1 00:00:01,040 --> 00:00:04,840 Speaker 1: Life from the Bloomberg Interacted Berger Studios is Bloomberg Daybreak 2 00:00:04,880 --> 00:00:08,160 Speaker 1: for a Friday, May thirteen two coming up this hour. 3 00:00:08,520 --> 00:00:11,719 Speaker 1: Stocks rise after the SMP five hundred heaters on bear 4 00:00:11,800 --> 00:00:14,760 Speaker 1: Market Territory. J. Powell says the FED will likely raise 5 00:00:14,880 --> 00:00:17,000 Speaker 1: rates by a half point at each of its next 6 00:00:17,079 --> 00:00:20,960 Speaker 1: two meetings. The panic in the crypto market subsides and 7 00:00:21,079 --> 00:00:23,119 Speaker 1: we'll tell you why U s A do you pray? 8 00:00:23,320 --> 00:00:26,319 Speaker 1: Is on hold power bills and New York households face 9 00:00:26,400 --> 00:00:29,680 Speaker 1: a big summer spike because of gas prices. Plus a 10 00:00:29,760 --> 00:00:33,360 Speaker 1: dire warning from the New White Houscope nineteen coordinator Michael 11 00:00:33,400 --> 00:00:36,040 Speaker 1: barn Or a half. I'm John stash Own Sports. The 12 00:00:36,159 --> 00:00:38,680 Speaker 1: Yankees erupted late. They win in Chicago, the Mets one 13 00:00:38,680 --> 00:00:41,520 Speaker 1: in Washington. The Rangers and Penguins play games six tonight 14 00:00:41,560 --> 00:00:46,960 Speaker 1: in Pittsburgh. That's all s train ahead on Bloomberg Daybreak 15 00:00:47,320 --> 00:00:51,000 Speaker 1: on Bloomberg Eliving Free on New York, Bloomberg nine one, 16 00:00:51,120 --> 00:00:55,080 Speaker 1: Washington d C, Bloomberg one oh six one, Boston, Bloomberg 17 00:00:55,160 --> 00:00:59,240 Speaker 1: nine sixties and Francisco Syrius x M one nineteen and 18 00:00:59,320 --> 00:01:02,040 Speaker 1: around the world Old on Bloomberg Radio dot Com and 19 00:01:02,440 --> 00:01:09,160 Speaker 1: the Bloomberg Business app. Good morning. I'm Nathan Hagar and 20 00:01:09,200 --> 00:01:12,240 Speaker 1: I'm Karen Moscow. US stock index futures are higher this 21 00:01:12,319 --> 00:01:15,440 Speaker 1: morning after some wild swings on Wall Street yesterday. We're 22 00:01:15,480 --> 00:01:17,240 Speaker 1: coming up to six one on Wall Street. We check 23 00:01:17,280 --> 00:01:20,560 Speaker 1: the markets every fifteen minutes throughout the trading day. On Bloomberg. 24 00:01:20,560 --> 00:01:23,160 Speaker 1: Guess in Key Future is up thirty eight points this morning. 25 00:01:23,400 --> 00:01:25,960 Speaker 1: Down futures have two D two and noasday futures have 26 00:01:26,080 --> 00:01:29,360 Speaker 1: one eighty nine. Can your treasury down twelve thirty seconds 27 00:01:29,440 --> 00:01:31,760 Speaker 1: yield two point eight to nine percent, and they yield 28 00:01:31,800 --> 00:01:35,160 Speaker 1: on the two year two point five eight percent. Nathan, Karen, 29 00:01:35,200 --> 00:01:37,800 Speaker 1: we begin this morning with breaking news on Twitter. Out 30 00:01:37,840 --> 00:01:41,000 Speaker 1: just moments ago. Elon Musk is casting doubt on his 31 00:01:41,120 --> 00:01:44,040 Speaker 1: deal to buy the social media company. Bloomberg's Rinda Young 32 00:01:44,120 --> 00:01:46,600 Speaker 1: joins US Live with this breaking news. Good morning, Na, 33 00:01:46,640 --> 00:01:49,080 Speaker 1: Good morning, Nathan. Elon Musk says his deal to buy 34 00:01:49,080 --> 00:01:53,320 Speaker 1: Twitter is temporarily on hold. Musk maybe announcement where else 35 00:01:53,560 --> 00:01:56,960 Speaker 1: On Twitter. He says the forty four billion dollar purchases 36 00:01:57,040 --> 00:01:59,960 Speaker 1: on whole pending details on how many fake accounts may 37 00:02:00,040 --> 00:02:03,720 Speaker 1: cup Twitter's total users. He's questioning whether spam and fink 38 00:02:03,760 --> 00:02:07,800 Speaker 1: accounts represent less than five percent of users now. Traders 39 00:02:07,840 --> 00:02:10,520 Speaker 1: had started to question Musk's bid for Twitter in recent 40 00:02:10,639 --> 00:02:13,840 Speaker 1: days as shares traded below his offer price of fifty 41 00:02:13,840 --> 00:02:16,960 Speaker 1: four dollars and twenty cents, and right now they're down 42 00:02:17,040 --> 00:02:20,919 Speaker 1: more than in the pre market, trading around thirty three 43 00:02:20,919 --> 00:02:23,640 Speaker 1: dollars a year. Live in New York, I'm gonna need 44 00:02:23,680 --> 00:02:26,359 Speaker 1: a young Bloomberg day break and we're watching it even extend. 45 00:02:26,400 --> 00:02:28,440 Speaker 1: It's the clients re need and now downe about twenty 46 00:02:28,520 --> 00:02:31,440 Speaker 1: five percent for Twitter. Tesla shares are up about six 47 00:02:31,520 --> 00:02:33,799 Speaker 1: percent right now. Thank you for that report, and we 48 00:02:33,880 --> 00:02:36,240 Speaker 1: continue to keep an eye on Twitter shares throughout the 49 00:02:36,240 --> 00:02:40,000 Speaker 1: morning here on Bloomberg Radio, along with whatever else comes 50 00:02:40,000 --> 00:02:43,919 Speaker 1: out of this developing story. Meantime, SMP futures are on 51 00:02:43,960 --> 00:02:45,760 Speaker 1: the rise. As we said, as we close out of 52 00:02:45,840 --> 00:02:49,280 Speaker 1: volatile trading week. Yesterday, the SNP five hundred came within 53 00:02:49,360 --> 00:02:52,320 Speaker 1: spitting distance of a twenty percent drop before a late 54 00:02:52,400 --> 00:02:56,120 Speaker 1: day rally paired those losses. Chris Zacarelli, the chief investment 55 00:02:56,160 --> 00:02:59,320 Speaker 1: officer for Independent advisor Allion, says this is shaping up 56 00:02:59,320 --> 00:03:02,040 Speaker 1: to be a turbulent year. We think this entire year 57 00:03:02,080 --> 00:03:05,200 Speaker 1: will probably be full of volatility because ultimately the volatility 58 00:03:05,200 --> 00:03:10,200 Speaker 1: is being caused by uncertainty around inflation, uncertainty around that policy, 59 00:03:10,320 --> 00:03:12,920 Speaker 1: and then ultimately uncertainty about growth. And we don't think 60 00:03:12,960 --> 00:03:15,160 Speaker 1: any of those things will resolve in the near term, 61 00:03:15,320 --> 00:03:18,640 Speaker 1: so there's gonna be volatility. And Chris Nacarelli with independent 62 00:03:18,680 --> 00:03:21,720 Speaker 1: advisor Alliance, made the comments on Bloomberg Business Week Catch 63 00:03:21,760 --> 00:03:24,440 Speaker 1: the program weekdays from two to five pm Wall Street 64 00:03:24,440 --> 00:03:28,120 Speaker 1: Time on Bloomberg Radio. Well adding to this morning's stabilization 65 00:03:28,200 --> 00:03:31,280 Speaker 1: for the broader market, Karen J. Powell, pushing back against 66 00:03:31,280 --> 00:03:35,040 Speaker 1: speculation on steeper interest rate hikes, share pal one Senate 67 00:03:35,080 --> 00:03:38,200 Speaker 1: confirmation yesterday for a second term, and reaffirmed the Fed 68 00:03:38,280 --> 00:03:40,520 Speaker 1: is likely to raise rates by a half percentage point 69 00:03:40,520 --> 00:03:42,440 Speaker 1: in each of its next two meetings. We get more 70 00:03:42,480 --> 00:03:45,640 Speaker 1: from Bloombridge Charlie Pellett. Powell says the Central Bank is 71 00:03:45,680 --> 00:03:49,480 Speaker 1: prepared to change course depending on incoming data. Asked in 72 00:03:49,520 --> 00:03:52,920 Speaker 1: an interview with the Marketplace Public Radio program if he 73 00:03:53,000 --> 00:03:56,560 Speaker 1: had taken a larger seventy five basis point increase off 74 00:03:56,600 --> 00:03:59,360 Speaker 1: the table, Powell said that while the FED was not 75 00:03:59,600 --> 00:04:03,760 Speaker 1: actively considering such a move. If the economy performs about 76 00:04:03,840 --> 00:04:06,560 Speaker 1: as expected, that it would be appropriate for there to 77 00:04:06,600 --> 00:04:10,480 Speaker 1: be additional fifty basis point increases at the next two 78 00:04:10,480 --> 00:04:14,680 Speaker 1: meetings in New York. Charlie Pellet Bloomberg Daybreak, All right, Charlie, 79 00:04:14,720 --> 00:04:17,760 Speaker 1: thank you. San Francisco FED president Mary Daney is also 80 00:04:17,880 --> 00:04:20,880 Speaker 1: backing fifty basis point rate hikes at each of the 81 00:04:20,920 --> 00:04:23,880 Speaker 1: next two meetings, and an interview with Bloomberg News Daily 82 00:04:23,920 --> 00:04:26,839 Speaker 1: said rates should rise to neutral by the end of 83 00:04:26,839 --> 00:04:29,400 Speaker 1: the year. She sees that benchmark around two and a 84 00:04:29,400 --> 00:04:32,240 Speaker 1: half percent. Well Stabler Market Karen means the sell off 85 00:04:32,240 --> 00:04:35,840 Speaker 1: in cryptocurrency seems to have subsided. Bitcoins trading back above 86 00:04:35,880 --> 00:04:38,520 Speaker 1: it's key thirty thousand level this morning after falling to 87 00:04:38,560 --> 00:04:42,480 Speaker 1: nearly twenty five thousand Wednesday. Tether, the largest stable coin 88 00:04:42,640 --> 00:04:46,040 Speaker 1: used in crypto markets to facilitate trading, is also recovering 89 00:04:46,040 --> 00:04:48,839 Speaker 1: from an earlier mini crash. Major cryptos were falling with 90 00:04:48,920 --> 00:04:51,960 Speaker 1: regular market sentiment, but the implosion of the terra USD 91 00:04:52,160 --> 00:04:55,720 Speaker 1: stable coin kindled widespread panic. Well Nathan Shares a robin 92 00:04:55,720 --> 00:04:58,240 Speaker 1: Hood also on the move. This stock, which has been battered, 93 00:04:58,279 --> 00:05:02,360 Speaker 1: is up more than or Le trading cryptocurrency billionaire Sam 94 00:05:02,400 --> 00:05:05,600 Speaker 1: Bankman Freed has taken a seven point six percent stake 95 00:05:05,640 --> 00:05:08,760 Speaker 1: in the troubled online brokerage robin Hood shares a plunge 96 00:05:08,880 --> 00:05:12,400 Speaker 1: seventy seven per cent since it's hotly anticipated initial public 97 00:05:12,440 --> 00:05:15,839 Speaker 1: offering last July. In other corporate news, Apples taking aim 98 00:05:15,839 --> 00:05:18,880 Speaker 1: at unionization efforts in its US retail stores. The companies 99 00:05:18,920 --> 00:05:22,160 Speaker 1: holding meetings with employees posting notices that have the benefits 100 00:05:22,160 --> 00:05:25,599 Speaker 1: of working for Apple. So far, no Apple store has unionized, 101 00:05:25,600 --> 00:05:28,960 Speaker 1: but multiple locations are working with labor groups. Well, we 102 00:05:29,000 --> 00:05:31,720 Speaker 1: now turned the latest developments involving the war in Europe. 