say Eli Jahmore will play
Speaker 1: Sunday against New England. Second year receiver upset with Black
Speaker 1: of playing time demanded a trade. Didn't play last Sunday
Speaker 1: the trade deadline Next Tuesday. Chatter five and two. Giants
Speaker 1: are six and one. Daniel Jones comes off a one
Speaker 1: hundred yard rushing game for coach Brian Daball. The dual
Speaker 1: threat quarterbacks as they say nowadays, um, you know, add
Speaker 1: another element to your offense because it's eleven and eleven football.
Speaker 1: When those guys can can carry the football or zone
Speaker 1: read it or do some different things. Um, so he
Speaker 1: has you know, he has ability to do those things.
Speaker 1: And Sunday is at Seattle. Seahawks also surprised either in
Speaker 1: sole possession of first in the NFC West. There quarterback
Speaker 1: now by Gino Smith, the ex Jet and Giant forty
Speaker 1: three old Skip Schumacher named new manage with Miami Marlins,
Speaker 1: replacing Don Madden Lee. He had the job for seven years.
Speaker 1: Schumacher most recently a coach in St. Louis. Louis Robos,
Speaker 1: the ex Met manager, current Yake third base coach, was
Speaker 1: a commendidate for the Marlins manager John Bloom. Big sports,
Speaker 1: all right, John, Thanks. Futures moving lower, SMP futures down
Speaker 1: thirty one points down, futures down seventy But the big
Speaker 1: dot drop is in the tech heavy Nasdaq futures down
Speaker 1: two or three points or one and three quarters per
Speaker 1: cent on disappointing earnings from Microsoft Alphabet and Texas Instruments.
Speaker 1: Dan Ives of web Bush Securities joins us. Next. This
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
Speaker 1: update brought to you by se I imagine your asset
Speaker 1: management firms operational infrastructure as a competitive advantage. Let see
Speaker 1: I show you how a sci dot com slash I
Speaker 1: m s us Talk index futures falling this morning as
Speaker 1: Megacap technology share slump in early trading. NASDACK futures down
Speaker 1: one point seven per cent after disappointing quarterly up days
Speaker 1: from Microsoft, Google parent, Alphabet and Texas Instruments, and looking
Speaker 1: at those shares this morning, Microsoft down five point nine percent,
Speaker 1: Alphabet is down six point two percent, and Texas instruments
Speaker 1: is down about five percent right now again. SMP futures
Speaker 1: are also lower, down thirty points now futures down fifty
Speaker 1: seven and NASDAG features down one ninety five. The decks
Speaker 1: in Germany's up half percent. The ten year treasury up
Speaker 1: seven thirty seconds yield four point oh seven percent, and
Speaker 1: they yield them a two year four point four or
Speaker 1: four percent. NIMEX screwed oil is up four tens percent
Speaker 1: or thirty five cents at eighty five dollar sixty six
Speaker 1: cents a barrel. Comes Gold up nine ten percent or
Speaker 1: fourteen dollars seventy cents at sixteen seventy two seventy an ounce.
Speaker 1: The euro one point zero zero one five against the dollar,
Speaker 1: British found one point one five five four, and the
Speaker 1: n one forty seven point three one. Bitcoin is up
Speaker 1: two percent at twenty thousand, five hundred ninety dollars. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more
Speaker 1: on what's going on around the world. Michael, thank you
Speaker 1: very much. Daren Pennsylvania Democrat John Fetterman debating against Republican
Speaker 1: doctor mement Oz as they vie for a critical Senate
Speaker 1: seat sentiment who suffered a stroke and may spoke about abortion.
Speaker 1: If you believe that the choice of your reproductive freedom
Speaker 1: belongs with Dr Oz, then you have a choice. But
Speaker 1: if you believe that the choice for abortion belongs between
Speaker 1: you and your doctor, that's what I fight for. Ah
Speaker 1: said that he is against federal involvement in a woman's decision,
Speaker 1: but he supports what the states decide. I want women, doctors,
Speaker 1: local political leaders, letting the democracy that's always allowed our
Speaker 1: nation to thrive, to put the best ideas forward, so
Speaker 1: states can decide for themselves. Meanwhile, gubernatorial debates were held
Speaker 1: in New York and Michigan. In the NBA, the Wizards won,
Speaker 1: the Warriors lost. In the NHL, the Rangers lost the
Speaker 1: Devil's One along with the Bruins. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than journalists and analysts more than a hundred
Speaker 1: twenty countries. Michael Barr and this is Bloomberg, Nathan. Thanks Michael.
