1 00:00:03,400 --> 00:00:06,760 Speaker 1: Live from the Bloomberg Interacted Berger Studios. This is Bloomberg 2 00:00:06,840 --> 00:00:10,280 Speaker 1: day Break for Tuesday, May seventeen two. Coming up, the 3 00:00:10,320 --> 00:00:13,640 Speaker 1: sour stocks rise, ahead of key retail sales data and 4 00:00:13,720 --> 00:00:17,320 Speaker 1: earnings from Walmart and Home Deep Boom new developments this morning, 5 00:00:17,320 --> 00:00:20,560 Speaker 1: and Elon Musk's pursuit of Twitter where it Buffett changes 6 00:00:20,640 --> 00:00:23,560 Speaker 1: Banks will explain, and the Senate moves to a passage 7 00:00:23,600 --> 00:00:26,880 Speaker 1: of forty billion dollars in aid to Ukraine. President Biden 8 00:00:26,920 --> 00:00:30,360 Speaker 1: heads the Buffalo today following Saturday's deadly mass shooting. Plus 9 00:00:30,360 --> 00:00:33,720 Speaker 1: New York City's health chief urgess people to mask up. 10 00:00:34,000 --> 00:00:37,320 Speaker 1: I'm Michael blarn More ahead, I'm trying Stashdower. And sports, 11 00:00:37,320 --> 00:00:40,120 Speaker 1: The Yankees stay red hot with an easy win in Baltimore. 12 00:00:40,159 --> 00:00:45,400 Speaker 1: The Islanders have hired a new coach. That's all training. 13 00:00:45,479 --> 00:00:48,720 Speaker 1: Head on Bloomberg Daybreak on Bloomberg he Live in Free 14 00:00:48,720 --> 00:00:53,159 Speaker 1: on New York Bloomberg one, Washington d C Bloomberg one 15 00:00:53,200 --> 00:00:57,680 Speaker 1: oh six one, Boston Bloomberg nine sixties and Francisco Sirius 16 00:00:57,840 --> 00:01:00,920 Speaker 1: XAM one nineteen and around the world Old on Bloomberg 17 00:01:01,000 --> 00:01:07,840 Speaker 1: Radio dot Com and via the Bloomberg Business add and 18 00:01:08,000 --> 00:01:11,240 Speaker 1: Good morning, I'm Karen Moscow and Tom John Tucker. Bloomberg 19 00:01:11,319 --> 00:01:12,920 Speaker 1: Day Break being brought to you by B and Y 20 00:01:12,959 --> 00:01:17,039 Speaker 1: Melon Pershing's Insight Conference back in person June fifteenth through 21 00:01:17,080 --> 00:01:20,480 Speaker 1: the seventeenth in Grapevine, Texas of must attend event for 22 00:01:20,560 --> 00:01:24,520 Speaker 1: financial advisors. Register today at Insight dot B and y 23 00:01:24,640 --> 00:01:28,360 Speaker 1: melon dot com. And US futures are higher this morning 24 00:01:28,440 --> 00:01:30,040 Speaker 1: six so went on Wall Street, and we check the 25 00:01:30,040 --> 00:01:33,000 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg 26 00:01:33,120 --> 00:01:35,759 Speaker 1: S and P futures up about seventy five points down. 27 00:01:35,840 --> 00:01:38,640 Speaker 1: Futures have four hundred eighty NASDAG features up two hundred 28 00:01:38,680 --> 00:01:41,920 Speaker 1: eighty nine. Tenure Treasury down six thirty seconds, yield two 29 00:01:41,920 --> 00:01:44,240 Speaker 1: point nine zero percent. They yield on the two year 30 00:01:44,360 --> 00:01:47,119 Speaker 1: two point six zero percent. And now I'm ex screwed. 31 00:01:47,120 --> 00:01:50,200 Speaker 1: Oil is up six tenths percent, John and Karen. The 32 00:01:50,320 --> 00:01:52,840 Speaker 1: rising and futures follows a late day sell off on 33 00:01:52,960 --> 00:01:56,320 Speaker 1: Wall Street. The tech heavy NASTAC was hardest hit, following 34 00:01:56,320 --> 00:01:59,920 Speaker 1: more than one percent New York State manufacturing activity onlex 35 00:02:00,000 --> 00:02:04,160 Speaker 1: ethidly contracted in May and that stoked concerns of slowing growth. 36 00:02:04,440 --> 00:02:08,120 Speaker 1: Recession fears are real, according to the voyas senior portfolio 37 00:02:08,200 --> 00:02:11,519 Speaker 1: manager Barbara Reinhardt, we think that the world is going 38 00:02:11,560 --> 00:02:15,239 Speaker 1: to go from worrying about inflation to worrying about the recession, 39 00:02:16,040 --> 00:02:18,239 Speaker 1: probably in just a few months time. So we think 40 00:02:18,280 --> 00:02:20,960 Speaker 1: that this is the very beginning of the worries that 41 00:02:21,040 --> 00:02:24,880 Speaker 1: we see happening for the for the economy. Well Investment 42 00:02:24,919 --> 00:02:28,360 Speaker 1: Management's Barbara Reinhardt made the comments on Bloomberg Business Week 43 00:02:28,600 --> 00:02:33,120 Speaker 1: her weekdays from two to find pm Eastern on Bloomberg Radio. Meantime, 44 00:02:33,200 --> 00:02:35,919 Speaker 1: John Cash is king. That's according to the latest Bank 45 00:02:35,919 --> 00:02:39,160 Speaker 1: of America Fund Managers survey, which shows cash levels among 46 00:02:39,200 --> 00:02:42,839 Speaker 1: investors hit the highest level since September of two thousand one. 47 00:02:43,160 --> 00:02:46,760 Speaker 1: Stegulation fears are the highest and fourteen years investors see 48 00:02:46,800 --> 00:02:50,280 Speaker 1: hawkish central banks as the biggest risk, followed by a 49 00:02:50,320 --> 00:02:53,239 Speaker 1: global recession. And speaking of central banks, we could get 50 00:02:53,240 --> 00:02:56,400 Speaker 1: more clues on the path of interest rate hikes. Six 51 00:02:56,520 --> 00:03:00,000 Speaker 1: FED officials speaking events today. The highlight comes this after 52 00:03:00,080 --> 00:03:02,839 Speaker 1: do and when FED Share J Pale's interviewed for a 53 00:03:02,880 --> 00:03:06,000 Speaker 1: live Wall Street Journal event. Well in Hia. Overnight, John 54 00:03:06,080 --> 00:03:10,440 Speaker 1: starkshare Winners technology shares climbed as investors assessed China's efforts 55 00:03:10,480 --> 00:03:13,560 Speaker 1: to stamp out COVID. We get the recab from Bloomberg's 56 00:03:13,600 --> 00:03:17,240 Speaker 1: Juliette Sally in Singapore. Good morning, Juliette, Good morning, Karen. 57 00:03:17,280 --> 00:03:19,240 Speaker 1: The m s c I Asia Pacific Index gained for 58 00:03:19,240 --> 00:03:22,000 Speaker 1: a third session, its longest winning streaks since mid March. 59 00:03:22,200 --> 00:03:26,040 Speaker 1: China's tech companies jumped on optimism. Beijing may ease up 60 00:03:26,120 --> 00:03:29,280 Speaker 1: on a year long clampdown following a meeting between regulators 61 00:03:29,280 --> 00:03:32,800 Speaker 1: and corporate giants. Adding to the positive time, Shanghai reporting 62 00:03:32,840 --> 00:03:36,200 Speaker 1: three days of zero community transmission. This is a milestone 63 00:03:36,200 --> 00:03:39,280 Speaker 1: that could lead officials to start unwinding the punishing lockdown 64 00:03:39,640 --> 00:03:42,400 Speaker 1: and reopening. Stocks also rose in Japan after the nation 65 00:03:42,400 --> 00:03:45,560 Speaker 1: announced it will allow small tourist groups on package tours 66 00:03:45,560 --> 00:03:49,480 Speaker 1: into the country this month on an experimental basis. In Singapore, 67 00:03:49,520 --> 00:03:53,280 Speaker 1: Juliette Sally, Bloomberg Daybreak, Thanks Juliet. Turning to corporate news, 68 00:03:53,680 --> 00:03:56,880 Speaker 1: Fresh developments this morning and whether Elon Boss will pursue 69 00:03:56,880 --> 00:04:01,120 Speaker 1: he's takeover of Twitter. Let's get the latest from Bloomberg's 70 00:04:01,800 --> 00:04:05,200 Speaker 1: Good Morning, Good morning John. Elon Musk says he'll proceed 71 00:04:05,280 --> 00:04:08,520 Speaker 1: with his forty four billion dollar Twitter takeover only if 72 00:04:08,560 --> 00:04:11,360 Speaker 1: the social media giant proves that less than five percent 73 00:04:11,400 --> 00:04:14,040 Speaker 1: of its accounts are fake. He shared even more of 74 00:04:14,080 --> 00:04:18,080 Speaker 1: his skepticism yesterday at a Miami tech conference, estimating that 75 00:04:18,160 --> 00:04:22,360 Speaker 1: bots make up at least twenty of all Twitter accounts. Now. 76 00:04:22,440 --> 00:04:24,839 Speaker 1: Musk shocked the market last week when he tweeted that 77 00:04:24,880 --> 00:04:28,080 Speaker 1: his offer was temporarily on hold and doubts are growing 78 00:04:28,120 --> 00:04:30,240 Speaker 1: that he would be able to pull off his acquisition 79 00:04:30,560 --> 00:04:33,960 Speaker 1: and that he may consider dropping his bidding price. Right now, 80 00:04:34,000 --> 00:04:37,239 Speaker 1: shares of Twitter are down about two percent in early trading. 81 00:04:37,720 --> 00:04:40,320 Speaker 1: Live in New York, I'm reneed a young Bloomberg day break. 82 00:04:40,760 --> 00:04:42,560 Speaker 1: All right, Renita, thank you, while we move from one 83 00:04:42,560 --> 00:04:45,440 Speaker 1: billionaire to another. Now with news from Lauren Buffett, the 84 00:04:45,440 --> 00:04:48,520 Speaker 1: Berkshire Hathaway chairman, said goodbye to one a long time 85 00:04:48,640 --> 00:04:52,039 Speaker 1: bank misteake and and if they bet on another one. 86 00:04:52,400 --> 00:04:54,960 Speaker 1: Filing shows that Buffett ended his long running investment in 87 00:04:55,040 --> 00:04:57,679 Speaker 1: Wells Fargo in the first quarter and has now invested 88 00:04:57,760 --> 00:05:00,440 Speaker 1: roughly two point nine billion dollars in s A group 89 00:05:00,640 --> 00:05:02,720 Speaker 1: shares a city. You're up more than four percent this 90 00:05:02,800 --> 00:05:05,120 Speaker 1: morning and car big day on the retail front just 91 00:05:05,160 --> 00:05:08,320 Speaker 1: a few minutes ago. Home Depot reported first quarter sales 92 00:05:08,400 --> 00:05:12,440 Speaker 1: above estimates. We're also gonna hear later this morning from Walmart. 