Speaker 1: Live from the Bloomberg Interactive Burger Studios is his Bloomberg
Speaker 1: Daybreak for Tuesday May two. Coming up this hour. Stocks
Speaker 1: stabilized following the lowest clothes in thirteen months. It's ed
Speaker 1: warn't of deteriorating liquidity conditions across key financial markets, and
Speaker 1: as gas prices hit a record, President Biden gets ready
Speaker 1: to deliver a speech on combatic inflation. Connecticut's governor signs
Speaker 1: a budget with hundreds of millions and tax cuts, plus
Speaker 1: demand hunt where murder suspected and Alabama corrections officer is over.
Speaker 1: I'm Mikey Blarer. More ahead, I'm John Stashed in sports
Speaker 1: Nightmare night for the Rangers. They lost Game four in
Speaker 1: Pittsburgh seven to two. The Yankees top Texas one to Nuppie.
Speaker 1: That's all s trading ahead on Bloomberg Daybreak on Bloomberg.
Speaker 1: He live in Free on New York Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine
Speaker 1: sixties and Francisco Sirius x M one nine team and
Speaker 1: around the world Old on Bloomberg Radio Dot Carmen via
Speaker 1: The Bloomberg Business. Hey, good morning, I'm Nathan Hager and
Speaker 1: I'm Karen Moscow. US DOT index futures on the rise
Speaker 1: this morning. We're coming up to five o one on
Speaker 1: Wall Street, and we check the markets every fifteen minutes
Speaker 1: throughout the trading day. On Bloomberg. Right now, SNP futures
Speaker 1: are up forty two points. Dal future is up three
Speaker 1: hundred and NASDACK futures up one hundred ninety four or
Speaker 1: one point six percent. Ten year treasury of three thirty
Speaker 1: seconds the three point zero two percent, and the yield
Speaker 1: on the two year two point six zero percent. Nathan Well, Karen.
Speaker 1: This rise in futures follows the lowest close for US
Speaker 1: stocks in thirteen months. Hardest hit continues to be the
Speaker 1: tech heavy NASDAC. That index slid another four point three percent.
Speaker 1: The NASTAC one hundred has erased three point four trillion
Speaker 1: dollars since the start of April. Aaron Kennon is CEO
Speaker 1: at Clear Harbor Asset Management. You know, we're continuing to
Speaker 1: see a dramatic sort of leakage of liquidity from the
Speaker 1: capital market system, as the Fed uh titans policy and
Speaker 1: as the fiscal weavers very much close off, and inflation
Speaker 1: is a huge concern clear heartbreas said Managements. Aaron Kennon
Speaker 1: says tomorrow's inflation report, the consumer price index will be
Speaker 1: important for market sentiment. Well before we get that data, Nathan,
Speaker 1: we're seeing heart evidence of price pressures at the gas pump.
Speaker 1: The average retail price of gasoline has hit her record
Speaker 1: four dollars and thirty seven cents per gallon. President Biden
Speaker 1: will have more to say about his effort to combat
Speaker 1: rising prices and his speech today. We get a preview
Speaker 1: from Amy Morris in our Bloomberry one newsroom in Washington.
Speaker 1: President Biden is expected to detail the differences between his
Speaker 1: plan and a GOP proposal by Florida Senator Rick Scott
Speaker 1: that would raise taxes while allowing Social Security and Medicare
Speaker 1: to expire. Consumer prices rose in March at the fastest
Speaker 1: pace since nine one, and of Americans increasingly pessimistic about
Speaker 1: their finances despite strong job growth. It's the biggest worry
Speaker 1: for voters ahead of the November midterms. A CNN poll
Speaker 1: out last week found eight in ten Americans don't believe
Speaker 1: the government is doing enough to fight inflation. In Washington,
Speaker 1: I maybe Morris Bloomberg Daybreak, Amy, thank you and President
Speaker 1: Biden will deliver that speech around eleven thirty am Wall
Speaker 1: Street Time. Catch it right here on Bloomberg Radio. I
Speaker 1: meantime caring. The Federal Reserve is warning of deteriorating liquidity
Speaker 1: conditions across key financial markets. We get the details from
Speaker 1: Bloomberg's Charlie Hellett. In its semi annual report, the FED
Speaker 1: sites rising risks from the war in Ukraine, monetary tightening
Speaker 1: and high inflation. The FED said, according to some measures,
Speaker 1: market liquidity has declined since late one in the markets
Speaker 1: for recently issued US cash treasury securities and for equity
Speaker 1: index futures. FED Governor Lyle Brainerd said the war has
Speaker 1: sparked large price movements and margin calls in commodities markets,
Speaker 1: and highlights of potential channel through which large financial institutions
Speaker 1: could be ex bosed to contagion in New York. Charlie Pellett,
Speaker 1: bloom Road Daybreak. All right, Charlie, thank you. We'll have
Speaker 1: more from the FED later this morning when we speak
Speaker 1: live with Cleveland Fed President Lauretta Mester. That's coming up
Speaker 1: at eleven am Wall Street Time on Bloomberg Radio and television.
Speaker 1: We are seeing some stabilization in the Marcus this morning, Nathan,
Speaker 1: and let's start with a look at Europe, where Bloomberg's
Speaker 1: You and Pots is standing by Live in London. Good
Speaker 1: morning you, and good morning Kardon Nathan. You have being
Speaker 1: stocks back in the green today, the stops under trading
Speaker 1: up one percentage point. That's as dip buyers emerged from
Speaker 1: the ruins of Monday's brutal route. Still plenty of concerns
Speaker 1: about inflation and economic growth, though, but nineteen out of
Speaker 1: twenty industry groups higher on Europe stocks the hundred today,
Speaker 1: with banks, carmakers, and chemicals companies near the top of
Speaker 1: the table. Live in London, I'm you in Pots. Make
Speaker 1: date right, okay, you and thanks. We did see selling
Speaker 1: in Asia overnight. Stocks fell there for a seventh straight session,
Speaker 1: but did pair earlier losses. Let's get the recap from
Speaker 1: Bloomberg's Juliette Sally in Singapore. Good morning, Juliet, Good morning
Speaker 1: nath and Karen. The losses on the m c I
Speaker 1: Asia Pacific Index mirrord the longest losing streaks since March
Speaker 1: twenty twenty, Stokes remaining at July twenty twenty lows. Hong
Speaker 1: Kong Tech shares took a dive on growth concerns, and
Speaker 1: as the city resumed trade after a long weekend. Mainland
Speaker 1: Chinese has rebounded, but black Rock abandoned its bullish stance
Speaker 1: on China, now recommending a neutral stance on Chinese stocks
Speaker 1: and bonds as the country's response to the pandemic takes
Speaker 1: its home in Singapore. Juliet Sale Bloomberg Daybreak, Juliet thank you.