Speaker 1: We're coming up to six twenty on Wall Street Live
Speaker 1: from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak
Speaker 1: on a morning where tech shares are leading the broader
Speaker 1: market lower on a disappointing start to earning season. Microsoft
Speaker 1: and Google parent Alphabet are leading the way joining us now,
Speaker 1: Dan ives seen your equity research channelist at Wedbush Securities
Speaker 1: has been pretty bullish on the tech sector for quite
Speaker 1: some time. Dan, it's good to speak with you this morning,
Speaker 1: and I'm just getting through your note on Microsoft earning,
Speaker 1: saying that the quarter was roughly in line with a
Speaker 1: headline beat, respectable performance from the Azure cloud service, but
Speaker 1: the guidance was nothing to write home about. Give us
Speaker 1: a little more on your thoughts on Microsoft's earnings. Yeah,
Speaker 1: I think it's really about Godens. I mean, I think
Speaker 1: there's been worried the last few quarters that you're gonna
Speaker 1: see cracks in the armor and enterprise spending and the
Speaker 1: clock start midnight last night. I think the gate softer
Speaker 1: goidance is going to wear on the market as well
Speaker 1: as with what we saw from Alphabet, and you know,
Speaker 1: I think's really what's the start of this economic slowdown
Speaker 1: impact in Microsoft? And yet you're still keeping an outperform
Speaker 1: on Microsoft stock going forward, keeping your price target. Why. Yeah,
Speaker 1: So I view this as really a rough patch that
Speaker 1: they're ultimately just ripped a band aid off. They reset expectations.
Speaker 1: I think if you look at cloud, that continues to
Speaker 1: be the core growth driver that's just going to get
Speaker 1: them through the storm. And I just view this more
Speaker 1: this was a time where PC continues to be an
Speaker 1: overhang from Microsoft. They'll get through this with Cloud. I
Speaker 1: viewed as probably an overreaction terms of what the stock
Speaker 1: is today. How do you see Microsoft getting through this storm?
Speaker 1: There's a lot of debate about how long this storm
Speaker 1: could last. Do you think it lasts long? And how
Speaker 1: does Microsoft get through it? Well, I think they're going
Speaker 1: to be able to get through it, probably better than
Speaker 1: any other tech company because today less than enterprise are
Speaker 1: on cloud, so it was more hip to cloud. That's
Speaker 1: going to be an accelerant from Microsoft. More that business
Speaker 1: is going to be cloud and services. But right now
Speaker 1: in PC, it's going through what I'd say is probably
Speaker 1: a forty year type of decline in terms of PC market.
Speaker 1: That's a dark cloud and the stock ultimately gets rerated
Speaker 1: more in cloud. That's why you own Microsoft as a
Speaker 1: Rocket Gibraltar stock through the store. Does it get more
Speaker 1: difficult to maintain demand in the cloud when we have
Speaker 1: these kinds of headwinds from a strong dollar and from
Speaker 1: the fact that the way the economy is going right now,
Speaker 1: there might be a little bit less demand for cloud
Speaker 1: services because of just the way things cost right now.
Speaker 1: Look FX, that's about a five hundred bit headwinds from Microsoft,
Speaker 1: and you'll see the same thing from Apple air this weekend.
Speaker 1: Another big text ords strong dollars, huge headwinds. Now, I
Speaker 1: think on the other side of that that will start
Speaker 1: to actually be easier compared is going into next year.
Speaker 1: But look, enterprises, they cannot not go to the cloud,
Speaker 1: and that's why in terms of from an I T perspective,
Speaker 1: they are top top of the priority with I think
Speaker 1: they ripped a band aid off. I think now they
Speaker 1: reach that expectations, stock will get hit. But I do
Speaker 1: this more of a bottoming process from Microsoft right in
Speaker 1: the start of just a multi quarter type of guy
Speaker 1: ince production. So you think Microsoft is better position than
Speaker 1: an Amazon Web Services or a Google cloud product that
Speaker 1: has a lot of market share compared to Microsoft, Yeah,
Speaker 1: I think all those companies and you saw it with
Speaker 1: Google in terms of cloud being strong. Of course a
Speaker 1: WUS they continue to eat the markets. Those are all
Speaker 1: going to beat benefits and rising todd is gonna lift
Speaker 1: all boats in terms of cloud. I think in terms
Speaker 1: of the stocks is that Microsoft is a pure play cloud.
Speaker 1: Amazon it's still that e commerce that that's still the majority,
Speaker 1: and of Google Google Google clouds to a smaller piece.
Speaker 1: That's why what I like about Microsoft, it's plane that
Speaker 1: pure play cloud, you know, as opposed some of the
Speaker 1: consumer areas which obviously digital advertisingly in their media pressure. Okay,
Speaker 1: so just about thirty seconds left here. How does this
Speaker 1: set us up for the rest of earning season? We've
Speaker 1: got meta reporting later on this afternoon book. I think
Speaker 1: met or could be a mini disaster, you know, just
Speaker 1: giving what we're seeing on digital advertising as well as
Speaker 1: the business transition that stock would get hid into it.
