Speaker 1: Live from the Bloomberg and Directed Brookers Studios. This is
Speaker 1: Bloomberg Daybreak for Friday, April two. Coming up this hour.
Speaker 1: Apple has a record quarter, but the forecast sends the
Speaker 1: stock lower. Amazon share slide as the company posts a
Speaker 1: loss on higher costs. Elon Musk unloads Tesla shares to
Speaker 1: help pay for his takeover of Twitter, and Russian missiles
Speaker 1: strike Ukraine's capital Keith, New York City. The lay's pain
Speaker 1: rules that are meant to close the gender gap, plus
Speaker 1: the days of flavored cigarettes and cigars may be numbered
Speaker 1: on Michael larn More, ADM John dash Hour and swards.
Speaker 1: The Jets and Giants with two top ten draft picks
Speaker 1: both went defense, then offense the Yankees when there's sixth
Speaker 1: in their own that's all training ahead on Bloomberg Daybreak
Speaker 1: on Bloomberg eleven three on New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine
Speaker 1: sixties and Francisco Sirius XAM one nineteen and around the
Speaker 1: world Old on Bloomberg Radio dot Com and via the
Speaker 1: Bloomberg Business App. Good Morning, I'm Nathan Hagar, and I'm
Speaker 1: Karen Moscow. In US not Index futures are lower this morning.
Speaker 1: We are coming up to six o one on Wall Street,
Speaker 1: and we check the markets every fifteen minutes throughout the
Speaker 1: trading day. On Bloomberg right now, S and P futures
Speaker 1: down about twenty nine points down, futures down a hundred thirteen,
Speaker 1: and NASDAG futures down one thirty. The decks in Germany
Speaker 1: is up one percent, the ten year treasury down twelve
Speaker 1: thirty seconds, held two point eight seven percent, and the
Speaker 1: yield on the two year two point six eight percent.
Speaker 1: Nathan Karen, we begin this morning with market reaction to
Speaker 1: the latest slew of earnings. Apple shares are down two
Speaker 1: and a half percent in early trading. It had records
Speaker 1: setting earnings, but those are being overshadowed by the iphonemaker's forecast.
Speaker 1: Apple predicts supply constraints will cost four to eight billion
Speaker 1: dollars in revenue during the current quarter. CEO Tim Cook
Speaker 1: addressed the issue on the company's conference call. I want
Speaker 1: to acknowledge the challenges we're seeing from supply chain disruptions
Speaker 1: driven by both COVID and silicon shortages, to the devastation
Speaker 1: from the war in Ukraine. We are not immune to
Speaker 1: these challenges. Apple CEO Tim Cook also announced ninety billion
Speaker 1: dollars in new stock buybacks. Well Nathan Chairs of Amazon
Speaker 1: or down amost nine percent this morning. The e commerce
Speaker 1: giants said a loss money during the first quarter and
Speaker 1: may see another loss in the current period. Amazon's Cloud
Speaker 1: Services division AWS continued to impress, but a hiring and
Speaker 1: warehouse building binge during the pandemic weight on the bottom line.
Speaker 1: Punham Goyle covers Amazon for Bloomberg Intelligence. For a long time,
Speaker 1: a WS has been able to offset the weaker retail business,
Speaker 1: but it's not enough. With growth slowing on the top
Speaker 1: line across the online business, the foster rising just too
Speaker 1: fast for them to herb those higher cooks. Bloomberg Intelligence
Speaker 1: analysts poon Um Goyle says, for the first time ever,
Speaker 1: Amazon recorded back to back quarters of less than ten
Speaker 1: percent revenue growth. All right, let's check out some other
Speaker 1: stocks on the move this morning. Karen shares of Intel
Speaker 1: are down three and a half percent. The chip maker
Speaker 1: gave disappointing sales and profit forecast, indicating weaker demand. Robin
Speaker 1: Hood shares are down eleven percent. The financial upstart says
Speaker 1: first quarter revenue tumbled well, Nathan. We wrap up a
Speaker 1: busy week for earnings with Big Oil and Focus and
Speaker 1: x On Mobile reports. This morning, we get a preview
Speaker 1: from Bloomberg's Tom Busby. After Russia's invasion of Ukraine sent
Speaker 1: crude prices surging over the past two months along with
Speaker 1: global demand, It's boom times right now for the nation's
Speaker 1: biggest oil producers, and because of that, Exxon Mobile is
Speaker 1: expected to post its biggest quarterly profit in more than
Speaker 1: a decade. Investors will be looking for guidance on increased
Speaker 1: crude production and possibly more shared by backs and higher dividends.
Speaker 1: I'm Tom Busby, Bloomberg Daybreak. Thanks Tom. Earning so far
Speaker 1: if not turned around market sentiment. In fact, the SMP
Speaker 1: enters this final trading day of April on track for
Speaker 1: the worst month since the pandemic bear market. More from
Speaker 1: Bloomberg's Charlie Pellett. The SMP is showing a month to
Speaker 1: day loss of five point four percent. By comparison, this month,
Speaker 1: Nasdaq is down nine and a half percent, while the
Speaker 1: Dow is down two point two percent. Volatility has been
Speaker 1: eight persistent feature in markets all year, with investors on
Speaker 1: edge over China's struggle to suppress COVID, Russia's war in Ukraine,
Speaker 1: and worries that central bank tightening may tip the U
Speaker 1: s economy into a recession. In New York, Charlie Pellett
Speaker 1: Bloomberg Daybreak, all right, turning thank you Well? In Asia
Speaker 1: has a different story for stocks today. A Chinese technology
Speaker 1: shares jumped after new policy promises from the country's top
Speaker 1: leaders to bolster the economy and markets. Let's get the
Speaker 1: recap from Bloomberg's Juliette Sally in Singapore. Good morning, Juliet,
Speaker 1: Good morning Karen. The m c I Asia Pacific in
Speaker 1: x rose for a third time this week, with ten
Speaker 1: Cent and Ali Baba among the biggest gate is the
Speaker 1: Hang Sang Take index sword more than ten percent, rebounding
Speaker 1: from earlier losses as the country vowed to support healthy
Speaker 1: growth of platform companies shortly before the measures were unveiled.
Speaker 1: Chinese tex stalks reversed earlier losses as trade has speculated
Speaker 1: about a possible relaxation of the year long regulatory clampdown,
Speaker 1: and China's You unstrengthened a little during the day's trade,
Speaker 1: but his poised for a record monthly drop as the
Speaker 1: economy suffers from lockdowns resulting from the nation's COVID zero policy.
