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Speaker 1: Live from the Bloomberg and Directed Brookers Studios. This is

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Speaker 1: Bloomberg Daybreak for Friday, April two. Coming up this hour.

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Speaker 1: Apple has a record quarter, but the forecast sends the

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Speaker 1: stock lower. Amazon share slide as the company posts a

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Speaker 1: loss on higher costs. Elon Musk unloads Tesla shares to

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Speaker 1: help pay for his takeover of Twitter, and Russian missiles

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Speaker 1: strike Ukraine's capital Keith, New York City. The lay's pain

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Speaker 1: rules that are meant to close the gender gap, plus

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Speaker 1: the days of flavored cigarettes and cigars may be numbered

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Speaker 1: on Michael larn More, ADM John dash Hour and swards.

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Speaker 1: The Jets and Giants with two top ten draft picks

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Speaker 1: both went defense, then offense the Yankees when there's sixth

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Speaker 1: in their own that's all training ahead on Bloomberg Daybreak

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Speaker 1: on Bloomberg eleven three on New York, Bloomberg one, Washington,

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Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine

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Speaker 1: sixties and Francisco Sirius XAM one nineteen and around the

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Speaker 1: world Old on Bloomberg Radio dot Com and via the

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Speaker 1: Bloomberg Business App. Good Morning, I'm Nathan Hagar, and I'm

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Speaker 1: Karen Moscow. In US not Index futures are lower this morning.

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Speaker 1: We are coming up to six o one on Wall Street,

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Speaker 1: and we check the markets every fifteen minutes throughout the

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Speaker 1: trading day. On Bloomberg right now, S and P futures

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Speaker 1: down about twenty nine points down, futures down a hundred thirteen,

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Speaker 1: and NASDAG futures down one thirty. The decks in Germany

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Speaker 1: is up one percent, the ten year treasury down twelve

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Speaker 1: thirty seconds, held two point eight seven percent, and the

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Speaker 1: yield on the two year two point six eight percent.

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Speaker 1: Nathan Karen, we begin this morning with market reaction to

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Speaker 1: the latest slew of earnings. Apple shares are down two

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Speaker 1: and a half percent in early trading. It had records

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Speaker 1: setting earnings, but those are being overshadowed by the iphonemaker's forecast.

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Speaker 1: Apple predicts supply constraints will cost four to eight billion

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Speaker 1: dollars in revenue during the current quarter. CEO Tim Cook

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Speaker 1: addressed the issue on the company's conference call. I want

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Speaker 1: to acknowledge the challenges we're seeing from supply chain disruptions

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Speaker 1: driven by both COVID and silicon shortages, to the devastation

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Speaker 1: from the war in Ukraine. We are not immune to

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Speaker 1: these challenges. Apple CEO Tim Cook also announced ninety billion

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Speaker 1: dollars in new stock buybacks. Well Nathan Chairs of Amazon

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Speaker 1: or down amost nine percent this morning. The e commerce

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Speaker 1: giants said a loss money during the first quarter and

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Speaker 1: may see another loss in the current period. Amazon's Cloud

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Speaker 1: Services division AWS continued to impress, but a hiring and

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Speaker 1: warehouse building binge during the pandemic weight on the bottom line.

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Speaker 1: Punham Goyle covers Amazon for Bloomberg Intelligence. For a long time,

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Speaker 1: a WS has been able to offset the weaker retail business,

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Speaker 1: but it's not enough. With growth slowing on the top

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Speaker 1: line across the online business, the foster rising just too

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Speaker 1: fast for them to herb those higher cooks. Bloomberg Intelligence

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Speaker 1: analysts poon Um Goyle says, for the first time ever,

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Speaker 1: Amazon recorded back to back quarters of less than ten

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Speaker 1: percent revenue growth. All right, let's check out some other

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Speaker 1: stocks on the move this morning. Karen shares of Intel

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Speaker 1: are down three and a half percent. The chip maker

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Speaker 1: gave disappointing sales and profit forecast, indicating weaker demand. Robin

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Speaker 1: Hood shares are down eleven percent. The financial upstart says

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Speaker 1: first quarter revenue tumbled well, Nathan. We wrap up a

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Speaker 1: busy week for earnings with Big Oil and Focus and

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Speaker 1: x On Mobile reports. This morning, we get a preview

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Speaker 1: from Bloomberg's Tom Busby. After Russia's invasion of Ukraine sent

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Speaker 1: crude prices surging over the past two months along with

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Speaker 1: global demand, It's boom times right now for the nation's

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Speaker 1: biggest oil producers, and because of that, Exxon Mobile is

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Speaker 1: expected to post its biggest quarterly profit in more than

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Speaker 1: a decade. Investors will be looking for guidance on increased

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Speaker 1: crude production and possibly more shared by backs and higher dividends.

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Speaker 1: I'm Tom Busby, Bloomberg Daybreak. Thanks Tom. Earning so far

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Speaker 1: if not turned around market sentiment. In fact, the SMP

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Speaker 1: enters this final trading day of April on track for

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Speaker 1: the worst month since the pandemic bear market. More from

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Speaker 1: Bloomberg's Charlie Pellett. The SMP is showing a month to

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Speaker 1: day loss of five point four percent. By comparison, this month,

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Speaker 1: Nasdaq is down nine and a half percent, while the

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Speaker 1: Dow is down two point two percent. Volatility has been

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Speaker 1: eight persistent feature in markets all year, with investors on

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Speaker 1: edge over China's struggle to suppress COVID, Russia's war in Ukraine,

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Speaker 1: and worries that central bank tightening may tip the U

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Speaker 1: s economy into a recession. In New York, Charlie Pellett

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Speaker 1: Bloomberg Daybreak, all right, turning thank you Well? In Asia

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Speaker 1: has a different story for stocks today. A Chinese technology

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Speaker 1: shares jumped after new policy promises from the country's top

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Speaker 1: leaders to bolster the economy and markets. Let's get the

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Speaker 1: recap from Bloomberg's Juliette Sally in Singapore. Good morning, Juliet,

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Speaker 1: Good morning Karen. The m c I Asia Pacific in

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Speaker 1: x rose for a third time this week, with ten

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Speaker 1: Cent and Ali Baba among the biggest gate is the

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Speaker 1: Hang Sang Take index sword more than ten percent, rebounding

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Speaker 1: from earlier losses as the country vowed to support healthy

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Speaker 1: growth of platform companies shortly before the measures were unveiled.

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Speaker 1: Chinese tex stalks reversed earlier losses as trade has speculated

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Speaker 1: about a possible relaxation of the year long regulatory clampdown,

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Speaker 1: and China's You unstrengthened a little during the day's trade,

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Speaker 1: but his poised for a record monthly drop as the

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Speaker 1: economy suffers from lockdowns resulting from the nation's COVID zero policy.

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Speaker 1: In Sydney, Juliette Sally Bloomberg Daybreak. All right, Juliet, thank

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Speaker 1: you the We're getting more details this morning on how

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Speaker 1: Elon Musk is financing his Twitter takeover. Let's get the

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Speaker 1: latest live on that from Bloomberg's Rnita Young. Good morning, Granita,

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Speaker 1: Good morning Nathan. While Street suspected Elon Musk would have

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Speaker 1: to sell some stock to cover the twenty one billion

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Speaker 1: dollar equity portion of his Twitter deal, now a filing

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Speaker 1: shows Musk offloaded about four billion dollars worth of Tesla stock.

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Speaker 1: Shortly after those filings were made public, Musk tweeted no

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Speaker 1: further Tesla se sales were planned meantime, Bloomberg sources say

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Speaker 1: before the deal was announced, Musk floated the idea of

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Speaker 1: cutting both jobs and costs at Twitter. On calls with bankers.

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Speaker 1: Musk also discussed ideas to monetize the platform to boost

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Speaker 1: cash flow, including a potential subscription service to drive recurring revenue.

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Speaker 1: Live in New York, I'm gonna need a Young Bloomberg Daybreak,

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Speaker 1: All right, we need to thank you. Let's shift years

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Speaker 1: now and get to the latest on Ukraine. Russian missile

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Speaker 1: struck Kiev overnight, but the battle for don Boss is

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Speaker 1: still Russia's strategic focus. Meantime, here in the US, President

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Speaker 1: Biden is asking Congress for thirty three billion dollars in

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Speaker 1: aid to Ukraine, but the road to approval won't be easy,

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Speaker 1: and Bloomberry said, Baxter has the story. The Ukraine part

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Speaker 1: has broad support across Congress, but at risks getting snarled

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Speaker 1: in his ask for COVID funding and immigration. The Senate

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Speaker 1: could vote on the emergency spending next week, but the

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Speaker 1: House will be on recess, so Congress could finish by

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Speaker 1: the week of May nine and send it to the President.

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Speaker 1: But if Democrats insist on attaching long stalled funding for

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Speaker 1: vaccinations and immigration costs, it could be delayed indefinitely. Biden

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Speaker 1: did urge Democrash to pass them together. In San Francisco,

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Speaker 1: I'm at Baxter Bloomberg daybreak. All right, ed, thank you.