Speaker 1: I'm not expecting really good news there. I think you'll
Speaker 1: start to see positives when it comes to Apple Amazon
Speaker 1: on the WUS piece book at This is a it's
Speaker 1: a defining time for tech and that's the key right
Speaker 1: now in terms of what we saw as always Dan,
Speaker 1: great to get your thoughts, Dan Ives, senior equity research
Speaker 1: analysts at wed Bush Securities. Right now, alphabet shares down
Speaker 1: six percent, Microsoft down more than six percent NAZAC futures
Speaker 1: as a whole down two points, a drop of one
Speaker 1: point seven percent. This is Bloomberg Bloomberg eleven three oh
Speaker 1: weather cloudy today, scattered showers, possible hides in the upper sixties, Sunshine,
Speaker 1: upper sixties. Tomorrow It's gonna be mostly sunny with a
Speaker 1: high only near sixty on Friday. Sixty four is the
Speaker 1: current temperature. Broadcasting live from the Bloomberg Interactive Broker Studio
Speaker 1: in New York, Bloomberg E Living free to Washington, d C,
Speaker 1: Bloomberg nine nine one to Boston, Bloomberg one six one
Speaker 1: to San Francisco, Bloomberg Home sixty to the Country, Sirius
Speaker 1: XM to the one nineteen and around the globe, the
Speaker 1: Bloomberg Business app and Bloomberg Radio dot Com. This is
Speaker 1: Bloomberg Daybreak. It's six thirty on Wall Street of morning
Speaker 1: of Nathan Hagar and I'm teren Moscow. We are just
Speaker 1: about three hours away from the open of US trading.
Speaker 1: Time for the five things you need to notice start
Speaker 1: your day. Brought to you by Interacted Brokers. Interacted broker's
Speaker 1: clients are an interest of up to two point five
Speaker 1: eight percent on the idle cash and their brokerage accounts.
Speaker 1: Visit i dk R dot com slash interest rates to
Speaker 1: learn more. Up First US futures are lower this morning
Speaker 1: after earning sir Microsoft and Alphabet despite beating projections. Shares
Speaker 1: of Microsoft are down six point three percent in early
Speaker 1: trading after the strong dollars slowed revenue growth. Shares of
Speaker 1: Alphabet are down more than six percent after sales miss
Speaker 1: analyst estimates. Bloomberg Intelligence senior analyst man Deep Sing says
Speaker 1: Alphabet and Google are facing a fundamental problem. Search is
Speaker 1: the main business and that is what drives margins. The
Speaker 1: question is is searched saturated? Probably yes, because there's a
Speaker 1: lot of direct traffic going to these mobile apps, you know,
Speaker 1: the companies that I talked about. On the retail side,
Speaker 1: you don't need Search. You start off your search on
Speaker 1: Walmart or Target or Amazon. And Bloomberg Intelligence analyst Mandeep
Speaker 1: Sing says Google is now planning to slow hiring and
Speaker 1: control expenses. Watching shares of Texas Instruments care and they're
Speaker 1: down nearly five percent. The ship maker's forecast missed estimates,
Speaker 1: signaling a broader slowdown in the semiconductor industry. So far
Speaker 1: head of Investment Strategy, Liz Young says, the outlook for
Speaker 1: tech stocks may now be uncertain. We're sitting at a
Speaker 1: point in the year where we've done a lot of
Speaker 1: work and valuations have seen a decent amount of pain
Speaker 1: since January, and I think it's less about what's the
Speaker 1: right valuation for these stocks to be at, and it's
Speaker 1: more about what are people actually willing to pay for them.
Speaker 1: Knowing that we have not solved all the problems that
Speaker 1: still lie ahead so far, as Liz Young says, she
Speaker 1: sees broader market volatility continuing for several weeks well. Nathan
Speaker 1: techernings continue today with Meta Platforms and Twitter reporting. At
Speaker 1: the same time, Elon Muski is working to wrap up
Speaker 1: his acquisition of Twitter, telling bankers he's going to close
Speaker 1: the deal this week. Bloomberg's Ed Ludlow has the details
Speaker 1: the banks that kind of brace for this borrowing notice
Speaker 1: that should have come Tuesday. Then the money that the
Speaker 1: banks have pledged in the form of debt would go
Speaker 1: into es growth. Thursday is told these anchors that he
Speaker 1: fully intends to close the deal Friday, and Bloomberg's and
Speaker 1: Ludlow says, Twitter shares approached a must four dollars twenties
Speaker 1: center share acquisition price. Following the news and Karen renters
Speaker 1: across the US are still feeling the pinch. New York
Speaker 1: City has the most expensive rental market in the US,
Speaker 1: according to the rental listing company Zumper. Boston jumped to
Speaker 1: the second highest rent surpassing San Francisco, which is now third.
