Speaker 1: Markets, headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot Com, the Bloomberg Business apt and at
Speaker 1: Bloomberg Quicktape is a Bloombern Business lash and I'm Karen Moscow.
Speaker 1: In US dot Index futures are mixed this morning, we
Speaker 1: go to the first word breaking news downs for today's
Speaker 1: morning call. Here's Bill Maloney, Bill, good morning, Hey, good morning, Karen,
Speaker 1: Like you said you as features are trading mixed right now,
Speaker 1: with dout futures hired by seventy three point says if
Speaker 1: he's game six and as deck futures are down by seventeen.
Speaker 1: The US ten year old at two point seven two percent,
Speaker 1: Gold is down, oil is climbing, and bitcoin is lower
Speaker 1: by two percent. Shanghai rose half a percent overnight, while
Speaker 1: up markets are also in the green this morning and
Speaker 1: back in the US on the economic Fronday thirty GDP
Speaker 1: and initial job as claims after the bellas night, Snowflake
Speaker 1: reported said slower sales growth will continue and in videos
Speaker 1: says that Shina lockdowns hurt their forecast regarding earnings. This morning,
Speaker 1: look for a dollar General, Dollar Tree, and Macy's to
Speaker 1: report in the pre market and a deal News. Elon
Speaker 1: Musk boosted the aggregate equity commitment for Twitter to thirty
Speaker 1: three and a half billion. Wrapping things up, car to
Speaker 1: Health was cut the equator. Barkley's Lula Lemon raised overweight
Speaker 1: at Morgan Stanley and Kraft Times was downgraded to sell
Speaker 1: over at UBS Live from the First Breaking News desk
Speaker 1: on Boo Melody Care, great Bill, thank you and to
Speaker 1: hear live breaking news over here Bloomberg Time Squawk on
Speaker 1: your terminal s q U a w K. Also watching
Speaker 1: Southwest this morning after it raised its second quarter operating
Speaker 1: revenue growth forecast. That's a Bloomberg business flash. Now here's
Speaker 1: Michael Barr with more on less going on around the world.
Speaker 1: Muttle Karen, thank you very much. Across the country, law
Speaker 1: enforcement and school officials are ramping up security in the
Speaker 1: wake of the Taxis shooting and left nineteen school children
Speaker 1: and two teachers dead. The retired police officer killed while
Speaker 1: trying to stop the gunman in a racist attack at
Speaker 1: a Buffalo supermarket was laid to asked. Aaron Salter was
Speaker 1: posthumously promoted to lieutenant and awarded the Medal of Honor.
Speaker 1: Another big planeload of baby formula has arrived in the
Speaker 1: United States to help ease the shortage worried parents are facing.
Speaker 1: It will head to an Allentown, Pennsylvania distribution center. In
Speaker 1: the NBA Playoffs, the Celtics beat the Heat. Boston is
Speaker 1: now a game away from advancing to the finals. In baseball,
Speaker 1: the Yankees shut out the Orioles to zip. The Giants
Speaker 1: beat the Mets, the Red Sox lost the Nationals. And
Speaker 1: A's one Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven hundred journalists and analysts in more than a hundred
Speaker 1: twenty countries. I'm Michael Barr, and this is Bloomberg. Karen,
Speaker 1: all right, Michael Barr, thank you. It is six nine
Speaker 1: on Wall Street. We turned to news in science and
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Speaker 1: E D Use Lash of Veterans and now here's it's
Speaker 1: making news in science, technology, engineering, and math. Countries are
Speaker 1: redeveloping abandoned crop lands at an unsustainable rate, according to
Speaker 1: our report published in the journal Science Advances. The new
Speaker 1: studies says abandoned crop lands need to be left alone
Speaker 1: to regrow forests and reconstitute ecosystems. If they are put
Speaker 1: to use too soon, it jeopardizes the lands contributions to
Speaker 1: reducing CEO. Two Boeing star Liner commercial space vehicle returned
Speaker 1: from a six days sojourned to the International Space Station.
Speaker 1: It's an advance in the company's effort to provide now
Speaker 1: SO with a second option for transporting astronauts. The n
Speaker 1: Crede Starliner separated from the I s S early Wednesday
Speaker 1: and touchdown at four or forty nine pm local time
Speaker 1: at White Sands Missile Range in southern New Mexico. And
Speaker 1: the UK's antitrust watchdogs started a new investigation into Google.
Speaker 1: The investigation comes over suspicions the company may have abused
Speaker 1: its dominant position across its ad tech that goes to
Speaker 1: the heart of its business model. That's the Bloomberg and J. A. T.
Speaker 1: Stemra Poor John. All right, thanks Karen. We are lying
Speaker 1: for the Bloomberg Interact Broker Studios. It is now six
Speaker 1: fifty one on one Street time to check what's going
Speaker 1: on in d C. Some of the top stories in
Speaker 1: our nation's capital include President Bladen urging action on guns,
Speaker 1: as the signs in order on police reform Chuck Schoomer,
Speaker 1: she says slim prospects for gun legislation anytime soon. And
Speaker 1: the former president says he's going to attend the n
Speaker 1: r A Houston event after the Taxis shootings. And then
Speaker 1: there's the Pennsylvania Republican Senate race going into an automatic recount.
Speaker 1: Let's take a deeper dive into some of these stories
Speaker 1: this morning with Bloomberg TV and Radio Washington correspondent Amory
Speaker 1: hord durn A, Marie, how are you? How are you?
Speaker 1: Very good? Well, I think under the circumstances, the president
Speaker 1: urging action on guns, let's take a deeper dive. What
Speaker 1: what's he talking about? What are the prospects anything's actually
Speaker 1: gonna happen. Yeah, it's been a really tough twenty four
Speaker 1: hours for the nation. And the President didn't me explicitly
Speaker 1: say what needs to be done, but just again in
Speaker 1: vote his bully pulpit saying something has to be done
Speaker 1: in terms of this country not have a backbone is
Speaker 1: standing up to the gunlock. Is that the president's words were,
Speaker 1: when you actually look at real changes, you know, we
Speaker 1: have been down this road so many times, um, you know,
Speaker 1: most notably twelve after the Sandy Hook massacre of that
Speaker 1: elementary school. And right now, the one issue in Congress
Speaker 1: that potentially could be a starting point to buipartisan support
Speaker 1: are these red flag laws, which basically allows a family
Speaker 1: member or an individual from the law enforcement to go
Speaker 1: to the court and ask them to temporarily remove guns
Speaker 1: from an individual that is unstable and could be deemed
Speaker 1: a dangered society. So this has come bipartisan support. It
Speaker 1: is a law in nineteen country states, including Washington, d C.