93 00:05:12,640 --> 00:05:15,719 Speaker 1: That's gonna preview on that from Bloomberg's Tom Buzby. The 94 00:05:15,760 --> 00:05:19,000 Speaker 1: focus for investors is whether sales continued to grow at 95 00:05:19,040 --> 00:05:23,279 Speaker 1: the nation's biggest retailer and largest grocery seller amidst stubbornly 96 00:05:23,360 --> 00:05:26,480 Speaker 1: high inflation, or whether consumers were forced to pull back 97 00:05:26,520 --> 00:05:30,400 Speaker 1: a bit last quarter. Bloomberg consensus calls for adjusted earnings 98 00:05:30,400 --> 00:05:32,800 Speaker 1: per share of a dollar forty eight on revenues of 99 00:05:32,880 --> 00:05:37,920 Speaker 1: just over nine million dollars and comp usales forecast rise 100 00:05:37,920 --> 00:05:41,839 Speaker 1: two and a quarter percent. Tom Busby, Bloomberg Daybreak, Great Tom, 101 00:05:41,839 --> 00:05:44,280 Speaker 1: thank you. Also, this morning, before the market opens, the 102 00:05:44,360 --> 00:05:47,359 Speaker 1: government issues economic data on retail sales, we get a 103 00:05:47,360 --> 00:05:51,440 Speaker 1: preview from Bloomberg's Lisa Mateo. The median forecast calls for 104 00:05:51,520 --> 00:05:55,520 Speaker 1: a game, but Bloomberg Economics anticipates slower growth in April 105 00:05:55,560 --> 00:05:59,760 Speaker 1: retail sales. The reason signs of stress as inflation chips 106 00:05:59,800 --> 00:06:03,279 Speaker 1: away at household finances. Consumers are turning to credit to 107 00:06:03,279 --> 00:06:06,640 Speaker 1: pay for essentials such as food and gasoline. That doesn't 108 00:06:06,640 --> 00:06:11,560 Speaker 1: bode well for discretionary spending. Lisa Matteo Bloomberg Daybreak. Thanks Luca, 109 00:06:11,600 --> 00:06:14,200 Speaker 1: we now turn to developments involving the war in Europe. 110 00:06:14,240 --> 00:06:18,000 Speaker 1: Senators have advanced a Ukrainian aid bill with wide support, 111 00:06:18,440 --> 00:06:22,640 Speaker 1: Amy Morris since DeSales from our Bloomberg room in Washington. 112 00:06:23,000 --> 00:06:25,800 Speaker 1: The Senate overwhelmingly moved the bill forward with a vote 113 00:06:25,800 --> 00:06:28,560 Speaker 1: of eighty one to eleven. The measure would give forty 114 00:06:28,560 --> 00:06:31,799 Speaker 1: billion dollars an aid to Ukraine, including money for weapons 115 00:06:31,880 --> 00:06:35,839 Speaker 1: training and humanitarian aid. Now this was a procedural vote. 116 00:06:35,839 --> 00:06:38,279 Speaker 1: A final vote on the measure is expected as early 117 00:06:38,360 --> 00:06:42,120 Speaker 1: as tomorrow if all lawmakers waive rules on debate, and 118 00:06:42,120 --> 00:06:44,080 Speaker 1: then from there it would go to the President's desk. 119 00:06:44,640 --> 00:06:47,560 Speaker 1: Last week, Senator Rand Fall of Kentucky held up the 120 00:06:47,600 --> 00:06:50,480 Speaker 1: bill over concerns about the cost and how the money 121 00:06:50,480 --> 00:06:54,600 Speaker 1: would be spent in Washington. I'm anymore as Bloomberg Daybreak right, Amy, 122 00:06:54,640 --> 00:06:57,400 Speaker 1: thank you. And it appears that Finland and Sweden's bid 123 00:06:57,480 --> 00:07:00,560 Speaker 1: to join NATO is hitting a roadblock. Turkey's President er 124 00:07:00,640 --> 00:07:03,240 Speaker 1: Towan has put the brakes on the move, saying he 125 00:07:03,320 --> 00:07:05,840 Speaker 1: won't allow the countries to join the alliance because of 126 00:07:05,880 --> 00:07:09,480 Speaker 1: their stances on Kurdish militants. Erdman calls Sweden a nesting 127 00:07:09,520 --> 00:07:12,440 Speaker 1: ground for terrorists. Even if he doesn't end up locking 128 00:07:12,480 --> 00:07:15,960 Speaker 1: membership are Towan could extract concessions from NATO to allow it. 129 00:07:16,480 --> 00:07:24,120 Speaker 1: And this is Bloomberg. Thanks Karen's six oh sipol of 130 00:07:24,160 --> 00:07:26,160 Speaker 1: Wall Street, and let's bring in Michael Barne now to 131 00:07:26,200 --> 00:07:28,120 Speaker 1: find out what else is going on in New York 132 00:07:28,160 --> 00:07:31,680 Speaker 1: and around the world. John, thank you kindly, Sarah. President 133 00:07:31,720 --> 00:07:35,040 Speaker 1: Biden heads the Buffalo, New York today after Saturday's deadly 134 00:07:35,120 --> 00:07:38,040 Speaker 1: mass shooting at a supermarket. Authorities say the gunman is 135 00:07:38,040 --> 00:07:42,080 Speaker 1: an eighteen year old white supremacist. Buffalo Mayor Byron Brown. 136 00:07:42,600 --> 00:07:50,040 Speaker 1: It's been hard. Uh, it's shocking, it's painful, and um, 137 00:07:50,080 --> 00:07:54,559 Speaker 1: I've worked hard to hold this community together. Mayor Brown 138 00:07:54,600 --> 00:07:57,440 Speaker 1: says he will also talk with President Biden about federal 139 00:07:57,480 --> 00:08:00,480 Speaker 1: gun laws in New York. Of vigils held the Harlem 140 00:08:00,560 --> 00:08:03,600 Speaker 1: Church last night for the victims in Buffalo. Among those 141 00:08:03,600 --> 00:08:07,160 Speaker 1: in attendance at Bethelo Gospel Assembly, New York Attorney General 142 00:08:07,240 --> 00:08:11,960 Speaker 1: Letitia James. We are in pain for the thirteen individuals 143 00:08:12,000 --> 00:08:14,760 Speaker 1: who were shot, in the ten beautiful lives that were lost, 144 00:08:15,560 --> 00:08:18,760 Speaker 1: and for their families. That are suffering and for the 145 00:08:18,760 --> 00:08:24,000 Speaker 1: Buffalo community that is in so much pain, so much anger. 146 00:08:24,480 --> 00:08:27,440 Speaker 1: Along with a G James, New York Mayor Eric Adams 147 00:08:27,480 --> 00:08:31,560 Speaker 1: also spoke. Adams talked about Buffalo and an eleven year 148 00:08:31,600 --> 00:08:34,120 Speaker 1: old girl who was shot and killed by a gunman 149 00:08:34,600 --> 00:08:37,360 Speaker 1: riding a scooter in the Longwood section of the Bronx 150 00:08:37,480 --> 00:08:41,520 Speaker 1: last night. We have to be consistent because if you 151 00:08:41,600 --> 00:08:44,920 Speaker 1: take the life of young Kiera merely because of which 152 00:08:45,000 --> 00:08:49,000 Speaker 1: she lived, you no more less demoniiced than a person 153 00:08:49,040 --> 00:08:52,120 Speaker 1: that took the life of those ten innocent people in Buffalo. 154 00:08:52,200 --> 00:08:55,760 Speaker 1: Mayor Adams also slam social media. New York City health 155 00:08:55,760 --> 00:08:58,800 Speaker 1: officials urging New Yorkers to wear masks in all indoor 156 00:08:58,840 --> 00:09:02,720 Speaker 1: public settings as the city approaches high risk COVID nineteen 157 00:09:02,760 --> 00:09:05,840 Speaker 1: alert status. New York City has been averaging around thirty 158 00:09:06,520 --> 00:09:09,520 Speaker 1: reported new cases of COVID nineteen per day over the 159 00:09:09,520 --> 00:09:13,280 Speaker 1: past week. Five states old primary elections today ahead of 160 00:09:13,320 --> 00:09:16,559 Speaker 1: the November mid terms. In Pennsylvania, both parties hope to 161 00:09:16,559 --> 00:09:19,560 Speaker 1: pick up an open Senate seat. In the Republican primary. 162 00:09:19,600 --> 00:09:23,600 Speaker 1: TV star Dr Memon Oz has former President Trump's endorsement. 163 00:09:23,800 --> 00:09:27,480 Speaker 1: Oz is running against former Bridgewater CEO Dave McCormick. But 164 00:09:27,960 --> 00:09:31,800 Speaker 1: conservative commentator Kathy Barnett is surging in the polls Bloomberg 165 00:09:31,800 --> 00:09:35,600 Speaker 1: Government Elections, reported Greg Darrow. Sometimes when we have races 166 00:09:35,600 --> 00:09:38,400 Speaker 1: where we have two front runners beating up on each other, 167 00:09:38,440 --> 00:09:41,079 Speaker 1: sometimes a third candic can kind of steak up there 168 00:09:41,120 --> 00:09:44,560 Speaker 1: by surprise. And but Barnett did rise in the polls 169 00:09:44,559 --> 00:09:48,079 Speaker 1: in the last seven or ten days bloombergs. Greg Darrow says, 170 00:09:48,200 --> 00:09:51,200 Speaker 1: as for the Democrats, Lieutenant Governor John Fetterman, who had 171 00:09:51,240 --> 00:09:53,959 Speaker 1: a health scare, probably has enough of a lead to 172 00:09:54,000 --> 00:09:56,720 Speaker 1: still win the primary Global news twenty four hours a 173 00:09:56,800 --> 00:09:59,760 Speaker 1: day on air and on Bloomberg Quick Tank, powered by 174 00:09:59,760 --> 00:10:02,160 Speaker 1: more are than seven hundred journalists and analysts, are more 175 00:10:02,160 --> 00:10:05,360 Speaker 1: than a hundred twenty countries. Michael bar this is Bloomberg, John, Michael, 176 00:10:05,400 --> 00:10:11,839 Speaker 1: thank you. He had six ten on the walls free 177 00:10:12,000 --> 00:10:14,760 Speaker 1: time down for the Bloomberg Sports update. He was John Stesshower. 178 00:10:14,840 --> 00:10:17,360 Speaker 1: Thanks John. Here in mid May, the Yankee still yet 179 00:10:17,400 --> 00:10:19,559 Speaker 1: to reach double figures in the lost called another way 180 00:10:19,559 --> 00:10:21,440 Speaker 1: and this one in Baltimore, with the big hit coming 181 00:10:21,480 --> 00:10:25,960 Speaker 1: from an unlikely source is hiding there down the right 182 00:10:26,000 --> 00:10:29,800 Speaker 1: field line, a long number cent and there and it 183 00:10:29,920 --> 00:10:35,200 Speaker 1: is it is a home run. Wow. He hit one 184 00:10:35,400 --> 00:10:38,200 Speaker 1: right down the line and it just got over the 185 00:10:38,280 --> 00:10:42,200 Speaker 1: high wall near the pole. Well, that is really something. 186 00:10:42,200 --> 00:10:45,160 Speaker 1: A three run home run for Travino, w f A 187 00:10:45,200 --> 00:10:47,360 Speaker 1: and the Yankees first home run hit by a catcher 188 00:10:47,440 --> 00:10:50,960 Speaker 1: Jose Trevino Kyle Hagas Yoka, both batting under two hundred. 