Speaker 1: And that's the five things that you need to notice
Speaker 1: start your day. Brought to you by Interactive Brokers and
Speaker 1: straight Ahead your latest local headlines, plus a check of sports.
Speaker 1: And this is Bloomberg. Thanks Karen. Six thirty three on
Speaker 1: Wall Street, sixty four degrees in Central Park. Now, we
Speaker 1: got two accidents on the belt park Way that Peter
Speaker 1: Van is gonna tell you about in a few minutes.
Speaker 1: But first, Michael Bars here with more on what's going
Speaker 1: on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan Sparring over crime and abortion. It took
Speaker 1: center stage yesterday as New York Governor Kathy Hocle faced
Speaker 1: a Republican challenger, You West Representative Lee Zelden in the
Speaker 1: campaign's only televised gubernatorial debate. Local blasted Zeldin's past support
Speaker 1: for abortion restrictions, and the governor pointed to Zelden's position
Speaker 1: on gun laws. When you had the chance as a
Speaker 1: member of Congress to stand with other Republicans who finally
Speaker 1: said enough is enough, you were nowhere to be found. Lee.
Speaker 1: I mean that's people need to know. You can't talk
Speaker 1: about because all you have his rhetoric Zelden valid to
Speaker 1: repeal liberal criminal justice reforms. There are criminals out there
Speaker 1: who need to pay the consequences for their action instead
Speaker 1: of the catual lease policies. The debate was aired on
Speaker 1: Spectrum New York. One. The candidates for US Senate in
Speaker 1: Pennsylvania squared off in a debate. Democrat John Fetterman, still
Speaker 1: recovering from a stroke in May, was asked if he
Speaker 1: would support a Biden run for the White House. It's
Speaker 1: up to his choice whether he you know, and if
Speaker 1: he does choose to run, I would absolutely support him.
Speaker 1: Dr Oz, I want to bring civility, balance, all the
Speaker 1: things that you want to secrets. You've been telling it
Speaker 1: to me on the campaign trail, and by doing that
Speaker 1: we can bring us together in a way that has
Speaker 1: not been done of late. The debate was held on
Speaker 1: News nation. Meanwhile, in Michigan, the two candidates debated in
Speaker 1: their gubernatorial race. President Joe Biden talked about Russia and
Speaker 1: Ukraine and China in a call congratulating the new UK
Speaker 1: Prime Minister Rishi Sunac. The conversation. Conversation also touched on
Speaker 1: the unresolved issue of the Irish border after Brexit. Another
Speaker 1: setback for w n B A star Brittney Grinder in
Speaker 1: Russia's judicial system, Bloomberg said Baxter. As the story, Russian
Speaker 1: court has refused to hear an appeal of Grinder's sentence.
Speaker 1: What House spokesman Korean Jean Pierre says, the US will
Speaker 1: double down now. I'm getting her free. This is this
Speaker 1: is a priority, and we need Russia. We are asking
Speaker 1: and telling Russia to negotiate in good faith. But at
Speaker 1: this point, her nine year drug sentence remains in place
Speaker 1: in San Francisco. I'm at Baxter. Bloomberg day Break Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take, powered by more than undred journalist and
Speaker 1: analysts more than a hundred twenty countries. Michael Barren, this
Speaker 1: is Bloomberg, Nathan. Thanks Michael. Six thirty five on Wall Street.
Speaker 1: Time for the Bloomberg Sports Day, brought to you by
Speaker 1: Try State. Out of here again is John stat Shower?
Speaker 1: All right, Nathan? The World Series starts Friday. For the Yankees,
Speaker 1: the off season's underway. A couple of reports concerning the
Speaker 1: Yanks s n Y reporting a long time general manager
Speaker 1: Bryan Cashman will get a new contract as current one
Speaker 1: is expiring. Cashman has been the GM since began with
Speaker 1: the Yankees as an intern. Six that's for Aaron Judges
Speaker 1: future MLB dot Com with the story that the Dodgers
Speaker 1: are expected to pursue Judge as a free agent, that
Speaker 1: their plan would be to then move Mookie Betts to
Speaker 1: second base, where he played in high school. He did
Speaker 1: play their briefly this season. Skip Schumacher was a Cardinals
Speaker 1: coach made the new manager of the Miami Martins. That
Speaker 1: the Guard and the Rangers faced an old friend, Alexander Gorgiev,
Speaker 1: was the Rangers backup goalie the last five seasons. He's
Speaker 1: now with Colorado. He and Igor Sterkin both made some
Speaker 1: big says. The game went to a shootout, Colorado won
Speaker 1: three to two. The Ranger coach Gerard Glen they played
Speaker 1: really fast and like I said, we no surprise. We
Speaker 1: talked about that before the game. And the guys, you know,
Speaker 1: they know this Stanley Cup champion to a quick at
Speaker 1: fast team, and they'll build like that. And I thought
Speaker 1: I part us into the battle more than the second
Speaker 1: or third. Two official Rangers visit the Islanders Tonight The
Speaker 1: Devil's Last Night won six two at Detroit and next
Speaker 1: tonight host Charlotte. The Nets visit in Milwaukee, Jets and
Speaker 1: Patriots Sunday at MetLife. Jets won four in a row.
