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Speaker 1: By from the Bloomberg Interactive Burgers Studios. This is Bloomberg

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Speaker 1: Game Break for Thursday, January. Coming up this hour, more

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Speaker 1: setbacks for Kevin McCarthy in his quest to be Speaker

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Speaker 1: of the House. Amazon is cutting more than eighteen thousand jobs.

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Speaker 1: The Fed pushes back against rate cut beats as it

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Speaker 1: tries to tackle inflation, and investors away. Two more key

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Speaker 1: readings on the labor market ahead of tomorrow's jobs report.

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Speaker 1: Mourners pay their respects at the funeral for former Pope

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Speaker 1: Benedict Blust. President Biden says he intends to visit the

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Speaker 1: US Mexico border. On Michael barr More, I'm John Stashow.

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Speaker 1: In sports, the Knicks pulled out a narrow home win

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Speaker 1: over the Spurs. The Nets win streak into at Chicago,

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Speaker 1: The Devil's wand into Georgian. That's All's trained head on

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Speaker 1: Bloomberg Daybreak on Bloomberg eleven, Free on New York, Bloomberg

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

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Speaker 1: Bloomberg nine sixties and Francisco Syrius Exam one nine Team

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Speaker 1: and around the World Old on Bloomberg Radio dot Com

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Speaker 1: and via the Bloomberg Business app. Good morning, I'm Nathan

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Speaker 1: Hagar and I'm Karen Moscow and US No index futures

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Speaker 1: are a little change to hire this morning. We checked

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Speaker 1: the markets all day long here on Bloomberg. Right now

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Speaker 1: again SMP nastack and down futures, little change to hire.

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Speaker 1: The decks in Germany also that'll change ten. Your treasury

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Speaker 1: down two thirties seconds here three point six nine percent.

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Speaker 1: They yield on the two year four point three seven percent.

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Speaker 1: Nine x screwed oil on the rise of two point

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Speaker 1: three percent of but allar seventy three. It's seventy four

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Speaker 1: dollars fifty six cents of barrel and Comax gold is

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Speaker 1: down three tenths of a percent. Nathan, all right, Karen.

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Speaker 1: We'll have more on markets in a minute, but we

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Speaker 1: begin with the political turmoil continuing in Washington, d C.

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Speaker 1: The House has adjourned once again without electing a speaker.

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Speaker 1: Let's get the latest from Amy Morris in our Bloomberg

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Speaker 1: one newsroom. In the nation's capital, twenty hardline conservatives are

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Speaker 1: blocking GOP leader Kevin McCarthy's ascension to Howse speaker, and

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Speaker 1: Pennsylvania Scott Perry is one of them. Because we all

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Speaker 1: acknowledge and we all know that Washington is broken. We

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Speaker 1: must take a new path. Laurda's Catcamint called on the

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Speaker 1: GOP to support McCarthy. He has proven that he is

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Speaker 1: willing to stand up in the face of critics and

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Speaker 1: not only prove them wrong, but work with them. How's

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Speaker 1: Republican leaders held a meeting late yesterday to hammer out

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Speaker 1: a deal. Still no resolution. Lawmakers reconvene at noon today

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Speaker 1: to begin a seventh round of votes in Washington. I'm

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Speaker 1: anymore as Bloomberg daybreak. All right, Amy, thank you. By

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Speaker 1: The standoff on Capitol Hill is getting attention from the

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Speaker 1: White House. President Biden says he hopes Congress can quote

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Speaker 1: get their act together. Congress of Karen function, there's just embarrassing.

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Speaker 1: With the greatest nation in the world, How could that?

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Speaker 1: President Biden says, dysfunction with the GOP is not a

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Speaker 1: good look to the rest of the world. Now we're

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Speaker 1: hearing reaction from former members of Congress as well. Karen

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Speaker 1: Democrat Tim Rohmer is a former representative from Indiana. He

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Speaker 1: says Republicans voted against McCarthy seemed determined to take him down,

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Speaker 1: and Democrats have little reason to come to his rescue.

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Speaker 1: The Democrats are in a very good position right now.