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Speaker 1: Futures are moving lower this morning. Straight ahead, your latest

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Speaker 1: local headlines, and a check of sports. This is Bloomberg.

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Speaker 1: It sounds six o seven on Wall Street, forty two

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Speaker 1: degrees in Central Park. Got an accident on the westbound

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Speaker 1: l I eight the Seaford Oyster Bay expressed way details

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Speaker 1: coming up in traffic First Michael bar with more on

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Speaker 1: what's going on in New York and around the world.

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Speaker 1: Michael Nathan, Thank you kindly. New York City has postponed

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Speaker 1: one of the nation's most far reaching requirements for employers

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Speaker 1: to tell job seekers what they can make. Such pay

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Speaker 1: transparency laws are championed as giving applicants, particularly women and

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Speaker 1: people of color, a better shot at fair pay. The

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Speaker 1: law was supposed to take effect in May, but the

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Speaker 1: City Council voted yesterday to delay it for five months

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Speaker 1: after employers waived red fly eggs. The law says employers

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Speaker 1: with four or more workers must include a minimum and

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Speaker 1: maximum salary in any job. At New York State is

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Speaker 1: setting aside more than thirty one billion dollars and this

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Speaker 1: year's budget for schools. Governor Kathy Oakeles has more than

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Speaker 1: three hundred sixty million dollars in this fiscal year will

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Speaker 1: help students and teachers and yonkers bounce back from the pandemic.

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Speaker 1: They have just signed a budget, supported a budget they

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Speaker 1: had the highest investment in education in our state's history.

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Speaker 1: Governor hokel says every penny is worth it. Funeral services

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Speaker 1: are sent for today for fallen f D n Y

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Speaker 1: firefighter Timothy Klein. Klein died Sunday while finding a blaze

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Speaker 1: in Brooklyn. Services will take place for the thirty one

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Speaker 1: year old in Bell Harbor. A twenty one year old

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Speaker 1: man who had autism also died in that blaze. In

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Speaker 1: the Southwest, thousands of firefighters have continued to slow the

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Speaker 1: advance of destructive wild fires, but i winds return today

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Speaker 1: that sparked the spread of the blazes a week ago.

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Speaker 1: More than a hundred sixty homes have been destroyed in

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Speaker 1: one rural county in northeast New Mexico. The FDA wants

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Speaker 1: demand menthol cigarettes and flavored cigars. FDA Commissioner Robert Caliph

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Speaker 1: says studies that show the menty taste and cooling effects

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Speaker 1: of menthal and cigar flavors like strawberry and grape increase

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Speaker 1: the appeal for adults and young smokers alike. We really

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Speaker 1: want to emphasize this. It's not just um. We want

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Speaker 1: to take away mental in cigarettes as we want to

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Speaker 1: help people stop this uh um smoking which is causing

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Speaker 1: so much depth and disability. FDA Commissioner calif says menthol

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Speaker 1: cigarettes account for more than a third of all cigarettes

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Speaker 1: sales in the US. Global News twenty four hours a

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Speaker 1: day on air and on Bloomberg Quick Take, powered by

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Speaker 1: more than twenty seven hundred journalists analysts in more than

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Speaker 1: a hundred twenty countries. Michael Bart, this is Bloomberg. Thank you, Michael.

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Speaker 1: Almost six ten on Wall Street. Time for the Bloomberg

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Speaker 1: Sports Update with John Stisham. All Right, Nathan's second in

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Speaker 1: a row. The NFL draft again with Jacksonville. The Jacks

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Speaker 1: took Georgia pass rusher Trevon Walker that allowed Michigan's defensive

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Speaker 1: end Aidan Hutchinson to stay home. With Detroit, Houston took

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Speaker 1: l s U cornerback Derek Stingley, and the Jets, picking

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Speaker 1: fourth overall, took another cornerback, Cincinnati's ahm Odds Sauce Gardener.

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Speaker 1: Not once in college did Gardener allowed the receiver who

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Speaker 1: was defending the score a touchdown. Giants were next, their

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Speaker 1: pick announced, not quite Commissioner Roger Gadell, but by nineteen

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Speaker 1: year old New Jersey resident Sam Prince, who showed great

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Speaker 1: exuberant he has a heart and lunk condition was part

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Speaker 1: of the Make a Wish program. With the fifth pick,

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Speaker 1: and it's quatint to NFL Draft, the New York Football

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Speaker 1: Giants select Cavan Tibodel, once projected to be the first

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Speaker 1: pick of the draft. Should help a Giant's pass rush

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Speaker 1: that was virtually non existing last season. There offensive line

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Speaker 1: also struggles to two ks later, the Giants took Alabama

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Speaker 1: tackle Evan Neil. The top ten ended with other Jets

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Speaker 1: pick Ohio State white out Garrett Wilson. So Zach Wilson

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Speaker 1: will throw passes to Garrett Wilson. Rounds two and three

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Speaker 1: of the draft tonight in Las Vegas. Quite a homestaff

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Speaker 1: of the Yankees. Six game six wins ten five over Baltimore,

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Speaker 1: three went home for Aaron Judge five Baltimore errors. That's

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Speaker 1: one more than the Yanks had all season. NBA playoffs

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Speaker 1: three game sixes all were series clinching wins on the road,

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Speaker 1: Philadelphia just one at halftime, Sixers one by thirty five

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Speaker 1: in Toronto, Dallas one by two in Utah, and Phoenix

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Speaker 1: one in New Orleans. The Sons Chris Paul took fourteen shots.

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Speaker 1: He made all fourteen John stash Eller Bloomberg Sports John,

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Speaker 1: thank you. SMP futures down twenty nine points, Staff futures

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Speaker 1: down a hundred thirteen NASTAC futures leading the declines, down

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Speaker 1: a hundred twenty nine points, are almost one percent to ten.

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Speaker 1: Your treasuries down thirteen thirty seconds. The yield two point

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Speaker 1: eight seven percent. Apple and Amazon shares continue their slide

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Speaker 1: after earnings will get analysis next with Alex winn Ub

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Speaker 1: of Bloomberg Quicktake and Bloomberg Opinion. This is Bloomberg Bloomberg

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Speaker 1: eleven three oh weather mostly sunny, breezy, low sixties. To

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Speaker 1: wrap up the week, Bailey sunny Tomorrow, low sixties, clouds increase.

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Speaker 1: Sunday will get up to near seventy right now forty

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Speaker 1: two degrees in Central Park Markets, headlines and breaking news

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Speaker 1: twenty four hours a day at Bloomberg dot Com, the

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Speaker 1: Bloomberg Business Out and at Bloomberg Quick Take. She's a

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Speaker 1: Bloomberg Business Flash, but I'm Karen Moscow. This update brought

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Speaker 1: to you by me and why Melon's perishing learned by

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Speaker 1: the world's most sophisticated wealth management and institutional firms are

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Speaker 1: rely on perishing to help him improve profitability, create efficiency,

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

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Speaker 1: stocks in Europe are rising as China's pledged to ramp

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Speaker 1: up stimulus lifts optimism and strong earnings continue to roll

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Speaker 1: in while you are stock into futures are lower following

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Speaker 1: earnings from Amazon dot Com and Apple. What technology shares

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Speaker 1: eight and a half percent this morning. Apple is down

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Speaker 1: Germany up one percent. The ten year treasury down fourteen

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Speaker 1: thirty seconds, yield two point eight seven percent. Yield on

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Speaker 1: dollars forty five cents of barrel comex schoold is that

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Speaker 1: pointed at third percent or twenty five dollars eighty cents

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Speaker 1: five six two against the dollar, British pound one point

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Speaker 1: to five five seven and the end at one thirty

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Speaker 1: percent at thirty nine thousand, two hundred dollars. That's a

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Speaker 1: Bloomberg business flash. Now is Michael Barrow with more on

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

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Speaker 1: very much. Russia found it targets from practically one end

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Speaker 1: of Ukraine to the other, including Kiev. The bombardment of

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Speaker 1: the city took place while the head of the United

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Speaker 1: Nations was visiting Ukraine's capitol. Round one of the NFL

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Speaker 1: draft is in the books. The first five picks where

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Speaker 1: all defensive players. The Jaguars took Trayvon Walker with the

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Speaker 1: top pick. The Jets at number four pick cornerback amand Gardner.

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Speaker 1: The Giants at five took another edge rusher, Cavan Thibodeaux.

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Speaker 1: By the way, the Steelers took the first quarterback and

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Speaker 1: twenty of Pitts Kenny Pickett. In Maseball, the Yankees beat

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Speaker 1: the Orioles ten five, The Red Sox Nationals lost in

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Speaker 1: the NHL, The Islanders beat the Capitols five one, The

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Speaker 1: Devil's Lost Bruins one. Global News twenty four hours a

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Speaker 1: day on air and on Bloomberg Quicktake, powered by more

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Speaker 1: in than twenties seven hundred journalist and analysts more than

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Speaker 1: a hundred, twenty countries. Michael bar this is Bloomberg, Nathan Okay, Michael,

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Speaker 1: thanks for coming up to six twenty on Wall Street

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Speaker 1: Life from the Bloomberg Interactive Broker studios, This is Bloomberg.