Speaker 1: Red hot Patriots just got blown out at home by Chicago.
Speaker 1: And yet Pats are right now and with a slight
Speaker 1: favor And that's despite a lot of controversy in New
Speaker 1: England over Bill Belichick's decision in that Monday Night lost
Speaker 1: a bench quarterback Mac Jones, he got over the playoffs
Speaker 1: last year as a rookie. They put in rookie Bailey Zappy.
Speaker 1: He struggled, and Belichick then said it was his plan
Speaker 1: all along to use both of them. Pats white out.
Speaker 1: Chakobe Myers calls the team to QB situation ugly don't
Speaker 1: all John thanks sixty seven on Wall Street. Time to
Speaker 1: take a look at stock some of the names moving
Speaker 1: in the pre market. Bloomberg Radio and TV Markets correspondent
Speaker 1: Crety guptas with us and speaking of ugly creaty gonna
Speaker 1: talk about tech earnings. I'm so glad that you're calling
Speaker 1: me ugly for a second, so I never would goodness
Speaker 1: some red on the screen certainly for some of these
Speaker 1: tech earnings. Alphabet at the top of the pile here
Speaker 1: g O O G is going to be your taker,
Speaker 1: or if you want to look at the Class C
Speaker 1: shares g O O g L regardless, both are down
Speaker 1: about six percent in the pre market. This, of course
Speaker 1: follows some pretty bad earnings. Remember we like to look
Speaker 1: at Alphabet as kind of the poster child not just
Speaker 1: for social media companies, but for advertising as a whole.
Speaker 1: And you actually saw YouTube have an AD revenue shrink
Speaker 1: for the first time since they were reporting YouTube ad
Speaker 1: revenue separately. So that's really where you're seeing a lot
Speaker 1: of pain this idea here. The advertising really is kind
Speaker 1: of facing a little bit of crunch time as more
Speaker 1: and more people say, well, our consumers really going to
Speaker 1: be spending when they're kind of looking down at a recession.
Speaker 1: So that's going to be the concern there. You can
Speaker 1: really see Corporate America feel the pain. Their cloud numbers
Speaker 1: also not helping them much either, So G O O
Speaker 1: G down six percent. A similar story, Nathan, when you
Speaker 1: look at Microsoft this morning as well, M s f
Speaker 1: t S your ticker down six point three percent this morning.
Speaker 1: This comes a lot from their Asia business, specifically the
Speaker 1: cloud business that's really been driving a lot of the
Speaker 1: growth for Microsoft. But they they're warning about slowing PC demand,
Speaker 1: slowing business investment demand. No one really wants to make
Speaker 1: those big investments into cloud technology right now and really
Speaker 1: hitting their bottom line. Not to mention them the FX headwinds.
Speaker 1: This idea that the dollar has just been on an
Speaker 1: absolute tear, and most of Microsoft's business comes from abroad
Speaker 1: as opposed to right here in the US, so converting
Speaker 1: those profits back to dollars that indeed is painful as well. Yeah,
Speaker 1: we're seeing the chip pain spread the Texas Instruments as well.
Speaker 1: Cre We absolutely are Texas Instruments. T x N is
Speaker 1: going to be your tacker there, down about just shy
Speaker 1: five percent in the pre market. This is a chip maker.
Speaker 1: Their fourth quarter outlook signaling that semiconductor slump is continuing
Speaker 1: to spread. Essentially, they're missing their earnings. And remember this
Speaker 1: is a company that makes chips for everything from washing
Speaker 1: machines to cars, to mobile phones, et cetera. And you
Speaker 1: can really see that that kind of sentiment that you
Speaker 1: saw in their fourth quarter spreading to the likes of
Speaker 1: end Video for as well. And video is that major heavyweight.
Speaker 1: N v D as your ticker down about two in
Speaker 1: the pre market. And finally, Creedy, I see you're watching
Speaker 1: Twitter looking to see whether the deal goes through. The
Speaker 1: Twitter saga continues. We'll find out on Friday. Elon must
Speaker 1: saying that before he's looking to close that deal. To
Speaker 1: your point, by Friday, about about six tenths of one
Speaker 1: percent is the boost you're seeing in Twitter shares. This follows,
Speaker 1: by the way, the boost we saw off yesterday as well.