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Speaker 1: There is no incentive for them to help Kevin McCarthy

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Speaker 1: out of this deep dark well at a hole that

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Speaker 1: he has dug for himself. Former Congressman Tim Rohmer was

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Speaker 1: a guest on Bloomberg Sound On with Joe Matthew. You

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Speaker 1: can catch the program weekdays at five pm Eastern on

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Speaker 1: Bloomberg Radio and listen to the show on demand wherever

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Speaker 1: you get your podcasts. Well, another major story we're following

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Speaker 1: this morning, Nathan brings us to Amazon. We're learning job

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Speaker 1: cuts of the company will be greater than initially anticipated,

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Speaker 1: with Amazon planning to eliminate over eighteen thousand roles, and

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Speaker 1: Bloomberg's Prisoner has the details. The figure includes cuts announced

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Speaker 1: back in November, when about ten thousand workers lost their jobs.

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Speaker 1: Uncertainty over the outlook caused Amazon to accelerate layoffs. CEO

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Speaker 1: Andy Jesse told employees the company typically waits to communicate

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Speaker 1: these outcomes until it speaks with is directly impacted, but

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Speaker 1: the information was leaked to the Wall Street Journal, so

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Speaker 1: the news was shared earlier and directly from Jesse. Most

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Speaker 1: of the cuts are in Amazon's retail division and human resources.

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Speaker 1: Jesse is already eliminated or curtailed experimental and unprofitable businesses

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Speaker 1: in New York. I'm Doug Prisoner Bloomberg Daybreak are Doug,

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Speaker 1: thank you, and those Amazon cuts come as we await

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Speaker 1: two key readings on the labor market today ahead of

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Speaker 1: tomorrow's jobs report, we get a preview from Bloomberg's Mike McKee.

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Speaker 1: The Fed is focused on employment as they raise rates

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Speaker 1: to slow the economy. Unemployment should rise, So far it hasn't.

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Speaker 1: Jobless claims have remained low and steady, although economists say

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Speaker 1: it's difficult to get a clear read on layoffs during

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Speaker 1: the holidays, so don't expect a big change in claims yet.

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Speaker 1: ADP measures the number of people on payrolls, in theory

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Speaker 1: that should point to the direction of the overall labor market. ADP, however,

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Speaker 1: has diverged from the government's payroll report, coming in weaker

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Speaker 1: for the past five months. Bottom Line markets are likely

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Speaker 1: to look past today's day ad to Friday's numbers, figuring

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Speaker 1: that's what the Fed will be doing. Michael McKie Bloomberg Daybreak,

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Speaker 1: All right, Michael, thank you. Meantime, the FEDS standing firm

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Speaker 1: and it's resolved to bring down inflation, and we get

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Speaker 1: the latest Live with Bloomberg. Steve Rappaport's Steve, good morning,

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Speaker 1: Good morning, Karen and Nathan. With that resolve comes a

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Speaker 1: delicate balancing act for the Federal Reserve. In a blunt

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Speaker 1: warning to investors, minutes from the last policy meetings show

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Speaker 1: the central bank will not cave to public pressure to

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Speaker 1: lower interest rates. The FED is attempting to cut inflation

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Speaker 1: without triggering a recession, but JP Morgan Chief US economist

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Speaker 1: Michael Faroli tells Bloomberg gets likely too late to achieve

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Speaker 1: that goal. We are expecting the economy to slip into

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Speaker 1: recession by the end of the year, just due to

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Speaker 1: the lag effect of the of the tightening and financial

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Speaker 1: conditions that the Fed is engineered here, as well as

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Speaker 1: the additional rate heights at their they're signaling today. The

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Speaker 1: notes also highlight the Fed's rate projections being notably above

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Speaker 1: market expectations from a policy standpoint, Live in New York.

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Speaker 1: I'm Steve Rappaport, Bloomberg Daybreak, All right, Steve, thank you,

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Speaker 1: Oh the SMP and NASDAC shook off fed caution yesterday's

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Speaker 1: happening two days of losses, but Morgan Stanley chief US

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Speaker 1: equity strategist Mike Wilson, who correctly predicted last year's dismal market,

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Speaker 1: says stocks are heading even lower. We think three thousand

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Speaker 1: is a very achievable number given our confidence on our

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Speaker 1: earnings forecast. Ironically, I would say, in the absence of,

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Speaker 1: you know, a recession meaning companies decide to not off aggressively,

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Speaker 1: that target looks more achievable. Let may sound counterintuitive, but

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Speaker 1: that's the way we're not modeling it today. So our

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Speaker 1: bare case is actually kind of we avoid a recession,

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Speaker 1: but not to slowdown. If that prediction from Morgan Stanley

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Speaker 1: chief US equity strategist Mike Wilson comes true, stocks with

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Speaker 1: decline more than from current levels, Well, Nathan s and

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Speaker 1: P and Dow futures are a little change this morning.