189 00:10:51,000 --> 00:10:53,240 Speaker 1: It's hardly hurt the Yankees. They are announced twenty six 190 00:10:53,280 --> 00:10:55,959 Speaker 1: and nine nineteen wins the last twenty two games to 191 00:10:56,000 --> 00:10:58,400 Speaker 1: beat the Oriel six to two. Josh Donaldson Anthony Rizzo 192 00:10:58,440 --> 00:11:00,000 Speaker 1: with back to back homers of the ninth that ain't 193 00:11:00,240 --> 00:11:02,760 Speaker 1: Luis Severino allowed only one hit. The out hit the 194 00:11:02,840 --> 00:11:04,920 Speaker 1: Orls eleven to three the Yanks and only allowed seven 195 00:11:05,000 --> 00:11:07,760 Speaker 1: hits over the last two games. Mets and Cardinals reined 196 00:11:07,760 --> 00:11:10,839 Speaker 1: out City Field straight doubleheader today for the weekend F 197 00:11:11,200 --> 00:11:14,199 Speaker 1: seven Game seven's. The NBA and NHL playoffs took the 198 00:11:14,280 --> 00:11:15,920 Speaker 1: night off, but back tonight with the start of the 199 00:11:16,040 --> 00:11:20,120 Speaker 1: NBA's Eastern Conference Finals Celtics and Heat in Miami. They 200 00:11:20,120 --> 00:11:22,000 Speaker 1: met in the East Finals two years ago in Miami 201 00:11:22,040 --> 00:11:25,040 Speaker 1: won that series. Stanley Cup second round starts tonight with 202 00:11:25,040 --> 00:11:27,600 Speaker 1: an in state battle Tampa Bay and Ford. Also St. 203 00:11:27,640 --> 00:11:31,640 Speaker 1: Louis at Colorado Rangers and Hurricanes Game one in Raleigh tomorrow. 204 00:11:31,640 --> 00:11:34,880 Speaker 1: The Islanders, who just fired their coach, Barry Trots, promoted 205 00:11:35,280 --> 00:11:38,760 Speaker 1: his assistant Lee Lambert. Pg H Championship teas off Thursday 206 00:11:38,760 --> 00:11:41,280 Speaker 1: in Tulsa. Def Enny Champ. Phil Mickelson not playing, but 207 00:11:41,360 --> 00:11:44,680 Speaker 1: Tiger woods Is says his legs, nearly injured in that 208 00:11:44,760 --> 00:11:48,160 Speaker 1: car accident last year, was feeling better. John Stash Atward 209 00:11:48,160 --> 00:11:50,800 Speaker 1: Bloomberg Sports, John alright, thanks John, ahead of the Cans 210 00:11:50,800 --> 00:11:52,520 Speaker 1: show for the the Lord Walls freed right now, the DAL 211 00:11:52,679 --> 00:11:56,760 Speaker 1: futures of five under three points, smp E Mini futures 212 00:11:56,840 --> 00:12:00,679 Speaker 1: up seventy four points, and the nasdack futures are up 213 00:12:00,679 --> 00:12:04,079 Speaker 1: two D seventy six. You're listening to Bloomberg Day Break 214 00:12:05,920 --> 00:12:08,400 Speaker 1: Day Preak, brought you by the Jewish Communal Thought j 215 00:12:08,480 --> 00:12:11,080 Speaker 1: c f' donor advised thought is the smart choice to 216 00:12:11,120 --> 00:12:14,760 Speaker 1: manage your philanthropy, especially in times of crisis. Make your 217 00:12:14,800 --> 00:12:18,840 Speaker 1: giving impactful. Visit j c F and Y dot org 218 00:12:21,960 --> 00:12:25,360 Speaker 1: markets headlines and breaking news twenty four hours a day 219 00:12:25,480 --> 00:12:28,480 Speaker 1: at Bloomberg dot com, the Bloomberg Business Apt and at 220 00:12:28,480 --> 00:12:38,520 Speaker 1: Bloomberg quicktape is a Bloomberg business lash and I'm Karen 221 00:12:38,600 --> 00:12:42,160 Speaker 1: Moscow and we continue to watch shares of Twitter this 222 00:12:42,320 --> 00:12:44,959 Speaker 1: morning after Elon must declared he won't proceed with his 223 00:12:45,120 --> 00:12:48,360 Speaker 1: forty four billion dollar takeover unless the social media giant 224 00:12:48,400 --> 00:12:51,360 Speaker 1: can prove both make up fewer than five percent of 225 00:12:51,440 --> 00:12:54,560 Speaker 1: its users, and Twitter shares are down more than two 226 00:12:54,559 --> 00:12:59,280 Speaker 1: percent this morning. Meanwhile, futures are on the rise. Stocks 227 00:12:59,280 --> 00:13:02,920 Speaker 1: in Europe gay meaning as well, and risk appetite is 228 00:13:02,960 --> 00:13:05,640 Speaker 1: returning to markets that have been hurt by concerns about 229 00:13:05,679 --> 00:13:09,400 Speaker 1: global economic growth and searching prices as well as policy tightening. 230 00:13:09,600 --> 00:13:11,880 Speaker 1: We check the markets every fifteen minutes throughout the trading 231 00:13:11,960 --> 00:13:14,360 Speaker 1: day on Bloomberg. Right now, is in P futures up 232 00:13:14,440 --> 00:13:19,199 Speaker 1: seventy one points, Dow futures are up four hundred ninety 233 00:13:19,200 --> 00:13:21,480 Speaker 1: one and NASDAC futures have two hundred sixty eight The 234 00:13:21,559 --> 00:13:24,120 Speaker 1: decks in Germany's up one point six percent. At ten 235 00:13:24,200 --> 00:13:27,040 Speaker 1: year treasury down eight thirty seconds, the Yale two point 236 00:13:27,080 --> 00:13:29,959 Speaker 1: nine one percent yield on the two year two point 237 00:13:30,040 --> 00:13:34,080 Speaker 1: six one percent. NIMEX crude oil is up seven tenths percent, 238 00:13:34,160 --> 00:13:36,240 Speaker 1: or eighty five cents and a hundred fifteen dollars five 239 00:13:36,240 --> 00:13:39,199 Speaker 1: cents a barrel, and comic schools have seven tenths percent 240 00:13:39,280 --> 00:13:41,920 Speaker 1: or twelve dollar sixty cents at eighteen twenty six sixty 241 00:13:41,960 --> 00:13:44,480 Speaker 1: an ounce, the Euro one point oh four nine six 242 00:13:44,480 --> 00:13:46,840 Speaker 1: against the dollar, British found one point two four six 243 00:13:46,880 --> 00:13:49,280 Speaker 1: four the end at one twenty nine point two four 244 00:13:49,360 --> 00:13:52,920 Speaker 1: and Bitcoin this morning higher up to percent at thirty thousand, 245 00:13:53,000 --> 00:13:55,920 Speaker 1: five hundred dollars and as a Bloomberg business flaves. Now 246 00:13:55,960 --> 00:13:58,120 Speaker 1: here's Michael bar with more on what's going on around 247 00:13:58,120 --> 00:14:01,080 Speaker 1: the world. Muchael Karen, thank you for much. President Biden 248 00:14:01,120 --> 00:14:03,599 Speaker 1: travels to Buffalo, New York this morning to meet with 249 00:14:03,640 --> 00:14:06,920 Speaker 1: the families of the victims of saturday supermarket shooting had 250 00:14:07,000 --> 00:14:09,640 Speaker 1: left ten people dead, all of them black. This as 251 00:14:09,640 --> 00:14:12,640 Speaker 1: we learned the eighteen year old suspected shooter was allegedly 252 00:14:12,679 --> 00:14:17,080 Speaker 1: inspired by the Races Great Replacement theory. Five states will 253 00:14:17,120 --> 00:14:20,760 Speaker 1: hold primary elections today. Pennsylvania is trying to decide and 254 00:14:20,960 --> 00:14:23,760 Speaker 1: open Senate seat ahead of the mid terms. Other states 255 00:14:23,760 --> 00:14:29,000 Speaker 1: holding primaries are Idaho, Kentucky, North Carolina, and Oregon. In baseball, 256 00:14:29,040 --> 00:14:31,680 Speaker 1: the Yankees beat the Orioles six to the Mets Games 257 00:14:31,680 --> 00:14:34,640 Speaker 1: reigned out, the Red Sox and Giants won the Nationals, 258 00:14:34,640 --> 00:14:37,920 Speaker 1: and A's lost. Global news twenty four hours a day 259 00:14:38,040 --> 00:14:41,200 Speaker 1: on air and on Bloomberg Quicktake, powered by more than 260 00:14:41,280 --> 00:14:43,800 Speaker 1: twenty seven hundred journalists and analysts more than a hundred 261 00:14:43,840 --> 00:14:46,920 Speaker 1: twenty countries. Michael bar this is Bloomberg, John, Thank you, sir. 262 00:14:47,200 --> 00:14:50,040 Speaker 1: It is six twenty on Wall Street. We were lying 263 00:14:50,080 --> 00:14:54,960 Speaker 1: for the Bloomberg into Antibroker's studios. This is Bloomberg Daybreak. Well, 264 00:14:54,960 --> 00:14:57,520 Speaker 1: the parade of earnings continuing this morning. Some of the 265 00:14:57,560 --> 00:15:00,840 Speaker 1: retailers we heard a few minutes ago. For Home Depot, 266 00:15:01,360 --> 00:15:03,560 Speaker 1: they're boosting the outlook for the year. They had a 267 00:15:03,640 --> 00:15:08,080 Speaker 1: surprise increase in first quarter revenue, continued strong demand for 268 00:15:08,320 --> 00:15:12,760 Speaker 1: home improvements supplies. And also this morning when you get 269 00:15:12,800 --> 00:15:17,000 Speaker 1: the fiscal first quarter results before the market open from Walmart, 270 00:15:17,120 --> 00:15:20,320 Speaker 1: let's get a preview now from Jen Bartashes, senior analysts 271 00:15:20,600 --> 00:15:25,200 Speaker 1: with Bloomberg Intelligence. Every time I count out the American consumer, 272 00:15:25,480 --> 00:15:30,280 Speaker 1: I'm dead wrong. Jan Good morning, John. What are the 273 00:15:30,320 --> 00:15:33,960 Speaker 1: results gonna tell us from Walmart? Abount the American consumer 274 00:15:34,080 --> 00:15:37,800 Speaker 1: in the midst of roaring inflation. Well, it's a it's 275 00:15:37,840 --> 00:15:39,920 Speaker 1: an interesting thing because I think a lot of people 276 00:15:39,920 --> 00:15:42,440 Speaker 1: are looking to Walmart to understand the state of the 277 00:15:42,520 --> 00:15:45,160 Speaker 1: average consumer in the United States, and so it will 278 00:15:45,200 --> 00:15:48,160 Speaker 1: be really a read through for other retailers in terms 279 00:15:48,160 --> 00:15:51,600 Speaker 1: of how that person is performing. But all indicators show 280 00:15:51,680 --> 00:15:54,520 Speaker 1: that people are still spending. Um. It may not be 281 00:15:54,600 --> 00:15:56,960 Speaker 1: as aggressively as it was last year when people had 282 00:15:57,000 --> 00:16:01,120 Speaker 1: stimulus funds in their pocket, but they are still they're spending. Okay, 283 00:16:01,160 --> 00:16:03,000 Speaker 1: So the top line, let's what are sales going to 284 00:16:03,080 --> 00:16:07,360 Speaker 1: look like for Walmart? Well, revenue is estimated to commanded 285 00:16:07,360 --> 00:16:09,560 Speaker 1: about a hundred and thirty nine billion dollars for the 286 00:16:09,640 --> 00:16:12,200 Speaker 1: quarter UM, and that translates to an adjusted DPS of 287 00:16:12,200 --> 00:16:15,120 Speaker 1: a dollar forty eight um in terms of same store sales. 