103 00:05:31,920 --> 00:05:34,680 Speaker 1: USA d Ukraine is on hold after one senator held 104 00:05:34,720 --> 00:05:37,360 Speaker 1: up yesterday's vote on a forty billion dollar aid package, 105 00:05:37,400 --> 00:05:41,440 Speaker 1: and Bloomberg's Amy Morris reports from our newsroom in Washington. 106 00:05:41,960 --> 00:05:44,640 Speaker 1: Republican Senator Ran Paul held up the vote because he 107 00:05:44,640 --> 00:05:46,880 Speaker 1: says the US is spending a lot of money in 108 00:05:47,000 --> 00:05:49,560 Speaker 1: Ukraine and someone should be keeping track of it. Our 109 00:05:49,640 --> 00:05:52,680 Speaker 1: total age in Ukraine will almost equal the entire military 110 00:05:52,720 --> 00:05:55,279 Speaker 1: budget of Russia. And it's not as if we have 111 00:05:55,360 --> 00:05:57,280 Speaker 1: that money lying around. We will have to borrow that 112 00:05:57,320 --> 00:05:59,359 Speaker 1: money from China. So now the bill won't make it 113 00:05:59,400 --> 00:06:02,400 Speaker 1: at the President's desk until next week. Meanwhile, White House 114 00:06:02,400 --> 00:06:05,680 Speaker 1: Cyber Director Chris Ingliss says he expects Russia's use of 115 00:06:05,720 --> 00:06:09,240 Speaker 1: cyber attacks to continue, telling Bloomberg TV he credits the 116 00:06:09,320 --> 00:06:12,120 Speaker 1: Ukrainians for their effective defense. I than the Russians have 117 00:06:12,200 --> 00:06:14,560 Speaker 1: shown that they are not perhaps as competent as they 118 00:06:14,640 --> 00:06:17,120 Speaker 1: might have imagined, both in the physical world and the CyberWorld. 119 00:06:17,160 --> 00:06:20,360 Speaker 1: And the National Security Agency told Bloomberg News it's investigating 120 00:06:20,400 --> 00:06:23,240 Speaker 1: the use in the US business community of cyber security 121 00:06:23,279 --> 00:06:27,080 Speaker 1: software made by Caspersity, a Russian vendor in Washington. I'm 122 00:06:27,120 --> 00:06:31,080 Speaker 1: Amy Morris, Bloomberg Daybreak, Thank you. A House committee investigating 123 00:06:31,120 --> 00:06:34,520 Speaker 1: the January six insurrection attempt has indeed disappoint at House 124 00:06:34,560 --> 00:06:37,480 Speaker 1: GOP leader Kevin McCarthy, and that's along with four other 125 00:06:37,520 --> 00:06:41,240 Speaker 1: Republican lawmakers and Bloomberg's and Baxter has the story. The 126 00:06:41,240 --> 00:06:44,240 Speaker 1: committee has been trying to bring them into talk voluntarily, 127 00:06:44,320 --> 00:06:47,680 Speaker 1: but now Republican House Member Liz Cheney says timing has 128 00:06:47,720 --> 00:06:50,920 Speaker 1: become just too important. It's a reflection of how important 129 00:06:50,960 --> 00:06:54,200 Speaker 1: and serious the investigation is uh and how grave the 130 00:06:54,200 --> 00:06:56,240 Speaker 1: attack on the Capitol. So there are certain to be 131 00:06:56,279 --> 00:07:00,400 Speaker 1: extended court battles, potentially pushing any testimony beyond the mid 132 00:07:00,480 --> 00:07:03,720 Speaker 1: term election, and if the Republicans take control of the House, 133 00:07:03,800 --> 00:07:07,360 Speaker 1: then it may never happen. In San Francisco, I'm at 134 00:07:07,360 --> 00:07:10,239 Speaker 1: Baxter Bloomberg, Gay break all right at thanks SMP futures 135 00:07:10,280 --> 00:07:12,640 Speaker 1: up thirty eight points down down, futures have tuned three, 136 00:07:12,720 --> 00:07:15,320 Speaker 1: NASTAC futures up a hundred eighty nine. Straight ahead, your 137 00:07:15,360 --> 00:07:19,440 Speaker 1: latest local headlines plus the check of sports. This is Bloomberg. 138 00:07:22,960 --> 00:07:25,360 Speaker 1: It sounds six o seven on Wall Street. Word fifty 139 00:07:25,400 --> 00:07:27,960 Speaker 1: eight degrees in Central Park. We've got an accent or 140 00:07:28,120 --> 00:07:30,600 Speaker 1: heavy volume on the southbound Harlem River Drive from A 141 00:07:30,880 --> 00:07:33,360 Speaker 1: D five to the FDR. More coming up in traffic. 142 00:07:33,400 --> 00:07:35,480 Speaker 1: First Michael bar with more on what's going on in 143 00:07:35,520 --> 00:07:38,239 Speaker 1: New York and around the world. Michael, thank you very much. Nathan. 144 00:07:38,280 --> 00:07:41,040 Speaker 1: More than seven a gas stations in New Jersey are 145 00:07:41,120 --> 00:07:43,760 Speaker 1: offering lower prices today as part of an effort to 146 00:07:43,880 --> 00:07:46,960 Speaker 1: educate people about what might happen if self served gas 147 00:07:46,960 --> 00:07:50,600 Speaker 1: pumps are allowed in the state. Bill has been introduced 148 00:07:50,600 --> 00:07:53,720 Speaker 1: in the state legislature calling for self service at stations 149 00:07:53,760 --> 00:07:57,480 Speaker 1: with more than four pumps as gas prices rise because 150 00:07:57,480 --> 00:08:01,600 Speaker 1: of inflation and the war in Ukraine. Advocacy group Fuel 151 00:08:01,760 --> 00:08:04,680 Speaker 1: Your Way in Jay said today Self Served Day of 152 00:08:04,720 --> 00:08:08,360 Speaker 1: a Wilderness aims to let drivers know that self serve 153 00:08:08,680 --> 00:08:11,600 Speaker 1: could help them save between one hundred to four hundred 154 00:08:11,600 --> 00:08:14,800 Speaker 1: dollars per year. What do New Jersey drivers think about 155 00:08:14,800 --> 00:08:18,200 Speaker 1: self serve? Phillips? It's a made you cover because you 156 00:08:18,200 --> 00:08:20,480 Speaker 1: don't have to deal with the elements. The elements are 157 00:08:20,520 --> 00:08:23,200 Speaker 1: the wars. It's better and safer if they come to 158 00:08:23,280 --> 00:08:28,440 Speaker 1: you and us. New Jersey is one of two states 159 00:08:28,480 --> 00:08:30,920 Speaker 1: that does not allow any one other than gas station 160 00:08:30,960 --> 00:08:35,040 Speaker 1: attendance to pump gas. New York households power bills or 161 00:08:35,080 --> 00:08:38,400 Speaker 1: boys to surge twelve percent this summer amid higher electrical 162 00:08:38,400 --> 00:08:41,920 Speaker 1: demand and soaring natural gas prices, according to the State 163 00:08:41,960 --> 00:08:45,199 Speaker 1: Public Service Commission, That would exceed the eleven percent increases 164 00:08:45,520 --> 00:08:48,520 Speaker 1: of the two previous summers. The new White House COVID 165 00:08:48,600 --> 00:08:51,640 Speaker 1: nineteen coordinator is issuing a dire warning the US will 166 00:08:51,679 --> 00:08:55,040 Speaker 1: be increasingly vulnerable to the coronavirus this fall and winter 167 00:08:55,520 --> 00:08:58,319 Speaker 1: if Congress does not swiftly approve new funding for more 168 00:08:58,400 --> 00:09:03,000 Speaker 1: vaccines and treatments. Dr Ashi's Jah says that americans immune 169 00:09:03,040 --> 00:09:06,280 Speaker 1: protection from the virus is waning, the virus is adapting 170 00:09:06,360 --> 00:09:09,679 Speaker 1: to be more contagious, and booster doses for most people 171 00:09:09,720 --> 00:09:12,520 Speaker 1: will be necessary. When I think out to the future 172 00:09:12,800 --> 00:09:15,559 Speaker 1: the rest of the country as his virus spreads, there 173 00:09:15,559 --> 00:09:17,480 Speaker 1: are places in the country that I have far lower 174 00:09:17,559 --> 00:09:19,960 Speaker 1: levels of vaccination and worry about what's going to happen there. 175 00:09:20,120 --> 00:09:22,920 Speaker 1: Dr is she's job. President Biden sent a letter to 176 00:09:22,920 --> 00:09:25,600 Speaker 1: the Federal Trade Commission asking the agency to look into 177 00:09:25,640 --> 00:09:28,760 Speaker 1: cases of price gouging as there's a national shortage of 178 00:09:28,840 --> 00:09:32,480 Speaker 1: baby formula. The supply disruptions are due in large part 179 00:09:32,520 --> 00:09:36,160 Speaker 1: to a February recall of some popular brands. New York 180 00:09:36,200 --> 00:09:40,520 Speaker 1: Republican LC Stefanik is among members of Congress criticizing the 181 00:09:40,520 --> 00:09:43,360 Speaker 1: Biden administration's handling of the crisis. This is not a 182 00:09:43,400 --> 00:09:45,920 Speaker 1: third world country. This should never happen in the United 183 00:09:45,920 --> 00:09:49,400 Speaker 1: States of America. Representative Stefanik as the f d A 184 00:09:49,559 --> 00:09:53,200 Speaker 1: is now considering loosening import restrictions. Global New whos twenty 185 00:09:53,200 --> 00:09:55,839 Speaker 1: four hours a day on air and on Bloomberg Quick Take, 186 00:09:55,880 --> 00:09:58,880 Speaker 1: powered by more than twenty seven hundred journalists. Analyst more 187 00:09:58,880 --> 00:10:02,760 Speaker 1: than a hundred, twenty countries. Michael Barr, this is Bloomberg, Nathan. Okay, Michael, 188 00:10:02,800 --> 00:10:09,040 Speaker 1: thank you. Coming up to six ten on Wall Street. 189 00:10:09,040 --> 00:10:12,079 Speaker 1: Time for the Bloomberg Sports Update with John Shot. Thanks Nathan. 190 00:10:12,120 --> 00:10:14,720 Speaker 1: The Yankees keep winning. The pitching nest for the most part, 191 00:10:14,760 --> 00:10:17,240 Speaker 1: carried them. The last night. The pitching wasn't great. The 192 00:10:17,400 --> 00:10:20,400 Speaker 1: hitting was a fifteen to seven win over the White 193 00:10:20,400 --> 00:10:23,200 Speaker 1: Sox in Chicago to home run six RBIs for John 194 00:10:23,240 --> 00:10:26,240 Speaker 1: Carlos Stanton, home run for Aaron Judge, he drove in four, 195 00:10:26,360 --> 00:10:29,440 Speaker 1: Josh Donaldson cappy seven run eight getting with a three 196 00:10:29,520 --> 00:10:31,960 Speaker 1: run shot in the Yanks have won sixteen of their 197 00:10:32,080 --> 00:10:34,800 Speaker 1: last eighteen. The Mets with a four one win at Washington, 198 00:10:34,880 --> 00:10:38,480 Speaker 1: So the Mets win another series. They've played ten of them, 199 00:10:38,480 --> 00:10:42,000 Speaker 1: no sweeps, but they've won nine with one split at 200 00:10:42,040 --> 00:10:44,960 Speaker 1: home tonight for Seattle. Rangers are in Pittsburgh tonight, Game six. 201 00:10:45,040 --> 00:10:48,080 Speaker 1: It's not known if Penguin Stars Sidney Crosby will play. 202 00:10:48,120 --> 00:10:51,040 Speaker 1: An upper body injury suffering game five courtesy of a 203 00:10:51,160 --> 00:10:54,800 Speaker 1: high hit by Rangers defenseman Jacob Trueba. Pens coach Mike 204 00:10:54,880 --> 00:10:58,880 Speaker 1: Sullivan was clearly anchored by the hit. The Ranger coaches Gerard, 205 00:10:58,960 --> 00:11:01,120 Speaker 1: I don't think Bob been one dish. I mean he 206 00:11:01,200 --> 00:11:02,960 Speaker 1: plays his game the way he played his game. And 207 00:11:03,640 --> 00:11:07,160 Speaker 1: you know, again, true Jane hurt Sidney Clausbeer. You know 208 00:11:07,240 --> 00:11:10,160 Speaker 1: that's not the goal. Our goals to play physical hockey. 