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Speaker 1: Nownsdays future is of a tenth of upper cent or

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Speaker 1: twelve points, and the ten year treasury down one thirty

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Speaker 1: second deal three point six eight per cent and straight ahead.

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Speaker 1: We have your latest local headlines plus the check of sports,

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Speaker 1: and this is Bloomberg. Karen. Thanks six o seven on

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Speaker 1: Wall Street. Now forty nine degrees in Central Park. I've

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Speaker 1: hatchee fog this morning. It's gonna stay cloudy and cooler

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Speaker 1: today with him the low fifties, maybe a shower tonight.

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Speaker 1: We'll get down to the low forties. And Michael Barre

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Speaker 1: is here now with what else is going on in

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Speaker 1: New York and around the world. Good morning, Michael, Good

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Speaker 1: morning Nathan. Pope Francis delivered the amily at the funeral

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Speaker 1: mass for former Pope Benedict Benedetto in Italian. Pope Francis said, Benedict,

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Speaker 1: may your joy be complete as you hear his voice.

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Speaker 1: Warners gathered in St. Peter Square outside the Vatican today

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Speaker 1: where Benedict is being laid to rest. George Mason University

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Speaker 1: professor Helen Alvary spoke about Benedict's legacy. I think he's

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Speaker 1: a model of humility and modesty. He was definitely a

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Speaker 1: servant of the Church. He didn't want to come to Rome.

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Speaker 1: He wanted to stay in Germany and remain at Theologian.

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Speaker 1: He didn't want to be head of the Office of Doctrine.

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Speaker 1: But John Paul To really twisted his arm, and he

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Speaker 1: really did not want to be pope. Ah he thought,

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Speaker 1: you know, he was not great enough for it. Benedict

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Speaker 1: will be buried in the crypt under St. Peter's Basilica.

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Speaker 1: President Joe Biden says he intends to visit the US

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Speaker 1: Mexico border next week for a firsthand look at conditions

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Speaker 1: as his administration contends with a surge in migration. Biden

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Speaker 1: is already scheduled to travel to Mexico next week to

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Speaker 1: meet with the presidents of Mexico and Canada. He wanted violence.

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Speaker 1: That's what investigators in New York City say about Trevor Bickford,

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Speaker 1: arrested for allegedly attacking three police officers near Times Square

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Speaker 1: on New Year's Eve. The nineteen year old from Maine

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Speaker 1: was a rain yesterday in charge in the machete attack.

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Speaker 1: It's a war of words between New York City Mayor

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Speaker 1: Eric Adams and former Mayor Bill de Blasio's administration. Adams

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Speaker 1: is calling on his predecessor to stop his team from

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Speaker 1: criticizing the current administration. Not called build the other day,

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Speaker 1: that's a bill. What's going on? You know what's going on?

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Speaker 1: And then Big Bill's coms guy, who's probably the roast

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Speaker 1: coms guy in the history of communication. Adams is talking

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Speaker 1: about the blasil's former spokesperson Bill Neidhardt, who has been

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Speaker 1: increasingly critical of Adams on Twitter. Adams said they had

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Speaker 1: eight years to do their job. Once they're gone, they're

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Speaker 1: experts on everything. Heavy rains and strong winds at California

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Speaker 1: overnight as a powerful bomb cyclone washed ashore, knocking out power.

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Speaker 1: Global News twenty four hours a day on air and

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Speaker 1: on Bloomberg Quick Take, powered by more than journalists and

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Speaker 1: analysts more than twenty countries. Michael Barr, this is Bloomberg. Nathan.

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Speaker 1: All right, Michael, thank you, Coming up to six ten

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Speaker 1: on Wall Street. Time for the Bloomberg Sports Update, brought

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Speaker 1: to you by tri State out Here. Here's John stash Our.