Speaker 1: Bitcoin trading higher this morning after briefly falling below the
Speaker 1: thirty thousand level. The recent plunge has taken a digital
Speaker 1: token to levels last seen in the middle of last year.
Speaker 1: Like Nova grass Is, founder and CEO of Galaxy Digital,
Speaker 1: I still think thirty thousand should hold, right, We'll see
Speaker 1: if twelve thousand holds of the NASDAC and we bounce
Speaker 1: in the next few days, then I think you'll see
Speaker 1: bitcoin thirty thirty thousand hold. If the NASDAC falls and
Speaker 1: we head towards eleven thousand, you know there's a shot
Speaker 1: that thirty thousand goes. Digital founder Mike Novgrad says trading
Speaker 1: will be volatile for at least the next few quarters.
Speaker 1: In checking bitcoin right now, it's at seven. Turning to
Speaker 1: the war in Europe now Karen. President Biden plans to
Speaker 1: meet with Italian Prime Minister Mario Dronki today as aid
Speaker 1: to Ukraine moves forward on a couple of fronts. Bloomberg's
Speaker 1: at Baxter has the story. Congressional Democrats have drafted an
Speaker 1: aid package worth almost forty billion dollars and plan on
Speaker 1: voting this week without attaching COVID pandemic funding. This tops
Speaker 1: the president's ask of thirty three billion. Biden meanwhile signed
Speaker 1: a World War two era provision sending money to Ukraine
Speaker 1: across to the fight is not cheap, but aggression is
Speaker 1: even more. This provision was enacted in one to help
Speaker 1: Europe fight off Hitler. Congress could act as early as today.
Speaker 1: In San Francisco, I'm at Baxter, Bloomberg daybreak, al right,
Speaker 1: thank you, S and P. Futures right now up forty
Speaker 1: two points down, futures up three hundred two nastact futures
Speaker 1: higher by a hundred ninety two points. The tenure treasury
Speaker 1: is up four thirty seconds. Yield three point zero one
Speaker 1: percent on the tenure note. Yield on the two year
Speaker 1: two point six zero per cent. Straight ahead, your latest
Speaker 1: local headlines plus a check of sports. This is Bloomberg
Speaker 1: kicks out five oh seven on Wall Street where at
Speaker 1: fifty three degrees in Central Park. Already seeing a couple
Speaker 1: accidents northbound FDR Drive, one at ninety six another and
Speaker 1: a hundred sixte more coming up in traffic. First Michael
Speaker 1: Barr with more on what's going on in New York
Speaker 1: and around the world. Good morning, Michael, Good morning Nathan.
Speaker 1: Connecticut tax payers will see six hundred million dollars in
Speaker 1: tax relief following the signing of the fifth school year
Speaker 1: three budget by Democratic Governor Ned Lamont. The law extends
Speaker 1: a gas tax holiday and gild tax credit, as well
Speaker 1: as increasing a property tax credit. Lamont described it as
Speaker 1: the largest tax cut in state history. Voters in Newark,
Speaker 1: New Jersey, are choosing a mayor today. Incumbent ros Baraco
Speaker 1: will face a challenge from Sheila Montage. The Alabama corrections
Speaker 1: employee who was on the run with an escaped inmate,
Speaker 1: is now dead. Authorities in Indiana say Vicky White shot
Speaker 1: herself as U S Marshals closed in. Officers ran the
Speaker 1: vehicle Vicky White and Casey White Ryan, which then crashed.
Speaker 1: Alabama Sheriff Rick Singleton says that Casey White is never
Speaker 1: getting out again. We got a bangers man off the
Speaker 1: street today. He is never going to see the lot
Speaker 1: of day again. And uh, you know, that's a good
Speaker 1: thing for not just our community, but that's a good
Speaker 1: thing for this country. Sheriff Singleton says this has ended
Speaker 1: a very stressful week and a half. New York's Attorney
Speaker 1: general says her state will safeguard the right to abortion
Speaker 1: if the Supreme Court overturns Roe v. Wade. Latitia James
Speaker 1: says about thirty thousand women just from Pennsylvania and Ohio
Speaker 1: alone could come to New York seeking reproductive care, so
Speaker 1: a fund will be established that James says will help
Speaker 1: those winn James also cast out on why anti abortion
Speaker 1: activists support bans on abortion. What they should do is
Speaker 1: expand the childcare tax credit. What they should do is
Speaker 1: expand universal school lunch. What they should do is provide
Speaker 1: more funding for education and childcare and daycare and prenatal care,
Speaker 1: and the list goes on and on. If you truly
Speaker 1: care about children, A. G. Latitia James. Andy Warhol's shot
Speaker 1: Sage Blue Maryland has sold for a hundred million dollars
Speaker 1: that makes the iconic portrait of actress Marilyn Monroe the
Speaker 1: most expensive artwork by a U S artist ever sold
Speaker 1: at auction. Christie's Auction House in New York held the sale.
Speaker 1: Alex Rotter, as chairman of Christie's twenty and twenty one
Speaker 1: Century Art Department, century Um Works of Art, American Works
Speaker 1: of Art. It's the highest price ever paid, close to
Speaker 1: two hundred million dollars. Uh, let it sink in. It's
Speaker 1: quite something. Rodder with Christie said. An unknown buyer made
Speaker 1: the purchase. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quit take Power by more than
Speaker 1: seven hundred journalists analysts more than twenty countries. Michael Barr,
Speaker 1: this is Bloomberg, Nathan. Thanks Michael. Almost five ten on
Speaker 1: Wall Street. Time for the Bloomberg Sports up. Take morning.
Speaker 1: Johns Sesshire, Good morning, Nathan. The Rangers in Pittsburgh with
Speaker 1: hopes of winning Game four to tie the series at two. Instead,
Speaker 1: the Penguins, without five goal onslaught of the second period.
