1 00:00:03,320 --> 00:00:06,359 Speaker 1: Live from the Bloomberg Interacted Berger Studios. This is Bloomberg 2 00:00:06,400 --> 00:00:09,880 Speaker 1: day Break for Wednesday, June one. Coming up this hour, 3 00:00:10,080 --> 00:00:12,640 Speaker 1: Wall Street kicks off a new trading month after May 4 00:00:12,640 --> 00:00:15,320 Speaker 1: saw the SMP five hundreds here on a pair of markets. 5 00:00:15,480 --> 00:00:18,560 Speaker 1: Treasury Secretary Janet Yellen says she got in wrong last 6 00:00:18,600 --> 00:00:21,480 Speaker 1: year on inflation. The FED starts to shrink its eight 7 00:00:21,520 --> 00:00:24,120 Speaker 1: point nine truly the other ballot sheet, and the US 8 00:00:24,280 --> 00:00:27,680 Speaker 1: ramps up military support to Ukraine. New York Governor Holcill 9 00:00:27,760 --> 00:00:30,800 Speaker 1: introduces new gun reform measures, plus the first funerals have 10 00:00:30,880 --> 00:00:33,319 Speaker 1: again for the victims of the Texas school shooting. Gun 11 00:00:33,400 --> 00:00:36,480 Speaker 1: I'm Michael blarn More ahelf. I'm trying Stash Sharon. Sports 12 00:00:36,479 --> 00:00:39,400 Speaker 1: blowout wins at Alton Mets and Yankees Rangers in Lightning 13 00:00:39,479 --> 00:00:44,680 Speaker 1: play Game one at the Garden h tonight. That's all 14 00:00:44,760 --> 00:00:48,360 Speaker 1: stread ahead on Bloomberg day Break on Bloomberg eleven three, 15 00:00:48,360 --> 00:00:52,599 Speaker 1: on New York Bloomberg one, Washington, d C, Bloomberg one 16 00:00:52,640 --> 00:00:56,840 Speaker 1: oh six one, Boston, Bloomberg nine sixties and Francisco Sirius 17 00:00:57,000 --> 00:01:00,000 Speaker 1: x M one nineteen and around the world on Bloomberg 18 00:01:00,040 --> 00:01:11,160 Speaker 1: Radio dot Com and via the Bluebird Business app Index 19 00:01:11,280 --> 00:01:13,839 Speaker 1: futures are mixed this morning. We're coming up to funt 20 00:01:13,880 --> 00:01:15,559 Speaker 1: on one on Wall Street, and we checked the markets 21 00:01:15,560 --> 00:01:18,720 Speaker 1: every fifteen minutes throughout the trading day on bloomberg S 22 00:01:18,760 --> 00:01:21,399 Speaker 1: and P futures up four points down, futures of A 23 00:01:21,480 --> 00:01:25,360 Speaker 1: hundred fifteen, and Nastack futures lower down sixteen. Now the 24 00:01:25,400 --> 00:01:28,280 Speaker 1: ten year treasury down five thirty seconds. They yield two 25 00:01:28,319 --> 00:01:30,600 Speaker 1: point eight six percent, and they yield on the two 26 00:01:30,680 --> 00:01:33,880 Speaker 1: year two point five seven percent, and the euro one 27 00:01:33,959 --> 00:01:37,520 Speaker 1: point seven eight against the dollar. Nathan Caring US stocks 28 00:01:37,600 --> 00:01:39,800 Speaker 1: begin this month of June after coming off a month 29 00:01:39,840 --> 00:01:43,600 Speaker 1: where the SNP five hundred is basically unchanged, but that 30 00:01:43,680 --> 00:01:47,800 Speaker 1: does not explain the extreme volatility. During the month of May, 31 00:01:47,840 --> 00:01:51,200 Speaker 1: the benchmark index surged more than eight percent after falling 32 00:01:51,240 --> 00:01:53,880 Speaker 1: within points of a twenty pcent dropped from a record, 33 00:01:54,000 --> 00:01:58,160 Speaker 1: signifying a bear market. Peter Oppenheimer's chief Global equity strategistic 34 00:01:58,160 --> 00:02:01,960 Speaker 1: Goldman sacks, if you look at history for markets, at 35 00:02:02,040 --> 00:02:04,320 Speaker 1: least when you get pea inflation, you do tend to 36 00:02:04,360 --> 00:02:08,000 Speaker 1: get a recovery in risk assets, and that's generally because 37 00:02:08,040 --> 00:02:12,320 Speaker 1: it starts to alleviate pressures on on interest rates. By 38 00:02:12,360 --> 00:02:16,280 Speaker 1: that stage, you've usually had markets ready pricing in an 39 00:02:16,280 --> 00:02:20,120 Speaker 1: economic downturn. So at the point where people think that 40 00:02:20,200 --> 00:02:22,959 Speaker 1: things are bad but getting less bad, you tend to 41 00:02:22,960 --> 00:02:26,160 Speaker 1: get a recovery. Goldman Sachs. Chief global equity strategist Peter 42 00:02:26,240 --> 00:02:29,320 Speaker 1: Roppenheimer still says he expects markets to be very volatile 43 00:02:29,360 --> 00:02:32,240 Speaker 1: over the next few months, hopping left sentiment this morning, 44 00:02:32,320 --> 00:02:35,680 Speaker 1: Nathan has corporate earning shares a Salesforce up eight percent 45 00:02:35,760 --> 00:02:39,040 Speaker 1: in early trading, the company raising its annual profit forecast, 46 00:02:39,080 --> 00:02:42,560 Speaker 1: and we get more from Bloomberg's Dunk Christner. It signals 47 00:02:42,560 --> 00:02:45,160 Speaker 1: demand for business software is holding up in the face 48 00:02:45,200 --> 00:02:50,079 Speaker 1: of macro economic instability. Salesforce said fiscal year earnings excluding 49 00:02:50,120 --> 00:02:52,600 Speaker 1: some items, will be as much as four dollar seventy 50 00:02:52,639 --> 00:02:56,320 Speaker 1: six cents. Analyst on average estimated annual profit of four 51 00:02:56,360 --> 00:03:00,400 Speaker 1: dollar sixty eight cents. Salesforce is the leader in based 52 00:03:00,440 --> 00:03:04,280 Speaker 1: customer management software now. During the pandemic, the company expanded 53 00:03:04,280 --> 00:03:07,560 Speaker 1: its products for business productivity with the purchase of the 54 00:03:07,600 --> 00:03:11,160 Speaker 1: messaging platform Slack at a price of twenty seven point 55 00:03:11,280 --> 00:03:14,280 Speaker 1: seven billion dollars. In New York, I'm Doug Christener Bloomberg 56 00:03:14,320 --> 00:03:16,880 Speaker 1: Gay Break, Okay, Doug Thanks. Crude oil is also on 57 00:03:16,919 --> 00:03:18,960 Speaker 1: the rise this morning right now trading at a hundred 58 00:03:19,040 --> 00:03:22,200 Speaker 1: sixteen dollar seventeen cents a barrel on the Nmax. This 59 00:03:22,280 --> 00:03:25,480 Speaker 1: comes ahead of an OPEC plus routine meeting tomorrow to 60 00:03:25,560 --> 00:03:29,160 Speaker 1: discuss supply policy. Ed Morris's City Groups global head of 61 00:03:29,160 --> 00:03:31,880 Speaker 1: commodity Research. He says triple digit oil should be a 62 00:03:31,960 --> 00:03:35,160 Speaker 1: lot lower. We have to just look at the cost 63 00:03:35,200 --> 00:03:37,560 Speaker 1: structure of the industry. You have to look at where 64 00:03:37,640 --> 00:03:40,839 Speaker 1: new production is coming and where would be coming even 65 00:03:40,880 --> 00:03:43,520 Speaker 1: if we didn't have a hundred twenty three dollar red 66 00:03:43,760 --> 00:03:46,400 Speaker 1: and I'd say it's more in the seventy dollar range 67 00:03:46,440 --> 00:03:48,920 Speaker 1: than it is in the dwy dollar range, the City 68 00:03:48,920 --> 00:03:51,640 Speaker 1: Groups said. Moore says demand for oil and refined products 69 00:03:51,640 --> 00:03:55,480 Speaker 1: is falling as the economy starts bracing for a recession. Well, Nathan, 70 00:03:55,480 --> 00:03:58,280 Speaker 1: Inflation still a major focus for market's in the top 71 00:03:58,280 --> 00:04:01,520 Speaker 1: political challenge for the White House. Now, Treasury Secretary Janet 72 00:04:01,600 --> 00:04:04,520 Speaker 1: Yellen is admitting she got it wrong last year when 73 00:04:04,520 --> 00:04:08,240 Speaker 1: she said inflation would only be temporary. There have been 74 00:04:08,400 --> 00:04:13,800 Speaker 1: unanticipated and lord shocks to the economy that have boosted 75 00:04:14,520 --> 00:04:20,000 Speaker 1: energy and food prices and um supplied bottle knicks that 76 00:04:20,120 --> 00:04:24,240 Speaker 1: have affected our economy badly that I didn't at the time, 77 00:04:24,360 --> 00:04:29,160 Speaker 1: didn't fully understand, but we recognize that now. And an 78 00:04:29,160 --> 00:04:32,400 Speaker 1: interview as CNN, Secretary Yellen said she's encouraged that core 79 00:04:32,520 --> 00:04:34,680 Speaker 1: prices have started to come down, but she says she 80 00:04:34,760 --> 00:04:37,760 Speaker 1: can't rule out future shocks. What Secretary Yellen was at 81 00:04:37,760 --> 00:04:40,200 Speaker 1: the White House yesterday, Karen for a rare meeting between 82 00:04:40,200 --> 00:04:43,960 Speaker 1: President Biden and FED chair j Powell. President used it 83 00:04:44,000 --> 00:04:46,800 Speaker 1: to declare that he respects the Central banks independence while 84 00:04:46,920 --> 00:04:50,680 Speaker 1: shifting responsibility for taming decades high inflation. I'm not going 85 00:04:50,720 --> 00:04:55,800 Speaker 1: to interfere with their critically important work fetal responsibilities one 86 00:04:55,920 --> 00:05:00,200 Speaker 1: full employment to stable prices. This is President Biden's ward 87 00:05:00,279 --> 00:05:03,880 Speaker 1: in person session with Chairman Palellson's taking office and the 88 00:05:03,880 --> 00:05:06,159 Speaker 1: FED will also be in focus today. Nathan. It's set 89 00:05:06,200 --> 00:05:09,520 Speaker 1: to start shrinking it's eight point nine trillion dollar balance sheet. 90 00:05:09,600 --> 00:05:11,800 Speaker 1: The Central Bank also releases the Beige Book, and we 91 00:05:11,880 --> 00:05:15,039 Speaker 1: get more from Bloomberg's Michael McKee. The question is what 92 00:05:15,080 --> 00:05:17,719 Speaker 1: will investors learn from the Beige Book that they don't 93 00:05:17,760 --> 00:05:21,120 Speaker 1: already know. Are there hints in the anecdotal reports suggesting 94 00:05:21,360 --> 00:05:24,480 Speaker 1: some goods or services are seeing prices level offer decline. 95 00:05:24,880 --> 00:05:29,000 Speaker 1: Will there be any indications the labor market is loosening? Overall? 