Speaker 1: In Sydney, Juliette Sally Bloomberg Daybreak. All right, Juliet, thank
Speaker 1: you the We're getting more details this morning on how
Speaker 1: Elon Musk is financing his Twitter takeover. Let's get the
Speaker 1: latest live on that from Bloomberg's Rnita Young. Good morning, Granita,
Speaker 1: Good morning Nathan. While Street suspected Elon Musk would have
Speaker 1: to sell some stock to cover the twenty one billion
Speaker 1: dollar equity portion of his Twitter deal, now a filing
Speaker 1: shows Musk offloaded about four billion dollars worth of Tesla stock.
Speaker 1: Shortly after those filings were made public, Musk tweeted no
Speaker 1: further Tesla se sales were planned meantime, Bloomberg sources say
Speaker 1: before the deal was announced, Musk floated the idea of
Speaker 1: cutting both jobs and costs at Twitter. On calls with bankers.
Speaker 1: Musk also discussed ideas to monetize the platform to boost
Speaker 1: cash flow, including a potential subscription service to drive recurring revenue.
Speaker 1: Live in New York, I'm gonna need a Young Bloomberg Daybreak,
Speaker 1: All right, we need to thank you. Let's shift years
Speaker 1: now and get to the latest on Ukraine. Russian missile
Speaker 1: struck Kiev overnight, but the battle for don Boss is
Speaker 1: still Russia's strategic focus. Meantime, here in the US, President
Speaker 1: Biden is asking Congress for thirty three billion dollars in
Speaker 1: aid to Ukraine, but the road to approval won't be easy,
Speaker 1: and Bloomberry said, Baxter has the story. The Ukraine part
Speaker 1: has broad support across Congress, but at risks getting snarled
Speaker 1: in his ask for COVID funding and immigration. The Senate
Speaker 1: could vote on the emergency spending next week, but the
Speaker 1: House will be on recess, so Congress could finish by
Speaker 1: the week of May nine and send it to the President.
Speaker 1: But if Democrats insist on attaching long stalled funding for
Speaker 1: vaccinations and immigration costs, it could be delayed indefinitely. Biden
Speaker 1: did urge Democrash to pass them together. In San Francisco,
Speaker 1: I'm at Baxter Bloomberg daybreak. All right, ed, thank you.
Speaker 1: Futures are moving lower this morning. Straight ahead, your latest
Speaker 1: local headlines, and a check of sports. This is Bloomberg.
Speaker 1: It sounds six o seven on Wall Street, forty two
Speaker 1: degrees in Central Park. Got an accident on the westbound
Speaker 1: l I eight the Seaford Oyster Bay expressed way details
Speaker 1: coming up in traffic First Michael bar with more on
Speaker 1: what's going on in New York and around the world.
Speaker 1: Michael Nathan, Thank you kindly. New York City has postponed
Speaker 1: one of the nation's most far reaching requirements for employers
Speaker 1: to tell job seekers what they can make. Such pay
Speaker 1: transparency laws are championed as giving applicants, particularly women and
Speaker 1: people of color, a better shot at fair pay. The
Speaker 1: law was supposed to take effect in May, but the
Speaker 1: City Council voted yesterday to delay it for five months
Speaker 1: after employers waived red fly eggs. The law says employers
Speaker 1: with four or more workers must include a minimum and
Speaker 1: maximum salary in any job. At New York State is
Speaker 1: setting aside more than thirty one billion dollars and this
Speaker 1: year's budget for schools. Governor Kathy Oakeles has more than
Speaker 1: three hundred sixty million dollars in this fiscal year will
Speaker 1: help students and teachers and yonkers bounce back from the pandemic.
Speaker 1: They have just signed a budget, supported a budget they
Speaker 1: had the highest investment in education in our state's history.
Speaker 1: Governor hokel says every penny is worth it. Funeral services
Speaker 1: are sent for today for fallen f D n Y
Speaker 1: firefighter Timothy Klein. Klein died Sunday while finding a blaze
Speaker 1: in Brooklyn. Services will take place for the thirty one
Speaker 1: year old in Bell Harbor. A twenty one year old
Speaker 1: man who had autism also died in that blaze. In
Speaker 1: the Southwest, thousands of firefighters have continued to slow the
Speaker 1: advance of destructive wild fires, but i winds return today
Speaker 1: that sparked the spread of the blazes a week ago.
Speaker 1: More than a hundred sixty homes have been destroyed in
Speaker 1: one rural county in northeast New Mexico. The FDA wants
Speaker 1: demand menthol cigarettes and flavored cigars. FDA Commissioner Robert Caliph
Speaker 1: says studies that show the menty taste and cooling effects
Speaker 1: of menthal and cigar flavors like strawberry and grape increase
Speaker 1: the appeal for adults and young smokers alike. We really
Speaker 1: want to emphasize this. It's not just um. We want
Speaker 1: to take away mental in cigarettes as we want to
Speaker 1: help people stop this uh um smoking which is causing
Speaker 1: so much depth and disability. FDA Commissioner calif says menthol
Speaker 1: cigarettes account for more than a third of all cigarettes
Speaker 1: sales in the US. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quick Take, powered by
Speaker 1: more than twenty seven hundred journalists analysts in more than
Speaker 1: a hundred twenty countries. Michael Bart, this is Bloomberg. Thank you, Michael.
Speaker 1: Almost six ten on Wall Street. Time for the Bloomberg
Speaker 1: Sports Update with John Stisham. All Right, Nathan's second in
Speaker 1: a row. The NFL draft again with Jacksonville. The Jacks
Speaker 1: took Georgia pass rusher Trevon Walker that allowed Michigan's defensive
Speaker 1: end Aidan Hutchinson to stay home. With Detroit, Houston took
Speaker 1: l s U cornerback Derek Stingley, and the Jets, picking
Speaker 1: fourth overall, took another cornerback, Cincinnati's ahm Odds Sauce Gardener.