288 00:16:15,640 --> 00:16:18,160 Speaker 1: Right now, consensus is expecting something that's at the high 289 00:16:18,280 --> 00:16:20,760 Speaker 1: end of the range that Walmart gave in terms of 290 00:16:20,800 --> 00:16:23,520 Speaker 1: what they were expecting UM. But what we see when 291 00:16:23,560 --> 00:16:26,080 Speaker 1: we go to stores or that people are in the stores, 292 00:16:26,240 --> 00:16:28,440 Speaker 1: and so it does seem that you know, there's a 293 00:16:28,480 --> 00:16:30,080 Speaker 1: good chance that they could come in at that top 294 00:16:30,200 --> 00:16:32,280 Speaker 1: end of that range. What are the comps? Is It 295 00:16:32,360 --> 00:16:34,080 Speaker 1: going to be a difficult one because that you have 296 00:16:34,120 --> 00:16:37,359 Speaker 1: the stimulus checks last year. It is a difficult comparison 297 00:16:37,360 --> 00:16:40,880 Speaker 1: to last year. Last year, people had expended unemployment, they 298 00:16:40,880 --> 00:16:44,760 Speaker 1: had stimulus funding, um. And at the same time they 299 00:16:44,760 --> 00:16:49,000 Speaker 1: were also many people were getting much higher salaries in 300 00:16:49,080 --> 00:16:51,520 Speaker 1: terms of hourly pay than they had been before. So 301 00:16:51,600 --> 00:16:53,600 Speaker 1: there was a lot of spending that was happening, and 302 00:16:53,600 --> 00:16:55,680 Speaker 1: a lot of it was on discretionary items. So thanks 303 00:16:55,680 --> 00:16:58,440 Speaker 1: for entertainment or for your home. Um. This year, there's 304 00:16:58,440 --> 00:17:02,400 Speaker 1: still a lot of spending. It's maybe shifting categories however, UM. 305 00:17:02,440 --> 00:17:04,480 Speaker 1: So people may be spending a little bit more on food, 306 00:17:04,480 --> 00:17:07,640 Speaker 1: a little bit less on decorations. Um. But the net 307 00:17:07,680 --> 00:17:10,760 Speaker 1: effect is that the comparisons are difficult, but we're still 308 00:17:10,760 --> 00:17:13,680 Speaker 1: expecting to see positive growth over last year. Okay. In 309 00:17:13,760 --> 00:17:17,919 Speaker 1: terms of inflation, can Walmart pass along price increases or 310 00:17:17,960 --> 00:17:21,360 Speaker 1: does that eat into their their margins that they swallow 311 00:17:21,400 --> 00:17:25,359 Speaker 1: that they have the ability to swallow some, which which 312 00:17:25,560 --> 00:17:27,800 Speaker 1: you know is part of why we think that gross 313 00:17:27,800 --> 00:17:30,119 Speaker 1: margin is going to stay, you know, fairly flat or 314 00:17:30,119 --> 00:17:32,320 Speaker 1: contract a little bit just because of the higher cost. 315 00:17:32,680 --> 00:17:35,080 Speaker 1: But because Walmart is such a large company, they have 316 00:17:35,119 --> 00:17:38,239 Speaker 1: so much scale that they do have negotiating power with 317 00:17:38,359 --> 00:17:42,600 Speaker 1: their suppliers to really keep prices under control, and where possible, 318 00:17:42,600 --> 00:17:44,639 Speaker 1: they try to pass that through to their customers and 319 00:17:44,680 --> 00:17:47,639 Speaker 1: not raise prices until they absolutely have to. Does Walmart 320 00:17:47,680 --> 00:17:49,600 Speaker 1: have a credit card? I'm trying to engage whether or 321 00:17:49,600 --> 00:17:51,840 Speaker 1: not people are spending more on credit or is it 322 00:17:52,240 --> 00:17:55,560 Speaker 1: cash right up front? Um? Well, they certainly a lot 323 00:17:55,560 --> 00:17:58,480 Speaker 1: of people in stores they spend with with with credit 324 00:17:58,480 --> 00:18:02,200 Speaker 1: cards at Walmart. Our first of five serve credit card 325 00:18:02,280 --> 00:18:04,480 Speaker 1: data that we have that we look at shows that 326 00:18:04,640 --> 00:18:07,640 Speaker 1: spending for the mass merchants UM started to tail off 327 00:18:07,680 --> 00:18:09,400 Speaker 1: a little bit in April, and that's when we saw 328 00:18:09,440 --> 00:18:13,160 Speaker 1: the height of the comparison to stimulus funding last year. UM. 329 00:18:13,200 --> 00:18:17,080 Speaker 1: So that is happening, um. But um, it's it seems 330 00:18:17,119 --> 00:18:19,760 Speaker 1: that at the beginning of the quarter was stronger we 331 00:18:19,800 --> 00:18:22,680 Speaker 1: had to think a very solid Easter UM, and then 332 00:18:22,920 --> 00:18:26,360 Speaker 1: the difficult comparisons for stimulus really kicked in. We get 333 00:18:26,359 --> 00:18:29,320 Speaker 1: the retail sales numbers from the government. I'm curious, do 334 00:18:29,359 --> 00:18:34,160 Speaker 1: you is Walmart a better indicator than government figures? Well, 335 00:18:34,200 --> 00:18:37,080 Speaker 1: it's hard to say. I think the benefit the benefit 336 00:18:37,080 --> 00:18:39,520 Speaker 1: of looking at a company like Walmart is that a 337 00:18:39,680 --> 00:18:42,960 Speaker 1: huge number of people across the country shop there, um, 338 00:18:43,000 --> 00:18:45,400 Speaker 1: and so it really does tell you kind of what 339 00:18:45,480 --> 00:18:49,160 Speaker 1: your average consumer is, how they're how they're behaving, um. 340 00:18:49,320 --> 00:18:51,680 Speaker 1: And you know, people buy food at Walmart, they also 341 00:18:51,720 --> 00:18:54,399 Speaker 1: buy non food items at Walmart, so they get a 342 00:18:54,480 --> 00:18:59,320 Speaker 1: very good idea of how people are behaving. But when 343 00:18:59,359 --> 00:19:01,680 Speaker 1: you look at a reach killer that's that big, what's 344 00:19:02,000 --> 00:19:04,040 Speaker 1: the one thing that you're going to really latch on 345 00:19:04,080 --> 00:19:07,160 Speaker 1: as soon as the earnings come across and uh more 346 00:19:07,200 --> 00:19:10,840 Speaker 1: details later in the morning. Well, you know, everybody looks 347 00:19:10,880 --> 00:19:13,160 Speaker 1: at the comps, which are important, but I'm also very 348 00:19:13,600 --> 00:19:16,280 Speaker 1: looking very closely at where e commerce is because that 349 00:19:16,440 --> 00:19:18,640 Speaker 1: is a business they've invested heavily in, so we want 350 00:19:18,680 --> 00:19:20,920 Speaker 1: to make sure that it's still growing, although the growth 351 00:19:21,000 --> 00:19:23,199 Speaker 1: rate is probably going to be a little lower. And 352 00:19:23,240 --> 00:19:27,760 Speaker 1: then breaking down that comparison um sales number into how 353 00:19:27,840 --> 00:19:31,240 Speaker 1: the traffic meaning how many people are going into the stores, 354 00:19:31,280 --> 00:19:33,320 Speaker 1: and then the ticket is how much are people spending 355 00:19:33,359 --> 00:19:35,600 Speaker 1: each time they're in the store. So that will give 356 00:19:35,640 --> 00:19:38,280 Speaker 1: us a lot more insight into how the consumer is behaving. 357 00:19:38,680 --> 00:19:41,320 Speaker 1: All right, Jen always applies to appreciated. Jen Bartash is 358 00:19:41,400 --> 00:19:45,960 Speaker 1: from Bloomberg Intelligence. Bloomberg Intelligence providing unique real time research 359 00:19:46,119 --> 00:19:49,439 Speaker 1: and context on the industries at all the market and 360 00:19:49,560 --> 00:19:53,240 Speaker 1: government factors that impact business terminal customers. You can access 361 00:19:53,280 --> 00:19:57,640 Speaker 1: this function at b I go. Right now the dalphiachs 362 00:19:57,760 --> 00:20:02,280 Speaker 1: op four hundred eighty seven points SMP futures up sixty nine. 363 00:20:02,359 --> 00:20:07,560 Speaker 1: You're listening to Bloomberg day Break, the Bloomberg Weather from 364 00:20:07,680 --> 00:20:11,760 Speaker 1: Rob carollin sunny and breezy. The high temperature seventy five today, 365 00:20:12,080 --> 00:20:14,680 Speaker 1: clear and breezeat tonight, glows in the mid fifties. Tomorrow 366 00:20:14,680 --> 00:20:23,080 Speaker 1: Morris sunshine breezy seventy to seventy five degrees. Broadcasting live 367 00:20:23,240 --> 00:20:27,159 Speaker 1: from the Bloomberg Interactive Broker Studio in New York, Bloomberg 368 00:20:27,200 --> 00:20:31,280 Speaker 1: Eleving creon to Washington, d C, Bloomberg on to Boston, 369 00:20:31,400 --> 00:20:34,760 Speaker 1: Bloomberg one oh six one to San Francisco, Bloomberg NOME 370 00:20:34,880 --> 00:20:37,760 Speaker 1: sixty to the Country Sirius XM to A one ninet 371 00:20:38,080 --> 00:20:41,240 Speaker 1: and around the globe the Bloomberg Business at and Bloomberg 372 00:20:41,320 --> 00:20:50,440 Speaker 1: Radio dot Com. This is Bloomberg day Break. So it's 373 00:20:50,480 --> 00:20:53,000 Speaker 1: thirty on Wall Street. Good morning. I'm John Tucker and 374 00:20:53,040 --> 00:20:55,879 Speaker 1: I'm Karen Moscow. We are just about three hours away 375 00:20:55,920 --> 00:20:57,840 Speaker 1: from the open of US Trading. It's time for the 376 00:20:57,880 --> 00:21:00,200 Speaker 1: five things you need to Notice start your day. Brought 377 00:21:00,240 --> 00:21:03,960 Speaker 1: to you by Interacted Brokers Simple ib k are Global 378 00:21:04,000 --> 00:21:07,320 Speaker 1: Trader app depositing your local currency and trade stocks in 379 00:21:07,320 --> 00:21:10,120 Speaker 1: the US, Europe and Asia. Start your free trial at 380 00:21:10,160 --> 00:21:13,840 Speaker 1: ib k r dot com Slash Global Trader up. First 381 00:21:13,920 --> 00:21:17,159 Speaker 1: fresh developments this morning on Elon musk pursuit of Twitter, 382 00:21:17,359 --> 00:21:20,000 Speaker 1: Bloomberg's or Need a Young joins US Live with more. 383 00:21:20,119 --> 00:21:23,080 Speaker 1: Good Morning Nina, Good morning Karen. Elon Musk says he'll 384 00:21:23,080 --> 00:21:26,760 Speaker 1: proceed with his forty four billion dollar Twitter takeover only 385 00:21:26,800 --> 00:21:29,520 Speaker 1: if the social media giant proves that less than five 386 00:21:29,560 --> 00:21:33,000 Speaker 1: percent of its accounts are fake. Dan I'ves, Managing director 387 00:21:33,040 --> 00:21:37,040 Speaker 1: of Web Bush Securities, beliefs Musk has other intentions. I 388 00:21:37,119 --> 00:21:39,800 Speaker 1: believe this is really ultimately must getting cold feet with 389 00:21:39,840 --> 00:21:43,440 Speaker 1: the deal, looking for a scapegoat. It's really turned into 390 00:21:43,880 --> 00:21:46,360 Speaker 1: what I said it was the Twilight Zone situation. He's 391 00:21:46,359 --> 00:21:50,320 Speaker 1: trying to ballot the deal, billion dollar breakup or drive 392 00:21:50,400 --> 00:21:54,000 Speaker 1: a much significantly lower priced Twitter's back into the wall. 393 00:21:54,760 --> 00:21:57,920 Speaker 1: Dan I's of what Bush Securities made the comments earlier 394 00:21:58,000 --> 00:22:01,200 Speaker 1: on Bloomberg Daybreak, Twitter relief used to statement saying it's 395 00:22:01,240 --> 00:22:04,919 Speaker 1: committed to completing the transaction when the agreed price in terms. 