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Speaker 1: A daybreaking is car and mentioned it's tech that is

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Speaker 1: leading the declines in the pre market this morning after

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Speaker 1: earnings that disappointed analysts from Amazon and Alphabet. I'm sorry

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Speaker 1: from Apple, not Alphabet. They reported earlier this week, didn't they.

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Speaker 1: Alex Webb is back with us this morning Bloomberg twig

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Speaker 1: Take correspondent tech columnist for Bloomberg Opinion to dive in

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Speaker 1: a little bit more into these latest earnings. Alex. Great

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Speaker 1: to have you back on with us. Let's start with

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Speaker 1: Amazon simply because the shares are getting punished in the

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Speaker 1: early more morning trading. UH seems as though a losing quarter.

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Speaker 1: UH is not something anybody really expected from the biggest

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Speaker 1: e commerce player in the world. Yeah, and it's also

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Speaker 1: the scale of the of the problem that they were

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Speaker 1: basically saying that they expanded rapidly during the lockdowns and

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Speaker 1: not ensure they had the capacity to meet demand. That

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Speaker 1: demand has perhaps inevitably now slackened. Then there's less than

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Speaker 1: with a huge amount of capacity, which in turn entail

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Speaker 1: fixed costs. When you got warehouses and in eployees, those

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Speaker 1: things cost your money. And it is a change from

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Speaker 1: the trend we've seen in the past where people had

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Speaker 1: complained about Apple, sorry about Amazon operating at the loss

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Speaker 1: and whether you know this is the kind of Amazon

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Speaker 1: one point oh ten, fifteen years ago, will they ever

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Speaker 1: make a profit? Then it became very clear that they

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Speaker 1: could turn a profit quite easily if they just turn

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Speaker 1: a few spiggots, you know, cramp down on on costs quickly.

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Speaker 1: Now they have expanded beyond that, and their cost controls

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Speaker 1: seemed to have slightly gone out the window, and that's

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Speaker 1: causing concern. And I guess there's got to be concerned

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Speaker 1: as well with not just the cost picture, but the

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Speaker 1: macro headwinds facing Amazon, with inflation and potentially the cost

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Speaker 1: rising for consumers who might want to buy stuff on Amazon,

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Speaker 1: potentially eating into their margins. Exactly. Yeah, their customers are

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Speaker 1: perhaps getting a little bit more cost conscious, while at

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Speaker 1: the same time Amazon's costs are increasing. How did they

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Speaker 1: get things to your front door? Sure they might have

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Speaker 1: some electric vehicles, but for the most part it's stuff

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Speaker 1: that requires fuel, and fuel is getting a lot more

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Speaker 1: expensive too, so that having to impose surcharges. So, just

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Speaker 1: as you know, it's the classic inflation story. Just as

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Speaker 1: consumers are being more conscious about spending money, Amazon Zone

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Speaker 1: costs are also increasing. And I guess that's not as

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Speaker 1: much of an issue for Apple, or at least that's

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Speaker 1: not what the focus was for CEO Tim Cook. On

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Speaker 1: the call last night, He's talking a lot about supply

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Speaker 1: chain constraints, which also gets to what is traditionally one

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Speaker 1: of Apple's key strengths, the ability to manage the supply chain.

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Speaker 1: In fact, the supply chain that Tim Cook largely built

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Speaker 1: that is now hurting them because of the lockdowns in China,

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Speaker 1: which means they can't get all of the semiconductor or

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Speaker 1: another electronics that they need to go into their devices.

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Speaker 1: And that's going to have afford a billion dollar impact

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Speaker 1: on on revenue um. It's also significant given the timing

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Speaker 1: because over recent quarters we've had a few times the

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Speaker 1: sense that Apple hasn't got enough supply to meet them

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Speaker 1: to meet demand. But investors tend to not get too

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Speaker 1: concern because they know that demand is going to come

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Speaker 1: at a later stage right now, as we get closer

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Speaker 1: to the new lineup of iPhones in the autumn, if

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Speaker 1: it's another quarter until people are able to get everything

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Speaker 1: they want, then they will push it a further quarter

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Speaker 1: still to wait for those iPhones. So it does have

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Speaker 1: an impact on earnings to that point. Alex I was

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Speaker 1: talking with Gene Munster from Louke Venture's Last Hour. He

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Speaker 1: says that Apple fans have shown in the past that

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Speaker 1: they're willing to wait. Are they willing to wait that

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Speaker 1: long if supply chain constraints push new products back six

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Speaker 1: nine months down the road in our last thirty seconds here, well,

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Speaker 1: I think it isn't necessarily that they're willing to wait.

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Speaker 1: Is what it does the replacement cycle that we've gone seen.

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Speaker 1: The replacement cycle, the pacer which people will replace their

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Speaker 1: iPhone extend from two years to three years and if

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Speaker 1: there are other reasons that push it even further, then

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Speaker 1: maybe if you'll start realizing they don't need to replace

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Speaker 1: this regularly and it sends to four years, Apple wants

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Speaker 1: you to be updating your phone, replacing your phone far

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Speaker 1: more regularly than that. Thanks Alex, Lots of A's in

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Speaker 1: the Feng picture. Alex web with us this morning, Bloomberg

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Speaker 1: Quick Take correspondent Tech Calmness for Bloomberg Opinion, talking Apple

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Speaker 1: and Amazon this morning and looking at the shares. Amazon

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Speaker 1: is down eight and a half percent in the pre market,

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Speaker 1: while Apple is lower by two and two thirds per cent,

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Speaker 1: helping to drag the broader index is lower this morning,

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Speaker 1: with SMP futures down thirty two points, DAL futures down

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Speaker 1: a hundred thirty eight. Nasdaq Future is also lower by

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Speaker 1: a hundred thirty eight points. That is a drop of

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Speaker 1: one percent for the tech heavy Nasdaq futures ten. Your

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Speaker 1: treasury down thirteen thirty seconds, the yield two point eight

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Speaker 1: seven percent. Just ahead, we hear from Apple CEO on

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Speaker 1: the tech out look and where's Elon Musk getting the

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Speaker 1: money to buy Twitter? Five things you need to notice

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Speaker 1: start your day next on Bloomberg Daybreak. Bloomberg Daybreak is

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Speaker 1: brought to you by ancient accountants and advisors. Challenging times

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00:20:11,560 --> 00:20:15,080
Speaker 1: call for proactive advisors who helped minimize taxes, increased cash flow,

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Speaker 1: and create opportunities for the future of your business. Visit

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Speaker 1: Ancient dot Com broadcasting live from the Bloomberg Interactive Broker

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Speaker 1: Studio in New York. Bloomberg E Living Freedom to Washington,

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Speaker 1: d C, Bloomberg to Boston, Bloomberg one O six one

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Speaker 1: to San Francisco, Bloomberg N sixteen to the country, Sirius

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Speaker 1: XM to the one nine team, and around the globe

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Speaker 1: the Bloomberg Business app in Bloomberg Radio dot com. This

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Speaker 1: is Bloomberg Daybreak, six thirty on Wall Street. Good morning,

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Speaker 1: I'm Nathan Hagar and I'm Karen Moscow, and we're just

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

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

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Speaker 1: your day. Brought to you by I v k R

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Speaker 1: Investment Advisors switched to interact your brokers for lowest cost

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Speaker 1: global trading and turnkey custody solutions, no ticket charges and

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Speaker 1: no conflicts of your interests at ibkr dot com. Slash

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Speaker 1: R I A up first. Apple shares down almost two

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Speaker 1: percent in early training despite posting record earnings and a

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Speaker 1: conference call yesterday, the company said it could lose up

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Speaker 1: to eight billion dollars in the current quarter do to

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Speaker 1: supply constraints, and shares of Amazon are also lowered this morning,

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Speaker 1: Karen by a half percent after announcing it lost money

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Speaker 1: in the first quarter. Bloomberg Intelligence senior e commerce and

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Speaker 1: retail analyst Punum Goyle says it's due to rising costs.

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Speaker 1: Aws continues Let's pace, so that's great to hear on

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Speaker 1: the online business clearly in line with expectations. But the

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Speaker 1: margin week you could say that that's surprising, but it's

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Speaker 1: really not. I mean, from everything that we've been seeing

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Speaker 1: all year, the supply chain crunch is only getting worse,

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Speaker 1: it's not getting better. So they are getting hit from

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Speaker 1: higher costs across the board. Boomberg Intelligence analysts Punam Goyle

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Speaker 1: and we have earning from Big Oil crossing the Bloomberg terminal.

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Speaker 1: X On Mobile and Chevron both missed estimates well. Turning

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Speaker 1: to Twitter now, Nathan, we're finding on more on how

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Speaker 1: Elon Musk is financing his takeover. They get the latest

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Speaker 1: line from Bloomberg's gonna a young good morning Radio, Good

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Speaker 1: Morning Karen. A filing shows Elon Musk offloaded about four

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Speaker 1: billion dollars worth of Tesla stock to cover the twenty

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Speaker 1: one billion dollar equity portion of his deal to buy Twitter.