Speaker 1: One of the big questions though for Twitter is going
Speaker 1: to be the regulatory story. Will the Biden administration actually
Speaker 1: let this deal happen. That's gonna be the big question,
Speaker 1: all right. Bloomberg Radio on TV Markets corresponding, Creedy, Goop
Speaker 1: looking great as always, Thanks for being here looking at
Speaker 1: stocks as a whole this morning. Not looking great. SMP
Speaker 1: futures down twenty six point. Staff futures down thirty six.
Speaker 1: Nasdack futures leading the declines, now down five points for
Speaker 1: a drop of one point six Tenure Treasury up eight
Speaker 1: thirty seconds, yield four point zero six percent on the
Speaker 1: benchmark ten year. This is Bloomberg and the Bloomberg Sports
Speaker 1: Report was brought to you by Audie. Don't let someone
Speaker 1: else drive off in the Audi model. You've always wanted
Speaker 1: to visit your local Tri state autie dealer to get
Speaker 1: behind the wheel of yours today, or visit Audie Offers
Speaker 1: dot com for more information, markets, headlines and breaking news
Speaker 1: twenty four hours a day. At Bloomberg dot Com, the
Speaker 1: Bloomberg Business Out and at Bloomberg Quick Tape, He's a
Speaker 1: Bloomberg Business Flash and I'm Karin Moscow and Nasdack futures
Speaker 1: are dropping following big tech earnings, and we get to
Speaker 1: the first word breaking news desk now for today's morning
Speaker 1: call with Bill Maloney. Bill, Good morning, Hey, good morning, Karen.
Speaker 1: That's right. US features are on the red after the
Speaker 1: Google and Microsoft earnings. Down. Futures currently down ten points,
Speaker 1: subs dropped twenty three will the Nasdaq futures are off
Speaker 1: by a hundred and seventies six. The US ten year
Speaker 1: at four point oh six percent, gold is of fifteen,
Speaker 1: Oil is trading in the green, and bitcoin is hired
Speaker 1: by two point two percent. Hong Kong rose one percent overnight,
Speaker 1: while Europan markets are trading mixed this morning and back
Speaker 1: in the US. On the economic front, day thirty wholesale
Speaker 1: inventories at at ten o'clock, New home sales after the
Speaker 1: bells after the bell. Last night, Microsoft posted its slowest
Speaker 1: growth in five years. Google Q three revenue missed estimates,
Speaker 1: and Texas Instruments Q for revenue forecast also missed estimates
Speaker 1: regarding some of the earnings. This morning, look for a
Speaker 1: bone to report in the pre market, and wrapping things up,
Speaker 1: Discover Financial was raised to overweight at Morgan Stanley, Baker
Speaker 1: Hughes cut the equate at Wells Fargo, and Regeneral was
Speaker 1: cut to underperform over at Rain and James Live from
Speaker 1: the First Break Intershed. That's gone bo Maloney, Karen, all right, Bill,
Speaker 1: thank you, and to hear live breaking news over your
Speaker 1: Bloomberg type squawk on your terminal SCU you a w
Speaker 1: K and of course we're watching shares of Microsoft down
Speaker 1: six point two percent, Alphabet is down five point nine percent.
Speaker 1: Right now, Texas Instruments down four point nine percent in
Speaker 1: early trading. And that's a Bloomberg business flash. Now here's
Speaker 1: Michael Barr with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. The candidates for the
Speaker 1: Pennsylvania Senate race squared off into debate last night. Republican
Speaker 1: Dr Memonaz says that he would not support a federal
Speaker 1: abortion ban, which some others in the GOP have called for.
Speaker 1: There should not be involved in from the federal government
Speaker 1: and how states decide their abortion decisions. As a physician,
Speaker 1: I've been in the room when there's some difficult conversations happening.
Speaker 1: I don't want the federal government involved with that at all.
Speaker 1: Democratic Lieutenant Governor John Federman addressed what he called the
Speaker 1: elephant in the room. I had a stroke. He's never
Speaker 1: let me forget that, and I might miss the words
Speaker 1: during this debate, two words together, but it knocked me
Speaker 1: down and I'm gonna keep coming back up. The debate
Speaker 1: was aired on News Nation in New York. Democratic Governor
Speaker 1: Kathy Hokel squared off against Republican Representative Lee Zelden in
Speaker 1: the gubernatorial race. Hoco blasted Zelden's position on gun laws.
Speaker 1: It is a joke to talk about a crime policy
Speaker 1: that doesn't include doing something about illegal guns. Meanwhile, Zelden
Speaker 1: vowed to repeal liberal criminal justice reforms. Kathy Hocle is
Speaker 1: too busy patting herself on the back. Job well done.