396 00:22:05,359 --> 00:22:07,480 Speaker 1: Live in New York, I'm really need a Young Bloomberg 397 00:22:07,520 --> 00:22:09,800 Speaker 1: day break, all right, we need to thank you. Shares 398 00:22:10,000 --> 00:22:12,880 Speaker 1: of Twitter right now, they are down about three percent 399 00:22:13,359 --> 00:22:16,560 Speaker 1: in early treating the US futures are on the rise, 400 00:22:16,640 --> 00:22:20,320 Speaker 1: bonds are falling after yesterday's late sell off. Nancy Davy, 401 00:22:20,359 --> 00:22:23,600 Speaker 1: founder of Quadratic Capital Management, says the market is still 402 00:22:23,760 --> 00:22:28,080 Speaker 1: too optimistic about the ensibility to tame inflation. So much 403 00:22:28,119 --> 00:22:31,960 Speaker 1: of the inflationary shock is not necessarily a result of 404 00:22:32,080 --> 00:22:35,159 Speaker 1: the level of interest rates. It's other reasons that are 405 00:22:35,240 --> 00:22:38,320 Speaker 1: pandemic related. So it's a really challenging time to try 406 00:22:38,359 --> 00:22:40,680 Speaker 1: to thread the needle, and I think that's why we're 407 00:22:40,760 --> 00:22:44,560 Speaker 1: encouraging investors just to be very diversified. Nancy Davis of 408 00:22:44,640 --> 00:22:48,159 Speaker 1: Quadratic Capital Management says if inflation doesn't come down with 409 00:22:48,280 --> 00:22:52,919 Speaker 1: higher rates, she worries about stagflation. Well, John, stagflation so 410 00:22:52,960 --> 00:22:55,360 Speaker 1: also on the mind of investors, as according to Bank 411 00:22:55,359 --> 00:22:59,400 Speaker 1: of America's latest Fund Managers survey, it shows stagflation fears 412 00:22:59,400 --> 00:23:02,760 Speaker 1: are high since two thousand eight. We're also going to 413 00:23:02,880 --> 00:23:05,879 Speaker 1: hear from the fence. Today, six Central Bank officials will speak, 414 00:23:05,880 --> 00:23:09,160 Speaker 1: including Chair J Powell. He'll be interviewed during a live 415 00:23:09,240 --> 00:23:13,280 Speaker 1: Wall Street Journal event this afternoon. And we'll also get 416 00:23:13,359 --> 00:23:15,679 Speaker 1: more of a sense of consumer sentiment today when the 417 00:23:15,680 --> 00:23:18,760 Speaker 1: government issues data on retail sales and will also get 418 00:23:18,840 --> 00:23:23,399 Speaker 1: earnings from Walmart. Futures this morning are currently higher with 419 00:23:23,480 --> 00:23:26,000 Speaker 1: this S and P futures up seventy points, Staff futures 420 00:23:26,040 --> 00:23:28,399 Speaker 1: up four d eighty six, and NASDAK futures up two 421 00:23:28,480 --> 00:23:30,560 Speaker 1: hundred sixty six. And that's the five things you need 422 00:23:30,600 --> 00:23:32,760 Speaker 1: to know to start your day. Brought to you by 423 00:23:33,000 --> 00:23:40,440 Speaker 1: Interactive Brokers. Thanks Karen, six thirty three on Wall Street 424 00:23:40,520 --> 00:23:42,359 Speaker 1: and time to bring in Michael barn to tell us 425 00:23:42,600 --> 00:23:45,240 Speaker 1: what else is going on in New York and around 426 00:23:45,320 --> 00:23:47,919 Speaker 1: the world. John, thank you very much, serve. President Biden 427 00:23:48,000 --> 00:23:50,840 Speaker 1: travels to Buffalo today he will try to heal a 428 00:23:50,920 --> 00:23:55,560 Speaker 1: community following Saturday's mass shooting. Authority people were killed inside 429 00:23:55,560 --> 00:23:59,160 Speaker 1: a tops supermarket by an eighteen year old white supremacist. 430 00:23:59,440 --> 00:24:02,800 Speaker 1: Buffalo Mayor Byron Brown says he plans to talk to 431 00:24:02,840 --> 00:24:06,800 Speaker 1: the President about gun laws. The availability of guns is 432 00:24:06,880 --> 00:24:10,439 Speaker 1: just far too great in this country. Guns too often 433 00:24:10,560 --> 00:24:15,040 Speaker 1: fall in the wrong hands, illegally and illegally. Something has 434 00:24:15,080 --> 00:24:17,359 Speaker 1: to be done about that. At the federal level, it 435 00:24:17,480 --> 00:24:21,359 Speaker 1: finally has to be the resolve to change that. Mayor 436 00:24:21,400 --> 00:24:25,640 Speaker 1: Brown told a VC the shooting shakes your sense of security. 437 00:24:25,680 --> 00:24:28,359 Speaker 1: In New York, a vigil for the Buffalo victims was 438 00:24:28,400 --> 00:24:31,560 Speaker 1: held at a Harlem church last night. New York Mayor 439 00:24:31,720 --> 00:24:36,159 Speaker 1: Eric Adams spoke at Bethel Gospel Assembly and criticize social media. 440 00:24:36,400 --> 00:24:40,120 Speaker 1: What happened and Buffalo is no different than the sickness 441 00:24:40,200 --> 00:24:43,720 Speaker 1: of social media that has music telling our young people 442 00:24:43,920 --> 00:24:46,479 Speaker 1: to go after each other and shoot each other. Along 443 00:24:46,480 --> 00:24:49,480 Speaker 1: with Eric Adams, New York Attorney General Leticia James was 444 00:24:49,520 --> 00:24:53,080 Speaker 1: also in attendance. New York City health officials issued an 445 00:24:53,119 --> 00:24:56,679 Speaker 1: advisory urging New Yorkers to mask up indoors as the 446 00:24:56,720 --> 00:25:01,120 Speaker 1: city approaches high risk COVID nineteen alert status. Health Commissionaire 447 00:25:01,119 --> 00:25:04,960 Speaker 1: Ashman Vassan said everyone should wear face coverings at all 448 00:25:05,080 --> 00:25:09,840 Speaker 1: times and settings such as grocery stores, offices, and building lobbies. 449 00:25:10,320 --> 00:25:14,240 Speaker 1: Five states hold primary elections today ahead of the November midterms. 450 00:25:14,440 --> 00:25:16,840 Speaker 1: In Pennsylvania, both parties hoped to pick up an open 451 00:25:16,920 --> 00:25:20,760 Speaker 1: Senate seat in the Republican primary. TV star Dr memon 452 00:25:20,880 --> 00:25:26,040 Speaker 1: Oz is endorsed by former President Trump. However, conservative commentator 453 00:25:26,240 --> 00:25:29,480 Speaker 1: Kathy Barnett surging in the polls. As for the Democrats, 454 00:25:29,480 --> 00:25:33,639 Speaker 1: Bloomberg Government Elections reporter Greg Darrow was asked about Lieutenant 455 00:25:33,640 --> 00:25:36,480 Speaker 1: Governor John Futterman's announcement that he had a stroke last week. 456 00:25:36,720 --> 00:25:38,919 Speaker 1: It's big news to occur in the winning days of 457 00:25:38,920 --> 00:25:41,600 Speaker 1: the campaign, but I think Tutterman's lead in the polls 458 00:25:41,680 --> 00:25:45,679 Speaker 1: over his Democratic opponents, led by Representative Connor Lamb, was 459 00:25:45,720 --> 00:25:49,160 Speaker 1: probably substantial enough for he's probably gonna win the primary anyway, 460 00:25:49,280 --> 00:25:53,080 Speaker 1: Bloomberg's Great Jarrow. Other states holding primaries are Idaho, Kentucky, 461 00:25:53,160 --> 00:25:56,600 Speaker 1: North Carolina, and Oregon. To veteran House Democrats from New 462 00:25:56,680 --> 00:25:59,480 Speaker 1: York City would be forced into a primary face off. 463 00:25:59,640 --> 00:26:03,240 Speaker 1: Repres sent a New Manhattan based district under a draft 464 00:26:03,359 --> 00:26:07,360 Speaker 1: of a redrawn congressional map for the state. Representatives, Carolyn 465 00:26:07,440 --> 00:26:10,120 Speaker 1: muloney and Gerald Nadler said on Twitter that they would 466 00:26:10,160 --> 00:26:13,200 Speaker 1: run for the twelfth district seat. Global News twenty four 467 00:26:13,200 --> 00:26:16,280 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 468 00:26:16,280 --> 00:26:18,879 Speaker 1: by more than twenty seven hundred journalists and analysts. More 469 00:26:18,920 --> 00:26:22,719 Speaker 1: than a hundred twenty countries. Michael Barr, this is Bloomberg, John, Michael, 470 00:26:22,760 --> 00:26:29,920 Speaker 1: thank you, and it's now six thirties six, so well 471 00:26:30,000 --> 00:26:33,160 Speaker 1: three time for the Boomberg Sports update. Here's John Stanchell. 