209 00:11:10,160 --> 00:11:13,120 Speaker 1: And it was an unfortunate play, you know, So, I mean, 210 00:11:13,120 --> 00:11:15,440 Speaker 1: there's no intend to hurt anybody and go, says Sterkin 211 00:11:15,520 --> 00:11:18,319 Speaker 1: back in Pittsburgh, where he struggled in games three and four. 212 00:11:18,360 --> 00:11:20,240 Speaker 1: Sister Can, already a finalist to win the Vest of 213 00:11:20,280 --> 00:11:23,160 Speaker 1: the Trophy for Best Goalie, also now named a finalist 214 00:11:23,280 --> 00:11:26,240 Speaker 1: to win the Heart Trophies. NHL m v P three 215 00:11:26,240 --> 00:11:29,320 Speaker 1: teams won to force a game seven Boston, Edmonton and 216 00:11:29,440 --> 00:11:31,719 Speaker 1: Tampa Bay and won an overtime. NBA Miami want of 217 00:11:31,720 --> 00:11:34,559 Speaker 1: Philadelphia to win that series. Dallas blew out Phoenix, that 218 00:11:34,640 --> 00:11:38,000 Speaker 1: series going seven. NFL schedules out. The Giants will open 219 00:11:38,080 --> 00:11:40,559 Speaker 1: up at Tennessee. The Jets will be home for Baltimore. 220 00:11:40,840 --> 00:11:43,760 Speaker 1: Red strike off that miraculous when at the Kentucky Germany 221 00:11:43,840 --> 00:11:47,120 Speaker 1: will not be in next week's prenkness. John stash Were 222 00:11:47,160 --> 00:11:50,440 Speaker 1: Bloomberg Sports n all right, John, thank you, SMP futures 223 00:11:50,480 --> 00:11:54,040 Speaker 1: now up thirty six point, Staff futures up, Nastact futures 224 00:11:54,080 --> 00:11:58,280 Speaker 1: up a hundred seventy eight. Twitter shares tumbling, with Elon 225 00:11:58,400 --> 00:12:01,840 Speaker 1: Musk saying the deal is on hold. Alex Webb of 226 00:12:01,880 --> 00:12:04,800 Speaker 1: Bloomberg Opinion and Bloomberg Quicktake joins us next. This is 227 00:12:04,840 --> 00:12:09,480 Speaker 1: Bloomberg Bloomberg day Break, brought to you by the Jewish 228 00:12:09,520 --> 00:12:11,760 Speaker 1: Communal Fund j c F. S Downer Advised Fund is 229 00:12:11,760 --> 00:12:15,080 Speaker 1: the smart choice to manager philanthropy, especially in times of crisis. 230 00:12:15,160 --> 00:12:17,959 Speaker 1: Make your giving impactful. Visit j c F. N Y 231 00:12:18,200 --> 00:12:25,240 Speaker 1: dot Org markets headlines and breaking news twenty four hours 232 00:12:25,240 --> 00:12:28,240 Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business at 233 00:12:28,320 --> 00:12:38,920 Speaker 1: and at Bloomberg Quicktake. He's a Bloomberg Business Flash and 234 00:12:38,960 --> 00:12:42,560 Speaker 1: I'm Karen Moscow. Twitter shares down eighteen percent this morning, 235 00:12:42,600 --> 00:12:44,240 Speaker 1: and this update is brought to you by b n 236 00:12:44,360 --> 00:12:46,959 Speaker 1: Y Mellon's Perishing. Learn why the world's most sophisticated wealth 237 00:12:47,000 --> 00:12:49,840 Speaker 1: management and institutional firms rely on Pershing to help them 238 00:12:49,840 --> 00:12:53,960 Speaker 1: improve profitability, create efficiency, attract talent, and manage risk at 239 00:12:54,040 --> 00:12:57,400 Speaker 1: Pershing and dot Com again. Watching Twitter shares fall down 240 00:12:57,440 --> 00:13:00,240 Speaker 1: eighteen percent in early training after Elon musk Twee that 241 00:13:00,280 --> 00:13:03,480 Speaker 1: has take over at the social media company is temporarily 242 00:13:03,559 --> 00:13:06,439 Speaker 1: on hold. Will have more details on this breaking story 243 00:13:06,520 --> 00:13:10,400 Speaker 1: straight ahead with Alex Webb of Bloomberg. Quicktake. Futures are higher, 244 00:13:10,559 --> 00:13:13,200 Speaker 1: SMP futures up about forty points down. Futures have two 245 00:13:13,240 --> 00:13:16,800 Speaker 1: hundred nineteen Nastack futures have one d nine ten year 246 00:13:16,800 --> 00:13:19,920 Speaker 1: treasury down fourteen thirty seconds, yield two point eight nine percent. 247 00:13:20,080 --> 00:13:22,480 Speaker 1: Yield on the two year two point five eight percent. 248 00:13:22,840 --> 00:13:25,079 Speaker 1: Nimex screwed oil of one of a third percent of 249 00:13:25,160 --> 00:13:27,400 Speaker 1: a dollar forty three and a hundred seven dollars fifty 250 00:13:27,440 --> 00:13:30,520 Speaker 1: seven cents a barrel. And we're watching bitcoin this morning. 251 00:13:30,520 --> 00:13:32,960 Speaker 1: It's higher, up more than six percent at thirty thousand, 252 00:13:33,200 --> 00:13:35,880 Speaker 1: three hundred dollars. That's a Bloomberg business flash. Now here's 253 00:13:35,920 --> 00:13:38,360 Speaker 1: Michael bar with more on what's going on around the world. 254 00:13:38,440 --> 00:13:41,040 Speaker 1: Michael Darren, thank you very much. The Kremlin has warned 255 00:13:41,040 --> 00:13:45,360 Speaker 1: it would retaliate after Finland's leaders said they favored joining NATO. 256 00:13:45,760 --> 00:13:48,520 Speaker 1: Sweden could do the same within days. In a historic 257 00:13:48,600 --> 00:13:52,760 Speaker 1: realignment triggered by Russia's invasion of Ukraine. House Minority leader 258 00:13:52,840 --> 00:13:56,239 Speaker 1: Kevin McCarthy and four other congressional Republicans have been subpoenaed 259 00:13:56,480 --> 00:13:59,199 Speaker 1: by the House Januar every six committee. In baseball, the 260 00:13:59,280 --> 00:14:01,840 Speaker 1: Yankees one, the Mets beat the Nationals, the Orioles and 261 00:14:01,920 --> 00:14:05,520 Speaker 1: A's one. NHL Playoffs, there will be a deciding game 262 00:14:05,640 --> 00:14:09,199 Speaker 1: seven after the Bruins beat the Hurricanes. Global News twenty 263 00:14:09,200 --> 00:14:11,719 Speaker 1: four hours a day on air and on Bloomberg quick Take, 264 00:14:11,960 --> 00:14:14,600 Speaker 1: powered by more than twenty seven hundred journalist and analysts 265 00:14:14,679 --> 00:14:18,360 Speaker 1: more than twenty countries. Michael barrt this is Bloomberg, all right, Michael, 266 00:14:18,400 --> 00:14:20,480 Speaker 1: thanks to his six nineteen on Wall Street Life from 267 00:14:20,480 --> 00:14:23,840 Speaker 1: the Bloomberg Interactive Broker Studios. This is a Bloomberg daybreak 268 00:14:23,840 --> 00:14:26,280 Speaker 1: and if you happen to have just joined us. Twitter 269 00:14:26,480 --> 00:14:30,760 Speaker 1: shares are sinking this morning thanks to a tweet from 270 00:14:30,880 --> 00:14:34,760 Speaker 1: its potential buyer Elon Musk. Moments ago. He tweeted that 271 00:14:34,800 --> 00:14:38,880 Speaker 1: the buyout is temporarily on hold as he awaits data 272 00:14:39,000 --> 00:14:43,640 Speaker 1: on Twitter's proportion of fake accounts. Let's get more now 273 00:14:43,680 --> 00:14:46,800 Speaker 1: on this breaking news. Alex Webb is with us this morning. 274 00:14:46,800 --> 00:14:51,000 Speaker 1: Bloomberg quick Take correspondent and tech columnist for Bloomberg Opinion. 275 00:14:51,120 --> 00:14:55,160 Speaker 1: Alex good morning. What is Elon Musk up too? Ok, 276 00:14:55,880 --> 00:14:59,080 Speaker 1: we don't even know that he's serious. The tweet reads 277 00:14:59,120 --> 00:15:02,120 Speaker 1: Twitter day tepper on hold pending detail supporting calculation that 278 00:15:02,200 --> 00:15:05,000 Speaker 1: smams slash fake accounts do indeed represent less than five 279 00:15:05,040 --> 00:15:06,840 Speaker 1: c cent of users, and it links to a story 280 00:15:06,880 --> 00:15:09,320 Speaker 1: with that data. Now, you know, you could read that 281 00:15:09,480 --> 00:15:12,560 Speaker 1: as Elon being sarcastic. Right, Sure, the Twitter deal is 282 00:15:12,560 --> 00:15:14,480 Speaker 1: off because of this new story that just came out, 283 00:15:15,120 --> 00:15:18,240 Speaker 1: Like I would be tempted to interpret it that way. Now, 284 00:15:18,800 --> 00:15:23,320 Speaker 1: of course, the thing that is surely undoubtable about this 285 00:15:23,440 --> 00:15:25,560 Speaker 1: is that the SEC will be looking at it. Right, 286 00:15:25,880 --> 00:15:27,480 Speaker 1: if the deal is off and he's announced the dealers 287 00:15:27,480 --> 00:15:30,000 Speaker 1: off on Twitter, well he probably should be filing that. 288 00:15:30,280 --> 00:15:32,520 Speaker 1: If the deal isn't off and he's announced he's making 289 00:15:32,560 --> 00:15:35,120 Speaker 1: a comment like this flippantly on Twitter, then they should 290 00:15:35,120 --> 00:15:37,040 Speaker 1: be looking at it. It's you know, it's sort of 291 00:15:37,400 --> 00:15:39,200 Speaker 1: unfortunately not a surprise that this is a sort of 292 00:15:39,240 --> 00:15:41,800 Speaker 1: tweets that we're saying, Well, let's just get a little 293 00:15:41,800 --> 00:15:46,400 Speaker 1: bit of background here on the issue with spam but accounts. 294 00:15:46,720 --> 00:15:50,120 Speaker 1: What is Elon Musk's issue here? How does this play 295 00:15:50,240 --> 00:15:54,880 Speaker 1: into the Musque bid for Twitter? Well, if it's if 296 00:15:54,880 --> 00:15:57,240 Speaker 1: it's serious that the dealer is off for on hold 297 00:15:57,280 --> 00:16:01,520 Speaker 1: because of this audit. Um, you know, even as the 298 00:16:01,680 --> 00:16:04,720 Speaker 1: one of the things he's going to do is eliminate 299 00:16:04,800 --> 00:16:08,760 Speaker 1: spambots or reduce spam box at the very least. And um, 300 00:16:08,800 --> 00:16:10,760 Speaker 1: you know, you do see on any number of posts, 301 00:16:10,800 --> 00:16:16,200 Speaker 1: particularly crypto bots, you know, jumping onto trending topics and 302 00:16:16,240 --> 00:16:20,480 Speaker 1: trying to pump up particular coins or influences. If there 303 00:16:20,520 --> 00:16:22,360 Speaker 1: aren't as many spam bots as he had thought, then 304 00:16:22,360 --> 00:16:25,040 Speaker 1: of course the if he thinks that is a business upside, 305 00:16:25,040 --> 00:16:27,640 Speaker 1: the opportunity to get rid of these spambots. If there 306 00:16:27,640 --> 00:16:29,520 Speaker 1: aren't as many as he thought, then maybe the upside 307 00:16:29,560 --> 00:16:31,400 Speaker 1: isn't as great. You can also look at it differently. 