96 00:05:29,040 --> 00:05:31,880 Speaker 1: The Beige Book is likely to assess the economy continues 97 00:05:31,920 --> 00:05:34,520 Speaker 1: to expand at a moderate pace. That's the phrase the 98 00:05:34,520 --> 00:05:38,680 Speaker 1: Fed usually uses. Consumers are still spending and manufacturers are 99 00:05:38,720 --> 00:05:41,839 Speaker 1: trying to keep up. The survey is one input into 100 00:05:41,960 --> 00:05:45,440 Speaker 1: FED policy decisions, but the Central Bank has already suggested 101 00:05:45,480 --> 00:05:47,760 Speaker 1: it's made up his mind to raise rates at the 102 00:05:47,800 --> 00:05:50,880 Speaker 1: next two meetings. Michael McKee, Bloomberg Daybreak. All right, Mike, 103 00:05:50,920 --> 00:05:53,920 Speaker 1: thanks now the latest developments on the war. President Biden 104 00:05:53,960 --> 00:05:57,240 Speaker 1: says he will give Ukraine advanced rocket systems and other 105 00:05:57,320 --> 00:06:00,320 Speaker 1: weaponry to help in its battle with Russia. Amy Morris 106 00:06:00,320 --> 00:06:04,200 Speaker 1: has details from our Bloomberg room in Washington. The President 107 00:06:04,200 --> 00:06:06,840 Speaker 1: made the announcement in a New York Times article published 108 00:06:06,920 --> 00:06:10,080 Speaker 1: last night. A senior US official hotels Bloomberg News. The 109 00:06:10,120 --> 00:06:13,599 Speaker 1: package includes missiles that will allow Ukraine to strike locations 110 00:06:13,600 --> 00:06:16,800 Speaker 1: as far as eighty kilometers away, and while world leaders 111 00:06:16,800 --> 00:06:19,480 Speaker 1: have publicly called for such a move, one concern is 112 00:06:19,520 --> 00:06:23,039 Speaker 1: whether Ukraine would use them to strike targets inside Russia 113 00:06:23,360 --> 00:06:26,480 Speaker 1: that would risk expanding the war and pulling in NATO countries. 114 00:06:26,760 --> 00:06:29,160 Speaker 1: The White House plans to formally announce the new seven 115 00:06:29,240 --> 00:06:33,320 Speaker 1: hundred million dollar security assistance package today in Washington. I'm 116 00:06:33,360 --> 00:06:36,560 Speaker 1: Amy Morris, Bloomberg Daybreak, Right, Amy, thank you. While President 117 00:06:36,640 --> 00:06:39,520 Speaker 1: Biden will also be addressing the baby formulas shortage in 118 00:06:39,560 --> 00:06:41,680 Speaker 1: the country. The White House said the President will meet 119 00:06:41,760 --> 00:06:46,040 Speaker 1: virtually with infant formula manufacturers this afternoon. We'll finally careen. 120 00:06:46,120 --> 00:06:48,640 Speaker 1: The world's richest man appears to have had it with 121 00:06:48,680 --> 00:06:52,240 Speaker 1: this whole working from home thing. Testla CEO Elon Musk 122 00:06:52,360 --> 00:06:55,120 Speaker 1: weighed in on the debate on Twitter by elaborating on 123 00:06:55,160 --> 00:06:58,200 Speaker 1: an email he apparently sent to the Electric Carmakers executive 124 00:06:58,200 --> 00:07:01,880 Speaker 1: staff under the subject line m work is no longer acceptable. 125 00:07:02,320 --> 00:07:04,880 Speaker 1: Must grote that anyone who wishes to do remote work 126 00:07:04,960 --> 00:07:07,040 Speaker 1: must be in the office for a minimum of forty 127 00:07:07,040 --> 00:07:11,680 Speaker 1: hours per week or depart Tesla S ANDP. Future is 128 00:07:11,760 --> 00:07:14,040 Speaker 1: right now up six points as we get ready to 129 00:07:14,120 --> 00:07:16,120 Speaker 1: kick off the month of June. Straight ahead your latest 130 00:07:16,160 --> 00:07:23,360 Speaker 1: local headlines and the check sports. This is Bloomberg. It's 131 00:07:23,360 --> 00:07:25,360 Speaker 1: now five oh seven on Wall Street, where it's sixty 132 00:07:25,400 --> 00:07:27,720 Speaker 1: degrees in Central Park. Still dealing with a little overnight 133 00:07:27,760 --> 00:07:30,440 Speaker 1: construction on the south end of Jersey Turnpike truck lanes. 134 00:07:30,920 --> 00:07:33,720 Speaker 1: Details coming up in traffic. First Michael Bark with more 135 00:07:33,760 --> 00:07:35,560 Speaker 1: on what's going on in New York and around the world. 136 00:07:35,640 --> 00:07:39,000 Speaker 1: Good morning, Michael, Good morning Nathan. Governor Kathy Oakle introduced 137 00:07:39,000 --> 00:07:41,720 Speaker 1: a new package of gun reformed bills for New York 138 00:07:41,800 --> 00:07:45,680 Speaker 1: State and after mass shootings in Buffalo and Uvaldi. It's 139 00:07:45,680 --> 00:07:48,480 Speaker 1: a total of ten bills that would tighten New York's 140 00:07:48,520 --> 00:07:52,520 Speaker 1: gun laws and close loopholes. Huncle says New York already 141 00:07:52,560 --> 00:07:54,520 Speaker 1: has some of the toughest gun laws in the country, 142 00:07:54,520 --> 00:07:57,800 Speaker 1: but clearly we need to make them even stronger. Among 143 00:07:57,880 --> 00:08:01,880 Speaker 1: the proposed legislation is increased in the minimum age required 144 00:08:01,880 --> 00:08:05,480 Speaker 1: to buy a semi automatic rifle from eighteen to twenty one. 145 00:08:05,640 --> 00:08:08,240 Speaker 1: The victims of last week's mass shooting in a Texas 146 00:08:08,240 --> 00:08:10,560 Speaker 1: grade school are being laid to rest in New Valley. 147 00:08:10,800 --> 00:08:14,520 Speaker 1: The first funerals were held yesterday. A gunman killed nineteen 148 00:08:14,600 --> 00:08:19,080 Speaker 1: children and two teachers. One of those teachers was Ava Morrellus. 149 00:08:19,080 --> 00:08:22,760 Speaker 1: Her sister, Maggie Morrellus. Thomas says she told Governor abbot. 150 00:08:22,960 --> 00:08:25,600 Speaker 1: If he wants to help, he could change the state's 151 00:08:25,640 --> 00:08:29,800 Speaker 1: gun laws. There's no reason why this type of weapon 152 00:08:31,040 --> 00:08:35,560 Speaker 1: should be among us people here. These things belong in 153 00:08:35,600 --> 00:08:39,560 Speaker 1: the war. There's no war in the classroom. There's no 154 00:08:39,640 --> 00:08:43,880 Speaker 1: war out here. Maggie morrellus Thomas says she does not 155 00:08:44,040 --> 00:08:47,439 Speaker 1: want anyone to forget her sister's name. Seventeen other people 156 00:08:47,480 --> 00:08:50,120 Speaker 1: were injured in the shooting. A woman wounded, and in 157 00:08:50,280 --> 00:08:53,079 Speaker 1: April New York City subway shooting is filed a lawsuit 158 00:08:53,120 --> 00:08:57,560 Speaker 1: against gun manufacturer Glock. In her lawsuit, Eileen Stewart says 159 00:08:57,640 --> 00:09:01,920 Speaker 1: Glock endangered the public health and say the for the marketing, distribution, 160 00:09:02,040 --> 00:09:05,120 Speaker 1: and sales of its guns. Ten people were shot and 161 00:09:05,160 --> 00:09:07,599 Speaker 1: wounded as a man fire, dozens of bullets and the 162 00:09:07,679 --> 00:09:11,479 Speaker 1: subway train full of morning commuters. New York was suspending 163 00:09:11,559 --> 00:09:13,839 Speaker 1: its gas tax for the rest of the year. It 164 00:09:13,880 --> 00:09:17,160 Speaker 1: would save sixteen cents per gallant. Joining Connecticut and suspending 165 00:09:17,160 --> 00:09:20,400 Speaker 1: the gas tax. Governor hoc announced the new l I 166 00:09:20,520 --> 00:09:23,800 Speaker 1: Double R terminal in midtown Manhattan will be named Grand 167 00:09:23,880 --> 00:09:27,320 Speaker 1: Central Madison. You're talking about a place as iconic as 168 00:09:27,360 --> 00:09:31,520 Speaker 1: Grand Central. You can't change that. And this conjures up 169 00:09:31,559 --> 00:09:34,920 Speaker 1: the images of glory in a time early nine hundred 170 00:09:35,040 --> 00:09:39,800 Speaker 1: nineteen nineteen twelve, when when the world was stunned by 171 00:09:39,960 --> 00:09:44,599 Speaker 1: the magistrate of this building itself. Governor Hokel says it 172 00:09:44,679 --> 00:09:47,160 Speaker 1: will be completed by the end of this year. Global 173 00:09:47,200 --> 00:09:49,520 Speaker 1: News twenty four hours a day on air and on 174 00:09:49,559 --> 00:09:53,320 Speaker 1: Bloomberg Quittake, powered by more than journalists analysts more than 175 00:09:53,360 --> 00:09:58,120 Speaker 1: a hundred twenty countries. I'm Michael Barrn. This is Bloomberg Nathan. Alright, Michael, 176 00:09:58,160 --> 00:10:05,720 Speaker 1: thank you. We're coming up to five ten on Wall Street. 177 00:10:05,720 --> 00:10:09,160 Speaker 1: Time for the Bloomberg Sports Update, comporting John stash Our Morning, Nathan. 178 00:10:09,200 --> 00:10:10,920 Speaker 1: Mets and Yankees both at home. They won by a 179 00:10:11,000 --> 00:10:14,000 Speaker 1: combined score of nineteen o one. It was ten nothing 180 00:10:14,040 --> 00:10:17,040 Speaker 1: for the Mats over Washington had seventeen hits, Mark Canna 181 00:10:17,120 --> 00:10:19,920 Speaker 1: had four, jeff Rick Meal three home run for Starling 182 00:10:19,960 --> 00:10:22,200 Speaker 1: Marte and edwardo Escobar, and the Mets have won five 183 00:10:22,200 --> 00:10:25,720 Speaker 1: in rows, scoring forty four runs in those five games, 184 00:10:25,800 --> 00:10:28,000 Speaker 1: twenty three runs in the two games so far with 185 00:10:28,080 --> 00:10:30,280 Speaker 1: the Nationals. At day games today at City Fields at 186 00:10:30,280 --> 00:10:33,120 Speaker 1: the Stadium, Yanks over the Angels nine to one, four 187 00:10:33,240 --> 00:10:35,160 Speaker 1: run first inning with the two run over by the 188 00:10:35,160 --> 00:10:37,800 Speaker 1: newest Yank Matt Carpenter, whose a Trevino later with a 189 00:10:37,840 --> 00:10:41,040 Speaker 1: two run shot and twenty of run support for Jordan Montgomery, 190 00:10:41,080 --> 00:10:43,160 Speaker 1: who normally does not get it. He got his first 191 00:10:43,160 --> 00:10:46,120 Speaker 1: win wild start to the Stanley Cup West Finals as 192 00:10:46,160 --> 00:10:48,960 Speaker 1: and Oilers in Denver. They combined for five goals in 193 00:10:49,000 --> 00:10:51,760 Speaker 1: the first period, six more in the second. He has 194 00:10:51,840 --> 00:10:54,040 Speaker 1: led seven to three. It was cut to seven six 195 00:10:54,400 --> 00:10:57,160 Speaker 1: Colorado held on eight six. Don't expect the game like 196 00:10:57,200 --> 00:10:59,280 Speaker 1: that tonight at the Gardeners. The Rangers and Lightning begin 197 00:10:59,679 --> 00:11:02,680 Speaker 1: the East Finals. Two terrific goalies in this series. The 198 00:11:02,760 --> 00:11:06,760 Speaker 1: Rangers igors Just Turkin Tampa Bays Andre Vassilevski. The Ranger 199 00:11:06,800 --> 00:11:10,040 Speaker 1: defenseman is Adam Fox, two of the top goalies obviously 200 00:11:10,200 --> 00:11:16,080 Speaker 1: uh as his traft record speak for itself, but kind 201 00:11:16,080 --> 00:11:18,240 Speaker 1: of does to what he's done this year has been 202 00:11:19,160 --> 00:11:23,160 Speaker 1: Stanley impressive, So definitely two good goal is uh you know, 203 00:11:23,360 --> 00:11:28,240 Speaker 1: coming together and a lot of the Lightning, two time 204 00:11:28,280 --> 00:11:31,440 Speaker 1: defending Stanley Cup champs. They just won their tenth straight series. 