Speaker 1: Not once in college did Gardener allowed the receiver who
Speaker 1: was defending the score a touchdown. Giants were next, their
Speaker 1: pick announced, not quite Commissioner Roger Gadell, but by nineteen
Speaker 1: year old New Jersey resident Sam Prince, who showed great
Speaker 1: exuberant he has a heart and lunk condition was part
Speaker 1: of the Make a Wish program. With the fifth pick,
Speaker 1: and it's quatint to NFL Draft, the New York Football
Speaker 1: Giants select Cavan Tibodel, once projected to be the first
Speaker 1: pick of the draft. Should help a Giant's pass rush
Speaker 1: that was virtually non existing last season. There offensive line
Speaker 1: also struggles to two ks later, the Giants took Alabama
Speaker 1: tackle Evan Neil. The top ten ended with other Jets
Speaker 1: pick Ohio State white out Garrett Wilson. So Zach Wilson
Speaker 1: will throw passes to Garrett Wilson. Rounds two and three
Speaker 1: of the draft tonight in Las Vegas. Quite a homestaff
Speaker 1: of the Yankees. Six game six wins ten five over Baltimore,
Speaker 1: three went home for Aaron Judge five Baltimore errors. That's
Speaker 1: one more than the Yanks had all season. NBA playoffs
Speaker 1: three game sixes all were series clinching wins on the road,
Speaker 1: Philadelphia just one at halftime, Sixers one by thirty five
Speaker 1: in Toronto, Dallas one by two in Utah, and Phoenix
Speaker 1: one in New Orleans. The Sons Chris Paul took fourteen shots.
Speaker 1: He made all fourteen John stash Eller Bloomberg Sports John,
Speaker 1: thank you. SMP futures down twenty nine points, Staff futures
Speaker 1: down a hundred thirteen NASTAC futures leading the declines, down
Speaker 1: a hundred twenty nine points, are almost one percent to ten.
Speaker 1: Your treasuries down thirteen thirty seconds. The yield two point
Speaker 1: eight seven percent. Apple and Amazon shares continue their slide
Speaker 1: after earnings will get analysis next with Alex winn Ub
Speaker 1: of Bloomberg Quicktake and Bloomberg Opinion. This is Bloomberg Bloomberg
Speaker 1: eleven three oh weather mostly sunny, breezy, low sixties. To
Speaker 1: wrap up the week, Bailey sunny Tomorrow, low sixties, clouds increase.
Speaker 1: Sunday will get up to near seventy right now forty
Speaker 1: two degrees in Central Park Markets, headlines and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot Com, the
Speaker 1: Bloomberg Business Out and at Bloomberg Quick Take. She's a
Speaker 1: Bloomberg Business Flash, but I'm Karen Moscow. This update brought
Speaker 1: to you by me and why Melon's perishing learned by
Speaker 1: the world's most sophisticated wealth management and institutional firms are
Speaker 1: rely on perishing to help him improve profitability, create efficiency,
Speaker 1: attract talent, and manage risk at Pershing dot Com. While
Speaker 1: stocks in Europe are rising as China's pledged to ramp
Speaker 1: up stimulus lifts optimism and strong earnings continue to roll
Speaker 1: in while you are stock into futures are lower following
Speaker 1: earnings from Amazon dot Com and Apple. What technology shares
Speaker 1: really leading the way this morning? Amazon shares are down
Speaker 1: eight and a half percent this morning. Apple is down
Speaker 1: two and a half percent in the pre market. And
Speaker 1: we check the markets every fifteen minutes about the trading
Speaker 1: day on Bloomberg. So again, Nasdack Future is leading things lower,
Speaker 1: down a hundred twenty three points or about nine tenths
Speaker 1: of a percent. S and P futures are down twenty
Speaker 1: eight and now futures down one hundred sixteen decks. In
Speaker 1: Germany up one percent. The ten year treasury down fourteen
Speaker 1: thirty seconds, yield two point eight seven percent. Yield on
Speaker 1: a two year two point six eight percent. Nine max
Speaker 1: screwed oil is up one point one percent of a
Speaker 1: dollar nine, up a dollar nine at a hundred six
Speaker 1: dollars forty five cents of barrel comex schoold is that
Speaker 1: pointed at third percent or twenty five dollars eighty cents
Speaker 1: at nineteen seventeen an ounced the euro one point oh
Speaker 1: five six two against the dollar, British pound one point
Speaker 1: to five five seven and the end at one thirty
Speaker 1: point four two and bitcoins lower down one point seven
Speaker 1: percent at thirty nine thousand, two hundred dollars. That's a
Speaker 1: Bloomberg business flash. Now is Michael Barrow with more on
Speaker 1: what's going on around the world. Michael Karen, thank you
Speaker 1: very much. Russia found it targets from practically one end
Speaker 1: of Ukraine to the other, including Kiev. The bombardment of
Speaker 1: the city took place while the head of the United
Speaker 1: Nations was visiting Ukraine's capitol. Round one of the NFL
Speaker 1: draft is in the books. The first five picks where
Speaker 1: all defensive players. The Jaguars took Trayvon Walker with the
Speaker 1: top pick. The Jets at number four pick cornerback amand Gardner.
Speaker 1: The Giants at five took another edge rusher, Cavan Thibodeaux.
Speaker 1: By the way, the Steelers took the first quarterback and
Speaker 1: twenty of Pitts Kenny Pickett. In Maseball, the Yankees beat
Speaker 1: the Orioles ten five, The Red Sox Nationals lost in
Speaker 1: the NHL, The Islanders beat the Capitols five one, The
Speaker 1: Devil's Lost Bruins one. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quicktake, powered by more
Speaker 1: in than twenties seven hundred journalist and analysts more than
Speaker 1: a hundred, twenty countries. Michael bar this is Bloomberg, Nathan Okay, Michael,
Speaker 1: thanks for coming up to six twenty on Wall Street
Speaker 1: Life from the Bloomberg Interactive Broker studios, This is Bloomberg.
Speaker 1: A daybreaking is car and mentioned it's tech that is
Speaker 1: leading the declines in the pre market this morning after
Speaker 1: earnings that disappointed analysts from Amazon and Alphabet. I'm sorry
Speaker 1: from Apple, not Alphabet. They reported earlier this week, didn't they.
Speaker 1: Alex Webb is back with us this morning Bloomberg twig
Speaker 1: Take correspondent tech columnist for Bloomberg Opinion to dive in
Speaker 1: a little bit more into these latest earnings. Alex. Great
Speaker 1: to have you back on with us. Let's start with
Speaker 1: Amazon simply because the shares are getting punished in the
Speaker 1: early more morning trading. UH seems as though a losing quarter.
Speaker 1: UH is not something anybody really expected from the biggest
Speaker 1: e commerce player in the world. Yeah, and it's also
Speaker 1: the scale of the of the problem that they were
Speaker 1: basically saying that they expanded rapidly during the lockdowns and
Speaker 1: not ensure they had the capacity to meet demand. That
Speaker 1: demand has perhaps inevitably now slackened. Then there's less than
Speaker 1: with a huge amount of capacity, which in turn entail
Speaker 1: fixed costs. When you got warehouses and in eployees, those
Speaker 1: things cost your money. And it is a change from
Speaker 1: the trend we've seen in the past where people had
Speaker 1: complained about Apple, sorry about Amazon operating at the loss
Speaker 1: and whether you know this is the kind of Amazon
Speaker 1: one point oh ten, fifteen years ago, will they ever
Speaker 1: make a profit? Then it became very clear that they
Speaker 1: could turn a profit quite easily if they just turn
Speaker 1: a few spiggots, you know, cramp down on on costs quickly.