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Speaker 1: After those filings were made public, he tweeted no further

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Speaker 1: Tesla sales were planned. Bloomberg sources say before the deal

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Speaker 1: was announced, Musk floated the idea of cutting jobs and

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Speaker 1: costs set Twitter you Know. On calls with bankers. He

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Speaker 1: also discussed ideas to monetize the platform to boost cash flow,

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Speaker 1: including a potential subscription service to drive recurring revenue. Live

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Speaker 1: in New York, I'm renned a young Bloomberg Daybreak, Renita. Thanks. Overseas,

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Speaker 1: stocks and China are rebounding. The Hang Sang Tech Index

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Speaker 1: surged to eleven percent. Chinese equities rallied as well after

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Speaker 1: the country announced the economic stimulus plans and a commitment

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Speaker 1: to curbing the spread of COVID and in Ukraine, Nathan

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Speaker 1: Russian missiles poured over the capital Kiev overnight. U s

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Speaker 1: Secretary of State Anthony B. Lincoln says Russia's continuing it's

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Speaker 1: offensive in the don Boss region. There is a ferocious

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Speaker 1: battle taking place right now across hundreds of miles in

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Speaker 1: eastern and southern Ukraine, and the Russians bring a lot

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Speaker 1: of firepower to that. Secretary of State Anthony B. Lincoln said,

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Speaker 1: the US and other nations continue to arm Ukraine to

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Speaker 1: defend those regions. And that's the five things you need

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Speaker 1: to notice. Start your day. Ronty, you buy Interactive Brokers

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Speaker 1: and straight Ahead your latest local headlines, paus A check

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Speaker 1: of sports. And this is Bloomberg. All right, Karen, thank you.

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Speaker 1: Sixty three on Wall Street, two degrees in Central Park.

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Speaker 1: We have an accident on the inbound Williamsburg Bridge. Details

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Speaker 1: coming up in traffic first. Michael Barr with what else

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Speaker 1: is going on in New York and around the world.

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Speaker 1: Good morning, might call Good Morning, Nathan. New York City

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Speaker 1: postponed enforcement of salary transparency until November after advocates and

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Speaker 1: business leaders clashed on whether pay the school as your

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Speaker 1: is the best way to close the persistent gender gap.

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Speaker 1: The city Council, who voted for the delay also exempted

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Speaker 1: companies for being charged a monetary fine for the first

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Speaker 1: violation and limited lawsuits related to the pay information to

430
00:24:13,800 --> 00:24:18,040
Speaker 1: current employees. The approved amendments represent a partial win for

431
00:24:18,119 --> 00:24:21,720
Speaker 1: businesses that had lobbied against the law, which was originally

432
00:24:21,720 --> 00:24:25,040
Speaker 1: set to take effect by many fifteen. New York Governor

433
00:24:25,119 --> 00:24:28,640
Speaker 1: Kathy Hokel says a record amount of school aid will

434
00:24:28,680 --> 00:24:31,920
Speaker 1: be in this year's state budget. Governor Hokel spoke at

435
00:24:31,920 --> 00:24:34,720
Speaker 1: a school and Yonkers, saying hundreds of millions of dollars

436
00:24:34,960 --> 00:24:39,600
Speaker 1: will be going to Westchester's largest school district, one five

437
00:24:39,720 --> 00:24:43,360
Speaker 1: billion dollars to help transform the lives of our children.

438
00:24:43,720 --> 00:24:46,680
Speaker 1: Every penny is worth it. Governor Okell says the state

439
00:24:46,720 --> 00:24:50,120
Speaker 1: budget for education is an increase of more than two

440
00:24:50,200 --> 00:24:54,119
Speaker 1: billion dollars from last year. Funeral services take place today

441
00:24:54,160 --> 00:24:57,840
Speaker 1: for falling New York City firefighter Timothy Klein, he died

442
00:24:57,880 --> 00:25:01,400
Speaker 1: Sunday while battling ablaze in Brooklyn. Services for Klein, who

443
00:25:01,440 --> 00:25:04,399
Speaker 1: was thirty one, take place today in Belle Harbor, A

444
00:25:04,440 --> 00:25:07,240
Speaker 1: twenty one year old man also died in that blaze.

445
00:25:07,520 --> 00:25:11,440
Speaker 1: President Biden confirmed there are ongoing discussions in his administration

446
00:25:11,680 --> 00:25:15,280
Speaker 1: about reducing student loan debts, though not for a proposed

447
00:25:15,320 --> 00:25:19,240
Speaker 1: fifty dollars Why Now's pre Secretary Jen Psaki says despite

448
00:25:19,280 --> 00:25:22,520
Speaker 1: these talks. The President remains eager to sign anything that

449
00:25:22,640 --> 00:25:25,760
Speaker 1: comes to his desk from Congress on this issue. Congress

450
00:25:25,800 --> 00:25:28,119
Speaker 1: sent him a bill tomorrow he could sign it, and

451
00:25:28,240 --> 00:25:31,680
Speaker 1: he would sign it to to give ten thousand dollars

452
00:25:31,680 --> 00:25:34,320
Speaker 1: a student that relief. We've also he has not hesitated.

453
00:25:34,680 --> 00:25:37,800
Speaker 1: Spokesperson Saki says the President has not ruled out the

454
00:25:37,800 --> 00:25:40,879
Speaker 1: possibility of executive action to get the ball rolling. The

455
00:25:40,960 --> 00:25:43,560
Speaker 1: FDA says it will be moving ahead with a proposed

456
00:25:43,560 --> 00:25:49,359
Speaker 1: ban on menthol cigarettes and flavored cigars nationwide. FDA Commissioner

457
00:25:49,520 --> 00:25:52,320
Speaker 1: Dr Robert Kliff says you could save thousands of lives.

458
00:25:52,680 --> 00:25:55,399
Speaker 1: An estimate show it meant that his mental is no

459
00:25:55,480 --> 00:25:59,920
Speaker 1: longer an option in combustible tobacco products. Up to six

460
00:26:00,040 --> 00:26:03,080
Speaker 1: hundred four thousand deaths would be avoided over the course

461
00:26:03,119 --> 00:26:06,440
Speaker 1: of forty years. Dr Califf says menthol cigarettes account for

462
00:26:06,480 --> 00:26:09,359
Speaker 1: more than a third of all cigarettes sales in the US.

463
00:26:09,760 --> 00:26:12,200
Speaker 1: Global News twenty four hours a day on air and

464
00:26:12,359 --> 00:26:15,280
Speaker 1: on Bloomberg quit take powered by more than twenty seven

465
00:26:15,320 --> 00:26:17,800
Speaker 1: hundred journalists and antatist more than a hundred twenty countries.

466
00:26:18,080 --> 00:26:25,840
Speaker 1: Michael bar this is Bloomberg, Nathan Michael thank you. Turn

467
00:26:25,920 --> 00:26:28,119
Speaker 1: him to six thirty six on Wall Street. John stash

468
00:26:28,119 --> 00:26:30,840
Speaker 1: Are has the Bloomberg Sports Update, Nathan. The draft was

469
00:26:30,880 --> 00:26:33,800
Speaker 1: in Las Vegas, but New York dominated the early going

470
00:26:33,880 --> 00:26:36,520
Speaker 1: with four of the first ten picks. The Jets at

471
00:26:36,600 --> 00:26:40,320
Speaker 1: four took Cincinnati cornerback Sauce Gardner came back at ten

472
00:26:40,440 --> 00:26:43,200
Speaker 1: to select Ohio State white out Garrett Wilson's with the Jets,

473
00:26:43,200 --> 00:26:46,399
Speaker 1: Phil too definite needs, so did the Giants, taking Oregon

474
00:26:46,480 --> 00:26:50,000
Speaker 1: pass rusher Cavan Timbodeau at five Alabama tackle Evan Neal

475
00:26:50,280 --> 00:26:53,000
Speaker 1: two picks later Giants GM show chow Shane then asked

476
00:26:53,000 --> 00:26:55,320
Speaker 1: how it all shook out. We went to these scenarios

477
00:26:56,200 --> 00:26:59,400
Speaker 1: a million times, Thank YOUZ. We had seven or eight

478
00:26:59,400 --> 00:27:01,639
Speaker 1: cards and we has kept switching them back and forth

479
00:27:01,640 --> 00:27:03,840
Speaker 1: based on different scenarios. And this is a scenario we

480
00:27:03,920 --> 00:27:06,520
Speaker 1: went over and if there were two tackles on the

481
00:27:06,520 --> 00:27:09,399
Speaker 1: board and the pass rusher, we're gonna go pass rusher,

482
00:27:09,400 --> 00:27:12,160
Speaker 1: knowing we can get a tackle at seven. So we

483
00:27:12,119 --> 00:27:15,480
Speaker 1: were static when that that scenarios came up. The first

484
00:27:15,560 --> 00:27:18,400
Speaker 1: overall was George ed Rusher Trayvon Walker to Jacksonville only

485
00:27:18,440 --> 00:27:21,040
Speaker 1: one quarterback take and Kenny Pick he had played college

486
00:27:21,080 --> 00:27:23,880
Speaker 1: football in Pittsburgh. He'll stay there. Taken by the Steelers,

487
00:27:23,920 --> 00:27:26,240
Speaker 1: whose long time g V Ben luffat Burger just retired.