205 00:11:31,679 --> 00:11:33,720 Speaker 1: They swept Florida, who was the top seed in the 206 00:11:33,760 --> 00:11:36,720 Speaker 1: East fifty ninth match between Raphael and Ala Novak Djokovic, 207 00:11:36,720 --> 00:11:40,000 Speaker 1: who Natalie leads thirty to twenty nine the Dow one 208 00:11:40,000 --> 00:11:41,920 Speaker 1: in four sets. He's into the semi finals of the 209 00:11:41,920 --> 00:11:45,280 Speaker 1: French Open. John stash Or Bloomberg Sports Nathan all Right, John, 210 00:11:45,320 --> 00:11:48,240 Speaker 1: thanks right now. SMP futures are higher by five points, 211 00:11:48,240 --> 00:11:50,319 Speaker 1: Stole futures up a hundred twenty eight. That's again of 212 00:11:50,360 --> 00:11:53,480 Speaker 1: four tenths percent for the Dow. NASAC features are lower, 213 00:11:53,600 --> 00:11:57,920 Speaker 1: down twelve points. Tenure treasuries down five thirty seconds, the 214 00:11:58,000 --> 00:12:02,280 Speaker 1: yield two point eight six percent. Stay with us. You 215 00:12:02,320 --> 00:12:07,720 Speaker 1: are listening to Bloomberg Daybreak one and three adults, and 216 00:12:07,760 --> 00:12:10,800 Speaker 1: Bloomberg Daybreak is brought to you by p Pack Gladstone Bank. 217 00:12:11,360 --> 00:12:13,920 Speaker 1: At p Pack Gladstone Bank, they believe that all banking 218 00:12:13,960 --> 00:12:17,400 Speaker 1: should be private banking. To learn more, visit pg bank 219 00:12:17,720 --> 00:12:23,480 Speaker 1: dot com. Today, Markets headlines and breaking news twenty four 220 00:12:23,520 --> 00:12:26,520 Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business 221 00:12:26,559 --> 00:12:36,120 Speaker 1: Outland at Bloomberg Quicktape. This is a Bloomberg Business Flash. 222 00:12:36,600 --> 00:12:39,480 Speaker 1: And I'm Karen Moscow and stocks in Europe and US 223 00:12:39,520 --> 00:12:42,480 Speaker 1: stock index futures have been struggling for direction. I'm at 224 00:12:42,480 --> 00:12:45,440 Speaker 1: a debate over the scale of central bank monetary policy 225 00:12:45,480 --> 00:12:48,240 Speaker 1: tightening needed to find inflation. We checked the markets every 226 00:12:48,240 --> 00:12:51,839 Speaker 1: fifteen minutes throughout the trading day on Bloomberg and the futures. 227 00:12:51,840 --> 00:12:54,320 Speaker 1: They're mixed. This morning. S and P futures are up 228 00:12:54,320 --> 00:12:56,640 Speaker 1: six points down, futures of a hundred thirty three and 229 00:12:56,720 --> 00:12:59,960 Speaker 1: nasdec futures down nine. The decks in Germany's up three 230 00:13:00,080 --> 00:13:03,240 Speaker 1: tens of upper sent ten. Your treasury down five thirty seconds, 231 00:13:03,320 --> 00:13:05,320 Speaker 1: YELD two point eight six percent. They yield on a 232 00:13:05,360 --> 00:13:08,400 Speaker 1: two year two point five seven percent nine Max Screwed 233 00:13:08,400 --> 00:13:10,520 Speaker 1: oil is up one point six percent, up a dollar 234 00:13:10,640 --> 00:13:13,680 Speaker 1: eighty three and a hundred sixteen dollars forty nine cents 235 00:13:13,679 --> 00:13:16,600 Speaker 1: of barrel comics. Gold is down one percent, or seventeen 236 00:13:16,600 --> 00:13:19,960 Speaker 1: dollars seventy cents at eighteen thirty seventy announced. The Euro 237 00:13:20,040 --> 00:13:22,320 Speaker 1: one point oh seven one nine against the dollar, British 238 00:13:22,320 --> 00:13:24,560 Speaker 1: pound one point to five eight one, the yen at 239 00:13:24,559 --> 00:13:27,680 Speaker 1: one nine point four zero, and Bitcoin this morning down 240 00:13:27,679 --> 00:13:31,679 Speaker 1: six ten percent at thirty one five nine dollars. Today 241 00:13:31,720 --> 00:13:35,000 Speaker 1: we are watching for reports on construction spending and manufacturing 242 00:13:35,000 --> 00:13:36,839 Speaker 1: at at ten o'clock Wall Street time, along with the 243 00:13:36,920 --> 00:13:39,920 Speaker 1: Jolts jobs report, and the Federal Reserve releases its BIGE 244 00:13:40,000 --> 00:13:43,040 Speaker 1: book at h That's a Bloomberg Business Flash. Now here's 245 00:13:43,040 --> 00:13:45,839 Speaker 1: Michael Barr with more on what's going on around the world. Michael, 246 00:13:45,840 --> 00:13:49,120 Speaker 1: good morning, Good morning, Karen. President Joe Biden said he'll 247 00:13:49,200 --> 00:13:53,800 Speaker 1: give Ukraine advanced rocket systems, another US weaponry to better 248 00:13:53,880 --> 00:13:56,720 Speaker 1: hit targets and its war with Russia. The White House 249 00:13:56,760 --> 00:13:59,559 Speaker 1: plans to announce the new seven hundred million dollar Security 250 00:13:59,559 --> 00:14:02,680 Speaker 1: Assist Its Package today. Since the war began, the US 251 00:14:02,760 --> 00:14:05,520 Speaker 1: has supplied more than four point five billion dollars in 252 00:14:05,600 --> 00:14:09,320 Speaker 1: military aid. The first funerals for victims of last week's 253 00:14:09,320 --> 00:14:13,520 Speaker 1: mass shooting at rob Elementary School began yesterday in Yuvaldi, Texas. 254 00:14:13,840 --> 00:14:16,280 Speaker 1: In baseball, the Yankees one, the met shut out the 255 00:14:16,360 --> 00:14:19,760 Speaker 1: Nationals ten zip the Red Sox Orioles, and A's lost 256 00:14:19,800 --> 00:14:24,120 Speaker 1: the Giants one. In the NHL Eastern Conference Finals, two 257 00:14:24,240 --> 00:14:27,720 Speaker 1: night is Game one as the Rangers host The Lightning 258 00:14:28,000 --> 00:14:30,800 Speaker 1: Global News twenty four hours a day on air and 259 00:14:31,000 --> 00:14:34,440 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 260 00:14:34,480 --> 00:14:37,360 Speaker 1: journalists and analysts in more than a hundred twenty countries. 261 00:14:37,440 --> 00:14:40,360 Speaker 1: I'm Michael Barr and this is Bloomberg. Nathan. All right, Michael, 262 00:14:40,400 --> 00:14:42,600 Speaker 1: thank you. It's five nineteen on Wall Street Line from 263 00:14:42,640 --> 00:14:45,960 Speaker 1: the Bloomberg Interactive Brokers Studios. This is Bloomberg day Break. 264 00:14:46,000 --> 00:14:47,920 Speaker 1: Let's get more now. In that top story, Michael Barr 265 00:14:48,000 --> 00:14:50,960 Speaker 1: just mentioned in the news there President Biden saying he 266 00:14:51,040 --> 00:14:56,160 Speaker 1: will give Ukraine advanced rocket systems seven hundred million dollars 267 00:14:56,200 --> 00:14:58,840 Speaker 1: in new military assistance on top of the more than 268 00:14:58,920 --> 00:15:02,040 Speaker 1: four billion that's all ready been committed. Now the the 269 00:15:02,160 --> 00:15:06,360 Speaker 1: Ukraine War is into its fourth month. Julie Norman joins 270 00:15:06,440 --> 00:15:08,880 Speaker 1: US now co director of the Center for US Politics 271 00:15:09,200 --> 00:15:12,800 Speaker 1: at University College London, Professor, It's always good to speak 272 00:15:12,840 --> 00:15:15,520 Speaker 1: with you. Thanks for being with us. This new assistance 273 00:15:15,680 --> 00:15:18,560 Speaker 1: that President Biden is promising, will it be enough to 274 00:15:18,600 --> 00:15:21,960 Speaker 1: turn the tide in this war? Well, good morning, Nathan. 275 00:15:22,120 --> 00:15:26,600 Speaker 1: And obviously Zelinski has been pushing the West for higher 276 00:15:26,680 --> 00:15:29,880 Speaker 1: level of weapons systems from the beginning. This is a 277 00:15:29,960 --> 00:15:33,560 Speaker 1: weapon system that should help, especially in the offenses in 278 00:15:33,640 --> 00:15:36,520 Speaker 1: the East where there's been kind of the ongoing slug 279 00:15:36,560 --> 00:15:40,240 Speaker 1: of artillery battles. And essentially what this a package essentially 280 00:15:40,240 --> 00:15:43,560 Speaker 1: will offer is long range rocket systems that can hit 281 00:15:43,560 --> 00:15:46,560 Speaker 1: targets like forty pretty much forty to fifty miles away, 282 00:15:46,600 --> 00:15:49,640 Speaker 1: compared to the howitzers that we currently supply that can 283 00:15:49,720 --> 00:15:52,280 Speaker 1: hit targets out eighteen miles away. So it does give 284 00:15:52,360 --> 00:15:55,240 Speaker 1: a bit more power in that regard. It's not the 285 00:15:55,280 --> 00:15:57,600 Speaker 1: longest weapon systems the US has, what's kind of the 286 00:15:57,680 --> 00:16:02,560 Speaker 1: mid range one. Biden was really explicit in his comments 287 00:16:02,560 --> 00:16:04,640 Speaker 1: on this and writing about it, saying that this is 288 00:16:04,680 --> 00:16:08,520 Speaker 1: for use for defense within Ukraine's borders, not to target 289 00:16:08,600 --> 00:16:12,920 Speaker 1: Russia over the border. So very explicit language from Biden 290 00:16:13,000 --> 00:16:16,000 Speaker 1: how he sees or wants these weapon systems to be used. 291 00:16:16,240 --> 00:16:19,320 Speaker 1: Given how much range these weapons systems do have forty 292 00:16:19,360 --> 00:16:21,400 Speaker 1: to fifty miles, as you say, and given where the 293 00:16:21,400 --> 00:16:24,440 Speaker 1: war is centered at the moment in eastern Ukraine and 294 00:16:24,480 --> 00:16:28,600 Speaker 1: the disputed uh Don Boss region, is there a risk 295 00:16:29,000 --> 00:16:32,960 Speaker 1: that providing these sorts of mid range weapons systems could 296 00:16:33,080 --> 00:16:36,960 Speaker 1: widen the war further? Well, it's certainly a concern, and 297 00:16:37,000 --> 00:16:40,320 Speaker 1: it's one reason why the administration has been i would 298 00:16:40,320 --> 00:16:43,160 Speaker 1: say a little bit uh you know, hesitant to reluctant 299 00:16:43,160 --> 00:16:45,840 Speaker 1: in the past to supply them. Your Russia has signaled 300 00:16:45,960 --> 00:16:48,920 Speaker 1: very strongly that they wouldn't see this as an escalation. 