Speaker 1: Now they have expanded beyond that, and their cost controls
Speaker 1: seemed to have slightly gone out the window, and that's
Speaker 1: causing concern. And I guess there's got to be concerned
Speaker 1: as well with not just the cost picture, but the
Speaker 1: macro headwinds facing Amazon, with inflation and potentially the cost
Speaker 1: rising for consumers who might want to buy stuff on Amazon,
Speaker 1: potentially eating into their margins. Exactly. Yeah, their customers are
Speaker 1: perhaps getting a little bit more cost conscious, while at
Speaker 1: the same time Amazon's costs are increasing. How did they
Speaker 1: get things to your front door? Sure they might have
Speaker 1: some electric vehicles, but for the most part it's stuff
Speaker 1: that requires fuel, and fuel is getting a lot more
Speaker 1: expensive too, so that having to impose surcharges. So, just
Speaker 1: as you know, it's the classic inflation story. Just as
Speaker 1: consumers are being more conscious about spending money, Amazon Zone
Speaker 1: costs are also increasing. And I guess that's not as
Speaker 1: much of an issue for Apple, or at least that's
Speaker 1: not what the focus was for CEO Tim Cook. On
Speaker 1: the call last night, He's talking a lot about supply
Speaker 1: chain constraints, which also gets to what is traditionally one
Speaker 1: of Apple's key strengths, the ability to manage the supply chain.
Speaker 1: In fact, the supply chain that Tim Cook largely built
Speaker 1: that is now hurting them because of the lockdowns in China,
Speaker 1: which means they can't get all of the semiconductor or
Speaker 1: another electronics that they need to go into their devices.
Speaker 1: And that's going to have afford a billion dollar impact
Speaker 1: on on revenue um. It's also significant given the timing
Speaker 1: because over recent quarters we've had a few times the
Speaker 1: sense that Apple hasn't got enough supply to meet them
Speaker 1: to meet demand. But investors tend to not get too
Speaker 1: concern because they know that demand is going to come
Speaker 1: at a later stage right now, as we get closer
Speaker 1: to the new lineup of iPhones in the autumn, if
Speaker 1: it's another quarter until people are able to get everything
Speaker 1: they want, then they will push it a further quarter
Speaker 1: still to wait for those iPhones. So it does have
Speaker 1: an impact on earnings to that point. Alex I was
Speaker 1: talking with Gene Munster from Louke Venture's Last Hour. He
Speaker 1: says that Apple fans have shown in the past that
Speaker 1: they're willing to wait. Are they willing to wait that
Speaker 1: long if supply chain constraints push new products back six
Speaker 1: nine months down the road in our last thirty seconds here, well,
Speaker 1: I think it isn't necessarily that they're willing to wait.
Speaker 1: Is what it does the replacement cycle that we've gone seen.
Speaker 1: The replacement cycle, the pacer which people will replace their
Speaker 1: iPhone extend from two years to three years and if
Speaker 1: there are other reasons that push it even further, then
Speaker 1: maybe if you'll start realizing they don't need to replace
Speaker 1: this regularly and it sends to four years, Apple wants
Speaker 1: you to be updating your phone, replacing your phone far
Speaker 1: more regularly than that. Thanks Alex, Lots of A's in
Speaker 1: the Feng picture. Alex web with us this morning, Bloomberg
Speaker 1: Quick Take correspondent Tech Calmness for Bloomberg Opinion, talking Apple
Speaker 1: and Amazon this morning and looking at the shares. Amazon
Speaker 1: is down eight and a half percent in the pre market,
Speaker 1: while Apple is lower by two and two thirds per cent,
Speaker 1: helping to drag the broader index is lower this morning,
Speaker 1: with SMP futures down thirty two points, DAL futures down
Speaker 1: a hundred thirty eight. Nasdaq Future is also lower by
Speaker 1: a hundred thirty eight points. That is a drop of
Speaker 1: one percent for the tech heavy Nasdaq futures ten. Your
Speaker 1: treasury down thirteen thirty seconds, the yield two point eight
Speaker 1: seven percent. Just ahead, we hear from Apple CEO on
Speaker 1: the tech out look and where's Elon Musk getting the
Speaker 1: money to buy Twitter? Five things you need to notice
Speaker 1: start your day next on Bloomberg Daybreak. Bloomberg Daybreak is
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Speaker 1: call for proactive advisors who helped minimize taxes, increased cash flow,
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Speaker 1: the Bloomberg Business app in Bloomberg Radio dot com. This
Speaker 1: is Bloomberg Daybreak, six thirty on Wall Street. Good morning,
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow, and we're just
Speaker 1: about three hours away from the open of US trading.
Speaker 1: Time for the five things you need to notice start
Speaker 1: your day. Brought to you by I v k R
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Speaker 1: R I A up first. Apple shares down almost two
Speaker 1: percent in early training despite posting record earnings and a
Speaker 1: conference call yesterday, the company said it could lose up
Speaker 1: to eight billion dollars in the current quarter do to
Speaker 1: supply constraints, and shares of Amazon are also lowered this morning,
Speaker 1: Karen by a half percent after announcing it lost money
Speaker 1: in the first quarter. Bloomberg Intelligence senior e commerce and
Speaker 1: retail analyst Punum Goyle says it's due to rising costs.
Speaker 1: Aws continues Let's pace, so that's great to hear on
Speaker 1: the online business clearly in line with expectations. But the
Speaker 1: margin week you could say that that's surprising, but it's
Speaker 1: really not. I mean, from everything that we've been seeing
Speaker 1: all year, the supply chain crunch is only getting worse,
Speaker 1: it's not getting better. So they are getting hit from
Speaker 1: higher costs across the board. Boomberg Intelligence analysts Punam Goyle
Speaker 1: and we have earning from Big Oil crossing the Bloomberg terminal.
Speaker 1: X On Mobile and Chevron both missed estimates well. Turning
Speaker 1: to Twitter now, Nathan, we're finding on more on how
Speaker 1: Elon Musk is financing his takeover. They get the latest
Speaker 1: line from Bloomberg's gonna a young good morning Radio, Good
Speaker 1: Morning Karen. A filing shows Elon Musk offloaded about four
Speaker 1: billion dollars worth of Tesla stock to cover the twenty
Speaker 1: one billion dollar equity portion of his deal to buy Twitter.