488
00:27:26,480 --> 00:27:28,880
Speaker 1: Drafted tedious tonight with rounds two and three, Giants made

489
00:27:28,880 --> 00:27:30,960
Speaker 1: official they will not pick up the fifth year option

490
00:27:31,000 --> 00:27:33,800
Speaker 1: on QB Daniel Jones that would have assured him twenty

491
00:27:33,800 --> 00:27:36,399
Speaker 1: two million dollars in twenty twenty three. The Giants want

492
00:27:36,440 --> 00:27:38,600
Speaker 1: to first see how Jones does if you can stay

493
00:27:38,640 --> 00:27:41,840
Speaker 1: healthy this upcoming season. Yankees tonight bring their six game

494
00:27:41,880 --> 00:27:44,440
Speaker 1: win straight, best record in American League to Kansas City.

495
00:27:44,520 --> 00:27:46,880
Speaker 1: Yanks just beat the Orioles ten to five as Baltimore

496
00:27:46,880 --> 00:27:49,000
Speaker 1: had five air Jararon Judge of the three run homer.

497
00:27:49,320 --> 00:27:52,080
Speaker 1: NBA Playoffs top seed Phoenix trailed by ten at the half,

498
00:27:52,080 --> 00:27:54,360
Speaker 1: but one in New Orleans. Chris Paul made all fourteen

499
00:27:54,400 --> 00:27:57,040
Speaker 1: of his shots and the Sons win the series four two.

500
00:27:57,119 --> 00:28:00,520
Speaker 1: Dallas wanted series with Utah, so did Philadelphia with Toronto.

501
00:28:00,640 --> 00:28:02,840
Speaker 1: NHL regular season ends tonight, and the Rangers will find

502
00:28:02,840 --> 00:28:05,480
Speaker 1: out whether they play Pittsburgh or Washington or the Class.

503
00:28:05,800 --> 00:28:08,960
Speaker 1: John Stairs with Bloomberg Sports All Right, John Thanks, six

504
00:28:09,000 --> 00:28:10,720
Speaker 1: thirty seven on Wall Street. Time to take a look

505
00:28:10,720 --> 00:28:12,879
Speaker 1: at stock some of the names moving in the pre market.

506
00:28:12,920 --> 00:28:16,480
Speaker 1: Another very busy early morning session for Bloomberg Radio on

507
00:28:16,480 --> 00:28:19,480
Speaker 1: TV Markets correspondent creating Gupta, not the least of which

508
00:28:19,520 --> 00:28:22,560
Speaker 1: reason why createy We are looking at tech earnings. We

509
00:28:22,600 --> 00:28:24,800
Speaker 1: absolutely are looking at tech earnings, at oil earnings too,

510
00:28:24,840 --> 00:28:26,320
Speaker 1: but we'll start with a tech because of course that's

511
00:28:26,400 --> 00:28:28,320
Speaker 1: the one that's going to move the market a little

512
00:28:28,320 --> 00:28:30,960
Speaker 1: bit more. Apple is down this morning, down to the

513
00:28:31,000 --> 00:28:34,200
Speaker 1: tune of over two percent, falling of those warning on

514
00:28:34,240 --> 00:28:37,040
Speaker 1: the supply constraints. Now, Nathan, this is significant because one

515
00:28:37,040 --> 00:28:39,960
Speaker 1: of Tim Cook's legacies the CEO of Apple, is to

516
00:28:40,040 --> 00:28:43,200
Speaker 1: really make sure that supply chain is secure and going

517
00:28:43,240 --> 00:28:45,160
Speaker 1: all the way into China. This is really a legacy

518
00:28:45,160 --> 00:28:47,480
Speaker 1: of his going back even to the trade war and

519
00:28:47,560 --> 00:28:49,680
Speaker 1: other issues that we've seen come out of Asia. And

520
00:28:49,760 --> 00:28:52,720
Speaker 1: now they're actually warning of an eight billion dollar hit

521
00:28:53,000 --> 00:28:55,520
Speaker 1: from the Chinese lockdown and from shortages. Remember, this is

522
00:28:55,560 --> 00:28:57,520
Speaker 1: one of the concerns that was coming out of these

523
00:28:57,560 --> 00:28:59,720
Speaker 1: Chinese lockdowns in terms of the ripple effects to the

524
00:28:59,760 --> 00:29:02,600
Speaker 1: rest of the world. Candles exports actually make it to

525
00:29:02,640 --> 00:29:04,880
Speaker 1: the poorts and actually get out of the country to

526
00:29:05,080 --> 00:29:07,760
Speaker 1: supply a lot of the technology and consumer goods to

527
00:29:07,880 --> 00:29:09,640
Speaker 1: the rest of the world. So that warning from Apple

528
00:29:10,160 --> 00:29:12,360
Speaker 1: largely kind of behind some of the weight you're seeing

529
00:29:12,360 --> 00:29:15,000
Speaker 1: in the market this morning. Apple shares are, like I said,

530
00:29:15,000 --> 00:29:17,000
Speaker 1: down A A p L is your taker, down in

531
00:29:17,080 --> 00:29:19,240
Speaker 1: the tune of two point seven percent night. And the

532
00:29:19,240 --> 00:29:20,880
Speaker 1: other one you want to keep your eye on, of course,

533
00:29:21,320 --> 00:29:23,320
Speaker 1: is Amazon, and we're gonna look at Amazon chairs here

534
00:29:23,400 --> 00:29:25,920
Speaker 1: A m z N is your ticker. It is down

535
00:29:25,960 --> 00:29:27,840
Speaker 1: to the tune of eight and a half percent. It

536
00:29:28,000 --> 00:29:30,680
Speaker 1: was down far far more in the postmarket trading yesterday,

537
00:29:30,760 --> 00:29:33,600
Speaker 1: think down as much as ten percent. It comes after

538
00:29:33,640 --> 00:29:36,840
Speaker 1: they're showing a little bit of slowing in their growth system.

539
00:29:36,880 --> 00:29:39,760
Speaker 1: They're saying that, well, there's so much kind of momentum

540
00:29:39,760 --> 00:29:42,240
Speaker 1: that we've had, you're not actually seeing the same amount

541
00:29:42,240 --> 00:29:44,080
Speaker 1: of beat and the same margin of beat that you've

542
00:29:44,120 --> 00:29:46,360
Speaker 1: had in previous quarters. Don't get me wrong. They are

543
00:29:46,400 --> 00:29:48,760
Speaker 1: still growing and they're growing at a fast pace, just

544
00:29:48,920 --> 00:29:51,600
Speaker 1: not as fast as before. And that's something that the

545
00:29:51,640 --> 00:29:54,560
Speaker 1: stock market or investors have really punished them for, saying,

546
00:29:54,600 --> 00:29:57,560
Speaker 1: just how long can they really be growing? And you

547
00:29:57,600 --> 00:29:59,960
Speaker 1: mentioned earlier, we did get some earnings just minutes of

548
00:30:00,040 --> 00:30:02,440
Speaker 1: go from a couple of the oil majors. Yeah, two

549
00:30:02,440 --> 00:30:04,280
Speaker 1: of the oil majors. This is huge, right where if

550
00:30:04,320 --> 00:30:07,160
Speaker 1: we were expecting their biggest profits going back and over

551
00:30:07,200 --> 00:30:10,959
Speaker 1: a decade, both companies EXCEN and Chevron have delivered. XOM

552
00:30:11,080 --> 00:30:13,680
Speaker 1: is your taker for XN down one point two percent,

553
00:30:13,840 --> 00:30:16,080
Speaker 1: Chevron c v X as your taker. It's about flat

554
00:30:16,160 --> 00:30:18,200
Speaker 1: in the session, but still you're seeing a little bit

555
00:30:18,200 --> 00:30:21,200
Speaker 1: of movement here. Both are, like I said, coming out

556
00:30:21,200 --> 00:30:23,920
Speaker 1: with some pretty big profit numbers. So why are is

557
00:30:23,960 --> 00:30:26,280
Speaker 1: the stock down now? It's unclear at the moment, but I

558
00:30:26,240 --> 00:30:28,320
Speaker 1: I remember this is also coming at a time or

559
00:30:28,320 --> 00:30:30,120
Speaker 1: in the shadow of a lot of these big tech

560
00:30:30,160 --> 00:30:33,560
Speaker 1: earnings who also reported, like I said, some major profits.