Speaker 1: They scored goals twenty four seconds apart, and later scored
Speaker 1: goals thirty five seconds apart. They won seven to two,
Speaker 1: leave the series three one game fives tomorrow with the
Speaker 1: Garden Rangers. Coach Gerard Gallant has already said igor sh
Speaker 1: Turkin will be in the Ranger goal A little surprising
Speaker 1: considering how poorly Shisterkin played in the two games in
Speaker 1: Pittsburgh and three periods he gave up ten goals. Alex
Speaker 1: Gorgy have relieved him in both games and three periods
Speaker 1: he allowed two goals, But Gallant said last night just
Speaker 1: Turkin is the best goalie in the NHL. Colorado won
Speaker 1: in Nashville to complete a series sweep. Florida beat Washington,
Speaker 1: and overtime Calgary beat Dallas. Those series are tied at
Speaker 1: to the Islanders. Wired coach Barry Trots NBA playoffs Boston
Speaker 1: rally to win in Milwaukee, Golden State beat Memphis. Far
Speaker 1: as crowd at the State and there was a Yankee
Speaker 1: mattenee makeup of a rain out. Those that were there
Speaker 1: saw near no hit or Nest Cortez lost it with
Speaker 1: one out the eighth inning, kind of like fifth going
Speaker 1: into six. I kept, uh looking at the scoreboard, Uh,
Speaker 1: I see where my pitchcont was and stuff like that.
Speaker 1: So and it was in a good spot and and
Speaker 1: you know noticed that I didn't get up a hit,
Speaker 1: so uh you know it was. It was special when
Speaker 1: he scored the game's only run, bottom of the eighth
Speaker 1: riven in a double by Anthony Rizzo. They top Texas
Speaker 1: Onondon up, and they've won thirteen to their last fifteen.
Speaker 1: The Giants tried to trade quarterback James Bradbury. Instead, they
Speaker 1: released one of their best players. They had to for
Speaker 1: salary camp reasons. John Dash went ballooon birth sports, Nathan,
Speaker 1: Thank you, john S andp futures right now at forty
Speaker 1: five point. Staff futures up three to twenty three. Nastack
Speaker 1: futures up two hundred four points, bit a relief after
Speaker 1: the five weeks slide for US stocks. We'll talk about
Speaker 1: this market next with Daniel Morris of BNP Party by
Speaker 1: Asset Management. This is Bloomberg Blomber eleven three oh weather, sunny, breezy,
Speaker 1: upper sixties. Today will be mostly sunny with a high
Speaker 1: near seventy Tomorrow, sunshine mid seventies by Thursday. Right now
Speaker 1: fifty three degrees in Central Park. Markets, headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com.
Speaker 1: The Bloomberg Business attend at Bloomberg Quick tape is a
Speaker 1: Bloomberg business flash and I'm Karen Moscow and US DOT
Speaker 1: index futures are rallying this morning along with European shares
Speaker 1: as DIF buyers emerged following yesterday sell off. Sentiment does
Speaker 1: remain fragile over concerns about inflation and economic growth, and
Speaker 1: we checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg. SNP futures up forty six points this morning,
Speaker 1: Down futures up three twenty four NASDACK futures up to
Speaker 1: two hundred four or one point seven percent. The decks
Speaker 1: in Germany's up one point seven percent. Ten. Your treasury
Speaker 1: up to thirty seconds, he had three point two percent.
Speaker 1: They yield on a two year two point six zero
Speaker 1: percent nin Max Screwed oil is down three tents percent
Speaker 1: or thirty one cents at a hundred two dollars seventy
Speaker 1: four cents of barrel comex school there is up a
Speaker 1: quarter percent or four dollars fifty cents at eighteen sixty three.
Speaker 1: Ten announce the euro one point oh five six nine
Speaker 1: against the dollar and again one thirty point to four.
Speaker 1: That's a Bloomberg Business Flash. Now, here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael, good morning,
Speaker 1: Good morning, Karen. Ukraining and officials say Russia is pounding
Speaker 1: away at Ukraine's vital southern part of Odessa. Meanwhile, President
Speaker 1: Biden says he's worried that a Russian president Putin doesn't
Speaker 1: have a way out right now of his war in Ukraine.
Speaker 1: NBA Playoffs, the Celtics beat the Bucks to even their
Speaker 1: series of two games apiece. The Warriors beat the Grizzlies. However,
Speaker 1: Warriors coach Steve Kerr tested positive for COVID. In the
Speaker 1: NHL playoffs, the Rangers lost to the Penguins fall behind
Speaker 1: three games to one. Capitals lost to the Panthers. In
Speaker 1: baseball the Yankees Orioles Giants. And He's all One Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take, powered by more than journalists antilists more
Speaker 1: than a hundred twenty countries. Michael Barn, This is Bloomberg. Na. Okay, Michael,
Speaker 1: thank you. It's five nineteen on Wall Street Live from
Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg daybreak and
Speaker 1: Daniel Morris is with a snout, chief market strategist at
Speaker 1: BNP Party Bough Asset Management. As we look at green
Speaker 1: on the screen for a change this morning, Daniel, good morning.
Speaker 1: Are you buying this dept? Good morning. We haven't changed
Speaker 1: our allocations recently. Generally, we're still slightly underweight on equities,
Speaker 1: a little bit cautious. We see too many things that
Speaker 1: could get worse as opposed to getting better in the
Speaker 1: air term. Well, let's dive into some of those things.
Speaker 1: I mean, inflation has got to be front and center.