308 00:16:31,480 --> 00:16:33,800 Speaker 1: Does maybe there only five per cent of the accounts 309 00:16:33,840 --> 00:16:36,240 Speaker 1: of spam bots, but if they are generating of the 310 00:16:36,280 --> 00:16:37,880 Speaker 1: content I don't know if that's true, but I'm just 311 00:16:37,880 --> 00:16:41,320 Speaker 1: working that number out the air, then it's still something 312 00:16:41,320 --> 00:16:43,960 Speaker 1: worth looking at. So, you know, it's a sort of 313 00:16:44,200 --> 00:16:47,520 Speaker 1: vastly convex thing, and they're also often quite hard to identify. 314 00:16:47,960 --> 00:16:50,800 Speaker 1: So if there is a possibility here that Elon Musk 315 00:16:50,960 --> 00:16:53,600 Speaker 1: is putting this out flippingly that this is just another 316 00:16:53,640 --> 00:16:57,240 Speaker 1: Twitter joke. I mean, what does that say about his 317 00:16:57,720 --> 00:17:02,160 Speaker 1: entire bid for Twitter? Mean, there's still a lot of speculation, 318 00:17:02,240 --> 00:17:06,480 Speaker 1: isn't there about whether he's even serious about doing this deal, 319 00:17:06,560 --> 00:17:09,720 Speaker 1: even with all the financing he's put together for this. Absolutely, 320 00:17:09,760 --> 00:17:11,679 Speaker 1: and that is you know that spread, that that that 321 00:17:12,760 --> 00:17:15,960 Speaker 1: uncertainty is reflected in the spread between the offer price 322 00:17:16,040 --> 00:17:18,760 Speaker 1: and the stock price as it closed yesterday, even before 323 00:17:19,160 --> 00:17:21,879 Speaker 1: you know this pre market drop that was seeing today 324 00:17:21,920 --> 00:17:25,320 Speaker 1: the shares trading. The shares closed yesterday at forty five dollars, 325 00:17:25,880 --> 00:17:29,760 Speaker 1: the offer prices fifty four dollars twenty That is a 326 00:17:29,840 --> 00:17:33,040 Speaker 1: considerable difference. I think the smart money has been sin 327 00:17:33,119 --> 00:17:36,280 Speaker 1: and a going that at any stage Ellen might wake 328 00:17:36,400 --> 00:17:37,800 Speaker 1: up and say, do you know what, I don't want 329 00:17:37,840 --> 00:17:40,959 Speaker 1: to do this deal? Uh? And so that has been 330 00:17:40,960 --> 00:17:43,240 Speaker 1: priced into the share price as it stands. Yea, as 331 00:17:43,280 --> 00:17:45,879 Speaker 1: we watched the Twitter shares just in the pre market 332 00:17:45,960 --> 00:17:50,240 Speaker 1: test a thirty handle you mentioned the SEC here. I mean, 333 00:17:50,440 --> 00:17:53,000 Speaker 1: with the Elon Musk putting this out on Twitter, it 334 00:17:53,040 --> 00:17:57,240 Speaker 1: does raise the possibility of the SEC cracking down even further. 335 00:17:57,440 --> 00:17:59,280 Speaker 1: On Elon Musk, what are you gonna be looking for 336 00:17:59,440 --> 00:18:02,320 Speaker 1: their al It's hard to know what they can do. 337 00:18:02,680 --> 00:18:06,240 Speaker 1: You know, they've already done some things at Tesla where 338 00:18:06,280 --> 00:18:08,239 Speaker 1: they've said, well, you have to have someone investing your 339 00:18:08,240 --> 00:18:10,359 Speaker 1: tweets as it pertains to Tesla, But of course these 340 00:18:10,359 --> 00:18:13,040 Speaker 1: tweets don't pertain to Tesla, not directly. At the very least, 341 00:18:13,080 --> 00:18:15,600 Speaker 1: they've placed a different chairman in for two years. Those 342 00:18:15,640 --> 00:18:18,320 Speaker 1: two years are you know, running out pretty soon, so 343 00:18:18,680 --> 00:18:20,280 Speaker 1: we don't know that Elan is going to take the 344 00:18:20,359 --> 00:18:24,120 Speaker 1: chairmanship again. There's a suspicion that one of the reasons 345 00:18:24,160 --> 00:18:26,119 Speaker 1: that Ellen was trying to buy Twitter is because he 346 00:18:26,119 --> 00:18:29,280 Speaker 1: didn't want to be, in his view, censored on the platform. 347 00:18:29,359 --> 00:18:32,639 Speaker 1: Doesn't want others censored either, and how a private company 348 00:18:32,720 --> 00:18:35,280 Speaker 1: censors is a different question, but you know, that's one 349 00:18:35,320 --> 00:18:37,040 Speaker 1: of the issues at stake here. And so if it 350 00:18:37,119 --> 00:18:39,639 Speaker 1: ends up ironically with him having to reign in his 351 00:18:39,680 --> 00:18:42,360 Speaker 1: tweets even further, it would just be a very strange 352 00:18:42,960 --> 00:18:46,560 Speaker 1: um eventuality in our last thirty seconds here, I guess 353 00:18:46,600 --> 00:18:48,760 Speaker 1: what I'm wondering, Alex is what could this mean for 354 00:18:48,840 --> 00:18:51,520 Speaker 1: some of the you know, major backers that Elon Musk 355 00:18:51,600 --> 00:18:53,840 Speaker 1: has put together to do this deal, like Larry Ellison, 356 00:18:53,840 --> 00:18:57,440 Speaker 1: like Morgan Stanley. I think if you're Larry Ellison, maybe 357 00:18:57,480 --> 00:18:59,840 Speaker 1: it doesn't change your calculation. But if you're Morgan Stanley 358 00:18:59,920 --> 00:19:01,600 Speaker 1: or indeed in Apollo or any of the other sort 359 00:19:01,600 --> 00:19:04,639 Speaker 1: of financial backers, you know, sort of putting your reputation 360 00:19:04,760 --> 00:19:07,160 Speaker 1: and your capital at stake by getting behind this bid 361 00:19:07,200 --> 00:19:10,520 Speaker 1: when it's not entirely clear what the financial upside is 362 00:19:10,560 --> 00:19:13,359 Speaker 1: going to be. Uh, it does I think if you 363 00:19:13,400 --> 00:19:15,679 Speaker 1: pause the thought, and I'm sure there are gonna be 364 00:19:15,720 --> 00:19:18,520 Speaker 1: some some frenzied meetings and zoom calls in the course 365 00:19:18,560 --> 00:19:21,000 Speaker 1: of today amongst some of those backers. All right, Alex 366 00:19:21,040 --> 00:19:23,399 Speaker 1: web As always, thank you so much for coming on 367 00:19:23,480 --> 00:19:26,040 Speaker 1: and giving us more on this breaking news, with Elon 368 00:19:26,119 --> 00:19:29,879 Speaker 1: Musk saying the Twitter deal is temporarily on hold while 369 00:19:30,119 --> 00:19:34,360 Speaker 1: he looks into calculations that Spambot's account for less than 370 00:19:34,400 --> 00:19:38,120 Speaker 1: five percent of users on Twitter, and we are watching 371 00:19:38,320 --> 00:19:41,680 Speaker 1: Twitter shares slide in the pre market now down about 372 00:19:41,800 --> 00:19:46,359 Speaker 1: eighteen cents, trading around thirty seven dollars eighteen percent lower 373 00:19:46,400 --> 00:19:49,239 Speaker 1: now in the pre market. Much more to come on 374 00:19:49,440 --> 00:19:52,320 Speaker 1: Bloomberg Daybreak. Of course, we will continue following this story 375 00:19:52,320 --> 00:19:54,840 Speaker 1: for you throughout the morning. As we watch futures rise. 376 00:19:55,119 --> 00:19:57,560 Speaker 1: We have SMP futures of forty points, Staff futures of 377 00:19:57,640 --> 00:20:00,719 Speaker 1: two twenty three. Nastack futures are higher by a hundred 378 00:20:00,800 --> 00:20:08,680 Speaker 1: ninety two points. This is Bloomberg Bloomberg eleven three oh weather. 379 00:20:08,880 --> 00:20:11,399 Speaker 1: A few showers possible today with a high near seventy degrees. 380 00:20:11,480 --> 00:20:14,800 Speaker 1: More showers possible tomorrow as well. Low seventies might hit 381 00:20:14,840 --> 00:20:17,080 Speaker 1: eighty on Sunday, and can't rule out a few more 382 00:20:17,119 --> 00:20:22,920 Speaker 1: showers then. Right now fifty nine in Central Park, broadcasting 383 00:20:23,000 --> 00:20:26,720 Speaker 1: live from the Bloomberg Interacted Broker Studio in New York. 384 00:20:26,840 --> 00:20:30,800 Speaker 1: Bloomberg E Living Freedom to Washington, d C, Bloomberg one 385 00:20:30,920 --> 00:20:34,119 Speaker 1: to Boston, Bloomberg one O six one to San Francisco, 386 00:20:34,200 --> 00:20:37,639 Speaker 1: Bloomberg nine sixty to the country, Sirius XM H one 387 00:20:37,720 --> 00:20:40,840 Speaker 1: nine team, and around the globe, the Bloomberg Business and 388 00:20:40,920 --> 00:20:50,280 Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak at six 389 00:20:50,359 --> 00:20:52,879 Speaker 1: thirty on Wall Street. Good morning, I'm Nathan Hager and 390 00:20:52,920 --> 00:20:55,880 Speaker 1: I'm Kared Moscow. We're just about three hours away from 391 00:20:55,880 --> 00:20:57,920 Speaker 1: the open of US trading. Time for the five things 392 00:20:58,000 --> 00:21:00,360 Speaker 1: you need to notice start your day. Bronti you buy 393 00:21:00,480 --> 00:21:04,879 Speaker 1: Interactive Brokers. Interactive Brokers charges margin loan rate from zero 394 00:21:04,960 --> 00:21:07,479 Speaker 1: point a three percent to one point three percent rate, 395 00:21:07,560 --> 00:21:09,560 Speaker 1: subject to change. Learn more at I v k R 396 00:21:09,680 --> 00:21:13,879 Speaker 1: dot com. Slash compare up first breaking news on Twitter, 397 00:21:14,000 --> 00:21:16,639 Speaker 1: Elon Musk casting doubt on his deal to buy the 398 00:21:16,760 --> 00:21:20,040 Speaker 1: social media company, and Bloomberry or Needy Young joints us 399 00:21:20,080 --> 00:21:23,119 Speaker 1: live with more. We need a good morning, Good morning, Karen. 400 00:21:23,160 --> 00:21:26,000 Speaker 1: Elon Musk is saying his deal to buy Twitter is 401 00:21:26,040 --> 00:21:30,000 Speaker 1: temporarily on hold. He made the announcement on Twitter. He 402 00:21:30,080 --> 00:21:33,000 Speaker 1: says the forty four billion dollar purchases own hold pending 403 00:21:33,040 --> 00:21:36,520 Speaker 1: details on how many fake accounts make up Twitter's total users. 