301 00:16:49,040 --> 00:16:52,160 Speaker 1: They do see this as increased US involvement. And again 302 00:16:52,200 --> 00:16:55,640 Speaker 1: that's why we see these weapons, coupled with the very 303 00:16:55,640 --> 00:16:58,560 Speaker 1: strong messaging from the US that they don't want these 304 00:16:58,600 --> 00:17:01,280 Speaker 1: to be used offensively over the order, and even more 305 00:17:01,320 --> 00:17:04,680 Speaker 1: explicit language also from Biden saying that he doesn't want 306 00:17:04,680 --> 00:17:08,240 Speaker 1: this war to drag on simply to cause pain for Russia. 307 00:17:08,480 --> 00:17:11,240 Speaker 1: Their goal is simply to try and you establish a 308 00:17:11,280 --> 00:17:13,959 Speaker 1: sovereign Ukraine with the needs to defend itself. So a 309 00:17:14,000 --> 00:17:17,720 Speaker 1: bit more clarifying of messaging from Biden and how and 310 00:17:17,760 --> 00:17:20,600 Speaker 1: why he sees these weapons being necessary, and perhaps we've 311 00:17:20,600 --> 00:17:23,600 Speaker 1: seen in some of the past weapons releases. I want 312 00:17:23,600 --> 00:17:25,680 Speaker 1: to shift from the war in Ukraine to the war 313 00:17:25,880 --> 00:17:30,160 Speaker 1: on inflation, something that President Biden is being pretty explicit 314 00:17:30,160 --> 00:17:32,720 Speaker 1: about wanting to focus on now over the next month. 315 00:17:32,880 --> 00:17:36,800 Speaker 1: Here we got that meeting yesterday with a FED chair J. Powell, 316 00:17:36,960 --> 00:17:40,600 Speaker 1: and now this admission on CNN from Treasury Secretary yelling 317 00:17:41,040 --> 00:17:43,480 Speaker 1: that she got it wrong when she says when she 318 00:17:43,480 --> 00:17:47,280 Speaker 1: said that inflation was transitory. What does this say about 319 00:17:48,040 --> 00:17:52,280 Speaker 1: where the White House is in the fight against inflation. Yeah, well, 320 00:17:52,320 --> 00:17:54,080 Speaker 1: I think there's a couple of things here. So the 321 00:17:54,080 --> 00:17:56,919 Speaker 1: White House is struggling obviously on the policy side of 322 00:17:56,960 --> 00:17:59,560 Speaker 1: reigning in inflation, but also on the messaging and the 323 00:17:59,640 --> 00:18:02,480 Speaker 1: narrow off side. And we've seen this shift not only 324 00:18:02,600 --> 00:18:05,880 Speaker 1: from yelling but really from you know, Biden, across the administration. 325 00:18:06,520 --> 00:18:10,080 Speaker 1: This time last year, everyone pretty much saying and that 326 00:18:10,280 --> 00:18:14,320 Speaker 1: inflation was transitory, temporary. That shifted a bit in the fall, 327 00:18:14,400 --> 00:18:16,439 Speaker 1: with a bit more emphasis on build back better as 328 00:18:16,480 --> 00:18:18,560 Speaker 1: being the thing that would kind of calm some of 329 00:18:18,600 --> 00:18:22,040 Speaker 1: the passion families that obviously didn't go anywhere. A shift 330 00:18:22,040 --> 00:18:24,480 Speaker 1: in the spring to blaming Putin's war, And so now 331 00:18:24,480 --> 00:18:27,240 Speaker 1: it's really kind of the rubber hitting the road in 332 00:18:27,320 --> 00:18:30,480 Speaker 1: terms of being to really confront this as an ongoing issue, 333 00:18:30,560 --> 00:18:32,840 Speaker 1: something that the White House needs to take control over 334 00:18:32,880 --> 00:18:35,360 Speaker 1: in terms of the policy and messaging. So I think 335 00:18:35,400 --> 00:18:38,720 Speaker 1: we'll see some different attempts here. Biden, you wrote a 336 00:18:38,920 --> 00:18:42,080 Speaker 1: pretty um direct off ed and the Wall Street Journal 337 00:18:42,119 --> 00:18:44,159 Speaker 1: this week kind of laying out some of his his 338 00:18:44,280 --> 00:18:46,760 Speaker 1: thoughts on it. But in reality, it's going to be 339 00:18:46,800 --> 00:18:49,800 Speaker 1: tough for the administrations to have a positive message on this, 340 00:18:49,920 --> 00:18:53,879 Speaker 1: like prices are hurting Americans over people are feeling the 341 00:18:53,920 --> 00:18:56,960 Speaker 1: pain right now and are expressing concern, and there's just 342 00:18:57,040 --> 00:18:59,000 Speaker 1: not a lot that the Biden administration is going to 343 00:18:59,000 --> 00:19:01,760 Speaker 1: be able to do about it, especially going into mid terms. 344 00:19:01,880 --> 00:19:04,640 Speaker 1: Only about thirty seconds left here, Professor, what's the political 345 00:19:04,680 --> 00:19:07,840 Speaker 1: impact is the White House plant catch up here? Oh? 346 00:19:07,960 --> 00:19:10,440 Speaker 1: I think they definitely are. And it's just it's unfortunate. 347 00:19:10,480 --> 00:19:13,200 Speaker 1: There's not really a good answer here because you either 348 00:19:13,720 --> 00:19:16,480 Speaker 1: own that you got it wrong or you keep trying 349 00:19:16,520 --> 00:19:19,280 Speaker 1: to peddle a optimistic message that just doesn't align with 350 00:19:19,320 --> 00:19:21,399 Speaker 1: what people are feeling right now. So it's going to 351 00:19:21,440 --> 00:19:23,639 Speaker 1: be a challenge for them. They're obviously going to be 352 00:19:23,680 --> 00:19:26,400 Speaker 1: trying to do what they can. Biden is really emphasizing 353 00:19:26,400 --> 00:19:29,600 Speaker 1: the independence of the FED and underscoring that as kind 354 00:19:29,600 --> 00:19:33,080 Speaker 1: of his political um posturing on this is just respecting 355 00:19:33,080 --> 00:19:35,240 Speaker 1: the Fed and Powell to do their best to handle this. 356 00:19:35,760 --> 00:19:37,879 Speaker 1: As always, great to get your thoughts, Thanks so much, 357 00:19:37,960 --> 00:19:40,480 Speaker 1: Julie Norman, co director of the Center for US Politics 358 00:19:40,800 --> 00:19:44,199 Speaker 1: at University College London. Right now, SMP futures are up 359 00:19:44,240 --> 00:19:46,840 Speaker 1: eight points, STOWN futures up a hundred forty seven, NASTAC 360 00:19:46,920 --> 00:19:50,320 Speaker 1: futures are lower by two points. Basically unchanged. Tend your 361 00:19:50,359 --> 00:19:53,840 Speaker 1: treasuries down six thirty seconds, the yield two point eight 362 00:19:53,920 --> 00:19:57,520 Speaker 1: six percent, just ahead, stocks back where they started to 363 00:19:57,600 --> 00:20:03,400 Speaker 1: kick off June, and sales force surging on boosted profit 364 00:20:03,680 --> 00:20:08,800 Speaker 1: or outlook. This is Bloomberg Bloomberg day Break, brought to 365 00:20:08,800 --> 00:20:12,320 Speaker 1: you by p Pack Gladstone Bank. At p Pack Gladstone Bank, 366 00:20:12,400 --> 00:20:15,320 Speaker 1: they believe that all banking should be private banking. To 367 00:20:15,440 --> 00:20:26,160 Speaker 1: learn more, visit pg bank dot com. Today broadcasting live 368 00:20:26,359 --> 00:20:30,320 Speaker 1: from the Bloomberg Interactive Broker Studio in New York, Bloomberg 369 00:20:30,320 --> 00:20:35,120 Speaker 1: in Freedon to Washington, d C, Bloomberg to Bomston, Bloomberg 370 00:20:35,160 --> 00:20:38,280 Speaker 1: one O six one to San Francisco, Bloomberg N sixty 371 00:20:38,440 --> 00:20:41,080 Speaker 1: to the country Sirius XM to A one nine team, 372 00:20:41,200 --> 00:20:44,359 Speaker 1: and around the globe the Bloomberg Business app in Bloomberg 373 00:20:44,400 --> 00:20:53,960 Speaker 1: Radio dot com. This is Bloomberg Daybreak. It's five thirty 374 00:20:53,960 --> 00:20:56,240 Speaker 1: on Wall Street. Good morning. I'm Nathan Hagar and I'm 375 00:20:56,280 --> 00:20:59,000 Speaker 1: Karen Moscow, and we're just about four hours away from 376 00:20:59,040 --> 00:21:00,720 Speaker 1: the open of US tray day. Let's get you have 377 00:21:00,720 --> 00:21:02,160 Speaker 1: to date in the news you need to know at 378 00:21:02,160 --> 00:21:04,560 Speaker 1: this hour. U S docks begin June coming off a 379 00:21:04,600 --> 00:21:08,240 Speaker 1: volatile month that left the SNP five hundred basically unchanged. 