561
00:30:33,680 --> 00:30:35,760
Speaker 1: The concern here is the growth. So if you made

562
00:30:35,760 --> 00:30:37,640
Speaker 1: a lot of money in this last quarter, which they

563
00:30:37,640 --> 00:30:40,160
Speaker 1: have record profit, like I said, from this oil these

564
00:30:40,400 --> 00:30:42,640
Speaker 1: oil prices that are rising in facts are actually talking

565
00:30:42,640 --> 00:30:45,360
Speaker 1: about boosting their share buy back program for XCEN up

566
00:30:45,360 --> 00:30:49,320
Speaker 1: to thirty billion dollars through three how much, how a

567
00:30:49,320 --> 00:30:51,200
Speaker 1: lot much longer can that growth continue? And I think

568
00:30:51,200 --> 00:30:53,120
Speaker 1: that sentiment is what's weighing on the stock this morning.

569
00:30:53,200 --> 00:30:56,080
Speaker 1: All Right, Bloomberg Radio on TV. Markets correspondent Creedy grouped

570
00:30:56,080 --> 00:30:58,000
Speaker 1: out with us this morning, and as we take a

571
00:30:58,000 --> 00:31:01,280
Speaker 1: look ahead to the open, futures are moving lower, with

572
00:31:01,440 --> 00:31:04,360
Speaker 1: SMP futures down thirty seven point, Staff futures down a

573
00:31:04,440 --> 00:31:08,400
Speaker 1: hundred sixty seven, Nasdaq futures adding to their declines, down

574
00:31:08,440 --> 00:31:11,600
Speaker 1: a hundred fifty nine points or one point two percent now,

575
00:31:11,640 --> 00:31:15,400
Speaker 1: the tenure Treasury down thirteen thirty seconds yield two eight

576
00:31:15,480 --> 00:31:23,960
Speaker 1: seven percent. This is Bloomberg Bloomberg eleven three or whether

577
00:31:24,000 --> 00:31:26,600
Speaker 1: it's gonna be mostly sunny and breezy today, cool highs

578
00:31:26,600 --> 00:31:28,680
Speaker 1: and the low sixties will stay in the low sixties

579
00:31:28,680 --> 00:31:32,360
Speaker 1: tomorrow as well could It's seventy with increasing clouds on Sunday.

580
00:31:32,440 --> 00:31:38,400
Speaker 1: Right now forty two in Central Park Markets headlines and

581
00:31:38,520 --> 00:31:41,800
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,

582
00:31:41,920 --> 00:31:45,520
Speaker 1: the Bloomberg Business apt and at Bloomberg quctape is a

583
00:31:45,560 --> 00:31:55,400
Speaker 1: Bloomberg Business Flash and I'm Karen Moscow and technology and

584
00:31:55,560 --> 00:31:58,600
Speaker 1: dragging on U stock index futures. This morning, we got

585
00:31:58,600 --> 00:32:01,120
Speaker 1: to the first word breaking news down for today's morning call,

586
00:32:01,200 --> 00:32:04,120
Speaker 1: and here's Bill Maloney. Bill, good morning, and good morning,

587
00:32:04,160 --> 00:32:07,400
Speaker 1: Caen that's right. U s features are under pressure, with Amazon, Intel,

588
00:32:07,440 --> 00:32:10,480
Speaker 1: and Apple all down pre market after their earnings. Doubt

589
00:32:10,560 --> 00:32:12,239
Speaker 1: you just could lay down a hundred and seventy two

590
00:32:12,280 --> 00:32:14,680
Speaker 1: points as if you dropped thirty nine. NASDA futures are

591
00:32:14,720 --> 00:32:17,640
Speaker 1: lower by a hundred and sixteen. The US ten year

592
00:32:17,640 --> 00:32:19,920
Speaker 1: old at two point eight seven percent, Gold is up

593
00:32:19,960 --> 00:32:23,120
Speaker 1: twenty three. Oil is also climbing, but bitcoin is down

594
00:32:23,120 --> 00:32:26,600
Speaker 1: by one point nine percent. Japan rose one percent overnight,

595
00:32:26,600 --> 00:32:29,160
Speaker 1: while RPM markets are in the green, led by games

596
00:32:29,160 --> 00:32:31,880
Speaker 1: in Germany back in the US. On the Economic Funday

597
00:32:31,960 --> 00:32:35,800
Speaker 1: thirty Personal Income and Spending at Chicago p m I

598
00:32:35,840 --> 00:32:38,680
Speaker 1: and at ten o'clock Michigan Sentiment after the bell last

599
00:32:38,760 --> 00:32:42,360
Speaker 1: night those earnings, Amazon sales forecast, missed estimates, Intel gave

600
00:32:42,400 --> 00:32:45,720
Speaker 1: week Q two guidance, and Apple warrant of supply constraints

601
00:32:46,040 --> 00:32:49,320
Speaker 1: regarding earnings. This morning, Chevron and x on EPs missed

602
00:32:49,440 --> 00:32:52,520
Speaker 1: estimates and wrapping things up, Dominos was cut to neutral

603
00:32:52,560 --> 00:32:55,160
Speaker 1: over at bt I, g Facebook rates to hold at

604
00:32:55,200 --> 00:32:58,600
Speaker 1: DZ bank, and Stanley Blackendecker was cut to neutral over

605
00:32:58,640 --> 00:33:02,200
Speaker 1: at miszoo Hoo. From the first picking news DESCM B. Maloney,

606
00:33:02,240 --> 00:33:04,840
Speaker 1: camp all Right, Bill and to hear live breaking news

607
00:33:04,880 --> 00:33:07,880
Speaker 1: over your Bloomberg type swalk on your terminal. That's squ

608
00:33:08,240 --> 00:33:10,760
Speaker 1: a w K and that's a Bloomberg business flash. Now

609
00:33:10,840 --> 00:33:13,160
Speaker 1: here's Michael bar with Moore on what's going on around

610
00:33:13,160 --> 00:33:16,040
Speaker 1: the world. Michael Karen, thank you very much. Ukraine's leader

611
00:33:16,040 --> 00:33:19,360
Speaker 1: has accused Russia of trying to humiliate the United Nations

612
00:33:19,400 --> 00:33:23,600
Speaker 1: by reining missiles on Kiev during a visit by Secretary

613
00:33:23,680 --> 00:33:28,600
Speaker 1: General Antonio Guterres when Russian target struck a residential high rise.

614
00:33:29,040 --> 00:33:32,720
Speaker 1: Former Minneapolis police officer Derek Chauvin is appealing his conviction

615
00:33:32,840 --> 00:33:36,600
Speaker 1: for murder of George Floyd, arguing that jurors were intimidated

616
00:33:36,640 --> 00:33:39,760
Speaker 1: by protests. Round one of the NFL draft is in

617
00:33:39,800 --> 00:33:43,320
Speaker 1: the books. The first five picks all defensive players. The

618
00:33:43,400 --> 00:33:46,800
Speaker 1: Jaguars took Trayvon Walker with the top pick. The Jets

619
00:33:46,840 --> 00:33:50,320
Speaker 1: at number four pick cornerback of Mod Gardner. The Giants

620
00:33:50,360 --> 00:33:53,920
Speaker 1: at five took another edge runner, Cavon Thibodeaux. The Steelers,

621
00:33:53,920 --> 00:33:55,520
Speaker 1: by the way, he took the first quarterback of twenty

622
00:33:55,720 --> 00:33:59,040
Speaker 1: Pitts Kenny Pickett. In baseball, the Yankees beat the Orioles

623
00:33:59,040 --> 00:34:02,200
Speaker 1: ten five. The Red Nationals lost in the NHL, the

624
00:34:02,240 --> 00:34:06,400
Speaker 1: Islanders beat the Capitol's five, one, the Bruins one. Global

625
00:34:06,440 --> 00:34:08,799
Speaker 1: news twenty four hours a day on here and on

626
00:34:08,840 --> 00:34:12,720
Speaker 1: Bloomberg Quick Tech, powered by more than seven hundred journalists

627
00:34:12,719 --> 00:34:15,560
Speaker 1: analysts more than twenty countries. I'm Michael Barr, and this

628
00:34:15,680 --> 00:34:18,680
Speaker 1: is Bloomberg, Karen, Michael, thank you. At A sixty nine

629
00:34:18,680 --> 00:34:20,640
Speaker 1: on Wall Street. We turned to news and science and

630
00:34:20,680 --> 00:34:23,720
Speaker 1: technology now with the Bloomberg and j I T Stemme Report,

631
00:34:23,800 --> 00:34:26,880
Speaker 1: brought to you by New Jersey Institute of Technology and

632
00:34:27,040 --> 00:34:30,440
Speaker 1: j I T offers New Jersey's first undergraduate degree in fintech,

633
00:34:30,560 --> 00:34:33,360
Speaker 1: tech driven finance focused. Learn more at n j I

634
00:34:33,440 --> 00:34:36,080
Speaker 1: T dot E d U slash Fintech and now Here's

635
00:34:36,080 --> 00:34:39,640
Speaker 1: this making News and science, Technology, engineering, and math. Officials

636
00:34:39,640 --> 00:34:43,080
Speaker 1: in China are defending the COVID zero strategy as still

637
00:34:43,120 --> 00:34:45,799
Speaker 1: the best way to fight the pandemic. They say the