Speaker 1: Many of these states took up these red flag logs
Speaker 1: laws after the Parkland shooting at that high school in Parkland, Florida.
Speaker 1: The issue is send a coon yesterday a little bit
Speaker 1: more pessimistic, saying, you know, even if it got through
Speaker 1: the House, even if there's some biparson support in the Senate,
Speaker 1: you still have to get ten Republican senators, and he's
Speaker 1: not sure you'll get all get enough to pass this
Speaker 1: is the President is going to head to Texas at
Speaker 1: some point. Yeah, he said, he in the first lady
Speaker 1: will be heading to Texas. Actually she was at in
Speaker 1: the vent yesterday as well, and she said, of course
Speaker 1: will go there. And John, you know, this is I
Speaker 1: think moving a child is quite personal for this president
Speaker 1: in the sense that Mr he that happened to him twice.
Speaker 1: He lost his adult son Bow, but he lost a
Speaker 1: very young baby daughter in a our accidents. So this
Speaker 1: is something I think the President inter internalizes the loss
Speaker 1: of the child. But obviously this massacre, he wants to
Speaker 1: be able to keep greet TV families and show that
Speaker 1: he can with them. Okay, Um. The n r A
Speaker 1: is still going ahead with its Houston events after the
Speaker 1: Texas shootings, and the list of attendees and speakers will
Speaker 1: include the former president and it looks like the messages
Speaker 1: already being home that well, this is the Democrats fault
Speaker 1: because they have failed to tackle mental health issues. Yes,
Speaker 1: it depends who you ask in Washington how you should
Speaker 1: approach the shootings. That really seems that only America deals
Speaker 1: with it, and the publicans will say this is a
Speaker 1: mental health issue. That yesterday as well and after the
Speaker 1: President's plans, former President don try plans and saying at
Speaker 1: the n Rights Animal meeting in Houston this weekend, he
Speaker 1: says American needs real solutions, real leadership in this moment moment,
Speaker 1: not politicians and partisanship. It's another part of the debate. John,
Speaker 1: A lot of Republicans you said this yesterday was Governor
Speaker 1: Abbott as he had beata or rooke him as he
Speaker 1: was speaking, saying it's not time to make this political.
Speaker 1: But Democrats say, this is exactly the right time. We
Speaker 1: don't want to become themb to this, we don't want
Speaker 1: to move past this. So this is going to be, uh,
Speaker 1: you know, a fiery n R A moment given is
Speaker 1: just four hours away from where this shooting in this
Speaker 1: elementary school took place. Hey, Emory, from your perspective down
Speaker 1: in the nation's capital, does this move the needle at
Speaker 1: all in terms of issues that will shape them in
Speaker 1: term elections. It's a good question. I don't think we
Speaker 1: know just yet. I think this was the Democrats would
Speaker 1: like it to. The President said a number of times
Speaker 1: in to turn pamet action. You know, is that a
Speaker 1: rallying call for Democrats to go out to vote. I
Speaker 1: think the Democrats want to use this also the potential
Speaker 1: of row Wee Wade being overturned in June. Uh. The
Speaker 1: issue is the Republicans are really going to want to
Speaker 1: hammer home the fact that consumer prices are at decades high.
Speaker 1: We have very high inflation, deathlete prices, growth, rebuild, et cetera.
Speaker 1: But there is a potential for some people to change
Speaker 1: take some table issues like that and actually go out
Speaker 1: and vote potentially on abortion right, but potentially on gun restation.
Speaker 1: If I just want to wrap up and hit hit
Speaker 1: this one quickly, the what's the update with the Pennsylvania
Speaker 1: primary race? Good questions too close to call still, so
Speaker 1: it goes into an auto Actually there's a Pennsylvania law
Speaker 1: that requires an automatic recount um when it is this close.
Speaker 1: So t P D John Okay, I appreciate goods and
Speaker 1: talk to you. Bloomberg TV and Radio Washington correspondent and
Speaker 1: Red Hordern apologize for the line there. That's a little
Speaker 1: sketchy anyway. Um. You can read more about these stories
Speaker 1: in Bloomberg dot com or Bloomberg terminal reminder. You can
Speaker 1: follow all the latest Bloomberg Radio in Washington, d C.
Speaker 1: That's Bloomberg at one oh five point seven FM HD
Speaker 1: two and as we look a hand to the cash
Speaker 1: open right now, the futures they are in the green.
Speaker 1: The down futures I've wanted to twenty seven points, that's
Speaker 1: a rise of fourth tens of a percent right now.
Speaker 1: S and P futures fourteen points higher. That's a fourth
Speaker 1: tense of re percent. And that as day futures of
Speaker 1: twelve points, that is up a tenth of a percent.
Speaker 1: Apple right now down one percent among the most actively
Speaker 1: traded shares along with in video shares, they are down
Speaker 1: five percent in the pre market, and the ten year
Speaker 1: yield in the US the benchmark to seventy three that
Speaker 1: is now one pasis point and just ahead. Bloomberg Surveillance
Speaker 1: Live from the World Economic Forum Dono, Switzerland with Tom
Speaker 1: Keane and Lisa prim Woods. Ever Karen Moscow, I'm John Tucker.
Speaker 1: Have you've been listening to Bloomberg Day Bread broadcasting live
Speaker 1: from the Bloomberg Interactive Broker Studio in New York. Bloomberg
Speaker 1: E Living Freedom to Washington, d C. Bloomberg to Boston,
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Speaker 1: and around the globe, the Bloomberg Business and Bloomberg Radio
Speaker 1: dot com. This is Bloomberg Daybreak. He had six thirty
Speaker 1: on Wall Street. Good morning, I'm John Tucker and I'm
Speaker 1: Karen Moscow. We're just about three hours away from the
Speaker 1: open of US trading. Time for the five things you
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Speaker 1: com slash r i A first, US futures are higher,
Speaker 1: at least SNP futures this after yesterday saw the SMP
Speaker 1: five climb about one percent. We've been up and down
Speaker 1: all week as traders assess the path of FED policy.