380 00:21:08,440 --> 00:21:10,639 Speaker 1: During the month of May, the benchmark index surged more 381 00:21:10,680 --> 00:21:14,400 Speaker 1: than eight percent after falling within points of a drop 382 00:21:14,440 --> 00:21:18,560 Speaker 1: from her record. John Stulpis, chief investment strategist with Oppenheimer 383 00:21:18,640 --> 00:21:21,879 Speaker 1: Asset Management, says he could see the index begin to 384 00:21:22,000 --> 00:21:24,639 Speaker 1: rise again. The last time we saw a market that 385 00:21:24,760 --> 00:21:26,920 Speaker 1: was in the process of coming out of the prices, 386 00:21:27,080 --> 00:21:30,959 Speaker 1: which was two thousand and nine, the SNP declined percent 387 00:21:31,160 --> 00:21:35,040 Speaker 1: from January to March oh nine. It then rallied sixty 388 00:21:35,080 --> 00:21:38,119 Speaker 1: four percent to the end of the year. Oppenheimer Asset 389 00:21:38,160 --> 00:21:41,560 Speaker 1: Management chief investment strategist John Stolfi says it's possible the 390 00:21:41,680 --> 00:21:44,760 Speaker 1: SNP makes a similar climb, but he admits he may 391 00:21:44,800 --> 00:21:47,600 Speaker 1: have to adjust his projections well. Inflation is still a 392 00:21:47,640 --> 00:21:50,560 Speaker 1: major focus for market scaring at the top political challenge 393 00:21:50,600 --> 00:21:53,720 Speaker 1: for the White House. Now, Treasury Secretary Janet Yellt is 394 00:21:53,720 --> 00:21:56,120 Speaker 1: admitting she got it wrong last year when she said 395 00:21:56,160 --> 00:22:00,639 Speaker 1: inflation would be temporary. There have been on anticipated and 396 00:22:00,840 --> 00:22:05,639 Speaker 1: lord shocks to the economy that have boosted energy and 397 00:22:05,840 --> 00:22:10,880 Speaker 1: food prices and supply bottle knicks that have affected our 398 00:22:10,920 --> 00:22:14,960 Speaker 1: economy badly. That I didn't at the time, didn't fully 399 00:22:15,080 --> 00:22:18,880 Speaker 1: understand the Treasury Secretary Janet Yellen told CNN she's encouraged 400 00:22:18,920 --> 00:22:21,800 Speaker 1: prices are coming down, but you can't rule out future shocks. 401 00:22:22,000 --> 00:22:24,919 Speaker 1: We Secretary Yellen was at the White House yesterday Nathan 402 00:22:25,000 --> 00:22:27,840 Speaker 1: for a rare meeting between President Biden and Fed share 403 00:22:27,920 --> 00:22:31,360 Speaker 1: J Powell. Jean Spurling, senior adviser to the President, said 404 00:22:31,400 --> 00:22:34,400 Speaker 1: the President used the meeting to make clear he respects 405 00:22:34,440 --> 00:22:37,560 Speaker 1: the fans independence as it looks to cool inflation. We 406 00:22:37,640 --> 00:22:41,159 Speaker 1: understand that our Federal Reserve is independent, has while they 407 00:22:41,200 --> 00:22:44,159 Speaker 1: have a dual mandate, at times where inflation becomes the 408 00:22:44,200 --> 00:22:47,760 Speaker 1: highest concern that they're going to take steps to dampen 409 00:22:47,800 --> 00:22:51,440 Speaker 1: that inflation, and that's going to be raising interest rates, 410 00:22:51,440 --> 00:22:54,919 Speaker 1: and the President is going to respect that independent. Senior 411 00:22:54,920 --> 00:22:58,080 Speaker 1: Adviser to President Biden, Jane Spirling, speaking with Joe Matthew 412 00:22:58,119 --> 00:23:01,200 Speaker 1: on Bloomberg's Sound on airing Leekday said five pm Eastern 413 00:23:01,240 --> 00:23:03,920 Speaker 1: on Bloomberg Radio, Well, the federal being focus again today, 414 00:23:04,000 --> 00:23:06,080 Speaker 1: Karen is it's set to start shrinking at eight point 415 00:23:06,160 --> 00:23:09,360 Speaker 1: nine trillion dollar balance sheet. The Central Bank also releases 416 00:23:09,359 --> 00:23:12,320 Speaker 1: its bage book today and turning to corporate earning, Nathan 417 00:23:12,359 --> 00:23:15,240 Speaker 1: shares a salesforce more than eight percent in early training 418 00:23:15,280 --> 00:23:18,679 Speaker 1: after the company raised its annual profit forecast yesterday at 419 00:23:18,720 --> 00:23:20,879 Speaker 1: Crude Oils on the rise of this morning, Karen trading 420 00:23:20,880 --> 00:23:23,200 Speaker 1: at a hundred sixteen dollars fifty two cents a barrel 421 00:23:23,240 --> 00:23:26,119 Speaker 1: for West Texas Intermediate. That comes before an OPEC plus 422 00:23:26,200 --> 00:23:30,639 Speaker 1: routine meeting tomorrow to discuss supply policy. Straight ahead, your 423 00:23:30,720 --> 00:23:34,760 Speaker 1: latest local headlines and a check of sports. This is Bloomberg. 424 00:23:38,320 --> 00:23:40,760 Speaker 1: That's sound five thirty three on Wall Street, sixty degrees 425 00:23:40,840 --> 00:23:43,080 Speaker 1: in Central Park. We've got accident clean up. It's got 426 00:23:43,080 --> 00:23:45,960 Speaker 1: George Street closed in Rider Lane and New Brunswick details 427 00:23:46,000 --> 00:23:48,639 Speaker 1: coming up. A traffic first Michael Barr with War on 428 00:23:48,720 --> 00:23:50,879 Speaker 1: what's going on in New York and around the world. Michael, 429 00:23:50,960 --> 00:23:53,240 Speaker 1: thank you very much, Nathan. New York Governor Kathy hok 430 00:23:53,240 --> 00:23:56,760 Speaker 1: Will introduced a new package of gun reform bills after 431 00:23:56,840 --> 00:24:00,560 Speaker 1: mass shootings in Buffalo and Valdi. It as a total 432 00:24:00,600 --> 00:24:03,320 Speaker 1: of ten bills that would tighten New York's gun laws 433 00:24:03,320 --> 00:24:07,280 Speaker 1: and close loopholes. Among the proposed legislation is increasing the 434 00:24:07,280 --> 00:24:11,000 Speaker 1: minimum age requirement to buy a semi automatic rifle from 435 00:24:11,000 --> 00:24:14,119 Speaker 1: eighteen to twenty one. The first funerals for victims of 436 00:24:14,200 --> 00:24:17,960 Speaker 1: last week's mass shooting at rob Elementary School began yesterday. 437 00:24:18,040 --> 00:24:22,240 Speaker 1: In Your Vality Texas, Texas State Democratic Senator Roland Gautierrez, 438 00:24:22,520 --> 00:24:25,639 Speaker 1: who represents you valdis as he is calling on Governor 439 00:24:25,680 --> 00:24:28,359 Speaker 1: Greg Abbott to take action. We need a special session 440 00:24:28,359 --> 00:24:30,639 Speaker 1: to fix gun laws, but we also need a special 441 00:24:30,680 --> 00:24:35,520 Speaker 1: session for this legislature to go and investigate woment wrong here. 442 00:24:35,720 --> 00:24:39,280 Speaker 1: State Senator Gautier has told ABC he is hearing voters 443 00:24:39,400 --> 00:24:43,439 Speaker 1: demand for reform to gun laws. The Supreme Court has 444 00:24:43,520 --> 00:24:46,240 Speaker 1: put on hold of Texas law that would stop social 445 00:24:46,240 --> 00:24:50,400 Speaker 1: media platforms from the leading posts and accounts. Bloomberg said, 446 00:24:50,440 --> 00:24:53,520 Speaker 1: Baxter has the story. The hold will allow a constitutional 447 00:24:53,600 --> 00:24:56,200 Speaker 1: challenge to go forward in a lower cord. The tech 448 00:24:56,240 --> 00:24:59,200 Speaker 1: groups Meta, Twitter and Google I'll argue the law would 449 00:24:59,240 --> 00:25:03,000 Speaker 1: stop them from barring hate speech, including neo Nazi and 450 00:25:03,080 --> 00:25:07,520 Speaker 1: ku klux Klan, or Russian propaganda, or just plainly misinformation 451 00:25:07,560 --> 00:25:10,960 Speaker 1: and untruths. The authors of the legislation say they are 452 00:25:11,000 --> 00:25:14,200 Speaker 1: just trying to protect free speech. The High Court vote 453 00:25:14,240 --> 00:25:17,800 Speaker 1: was split in this decision and did not explain its 454 00:25:17,840 --> 00:25:21,200 Speaker 1: decision at all in San Francisco. I'm at Baxter Bloomberg 455 00:25:21,240 --> 00:25:24,200 Speaker 1: Gay Break. It's a new name for a new ELI 456 00:25:24,440 --> 00:25:27,760 Speaker 1: Double R terminal. Governor Kathy Hokel says it will be 457 00:25:27,800 --> 00:25:32,400 Speaker 1: called Grand Central Medicine. For twenties four years now, we've 458 00:25:32,440 --> 00:25:36,520 Speaker 1: been hearing about this project, and everyone always just thought, 459 00:25:37,040 --> 00:25:39,440 Speaker 1: so it'll get done someday in the future. The future, 460 00:25:39,560 --> 00:25:45,120 Speaker 1: the future, the future is, Governor Okeles says. The East 461 00:25:45,240 --> 00:25:50,080 Speaker 1: Side Access Terminal aims to bring more traffic into Manhattan 462 00:25:50,240 --> 00:25:53,200 Speaker 1: from Long Island at peak times. Global News twenty four 463 00:25:53,240 --> 00:25:56,000 Speaker 1: hours a day on air and on Bloomberg Quick Take, 464 00:25:56,040 --> 00:26:00,119 Speaker 1: powered by more than twenty seven under journalist mentalist more 465 00:26:00,160 --> 00:26:03,080 Speaker 1: than twenty countries. I'm Michael Barr, and this is Bloomberg. 466 00:26:03,200 --> 00:26:11,240 Speaker 1: Name him Michael. Thanks on Wall Street, Jo Stashiris The 467 00:26:11,240 --> 00:26:14,400 Speaker 1: Bloomberg Sports Update, Thanks Nathan. June begins with the Yankees 468 00:26:14,440 --> 00:26:16,960 Speaker 1: best record baseball, Mets the third best and owners of 469 00:26:17,000 --> 00:26:20,120 Speaker 1: the biggest lead. Yanks improved a thirty four and fifteen 470 00:26:20,160 --> 00:26:22,560 Speaker 1: beat the Angels at the Stadium nine to one. Finally 471 00:26:22,600 --> 00:26:25,000 Speaker 1: scored runs for Jordan Montgomery. Every Yank had a hit 472 00:26:25,040 --> 00:26:28,120 Speaker 1: except Aaron Judge. Joey Gallo actually had two hits. Mets 473 00:26:28,160 --> 00:26:31,359 Speaker 1: also at home, being Washington ten up in their thirty 474 00:26:31,400 --> 00:26:33,360 Speaker 1: four and seventeen They've got a ten and a half 475 00:26:33,400 --> 00:26:36,240 Speaker 1: team lead in the n L e seventeen met hits 476 00:26:36,280 --> 00:26:37,560 Speaker 1: in their fifth one in the row. The Mets have 477 00:26:37,600 --> 00:26:40,119 Speaker 1: sent the struggling Dom Smith to triple A Syracuse. He 478 00:26:40,200 --> 00:26:43,120 Speaker 1: was batting just one eight six. He hit three sixteen 479 00:26:43,119 --> 00:26:44,960 Speaker 1: two years ago Stanley Cup Plaoffs Game one in the 480 00:26:45,040 --> 00:26:48,280 Speaker 1: West and it wasn't decided until the fourteenth goal of 481 00:26:48,280 --> 00:26:50,800 Speaker 1: the night. Trying to get it out, he does the 482 00:26:50,920 --> 00:26:54,040 Speaker 1: center rice through the likes of dry Citle, intercepted by 483 00:26:54,160 --> 00:27:00,680 Speaker 1: Landiskog feet from Barry Landiskogle for net Yewshaw, Oh Captain, 484 00:27:00,840 --> 00:27:07,800 Speaker 1: my captain make fit eight for the avalach with twenty 485 00:27:07,880 --> 00:27:10,320 Speaker 1: one point four seconds to go in the third of 486 00:27:10,400 --> 00:27:14,760 Speaker 1: this place has a rup day See Denver, Colorado peed 487 00:27:14,840 --> 00:27:17,119 Speaker 1: Edmonton eight the six Rangers in lightning tonight at the 488 00:27:17,160 --> 00:27:19,840 Speaker 1: Garden to start the eighth finals. Tampa Bay winners of 489 00:27:19,920 --> 00:27:23,560 Speaker 1: ten consecutive playoff series, two time defending Stanley Cup champs, 490 00:27:23,840 --> 00:27:26,720 Speaker 1: last NHL three feet the Islanders. In the early nineteen eighties, 491 00:27:26,840 --> 00:27:30,119 Speaker 1: Rangers did sweep the regular season series of Tampa. They 492 00:27:30,160 --> 00:27:33,480 Speaker 1: won all three games. Thirteen time French Chopa Jeff Raffield Island. 