472 00:26:33,240 --> 00:26:35,760 Speaker 1: All right, John, another night, another Yankee victory, this one 473 00:26:35,760 --> 00:26:37,760 Speaker 1: in Baltimore, start of the four game series. Yanks the 474 00:26:37,800 --> 00:26:40,680 Speaker 1: oriol six to two. The big hit not from Aaron Judge, 475 00:26:40,680 --> 00:26:43,000 Speaker 1: you got the night off, rather from light hitting catcher 476 00:26:43,080 --> 00:26:45,720 Speaker 1: Jose Trevino three run homer hit down the line of 477 00:26:45,800 --> 00:26:48,359 Speaker 1: right field. Josh Donaldson and Anthony Rizzo with back to 478 00:26:48,400 --> 00:26:51,280 Speaker 1: back homers in the night. Luis Saveno allowed only one hit. 479 00:26:51,560 --> 00:26:54,240 Speaker 1: It was not a great night for Joey Gallow, Baltimore's 480 00:26:54,280 --> 00:26:56,840 Speaker 1: first batter. Gallow dropped the fly ball went for a 481 00:26:56,840 --> 00:26:59,080 Speaker 1: three base air and he also went over five with 482 00:26:59,119 --> 00:27:02,040 Speaker 1: four strikeouts. But the Yanks still win, and they've now 483 00:27:02,119 --> 00:27:04,800 Speaker 1: taken nineteen in the last twenty two. Mets and Cardinals 484 00:27:04,800 --> 00:27:08,280 Speaker 1: reigned out doubleheader today's City Field. The Islanders just fired 485 00:27:08,320 --> 00:27:10,920 Speaker 1: coach Barry Trots. They are replacing him with his top 486 00:27:10,960 --> 00:27:15,040 Speaker 1: assistant Lane Lambert. It's a good day, um, something that 487 00:27:15,520 --> 00:27:18,680 Speaker 1: you know I have been preparing for for a long 488 00:27:18,720 --> 00:27:22,880 Speaker 1: time um throughout many years in the game and many 489 00:27:22,960 --> 00:27:28,240 Speaker 1: years as a coach. UM And uh so, there's there's 490 00:27:28,240 --> 00:27:31,119 Speaker 1: a level of excitement for sure. We've worked under Trucks 491 00:27:31,119 --> 00:27:33,520 Speaker 1: for eleven years at three different places, filled in for 492 00:27:33,600 --> 00:27:35,800 Speaker 1: him for several games this past season. As for the Rangers, 493 00:27:35,840 --> 00:27:38,560 Speaker 1: off to Raleigh her game one with the Hurricanes tomorrow night. 494 00:27:38,600 --> 00:27:40,720 Speaker 1: The two teams that two years ago in the Bubble 495 00:27:40,800 --> 00:27:44,439 Speaker 1: Caro Wanna swept a Best of Thought qualifying round series. 496 00:27:44,680 --> 00:27:47,240 Speaker 1: Year ago, Phil Minicholson won the p g H Championship 497 00:27:47,240 --> 00:27:49,840 Speaker 1: at age fifty. He's not playing this year's PGA It 498 00:27:49,960 --> 00:27:53,880 Speaker 1: begins Thursday and Tulsa Michoelson criticized for comments made about 499 00:27:53,960 --> 00:27:56,800 Speaker 1: joining a new Saudi Back tour. Eighty two year old 500 00:27:56,880 --> 00:27:59,399 Speaker 1: Jack Nicholas says he was offered the job of running 501 00:27:59,400 --> 00:28:02,760 Speaker 1: that tour and was offered off hundred million dollars and 502 00:28:02,840 --> 00:28:05,000 Speaker 1: Nicholas turned it down due to his loyalty to the 503 00:28:05,040 --> 00:28:06,600 Speaker 1: p g A and the job ended up going to 504 00:28:06,720 --> 00:28:11,000 Speaker 1: Greg normand John Slomberg Sports John John, Thanks very much. 505 00:28:11,280 --> 00:28:13,760 Speaker 1: Six thirty seven on Wall Street, Time down and take 506 00:28:13,800 --> 00:28:15,359 Speaker 1: a look at stocks. Some of the names that are 507 00:28:15,400 --> 00:28:19,000 Speaker 1: moving in today's pre market, and for that we're joined 508 00:28:19,000 --> 00:28:23,040 Speaker 1: by Bloomberg Radio on TV Markets corresponded Crittic Group to, Oh, 509 00:28:23,080 --> 00:28:26,600 Speaker 1: there's absolutely nothing going on. Nothing. I don't know what 510 00:28:26,800 --> 00:28:33,359 Speaker 1: you're boring unless Elon Musk. Apparently I'm getting whiplash. Yeah, 511 00:28:33,359 --> 00:28:35,680 Speaker 1: it's I think you, and I think everyone else as well. 512 00:28:35,760 --> 00:28:38,400 Speaker 1: Elon Musk declaring he won't proceed with his forty four 513 00:28:38,400 --> 00:28:41,400 Speaker 1: billion dollar takeover of Twitter unless the social media giant 514 00:28:41,440 --> 00:28:44,280 Speaker 1: can prove bots make up fewer than five percent of 515 00:28:44,320 --> 00:28:47,760 Speaker 1: its users. Twitter shares down three Off the back of 516 00:28:47,760 --> 00:28:49,960 Speaker 1: that news, t w t R is your taker, and 517 00:28:50,000 --> 00:28:52,240 Speaker 1: I should also mention when you see Twitter shares drop, 518 00:28:52,320 --> 00:28:55,520 Speaker 1: especially on deal relayed news, Tesla shares tend to rise 519 00:28:55,560 --> 00:28:57,640 Speaker 1: or move in the opposite direction, So t s l 520 00:28:57,680 --> 00:29:01,320 Speaker 1: A up three percent. Of this is interesting, John, because 521 00:29:01,440 --> 00:29:03,600 Speaker 1: a lot of analysts on Wall Street are now increasing 522 00:29:03,640 --> 00:29:07,080 Speaker 1: their odds of no deal. Dan i've's notably saying that 523 00:29:07,120 --> 00:29:09,520 Speaker 1: he's now saying fifty chance that this deal does not 524 00:29:09,600 --> 00:29:12,360 Speaker 1: go through. A lot of suspicions are here that the 525 00:29:12,680 --> 00:29:16,360 Speaker 1: five percent of bots kind of rule, or the expectation 526 00:29:16,400 --> 00:29:19,240 Speaker 1: of more there are more bots on Twitter is common 527 00:29:19,280 --> 00:29:21,680 Speaker 1: knowledge and was already known before the deal, So perhaps 528 00:29:21,680 --> 00:29:24,560 Speaker 1: this is being used as a mechanism to pull out. 529 00:29:24,760 --> 00:29:28,160 Speaker 1: But who Dan was telling us earlier, He just never 530 00:29:28,160 --> 00:29:31,840 Speaker 1: thought this was gonna happen. That Elon is just making 531 00:29:32,080 --> 00:29:35,360 Speaker 1: excuses at this point. There's also a breakup fee, a 532 00:29:35,400 --> 00:29:38,640 Speaker 1: significant break a one billion dollar breakup fee for sure. 533 00:29:38,680 --> 00:29:40,920 Speaker 1: But is one billion dollars a lot for Elon Musk? 534 00:29:41,000 --> 00:29:43,760 Speaker 1: I don't know. It's a lot for me, more than 535 00:29:43,800 --> 00:29:45,959 Speaker 1: like the next three generations of group that kids are 536 00:29:45,960 --> 00:29:48,320 Speaker 1: gonna be worth. But anyways, He's definitely keep an eye 537 00:29:48,360 --> 00:29:49,920 Speaker 1: on the stock. This is important. We know the deal 538 00:29:49,960 --> 00:29:52,640 Speaker 1: premium has been wider and wider because of this uncertainty 539 00:29:52,960 --> 00:29:55,120 Speaker 1: of whether or not the deal would go through. Even 540 00:29:55,160 --> 00:29:57,560 Speaker 1: if it does go through, does it recover to that 541 00:29:57,640 --> 00:29:59,800 Speaker 1: former share price? That's the big question. M Let's get 542 00:29:59,800 --> 00:30:02,560 Speaker 1: to some earnings, though, John, because I'm running out of 543 00:30:02,600 --> 00:30:05,080 Speaker 1: time and my producer's gonna yell at me. Take two 544 00:30:05,320 --> 00:30:08,840 Speaker 1: t t w O reported better than expected fourth quarter earnings, 545 00:30:08,880 --> 00:30:12,280 Speaker 1: helped by popular video games like NBA two K twenty two. 546 00:30:12,320 --> 00:30:15,600 Speaker 1: Analysting the company's games late and expected strong bookings in 547 00:30:15,840 --> 00:30:18,480 Speaker 1: years to come. That's all good for the stock, but 548 00:30:19,120 --> 00:30:21,440 Speaker 1: and a big butt here. Take two did issue a 549 00:30:21,560 --> 00:30:24,640 Speaker 1: tepid forecast for the coming yere. I didn't like that, 550 00:30:24,840 --> 00:30:27,840 Speaker 1: you know what I mean? Oh my gosh, Um, we're 551 00:30:27,880 --> 00:30:31,960 Speaker 1: grown ups, John, I I think you are. I'm a 552 00:30:31,960 --> 00:30:34,200 Speaker 1: grown up. It's okay. Um, we should as talk about 553 00:30:34,200 --> 00:30:36,560 Speaker 1: Home Depot h D is your taker up four percent? 554 00:30:36,600 --> 00:30:39,600 Speaker 1: They boosted their outlook surprise increase in forced quarter revenue 555 00:30:39,800 --> 00:30:44,080 Speaker 1: continued strong demand for home improvement supplies despite higher mortgage trades. 556 00:30:44,080 --> 00:30:47,480 Speaker 1: Remember we all are also expecting Walmart at seven am. 557 00:30:47,480 --> 00:30:50,240 Speaker 1: Home Depot h D up four percent, Walmart w MT 558 00:30:50,640 --> 00:30:52,920 Speaker 1: of nine tenths of one percent. I'm doing my part 559 00:30:52,960 --> 00:30:55,600 Speaker 1: at Walmart two. I have yet to find a straight 560 00:30:55,720 --> 00:31:01,000 Speaker 1: two by for not Walmart but Home Depot. So anyway, Kritty, 561 00:31:01,120 --> 00:31:03,000 Speaker 1: thank you very much. We appreciate it. Thank you for 562 00:31:03,040 --> 00:31:06,240 Speaker 1: putting up with me. Bloomberg Radio and Television Markets corresponded 563 00:31:06,280 --> 00:31:09,080 Speaker 1: Kritty Gupta looking at stocks as a whole right now, 564 00:31:09,120 --> 00:31:12,120 Speaker 1: we have SMP futures ahead of the cash up about 565 00:31:12,120 --> 00:31:15,960 Speaker 1: wall spreet up sixties seven points, DAL futures of four 566 00:31:16,000 --> 00:31:22,200 Speaker 1: hundred and seventy two points, and the Bloomberg weather from 567 00:31:22,240 --> 00:31:25,520 Speaker 1: Meteorolo just wrong. Carolin sunny and breezy. The high temperature 568 00:31:25,720 --> 00:31:28,760 Speaker 1: year seventy five, Tonight clear in breezy, flows in the 569 00:31:28,800 --> 00:31:31,800 Speaker 1: mid fifties. Tomorrow's I look mostly sunny and breezy my 570 00:31:32,040 --> 00:31:39,760 Speaker 1: seventy seventy five degrees. Markets, headlines and breaking news twenty 571 00:31:39,760 --> 00:31:42,640 Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg 572 00:31:42,640 --> 00:31:45,600 Speaker 1: Business apt and at Bloomberg Quick Tape. This is a 573 00:31:45,640 --> 00:31:55,080 Speaker 1: Bloomberg Business Flash and I'm Karen Moscow Futures on the 574 00:31:55,280 --> 00:31:57,840 Speaker 1: rise this morning to the first word breaking news. Dask 575 00:31:57,920 --> 00:32:00,320 Speaker 1: for today's morning call, and here's Bill Malone a belt, 576 00:32:00,320 --> 00:32:04,600 Speaker 1: Good morning, and good morning, Karen. US features are surging 577 00:32:04,720 --> 00:32:07,320 Speaker 1: right now. Dowt fugures up four dret and sixty four points, 578 00:32:07,400 --> 00:32:11,320 Speaker 1: SUPs gain sixties seven, while Nasdaq features are up by 579 00:32:10,440 --> 00:32:13,920 Speaker 1: two fifty the US ten year old at two point, 580 00:32:14,880 --> 00:32:17,520 Speaker 1: gold is up for oil is climbing, and Bigcoin is 581 00:32:17,600 --> 00:32:20,640 Speaker 1: higher by two percent. Hong Kong rose three point three 582 00:32:20,680 --> 00:32:23,479 Speaker 1: percent overnight, while up of markets are also in the 583 00:32:23,480 --> 00:32:26,360 Speaker 1: green this morning. Back in the US, on the economic front, 584 00:32:26,360 --> 00:32:28,520 Speaker 1: at eight thirty, retail sales and at ten o'clock, the 585 00:32:28,640 --> 00:32:32,680 Speaker 1: NHB Housing Market Index and Business inventories. After the bell 586 00:32:32,720 --> 00:32:35,560 Speaker 1: Us night take two EPs beat estimates and regarding earnings. 