Speaker 1: Jane Foley has had of f X strategy at Rabbo Bank.
Speaker 1: I think the Fed is more likely to go the
Speaker 1: full monthy. They need to get their credibility back. You know,
Speaker 1: there's been so many accusations over the last few months
Speaker 1: that they have behind the curve that they could affected
Speaker 1: sooner on inflation. Even some of their own have admitted
Speaker 1: that perhaps Fish would have started to hike before they
Speaker 1: did at the end of last to keep demand and check.
Speaker 1: Jane Foley and Robbo Bank seized dollar strength. Continuing minutes
Speaker 1: from the latest FED meeting show officials looking to raise
Speaker 1: interest rates by fifty basis points at each of their
Speaker 1: next two decisions. See It's time to buy the different stocks.
Speaker 1: At least that's according to strategist at City Group, who
Speaker 1: say shares in Europe and emerging markets are most attractive.
Speaker 1: Cities very mark a checklist currently warning on just six
Speaker 1: of eighteen red flags. That compares to thirteen red flags
Speaker 1: before the two thousand eight financial crisis. I mean also
Speaker 1: a fresh US from Apple. Sources say the company plans
Speaker 1: to keep iPhone production flat this year as the environment
Speaker 1: turns challenging for the smartphone industry. At the same time,
Speaker 1: Apple as boosting pay for its workers. The company is
Speaker 1: raising US salaries by ten percent or more as it
Speaker 1: faces a tight labor market and efforts to unionize. Shares
Speaker 1: Her down more than one percent and Twitter gaining and
Speaker 1: pre market trading after Elon musk change plans to fund
Speaker 1: he Is acquisition. Is no longer looking to use a
Speaker 1: margin loan for his forty four billion dollar purchase of
Speaker 1: the social media Covity and boom Bridge. Nita Young is
Speaker 1: here live with the story this morning. Good morning, Rinita,
Speaker 1: Good morning John. A regulatory filing shows Elon Musk is
Speaker 1: providing an additional six point to five billion dollars in
Speaker 1: equity financing to buy out Twitter. That will increase the
Speaker 1: size of the deal's equity component to thirty three point
Speaker 1: five billion dollars, and it's enough to eliminate the mar
Speaker 1: and loan. This new structure could reduce the risk of
Speaker 1: the deal for both Musk and his lenders, particularly given
Speaker 1: the recent slide in Tesla stock price. Shares of Tesla
Speaker 1: have shrunk about forty since Musk first announced his stake
Speaker 1: and Twitter in early April. Live in New York. I'm
Speaker 1: Renita Young, Bloomberg depriak. All right, we need to thank you.
Speaker 1: This update brought to you by Interactive Brokers Simple IBKR
Speaker 1: Global Trader app deposit in your local currency and trade
Speaker 1: stocks in the US, Europe and Asia. Start your free
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Speaker 1: Karen's sixty three on Wall Street and let's bring in
Speaker 1: Michael barn now to tell us what else is going
Speaker 1: on in New York hand around the world, John, Thank you, sir.
Speaker 1: Texas Governor Greg Abbott says a number of concerning social
Speaker 1: media posts were discovered by the gunman moments before the
Speaker 1: rampage began and rob elementary school in Uvalde. Twenty one
Speaker 1: people died before the eighteen year old gunmen was killed
Speaker 1: by law enforcement. Governor Rabbit brushed to side calls for
Speaker 1: strict gun legislature and noting that major cities have their
Speaker 1: own gun laws in place, but they don't work, and
Speaker 1: we need to realize that people who think that, well,
Speaker 1: maybe if we could just implement tougher gun laws, it's
Speaker 1: going to solve it. Chicago, in l A and New
Speaker 1: York disproved that thesis. During the news briefing, Data O'Rourke,
Speaker 1: who is running against Abbot for governor, interrupted the news
Speaker 1: conference saying this shooting was totally predictable. He was escorted
Speaker 1: out but told reporters outside enough is enough. The governor
Speaker 1: talks about mental health. It is insane that we allow
Speaker 1: an eighteen year old to go in and buy an
Speaker 1: a R fifteen. What the hell did we think he
Speaker 1: was gonna do with that data. O'Rourke says, this is
Speaker 1: on all of us. New York Governor Kathy Hoco wants
Speaker 1: to raise the age for purchasing the type of firearms
Speaker 1: used in recent mass shootings in Buffalo and Texas. Governor
Speaker 1: Hoco says she wants to raise the legal purchasing age
Speaker 1: for a R fifteen style rifles to one. The governor
Speaker 1: says she held an emergency meeting with state police and
Speaker 1: I said, I want state police patrols visiting our schools
Speaker 1: doing daily check ins every single day from today to
Speaker 1: the end of the school year. Governor Hucole, a man
Speaker 1: accused of randomly murdering a fellow passenger on the New
Speaker 1: York City subway train, was denied bail. During his first
Speaker 1: court appearance, Andrew Abdulla's lawyer urged the judge and the
Speaker 1: public not to rush to judgment. On the second anniversary
Speaker 1: of the death of George Floyd, President Biden signed an
Speaker 1: executive order to address police accountability. The executive order raises standards,
Speaker 1: bans chokeholes, restricts, no knock warrants, titans, use of force policies,
Speaker 1: emphasized de escalation. I'm duty to the interview to stop
Speaker 1: another offs from using the executive force. President Biden also
Speaker 1: criticized the Senate for not passing reforms and the George
Speaker 1: Floyd Justice in Policing Act. Eight of the ten largest
Speaker 1: cities in the US lost population during the first year
Speaker 1: the pandemic. The investiments released today by the U S
Speaker 1: ins His Bureau show own Phoenix in San Antonio gained
Speaker 1: new residents from one. New York led the way, losing
Speaker 1: more than three hundred five thousand residents were about three
Speaker 1: point five percent of its population. In its Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take, powered by more twenty seven hundred journalists analysts
Speaker 1: more than a hundred twenty countries. I'm Michael barn This
Speaker 1: is Bloomberg, John, Michael. Thank yous now six thirties, six songs,
Speaker 1: Wall Street Time down for the Blueberg Sports Update AD.