Speaker 1: After those filings were made public, he tweeted no further
Speaker 1: Tesla sales were planned. Bloomberg sources say before the deal
Speaker 1: was announced, Musk floated the idea of cutting jobs and
Speaker 1: costs set Twitter you Know. On calls with bankers. He
Speaker 1: also discussed ideas to monetize the platform to boost cash flow,
Speaker 1: including a potential subscription service to drive recurring revenue. Live
Speaker 1: in New York, I'm renned a young Bloomberg Daybreak, Renita. Thanks. Overseas,
Speaker 1: stocks and China are rebounding. The Hang Sang Tech Index
Speaker 1: surged to eleven percent. Chinese equities rallied as well after
Speaker 1: the country announced the economic stimulus plans and a commitment
Speaker 1: to curbing the spread of COVID and in Ukraine, Nathan
Speaker 1: Russian missiles poured over the capital Kiev overnight. U s
Speaker 1: Secretary of State Anthony B. Lincoln says Russia's continuing it's
Speaker 1: offensive in the don Boss region. There is a ferocious
Speaker 1: battle taking place right now across hundreds of miles in
Speaker 1: eastern and southern Ukraine, and the Russians bring a lot
Speaker 1: of firepower to that. Secretary of State Anthony B. Lincoln said,
Speaker 1: the US and other nations continue to arm Ukraine to
Speaker 1: defend those regions. And that's the five things you need
Speaker 1: to notice. Start your day. Ronty, you buy Interactive Brokers
Speaker 1: and straight Ahead your latest local headlines, paus A check
Speaker 1: of sports. And this is Bloomberg. All right, Karen, thank you.
Speaker 1: Sixty three on Wall Street, two degrees in Central Park.
Speaker 1: We have an accident on the inbound Williamsburg Bridge. Details
Speaker 1: coming up in traffic first. Michael Barr with what else
Speaker 1: is going on in New York and around the world.
Speaker 1: Good morning, might call Good Morning, Nathan. New York City
Speaker 1: postponed enforcement of salary transparency until November after advocates and
Speaker 1: business leaders clashed on whether pay the school as your
Speaker 1: is the best way to close the persistent gender gap.
Speaker 1: The city Council, who voted for the delay also exempted
Speaker 1: companies for being charged a monetary fine for the first
Speaker 1: violation and limited lawsuits related to the pay information to
Speaker 1: current employees. The approved amendments represent a partial win for
Speaker 1: businesses that had lobbied against the law, which was originally
Speaker 1: set to take effect by many fifteen. New York Governor
Speaker 1: Kathy Hokel says a record amount of school aid will
Speaker 1: be in this year's state budget. Governor Hokel spoke at
Speaker 1: a school and Yonkers, saying hundreds of millions of dollars
Speaker 1: will be going to Westchester's largest school district, one five
Speaker 1: billion dollars to help transform the lives of our children.
Speaker 1: Every penny is worth it. Governor Okell says the state
Speaker 1: budget for education is an increase of more than two
Speaker 1: billion dollars from last year. Funeral services take place today
Speaker 1: for falling New York City firefighter Timothy Klein, he died
Speaker 1: Sunday while battling ablaze in Brooklyn. Services for Klein, who
Speaker 1: was thirty one, take place today in Belle Harbor, A
Speaker 1: twenty one year old man also died in that blaze.
Speaker 1: President Biden confirmed there are ongoing discussions in his administration
Speaker 1: about reducing student loan debts, though not for a proposed
Speaker 1: fifty dollars Why Now's pre Secretary Jen Psaki says despite
Speaker 1: these talks. The President remains eager to sign anything that
Speaker 1: comes to his desk from Congress on this issue. Congress
Speaker 1: sent him a bill tomorrow he could sign it, and
Speaker 1: he would sign it to to give ten thousand dollars
Speaker 1: a student that relief. We've also he has not hesitated.
Speaker 1: Spokesperson Saki says the President has not ruled out the
Speaker 1: possibility of executive action to get the ball rolling. The
Speaker 1: FDA says it will be moving ahead with a proposed
Speaker 1: ban on menthol cigarettes and flavored cigars nationwide. FDA Commissioner
Speaker 1: Dr Robert Kliff says you could save thousands of lives.
Speaker 1: An estimate show it meant that his mental is no
Speaker 1: longer an option in combustible tobacco products. Up to six
Speaker 1: hundred four thousand deaths would be avoided over the course
Speaker 1: of forty years. Dr Califf says menthol cigarettes account for
Speaker 1: more than a third of all cigarettes sales in the US.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg quit take powered by more than twenty seven
Speaker 1: hundred journalists and antatist more than a hundred twenty countries.
Speaker 1: Michael bar this is Bloomberg, Nathan Michael thank you. Turn
Speaker 1: him to six thirty six on Wall Street. John stash
Speaker 1: Are has the Bloomberg Sports Update, Nathan. The draft was
Speaker 1: in Las Vegas, but New York dominated the early going
Speaker 1: with four of the first ten picks. The Jets at
Speaker 1: four took Cincinnati cornerback Sauce Gardner came back at ten
Speaker 1: to select Ohio State white out Garrett Wilson's with the Jets,
Speaker 1: Phil too definite needs, so did the Giants, taking Oregon
Speaker 1: pass rusher Cavan Timbodeau at five Alabama tackle Evan Neal
Speaker 1: two picks later Giants GM show chow Shane then asked
Speaker 1: how it all shook out. We went to these scenarios
Speaker 1: a million times, Thank YOUZ. We had seven or eight
Speaker 1: cards and we has kept switching them back and forth
Speaker 1: based on different scenarios. And this is a scenario we
Speaker 1: went over and if there were two tackles on the
Speaker 1: board and the pass rusher, we're gonna go pass rusher,
Speaker 1: knowing we can get a tackle at seven. So we
Speaker 1: were static when that that scenarios came up. The first
Speaker 1: overall was George ed Rusher Trayvon Walker to Jacksonville only
Speaker 1: one quarterback take and Kenny Pick he had played college
Speaker 1: football in Pittsburgh. He'll stay there. Taken by the Steelers,
Speaker 1: whose long time g V Ben luffat Burger just retired.
Speaker 1: Drafted tedious tonight with rounds two and three, Giants made
Speaker 1: official they will not pick up the fifth year option
Speaker 1: on QB Daniel Jones that would have assured him twenty
Speaker 1: two million dollars in twenty twenty three. The Giants want
Speaker 1: to first see how Jones does if you can stay
Speaker 1: healthy this upcoming season. Yankees tonight bring their six game
Speaker 1: win straight, best record in American League to Kansas City.