493 00:27:33,480 --> 00:27:35,560 Speaker 1: In the semifinals in Paris, he beat Novak Djokovic and 494 00:27:35,600 --> 00:27:38,480 Speaker 1: four sets. The match went over four hours. It ended 495 00:27:38,520 --> 00:27:42,280 Speaker 1: past one am. Nadad will now play Alex Zaverev took 496 00:27:42,280 --> 00:27:45,920 Speaker 1: out the nineteen year old Spaniard Carlos Alcarez. John Stashtward 497 00:27:45,920 --> 00:27:49,040 Speaker 1: Bloomberg Sports, Nathan gotta rest up, Thank you, John. It's 498 00:27:49,080 --> 00:27:50,879 Speaker 1: five thirty seven on Wall Street time for the Tri 499 00:27:51,000 --> 00:27:55,399 Speaker 1: State Business Report with Bloomberg Scott Carr. Italian company penaf Arena, 500 00:27:55,560 --> 00:27:58,000 Speaker 1: maker of the Ferrari, is opening an office in New 501 00:27:58,119 --> 00:28:00,680 Speaker 1: York City, hits second in the U S as part 502 00:28:00,720 --> 00:28:03,680 Speaker 1: of plans to expand in North America. They'll open a 503 00:28:03,720 --> 00:28:07,840 Speaker 1: satellite office June one and Manhattan's Chelsea neighborhood. They'll be 504 00:28:07,960 --> 00:28:12,320 Speaker 1: joined by creative partner Born Group. Shareholders of Spirit Airlines 505 00:28:12,359 --> 00:28:15,000 Speaker 1: are being urged to vote no on the proposed merger 506 00:28:15,080 --> 00:28:18,920 Speaker 1: deal with Frontier Airlines by proxy Advisory Group i s 507 00:28:19,119 --> 00:28:22,040 Speaker 1: s New York City based Jet Blue Airways, however, which 508 00:28:22,160 --> 00:28:25,280 Speaker 1: countered with a higher bid in April applauds the report. 509 00:28:25,560 --> 00:28:29,199 Speaker 1: Jet Blue chief Robin Hayes says their bid offers superior value, 510 00:28:29,240 --> 00:28:33,080 Speaker 1: though officials at Spirit have expressed concern about getting regulatory 511 00:28:33,160 --> 00:28:36,440 Speaker 1: approval if they were to merge with Jet Blue. New 512 00:28:36,520 --> 00:28:39,920 Speaker 1: Jersey's largest health insurer, Horizon, has just been named by 513 00:28:40,080 --> 00:28:43,040 Speaker 1: j D Power as the state's number one health insurer 514 00:28:43,160 --> 00:28:45,400 Speaker 1: and top provider for the third year in a row. 515 00:28:45,880 --> 00:28:49,960 Speaker 1: That's the Bloomberg Tri State Business Report. I'm Scott Carr. Scott, 516 00:28:49,960 --> 00:28:52,360 Speaker 1: It's thirty eight on Wall Street. Bloomberg Radio is on 517 00:28:52,440 --> 00:28:54,720 Speaker 1: the air from San Francisco to New York, London to 518 00:28:54,880 --> 00:28:57,040 Speaker 1: Hong Kong. Let's check in with our global news team 519 00:28:57,080 --> 00:28:58,600 Speaker 1: for some of the top stories heard on our three 520 00:28:58,680 --> 00:29:05,480 Speaker 1: hundred affiliate radio stags around the world. I'm Steves podascon 521 00:29:05,600 --> 00:29:08,240 Speaker 1: ten ten Wins in New York. We're talking about the 522 00:29:08,320 --> 00:29:12,200 Speaker 1: planned change for the stock ticker symbol for Facebook, fair A, 523 00:29:12,360 --> 00:29:16,560 Speaker 1: Meta Platforms, andrace Matteo, And on KMOX and St. Louis. 524 00:29:16,680 --> 00:29:19,720 Speaker 1: I'll be reporting on billions and funding being dedicated to 525 00:29:19,800 --> 00:29:23,280 Speaker 1: strength in the US food supply chain. I'm Scott Carr, 526 00:29:23,320 --> 00:29:25,720 Speaker 1: I w D c H in Washington. I'm reporting on 527 00:29:25,920 --> 00:29:29,240 Speaker 1: Virginia's further steps to stifle plans for a casino and 528 00:29:29,320 --> 00:29:32,600 Speaker 1: the state's capitol. M Corney's not all on ktr h 529 00:29:32,720 --> 00:29:36,360 Speaker 1: M Tuesday, climbing gas crisis fell, no relief for drivers, 530 00:29:37,360 --> 00:29:39,240 Speaker 1: and those are some of the stories our twenty seven 531 00:29:39,280 --> 00:29:41,960 Speaker 1: hundred Bloomberg journalists and analysts are working on this morning. 532 00:29:42,000 --> 00:29:44,720 Speaker 1: Around the world. It's five thirty nine on Wall Street. 533 00:29:44,960 --> 00:29:48,880 Speaker 1: The following is an editorial from Bloomberg Opinion. The slaughter 534 00:29:49,080 --> 00:29:52,240 Speaker 1: at an elementary school in Texas, soon after a similar 535 00:29:52,240 --> 00:29:55,040 Speaker 1: atrocy at a grocery store in New York State, has 536 00:29:55,080 --> 00:29:59,480 Speaker 1: stunned the country, tragically accustomed to mass shootings. This time, though, 537 00:29:59,720 --> 00:30:03,120 Speaker 1: long makers might actually do something about it. Across the nation, 538 00:30:03,320 --> 00:30:06,520 Speaker 1: so called red flag laws, which allow police or family 539 00:30:06,600 --> 00:30:10,760 Speaker 1: members to ask a court temporarily ss spend an individual's 540 00:30:10,800 --> 00:30:13,560 Speaker 1: access to guns when he poses a threat to himself 541 00:30:13,680 --> 00:30:17,840 Speaker 1: or others, are commanding renewed bipartisan support. Such laws are 542 00:30:17,880 --> 00:30:20,360 Speaker 1: now in the books in nineteen states, and the research 543 00:30:20,440 --> 00:30:24,680 Speaker 1: on their effectiveness is encouraging. In Connecticut, for example, researchers 544 00:30:24,880 --> 00:30:27,480 Speaker 1: estimate that one life has been saved for every ten 545 00:30:27,560 --> 00:30:31,160 Speaker 1: to twenty protection orders issued under the law. Red flag 546 00:30:31,280 --> 00:30:34,640 Speaker 1: laws may not be perfect, but they are useful, especially 547 00:30:34,720 --> 00:30:38,920 Speaker 1: since many mass shooters give advance warning before committing their crimes, 548 00:30:39,680 --> 00:30:42,920 Speaker 1: and after the horrors of recent days, there's no excuse 549 00:30:43,200 --> 00:30:45,640 Speaker 1: for failing to act. This editorial was written by the 550 00:30:45,680 --> 00:30:49,600 Speaker 1: Bloomberg Opinion Editorial Board. I'm David Shipley. For more Bloomberg 551 00:30:49,640 --> 00:30:52,280 Speaker 1: Opinion place, go to Bloomberg dot com, slash opinion or 552 00:30:52,360 --> 00:30:56,600 Speaker 1: opan go on the Bloomberg terminal. These has been Bloomberg Opinion. 553 00:30:56,840 --> 00:30:59,920 Speaker 1: You can listen to Bloomberg Got opinion editorials every weekday. 554 00:31:00,000 --> 00:31:02,920 Speaker 1: At this time, terminal customers can read more at O 555 00:31:03,120 --> 00:31:08,120 Speaker 1: P I n GO SMP futures right now up seven points. 556 00:31:08,200 --> 00:31:11,000 Speaker 1: Staff futures of a hundred forty three. NASTACK futures are 557 00:31:11,160 --> 00:31:15,480 Speaker 1: lower by three points. Matt Mailey of Miller Taybeck joins 558 00:31:15,560 --> 00:31:17,280 Speaker 1: us next. As we get ready to kick off the 559 00:31:17,320 --> 00:31:23,800 Speaker 1: month of June. This is Bloomberg Cloober eleven, three oh weather. 560 00:31:23,920 --> 00:31:26,720 Speaker 1: Chance for showers and thunderstorms this afternoon, low seventies for 561 00:31:26,840 --> 00:31:30,480 Speaker 1: highs more showers likely tomorrow afternoon, low eighties, clearing upper 562 00:31:30,560 --> 00:31:38,400 Speaker 1: seventies for Friday, currently sixty in central Park markets headlines 563 00:31:38,480 --> 00:31:41,920 Speaker 1: and breaking news four hours a day at Bloomberg dot Com, 564 00:31:42,080 --> 00:31:45,160 Speaker 1: the Bloomberg Business app, and at Bloomberg Quick Take. This 565 00:31:45,600 --> 00:31:54,920 Speaker 1: is a Bloomberg Business lash, and I'm Cameron Moscow. Stong's 566 00:31:54,960 --> 00:31:57,600 Speaker 1: in Europe and US stock index futures have been struggling 567 00:31:57,640 --> 00:31:59,560 Speaker 1: for direction this morning. I'm med a debate over the 568 00:31:59,600 --> 00:32:02,440 Speaker 1: scale of central bank monetary policy tightening that's needed to 569 00:32:02,480 --> 00:32:05,480 Speaker 1: fight inflation. We checked the markets every fifteen minutes throughout 570 00:32:05,480 --> 00:32:08,400 Speaker 1: the trading day on Bloomberg with SMP futures up seven 571 00:32:08,480 --> 00:32:10,880 Speaker 1: points this morning, down futures up a hundred thirty five 572 00:32:11,280 --> 00:32:14,000 Speaker 1: nastack futures that will change the decks in Germany's up 573 00:32:14,040 --> 00:32:16,680 Speaker 1: for tens of upper cent and the tenure treasury down 574 00:32:16,720 --> 00:32:18,960 Speaker 1: four thirty seconds. You have two point eight six percent 575 00:32:19,160 --> 00:32:21,320 Speaker 1: nine max screwed oil up one point six percent at 576 00:32:21,320 --> 00:32:24,000 Speaker 1: a hundred sixteen dollars forty nine cents and barrel. That's 577 00:32:24,000 --> 00:32:26,520 Speaker 1: a Bloomberg Business Flash. Now here's Michael Barr with more. 578 00:32:26,600 --> 00:32:29,320 Speaker 1: I'm what's going on around the world, Michael Karen, thank 579 00:32:29,360 --> 00:32:31,600 Speaker 1: you very much. As the victims in the Texas schools 580 00:32:31,600 --> 00:32:34,600 Speaker 1: shooting are ladies arrest, President Dyden is promising to meet 581 00:32:34,640 --> 00:32:38,640 Speaker 1: with members of Congress on gun reform. Yesterday, the President's 582 00:32:38,880 --> 00:32:41,520 Speaker 1: meeting with New Zealand Prime Minister just Into ardor and 583 00:32:41,920 --> 00:32:45,040 Speaker 1: praised her success in passing a ban on military style 584 00:32:45,320 --> 00:32:49,400 Speaker 1: semi automatic weapons after a white supremacist killed fifty one 585 00:32:49,520 --> 00:32:53,959 Speaker 1: Muslim worshippers. In baseball, the Yankees won the met shout out, 586 00:32:54,000 --> 00:32:56,560 Speaker 1: the Nationals, ten zep, the Red Sox, Orioles, and an 587 00:32:56,600 --> 00:32:59,959 Speaker 1: He's lost. The Giants won two nights in the NHL 588 00:33:00,080 --> 00:33:03,800 Speaker 1: Eastern Conference Finals, Game one as the Rangers host the 589 00:33:03,920 --> 00:33:06,920 Speaker 1: Lightning Global News twenty four hours a day on air 590 00:33:06,960 --> 00:33:10,600 Speaker 1: rand on Bloomberg Quick Take, powered by more than journalists 591 00:33:10,600 --> 00:33:14,160 Speaker 1: antalyists more than twenty countries. Michael Barr and this is Bloomberg. 