638
00:34:45,880 --> 00:34:49,360
Speaker 1: current outbreak is coming under control, with cases in Shanghai

639
00:34:49,440 --> 00:34:52,839
Speaker 1: showing signs of turning around. The lockdowns have been criticized

640
00:34:52,880 --> 00:34:56,839
Speaker 1: for exacting heavy social and economic costs. Elon Musk sold

641
00:34:56,840 --> 00:34:59,600
Speaker 1: about four billion dollars worth of Tesla's stock after clinching

642
00:34:59,600 --> 00:35:02,880
Speaker 1: the deal to my Twitter analyst and investors had suspected

643
00:35:02,920 --> 00:35:05,600
Speaker 1: that Musk might need to sell some stock to cover

644
00:35:05,640 --> 00:35:08,200
Speaker 1: the twenty one billion dollar equity portion of the deal

645
00:35:08,560 --> 00:35:12,560
Speaker 1: that he personally guaranteed. Meanwhile, and Musk pitch to bankers

646
00:35:12,600 --> 00:35:15,600
Speaker 1: before the Twitter deal was done. He mentioned job cuts

647
00:35:15,600 --> 00:35:19,040
Speaker 1: and ways to boost cash flow. And finally, snap has

648
00:35:19,040 --> 00:35:22,000
Speaker 1: a replacement for the cheap phone stands and awkward outstretched

649
00:35:22,120 --> 00:35:25,600
Speaker 1: arms of modern self filming. It's a yellow, square shaped

650
00:35:25,640 --> 00:35:29,360
Speaker 1: flying camera drone that costs two d thirty dollars, weighs

651
00:35:29,360 --> 00:35:31,520
Speaker 1: about a quarter of a pound, and hovers around you

652
00:35:31,560 --> 00:35:34,719
Speaker 1: to film you automatically. After filming, the drone can land

653
00:35:34,719 --> 00:35:38,040
Speaker 1: in the owner's hand autonomously, and the images get auto

654
00:35:38,120 --> 00:35:41,719
Speaker 1: uploaded to the owner's Snapchat account. It's available for pre

655
00:35:41,920 --> 00:35:44,480
Speaker 1: order in the US and France and starts shipping in

656
00:35:44,600 --> 00:35:47,000
Speaker 1: late May. And that's a Bloomberg and j I t

657
00:35:47,360 --> 00:35:50,800
Speaker 1: Stem report. Nathan, I did not your Christmas present that

658
00:35:50,920 --> 00:35:54,160
Speaker 1: I needed an upgrade to myselfie stick. Thank you, Karen,

659
00:35:54,560 --> 00:35:57,600
Speaker 1: Were're alive from the Bloomberg Interactive Broker Studios where it's

660
00:35:57,600 --> 00:36:00,759
Speaker 1: sixty one on Wall Street. Let's check what's going on

661
00:36:00,800 --> 00:36:02,760
Speaker 1: in d C now or. Some of the top stories

662
00:36:02,800 --> 00:36:07,319
Speaker 1: include President Biden's Ukraine aid request potentially facing hurdles on

663
00:36:07,440 --> 00:36:11,120
Speaker 1: Capitol Hilp Senator Mansion calling the President's electric vehicle tax

664
00:36:11,200 --> 00:36:15,960
Speaker 1: credit ludicrous, and Elon Musk in Senate Democrats sites over

665
00:36:15,960 --> 00:36:19,440
Speaker 1: the planned Twitter buyout. Bloomberg. Government reporter Emily Wilkins is

666
00:36:19,440 --> 00:36:23,200
Speaker 1: with us for more on all these stories, perhaps most importantly, Emily,

667
00:36:23,360 --> 00:36:27,239
Speaker 1: the big ask from President Biden on Ukraine aid. But

668
00:36:27,280 --> 00:36:31,840
Speaker 1: it's not just Ukraine aid that's in this package. No,

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00:36:32,280 --> 00:36:34,560
Speaker 1: it's not, Nathan. And You've got a number of different things,

670
00:36:34,880 --> 00:36:37,359
Speaker 1: including measures that would allow the White House to use

671
00:36:37,400 --> 00:36:40,520
Speaker 1: the Defense Production Act to expand domestic production of nickel

672
00:36:40,560 --> 00:36:42,759
Speaker 1: and lithium. And I think a lot of people when

673
00:36:42,760 --> 00:36:44,839
Speaker 1: they hear about funding to Ukraine, you think a lot

674
00:36:44,840 --> 00:36:48,800
Speaker 1: about the security and military assistance, economic assistance. This also

675
00:36:48,840 --> 00:36:52,319
Speaker 1: does include humanitarian aid, and it also includes half a

676
00:36:52,360 --> 00:36:55,920
Speaker 1: billion dollars of funding to address the global food shortage.

677
00:36:55,960 --> 00:36:59,839
Speaker 1: So a lot contain within this thirty three billion dollar requests.

678
00:37:00,000 --> 00:37:02,600
Speaker 1: And remember, of course, that you know from this request

679
00:37:02,840 --> 00:37:05,719
Speaker 1: Congress is actually might not tweak the lad tweak the

680
00:37:05,800 --> 00:37:08,759
Speaker 1: request a little bit too before it becomes legislation. I

681
00:37:08,800 --> 00:37:10,680
Speaker 1: think a big question here is whether or not this

682
00:37:10,760 --> 00:37:14,560
Speaker 1: is going to contain additional funding for COVID nineteen. Remember

683
00:37:14,600 --> 00:37:17,680
Speaker 1: that was something that Biden had requested requested it again.

684
00:37:17,680 --> 00:37:20,600
Speaker 1: With this funding, Lawmakers came to an agreement on a

685
00:37:20,680 --> 00:37:25,080
Speaker 1: ten billion dollar package for vaccines and additional treatment, but

686
00:37:25,200 --> 00:37:27,960
Speaker 1: that got stalled over an immigration provision. So I think

687
00:37:27,960 --> 00:37:30,839
Speaker 1: there's a lot of questions about whether Ukraine Aid will

688
00:37:30,880 --> 00:37:34,080
Speaker 1: move alone, or whether it will move with COVID or

689
00:37:34,200 --> 00:37:37,879
Speaker 1: potentially even an immigration provision to it. Um. I think

690
00:37:37,880 --> 00:37:39,919
Speaker 1: those are all things that we're going to learn within

691
00:37:39,960 --> 00:37:41,919
Speaker 1: the next week or two. But where do you see

692
00:37:41,920 --> 00:37:45,759
Speaker 1: the potential Emily four wiggle room on some of these provisions.

693
00:37:45,800 --> 00:37:48,120
Speaker 1: Is there a possibility that the COVID AID could be

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00:37:48,200 --> 00:37:50,760
Speaker 1: stripped out given how difficult it's been for the President

695
00:37:50,800 --> 00:37:54,800
Speaker 1: to get it moving with that Title forty two provision? Absolutely, Nathan,

696
00:37:54,840 --> 00:37:57,200
Speaker 1: I think there's a chance that this COVID AID could

697
00:37:57,200 --> 00:37:59,120
Speaker 1: be stripped out and it could just be the Ukraine

698
00:37:59,120 --> 00:38:04,200
Speaker 1: Aid that moves. Republicans so far have sounded very harsh

699
00:38:04,400 --> 00:38:07,879
Speaker 1: on including the two of them together in a certain package. Um.

700
00:38:07,960 --> 00:38:10,200
Speaker 1: They've expressed that, you know, that's not the best way

701
00:38:10,239 --> 00:38:12,239
Speaker 1: to move this that they just want to vote on

702
00:38:12,320 --> 00:38:15,560
Speaker 1: the Ukraine Aid itself, and that threat of really slowing

703
00:38:15,600 --> 00:38:19,319
Speaker 1: down this funding could could move Democrats to sort of say, hey,

704
00:38:19,360 --> 00:38:20,680
Speaker 1: you know, we need going to have to move the

705
00:38:20,719 --> 00:38:24,560
Speaker 1: COVID stuff separately. It's always tempting to move to add

706
00:38:24,600 --> 00:38:27,840
Speaker 1: additional provisions to things that you know are bipartisan and

707
00:38:27,880 --> 00:38:30,600
Speaker 1: are going to pass. We're certainly seeing that play out here.

708
00:38:31,160 --> 00:38:33,120
Speaker 1: Um but I think the big question, of course is

709
00:38:33,160 --> 00:38:35,319
Speaker 1: are they going to have have the votes to move

710
00:38:35,400 --> 00:38:38,760
Speaker 1: both COVID and Ukraine funding And if they don't, certainly

711
00:38:38,800 --> 00:38:41,719
Speaker 1: Democrats don't want to see as being the obstructionist from

712
00:38:41,800 --> 00:38:44,799
Speaker 1: getting that funding to Biden and then to Ukraine. And

713
00:38:44,840 --> 00:38:46,759
Speaker 1: you've got to think, Emily that there's a lot of

714
00:38:46,880 --> 00:38:49,200
Speaker 1: urgency not just on the Ukraine Aid, but on the

715
00:38:49,239 --> 00:38:52,840
Speaker 1: COVID aid as well. Oh absolutely, Nathan. I mean, you

716
00:38:52,880 --> 00:38:55,359
Speaker 1: know you heard from House Majority leaders Denny Hoyer who

717
00:38:55,440 --> 00:38:57,600
Speaker 1: kind of laid this out that you know, they want

718
00:38:57,680 --> 00:39:00,440
Speaker 1: to get stuff on Ukraine. They understand that it's urgent,

719
00:39:00,560 --> 00:39:03,680
Speaker 1: but they also feel that this COVID funding is particularly urgent.