Speaker 1: Here's Scott Sidenberg. Good morning, John Rookie JP Sear has
Speaker 1: made his first big league start, tossing five scoreless innings
Speaker 1: as the Yankees blank the Orioles to nothing, both runs
Speaker 1: coming in the bottom of the fourth inning on a
Speaker 1: Miguel and Do Hars single and a throwing error. Prior
Speaker 1: to the game, The Yankees placed Gehan Carlos Stanton on
Speaker 1: the ten day I l Aaron Boone after the game,
Speaker 1: talked about the win with players stepping up. Yeah, I
Speaker 1: mean it. It's been a tough couple of days for us,
Speaker 1: just just with you know, some people going down and things,
Speaker 1: and really excited to see those guys step in and
Speaker 1: play key roles and help us get another series victory.
Speaker 1: It was a different story for the Mets Rookie starter
Speaker 1: Thomas Sapucky, who was roughed up in his first big
Speaker 1: league start. Evan Longoria homard twice. Jock Peterson went deep
Speaker 1: for the fourth time in two games as the Giants
Speaker 1: route the Mets nine three. Sabucky tag for all nine
Speaker 1: runs on seven hits and three walks in just an
Speaker 1: inning and a third, the Mets losing back to back
Speaker 1: games for just the first time since April tenth and eleven.
Speaker 1: Hockey tonight, it's Game five between the Rangers and the
Speaker 1: Hurricanes from Carolina, with the series tied at two games
Speaker 1: a piece. NBA, the Celtics are one win away from
Speaker 1: the NBA Finals after a night win over the Heat
Speaker 1: last night in Miami. Tonight, the Warriors look to close
Speaker 1: out the Mavericks in game five of the Western Finals.
Speaker 1: Tennis at the French Open, Rafael Nadal reached the three
Speaker 1: hundred Grand Slam match victories with his second round win,
Speaker 1: only Roger Federer with three sixty nine and Novak Djokovic
Speaker 1: with three twenty five more wins at major tournaments. Um
Speaker 1: Scatt with Bloomberg Sports, John all right, thanks, Scott, is
Speaker 1: now all six thirty eight. Well Street, time to take
Speaker 1: a look at stocks, some of the names that are
Speaker 1: moving in the premarket, and for that we're joined by
Speaker 1: Bloomberg Radio and Television. Corresponded, Pretty Gupta. Oh look, Elon
Speaker 1: Musk is in the news again. I'm shocked. Yeah, let's
Speaker 1: let's start there and get it out of the way
Speaker 1: if we can t w t RS your ticker there
Speaker 1: for Twitter up five and a half percent in the
Speaker 1: pre market. Of course, has comes after billionaire Elon Musk
Speaker 1: dropped plans to partially fund his purchase of Twitter with
Speaker 1: the margin load tied to his Tessela's sake, and increase
Speaker 1: the size of the deal's equity component to thirty three
Speaker 1: point five billion. That's a lot of jargon for something
Speaker 1: very simple than they's just changing the financing a little bit.
Speaker 1: But the reason that shares are up, essentially is because
Speaker 1: it signals he's very serious about this deal, and that
Speaker 1: was a concern weighing on Twitter shares lately. The idea
Speaker 1: that if the deal is still on pause, is Elon
Speaker 1: Musk looking to pull out. He also tweeted last night
Speaker 1: about because turns around Twitter as well and things that
Speaker 1: should be changed. So once again there is this kind
Speaker 1: of flip flopping. But right now, the idea that he
Speaker 1: is looking to fund his purchase or actually making arrangements
Speaker 1: to do so, shows that perhaps he's serious about the deal.
Speaker 1: So t W t R is your taker up five
Speaker 1: and a half percent. But it's really the heavyweight tech
Speaker 1: names John that are catching my attention. You gotta talk
Speaker 1: about Apple. You have to talk about n Video because
Speaker 1: that is the macro story at play right now. Apple,
Speaker 1: in particular, A A p L is your taker down
Speaker 1: one point four percent. A report coming out saying that
Speaker 1: the tech giant is planning to keep iPhone production roughly
Speaker 1: flat in two This is a huge deal because they,
Speaker 1: of course are increasing their minimum wage. So I think
Speaker 1: an hour as well. They're also looking to kind of
Speaker 1: deal with more margin pressures and things like that, increasing
Speaker 1: compensation given this kind of war for talent in Silicon Valley.
Speaker 1: So if you're not growing your over here at the
Speaker 1: Apple store right and it's it's everywhere, it's everywhere, the
Speaker 1: labor market is hitting them hard and there. If you
Speaker 1: don't have that increased production, then your margins are going
Speaker 1: to get compressed. And that's I think the fear the
Speaker 1: Apple retail union what I'm trying to figure out what
Speaker 1: you are as wrong? Girl, I worked in retail in
Speaker 1: high school. Man, I did not work in Apple stores,
Speaker 1: although I wish I had. I hear they pay well
Speaker 1: a A p L anyways down one point four percent.
Speaker 1: Let me throw one more at you here and the
Speaker 1: chips are down video but I like the chips segue
Speaker 1: n v D as your taker down five and a
Speaker 1: half percent. This is of course the heavyweight chipmaker giving
Speaker 1: a revenue forecast weaker than expected. They remember they are
Speaker 1: also dealing with this enormous demand up four chips, but
Speaker 1: because of those COVID nineteen lockdowns in China that disrupted
Speaker 1: production and transportation lines, they aren't necessarily able to capitalize
Speaker 1: on and therefore giving a revenue forecast that was weaker
Speaker 1: than expected. N v d A down five and a
Speaker 1: half percent. Are you off tomorrow? You're here now, I'm here,
Speaker 1: but I will be off next week. Okay, great, Bloomberg,
Speaker 1: We'll talk about that tomorrow instead of stocks. Bloomberg Radio
Speaker 1: and TV markets corresponded pretty gupta and as a whole
Speaker 1: doll Right now down futures up sixty one, SMP futures
Speaker 1: of five, the NAZAC futures all over the place this morning,
Speaker 1: right now, down seventeen points. You're listening the Bloomberg tap bread.