Speaker 1: Is that front and center for you? Well, I think
Speaker 1: what was quite curious about what happened with this last
Speaker 1: journey season. As you've justus looked at the figures objectively,
Speaker 1: they were pretty good. Growth was was good, surprises were positive,
Speaker 1: Guidance was was average. But in this environment that's actually
Speaker 1: not so bad either. But in contrast what we had
Speaker 1: in the first quarter when earning this came in market
Speaker 1: started rebound, we really didn't see that this time. So
Speaker 1: I think that signals kind of the really fundamental shifting sentiment,
Speaker 1: which is, as you point out, link to inflation and
Speaker 1: really primarily linked to what the central banks are going
Speaker 1: to do what the FET is going to do in
Speaker 1: response to that inflation. So we're focused on the risk
Speaker 1: from rates, particularly the risk of growth stocks from rising
Speaker 1: real yields, and we think that particular phenomenon has not
Speaker 1: played out yet. Are you seeing signs of peak inflation? Well,
Speaker 1: it should on a headline basis be peaky now, But
Speaker 1: that's not particularly comforting because what we're really worried about
Speaker 1: is certainly but the central banks are worried about, you know,
Speaker 1: is core inflation. And it's if you look, for example,
Speaker 1: at core rates in the US versus say the Eurozone. Uh,
Speaker 1: this is where you see a real distinction in kind
Speaker 1: of the analine neck on mcdynamics right now. Headline inflation
Speaker 1: because the bottlenecks because of energy is high pretty much everywhere,
Speaker 1: but cor inflation is much higher in the US, you know,
Speaker 1: driven at this point, I would argue, at least partly
Speaker 1: by the physical stimulus that we had. Of course, there's
Speaker 1: just fundamentally too much demand right now relative to the
Speaker 1: productive capacity of the U S economy. That's pressure in
Speaker 1: wages that's going to worry the central bank, and that's
Speaker 1: why you're expecting a much higher and more rapid increase
Speaker 1: in rates in the US than you see in the
Speaker 1: europhone do you think that the FEDS front loading of
Speaker 1: rates is going to have an impact on where inflation
Speaker 1: goes from here? Well, I mean that's remains the key unknown,
Speaker 1: both for for US as investors and for the FED.
Speaker 1: Is the central bank? I mean really that the bed
Speaker 1: in now? Is that the tightening that they have planned,
Speaker 1: And of course we're still relatively speaking and fairly accommodative
Speaker 1: monetary policy. We're just trying to get back to neutral
Speaker 1: for a start. That with the rollover of a lot
Speaker 1: of these honestly transit or effects be it from energy,
Speaker 1: being from supply chain bottlenecks, that reduces some of the pressure.
Speaker 1: And then with the increase in rates, hopefully you start
Speaker 1: to see the wage gains moderate, because you just can't
Speaker 1: have five to six per year and your wage grains
Speaker 1: when you want to have a two percent inflation target.
Speaker 1: So if between now and say the autumn, you start
Speaker 1: to see that moderate, then we're going to be okay.
Speaker 1: But that's going to be watching more than anything else,
Speaker 1: those wage figures, and if they don't come down enough,
Speaker 1: then there's going to be the concern the market est
Speaker 1: price and yet for their hikes beyond what we already
Speaker 1: have been. As we do see rates begin to go up, Daniel,
Speaker 1: what is that going to mean for tech stocks? We've
Speaker 1: seen that sector in particular get hit pretty hard as
Speaker 1: the market tries to digest what the rate environment is
Speaker 1: going to mean in the next few months. Yeah, well, easy, come,
Speaker 1: easy go. If you look back at where pees were
Speaker 1: prior to the pandemic around you know, two times we
Speaker 1: peeked at about thirty one times, and you know, anyone
Speaker 1: at the time, hopefully it wasn't trying to say, oh
Speaker 1: that's okay, that's rational. It's different this time. So now
Speaker 1: with the sell off, really just back to where we
Speaker 1: were pre pandemic, and that made me enough, you know,
Speaker 1: whether we naturally get peased honestly cheap levels that would
Speaker 1: certainly be far lower from here. You know, we got
Speaker 1: to remember, if you're at fair valuations now for tech,
Speaker 1: which you know is in and of itself a question,
Speaker 1: but you still should have much stronger earnings growth in
Speaker 1: growth stocks kind of by definition, and're gonna have in
Speaker 1: other parts of the market, and that really should, you know,
Speaker 1: play out enough over time that you you still anticipate
Speaker 1: a positive return. It's just whether or not you want
Speaker 1: to be clever. If you will and anticipate for their
Speaker 1: faults and valuations, you know that is possible. I mean,
Speaker 1: real yields are now back to about zero percent for
Speaker 1: ten year, which is a big move. That's what's driven
Speaker 1: the falling valuations on growth stocks. But you could see
Speaker 1: another fifty basis point right. So, like I said, this
Speaker 1: hasn't played itself out completely yet. In our last thirty
Speaker 1: seconds here, Daniel, what do you make of the surge
Speaker 1: we're seeing in European stocks this morning? Don't? Doesn't You're
Speaker 1: still face a lot of headwinds from the war Ukraine
Speaker 1: and the sensitivity to commodity prices. Absolutely, and you know,
Speaker 1: we had kind of the bounce back a couple of
Speaker 1: weeks ago, which we were skeptical about. We'd be skeptical
Speaker 1: about this one because if we look at the horizon
Speaker 1: from here, yeah, again we just see further headwinds because
Speaker 1: because of the conflict. If you look at our ins provisions,
Speaker 1: they've actually been relatively robust. We don't really believe those
Speaker 1: numbers and they have the thing to keep in mind,
Speaker 1: you know, if in your the euro Zone, you get
Speaker 1: the same type of rage fresh as you're having in
Speaker 1: the US. You know the phenomenon of expectations for rising
Speaker 1: policy rates that's going to translate to Europe and we're
Speaker 1: seeing now in the US with that denst Equities, Thanks Daniel,
Speaker 1: good having you on with us this morning. Daniel Morris,
Speaker 1: chief market strategist at BNP Party BA Asset Management. Right now,
Speaker 1: SMP futures are higher by forty two point, Staff futures
Speaker 1: up two, Nasdaq futures up one nineties six points. Just ahead,
Speaker 1: more on this volatile market and President Biden putting a
Speaker 1: focus on inflation. To stories of the morning just ahead
Speaker 1: on Bloomberg day Break. Bloomberg day Break brought to you
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Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg E Living Freedom to Washington, d C, Bloomberg to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg M
Speaker 1: sixteen to the country, Sirius XM to the one nineteen
Speaker 1: and around the globe, the Bloomberg Business and Bloomberg Radio
Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on
Speaker 1: Wall Street. Good morning. I'm Nathan Hager and I'm Karen Moscow.
Speaker 1: We're just about four hours away from the open of
Speaker 1: US trading. Let's get you up to date on the news.