404 00:21:36,880 --> 00:21:40,480 Speaker 1: Musk is questioning whether spam and fake accounts represent less 405 00:21:40,480 --> 00:21:43,399 Speaker 1: than five percent of users. The traders have started to 406 00:21:43,480 --> 00:21:46,399 Speaker 1: question his bid for Twitter in recent days, as shares 407 00:21:46,480 --> 00:21:49,600 Speaker 1: traded below his offer price of fifty four dollars and 408 00:21:49,640 --> 00:21:52,280 Speaker 1: twenty cents. Live in New York. I'm re need a 409 00:21:52,359 --> 00:21:55,680 Speaker 1: Young Bloomberg day break. It's well down from there right now. 410 00:21:55,720 --> 00:21:58,639 Speaker 1: Twitter shares are lower by twenty percent in the pre market. 411 00:21:58,640 --> 00:22:01,600 Speaker 1: Bloomberg Quick Takes Alex Webb says this could be away 412 00:22:01,640 --> 00:22:04,320 Speaker 1: from US to back out. Part of me thinks that 413 00:22:04,400 --> 00:22:07,840 Speaker 1: actually he's being sarcastic because it shouldn't necessarily make a 414 00:22:07,840 --> 00:22:10,359 Speaker 1: big difference. He could be saying if we take him 415 00:22:10,359 --> 00:22:12,080 Speaker 1: at his word, that actually maybe it's not as big 416 00:22:12,080 --> 00:22:13,919 Speaker 1: a differentiator as he thought. If he's going to come 417 00:22:13,920 --> 00:22:15,680 Speaker 1: in and say I'm going to get rid of SPAN accounts, 418 00:22:15,720 --> 00:22:17,520 Speaker 1: I know that many SPAN accounts to get rid of 419 00:22:17,800 --> 00:22:20,920 Speaker 1: exactly the upside for him as limited. Bloomberg's Alex Wed 420 00:22:20,920 --> 00:22:22,879 Speaker 1: their tune in of Bloomberg Radio for the latest on 421 00:22:22,920 --> 00:22:26,560 Speaker 1: Twitter throughout the morning, Well, Nathan, US futures are higher 422 00:22:26,600 --> 00:22:28,359 Speaker 1: as we near the end of a volatile trading with 423 00:22:28,600 --> 00:22:31,840 Speaker 1: Joyce Chang Global Research chare at JP Morgan expects more 424 00:22:31,920 --> 00:22:35,120 Speaker 1: wild swings in the market. Inflation in the US could 425 00:22:35,160 --> 00:22:37,080 Speaker 1: be close to speaking, but it's been going up in 426 00:22:37,119 --> 00:22:39,040 Speaker 1: the rest of the world, and even if you've seen 427 00:22:39,080 --> 00:22:42,320 Speaker 1: the peak for inflation, the question is where does it settle. 428 00:22:42,520 --> 00:22:45,240 Speaker 1: I think that the volatility is really going to stay 429 00:22:45,320 --> 00:22:48,240 Speaker 1: with us here and there's still the growth concerns as 430 00:22:48,280 --> 00:22:51,560 Speaker 1: well in Europe and China where we're taken down forecast 431 00:22:52,240 --> 00:22:55,359 Speaker 1: and JP Morgan's Joyce Chang says even if inflation as peak, 432 00:22:55,440 --> 00:22:58,000 Speaker 1: FED policy will remain hawkish. I mean, speaking of the 433 00:22:58,000 --> 00:23:00,159 Speaker 1: Fed Karen J. Pale's latest comments, you're help be the 434 00:23:00,240 --> 00:23:02,960 Speaker 1: stabilized markets. The FED chair was confirmed to a second 435 00:23:03,040 --> 00:23:05,520 Speaker 1: term yesterday. He says the Central Bank still plans to 436 00:23:05,600 --> 00:23:07,960 Speaker 1: raise rates by fifty basis points at each of its 437 00:23:08,000 --> 00:23:11,639 Speaker 1: next two meetings. Cryptocurrency is also rebounding this morning. Bitcoin's 438 00:23:11,680 --> 00:23:15,119 Speaker 1: currently trading at thirty two hundred dollars. And this redhead 439 00:23:15,119 --> 00:23:17,679 Speaker 1: blind just across the Bloomberg terminal care in US gasoline 440 00:23:17,720 --> 00:23:20,720 Speaker 1: futures have jumped to an intra day record. And that's 441 00:23:20,760 --> 00:23:23,080 Speaker 1: the five things that you need to notice start your day. 442 00:23:23,160 --> 00:23:26,960 Speaker 1: Brought to you by Interactive Brokers. Again, futures are higher 443 00:23:27,040 --> 00:23:30,720 Speaker 1: this morning, and straight ahead relatest local headlines plus a 444 00:23:30,800 --> 00:23:39,160 Speaker 1: check of sports. And this is Bloomberg six thirty three 445 00:23:39,200 --> 00:23:41,600 Speaker 1: on Wall Street. Now we're fifty eight degrees in Central 446 00:23:41,600 --> 00:23:44,119 Speaker 1: Park and Michael Barr has more on what's going on 447 00:23:44,160 --> 00:23:46,119 Speaker 1: in New York and around the world. Good morning, Michael, 448 00:23:46,200 --> 00:23:49,320 Speaker 1: Good morning Nathan. Today more than seven to gas stations 449 00:23:49,359 --> 00:23:52,960 Speaker 1: throughout New Jersey are lowering their prices. It's part of 450 00:23:53,000 --> 00:23:55,560 Speaker 1: an effort to demonstrate how allowing self serve at the 451 00:23:55,560 --> 00:23:58,719 Speaker 1: pump could help lower gas prices. The bill has been 452 00:23:58,760 --> 00:24:01,240 Speaker 1: introduced in the state legis like you're calling for self 453 00:24:01,320 --> 00:24:04,879 Speaker 1: service at stations with more than four pumps as gas 454 00:24:04,880 --> 00:24:08,560 Speaker 1: prices rise thanks to inflation and the war in Ukraine. 455 00:24:08,920 --> 00:24:11,800 Speaker 1: Assembly Woman Carol Murphy, one of the sponsors of the bill, 456 00:24:11,880 --> 00:24:15,480 Speaker 1: says the measure could solve a worker shortage issue. Do 457 00:24:15,560 --> 00:24:20,560 Speaker 1: you come across is gas stations where there are closed pumps? Why? 458 00:24:20,840 --> 00:24:26,440 Speaker 1: Because they don't have enough work force to man those pumps, 459 00:24:26,920 --> 00:24:32,200 Speaker 1: which creates long lines. Assembly Woman Murphy agrees with advocacy 460 00:24:32,200 --> 00:24:35,199 Speaker 1: groups that self served gas could save drivers between one 461 00:24:35,240 --> 00:24:38,800 Speaker 1: hundred to four hundred dollars a year. New York households 462 00:24:38,880 --> 00:24:42,000 Speaker 1: power bills are poised to surge twelve percent this summer 463 00:24:42,240 --> 00:24:45,400 Speaker 1: over a year earlier, amid higher electrical demand and soaring 464 00:24:45,480 --> 00:24:48,919 Speaker 1: natural gas prices that would exceed the eleven percent increases 465 00:24:48,960 --> 00:24:52,040 Speaker 1: of the two previous summers. White House COOVID nineteen response 466 00:24:52,080 --> 00:24:55,439 Speaker 1: coordinator Dr Rashi's Job renewed his call for Congress to 467 00:24:55,560 --> 00:24:59,119 Speaker 1: authorize more funding to fight the virus. Dr jahns warning 468 00:24:59,160 --> 00:25:02,880 Speaker 1: that many America with waning immunity could find themselves vulnerable 469 00:25:02,920 --> 00:25:07,000 Speaker 1: this fall without more preventative efforts. Obviously, if we don't 470 00:25:07,000 --> 00:25:09,040 Speaker 1: get those resources, we're gonna have to make some very 471 00:25:09,080 --> 00:25:12,560 Speaker 1: very difficult choices, right whatever, make difficult choices about vaccines 472 00:25:12,720 --> 00:25:14,639 Speaker 1: or treatments. What do we do with tests and we 473 00:25:14,680 --> 00:25:16,439 Speaker 1: really go into a fall and winter search with no 474 00:25:16,560 --> 00:25:19,720 Speaker 1: testing capability, I mean, that would be a real problem. 475 00:25:19,840 --> 00:25:22,479 Speaker 1: Dr Johns says the twenty two and a half billion 476 00:25:22,520 --> 00:25:25,520 Speaker 1: dollars in COVID nineteen relief funding requested by the White 477 00:25:25,520 --> 00:25:28,120 Speaker 1: House is the bare minimum that we need to get 478 00:25:28,119 --> 00:25:31,080 Speaker 1: through this fall and winter without large loss of life. 479 00:25:31,440 --> 00:25:33,800 Speaker 1: North Korea says six people have died in three d 480 00:25:33,960 --> 00:25:37,200 Speaker 1: fifty thousand have been treated. The day after it acknowledged 481 00:25:37,240 --> 00:25:41,160 Speaker 1: its first COVID nineteen cases the pandemic, President Biden spoke 482 00:25:41,200 --> 00:25:44,840 Speaker 1: with retailers and manufacturers of baby formulas to have them 483 00:25:44,840 --> 00:25:48,240 Speaker 1: do more to help families purchase infant formula. White House 484 00:25:48,240 --> 00:25:51,840 Speaker 1: Press Secretary Jen Psaki says the administration is ramping up 485 00:25:51,880 --> 00:25:55,040 Speaker 1: its efforts to alleviate the shortage. Obviously, the steps the 486 00:25:55,080 --> 00:25:58,480 Speaker 1: President took today are an acknowledgement and a recognition that 487 00:25:58,560 --> 00:26:02,040 Speaker 1: more needs to be done, that we do not want parents, mothers, 488 00:26:02,080 --> 00:26:04,800 Speaker 1: families out there to be stressed and worried about feeding 489 00:26:04,800 --> 00:26:08,600 Speaker 1: their babies. Zaks as people are hoarding baby formula and 490 00:26:08,640 --> 00:26:12,080 Speaker 1: trying to profit off fearful parents. Global News twenty four 491 00:26:12,119 --> 00:26:14,959 Speaker 1: hours a day on here and on Bloomberg Quickdake, powered 492 00:26:15,000 --> 00:26:17,679 Speaker 1: by more than twenty seven hundred journalists analysts more than 493 00:26:17,680 --> 00:26:20,840 Speaker 1: a d twenty countries. Michael Barr, this is Bloomberg Natani, Michael, 494 00:26:20,840 --> 00:26:28,159 Speaker 1: thank you. Almost sixty six. On Wall Street, John stash 495 00:26:28,160 --> 00:26:31,600 Speaker 1: Our has the Bloomberg Sports Update. Alan Anthrian Yankees in Chicago, 496 00:26:31,720 --> 00:26:34,880 Speaker 1: Blue two leads. The game was seven seven go into 497 00:26:34,880 --> 00:26:37,920 Speaker 1: the eighth inning. Yank scored seven runs in the ain't 498 00:26:37,960 --> 00:26:40,840 Speaker 1: they beat the White Sox fifteen to seven too? On 499 00:26:41,000 --> 00:26:43,880 Speaker 1: run six RBIs for John Carlos Stanton. The Yankee manager, 500 00:26:44,119 --> 00:26:47,199 Speaker 1: Aaron Boom. We don't expect to throw two touchdowns up there. 