587 00:32:35,560 --> 00:32:39,000 Speaker 1: This morning, Home Depot raised its forecast at their surprise 588 00:32:39,080 --> 00:32:42,160 Speaker 1: gain in revenue. The Indian News Elon must say that 589 00:32:42,200 --> 00:32:45,280 Speaker 1: Twitter must prove bot claims for the deal to proceed. 590 00:32:45,680 --> 00:32:48,040 Speaker 1: And another news Berkshire Hathaway took a stake in City 591 00:32:48,040 --> 00:32:50,680 Speaker 1: Group shares, her up five and a half percent pre market, 592 00:32:50,920 --> 00:32:53,760 Speaker 1: wrapping things up, and was raised overweight at Piper and 593 00:32:53,840 --> 00:32:57,560 Speaker 1: shake check was raised over at Raymond James Live from 594 00:32:57,560 --> 00:33:00,320 Speaker 1: the first to breaking News Descomb, Bill Maloney, Karen right, Bill, 595 00:33:00,360 --> 00:33:02,400 Speaker 1: thank you, and here live breaking news over your Bloomberg 596 00:33:02,440 --> 00:33:05,320 Speaker 1: type squawk on your terminal squ a w K, that's 597 00:33:05,320 --> 00:33:07,960 Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more 598 00:33:08,040 --> 00:33:10,400 Speaker 1: on what's going on around the world. Michael Karen, thank 599 00:33:10,400 --> 00:33:13,080 Speaker 1: you very much. Ukrainian troops who have been holding out 600 00:33:13,120 --> 00:33:15,160 Speaker 1: for weeks at a steel plan in the port city 601 00:33:15,160 --> 00:33:20,040 Speaker 1: of Mariupol have finally surrendered to Russian forces. Injured soldiers 602 00:33:20,040 --> 00:33:23,640 Speaker 1: have been taken into Russian controlled territory in eastern Ukraine. 603 00:33:24,160 --> 00:33:27,840 Speaker 1: Five states will hold primary elections today. Pennsylvania's trying to 604 00:33:27,880 --> 00:33:30,280 Speaker 1: decide an open Senate seat ahead of the mid terms. 605 00:33:30,600 --> 00:33:35,080 Speaker 1: Other states holding primaries are Idaho, Kentucky, North Carolina, and Oregon. 606 00:33:35,440 --> 00:33:38,120 Speaker 1: In baseball, the Yankees beat the Orioles six to the 607 00:33:38,160 --> 00:33:41,320 Speaker 1: Mets game reined out the Red Sox, and Giants won 608 00:33:41,320 --> 00:33:44,320 Speaker 1: the Nationals and A's lost. Global News twenty four hours 609 00:33:44,320 --> 00:33:47,360 Speaker 1: a day on air and on Bloomberg Quick Take, powered 610 00:33:47,400 --> 00:33:50,120 Speaker 1: by more than twenty hundred journalists and analyists more than 611 00:33:50,120 --> 00:33:53,080 Speaker 1: a hundred twenty countries. Michael Barr and this is Bloomberg, 612 00:33:53,120 --> 00:33:55,800 Speaker 1: Karen Ry, Michael, thank you well. At six nine on 613 00:33:55,880 --> 00:33:58,080 Speaker 1: Wall Street, and we turned to news and science and 614 00:33:58,120 --> 00:34:02,280 Speaker 1: technology now with the Bloomberg and j I. T. Stam Report. 615 00:34:02,320 --> 00:34:05,040 Speaker 1: And here's so it's making news and science, technology, engineering 616 00:34:05,080 --> 00:34:08,560 Speaker 1: in math. Shanghai is slowly emerging from a punishing lockdown 617 00:34:08,600 --> 00:34:11,280 Speaker 1: that can find millions of people to their homes for weeks. 618 00:34:11,560 --> 00:34:14,560 Speaker 1: The city reported a third consecutive day of no new 619 00:34:14,640 --> 00:34:18,000 Speaker 1: COVID cases in the broader community. Authorities say that will 620 00:34:18,040 --> 00:34:21,120 Speaker 1: allow them to unwind the restrictions that curtailed almost every 621 00:34:21,160 --> 00:34:24,480 Speaker 1: aspect of daily life. Nest Lee, the owner of Gerber 622 00:34:24,560 --> 00:34:28,240 Speaker 1: Baby food, said it's air freighting infant formula to the US, 623 00:34:28,320 --> 00:34:31,719 Speaker 1: where a shortage had left shelves empty and parents scrambling. 624 00:34:32,000 --> 00:34:34,920 Speaker 1: The shortage started with supply chain issues during the pandemic 625 00:34:34,960 --> 00:34:38,920 Speaker 1: and was exacerbated by a recall stemming from September complaint 626 00:34:39,120 --> 00:34:42,200 Speaker 1: when infant formula made by Avit Laboratories was first linked 627 00:34:42,200 --> 00:34:45,359 Speaker 1: to a case of a rare bacterial infection. To known. 628 00:34:45,400 --> 00:34:47,880 Speaker 1: The owner of the Happy Family and Happy Baby label 629 00:34:48,000 --> 00:34:51,520 Speaker 1: said it's working to boost production, as is Nestlelye, and 630 00:34:51,640 --> 00:34:55,080 Speaker 1: Microsoft is planning to nearly double its budget for employees. 631 00:34:55,120 --> 00:34:58,200 Speaker 1: Salary increases as it seeks to retain staff and a 632 00:34:58,239 --> 00:35:01,239 Speaker 1: hot labor market. The software It's pay high will mainly 633 00:35:01,239 --> 00:35:04,880 Speaker 1: effect early to mid career employees, and CEO Satya Nadala 634 00:35:05,040 --> 00:35:09,319 Speaker 1: says the company's talent is in high demand and as 635 00:35:09,320 --> 00:35:12,239 Speaker 1: a Bloomberg and j I t Stem report, John, all right, 636 00:35:12,239 --> 00:35:14,360 Speaker 1: thanks Karen. We were live from the Bloomberg interamt to 637 00:35:14,400 --> 00:35:17,400 Speaker 1: Broker Studios where it is now six fifty one on 638 00:35:17,480 --> 00:35:19,640 Speaker 1: Wall Street and time to check what's going on in 639 00:35:19,719 --> 00:35:22,840 Speaker 1: d C. Some of the top stories in our nation's 640 00:35:22,880 --> 00:35:26,080 Speaker 1: capital this morning. President Biden heading to Buffalo after the 641 00:35:26,120 --> 00:35:30,280 Speaker 1: mass shootings there. The Senate nearing passage of the forty 642 00:35:30,280 --> 00:35:34,799 Speaker 1: billion dollar aid package for Ukraine, President Biden seeks to 643 00:35:34,880 --> 00:35:39,319 Speaker 1: quell the baby formula crisis with some logistics helps, the 644 00:35:39,360 --> 00:35:42,759 Speaker 1: Biden team eases its Cuba stance, and the U set 645 00:35:42,800 --> 00:35:46,520 Speaker 1: to extend the COVID nineteen public health emergency. Let's take 646 00:35:46,560 --> 00:35:48,600 Speaker 1: a deeper dive into some of these stories this morning. 647 00:35:49,000 --> 00:35:52,640 Speaker 1: We're joined by Bloomberg government reporter Emily Wilkins. Emily, as 648 00:35:52,640 --> 00:35:56,239 Speaker 1: the President heads to Buffalo, that the things he can 649 00:35:56,360 --> 00:36:00,840 Speaker 1: do offer sympathy, um, and they're also maybe more importantly 650 00:36:00,840 --> 00:36:04,160 Speaker 1: than things he can't do. Yeah, I mean, John. The 651 00:36:04,280 --> 00:36:07,120 Speaker 1: attitude in Washington has really now been for years that 652 00:36:07,160 --> 00:36:10,239 Speaker 1: there's just not a lot that can be done in 653 00:36:10,360 --> 00:36:14,040 Speaker 1: terms of legislation on guns. Even measures that are really 654 00:36:14,080 --> 00:36:17,080 Speaker 1: supported by a wide swath of the American public, such 655 00:36:17,120 --> 00:36:21,000 Speaker 1: as doing background checks before um weapons are are purchased 656 00:36:21,160 --> 00:36:25,000 Speaker 1: and sort of making those uh more more stringent and 657 00:36:25,400 --> 00:36:29,600 Speaker 1: more wide reaching, those aren't going to be able to pass. 658 00:36:29,640 --> 00:36:33,280 Speaker 1: And we've seen those be stopped time and time again. Um. 659 00:36:33,440 --> 00:36:35,479 Speaker 1: We do have a bill that is set to move 660 00:36:35,560 --> 00:36:39,960 Speaker 1: today potentially on domestic terrorism, and that's obviously ties into 661 00:36:40,040 --> 00:36:43,839 Speaker 1: the shooting because we know that the shooter targeted specifically 662 00:36:44,040 --> 00:36:47,399 Speaker 1: black people. Eleven of the thirteen people who were shot 663 00:36:47,440 --> 00:36:50,920 Speaker 1: were black. This is being investigated as a racially motivated crime. 