Speaker 1: You need to know what this show. US futures are
Speaker 1: higher a day after stocks closed at their lowest level
Speaker 1: in over a year. Then ast XL four point three
Speaker 1: percent yesterday and has erased over three trillion dollars since
Speaker 1: the start of April. Dan I've, senior equity analysts at
Speaker 1: wed Bush Securities, believes the Tech heavy index is adjusting
Speaker 1: as we move past the pandemic. Long term, it's healthy,
Speaker 1: it's painful in the near term. You got to separate
Speaker 1: the work from home commerce profit list tact that's down
Speaker 1: se versus RAB views more than high quality stalwarts. Where
Speaker 1: we continue in terms of cloud software cyber security exposed names,
Speaker 1: Dan I've said. Wedbush Security says there could be more
Speaker 1: pain ahead for TAC despite a strong long term outlook
Speaker 1: well overall, Karen, investor sentiment does remain fragile. With inflation
Speaker 1: running hot. The FED is warning of deteriorating liquidity conditions
Speaker 1: across several markets. For more on the central bank, stay
Speaker 1: tuned for an interview with Cleveland FED President Loretta Mester
Speaker 1: that's coming up live at eleven am Wall Street Time
Speaker 1: on Bloomberg Radio and television. Well, Nathan, the pain at
Speaker 1: the pump continues. The average retail price of gasoline hit
Speaker 1: a record high this morning, four dollars and thirty seven
Speaker 1: cents a gallon. President Biden will discuss plans to curb
Speaker 1: rising prices later this morning. Tune into Bloomberg Radio at
Speaker 1: eleven thirty Wall Street time to hear the president's full speech.
Speaker 1: Well Overseascaren, European stocks are higher, while the open was
Speaker 1: sharply lower. For Asia markets, Mainland Chinese shares rebounded, but
Speaker 1: black Rock and abandoned It's bullish China call amid COVID lockdowns.
Speaker 1: Shares in Hong Kong, Japan, and South Korea all slumped,
Speaker 1: and Nathan, as the dollar halts its three day rally
Speaker 1: this morning, Bitcoin is rebounding after it fell below thirty
Speaker 1: thousand dollars. Billionaire crypto investor Michael nova Grass remains bullish
Speaker 1: on the token, but warrants a more volatility while the
Speaker 1: short term you know outlook is painful and it's and
Speaker 1: it's gonna be like I said, volia with the rest
Speaker 1: of assets as the FED adjusts from free money to
Speaker 1: normalized conditions. I really do still see this as a
Speaker 1: very exciting asset class. Flexi Digital founder Michael Novergrat says
Speaker 1: bitcoin could dip further if the NASDAC continues to slide.
Speaker 1: In Bitcoin currently trading at thirty one four hundred dollars,
Speaker 1: and turning to the war in Ukraine, Karen Congress has
Speaker 1: drafted an aid package worth close to forty billion dollars.
Speaker 1: At the same time, President Biden has signed a measure
Speaker 1: making it easier for Washington to send weapons and supplies
Speaker 1: to Ukraine. The war is now in its tenth week.
Speaker 1: SMP Future is up forty two points. Straight ahead your
Speaker 1: latest local headlines plus a check of sports. This is
Speaker 1: s Bloomberg. It's now five thirty three on Wall Street,
Speaker 1: fifty three degrees in Central Park. Still dealing with two
Speaker 1: northbound accidents on the FDR Drive gets in the details
Speaker 1: kind of con traffic. Michael Barr is here first with
Speaker 1: more on what's going on in New York and around
Speaker 1: the world. Michael Nathan, thank you very much. Connecticut Governor
Speaker 1: at the Mont calls it the largest tax cut in
Speaker 1: state history. Connecticut tacks figures will see six hundred million
Speaker 1: dollars in tax relief following Lamont's signing of the law
Speaker 1: on the fiscal year. The law extends a gas tax
Speaker 1: holiday and child tax credit. It also increases a property
Speaker 1: tax credit from two hundred to three hundred dollars. Attorney
Speaker 1: General Letitia James has New York state will safeguard the
Speaker 1: right to abortion if the Supreme Court moves to overturn
Speaker 1: Roe v. Wade. James says that women in state will
Speaker 1: be protected. New York obviously is a compassionate state, a
Speaker 1: state that cares about others in a state that recognize
Speaker 1: recognizes that if one individual um is not free, than
Speaker 1: all of us are not free. A g. James also
Speaker 1: says about thirty women just from Pennsylvania and Ohio could
Speaker 1: come to New York seeking reproductive care, so a fund
Speaker 1: will be established that James says will help women from
Speaker 1: out of state authorities say a former Alabama jail official
Speaker 1: has died and the murder suspect she is accused of
Speaker 1: helping to escape has been apprehended. In Evansville, Indiana, the
Speaker 1: two fugitives were on the run for more than a week.
Speaker 1: They were called after US marshals pursued their vehicle and
Speaker 1: then crashed into it. Officials say Casey White surrendered and
Speaker 1: Vicky White shot herself. She died from her injuries. Lauderdale,
Speaker 1: Alabama County Sheriff Rick Singleton on Casey White, he wore
Speaker 1: a fan, hand cuff and cackles while he's in there,
Speaker 1: so he wants to see me for l like you said,
Speaker 1: Well right, so be it. He's not getting out this jail.
Speaker 1: Ye Sheriff Singleton says they got a dangerous man off
Speaker 1: the street. South Korea's new president has used his inauguration
Speaker 1: speech to push for a solution with North Korea. Un
Speaker 1: Sukyo plans to help transform the North's economy if it
Speaker 1: genuinely begins a complete denuclearization. Ferdinand Marcos Junior one a
Speaker 1: landslide victory and the Philippines presidential election. It brings his
Speaker 1: family back to power in Manila, thirty six years after
Speaker 1: his dictator father fled the country. Global news twenty four
Speaker 1: hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalist and analysts
Speaker 1: more than a hundred twenty countries. I'm like bar, this
Speaker 1: is Bloomberg, Nathan. Thanks Michael on Wall Street. Time for
Speaker 1: the Bloomberg Sports Update. Here's John Stans shown Nathan. What's
Speaker 1: happened to the Rangers after a fifty two win regular season.
Speaker 1: They played the Penguins three times in a two week
Speaker 1: span late in the year, and they won all three.
Speaker 1: But they've lost three or four in the playoffs. And
Speaker 1: it was seven to two last night the Penguins with
Speaker 1: seven different goal scores. They scored five times in the
Speaker 1: second period twice, they scored twice in a span of
Speaker 1: less than a minute. Rangers are a young team. Coach
Speaker 1: jar Gerard Gallant was asked if that's the reason for
Speaker 1: the postseason struggled. They wouldn't use the word in experience,
Speaker 1: I've used the word not committed to play in the
Speaker 1: right way, you know, I mean we played the right
Speaker 1: way in uh in New York. There's nobody can want
Speaker 1: to get way play the right way to night. And
Speaker 1: it's not from the inexperienced guy either. I mean, they're
Speaker 1: they're part of our group. But tonight you've seen a
Speaker 1: lot of a lot of stuff fed played by a
Speaker 1: lot of people or Sister In the regular season, a
Speaker 1: looted an average of just over two goals per game.