Speaker 1: Yanks just beat the Orioles ten to five as Baltimore
Speaker 1: had five air Jararon Judge of the three run homer.
Speaker 1: NBA Playoffs top seed Phoenix trailed by ten at the half,
Speaker 1: but one in New Orleans. Chris Paul made all fourteen
Speaker 1: of his shots and the Sons win the series four two.
Speaker 1: Dallas wanted series with Utah, so did Philadelphia with Toronto.
Speaker 1: NHL regular season ends tonight, and the Rangers will find
Speaker 1: out whether they play Pittsburgh or Washington or the Class.
Speaker 1: John Stairs with Bloomberg Sports All Right, John Thanks, six
Speaker 1: thirty seven on Wall Street. Time to take a look
Speaker 1: at stock some of the names moving in the pre market.
Speaker 1: Another very busy early morning session for Bloomberg Radio on
Speaker 1: TV Markets correspondent creating Gupta, not the least of which
Speaker 1: reason why createy We are looking at tech earnings. We
Speaker 1: absolutely are looking at tech earnings, at oil earnings too,
Speaker 1: but we'll start with a tech because of course that's
Speaker 1: the one that's going to move the market a little
Speaker 1: bit more. Apple is down this morning, down to the
Speaker 1: tune of over two percent, falling of those warning on
Speaker 1: the supply constraints. Now, Nathan, this is significant because one
Speaker 1: of Tim Cook's legacies the CEO of Apple, is to
Speaker 1: really make sure that supply chain is secure and going
Speaker 1: all the way into China. This is really a legacy
Speaker 1: of his going back even to the trade war and
Speaker 1: other issues that we've seen come out of Asia. And
Speaker 1: now they're actually warning of an eight billion dollar hit
Speaker 1: from the Chinese lockdown and from shortages. Remember, this is
Speaker 1: one of the concerns that was coming out of these
Speaker 1: Chinese lockdowns in terms of the ripple effects to the
Speaker 1: rest of the world. Candles exports actually make it to
Speaker 1: the poorts and actually get out of the country to
Speaker 1: supply a lot of the technology and consumer goods to
Speaker 1: the rest of the world. So that warning from Apple
Speaker 1: largely kind of behind some of the weight you're seeing
Speaker 1: in the market this morning. Apple shares are, like I said,
Speaker 1: down A A p L is your taker, down in
Speaker 1: the tune of two point seven percent night. And the
Speaker 1: other one you want to keep your eye on, of course,
Speaker 1: is Amazon, and we're gonna look at Amazon chairs here
Speaker 1: A m z N is your ticker. It is down
Speaker 1: to the tune of eight and a half percent. It
Speaker 1: was down far far more in the postmarket trading yesterday,
Speaker 1: think down as much as ten percent. It comes after
Speaker 1: they're showing a little bit of slowing in their growth system.
Speaker 1: They're saying that, well, there's so much kind of momentum
Speaker 1: that we've had, you're not actually seeing the same amount
Speaker 1: of beat and the same margin of beat that you've
Speaker 1: had in previous quarters. Don't get me wrong. They are
Speaker 1: still growing and they're growing at a fast pace, just
Speaker 1: not as fast as before. And that's something that the
Speaker 1: stock market or investors have really punished them for, saying,
Speaker 1: just how long can they really be growing? And you
Speaker 1: mentioned earlier, we did get some earnings just minutes of
Speaker 1: go from a couple of the oil majors. Yeah, two
Speaker 1: of the oil majors. This is huge, right where if
Speaker 1: we were expecting their biggest profits going back and over
Speaker 1: a decade, both companies EXCEN and Chevron have delivered. XOM
Speaker 1: is your taker for XN down one point two percent,
Speaker 1: Chevron c v X as your taker. It's about flat
Speaker 1: in the session, but still you're seeing a little bit
Speaker 1: of movement here. Both are, like I said, coming out
Speaker 1: with some pretty big profit numbers. So why are is
Speaker 1: the stock down now? It's unclear at the moment, but I
Speaker 1: I remember this is also coming at a time or
Speaker 1: in the shadow of a lot of these big tech
Speaker 1: earnings who also reported, like I said, some major profits.
Speaker 1: The concern here is the growth. So if you made
Speaker 1: a lot of money in this last quarter, which they
Speaker 1: have record profit, like I said, from this oil these
Speaker 1: oil prices that are rising in facts are actually talking
Speaker 1: about boosting their share buy back program for XCEN up
Speaker 1: to thirty billion dollars through three how much, how a
Speaker 1: lot much longer can that growth continue? And I think
Speaker 1: that sentiment is what's weighing on the stock this morning.
Speaker 1: All Right, Bloomberg Radio on TV. Markets correspondent Creedy grouped
Speaker 1: out with us this morning, and as we take a
Speaker 1: look ahead to the open, futures are moving lower, with
Speaker 1: SMP futures down thirty seven point, Staff futures down a
Speaker 1: hundred sixty seven, Nasdaq futures adding to their declines, down
Speaker 1: a hundred fifty nine points or one point two percent now,
Speaker 1: the tenure Treasury down thirteen thirty seconds yield two eight
Speaker 1: seven percent. This is Bloomberg Bloomberg eleven three or whether
Speaker 1: it's gonna be mostly sunny and breezy today, cool highs
Speaker 1: and the low sixties will stay in the low sixties
Speaker 1: tomorrow as well could It's seventy with increasing clouds on Sunday.