664 00:36:51,360 --> 00:36:54,800 Speaker 1: And so this legislation UH that would look in that 665 00:36:54,880 --> 00:36:57,920 Speaker 1: would sort of authorize more offices in the federal government 666 00:36:57,920 --> 00:37:00,440 Speaker 1: to really look into domestic terrorism. We go wind up 667 00:37:00,440 --> 00:37:02,719 Speaker 1: seeing that come to the floor this week as a 668 00:37:02,719 --> 00:37:06,360 Speaker 1: result of this shooting. Is this likely to be a 669 00:37:06,400 --> 00:37:11,759 Speaker 1: significant issue for midterm elections to a certain extent, We 670 00:37:11,760 --> 00:37:14,160 Speaker 1: aren't expecting that it's going to be. I mean, gun 671 00:37:14,280 --> 00:37:17,480 Speaker 1: violence has been an issue in the US for decades now, 672 00:37:17,600 --> 00:37:21,040 Speaker 1: and usually when you look at polls from individuals on 673 00:37:21,080 --> 00:37:23,880 Speaker 1: what their top issue is, it never really cracks the 674 00:37:23,920 --> 00:37:26,839 Speaker 1: top three. People care about the inflation, They're focused on 675 00:37:26,840 --> 00:37:29,640 Speaker 1: gas prices, They're focused on the economy, and those are 676 00:37:29,640 --> 00:37:32,480 Speaker 1: really the things that are going to be driving people 677 00:37:32,480 --> 00:37:35,000 Speaker 1: to the polls of both in primaries as well as 678 00:37:35,080 --> 00:37:40,160 Speaker 1: the November. The Senate aid package for Ukraine. How close 679 00:37:40,320 --> 00:37:44,600 Speaker 1: are we We're close. We could be potentially seeing the 680 00:37:44,120 --> 00:37:48,360 Speaker 1: passage of this package on Wednesday, if not Thursday. UH. 681 00:37:48,520 --> 00:37:51,240 Speaker 1: The Senate took a procedural vote last night to continue 682 00:37:51,320 --> 00:37:53,880 Speaker 1: to move it, and you saw a broad bipartisans support 683 00:37:53,960 --> 00:37:56,640 Speaker 1: for that. And if no changes are made to this legislation, 684 00:37:56,640 --> 00:37:59,120 Speaker 1: it'll go right to Biden's test and that will give 685 00:37:59,200 --> 00:38:01,920 Speaker 1: him that for billion dollars to be able to spend 686 00:38:01,960 --> 00:38:05,640 Speaker 1: for military aid, for humanitarian aid for refugees. And you 687 00:38:05,760 --> 00:38:08,279 Speaker 1: really heard kind of from from all sides of of 688 00:38:08,440 --> 00:38:12,239 Speaker 1: US government and even Ukrainian government just how critical this 689 00:38:12,480 --> 00:38:15,600 Speaker 1: support from the US has been in kind of allowing 690 00:38:15,719 --> 00:38:19,440 Speaker 1: Ukraine to continue to defend itself against Russia um and 691 00:38:19,480 --> 00:38:22,319 Speaker 1: in some cases like Kharki, you know, really be able 692 00:38:22,320 --> 00:38:26,640 Speaker 1: to push back against Russian invaders. Who if anybody has 693 00:38:26,680 --> 00:38:29,960 Speaker 1: opposed this, well, you saw ryand Paul hold it up, 694 00:38:30,000 --> 00:38:32,600 Speaker 1: and his main concern is that he wanted language to 695 00:38:32,680 --> 00:38:36,680 Speaker 1: be included in the bill that would specific name someone 696 00:38:36,760 --> 00:38:39,359 Speaker 1: to oversee that for you billion dollars and how it 697 00:38:39,440 --> 00:38:42,280 Speaker 1: was spent um. The reason that leaders had to concern 698 00:38:42,320 --> 00:38:44,640 Speaker 1: with that is that they wanted this bill to move 699 00:38:44,680 --> 00:38:47,840 Speaker 1: a little faster. I don't think necessarily oversight is something 700 00:38:48,280 --> 00:38:50,680 Speaker 1: that lawmakers are opposed to, but they're aware of the 701 00:38:50,800 --> 00:38:53,480 Speaker 1: urgency and the speed with which this needs to happen. 702 00:38:53,920 --> 00:38:57,800 Speaker 1: You also saw fifty seven Republicans vote against the measure 703 00:38:57,840 --> 00:38:59,600 Speaker 1: in the House, and a lot of that was from 704 00:38:59,680 --> 00:39:04,319 Speaker 1: lawmakers who cast themselves as physically conservative, who say that 705 00:39:04,400 --> 00:39:07,799 Speaker 1: we need again more oversight and concerns just about how 706 00:39:07,880 --> 00:39:11,560 Speaker 1: much the US debt deficit is growing given the funding 707 00:39:11,600 --> 00:39:14,520 Speaker 1: that that we're sending to Ukraine. Overall, though, John, it 708 00:39:14,600 --> 00:39:16,920 Speaker 1: is important to note though that that the vast majority 709 00:39:16,960 --> 00:39:21,319 Speaker 1: of Americans do still support aiding Ukraine. Um, you are 710 00:39:21,320 --> 00:39:23,400 Speaker 1: starting to see a little bit of pushback, but but 711 00:39:23,560 --> 00:39:26,560 Speaker 1: on the whole, especially from Congression leaders on both sides, 712 00:39:26,800 --> 00:39:29,239 Speaker 1: there is still a lot of really strong support for 713 00:39:29,320 --> 00:39:33,240 Speaker 1: assisting and aiding Ukraine. The next story deals with moms 714 00:39:33,239 --> 00:39:37,719 Speaker 1: and their babies, the President's seeks to quality baby formula crisis, 715 00:39:38,280 --> 00:39:42,400 Speaker 1: the President taking ownership of this, Yeah, I mean Biden 716 00:39:42,480 --> 00:39:44,640 Speaker 1: is sort of acknowledging that this is something that the 717 00:39:44,680 --> 00:39:47,880 Speaker 1: administration needs to act on. This is a twofold problem. 718 00:39:48,040 --> 00:39:50,319 Speaker 1: One of course, is because of supt chains. The other 719 00:39:50,520 --> 00:39:53,040 Speaker 1: is because you did see a number of recalls from 720 00:39:53,120 --> 00:39:56,800 Speaker 1: a major baby formula supplier, Abbott Industries, and you're seeing 721 00:39:56,800 --> 00:39:59,000 Speaker 1: both Congress and the White House looking to this. We're 722 00:39:59,000 --> 00:40:02,560 Speaker 1: expecting to see gislation introduced later today in the House 723 00:40:03,040 --> 00:40:05,319 Speaker 1: that could either put that would both put some more 724 00:40:05,360 --> 00:40:08,600 Speaker 1: funding towards this issue of baby formulas as well as 725 00:40:08,640 --> 00:40:12,400 Speaker 1: relax some federal regulations around it. UM. We're also seeing 726 00:40:12,440 --> 00:40:15,759 Speaker 1: abbot industries respond really working with their suppliers, trying to 727 00:40:15,800 --> 00:40:19,480 Speaker 1: get additional formula, bringing some international formula that they have 728 00:40:19,680 --> 00:40:22,239 Speaker 1: back over to the US UM. And so this has 729 00:40:22,280 --> 00:40:24,920 Speaker 1: kind of been an all hands on deck situation for 730 00:40:25,080 --> 00:40:27,960 Speaker 1: Democrats across government. Of course, it comes as Republicans have 731 00:40:28,000 --> 00:40:30,440 Speaker 1: been criticizing Democrats saying that, you know, we're at this 732 00:40:30,480 --> 00:40:34,120 Speaker 1: point where mothers are struggling to feed their children. That's 733 00:40:34,120 --> 00:40:38,000 Speaker 1: certainly a very emotional UM talking point, and it kind 734 00:40:38,040 --> 00:40:41,280 Speaker 1: of speaks to the larger economy, which Republicans do blame 735 00:40:41,320 --> 00:40:44,760 Speaker 1: on a number of Biden administration policies. And finally, Emily 736 00:40:44,760 --> 00:40:47,879 Speaker 1: about the middle of a reminder, the pandemic isn't over. 737 00:40:48,040 --> 00:40:51,759 Speaker 1: The US is extending the public health emergency. It is 738 00:40:51,800 --> 00:40:55,600 Speaker 1: extended until mid July. John and this, you know, it's 739 00:40:55,600 --> 00:40:58,439 Speaker 1: interesting that this is being extended at a time where 740 00:40:58,440 --> 00:41:00,440 Speaker 1: you are getting to the point where a lot of 741 00:41:00,480 --> 00:41:02,920 Speaker 1: restrictions have been lifted. UM. You know, a lot of 742 00:41:02,920 --> 00:41:06,920 Speaker 1: people are no longer wearing masks, including on public transportation. 743 00:41:07,280 --> 00:41:10,480 Speaker 1: But what this does is basically allow a number of 744 00:41:10,800 --> 00:41:14,520 Speaker 1: programs to continue operating in an expedited way when it 745 00:41:14,560 --> 00:41:17,200 Speaker 1: comes to getting vaccines out there, when it comes to 746 00:41:17,280 --> 00:41:21,319 Speaker 1: getting medications, when it comes to ensuring that Americans who 747 00:41:21,400 --> 00:41:24,400 Speaker 1: might get COVID are able to be covered by healthcare. 748 00:41:24,520 --> 00:41:28,919 Speaker 1: These are all components that are assisted by having this 749 00:41:29,280 --> 00:41:34,200 Speaker 1: pandemic extended until until it is and we are expecting 750 00:41:34,280 --> 00:41:38,040 Speaker 1: also to go past mid July. We've got Bloomberg reporting, 751 00:41:38,280 --> 00:41:40,919 Speaker 1: uh saying that you know, they're that the government Biden 752 00:41:40,920 --> 00:41:44,880 Speaker 1: administration is is planning to continue to extend this just 753 00:41:45,000 --> 00:41:48,160 Speaker 1: to allow the aid and assistance as Americans still recover 754 00:41:48,760 --> 00:41:50,960 Speaker 1: from COVID. And I mean we're seeing cases go up 755 00:41:50,960 --> 00:41:53,360 Speaker 1: in New York, We're seeing them go up in d C. 756 00:41:54,000 --> 00:41:56,919 Speaker 1: And there we're beginning to question us, particularly in New York, 757 00:41:57,200 --> 00:42:01,000 Speaker 1: whether or not an indoor mask mandate might be coming back. Yeah. Absolutely, 758 00:42:01,040 --> 00:42:03,240 Speaker 1: I am always a pleasure. Thanks a lot, Bloomberg government 759 00:42:03,280 --> 00:42:06,440 Speaker 1: reporter Emily Wilkins, and you could read more about these 760 00:42:06,480 --> 00:42:09,640 Speaker 1: stories on Bloomberg dot com or on the Bloomberg terminal 761 00:42:09,719 --> 00:42:11,520 Speaker 1: and a reminder, you can follow all the latest on 762 00:42:11,560 --> 00:42:15,160 Speaker 1: Bloomberg Radio in Washington Bloomberg ninety nine one one oh 763 00:42:15,160 --> 00:42:18,520 Speaker 1: five point seven FM h D two. Ahead of the 764 00:42:18,560 --> 00:42:21,560 Speaker 1: cash open on Wall Street, DALLA futures of four hundred 765 00:42:21,640 --> 00:42:25,600 Speaker 1: sixty points, the doll, the smp E mini futures of 766 00:42:25,719 --> 00:42:28,799 Speaker 1: sixty six. Right now, the DANZDACK futures are up two 767 00:42:28,880 --> 00:42:31,879 Speaker 1: hundred forty six points. Tenure yield in the US up 768 00:42:31,880 --> 00:42:35,600 Speaker 1: three basis points. Right now, we're at two. Twitter among 769 00:42:35,640 --> 00:42:39,000 Speaker 1: the most actively traded in the pre market. Those years 770 00:42:39,040 --> 00:42:44,040 Speaker 1: down two and three quarters percent. After Karen Moscow, I'm 771 00:42:44,120 --> 00:42:48,440 Speaker 1: John Tucker. Stay with us. Bloomberg surveillance is straight ahead.