720
00:39:04,000 --> 00:39:05,880
Speaker 1: I mean I know that you know, we're kind of

721
00:39:05,960 --> 00:39:08,680
Speaker 1: hating a plateau in terms of those who are vaccinated,

722
00:39:08,800 --> 00:39:11,360
Speaker 1: that the mask mandates are off in many places, but

723
00:39:11,440 --> 00:39:13,799
Speaker 1: the Biden administration really does not want to get caught

724
00:39:13,840 --> 00:39:15,920
Speaker 1: flat footed the way they did with Oh Macron when

725
00:39:15,920 --> 00:39:18,760
Speaker 1: people were struggling to find tests. And there are also

726
00:39:19,040 --> 00:39:21,680
Speaker 1: a number of medicines that they want to continue to

727
00:39:21,719 --> 00:39:24,800
Speaker 1: promote so that when people do get diagnosed with COVID

728
00:39:25,120 --> 00:39:27,480
Speaker 1: they can take these drugs, the ones that you're seeing

729
00:39:27,520 --> 00:39:30,520
Speaker 1: Vice President Kamala Harris take to make sure that they're

730
00:39:30,520 --> 00:39:32,760
Speaker 1: not winding up in the hospital, that they're not winding

731
00:39:32,840 --> 00:39:35,560
Speaker 1: up on the ventilators, and that they're not dying. And

732
00:39:35,600 --> 00:39:38,480
Speaker 1: so these are all things that the um BID administrations

733
00:39:38,480 --> 00:39:41,120
Speaker 1: say they still need, that they still need the funding

734
00:39:41,160 --> 00:39:43,960
Speaker 1: for that their current funding has run out. It's absolutely

735
00:39:43,960 --> 00:39:46,480
Speaker 1: an urgent thing. I think it's just at this point

736
00:39:46,480 --> 00:39:49,200
Speaker 1: of question of whether it's going to have enough support

737
00:39:49,239 --> 00:39:52,960
Speaker 1: to move with Ukraine. Remember, sort of playing all into

738
00:39:53,000 --> 00:39:56,280
Speaker 1: this is that immigration provision, the so called Title forty

739
00:39:56,320 --> 00:39:59,840
Speaker 1: two UM that really makes it much easier for border

740
00:40:00,000 --> 00:40:03,239
Speaker 1: agents to turn away migrants at the southern border. It's

741
00:40:03,280 --> 00:40:06,360
Speaker 1: supposed to expire next month. Republicans and a number of

742
00:40:06,400 --> 00:40:08,839
Speaker 1: Democrats do not want that to happen. They want that

743
00:40:09,000 --> 00:40:12,279
Speaker 1: restriction to remain in place. That's got mixed up with

744
00:40:12,320 --> 00:40:14,760
Speaker 1: the COVID funding before. If you put the COVID funding

745
00:40:14,760 --> 00:40:17,040
Speaker 1: with the Ukraine funding, that could wind up with a

746
00:40:17,080 --> 00:40:21,200
Speaker 1: giant political headache for for for leadership in Congress and

747
00:40:21,239 --> 00:40:23,040
Speaker 1: in the White House. All right, let's move on to

748
00:40:23,080 --> 00:40:25,560
Speaker 1: another big story. Obviously it's been a big one on

749
00:40:25,600 --> 00:40:29,000
Speaker 1: Wall Street and now on Capitol Hill. Elon Must and

750
00:40:29,080 --> 00:40:31,520
Speaker 1: the Twitter buy out. What is the reaction in Congress?

751
00:40:32,120 --> 00:40:35,279
Speaker 1: So you're hearing a lot of support from Republicans who

752
00:40:35,440 --> 00:40:38,080
Speaker 1: feel like Twitter and other social media platforms have been

753
00:40:38,080 --> 00:40:42,080
Speaker 1: really restrictive for conservative views. They're very pro Elon must

754
00:40:42,239 --> 00:40:46,640
Speaker 1: stance that Twitter does need to honor some more free speech. Democrats, however,

755
00:40:46,680 --> 00:40:50,000
Speaker 1: are concerned that potentially doing so will really open the

756
00:40:50,080 --> 00:40:54,279
Speaker 1: platform up to a lot of misinformation and disinformation. Uh

757
00:40:54,280 --> 00:40:57,840
Speaker 1: And you heard Secretary uh Senate Commerce Chair, sorry, Senate

758
00:40:57,840 --> 00:41:01,600
Speaker 1: Commerce Chair Maria Can't Well saying that lawmakers aren't discussing

759
00:41:01,680 --> 00:41:05,320
Speaker 1: potentially holding a hearing and asking Elon Musk to come

760
00:41:05,360 --> 00:41:08,239
Speaker 1: and to testify. Certainly, this is something we've seen with

761
00:41:08,320 --> 00:41:11,840
Speaker 1: other owners of tech giants as well as Twitter's former

762
00:41:11,920 --> 00:41:14,760
Speaker 1: chief executive Jack Dorsey, who have come up to Congress

763
00:41:14,760 --> 00:41:17,080
Speaker 1: and spoken to them. Um, but you are seeing a

764
00:41:17,080 --> 00:41:20,040
Speaker 1: lot of support for this. Democratic senator at Markee, uh

765
00:41:20,080 --> 00:41:22,360
Speaker 1: said a hearing will be appropriate and called Twitter a

766
00:41:22,440 --> 00:41:26,239
Speaker 1: technology that is central to democracy and our economy and

767
00:41:26,280 --> 00:41:29,720
Speaker 1: that lawmakers deserve to hear what it's potential new owner

768
00:41:29,800 --> 00:41:33,120
Speaker 1: intends to accomplish with the platform. Just about thirty seconds

769
00:41:33,200 --> 00:41:35,920
Speaker 1: left here, Emily, what's the likelihood of congressional hearings? Is

770
00:41:35,960 --> 00:41:39,040
Speaker 1: Elon Musk can appear on Capitol Hill? Well, you know,

771
00:41:39,160 --> 00:41:42,080
Speaker 1: lawmakers Democrats control the process, so it's pretty easy for

772
00:41:42,120 --> 00:41:43,920
Speaker 1: them to say, hey, we're gonna have a hearing, and

773
00:41:43,960 --> 00:41:47,320
Speaker 1: then hey we're gonna you know, ask Elon Musk to attend.

774
00:41:47,520 --> 00:41:50,640
Speaker 1: Of course, just because lawmakers call someone to attend in

775
00:41:50,680 --> 00:41:54,160
Speaker 1: front of Congress does not always mean that they do so. Uh.

776
00:41:54,600 --> 00:41:56,360
Speaker 1: I think it's you know, it will definitely be an

777
00:41:56,400 --> 00:41:59,160
Speaker 1: interesting development to watch. I mean, I think part of

778
00:41:59,200 --> 00:42:01,080
Speaker 1: it too is that, you know, obviously the sale is

779
00:42:01,120 --> 00:42:03,880
Speaker 1: not quite finalized yet, so this might not be something

780
00:42:03,880 --> 00:42:06,400
Speaker 1: that happens in the near term. All right, Bloomberg Government

781
00:42:06,400 --> 00:42:08,800
Speaker 1: reporter Emily Wilkins keeping an eye on all that's happening

782
00:42:08,840 --> 00:42:10,880
Speaker 1: in the nation's capital. You can read more about all

783
00:42:10,880 --> 00:42:14,280
Speaker 1: these stories on Bloomberg dot com or on the Bloomberg terminal.

784
00:42:14,440 --> 00:42:19,960
Speaker 1: Listen to Bloomberg in Washington to hear Bloomberg Radio looking

785
00:42:20,080 --> 00:42:24,600
Speaker 1: at shares of Chevron. Little changed. Also little changed for

786
00:42:24,960 --> 00:42:28,480
Speaker 1: x On Mobile after earnings that came in strong but

787
00:42:28,719 --> 00:42:32,880
Speaker 1: missed Wall Street estimates. SMP futures are down thirty seven

788
00:42:32,880 --> 00:42:36,200
Speaker 1: points down futures down a hundred seventy Nasdaq futures leading

789
00:42:36,239 --> 00:42:39,840
Speaker 1: the declines, down a hundred fifty one points. Bloomberg Surveillance

790
00:42:39,920 --> 00:42:43,880
Speaker 1: is next for Karen Moscow. I'm Nathan Hagar, and this

791
00:42:44,880 --> 00:42:46,000
Speaker 1: is Bloomberg