Speaker 1: He played three areas in Pittsburgh, gave up ten goals,
Speaker 1: and yet Gillan says he's sticking with Sisterkin for Game
Speaker 1: five tomorrow with the Garden. When lou La Morello ran
Speaker 1: the Devil's he had a history of making coaching changes.
Speaker 1: He now runs the Islanders, and he just fired Berry.
Speaker 1: Trots who want to Stanley Cup and Washington had playoffs
Speaker 1: success with the Isles, They missed the playoffs. This past season.
Speaker 1: NBA Golden State played without its coach, Steve Kurt tested positive.
Speaker 1: Mike Brown just named the new coach in Sacramento. He
Speaker 1: coached the Warriors to a win over Memphis. Boston won
Speaker 1: in Milwaukee. Yankee bats for quiet, but Nestor Cortez with
Speaker 1: nasty was five outsome and no hitter. Yanks finally broke
Speaker 1: up a scoreless game eighth inning. They meet Texas one
Speaker 1: to nothing. The Giants, for salary cap reasons, forced to
Speaker 1: release cornerback James Bradberry past two seasons, he was one
Speaker 1: of their best players. John Stashward Bloomberg Sports Nathan. Thanks John.
Speaker 1: It's seven on Wall Street time for the Tri State
Speaker 1: Business Report. Here's Bloomberg's head Corey. New York State is
Speaker 1: having pressure on meat companies, already facing heat in Washington
Speaker 1: for elevated prices. Tyson Food says it received his subpoena
Speaker 1: in April from the New York Attorney General's Bureau of
Speaker 1: Consumer Frauds and Protection. It was seeking information regarding sales
Speaker 1: prices and production costs of beef, pork, and chicken products.
Speaker 1: A seat in a blue Origin New Shepherd space capsule
Speaker 1: was auctioned for eight million dollars last night. The high
Speaker 1: bidder Ken Griffin, founder of hedge fund Citadel. You will
Speaker 1: donate the spot to a New York City school teacher.
Speaker 1: Monday's event at Manhattan's Javits Center raised a total of
Speaker 1: one D twenty six million dollars for the Robin Hood Foundation.
Speaker 1: Well the New Jersey Seafood Festival in bel Mar's coming
Speaker 1: back for the first time in a couple of years
Speaker 1: after a long COVID hiatus. Celebrating its thirty fifth anniversary.
Speaker 1: The festival takes place from Friday May twenty through Sunday
Speaker 1: May twenty second. That your Bloomberg Trying State Business Report.
Speaker 1: I'm Ed Corey. Thanks that it's on Wall Street. Bloomberg
Speaker 1: Radio is on the air from San Francisco to New York,
Speaker 1: London to Hong Kong. Let's check in with our global
Speaker 1: news team for some of the top stories heard on
Speaker 1: our three hundred of Philly at radio stations around the world.
Speaker 1: I'm Corney's Anahoe on Carol Dan Dallas, fuel costs soaring
Speaker 1: into summer looks such as Squeeze consumers him Gina Servetti
Speaker 1: in for w BBM in Chicago. I'm reporting the Kraft
Speaker 1: Hynes is taking steps to make it sketch up models,
Speaker 1: more eco friendly files Matteo and I'm w b Z
Speaker 1: in Boston. I'll be reporting on a big break up
Speaker 1: in the dating app world. I'm Stephen Carol and Bloomberg
Speaker 1: d a B Digital Radio in London. We're reporting on
Speaker 1: Prince Charles standing in for the Queen at the State
Speaker 1: opening of Parliament. Speech laying out the government's legislative agenda
Speaker 1: as Boris Johnson hopes to reboot his premiership. I'm bed
Speaker 1: Corey on w T A M. In Cleveland. I'm reporting
Speaker 1: the Cavaliers finished fifteenth in the ranking of the Consco.
Speaker 1: Taking a family of four to a basketball game. Come on.
Speaker 1: Those are some of the stories our twenty sevendred Bloomberg
Speaker 1: journalists and analysts working on this morning around the world.
Speaker 1: It's thirty nine on Wall Street. The following is an
Speaker 1: editorial from Bloomberg Opinion present By wants to make it
Speaker 1: easier for Russian scientists, engineers, and tech workers to move
Speaker 1: to the US by temporarily suspending the need for a
Speaker 1: sponsoring employer. It's a smart and long overdue move. Even
Speaker 1: before the war in Ukraine, Russia was short at least
Speaker 1: five hundred thousand tech workers. The invasion has led to
Speaker 1: further brain drain. By accelerating departures from Russia, Washington would
Speaker 1: a road President Putin's ability to fight abroad and undermine
Speaker 1: his repressive machinery at home. Helping Russians with coveted skills
Speaker 1: to resettle would also benefit the U. S economy, which
Speaker 1: in the past has gained from similar efforts. Professional migration
Speaker 1: is a powerful tool that makes the most of US
Speaker 1: soft power in time. Similar policies are worth considering for
Speaker 1: other troublesome governments left vulnerable from brain drains. Human capital,
Speaker 1: after all, is the hardest to replace. This editorial was
Speaker 1: written by the Bloomberg Opinion Editorial Board. I'm David Shipley.
Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com,
Speaker 1: slash opinion or opia and go on the Bloomberg terminal.
Speaker 1: This has been Bloomberg Opinion. Listen for Bloomberg opinion editorials
Speaker 1: every weekday. At this time, terminal customers can read more
Speaker 1: at op i n Go. Futures moving higher On this
Speaker 1: Tuesday morning, you're listening to Bloomberg Daybreak Bloomberg eleven three
Speaker 1: oh weather sunny, breezy, upper sixties today, will be near
Speaker 1: seventy and mostly sunny tomorrow, mid seventies by Thursday, currently
Speaker 1: fifty three degrees under a clear sky in cent Blopart
Speaker 1: markets headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot Com, the Bloomberg Business atand at Bloomberg
Speaker 1: Quick Tape. This is a Bloomberg business Flash and I'm
Speaker 1: Cameron Moscow. You want to knock. Index futures are rallying
Speaker 1: this morning along with European shares as dip buyers emerge
Speaker 1: following yesterday's sell off. We checked the markets every fifteen
Speaker 1: minutes throughout the trading day. On Bloomberg, U S and
Speaker 1: P futures forty one points down. Futures have two hundred
Speaker 1: seventy nine at ASDAG futures have one hundred ninety nine.