Speaker 1: The debate was on Spectrum New York. One. In the NBA,
Speaker 1: the Wizards won, the Warriors lost. In the NHL, the
Speaker 1: Rangers lost, the Devil's and Bruins One. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven under journalist and analysts
Speaker 1: and more than twenty countries. Michael Barr, this is Bloomberg,
Speaker 1: Nathan A him Michael, Thanks for ly from the Bloomberg
Speaker 1: Interactive Broker Studios or at six fifty on Wall Street
Speaker 1: Time Now to check what's going on in d C.
Speaker 1: Some of the top stories Internation's capital include Fetterman's debate
Speaker 1: performance giving dr Oz potential traction in the Pennsylvania Senate race,
Speaker 1: President Biden warning Russia against a false flag nuke attack
Speaker 1: in Ukraine, and the President saying diplomacy over Britney Griner
Speaker 1: has gotten a cold reception in Russia. Also making news
Speaker 1: the Biden fourteen, the races that could be key to
Speaker 1: Democrats long shot bid to keep the House next month.
Speaker 1: For more on some of these stories were bloom joined
Speaker 1: by Bloomberg Government reporter Emily Wilkins. Emily, good morning. Let's
Speaker 1: get to the debate. First off, last night in Pennsylvania,
Speaker 1: Democrat John Federman tried to keep expectations low ahead of
Speaker 1: the performance. What did you make of what we saw
Speaker 1: last night? So it was a really rough performance for
Speaker 1: the Democratic nominee John Federman last night. I mean, obviously,
Speaker 1: as you pointed out in that club, he did have
Speaker 1: a stroke a couple months ago. His uh, how he
Speaker 1: has talked has been impaired. Of course, Federman says that
Speaker 1: it's it's a verbal thing, not a cognitivet thing. But
Speaker 1: still the attacks from Dr Oz on Federal Rman and
Speaker 1: how he's been able to present himself after the stroke, Uh,
Speaker 1: they've been really allowing oz to gain traction in the race.
Speaker 1: And last night Federate Funnerman just had stumbled several stumbles,
Speaker 1: several major stumbles. Um that really could potentially hurt his
Speaker 1: polling and hurt his chances of winning Pennsylvania. So I
Speaker 1: think that was one of the really big takeaways from
Speaker 1: last night. Of course, the other thing um that Futterman's
Speaker 1: campaign has really touted is the fact that Oz actually
Speaker 1: said that whether or not a woman gets an abortion
Speaker 1: or what kind of health care she has does involve
Speaker 1: to a certain extent local elected leaders um, which is
Speaker 1: an argument that Democrats have been trying to make to
Speaker 1: show the extremeness of the Republican position on abortion. Of course,
Speaker 1: we're gonna be keeping a very close eye for the
Speaker 1: next polls to come out of this race, but really
Speaker 1: Dr Os and the Republicans have been very much closing
Speaker 1: the gap in recent weeks, and and last night might
Speaker 1: have potentially sealed the deal for them. What's the potential
Speaker 1: that this debate could have much sway in the Pennsylvania
Speaker 1: Senate race, given that more than half a million Pennsylvania
Speaker 1: voters have already cast early ballads. And that's an excellent point, Nathan.
Speaker 1: To a certain extent, it does matter that voters have
Speaker 1: voted early, that they've already got some of their billets.
Speaker 1: And at the same point, we know that a lot
Speaker 1: of voters are going to be voting from now until
Speaker 1: November eighth, and then on November eighth itself half a
Speaker 1: million voters. It's a lot, for sure. But after debate
Speaker 1: performance like this, you could see some folks have their
Speaker 1: minds changed about which candidate they want. All right, let's
Speaker 1: turn to what's happening at the White House. President Biden
Speaker 1: is being asked again about the threat of a nuclear
Speaker 1: dirty bomb attack in Ukraine, and it comes as Russia's
Speaker 1: signaling that it's going to begin regular nuclear drills. Yes,
Speaker 1: lots of things going on in Russia right now. There
Speaker 1: are reports of this potential dirty bomb, potential biological weapons
Speaker 1: bomb that could be released at some point in Ukraine,
Speaker 1: and there are concerns about it. You're seeing President Biden
Speaker 1: renew his warning to Putin that it would be an
Speaker 1: incredibly serious mistake to use any sort of nuclear weapon
Speaker 1: weapon in Ukraine. And this really reflects this urgent concern
Speaker 1: that you're seeing in Washington and among some of its
Speaker 1: other allies that Russia might be searching for a reason
Speaker 1: to unleash such a weapon. I think they're these concerns
Speaker 1: about nuclear weapons have been present for a while but
Speaker 1: the fact that you're seeing President Biden address them again, Uh,
Speaker 1: it really kind of shows the heightened concern in Washington
Speaker 1: as well as elsewhere. In the time we have left, Emily,
Speaker 1: I want to get to this reporting from your colleagues
Speaker 1: at Bloomberg Government on what they're terming the Biden fourteen
Speaker 1: races important to Democrats long shot grasp of the House.