Speaker 1: Right now forty two in Central Park Markets headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business apt and at Bloomberg quctape is a
Speaker 1: Bloomberg Business Flash and I'm Karen Moscow and technology and
Speaker 1: dragging on U stock index futures. This morning, we got
Speaker 1: to the first word breaking news down for today's morning call,
Speaker 1: and here's Bill Maloney. Bill, good morning, and good morning,
Speaker 1: Caen that's right. U s features are under pressure, with Amazon, Intel,
Speaker 1: and Apple all down pre market after their earnings. Doubt
Speaker 1: you just could lay down a hundred and seventy two
Speaker 1: points as if you dropped thirty nine. NASDA futures are
Speaker 1: lower by a hundred and sixteen. The US ten year
Speaker 1: old at two point eight seven percent, Gold is up
Speaker 1: twenty three. Oil is also climbing, but bitcoin is down
Speaker 1: by one point nine percent. Japan rose one percent overnight,
Speaker 1: while RPM markets are in the green, led by games
Speaker 1: in Germany back in the US. On the Economic Funday
Speaker 1: thirty Personal Income and Spending at Chicago p m I
Speaker 1: and at ten o'clock Michigan Sentiment after the bell last
Speaker 1: night those earnings, Amazon sales forecast, missed estimates, Intel gave
Speaker 1: week Q two guidance, and Apple warrant of supply constraints
Speaker 1: regarding earnings. This morning, Chevron and x on EPs missed
Speaker 1: estimates and wrapping things up, Dominos was cut to neutral
Speaker 1: over at bt I, g Facebook rates to hold at
Speaker 1: DZ bank, and Stanley Blackendecker was cut to neutral over
Speaker 1: at miszoo Hoo. From the first picking news DESCM B. Maloney,
Speaker 1: camp all Right, Bill and to hear live breaking news
Speaker 1: over your Bloomberg type swalk on your terminal. That's squ
Speaker 1: a w K and that's a Bloomberg business flash. Now
Speaker 1: here's Michael bar with Moore on what's going on around
Speaker 1: the world. Michael Karen, thank you very much. Ukraine's leader
Speaker 1: has accused Russia of trying to humiliate the United Nations
Speaker 1: by reining missiles on Kiev during a visit by Secretary
Speaker 1: General Antonio Guterres when Russian target struck a residential high rise.
Speaker 1: Former Minneapolis police officer Derek Chauvin is appealing his conviction
Speaker 1: for murder of George Floyd, arguing that jurors were intimidated
Speaker 1: by protests. Round one of the NFL draft is in
Speaker 1: the books. The first five picks all defensive players. The
Speaker 1: Jaguars took Trayvon Walker with the top pick. The Jets
Speaker 1: at number four pick cornerback of Mod Gardner. The Giants
Speaker 1: at five took another edge runner, Cavon Thibodeaux. The Steelers,
Speaker 1: by the way, he took the first quarterback of twenty
Speaker 1: Pitts Kenny Pickett. In baseball, the Yankees beat the Orioles
Speaker 1: ten five. The Red Nationals lost in the NHL, the
Speaker 1: Islanders beat the Capitol's five, one, the Bruins one. Global
Speaker 1: news twenty four hours a day on here and on
Speaker 1: Bloomberg Quick Tech, powered by more than seven hundred journalists
Speaker 1: analysts more than twenty countries. I'm Michael Barr, and this
Speaker 1: is Bloomberg, Karen, Michael, thank you. At A sixty nine
Speaker 1: on Wall Street. We turned to news and science and
Speaker 1: technology now with the Bloomberg and j I T Stemme Report,
Speaker 1: brought to you by New Jersey Institute of Technology and
Speaker 1: j I T offers New Jersey's first undergraduate degree in fintech,
Speaker 1: tech driven finance focused. Learn more at n j I
Speaker 1: T dot E d U slash Fintech and now Here's
Speaker 1: this making News and science, Technology, engineering, and math. Officials
Speaker 1: in China are defending the COVID zero strategy as still
Speaker 1: the best way to fight the pandemic. They say the
Speaker 1: current outbreak is coming under control, with cases in Shanghai
Speaker 1: showing signs of turning around. The lockdowns have been criticized
Speaker 1: for exacting heavy social and economic costs. Elon Musk sold
Speaker 1: about four billion dollars worth of Tesla's stock after clinching
Speaker 1: the deal to my Twitter analyst and investors had suspected
Speaker 1: that Musk might need to sell some stock to cover
Speaker 1: the twenty one billion dollar equity portion of the deal
Speaker 1: that he personally guaranteed. Meanwhile, and Musk pitch to bankers
Speaker 1: before the Twitter deal was done. He mentioned job cuts
Speaker 1: and ways to boost cash flow. And finally, snap has
Speaker 1: a replacement for the cheap phone stands and awkward outstretched
Speaker 1: arms of modern self filming. It's a yellow, square shaped
Speaker 1: flying camera drone that costs two d thirty dollars, weighs
Speaker 1: about a quarter of a pound, and hovers around you
Speaker 1: to film you automatically. After filming, the drone can land
Speaker 1: in the owner's hand autonomously, and the images get auto
Speaker 1: uploaded to the owner's Snapchat account. It's available for pre
Speaker 1: order in the US and France and starts shipping in
Speaker 1: late May. And that's a Bloomberg and j I t
Speaker 1: Stem report. Nathan, I did not your Christmas present that
Speaker 1: I needed an upgrade to myselfie stick. Thank you, Karen,
Speaker 1: Were're alive from the Bloomberg Interactive Broker Studios where it's
Speaker 1: sixty one on Wall Street. Let's check what's going on
Speaker 1: in d C now or. Some of the top stories
Speaker 1: include President Biden's Ukraine aid request potentially facing hurdles on
Speaker 1: Capitol Hilp Senator Mansion calling the President's electric vehicle tax
Speaker 1: credit ludicrous, and Elon Musk in Senate Democrats sites over
Speaker 1: the planned Twitter buyout. Bloomberg. Government reporter Emily Wilkins is
Speaker 1: with us for more on all these stories, perhaps most importantly, Emily,
Speaker 1: the big ask from President Biden on Ukraine aid. But
Speaker 1: it's not just Ukraine aid that's in this package. No,
Speaker 1: it's not, Nathan. And You've got a number of different things,
Speaker 1: including measures that would allow the White House to use
Speaker 1: the Defense Production Act to expand domestic production of nickel
Speaker 1: and lithium. And I think a lot of people when
Speaker 1: they hear about funding to Ukraine, you think a lot
Speaker 1: about the security and military assistance, economic assistance. This also
Speaker 1: does include humanitarian aid, and it also includes half a
Speaker 1: billion dollars of funding to address the global food shortage.
Speaker 1: So a lot contain within this thirty three billion dollar requests.
Speaker 1: And remember, of course, that you know from this request
Speaker 1: Congress is actually might not tweak the lad tweak the
Speaker 1: request a little bit too before it becomes legislation. I
Speaker 1: think a big question here is whether or not this
Speaker 1: is going to contain additional funding for COVID nineteen. Remember
Speaker 1: that was something that Biden had requested requested it again.
Speaker 1: With this funding, Lawmakers came to an agreement on a
Speaker 1: ten billion dollar package for vaccines and additional treatment, but
Speaker 1: that got stalled over an immigration provision. So I think
Speaker 1: there's a lot of questions about whether Ukraine Aid will
Speaker 1: move alone, or whether it will move with COVID or
Speaker 1: potentially even an immigration provision to it. Um. I think
Speaker 1: those are all things that we're going to learn within
Speaker 1: the next week or two. But where do you see
Speaker 1: the potential Emily four wiggle room on some of these provisions.