Speaker 1: The decks in Germany's have one point six percent. The
Speaker 1: ten year treasury up five thirty seconds three point oh
Speaker 1: one percent. The yelled on the two year two point
Speaker 1: five nine percent. NIMEX screwed oil is down nine ten percent,
Speaker 1: or ninety four cents at a hundred two dollars fifteen
Speaker 1: cents of barrel comics called up a tenth of a
Speaker 1: percent or two dollars thirty cents at eighteen sixty ninety
Speaker 1: announce the Euro one point oh five five six against
Speaker 1: the dollar, British pound one point two three to six
Speaker 1: the end at one thirty point one seven, and Bitcoin
Speaker 1: this morning is higher at thirty one thousand, five hundred
Speaker 1: twenty five dollars. That's a Bloomberg Business Flash. Now here's
Speaker 1: Michael Barrow with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. President Joe Biden signed
Speaker 1: into law measure designed to make it easier for the
Speaker 1: US to send weapons and supplies to Ukraine as the
Speaker 1: country continues to fight all for the Russian invasion that
Speaker 1: began in February. For the first time in more than
Speaker 1: sixty years, Queen Elizabeth will not attend the opening of Parliament.
Speaker 1: In the NBA Playoffs, the Celtics beat the Bucks to
Speaker 1: even their series of two games apiece. The Warriors beat
Speaker 1: the Grizzlies. Warriors coach Steve Hurt tested positive for COVID.
Speaker 1: In the NHL Playoffs, the Rangers lost to the Penguins
Speaker 1: to fall behind three games to one. The Capital's lost
Speaker 1: to the Panthers. Baseball the Yankees Orioles Giants, and as
Speaker 1: all one Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Take, powered by more than
Speaker 1: twenty seven hundred journalist and analysts more than twenty countries.
Speaker 1: Michael Barr, this is Bloomberg. Nathan Okay, Michael, thanks for
Speaker 1: coming up to five forty nine on Wall Street Life
Speaker 1: from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak
Speaker 1: with a focus on inflation this morning. That's where President
Speaker 1: Biden's attention will be as he prepares to give a
Speaker 1: speech later today on arguably his most politically difficult issue
Speaker 1: just about six months before the mid terms. Lemberg Washington corresponded,
Speaker 1: Joe Matthew is with us this morning, host of Sound
Speaker 1: on Here on Bloomberg Radio. Joe, good morning. We knew
Speaker 1: that the President was going to be delivering this speech
Speaker 1: later this morning, but it is very tough to overstate
Speaker 1: the difficulties that the president faces when it comes to
Speaker 1: getting voters minds on where he plans to take inflation,
Speaker 1: what he plans to do about it. Well, that's for sure,
Speaker 1: and it's not a new topic, of course for this
Speaker 1: White House. Nathan. It's got to the point where it
Speaker 1: doesn't really matter what topic the President is discussing, from
Speaker 1: the war in Ukraine to any domestic issue, it's typically
Speaker 1: through the guys through the prism of inflation. And we
Speaker 1: got a bit of a preview of this speech last week.
Speaker 1: As you might remember, the President was talking about deficit reduction,
Speaker 1: touting his administration's efforts in that area as a tool
Speaker 1: to lower inflation, and he took time to contrast his
Speaker 1: administration's approach to the economy with what he calls the
Speaker 1: ultra Maga agenda. Interesting to hear him make that pivot
Speaker 1: last week, that that refers to the economic proposals put
Speaker 1: forth by Republican Senator Rick Scott is kind of an
Speaker 1: alternative in this midterm cycle. Here the White House that says,
Speaker 1: the President will call out Republican plans again, and we
Speaker 1: expect a more deliberate cataloging of you know what the
Speaker 1: administration has already done to fight inflation over the past
Speaker 1: nine months or so. Remembering this goes back, uh quite
Speaker 1: some time before the war in Ukraine, releasing oil from
Speaker 1: the strategic reserve, pushing ports on the West coast to
Speaker 1: work seven the president, though, it's also going to call
Speaker 1: on Congress, Nathan, and this is where you're gonna say
Speaker 1: deja vu, to do more with proposals to lower prescription
Speaker 1: drug prices, extend the child tax credit, move to more
Speaker 1: renewable energy sources. These were all components of the Build
Speaker 1: Back Better plan, of course, that never got through Congress.
Speaker 1: It sounds like we're gonna be hearing about them again today.
Speaker 1: And those are components show that Republicans would argue might
Speaker 1: be adding even further fuel to inflation on the fiscal side.
Speaker 1: That's right, and the White House antimately disagrees with that.
Speaker 1: They see this as an effort to lower inflation, whereas
Speaker 1: Republicans say it's the very opposite. And this is why
Speaker 1: things got so bogged down at the end of last year.
Speaker 1: And you know, Nathan, now that we're in the throes
Speaker 1: of of primary season, the job gets a lot more difficult.
Speaker 1: Case in point, the Ukraine funding that the President had requested,
Speaker 1: asking for thirty three billion dollars. Democrats are now basically
Speaker 1: dropping the idea of attaching COVID response funding to that bill,
Speaker 1: and the President had to make that clear. It was
Speaker 1: something he was recommending. But it's gonna bog this down,
Speaker 1: it might keep it from passing, so to make sure
Speaker 1: it gets done, it looks like this will be a
Speaker 1: clean bill. That's how difficult it is to move legislation
Speaker 1: in Congress this season. Do we have a sense, Joe
Speaker 1: about how voters feel about the Republican plan to tackle inflation?