501 00:26:47,320 --> 00:26:49,719 Speaker 1: One upon a night when Dylan sees his pitching, you know, 502 00:26:49,960 --> 00:26:51,960 Speaker 1: the kind of start he's been off too. But a 503 00:26:52,119 --> 00:26:54,120 Speaker 1: lot of really good at bats off of him, obviously, 504 00:26:54,160 --> 00:26:58,520 Speaker 1: Big g getting two big ones to get us to 505 00:26:58,560 --> 00:27:00,800 Speaker 1: get us roll in and then you know, we lost. 506 00:27:00,840 --> 00:27:03,000 Speaker 1: We lost the lead there and It's really good to 507 00:27:03,000 --> 00:27:06,640 Speaker 1: see guys just continue to push the head boons. Yanks 508 00:27:06,640 --> 00:27:08,960 Speaker 1: have won sixteen to the last eight teen. The Mets 509 00:27:09,000 --> 00:27:11,240 Speaker 1: won four one of Washington, Mark Kenneth three hits, a 510 00:27:11,280 --> 00:27:13,680 Speaker 1: home run three RBI's first win for Taiwan Walker. The 511 00:27:13,720 --> 00:27:17,800 Speaker 1: Miami Heat have advanced to the NBA's East Finals Game 512 00:27:17,880 --> 00:27:20,840 Speaker 1: six win at Philadelphia. Jimmy Butler scored thirty two points. LUKEA. 513 00:27:20,880 --> 00:27:24,200 Speaker 1: Donson scored thirty three in Dallas. The MAVs, coming off 514 00:27:24,200 --> 00:27:27,200 Speaker 1: a thirty point loss in Phoenix, won by twenty seven, 515 00:27:27,200 --> 00:27:29,359 Speaker 1: and that series is going to a seventh game. Will 516 00:27:29,400 --> 00:27:32,240 Speaker 1: the Rangers and Penguin series goes seven. Blue Shirts need 517 00:27:32,240 --> 00:27:34,399 Speaker 1: to win games six tonight in Pittsburgh, where the Pens 518 00:27:34,720 --> 00:27:37,399 Speaker 1: won games three and four, seven to four and seven 519 00:27:37,400 --> 00:27:38,800 Speaker 1: to two. Is not known if the Fens will have 520 00:27:38,800 --> 00:27:41,680 Speaker 1: Sidney Crosby tonight. He got hurt in Game five. Tanda 521 00:27:41,720 --> 00:27:44,800 Speaker 1: Bay Lightning two time defending Stanley kept champs they faced elimination, 522 00:27:44,880 --> 00:27:47,919 Speaker 1: stayed alive, and overtime went over Toronto. There will be 523 00:27:48,000 --> 00:27:50,920 Speaker 1: at least three game sevens. There could be as many 524 00:27:51,000 --> 00:27:54,000 Speaker 1: at six. NFL season will kick off for the defending 525 00:27:54,200 --> 00:27:57,320 Speaker 1: champion l a. Rams hosting Buffalo the Jets Week one 526 00:27:57,359 --> 00:28:00,520 Speaker 1: home for Baltimore the Giants at Tennessee of the Giants 527 00:28:00,560 --> 00:28:04,800 Speaker 1: annual game in Dallas will be on Thanksgiving. Johns Bloomberg 528 00:28:04,840 --> 00:28:07,679 Speaker 1: Sports Nathan, Okay, John, thank you. Six thirty seven on 529 00:28:07,680 --> 00:28:09,439 Speaker 1: Wall Street, Time to take a look at stuck some 530 00:28:09,480 --> 00:28:13,200 Speaker 1: of the names moving in the pre market. Boomberg Radio, 531 00:28:13,200 --> 00:28:16,000 Speaker 1: TV Markets corresponding, pretty good. Don't we know which one's moving? 532 00:28:16,080 --> 00:28:19,560 Speaker 1: It's Twitter? My goodness, it's Twitter. You know, this is 533 00:28:19,600 --> 00:28:21,920 Speaker 1: such a fascinating story. I have to say, Nathan, because 534 00:28:21,960 --> 00:28:24,359 Speaker 1: I think there for so many for so many days, 535 00:28:24,359 --> 00:28:26,560 Speaker 1: for so many months, a lot of people have been saying, well, 536 00:28:26,560 --> 00:28:28,240 Speaker 1: you know, oh, this is just Elon Musk pulling some 537 00:28:28,240 --> 00:28:30,640 Speaker 1: sort of publicity stunt. But look he's doing his due diligence. 538 00:28:30,720 --> 00:28:33,400 Speaker 1: That's really what's moving the stock today if you actually 539 00:28:33,400 --> 00:28:36,159 Speaker 1: look at what Elon Musk twitter. Uh. He did tweet 540 00:28:36,240 --> 00:28:38,680 Speaker 1: for for the record, Uh. He said that the Twitter 541 00:28:38,720 --> 00:28:42,640 Speaker 1: deal is temporarily on hold, pending details supporting the calculation 542 00:28:42,680 --> 00:28:45,960 Speaker 1: that spam slash fake accounts do indeed represent less than 543 00:28:46,000 --> 00:28:49,840 Speaker 1: five percent of users. He also linked a a Reuter 544 00:28:49,960 --> 00:28:52,320 Speaker 1: story talking about just that that, of course the five 545 00:28:52,320 --> 00:28:55,800 Speaker 1: percent number coming to a filing, but that temporary pause 546 00:28:55,960 --> 00:28:58,800 Speaker 1: or on the deal has the stock of Twitter t 547 00:28:59,120 --> 00:29:02,280 Speaker 1: W t R down to as low as thirty six dollars, 548 00:29:02,360 --> 00:29:06,120 Speaker 1: naking down about nineteen percent this morning. This is important 549 00:29:06,160 --> 00:29:08,760 Speaker 1: because remember the deal premium was already pretty wide. There 550 00:29:08,800 --> 00:29:11,920 Speaker 1: were already questions about whether or not this deal would 551 00:29:11,960 --> 00:29:14,280 Speaker 1: actually go through, and that's why you never saw Twitter 552 00:29:14,320 --> 00:29:19,240 Speaker 1: shares actually hit that forty four or sees. It was 553 00:29:19,320 --> 00:29:22,440 Speaker 1: like hovering around forty eight, which is which is interesting. 554 00:29:22,520 --> 00:29:23,920 Speaker 1: Usually when you see an M and a kind of 555 00:29:23,960 --> 00:29:26,000 Speaker 1: deal like that, it goes right to that offer price 556 00:29:26,040 --> 00:29:28,360 Speaker 1: so that they can uh, the investor can buy out 557 00:29:28,440 --> 00:29:32,840 Speaker 1: at that price um but closed out clearly amplified this morning. 558 00:29:32,840 --> 00:29:34,560 Speaker 1: So now you have Twitter shares, like I said, trading 559 00:29:34,560 --> 00:29:37,040 Speaker 1: with about a thirty six handle. And remember it's not 560 00:29:37,120 --> 00:29:39,840 Speaker 1: just Twitter that moves off this news. Is Tesla as 561 00:29:39,840 --> 00:29:42,960 Speaker 1: well t s L as your tigger up five point 562 00:29:43,000 --> 00:29:46,160 Speaker 1: four percent this morning. And remember there is that inverse dynamic. 563 00:29:46,200 --> 00:29:48,760 Speaker 1: Every time Twitter shares fall, Tesla shares rise. And the 564 00:29:48,800 --> 00:29:52,440 Speaker 1: idea here is that if Elon muskts focused on Twitter, 565 00:29:52,520 --> 00:29:54,840 Speaker 1: does Tesla lose some of his attention and therefore lose 566 00:29:54,840 --> 00:29:57,520 Speaker 1: some of its value. So that kind of inverse correlation 567 00:29:57,560 --> 00:29:59,720 Speaker 1: that you see ends up having macro effects because Tesla, 568 00:29:59,840 --> 00:30:02,320 Speaker 1: by the way, he's a heavyweight in the smp FID. 569 00:30:02,440 --> 00:30:05,640 Speaker 1: So could the entire index just based on Elon Musk's 570 00:30:05,720 --> 00:30:07,760 Speaker 1: one tweet on Twitter. Well, in the time we have 571 00:30:07,840 --> 00:30:09,680 Speaker 1: left Crety, let's talk about the other big mover that 572 00:30:09,720 --> 00:30:12,360 Speaker 1: maybe we thought was gonna be the big mover before 573 00:30:12,400 --> 00:30:15,000 Speaker 1: this Twitter news, and that's Robin Hood. It is Robin Hood, 574 00:30:15,000 --> 00:30:17,120 Speaker 1: although I would argue this is actually a bigger move 575 00:30:17,160 --> 00:30:22,040 Speaker 1: than Twitter is because it's up um. But Hood h 576 00:30:22,120 --> 00:30:24,360 Speaker 1: o O D is your taker. This comes after Sam 577 00:30:24,440 --> 00:30:27,560 Speaker 1: Bankman Freed. He's the thirty year old CEO of crypto 578 00:30:27,560 --> 00:30:30,520 Speaker 1: trading platform f t x H thirty years old, by 579 00:30:30,520 --> 00:30:33,320 Speaker 1: the way, in a billionaire man, I've got I've got 580 00:30:33,320 --> 00:30:35,640 Speaker 1: my work cut out of it out for me Robin 581 00:30:35,640 --> 00:30:37,640 Speaker 1: Hood anyway, so it is surgery. He did take a 582 00:30:37,640 --> 00:30:40,240 Speaker 1: a seven point six percent steak in Robin Hood. Remember 583 00:30:40,400 --> 00:30:43,080 Speaker 1: a lot of Robin Hood's revenue comes from crypto volume, 584 00:30:43,160 --> 00:30:45,720 Speaker 1: so this kind of deal makes sense. But regardless that 585 00:30:45,840 --> 00:30:49,040 Speaker 1: steak has robin Hood shares storing about this morning. Nathan 586 00:30:49,040 --> 00:30:51,960 Speaker 1: all Right, Bloomberg Radio on TV. Markets corresponding, Crety good 587 00:30:52,080 --> 00:30:55,360 Speaker 1: even busier than usual this morning, thanks as always creating 588 00:30:55,360 --> 00:30:57,760 Speaker 1: and looking at the market as a whole ahead of 589 00:30:57,760 --> 00:31:00,720 Speaker 1: this Friday open. SMP futures are up forty five point, 590 00:31:00,760 --> 00:31:03,440 Speaker 1: staff futures up tune and fifty one NASC futures up 591 00:31:03,440 --> 00:31:07,400 Speaker 1: two points and the tenure treasury now down twelve thirty seconds, 592 00:31:07,760 --> 00:31:10,920 Speaker 1: the yield two point eight nine per cent, yield on 593 00:31:10,960 --> 00:31:14,600 Speaker 1: the two year two point five seven much more to come. 594 00:31:14,680 --> 00:31:22,800 Speaker 1: Stay with us. You're listening to Bloomberg day Break. Bloomberg 595 00:31:22,800 --> 00:31:25,160 Speaker 1: Gay Break is brought to you by Pepack Private Wealth Management. 596 00:31:25,160 --> 00:31:27,959 Speaker 1: Pepack Private Wealth Management knows that a portfolio is more 597 00:31:27,960 --> 00:31:29,840 Speaker 1: than a collection of assets. It is a path to 598 00:31:29,880 --> 00:31:32,800 Speaker 1: your future. Visit Pepack Private dot com and begin your 599 00:31:32,840 --> 00:31:39,880 Speaker 1: financial legacy. Today, Markets headlines and breaking news twenty four 600 00:31:39,920 --> 00:31:42,959 Speaker 1: hours a day at Bloomberg dot Com, a Bloomberg Business 601 00:31:42,960 --> 00:31:46,160 Speaker 1: at and at Bloomberg Quick Tape. This is a Bloomberg 602 00:31:46,240 --> 00:31:55,240 Speaker 1: Business Flash and I'm Karen Moscow, and we continue to watch. 603 00:31:55,280 --> 00:31:58,800 Speaker 1: Shares of Twitter this morning down almost sixteen percent after 604 00:31:58,880 --> 00:32:02,360 Speaker 1: Elon Musk tweeted that is forty four billion dollar takeover 605 00:32:02,440 --> 00:32:06,280 Speaker 1: of the social media company is temporarily on hold. Futures 606 00:32:06,320 --> 00:32:09,440 Speaker 1: this morning are moving higher after what was a while 607 00:32:09,560 --> 00:32:11,880 Speaker 1: day on Wall Street yesterday. We go to the First 608 00:32:11,880 --> 00:32:14,680 Speaker 1: Word Breaking news desk for today's morning call, and here's 609 00:32:14,720 --> 00:32:18,600 Speaker 1: Bill Maloney. Bill, good morning, Hey, good morning, Karen. That's right. 