592 00:33:14,240 --> 00:33:17,120 Speaker 1: Nathan all right, Michael, Thanks, It's on Wall Street Live 593 00:33:17,200 --> 00:33:21,400 Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak end. 594 00:33:21,480 --> 00:33:23,560 Speaker 1: As we get ready to kick off the trading month 595 00:33:23,640 --> 00:33:26,920 Speaker 1: of June. We are joined this morning by Matt Maylee, 596 00:33:27,080 --> 00:33:30,320 Speaker 1: Chief market strategistic builder. Tape back, Matt, it's always great 597 00:33:30,400 --> 00:33:33,120 Speaker 1: to speak with you. So we've ended the month of 598 00:33:33,200 --> 00:33:36,160 Speaker 1: May pretty much right where we started. Where do you 599 00:33:36,200 --> 00:33:39,880 Speaker 1: see the boom for stocks now, well, I mean after 600 00:33:39,960 --> 00:33:43,160 Speaker 1: this uh, you know, obviously great rautity we saw last week, Nathan, 601 00:33:43,200 --> 00:33:47,080 Speaker 1: we the things are looking a little bit better and um, 602 00:33:47,200 --> 00:33:49,040 Speaker 1: you know it looks like the the you know, the 603 00:33:49,160 --> 00:33:52,520 Speaker 1: internals from the market last week and the tentacles look 604 00:33:52,560 --> 00:33:56,160 Speaker 1: pretty good. So there are there's some upside possibilities here, 605 00:33:56,240 --> 00:33:59,239 Speaker 1: but um, you know, intermediate term and even longer term, 606 00:33:59,320 --> 00:34:01,680 Speaker 1: I just think that you know, nothing's really changed. The 607 00:34:01,760 --> 00:34:04,080 Speaker 1: FED is the going to continue to be aggressive. I 608 00:34:04,160 --> 00:34:06,200 Speaker 1: mean that they're now going to start shrinking their balance 609 00:34:06,240 --> 00:34:09,960 Speaker 1: sheet and you know this month and this is the 610 00:34:10,040 --> 00:34:12,360 Speaker 1: type of thing that's gonna make it that was always 611 00:34:12,400 --> 00:34:15,480 Speaker 1: gonna make it tough for the for the market rally 612 00:34:15,600 --> 00:34:17,719 Speaker 1: much and uh and I think that's going to create 613 00:34:17,760 --> 00:34:19,440 Speaker 1: headwinds as we move through the rest of the year, 614 00:34:19,560 --> 00:34:22,759 Speaker 1: especially uh as we get close to this next earning season, 615 00:34:22,800 --> 00:34:25,320 Speaker 1: which starts in July. And as we get close to that, 616 00:34:25,480 --> 00:34:27,279 Speaker 1: I think we're gonna see some people start to uh 617 00:34:27,480 --> 00:34:30,200 Speaker 1: lower those earnings expectations and that could be a catalyst 618 00:34:30,239 --> 00:34:32,560 Speaker 1: for for a for a tough second half of the month. 619 00:34:32,719 --> 00:34:34,680 Speaker 1: Oh what do you see as the market impact as 620 00:34:34,719 --> 00:34:39,040 Speaker 1: the Fed begins to start unwinding it's balance sheet. Here, 621 00:34:39,200 --> 00:34:42,920 Speaker 1: has the market fully priced in, uh, the end of 622 00:34:43,320 --> 00:34:47,439 Speaker 1: the quantitative easing or could we still see more room 623 00:34:47,680 --> 00:34:50,680 Speaker 1: for this market to fall. Yeah, I don't think it's 624 00:34:50,719 --> 00:34:53,600 Speaker 1: fully priced it in yet. Number one, because the market, 625 00:34:53,640 --> 00:34:57,320 Speaker 1: you know, they pushed through their liquidity, their massive liquidity program. 626 00:34:57,440 --> 00:35:00,600 Speaker 1: They pushed the stock market well above the underlying fundamentals. 627 00:35:01,080 --> 00:35:03,720 Speaker 1: And I think at seventeen times earlies, it's still above 628 00:35:03,800 --> 00:35:07,440 Speaker 1: those underlying fundamentals, given you know, the interest rates have 629 00:35:07,560 --> 00:35:10,040 Speaker 1: moved up. At least that tells us on a historical basis. 630 00:35:10,280 --> 00:35:14,400 Speaker 1: But more importantly, we've also seen how the economy is 631 00:35:14,400 --> 00:35:17,200 Speaker 1: starting too slow and uh to a degree that was 632 00:35:17,239 --> 00:35:20,120 Speaker 1: always always gonna happen because when the fit you know, 633 00:35:20,239 --> 00:35:22,200 Speaker 1: the stock mark has been such important part of the 634 00:35:22,560 --> 00:35:26,239 Speaker 1: of the UH of the economies ever since the bernankey 635 00:35:26,320 --> 00:35:28,800 Speaker 1: really you know, started using it as a tool a 636 00:35:28,920 --> 00:35:31,800 Speaker 1: dozen years ago. And and so now that you know 637 00:35:31,920 --> 00:35:34,160 Speaker 1: that fair value has got to come down a little 638 00:35:34,200 --> 00:35:36,480 Speaker 1: bit because because the economy is starting to weaken, so 639 00:35:36,800 --> 00:35:39,000 Speaker 1: I think it's got further to fall. And uh, I 640 00:35:39,040 --> 00:35:41,200 Speaker 1: still think people need to play from the defensive side 641 00:35:41,239 --> 00:35:44,600 Speaker 1: and take any bounces as an opportunity to get defensive. 642 00:35:44,920 --> 00:35:48,680 Speaker 1: So where do you see those opportunities? Then? Well, it's 643 00:35:48,719 --> 00:35:50,680 Speaker 1: kind of interesting because one of the things I still 644 00:35:50,719 --> 00:35:53,840 Speaker 1: see is the the energy stocks. Uh, the one thing 645 00:35:53,880 --> 00:35:55,600 Speaker 1: I'm a little worried. On a near term basis, I 646 00:35:55,640 --> 00:35:58,080 Speaker 1: think investors don't have to chase those stocks right now 647 00:35:58,160 --> 00:36:00,160 Speaker 1: because they're getting overbought, kind of like the way they 648 00:36:00,239 --> 00:36:02,600 Speaker 1: did back in March. So let the stocks come to 649 00:36:02,680 --> 00:36:05,360 Speaker 1: you a little bit. But one three stocks that I 650 00:36:05,440 --> 00:36:07,520 Speaker 1: really like here on a longer term basis, and these 651 00:36:07,560 --> 00:36:09,560 Speaker 1: are the ones you want to buy very gradually are 652 00:36:09,680 --> 00:36:11,600 Speaker 1: big cap tech names. And it's like, oh wait a minute, 653 00:36:11,640 --> 00:36:13,560 Speaker 1: if you're paish, how could you like some big cap 654 00:36:13,600 --> 00:36:15,400 Speaker 1: tech names? And I'm just saying some of them have 655 00:36:15,480 --> 00:36:19,440 Speaker 1: gotten hit hard. And the three I like our our Amazon, Google, 656 00:36:19,600 --> 00:36:23,959 Speaker 1: or Alphabet and Meta the old Facebook. And the reason 657 00:36:24,200 --> 00:36:26,480 Speaker 1: those stocks have already gotten knocked down they've gotten much 658 00:36:26,560 --> 00:36:28,920 Speaker 1: cheaper than a lot of other tech names. And the 659 00:36:29,040 --> 00:36:30,600 Speaker 1: thing is we're not gonna know where that where they're 660 00:36:30,600 --> 00:36:32,800 Speaker 1: gonna bottom. If the broad market falls further like I 661 00:36:32,880 --> 00:36:35,839 Speaker 1: think it will, Uh, these stocks will also follow the two. 662 00:36:36,120 --> 00:36:38,359 Speaker 1: But if you buy them, every single month for really 663 00:36:38,400 --> 00:36:40,040 Speaker 1: for the rest of the year, and you'll get a 664 00:36:40,120 --> 00:36:41,480 Speaker 1: nice you know, you'll be able to get a nice 665 00:36:41,520 --> 00:36:44,880 Speaker 1: little uh base of of of shares by the end 666 00:36:44,920 --> 00:36:47,160 Speaker 1: of the year, a nice average price on those uh 667 00:36:47,280 --> 00:36:50,440 Speaker 1: that you'll be really be sitting really nicely uh for 668 00:36:50,600 --> 00:36:53,200 Speaker 1: next year and beyond. So in our last minute here, Matt, 669 00:36:53,280 --> 00:36:57,239 Speaker 1: does that mean that names that aren't big cap tech 670 00:36:57,440 --> 00:37:01,359 Speaker 1: stocks are more vulnerable to moves from the Fed, the UH, 671 00:37:01,760 --> 00:37:05,359 Speaker 1: the unwinded the balance sheet and the possibility of more 672 00:37:05,480 --> 00:37:09,040 Speaker 1: aggressive rate hikes for the rest of this year. Yes, yes, 673 00:37:09,120 --> 00:37:10,839 Speaker 1: I do, and I do And if there are other 674 00:37:10,920 --> 00:37:13,600 Speaker 1: big cap tech names that are still vulnerable and and 675 00:37:13,840 --> 00:37:16,200 Speaker 1: like I mentioned, those three I just highlighted are more 676 00:37:16,480 --> 00:37:18,800 Speaker 1: vulnerable as well, but just nowhere near as much. And 677 00:37:18,880 --> 00:37:22,040 Speaker 1: on a long term basis, they're great, great companies UH 678 00:37:22,200 --> 00:37:25,120 Speaker 1: and they've become a much more reasonably priced UH and 679 00:37:25,280 --> 00:37:28,279 Speaker 1: and they're gonna be the better play. But I do, yes, 680 00:37:28,360 --> 00:37:31,000 Speaker 1: I do think that you'll see more downside. We just 681 00:37:31,040 --> 00:37:34,120 Speaker 1: said again, the FED pushed the things too uh too far. 682 00:37:34,320 --> 00:37:36,680 Speaker 1: You know, they left their emergency level of liquidity on 683 00:37:37,040 --> 00:37:39,799 Speaker 1: long past the emergency sort of the emergency had had 684 00:37:39,960 --> 00:37:43,400 Speaker 1: ended for the economy, and so we have to go 685 00:37:43,600 --> 00:37:47,640 Speaker 1: through the pain of the reset of that process. It's 686 00:37:47,640 --> 00:37:50,239 Speaker 1: gonna be painful, but it's normal, it's healthy, and if 687 00:37:50,280 --> 00:37:51,800 Speaker 1: you kind of pick your spots here and there, you 688 00:37:51,880 --> 00:37:53,840 Speaker 1: can come out of the other side very very strongly. 