Speaker 1: Is there a possibility that the COVID AID could be
Speaker 1: stripped out given how difficult it's been for the President
Speaker 1: to get it moving with that Title forty two provision? Absolutely, Nathan,
Speaker 1: I think there's a chance that this COVID AID could
Speaker 1: be stripped out and it could just be the Ukraine
Speaker 1: Aid that moves. Republicans so far have sounded very harsh
Speaker 1: on including the two of them together in a certain package. Um.
Speaker 1: They've expressed that, you know, that's not the best way
Speaker 1: to move this that they just want to vote on
Speaker 1: the Ukraine Aid itself, and that threat of really slowing
Speaker 1: down this funding could could move Democrats to sort of say, hey,
Speaker 1: you know, we need going to have to move the
Speaker 1: COVID stuff separately. It's always tempting to move to add
Speaker 1: additional provisions to things that you know are bipartisan and
Speaker 1: are going to pass. We're certainly seeing that play out here.
Speaker 1: Um but I think the big question, of course is
Speaker 1: are they going to have have the votes to move
Speaker 1: both COVID and Ukraine funding And if they don't, certainly
Speaker 1: Democrats don't want to see as being the obstructionist from
Speaker 1: getting that funding to Biden and then to Ukraine. And
Speaker 1: you've got to think, Emily that there's a lot of
Speaker 1: urgency not just on the Ukraine Aid, but on the
Speaker 1: COVID aid as well. Oh absolutely, Nathan. I mean, you
Speaker 1: know you heard from House Majority leaders Denny Hoyer who
Speaker 1: kind of laid this out that you know, they want
Speaker 1: to get stuff on Ukraine. They understand that it's urgent,
Speaker 1: but they also feel that this COVID funding is particularly urgent.
Speaker 1: I mean I know that you know, we're kind of
Speaker 1: hating a plateau in terms of those who are vaccinated,
Speaker 1: that the mask mandates are off in many places, but
Speaker 1: the Biden administration really does not want to get caught
Speaker 1: flat footed the way they did with Oh Macron when
Speaker 1: people were struggling to find tests. And there are also
Speaker 1: a number of medicines that they want to continue to
Speaker 1: promote so that when people do get diagnosed with COVID
Speaker 1: they can take these drugs, the ones that you're seeing
Speaker 1: Vice President Kamala Harris take to make sure that they're
Speaker 1: not winding up in the hospital, that they're not winding
Speaker 1: up on the ventilators, and that they're not dying. And
Speaker 1: so these are all things that the um BID administrations
Speaker 1: say they still need, that they still need the funding
Speaker 1: for that their current funding has run out. It's absolutely
Speaker 1: an urgent thing. I think it's just at this point
Speaker 1: of question of whether it's going to have enough support
Speaker 1: to move with Ukraine. Remember, sort of playing all into
Speaker 1: this is that immigration provision, the so called Title forty
Speaker 1: two UM that really makes it much easier for border
Speaker 1: agents to turn away migrants at the southern border. It's
Speaker 1: supposed to expire next month. Republicans and a number of
Speaker 1: Democrats do not want that to happen. They want that
Speaker 1: restriction to remain in place. That's got mixed up with
Speaker 1: the COVID funding before. If you put the COVID funding
Speaker 1: with the Ukraine funding, that could wind up with a
Speaker 1: giant political headache for for for leadership in Congress and
Speaker 1: in the White House. All right, let's move on to
Speaker 1: another big story. Obviously it's been a big one on
Speaker 1: Wall Street and now on Capitol Hill. Elon Must and
Speaker 1: the Twitter buy out. What is the reaction in Congress?
Speaker 1: So you're hearing a lot of support from Republicans who
Speaker 1: feel like Twitter and other social media platforms have been
Speaker 1: really restrictive for conservative views. They're very pro Elon must
Speaker 1: stance that Twitter does need to honor some more free speech. Democrats, however,
Speaker 1: are concerned that potentially doing so will really open the
Speaker 1: platform up to a lot of misinformation and disinformation. Uh
Speaker 1: And you heard Secretary uh Senate Commerce Chair, sorry, Senate
Speaker 1: Commerce Chair Maria Can't Well saying that lawmakers aren't discussing
Speaker 1: potentially holding a hearing and asking Elon Musk to come
Speaker 1: and to testify. Certainly, this is something we've seen with
Speaker 1: other owners of tech giants as well as Twitter's former
Speaker 1: chief executive Jack Dorsey, who have come up to Congress
Speaker 1: and spoken to them. Um, but you are seeing a
Speaker 1: lot of support for this. Democratic senator at Markee, uh
Speaker 1: said a hearing will be appropriate and called Twitter a
Speaker 1: technology that is central to democracy and our economy and
Speaker 1: that lawmakers deserve to hear what it's potential new owner
Speaker 1: intends to accomplish with the platform. Just about thirty seconds
Speaker 1: left here, Emily, what's the likelihood of congressional hearings? Is
Speaker 1: Elon Musk can appear on Capitol Hill? Well, you know,
Speaker 1: lawmakers Democrats control the process, so it's pretty easy for
Speaker 1: them to say, hey, we're gonna have a hearing, and
Speaker 1: then hey we're gonna you know, ask Elon Musk to attend.
Speaker 1: Of course, just because lawmakers call someone to attend in
Speaker 1: front of Congress does not always mean that they do so. Uh.
Speaker 1: I think it's you know, it will definitely be an
Speaker 1: interesting development to watch. I mean, I think part of
Speaker 1: it too is that, you know, obviously the sale is
Speaker 1: not quite finalized yet, so this might not be something
Speaker 1: that happens in the near term. All right, Bloomberg Government
Speaker 1: reporter Emily Wilkins keeping an eye on all that's happening
Speaker 1: in the nation's capital. You can read more about all
Speaker 1: these stories on Bloomberg dot com or on the Bloomberg terminal.
Speaker 1: Listen to Bloomberg in Washington to hear Bloomberg Radio looking
Speaker 1: at shares of Chevron. Little changed. Also little changed for
Speaker 1: x On Mobile after earnings that came in strong but
Speaker 1: missed Wall Street estimates. SMP futures are down thirty seven
Speaker 1: points down futures down a hundred seventy Nasdaq futures leading
Speaker 1: the declines, down a hundred fifty one points. Bloomberg Surveillance
Speaker 1: is next for Karen Moscow. I'm Nathan Hagar, and this
Speaker 1: is Bloomberg