610 00:32:18,640 --> 00:32:20,880 Speaker 1: US features are firmly in the green right now, with 611 00:32:20,920 --> 00:32:24,240 Speaker 1: down futures of two thirty two points, subs gain forty three, 612 00:32:24,280 --> 00:32:28,040 Speaker 1: and Magic futures are higher by two hundred US ten 613 00:32:28,120 --> 00:32:30,800 Speaker 1: year at two point eight nine percent, Gold is down six, 614 00:32:30,800 --> 00:32:33,800 Speaker 1: Oil is climbing, and Bitcoin is hired by five point 615 00:32:33,880 --> 00:32:37,160 Speaker 1: six percent. Japan rose two point six percent overnight, while 616 00:32:37,240 --> 00:32:39,520 Speaker 1: up markets are in the green this morning, led by 617 00:32:39,560 --> 00:32:42,400 Speaker 1: gains in the UK and France back in the US 618 00:32:42,440 --> 00:32:45,239 Speaker 1: on the economic front. At ten o'clock Michigan Sentiment and 619 00:32:45,320 --> 00:32:47,280 Speaker 1: after the bellast night, it was reported that the f 620 00:32:47,400 --> 00:32:50,600 Speaker 1: t X CEO took a stake in Ramin Hood Shoes 621 00:32:50,640 --> 00:32:53,560 Speaker 1: her up twenty percent pre market, and you mentioned Tesla 622 00:32:53,600 --> 00:32:55,680 Speaker 1: the big news this morning. Elon must have cleared the 623 00:32:55,680 --> 00:32:59,800 Speaker 1: Twitter takeover is on hold pending details. Twitters down eighteen 624 00:32:59,800 --> 00:33:03,600 Speaker 1: per sent premarket. Tesla is trading higher. In other news, 625 00:33:03,720 --> 00:33:06,160 Speaker 1: U s casline futures jumped to an intur day record, 626 00:33:06,480 --> 00:33:08,520 Speaker 1: and wrapping things up, Krispy Kreme raised the by a 627 00:33:08,720 --> 00:33:11,760 Speaker 1: h s BC ups cuntin neutral at JP Morgan and 628 00:33:11,840 --> 00:33:15,160 Speaker 1: first Solo was upgraded over at Piper Live from the 629 00:33:15,160 --> 00:33:17,880 Speaker 1: first to breaking news Bestcombill Maloney, Karen all right, Bill, 630 00:33:17,960 --> 00:33:19,800 Speaker 1: thank you, and to hear live breaking news over her 631 00:33:19,840 --> 00:33:23,280 Speaker 1: Bloomberg Time. Squawk on your terminal. Squ a w K. 632 00:33:23,840 --> 00:33:26,520 Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with 633 00:33:26,560 --> 00:33:29,640 Speaker 1: Moore on what's going on around the world. Muncle, Karen, 634 00:33:29,680 --> 00:33:32,360 Speaker 1: thank you very much. A new forty billion dollar round 635 00:33:32,440 --> 00:33:36,000 Speaker 1: of eight Ukraine has wide bipartisan support in Congress, but 636 00:33:36,200 --> 00:33:38,800 Speaker 1: it's being held up in the Senate by one senator. 637 00:33:39,080 --> 00:33:42,520 Speaker 1: Republican Senator Rand Paul of Kentucky says there should be 638 00:33:42,560 --> 00:33:45,680 Speaker 1: a watchdog keeping eye on how the money is used 639 00:33:45,720 --> 00:33:49,800 Speaker 1: in Ukraine. All eyes on House Minority Leader Kevin McCarthy 640 00:33:49,880 --> 00:33:54,280 Speaker 1: and four other Congressional Republicans subpoena by House investigators. The 641 00:33:54,360 --> 00:33:57,680 Speaker 1: January six committee begins public hearings next month, with a 642 00:33:57,760 --> 00:34:01,200 Speaker 1: final report due out this fall. In baseball, the Yankees 643 00:34:01,240 --> 00:34:03,880 Speaker 1: were winners. The Mets beat the Nationals for one, the 644 00:34:03,920 --> 00:34:07,160 Speaker 1: Orioles in AES one. In the NHL playoffs, there will 645 00:34:07,200 --> 00:34:09,880 Speaker 1: be a deciding Game seven after the Bruins beat the 646 00:34:09,960 --> 00:34:13,360 Speaker 1: Hurricanes five to The Rangers will try to avoid elimination 647 00:34:13,400 --> 00:34:16,320 Speaker 1: in Game six tonight against the Penguins. Global News twenty 648 00:34:16,320 --> 00:34:19,000 Speaker 1: four hours a day on air and on Bloomberg Quick Take, 649 00:34:19,200 --> 00:34:22,000 Speaker 1: powered by more than twenty seven hundred journalist and analysts 650 00:34:22,080 --> 00:34:25,319 Speaker 1: more than hug twenty countries. Michael bar this is Bloomberg. Karen, 651 00:34:25,480 --> 00:34:28,120 Speaker 1: all right, Michael, thank you. It is sixty nine on 652 00:34:28,200 --> 00:34:31,359 Speaker 1: Wall Street. Returned to news and science and technology now 653 00:34:31,400 --> 00:34:34,200 Speaker 1: with the Bloomberg and j I T. Stammer report brought 654 00:34:34,400 --> 00:34:37,239 Speaker 1: U buy New Jersey Institute of Technology ranked top fifty 655 00:34:37,320 --> 00:34:40,880 Speaker 1: national public university by US News and World Report. N 656 00:34:40,960 --> 00:34:43,440 Speaker 1: j I T is Future in the Making. Learn more 657 00:34:43,480 --> 00:34:45,319 Speaker 1: at n j I T dot E d U and 658 00:34:45,320 --> 00:34:49,160 Speaker 1: now here's It's making News and science, technology, engineering, and math. 659 00:34:49,560 --> 00:34:52,799 Speaker 1: Apple is taking aim at unionization efforts in its US 660 00:34:52,920 --> 00:34:57,120 Speaker 1: retails stores. The company has begun holding meetings restore employees 661 00:34:57,160 --> 00:35:00,360 Speaker 1: and posting notices that extolled the benefits of working for Apple. 662 00:35:00,719 --> 00:35:04,360 Speaker 1: So far, no Apples store has unionized, but multiple locations 663 00:35:04,400 --> 00:35:07,640 Speaker 1: are working with labor groups. For the first time, scientists 664 00:35:07,640 --> 00:35:10,000 Speaker 1: have grown plants and soil from the Moon, collected by 665 00:35:10,000 --> 00:35:13,240 Speaker 1: now says Apollo Astronauts. Researchers had no idea if anything 666 00:35:13,280 --> 00:35:15,319 Speaker 1: was spread in the harsh moon dirt and wanted to 667 00:35:15,320 --> 00:35:17,160 Speaker 1: see if it could be used to grow food by 668 00:35:17,200 --> 00:35:21,239 Speaker 1: the next generation of lunar explorers. Results are published in Communications, 669 00:35:21,239 --> 00:35:24,720 Speaker 1: Biology and The World Gotta look at the first wild 670 00:35:24,760 --> 00:35:27,560 Speaker 1: but fuzzy image of the super massive black hole at 671 00:35:27,600 --> 00:35:31,160 Speaker 1: the center of our own Milky Way galaxy. Astronomers believe 672 00:35:31,200 --> 00:35:35,080 Speaker 1: nearly all galaxies have these giant black holes at their center, 673 00:35:35,120 --> 00:35:38,239 Speaker 1: where light and matter cannot escape, making it extremely hard 674 00:35:38,280 --> 00:35:41,239 Speaker 1: to get images of them. Like gets chaotically bent and 675 00:35:41,280 --> 00:35:44,120 Speaker 1: twisted around by gravity as it gets sucked into the 676 00:35:44,160 --> 00:35:47,800 Speaker 1: abyss along with superheated gas and dust. And that's a 677 00:35:47,840 --> 00:35:51,160 Speaker 1: Bloomberg and j I t Stem report. Nathan Okay, Karen, 678 00:35:51,200 --> 00:35:53,720 Speaker 1: thank you. We are live from the Bloomberg Interactive Broker 679 00:35:53,800 --> 00:35:56,719 Speaker 1: Studios where it's six fifty one on Wall Street Time 680 00:35:56,719 --> 00:35:59,000 Speaker 1: Now to check what's going on in d C. Some 681 00:35:59,080 --> 00:36:01,360 Speaker 1: of the top stories in our nation's capital include a 682 00:36:01,480 --> 00:36:05,839 Speaker 1: to Ukraine delayed over one senator's objection, President Biden under 683 00:36:05,920 --> 00:36:09,600 Speaker 1: fire over nationwide baby formula shortage, and the January six 684 00:36:09,640 --> 00:36:13,839 Speaker 1: Committee sending subpoenas to fellow members of Congress. Also making news, 685 00:36:13,920 --> 00:36:16,919 Speaker 1: J Powell confirmed for a second term as Federal Reserve Chair, 686 00:36:16,960 --> 00:36:20,359 Speaker 1: and Bloomberg Government reporter Emily Wilkins is back with us. 687 00:36:20,480 --> 00:36:24,279 Speaker 1: So Powell did get a bipartisan vote of confidence in 688 00:36:24,320 --> 00:36:27,719 Speaker 1: the Senate, Emily, but just about everybody is acknowledging that 689 00:36:27,800 --> 00:36:29,680 Speaker 1: he and the rest of the Fed have a very 690 00:36:29,719 --> 00:36:34,520 Speaker 1: tough road ahead as they are laser focused on inflation. Absolutely, Nathan. 691 00:36:34,640 --> 00:36:37,279 Speaker 1: I mean, they not only have to address inflation, but 692 00:36:37,320 --> 00:36:39,880 Speaker 1: they also have to make sure that the country does 693 00:36:39,920 --> 00:36:42,440 Speaker 1: not wind up going into a recession, which is a 694 00:36:42,560 --> 00:36:45,160 Speaker 1: very real threat that that we are hearing experts bore 695 00:36:45,200 --> 00:36:47,920 Speaker 1: and us about um. And at this point, I mean, 696 00:36:48,160 --> 00:36:50,359 Speaker 1: he does have that bipartisan support. I mean, he had 697 00:36:50,400 --> 00:36:53,239 Speaker 1: eighties senators of both parties back in, but he also 698 00:36:53,280 --> 00:36:56,600 Speaker 1: had senators from both parties voting against him. Concerns over 699 00:36:57,320 --> 00:37:01,480 Speaker 1: his his regulatory policies can earns one from Senator Bob 700 00:37:01,480 --> 00:37:04,120 Speaker 1: Menendez of New Jersey, about the fact that he hadn't 701 00:37:04,160 --> 00:37:10,080 Speaker 1: promoted um or latinos within the FED, and so these are, 702 00:37:10,400 --> 00:37:13,280 Speaker 1: you know, several different things that the concerns were raised. 703 00:37:13,280 --> 00:37:14,960 Speaker 1: But I think a lot of the question is just 704 00:37:15,000 --> 00:37:17,600 Speaker 1: what sort of happens next, what the Fed is able 705 00:37:17,640 --> 00:37:20,920 Speaker 1: to do. Um, He's got the vote of confidence going forward, 706 00:37:21,040 --> 00:37:25,439 Speaker 1: but but they're certainly um concerns about exactly how he's 707 00:37:25,520 --> 00:37:28,480 Speaker 1: going to make sure to both bring inflation down and 708 00:37:28,520 --> 00:37:31,000 Speaker 1: avoid that recession. All right, let's turn to the other 709 00:37:31,160 --> 00:37:34,080 Speaker 1: major news that came out of the Senate, the vote 710 00:37:34,160 --> 00:37:37,279 Speaker 1: on Ukraine AID. I think we had been expecting that 711 00:37:37,320 --> 00:37:39,480 Speaker 1: this was going to move relatively quickly, but it's on 712 00:37:39,560 --> 00:37:42,360 Speaker 1: hold now. And that's the thing about the Senate, Nathan. 