Speaker 1: Mostly cloudy later today, maybe shower the high temperature seventy Tomorrow, cloudy, showers, thunderstorms,
Speaker 1: high sent eighty Saturday, showers and storms in the morning
Speaker 1: to eighty. This is Bloomberg Markets, headlines and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot Com, the
Speaker 1: Bloomberg Business at and at Bloomberg Quick Tape. This is
Speaker 1: a Bloomberg Business flash, and I'm Karen Moscow. And US
Speaker 1: stock index futures have in fluctuating. SMP futures are higher
Speaker 1: right now. Traders are weighing federies or minutes that struck
Speaker 1: a less hawk hawk ish note. We checked the mark.
Speaker 1: It's every fifteen minutes throughout the trading day. On bloomberg
Speaker 1: SMP Future is up eight points right now. D Future
Speaker 1: is up eighty five NASDAGG Future is down to twelve.
Speaker 1: The DAGs in Germany is up six tents of a
Speaker 1: per cent ten. Your Treasury up five thirty seconds yield
Speaker 1: two point seven two percent, yield of its two year
Speaker 1: two point four six percent. Nine Max Screwed oil is
Speaker 1: up nine tenths percent or ninety nine cents at a
Speaker 1: hundred eleven dollars thirty three cents of barrel comex s
Speaker 1: Gold down a tenth of upper cent or two dollars
Speaker 1: thirty cents at eighteen fifty twenty announced the Euro one
Speaker 1: point oh seven one six against the dollar, British pound
Speaker 1: one point two six one seven, and the end one
Speaker 1: twenty six point six nine Bitcoin this morning lower down
Speaker 1: more than two percent at twenty nine thousand, one hundred
Speaker 1: fifty dollars. Today we are looking for a second read
Speaker 1: on first quarter gross domestic product at at eight thirty
Speaker 1: Wall Street time, along with the weekly report on initial
Speaker 1: jobless claims pending home sales are at a ten, and
Speaker 1: Macy's is among companies scheduled to report earnings today. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more
Speaker 1: unless going on around the world. Michael Karen, thank you
Speaker 1: very much. Republican Texas Governor Greg Abbott and his insisting
Speaker 1: guns were not the problem of the mass shooting by
Speaker 1: an eighteen year old that killed twenty one people, including
Speaker 1: nineteen children. Abbot instead is pointing to mental health. Two
Speaker 1: years to the day since George Floyd's death, President Biden
Speaker 1: signed an executive order aimed at increasing police accountability. In
Speaker 1: the NBA playoffs, the Celtics beat the Heat Boston, now
Speaker 1: a game away from advancing to the finals. In baseball,
Speaker 1: the Yankees shut out the Orioles to zip. The Giants
Speaker 1: beat the Mets, the Red Sox lost the Nationals. And
Speaker 1: A's one global news twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Take, powered by more than
Speaker 1: twenty seven hundred journalists and analysts more than a hundred
Speaker 1: twenty countries. Michael bar this is Bloomberg. John all right, Michael,
Speaker 1: thank you very much. It is now six twenty out
Speaker 1: Wall Street we are lying for the Bloomberg inter Racker
Speaker 1: Broker Studios. This is Bloomberg daybreak among the most actively
Speaker 1: traded stocks of the pre market, shares of Apple down
Speaker 1: one and a half percent. Apple is going to keep
Speaker 1: its iPhone production flat. Let's find out more Bloomberg Quick
Speaker 1: take Canker alex Web stopping buying to give us some insight.
Speaker 1: Is this a demand or a supply driven thing? It
Speaker 1: almost certainly a little bit of both, but the demand
Speaker 1: element is probably at this stage more significant. What Apple
Speaker 1: tends to do is set up the number they demand
Speaker 1: for production from their suppliers. Tend to be an upper limit,
Speaker 1: and they work back from that. So the two d
Speaker 1: and twenty million, there's always a possibility it could be
Speaker 1: significantly lower than that, but they have got problems in
Speaker 1: the supply chain. You've also then have a lot of
Speaker 1: people struggling with inflation and looking at how to spend
Speaker 1: their budgets. Does a thousand dollar iPhone towards the end
Speaker 1: of this year board in the realm of something that's
Speaker 1: necessary for a lot of people. Maybe not? Uh, And
Speaker 1: remind everybody the iPhone what it means to Apple in
Speaker 1: terms of the breakdown of its revenue. Well, are far
Speaker 1: less important than it used to be. Actually it was
Speaker 1: about six I think it was. Now it's closer. So
Speaker 1: they've managed to diversify quite considerably into services and of
Speaker 1: course other devices. But services include downlards from the app store,
Speaker 1: Apple TV, plast, Apple Music, all those things, which advantageously
Speaker 1: for a company like Apple, are more dependable recurring revenue.
Speaker 1: You might sign a year long to year, you know,
Speaker 1: you sign up something on a monthly basis, but you
Speaker 1: stick around for two years with that subscription the iPhone, Yes,
Speaker 1: it is very sticky. People do renew it, but they
Speaker 1: could wait three years before they give new one or
Speaker 1: even four. And that's increasingly being the trend. You have
Speaker 1: got dependable, high margin revenue with services, and now Apple
Speaker 1: has pivoted quite successfully towards it. They's seeing much competition,
Speaker 1: I mean, no more or less, frankly than they have
Speaker 1: been doing in the past. The bigger concern is actually
Speaker 1: how competition is going to shape up as we move
Speaker 1: into the next generation of devices, when we think about
Speaker 1: smart us is and those sort of things, which then
Speaker 1: I don't know if we're gonna talk about this in
Speaker 1: the second, but that flicks at this issue of competition
Speaker 1: for employees that Facebook is piling into the space of
Speaker 1: augmented in virtual reality, and they're hiring a lot of
Speaker 1: people from Apple as a consequence. So that actually is
Speaker 1: the threat for Apple right now. It's competitions to talent. Yeah, well,
Speaker 1: just paying more. Oh wait, they are right, well exactly.