689 00:37:54,040 --> 00:37:57,560 Speaker 1: All Right, as always, Thanks Matt Mayley, Chief market strategist 690 00:37:57,680 --> 00:38:01,080 Speaker 1: at Miller tay Back. Karen, all right, thanks Nathan. It 691 00:38:01,200 --> 00:38:03,640 Speaker 1: is five three on Wall Street. Time for the Bloomberg 692 00:38:03,800 --> 00:38:06,080 Speaker 1: Law Report. We get to the legal stories we're watching 693 00:38:06,120 --> 00:38:12,600 Speaker 1: this morning from Bloomberg's Jeff Bellinger. Apple lost its bid 694 00:38:12,680 --> 00:38:14,960 Speaker 1: for a new trial and a patent dispute. A jury 695 00:38:15,040 --> 00:38:17,520 Speaker 1: rule that Apple must pay three hundred million dollars in 696 00:38:17,600 --> 00:38:21,640 Speaker 1: damages for the wireless technology used in iPhones and other products. 697 00:38:21,840 --> 00:38:24,879 Speaker 1: A federal appeals court rule that Vanheuser Busch Super Bowl 698 00:38:24,960 --> 00:38:28,200 Speaker 1: ads that implied that Molson Coors uses corn syrup in 699 00:38:28,239 --> 00:38:31,680 Speaker 1: its bears were not misleading. Gibson convinced a federal jury 700 00:38:31,760 --> 00:38:35,080 Speaker 1: in Texas that a distributor sold counterfeit Gibson guitars. The 701 00:38:35,160 --> 00:38:38,879 Speaker 1: jury awarded Gibson four thousand dollars in statutory damages after 702 00:38:39,000 --> 00:38:43,280 Speaker 1: determining that no actual damages were suffered. Bloomberg Law everything 703 00:38:43,360 --> 00:38:47,080 Speaker 1: you need, all on one legal research platform, including guidance 704 00:38:47,120 --> 00:38:51,000 Speaker 1: analysis and Bloomberg market Intelligence. Find out more at Bloomberg 705 00:38:51,080 --> 00:38:55,200 Speaker 1: Law dot com. Ray, Jeff, thank you. And now another 706 00:38:55,280 --> 00:38:57,960 Speaker 1: legal story where watching a jury has acquitted a former 707 00:38:58,080 --> 00:39:01,279 Speaker 1: lawyer for Hillary Clinton's presidential campaign of lying to the 708 00:39:01,400 --> 00:39:04,600 Speaker 1: FBI about the identity of his client when provided a 709 00:39:04,719 --> 00:39:08,120 Speaker 1: faulty tip on then candidate Donald Trump. The jury verdict 710 00:39:08,160 --> 00:39:10,520 Speaker 1: in favor of Michael Sussman was the first trial of 711 00:39:10,600 --> 00:39:13,440 Speaker 1: Special Counsel John and Durham's probe into the conduct of 712 00:39:13,440 --> 00:39:17,759 Speaker 1: the FBI's Russia investigation, and Durham got a guilty plea 713 00:39:17,880 --> 00:39:21,160 Speaker 1: from a former FBI lawyer for altering an email relating 714 00:39:21,200 --> 00:39:23,799 Speaker 1: to a surveillance request, but he has yet to bring 715 00:39:23,880 --> 00:39:27,520 Speaker 1: any charges related to the FBI investigation itself. For more 716 00:39:27,520 --> 00:39:30,840 Speaker 1: of Bloomberg Stude Grosso speaks to former federal Prosecutor Robert 717 00:39:30,920 --> 00:39:34,520 Speaker 1: mens a partner Emma Carter in English. This was Durham's 718 00:39:34,600 --> 00:39:39,319 Speaker 1: first major courtroom test after a three year investigation. How 719 00:39:39,400 --> 00:39:41,920 Speaker 1: big a setback is this for him? Well, it's a 720 00:39:42,000 --> 00:39:44,920 Speaker 1: huge setback for Special Counsel John Durham because this is 721 00:39:45,239 --> 00:39:49,080 Speaker 1: the very first case that's gone to trial after three 722 00:39:49,239 --> 00:39:53,840 Speaker 1: years of investigating whether federal agents who investigated the Trump 723 00:39:53,920 --> 00:39:58,200 Speaker 1: campaign committed any wrongdoing. So, in a sense, the Special 724 00:39:58,280 --> 00:40:01,680 Speaker 1: Counsel's Office had really put everything on the line in 725 00:40:01,800 --> 00:40:05,320 Speaker 1: this case, even though it ultimately was a fairly simple 726 00:40:05,440 --> 00:40:09,600 Speaker 1: case which charged a single count of lying to the FBI. Right, so, 727 00:40:09,760 --> 00:40:13,760 Speaker 1: Sussman presented research that he said suggested a possible secret 728 00:40:13,920 --> 00:40:19,080 Speaker 1: back channel of communications between computer service for Russia based 729 00:40:19,160 --> 00:40:23,279 Speaker 1: Alpha Bank and the Trump organization, but that wasn't what 730 00:40:23,440 --> 00:40:26,480 Speaker 1: the issue was here. So the whole case turned on 731 00:40:26,600 --> 00:40:29,800 Speaker 1: the simple question of whether or not Sussman when he 732 00:40:29,920 --> 00:40:32,320 Speaker 1: came to the FBI had the single meeting with the 733 00:40:32,400 --> 00:40:35,279 Speaker 1: General Council of the FBI, whether she was there in 734 00:40:35,400 --> 00:40:39,960 Speaker 1: his individual capacity as an individual citizen giving information to 735 00:40:40,040 --> 00:40:44,000 Speaker 1: the FBI that that affected potential national security issues, or 736 00:40:44,080 --> 00:40:46,600 Speaker 1: whether he was there on behalf of a client. Now, 737 00:40:46,680 --> 00:40:50,760 Speaker 1: what the defense argued ultimately successfully was that it didn't 738 00:40:50,840 --> 00:40:53,640 Speaker 1: really matter because the FBI would have done the same 739 00:40:53,760 --> 00:40:56,760 Speaker 1: thing had they known that he was there on behalf 740 00:40:56,800 --> 00:40:59,759 Speaker 1: of the Clinton campaign or on behalf of a tech executive, 741 00:41:00,080 --> 00:41:03,560 Speaker 1: And ultimately FBI did investigate the information and find out 742 00:41:03,640 --> 00:41:06,520 Speaker 1: that it was without basis. The case depended on the 743 00:41:06,640 --> 00:41:11,080 Speaker 1: testimony of one witness, James Baker, who was the FBI's 744 00:41:11,160 --> 00:41:15,520 Speaker 1: General Council, when he met with Sussman alone in September 745 00:41:15,560 --> 00:41:19,239 Speaker 1: of and he took no notes of that meeting. He 746 00:41:19,360 --> 00:41:23,200 Speaker 1: had some credibility problems that the defense brought out. That's 747 00:41:23,200 --> 00:41:24,840 Speaker 1: exactly right, and I think that was one of the 748 00:41:24,880 --> 00:41:27,360 Speaker 1: reasons this was a very difficult case from the start, 749 00:41:27,400 --> 00:41:30,440 Speaker 1: because there's really one person's word against the other as 750 00:41:30,480 --> 00:41:32,920 Speaker 1: to what happened at that meeting. And as you mentioned, 751 00:41:33,000 --> 00:41:36,239 Speaker 1: James Baker did not take notes. So although his testimony 752 00:41:36,400 --> 00:41:39,839 Speaker 1: was he was a confident that Sussman insisted to him 753 00:41:39,880 --> 00:41:41,960 Speaker 1: that he was not acting on behalf of a client, 754 00:41:42,400 --> 00:41:43,960 Speaker 1: and that if he had known he was acting on 755 00:41:44,080 --> 00:41:46,879 Speaker 1: behalf of a client, he may have handled the conversation 756 00:41:47,280 --> 00:41:49,920 Speaker 1: or the meeting differently. The fact was the defense was 757 00:41:50,040 --> 00:41:53,279 Speaker 1: able to in teach that testimony somewhat by pointing out 758 00:41:53,600 --> 00:41:57,360 Speaker 1: that Sussman had represented cybersecurity clients in the past, and 759 00:41:57,480 --> 00:42:00,440 Speaker 1: that Baker had said at various times that he didn't 760 00:42:00,440 --> 00:42:03,399 Speaker 1: remember certain parts of that conversation and when he took 761 00:42:03,440 --> 00:42:05,520 Speaker 1: to witness stand. He said he couldn't remember a hundred 762 00:42:05,640 --> 00:42:08,400 Speaker 1: sixteen times when the defense to asked him questions, and 763 00:42:08,520 --> 00:42:13,439 Speaker 1: so it wasn't rock solid testimony. And as Herbert mens 764 00:42:13,480 --> 00:42:15,840 Speaker 1: A partner at mcarter in English speaking at the Bloomberg 765 00:42:15,920 --> 00:42:18,960 Speaker 1: Student Garrosso. Catch more of that interview, plus analysis of 766 00:42:19,000 --> 00:42:21,960 Speaker 1: the latest legal news, by subscribing to the Bloomberg Law 767 00:42:22,080 --> 00:42:25,719 Speaker 1: Podcast or downloading this show at Bloomberg dot com, slash podcast, 768 00:42:25,960 --> 00:42:29,239 Speaker 1: Attorney's combined exceptional legal research and business development tools at 769 00:42:29,280 --> 00:42:32,440 Speaker 1: Bloomberg Law dot com and on the Bloomberg terminal at 770 00:42:32,520 --> 00:42:35,880 Speaker 1: b Law. Go and against. And the futures are up 771 00:42:35,920 --> 00:42:38,719 Speaker 1: six points this morning, down futures of a hundred thirty 772 00:42:38,760 --> 00:42:42,120 Speaker 1: two nasdack futures down at twelve, still ahead of Bloomberg 773 00:42:42,200 --> 00:42:43,920 Speaker 1: day break and check on the business headlines and all 774 00:42:43,960 --> 00:42:46,360 Speaker 1: the news you need to start your day. This is 775 00:42:46,440 --> 00:42:47,000 Speaker 1: Bloomberg