713 00:37:42,400 --> 00:37:44,680 Speaker 1: If you want something to move quickly, you have to 714 00:37:44,719 --> 00:37:47,319 Speaker 1: have all a hundred senators on board, and this time 715 00:37:47,360 --> 00:37:50,320 Speaker 1: you only have ninety nine. Senator Ran Paul of Kentucky. 716 00:37:50,640 --> 00:37:53,759 Speaker 1: He's a libertarian, he's a fiscal hawk, and he's very 717 00:37:53,760 --> 00:37:56,960 Speaker 1: concerned about the amount of funding going over to Ukraine. 718 00:37:57,040 --> 00:37:58,880 Speaker 1: It's not the not the number that he is a 719 00:37:58,880 --> 00:38:02,359 Speaker 1: concern with. He wants language to be in this legislation 720 00:38:02,520 --> 00:38:05,800 Speaker 1: that allows an oversight. Uh, to happen within the federal 721 00:38:05,840 --> 00:38:08,879 Speaker 1: government for how the money is spent um and this 722 00:38:08,960 --> 00:38:11,520 Speaker 1: is something that you know, as far as as a 723 00:38:11,520 --> 00:38:15,040 Speaker 1: political thing, it seems like there could be some potential 724 00:38:15,080 --> 00:38:17,480 Speaker 1: support for that. But the real crux of it is 725 00:38:17,560 --> 00:38:21,880 Speaker 1: that they want this bill to move quickly on May nineteenth, 726 00:38:21,920 --> 00:38:25,399 Speaker 1: So next week President Biden is says that he's going 727 00:38:25,440 --> 00:38:27,480 Speaker 1: to run out of the funding that Congress has already 728 00:38:27,520 --> 00:38:30,879 Speaker 1: allocated for Ukraine. That's funding the White House is used 729 00:38:31,040 --> 00:38:33,480 Speaker 1: to help with military, to help with humanitarian a to 730 00:38:33,520 --> 00:38:36,480 Speaker 1: help Ukraine continue to fight this war with Russia. And 731 00:38:36,520 --> 00:38:39,880 Speaker 1: it runs out on the nineteenth. Biden can't, you know, 732 00:38:39,960 --> 00:38:42,919 Speaker 1: he can't authorize money. That's Congress's job. So that's why 733 00:38:42,960 --> 00:38:45,879 Speaker 1: they really need to rush this bill through. Um. That's 734 00:38:45,920 --> 00:38:48,200 Speaker 1: the sense of urgency. And at this point, and even 735 00:38:48,239 --> 00:38:50,320 Speaker 1: it does look like this bill is going to pass, 736 00:38:50,440 --> 00:38:52,520 Speaker 1: it's just going to have to go through a longer 737 00:38:52,600 --> 00:38:55,680 Speaker 1: process and it won't be abound until next week when 738 00:38:55,680 --> 00:38:58,879 Speaker 1: we finally see it actually clearing and going to Biden's task. Well, 739 00:38:58,920 --> 00:39:02,040 Speaker 1: speaking of things running out, Emily, a lot of parents 740 00:39:02,200 --> 00:39:06,160 Speaker 1: know and have known for months that baby formula has 741 00:39:06,200 --> 00:39:08,960 Speaker 1: been missing for many grocery store shelves, and now this 742 00:39:09,080 --> 00:39:14,319 Speaker 1: is turning into a pretty significant political issue in Washington. Oh. Absolutely. 743 00:39:14,360 --> 00:39:17,080 Speaker 1: I mean the idea that that parents can't feed their 744 00:39:17,080 --> 00:39:19,920 Speaker 1: babies is you know, it's it's a heartbreaking thing to 745 00:39:20,000 --> 00:39:23,400 Speaker 1: think about. Um, it's certainly something that both parties have 746 00:39:23,560 --> 00:39:27,239 Speaker 1: really started stepping up on this past week. Um, you've 747 00:39:27,239 --> 00:39:30,400 Speaker 1: heard Republicans obviously they're not the party in charge, they 748 00:39:30,440 --> 00:39:34,600 Speaker 1: can't move legislation. They have introduced a bill, but really 749 00:39:34,719 --> 00:39:37,240 Speaker 1: from what you're seeing right now, Republicans just very strongly 750 00:39:37,239 --> 00:39:41,080 Speaker 1: criticizing Biden, saying that you know, this is his economy. Uh, 751 00:39:41,160 --> 00:39:44,080 Speaker 1: this is his inflation, it's his supply chain shortages, and 752 00:39:44,160 --> 00:39:47,680 Speaker 1: really just putting the blame squarely on him. But Democrats 753 00:39:47,719 --> 00:39:50,560 Speaker 1: are planning to begin holding some hearings on this. We're 754 00:39:50,560 --> 00:39:52,600 Speaker 1: going to see at least one next week, one the 755 00:39:52,640 --> 00:39:55,920 Speaker 1: week after with the FDA Commissioner as well as some 756 00:39:56,000 --> 00:39:58,600 Speaker 1: of these baby formula companies. I mean, part of the 757 00:39:58,600 --> 00:40:01,600 Speaker 1: issue is the recalls that we've seen. Um, we could 758 00:40:01,640 --> 00:40:06,120 Speaker 1: also potentially see additional legislation from Democrats really addressing this. 759 00:40:06,480 --> 00:40:08,440 Speaker 1: And you did see the White House yesterday meeting with 760 00:40:08,480 --> 00:40:12,799 Speaker 1: formula manufacturers talking about ways to increase supply, calling on 761 00:40:12,840 --> 00:40:15,399 Speaker 1: the FTC and state attorneys to really crack down on 762 00:40:15,480 --> 00:40:18,280 Speaker 1: any sort of price gouging that's going on at this point. 763 00:40:18,600 --> 00:40:20,720 Speaker 1: But this has really become a very hot button issue 764 00:40:20,840 --> 00:40:25,399 Speaker 1: in Washington and certainly something that's impacting many families out 765 00:40:25,400 --> 00:40:28,080 Speaker 1: there that are struggling to find the formula they need 766 00:40:28,160 --> 00:40:31,240 Speaker 1: on grocery store shelves. We had another big hot button 767 00:40:31,280 --> 00:40:35,120 Speaker 1: issue emerge as well from the House January sixth Committee 768 00:40:35,160 --> 00:40:39,640 Speaker 1: now issuing subpoenas against fellow members of Congress. This isn't 769 00:40:39,760 --> 00:40:43,080 Speaker 1: something that we see very often in or on Capitol Hill. 770 00:40:43,520 --> 00:40:46,760 Speaker 1: This is really unprecedented, Nathan. I mean the January six Commission, 771 00:40:46,800 --> 00:40:49,200 Speaker 1: they've asked to hear from a number of lawmakers, including 772 00:40:49,200 --> 00:40:52,560 Speaker 1: those who they've now put the subpoenas against. It is really, 773 00:40:52,760 --> 00:40:55,640 Speaker 1: um quite a serious step and a president breaker to 774 00:40:55,840 --> 00:40:59,840 Speaker 1: have something like this, Um you had. It doesn't seem 775 00:40:59,840 --> 00:41:02,239 Speaker 1: like many of these members are going to be responding 776 00:41:02,280 --> 00:41:06,520 Speaker 1: to these subpoenas. UM. Kevin McCarthy, the Majority leader and 777 00:41:06,800 --> 00:41:09,600 Speaker 1: likely the the Speaker of the House next year, UH, 778 00:41:09,760 --> 00:41:12,719 Speaker 1: told reporters that, you know, the January six Commission really 779 00:41:12,800 --> 00:41:15,360 Speaker 1: sort of downplaying it, continuing to call it um a 780 00:41:15,440 --> 00:41:18,560 Speaker 1: sham and trying to de legitimize it Um. That's a 781 00:41:18,680 --> 00:41:22,160 Speaker 1: very similar stance that many of his colleagues on the 782 00:41:22,160 --> 00:41:26,239 Speaker 1: Republican side share as well. Um. And these Republicans, I mean, 783 00:41:26,280 --> 00:41:29,160 Speaker 1: they know what is going to happen next, even though 784 00:41:29,320 --> 00:41:32,680 Speaker 1: they have been subpoena Um. This is something that's likely 785 00:41:32,719 --> 00:41:34,960 Speaker 1: going to wind up going to the courts, and the 786 00:41:35,040 --> 00:41:37,279 Speaker 1: courts tend to take some time with this. It can 787 00:41:37,320 --> 00:41:39,960 Speaker 1: take years for the courts to decide whether or not 788 00:41:40,520 --> 00:41:43,200 Speaker 1: that someone's needs require to appear, and they don't have 789 00:41:43,680 --> 00:41:45,840 Speaker 1: they don't have a lot of time left at this 790 00:41:45,920 --> 00:41:49,000 Speaker 1: point before the November elections. Paul, Thanks for the update, 791 00:41:49,040 --> 00:41:51,640 Speaker 1: as always from the government reporter, Emily Wilkins. Read more 792 00:41:51,680 --> 00:41:54,359 Speaker 1: at Bloomberg dot com or on the Bloomberg terminal. Listen 793 00:41:54,400 --> 00:41:57,600 Speaker 1: to Bloomberg Radio in Washington and Bloomberg one and one 794 00:41:57,600 --> 00:42:01,760 Speaker 1: oh five point seven FM HD too. As we continue 795 00:42:01,760 --> 00:42:05,040 Speaker 1: to watch developments around Twitter this morning, Karen, what's going 796 00:42:05,080 --> 00:42:07,160 Speaker 1: on there? Yeah, Nathan, and this is pretty much the 797 00:42:07,239 --> 00:42:09,840 Speaker 1: latest with Elon Musk tweeting that is forty four billion 798 00:42:09,880 --> 00:42:13,279 Speaker 1: dollar takeover of Twitter is temporarily on hold until the 799 00:42:13,280 --> 00:42:16,880 Speaker 1: billionaire receives more information about the proportion of fake accounts now. 800 00:42:16,960 --> 00:42:19,600 Speaker 1: Musk is looking for more details on a recent filing 801 00:42:19,640 --> 00:42:22,160 Speaker 1: from Twitter that stated fake accounts on the social media 802 00:42:22,239 --> 00:42:24,640 Speaker 1: platform came to less than five percent of its monthly 803 00:42:24,760 --> 00:42:28,200 Speaker 1: daily active users, and fighting fake accounts has been a 804 00:42:28,239 --> 00:42:31,680 Speaker 1: cornerstone of Musk's bid to reform Twitter. In a statement 805 00:42:31,680 --> 00:42:34,440 Speaker 1: announcing the deal, he revealed that he wanted to defeat 806 00:42:34,520 --> 00:42:37,799 Speaker 1: spam bots and authenticate all humans and make his algorithms 807 00:42:37,840 --> 00:42:41,600 Speaker 1: open source. Twitter shares their down about sixt right now. 808 00:42:41,640 --> 00:42:44,080 Speaker 1: Tesla shares higher, up five and a half percent. Will 809 00:42:44,120 --> 00:42:46,600 Speaker 1: have more on this story on Bloomberg surveillance, which is 810 00:42:46,640 --> 00:42:49,360 Speaker 1: straight ahead for Nathan Hager. I'm parin Moscow. This is 811 00:42:49,400 --> 00:42:49,920 Speaker 1: Bloomberg