Speaker 1: So that's the news we have overnight that Apple is
Speaker 1: going to start playing its employees in the U S
Speaker 1: at least ten percent more. This applies, of course to
Speaker 1: the engineering talent they have, but also significantly to the
Speaker 1: retail employees that they have around the country. And you know,
Speaker 1: there are two elements there. There's competition for employees, but
Speaker 1: there is also um unionization, which potentially Apple might be
Speaker 1: trying to fend off. We've seen Amazon some Amazon locations
Speaker 1: unionized in the past year or so. Apple may have
Speaker 1: that on the in their view, they might see it
Speaker 1: as a specter. They might see that on the horizon ago, Well,
Speaker 1: let's try to get ahead of it by offering our
Speaker 1: employees and something more. Okay, So do they answers the
Speaker 1: the what's the extent of which is going to cut
Speaker 1: into the revenues? I mean, it's highly unlikely to take
Speaker 1: a big chunk out of their margins, you know, for
Speaker 1: the partly for that reason, I have said that the
Speaker 1: stores are really about selling hardware, and hardware is you know,
Speaker 1: proportionately not as big a part of their revenue. They
Speaker 1: make so much of it now from from services. Now
Speaker 1: they have four hundred stores around the world. Good chunk
Speaker 1: of those are in the US, but I think it's
Speaker 1: slightly lesser than than half. So uh, you know, do
Speaker 1: you think of a few hundred stores and in the
Speaker 1: scope of almost two hundred billion dollars only story of
Speaker 1: mythologies almost four hundred billion dollars in revenue, it's really
Speaker 1: something of a rounding era when you look at their
Speaker 1: overall costs. Yeah, Alex of Apple seems to always have
Speaker 1: something up it's sleeve. What's next? We are expecting a
Speaker 1: big refresh of of the iPhone later this year or
Speaker 1: be the iPhone fourteen. Few details of seat out. Our
Speaker 1: colleague Mark German has been very much on top of it. Um.
Speaker 1: I think it's probably gonna be the form factor as
Speaker 1: much as anything else. But usually the upgrades are to
Speaker 1: do with the quality of the camera and the quality
Speaker 1: of the silicon and the chips running the thing, and
Speaker 1: that's what we can expect without fail. Whether there's something
Speaker 1: else that comes alongside of it. It's hard to see big,
Speaker 1: significant upgrades at this stage, but you don't necessarily need that,
Speaker 1: because if you're upgrading the chips and you're upgrading the camera,
Speaker 1: the phone requires more memory, it requires more processing power.
Speaker 1: Apps come along that use all of that. It gently
Speaker 1: drags people into the next generation of bones over time,
Speaker 1: even if there's not a significant blockbuster achievement intense of innovation. Alice,
Speaker 1: we appreciate thanks for the update. Alex Web are quick
Speaker 1: take anchor and again. Shares of Apple this morning among
Speaker 1: the most actively traded right now, they are down one
Speaker 1: and a half percent in pre market trading. Yeah, right
Speaker 1: now ahead of the cash open our Wall Street. We're
Speaker 1: seeing futures mixed this morning. The futures up eighty two points,
Speaker 1: S and B futures, the REP seven and technivy NaNs
Speaker 1: dead futures kind of bouncing between gains and losses. Right now,
Speaker 1: they are down twelve points. You're listening the Bloomberg day
Speaker 1: break and the Bloomberg weather fort today, cloudy, maybe a
Speaker 1: shower later today. At the high semity tomorrow showers thunderstorms
Speaker 1: in the afternoon, high eighty. This is Bloomberg from the
Speaker 1: Bloomberg Interactive Brooker's Studios. Is Bloomberg day Break for Thursday,
Speaker 1: May two, coming up this hour. Big Tech feels the
Speaker 1: pinch of supply chain, bottlenecks and COVID lockdowns. Elon must survive.
Speaker 1: Twitter bids and shares higher in the pre market, and
Speaker 1: President Biden signs that key executive order. Two years after
Speaker 1: George Floyd's death, New York Governor Hocle wants to raise
Speaker 1: the aged by guns plus the alleged gunmen in Sunday's
Speaker 1: deadly subway shooting is being held without bail. I'm Michael
Speaker 1: blar More ahead, I'm Scott Sedburg, and Yankees win the
Speaker 1: Mets lows and the Rangers go for a three too
Speaker 1: series lead. Today. I'll have that more coming up in
Speaker 1: the sports Mentall's train ahead on Bloomberg Daybreak on Bloomberg
Speaker 1: eleven three, on New York, Bloomberg one, Washington, d C,
Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco,
Speaker 1: Sirius XAM one nineteen and around the world on Bloomberg
Speaker 1: Radio dot com and via the Bloomberg Business APT And
Speaker 1: good morning. I'm Karen Moscow and I'm John Sucker. Bloomberg
Speaker 1: Daybreak being brought to you by B and Y Melon's
Speaker 1: Pershing Insight Conference back in person June fifteen through the
Speaker 1: seventeenth at the Gaylord Resort in Grapevine, Texas. They'll miss it,
Speaker 1: Renchister now at the Insight dot B and Y melon
Speaker 1: dot com and US futures are higher this morning, with
Speaker 1: S and P future is up about eleven points down,
Speaker 1: futures up a hundred four at nowsday, Futures that will change,
Speaker 1: and your treasury of three thirty seconds yield two point
Speaker 1: seven three percent. John Hey, Carol, looks like markets are
Speaker 1: groping for a direction this morning. It's been an up
Speaker 1: and down week. The nanz X right now is unchanged
Speaker 1: and early trading following some shake up some big tech.
Speaker 1: Pepper International Founder and CEO Carol Pepper believes the outlook
Speaker 1: remains strong despite some uncertainty when prices get too high
Speaker 1: on goods right now, consumers are backing off this diflation.