Speaker 1: So there are fourteen districts in particular that political watchers
Speaker 1: should be focusing on here, Well, there are lots of
Speaker 1: different different districts, but I think my colleague David Hood
Speaker 1: was right to focus on these particular fourteen. They're really
Speaker 1: unique districts because there are ones that Biden would have
Speaker 1: won in but they were redistricted to that so Biden
Speaker 1: didn't actually win them. It's just the lines changed and
Speaker 1: made them more favorable to Democrats. And this is really
Speaker 1: gonna show these political headwinds. Doesn't matter that Biden one
Speaker 1: in particular district or Democrats losing ground with voters of
Speaker 1: these districts are very competitive. Um, there's a sense that
Speaker 1: some of them are going to wind up flipping to Republicans.
Speaker 1: According to to several experts who are to quote talked
Speaker 1: about in the story, Um, And basically what these are
Speaker 1: just showing is that there is this gap between where
Speaker 1: Democrats were in and where they are now, in the
Speaker 1: fact that just politically wise, things have gotten much tougher
Speaker 1: for them. They've lost a lot of support, and there
Speaker 1: have been a lot of questions about sort of where
Speaker 1: the party goes next from year, and so in our
Speaker 1: last thirty seconds here, I guess this adds on to
Speaker 1: the headwinds politically for Democrats and what's usually a difficult
Speaker 1: time anyway for a party in power to hold on
Speaker 1: to Congress and the balance of power on Capitol Hill.
Speaker 1: It certainly is, Nathan. I mean, the fact that we've
Speaker 1: seen inflation remain high, the fact that gas prices are
Speaker 1: going back up, um, the fact that there's really only
Speaker 1: much so much of Democrats can do to try to
Speaker 1: tell voters about the bills that they've passed. I mean,
Speaker 1: for a while it like Dems were getting a bounce
Speaker 1: after the Rovwade decision was released, after they passed a
Speaker 1: lot of legislation. But at this point a lot of
Speaker 1: polling is showing Republicans gaining ground before the mid terms.
Speaker 1: Thanks so much, Bloomberg government reporter Emily Wilkins. Read much
Speaker 1: more on Bloomberg dot Com or on the Bloomberg Terminal.
Speaker 1: Listen to Bloomberg and one oh five point seven FM
Speaker 1: HD two to hear Bloomberg Radio in Washington. Karen, all right, Nathan,
Speaker 1: it is six six on Wall Street. We turned to
Speaker 1: news and science and technology now with the Bloomberg and
Speaker 1: j I T STEM report. It has run to UVINE,
Speaker 1: New Jersey Institute of Technology, ranked to top one hundred
Speaker 1: national university by u S News and World Report and
Speaker 1: number fourteen in the nation on Money's Best Colleges list.
Speaker 1: Learn more at n j I T dot E d
Speaker 1: U and here's what's making news in science, Technology, engineering
Speaker 1: and math. New COVID boosters are not any better than
Speaker 1: the old ones, according to an early independent study on
Speaker 1: a small group of people. Researchers at Columbia University and
Speaker 1: the University of Michigan say by valent booster shots from
Speaker 1: Maderna and Fiser failed to raise levels of protective proteins
Speaker 1: called neutralizing antibodies against the dominant omicron strains any more
Speaker 1: than four doses of the original COVID vaccine. Scientists may
Speaker 1: have discovered a method for making magnets used in wind
Speaker 1: turbines at electric cars without the rare earth metals that
Speaker 1: are almost exclusively produced in China. A team from the
Speaker 1: University at Cambridge and colleagues from Austria found a new
Speaker 1: way to make tetra chinite, a possible replacement for rare
Speaker 1: earth magnets. If the manufacturing process is proven to be
Speaker 1: commercially feasible, it could loosen China's dominance are the rare
Speaker 1: earth market, where it accounts for over of global supply.
Speaker 1: And a new study found that playing video games is
Speaker 1: linked to better cognitive skills. It says that kids who
Speaker 1: played three hours or more of video games a day
Speaker 1: perform better on tests of memory and impulse control than
Speaker 1: those who did not play games. The National Institute on
Speaker 1: Drug Abuse says the studies results are worthy of further investigation.
Speaker 1: And that's the Bloomberg and j I t Stem report.
Speaker 1: But we continue to watch shares of Microsoft and Alphabet
Speaker 1: this morning. Alphabet now down about six percent in early trading,
Speaker 1: Microsoft down more than six percent, And we'll have more
Speaker 1: much more on that straight ahead on Bloomberg Surveillance for
Speaker 1: Nathan Hager, I'm Karen Moscow, and this is Bloomberg