Speaker 1: We know where sentiment lies in terms of how they
Speaker 1: feel about prices right now, but in terms of the plans,
Speaker 1: do we have any idea where voters stand on where
Speaker 1: the Republicans are, where the Democrats are. It's a little
Speaker 1: bit difficult to say on this. I mean, we have
Speaker 1: seen polling, uh that makes it clear that a vast
Speaker 1: majority of Americans actually do not believe the government is
Speaker 1: doing enough to fight inflation. When it comes to to
Speaker 1: Rick Scott's plant specifically difficult to tell. I mean, this
Speaker 1: is a proposal from someone who is not actually a
Speaker 1: leader of the Senate. But it's interesting that it's getting
Speaker 1: the attention of this White House because the White House
Speaker 1: says it will raise taxes on seventy five million Americans
Speaker 1: and will sunset or at least offered a sunset programs
Speaker 1: like Social Security, Medicare, social programs that will need to
Speaker 1: be re upped every five years. This is something that
Speaker 1: the President has spoken passionately about. He even raised his
Speaker 1: voice talking about the outrage here for people who have been,
Speaker 1: you know, contributing to Social Security for the balance of
Speaker 1: their lives. So the White House season opportunity here to
Speaker 1: your point six months ago, to start drawing the distinctions,
Speaker 1: and frankly, Nathan, if you talk to political analysts, that
Speaker 1: may be a bit late for that. And we'll be
Speaker 1: hearing the president's speech live. It's set for around a
Speaker 1: eleven thirty a m. Wall Street Time will have it
Speaker 1: for a here on Bloomberg Radio. Bloomberg Washington correspondent Joe
Speaker 1: Matthew with us ahead of that this morning. Joe, thank you,
Speaker 1: Karen Nathan. It is five three on Wall Street Time
Speaker 1: for the Bloomberg Law Report. Let's get to the legal
Speaker 1: stories we're watching this morning from Bloomberg. Jeff Billinger hipartisan
Speaker 1: bill passed by the Senate would provide security to family
Speaker 1: members of Supreme Court justices. The measure was passed after
Speaker 1: protests over abortion rights were staged outside the homes of
Speaker 1: some justices. Activision Lizard asked the court in Los Angeles
Speaker 1: to toss out a lawsuit in which the State of
Speaker 1: California accuses the GameMaker of discrimination and sexual harassment against
Speaker 1: female employees. Connecticut taxpayers will get six hundred billion dollars
Speaker 1: in tax relief for the twenty three fiscal year under
Speaker 1: a budget signed by Governor Ned Lamont. Bloomberg Law Everything
Speaker 1: you need, all on one legal research platform, including Guidance
Speaker 1: Analysis and Bloomberg mark at Intelligence. Find out more at
Speaker 1: Bloomberg law dot com. All right, Jeff, thank you. Now,
Speaker 1: another legal story we're watching now that the Supreme Court
Speaker 1: appears to be willing to revisit and likely reverse presidential
Speaker 1: cases like Roe v. Wade, Texas Governor Greg Abbott is
Speaker 1: proposing challenging another precedent. Abbott says Texas will resurrect a
Speaker 1: forty year old Supreme Court case Plyler v. Do that
Speaker 1: established the right of all students to a public education,
Speaker 1: whether they are here legally or not. For more, Bloomberg
Speaker 1: student Grosso speak to Leon Fresco, a partner at Holland
Speaker 1: and Night, tell us about Plyler versus Dough, which has
Speaker 1: been on the books for forty years. Flyler was a
Speaker 1: very close decision. It wasn't a slam dunk by any means.
Speaker 1: And what the court ultimately did and this was sort
Speaker 1: of a very difficult decision in terms of precedents that
Speaker 1: would be re examined, as they said, well, first of all,
Speaker 1: we're not going to declare a fundamental rights to it
Speaker 1: a occasion, because then you sort of engender that they
Speaker 1: are all these losses then about funding and kids in
Speaker 1: certain places not getting as much funding as kids in
Speaker 1: other places. So they didn't want to go down that run,
Speaker 1: and so instead they said, this is an equal protection violation,
Speaker 1: but there's no scrutiny that needs to be given. This
Speaker 1: has to go under the rational basis test because the
Speaker 1: government is allowed to discriminate between people with immigration status
Speaker 1: and people without. But we can see no rational basis
Speaker 1: whatsoever for excluding children who don't have legal status from
Speaker 1: the school. That's too cool. It doesn't solve anything about
Speaker 1: the parents motivations to come here, and so there's no
Speaker 1: tie to it. And so the question is given how
Speaker 1: close the case of decision that was back then, and
Speaker 1: given a at least idea now that's out there that
Speaker 1: the courts may start looking at past president the state
Speaker 1: of Texas is saying, well, why don't we take a
Speaker 1: run at this issue, given that we believe we could
Speaker 1: find at least five, maybe six justices to say that
Speaker 1: there is a rational basis to say that kids without
Speaker 1: status shouldn't be going to public school as opposed to
Speaker 1: kids with status. So I'm wondering how Taxis would go
Speaker 1: about this, because it's not like the Biden administration is
Speaker 1: telling them to do this. So they can't do the
Speaker 1: Biden administration, this is a Supreme Court decision. They can't
Speaker 1: to the Supreme Court. How would they even get this
Speaker 1: before the court? Well, what has to happen is the
Speaker 1: Texas State legislature would actually have to pass the law
Speaker 1: that would again it would be at the beginning and
Speaker 1: unconstitutional laws. But they have to pass on unconstitutional laws
Speaker 1: that band undocumented students from being able to go to school.
Speaker 1: Or maybe they might pass the law that charges undocumented
Speaker 1: students full tuition in order to go to schools. Then
Speaker 1: that would create a situation where if it's challenge, the
Speaker 1: kids go to school. But if it's challenge, then it
Speaker 1: would go all the way to the Supreme Court to
Speaker 1: decide whether that law can prevail or Now and as
Speaker 1: Leon Fresco, our partner at Holland and Nights, speaking with
Speaker 1: Bloomberg's doing grass So catch more of that interview plus
Speaker 1: analysis of the latest legal news by subscribing to the
Speaker 1: Bloomberg Law Podcast or downloading this show at Bloomberg dot
Speaker 1: com slash podcast. Attorneys can find exceptional legal research and
Speaker 1: business development tools at Bloomberg law dot com and on
Speaker 1: the Bloomberg terminal at b Law Go and futures this
Speaker 1: morning on the rise. S and P futures have thirty
Speaker 1: points down. Futures have two hundred seven. NAS day futures
Speaker 1: have one hundred sixty and still ahead. On Bloomberg Daybreak
Speaker 1: and check on the business headlines and all the news
Speaker 1: you need to start your day. This is Bloomberg