Speaker 1: Instiens that you have high inflation and that the prices
Speaker 1: and no growth I just don't think that's going to
Speaker 1: happen anymore. I really think we're going to be much
Speaker 1: more in a situation where inflation will start tapering down,
Speaker 1: and then we'll start to get into more normalized market,
Speaker 1: probably by the end of the year. Peppery International founder
Speaker 1: Carol Pepper also believes that US will avoid a recession
Speaker 1: this year. John Chairs of Nvidia are down in early trading,
Speaker 1: no off their lowest levels. They slid as much as
Speaker 1: ten percent after earnings missed estimates, and in video said
Speaker 1: shina Is COVID lockdowns in the war in Ukraine are
Speaker 1: weighing on sales forecast. The chipmaker's CEO also said it's
Speaker 1: doing its best to combat supply chain Bottlenecks and chairs
Speaker 1: are down more than five and a half percent in
Speaker 1: the pre market, and Apple is also shaking up dance
Speaker 1: deck features this morning with a couple of announcements. Sources
Speaker 1: say the company plans to keep iPhone production flat this year.
Speaker 1: It's and suppliers to assemble approximately two D twenty million iPhones,
Speaker 1: that's about the same as last year. Apple also revealed
Speaker 1: it's raising salaries for US workers like ten percent, and
Speaker 1: Bloomberg Quick Tech anchor Alex Webb says, it's an important
Speaker 1: staff to retain workers. You have two things where you've
Speaker 1: got this unionization threat on, which is something which has
Speaker 1: been happening across a bunch of tech companies, at least Amazon,
Speaker 1: So there's a suspicion this is sort of trying to
Speaker 1: fend that off and say, well, we pay you pretty
Speaker 1: well already. There's also the threat of people hiring both
Speaker 1: the engineers but also from those stores Bloomberg sound like
Speaker 1: Webb says Apple's biggest number of employers comes from its
Speaker 1: stores and shares of Apple right now, they are down
Speaker 1: in the pre market one and a half percent. Well,
Speaker 1: John Yesterday's FED minutes are also driving markets. This morning,
Speaker 1: officials revealed a less hawkish tone than expected. They planned
Speaker 1: to raise interest rates by fifty basis points at each
Speaker 1: of the next two meetings, leaving them with flexibility to
Speaker 1: change course later. And another FED note there's worth that
Speaker 1: the Kansas City FED president Answer George will retire in January.
Speaker 1: George will leave her post at about the same time
Speaker 1: as Chicago FED chief Charles Evans. That will create two
Speaker 1: openings among the twelve regional FED banks next year. Well,
Speaker 1: stocks in Europe opened higher this morning. Energy shares are
Speaker 1: leading the stock six hundred following gains in oil prices overnight.
Speaker 1: In Asia, stoor choppy following concerning comments from a top
Speaker 1: Chinese official, and Bloomberge Juliette Sally joins us with the
Speaker 1: details from Singapore. Juliette, good morning, Good morning, John and Karen.
Speaker 1: Chinese stokes fluctuated, while bonds rallied and the off show
Speaker 1: You one led Asian e m f X losses as
Speaker 1: premierly one. China's economy is in some respects faring worse
Speaker 1: than in twenty Japanese stokes edged up on reopening prospects,
Speaker 1: and Ali Baba was in focus in Hong Kong ahead
Speaker 1: of its earnings report. The Korean one weekend after the
Speaker 1: Bank of Korea raised its key interest rate on Thursday
Speaker 1: and indicated further hikes are coming, as it indicated stabilizing
Speaker 1: inflation is its key goal. In Singapore, Juliette Sale bloomber Daybreak,
Speaker 1: Julia thanks. Back here in the US, there's more news
Speaker 1: from the text sector. Twitter shares higher and early trading
Speaker 1: after Elon must change plans to fund he his acquisition.
Speaker 1: He's no longer looking to use a margin loan for
Speaker 1: his forty four billion dollar purchase of the social media company.
Speaker 1: Bloomberg's Really Too Young is here Live with the story,
Speaker 1: Really the good morning, Good Morning John. A regulatory filing
Speaker 1: shows Elon Musk is providing an additional six point to
Speaker 1: five billion dollars in equity financing to buy out Twitter.
Speaker 1: That will increase the size of the deal's equity component
Speaker 1: to thirty three point five billion dollars, and it's enough
Speaker 1: to eliminate the margin loan. This new structure could reduce
Speaker 1: the risk of the deal for both Musk and his lenders,
Speaker 1: particularly given the recent slide and Tesla's stock price. Shares
Speaker 1: of Tesla have shrunk about since Musk first announced his
Speaker 1: stake and Twitter in early April. Live in New York.
Speaker 1: I'm gonna need a Young Bloomberg daybreak, all right, Renia,
Speaker 1: thank you. Let's tarn the politics now. In the latest
Speaker 1: move from the White House, two years to the day
Speaker 1: since George Floyd's death, President Joe Biden signed an executive
Speaker 1: order aimed at law enforcement accountability on Bloomberg, said baxterre
Speaker 1: has the story. President Biden, along with Vice President Kamala
Speaker 1: Harris as the administration couldn't wait any longer for the
Speaker 1: Senate to pass legislation, and Harris says it's not aimed
Speaker 1: at hurting police, but communication to strength and trust between
Speaker 1: law enforcement and the communities they served. It creates a
Speaker 1: new national Law Enforcement and Accountability database to track records
Speaker 1: of misconduct so that an officer can't hide the misconduct,
Speaker 1: and mandates the use of body cameras and record keeping.
Speaker 1: He says the administration will continue to try and get
Speaker 1: legislation passed. In San Francisco, I'm at Baxter Bloomberg Gaybreak
Speaker 1: and thanks that. In Pennsylvania, this worring high profile Republicans
Speaker 1: Senate race headed for a recount. Amy Morris has details
Speaker 1: from our Bloomberg One newsroom in Washington. Celebrity doctor memit Oz,
Speaker 1: who has Donald Trump's support, leads former Bridgewater Associates CEO
Speaker 1: David McCormick by nine hundred two votes. That's enough to
Speaker 1: trigger an automatic recount. Pennsylvania's Acting Secretary of State Lee
Speaker 1: Chapman says previous recounts and similar type races in the
Speaker 1: past have not changed the results of the elections. Counties
Speaker 1: have to begin the recount by June one, and they
Speaker 1: must be completed by June seven. In Washington, I'm Amy Morris,
Speaker 1: Bloomberg Day Break. All right, Amy, thank you, and S
Speaker 1: and P. Futures this morning are higher up eleven points down,
Speaker 1: futures of a hundred two and Nasdaq futures are little changed.
Speaker 1: Sure to head your latest local headlines, plus a check
Speaker 1: of sports, and this is Bloomberg. Thanks Karen six and
Speaker 1: seven on Wall Street Time to bring in Michael Barr
Speaker 1: to find out what else is going on a New
Speaker 1: York and around the world, John, thank you very much.
Speaker 1: Investigators say they have yet to determine a motive for
Speaker 1: mass shooting at a Texas grade school that left twenty
Speaker 1: one dead. Governor Abbot said the only warning came in
Speaker 1: a series of private Facebook messages sent Tuesday morning. He said,
Speaker 1: I'm going to shoot my grandmother. The second post was
Speaker 1: I shot my grandmother. The third post, maybe less than
Speaker 1: fifteen minutes before arriving at the school, was I'm going
Speaker 1: to shoot an elementary school. Governor Abbot called the eighteen
Speaker 1: year old government a demented person. Meanwhile, in Houston, Texas
Speaker 1: is preparing for protests of a national Rifle Association convention
Speaker 1: beginning tomorrow. Former President Trump is expected to speak. New
Speaker 1: York Governor Kafe Hokel is calling for raising the age
Speaker 1: to twenty one for purchasing assault weapons. Vocal says she
Speaker 1: wants to raise the legal purchasing age for a R
Speaker 1: fifteen style rifles that's the same type of weapon used
Speaker 1: in Tuesday's mass shooting in Texas had left twenty one
Speaker 1: people dead, including nineteen children. We must harness set outrage
Speaker 1: and that anger, and that discussed that there could be
Speaker 1: someone with such wanted evil in their heart that they
Speaker 1: would acquire and they are fifteen go to a schoolyard
Speaker 1: after shooting their own grandmother and opening up an innocent
Speaker 1: children and teachers. Governor Hocal says, I don't want eighteen
Speaker 1: year olds to have guns, at least not in the
Speaker 1: state of New York. A man accused of randomly murdering
Speaker 1: a fellow passenger on a New York City subway train
Speaker 1: has made his first court appearance. His lawyer urged the
Speaker 1: judge and the public not to rush the judgment. Andrew
Speaker 1: Abdulla was ordered held without bail on the death of
Speaker 1: forty eight year old Daniel Enriquez, who was on his
Speaker 1: way to a Sunday brunch in Manhattan when he was shot.
Speaker 1: Democrat Antonio Delgado has been sworn in as New York's
Speaker 1: Lieutenant Governor, becoming the state's first person of Latino heritage
Speaker 1: to serve in the state wide office. Delgado takes a
Speaker 1: ver for Brian Benjamin, who resigned following his arrest in
Speaker 1: April for federal corruption charges. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quick Take, powered
Speaker 1: by more than twenty seven hundred journalists and analysts more
Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg, John, Michael,
Speaker 1: thank you. And it's now six ten on Wall Street.
Speaker 1: Time for the Bloomberg Sports Update. And here's Scott Seidenberg.
Speaker 1: Thanks John. The Mets belf to the Giants yesterday. Rookie
Speaker 1: Thomas Szapucky was roughed up in his first big league start.
Speaker 1: Evan Mongoria homer twice, Jock Peterson one team for the
Speaker 1: fourth time in two games as the Giants beat the
Speaker 1: Mets nine three. For Zapucky, he allowed nine runs on
Speaker 1: seven hits and three walks in just an inning and
Speaker 1: a third, a much different result for Yankees rookie pitcher J. P. Sears,
Speaker 1: making his first big league start. Sears tossed five scoreless
Speaker 1: innings as the Yankees blank the Orioles to nothing. Hockey tonight,
Speaker 1: Game five between the Rangers and her Kings from Carolina here,
Speaker 1: said coach Gerard Glenn. We played them two wheel good
Speaker 1: games in the building last week, and I know we
Speaker 1: didn't meant with the win, but we played two good
Speaker 1: AGGA games, So I gotta keep working, keep playing, and
Speaker 1: it's gonna be a big game five and a NBA
Speaker 1: The Celtics beat the Heat n eighty. There now one
Speaker 1: win away from a trip to the NBA Finals. Tonight,
Speaker 1: the Warriors look to close out the Mavericks in Game
Speaker 1: five of the Western Finals. Tennis, at the French Open,
Speaker 1: raining women's singles and doubles champ Barbara Cratchykova was upset
Speaker 1: in the first round on Monday, and now she will
Speaker 1: not defend her doubles title as the world's number two
Speaker 1: players tested positive for COVID nineteen. Elsewhere, Raphael and Nadal
Speaker 1: reached the three hundred Grand Slam match victories with his
Speaker 1: second round win. Only Roger Federer with three sixty nine
Speaker 1: and Novak Djokovic with three twenty five have more wins
Speaker 1: at major tournaments. I'm scotts Edinburg with Bloomberg Sports, John,
Speaker 1: and thanks a lot. Right now, as we look at futures,
Speaker 1: they've turned green down. Futures up one hundred and fifteen points,
Speaker 1: that's a four tense of eight percent now, SMP futures,
Speaker 1: the E mini futures up twelve points, a three tens
Speaker 1: of percent. Technica futures right now, they've turned green up
Speaker 1: nine points right now. And as we look at the
Speaker 1: volatility index, the VIX is slightly lower right now at
Speaker 1: one Wall streets fear gage and the tenure yield, Yeah,
Speaker 1: the US down one basis point, the benchmark at two
Speaker 1: point seven two. You're listening the Bloomberg day Break. Bloomberg
Speaker 1: weather reports Today, cloudy, maybe a shower of the high
Speaker 1: seventy Tomorrow, cloud showers, thunderstorms, Saturday, showers and storms ending
Speaker 1: during the morning. Miss is Bloomberg