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Speaker 1: All right, Nathan Nicks lost to the lowly Spurs a

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Speaker 1: week ago in San Antonio. Jalen Brunson didn't play that game.

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Speaker 1: He'd did play last night at the Guard and he

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Speaker 1: scored thirty eight points. That's a career high in the

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Speaker 1: regular season. The Knicks pulled out the win one seventeen,

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Speaker 1: won fourteen. The Nets brought their twelve game winning straight

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Speaker 1: to Chicago the Bowls one one twelve to despite forty

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Speaker 1: four points by Kevin Duran's, the Nets first loss in

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Speaker 1: a month. Devil's won five one at Detroit. They're back

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Speaker 1: home tonight. Road games tonight for both the Rangers and

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Speaker 1: Islanders College Who's Fordham lost the Titlan at Rhode Island

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Speaker 1: eight two seventy nine. Big East Providence beat Yukon. The

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Speaker 1: Huskies were fourteen now they've lost their last two, and Georgetown,

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Speaker 1: with a loss to Villanova, has now lost twenty five

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Speaker 1: consecutive Big East games under coach Patrick. You're in a

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Speaker 1: c c NC State beat Duke by twenty four. Duke

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Speaker 1: was down twenty two at halftime. The Red Stocks having

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Speaker 1: allowed short stops. Andrew Bogart has become a free agent,

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Speaker 1: losing them to San Diego, holding on to All star

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Speaker 1: third baseman Rafael Dever's new contract eleven years, three hundred

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Speaker 1: and thirty one million. Jets closed out the season Sunday

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Speaker 1: in Miami. It seems as if every press conference for

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Speaker 1: Jets coach Robert Salah a discussion of where things stand

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Speaker 1: with bench quarterback Zach Wilson. Zach has got all the

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Speaker 1: talent in the world, and we have all the confidence

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Speaker 1: in the world with him. It's just like I said,

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Speaker 1: from this reset, and we're gonna we're gonna grind with him.

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Speaker 1: We are and uh and through hell or high water,

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Speaker 1: we're gonna figure out how to how to get him

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Speaker 1: to where we know he can be. Mike White will

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Speaker 1: be Salas starter Sunday. The Dolphins likely to start rookie QB.

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Speaker 1: Skyler Thompson Miami, who liked the Jets, has lost five

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Speaker 1: in a row. You can still make the playoffs with

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Speaker 1: a win and in New England loss in Buffalo, Johns

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Speaker 1: Dashware Bloomberg Sports Maybe, hey, John, thank you, and the

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Speaker 1: Bloomberg Sports Report was brought to you by Audi. You

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Speaker 1: don't let someone else drive off in the autie model

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Speaker 1: you've always wanted. Visit your local Fry state autie dealer

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Speaker 1: to get behind the wheel of yours today, or visit

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Speaker 1: outie offers dot com for more information, such a for

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Speaker 1: Day three of voting for Speaker of the House on

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Speaker 1: Capitol Hill. Just ahead, first, we'll take a look at futures.

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Speaker 1: They're starting to get some traction here. SMP futures up

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Speaker 1: six point, staff futures up thirty. Nastac features now up

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Speaker 1: a quarter percent, up twenty eight points, Live from coast

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Speaker 1: to coast, from New York to San Francisco, Boston to Washington,

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Speaker 1: d C. Nationwide on Sirius xamp, the Bloomberg Business app,

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Speaker 1: and Bloomberg dot Com. This is Bloomberg Daybreak. Good morning

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Speaker 1: on Nathan Hagar. We are coming up on day three

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Speaker 1: of voting in the U. S. House of Representatives on

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Speaker 1: whom to elect as a new speaker. Kevin McCarthy, the

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Speaker 1: House Republican leader, has failed to pick up any support

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Speaker 1: after six straight rounds of voting. For this point, there

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Speaker 1: is little end in sight to the standoff, with twenty

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Speaker 1: or so now holdout Republicans. It's get something of an

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Speaker 1: international perspective on what's happening in our nation's capital. Julie

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Speaker 1: Norman joins US live from London this morning, co director

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Speaker 1: of the Center on US Politics at University College London.

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Speaker 1: Juliet's great to speak with you once again. We heard

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Speaker 1: President Biden yesterday say the dysfunction on Capitol Hill isn't

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Speaker 1: a good look with the rest of the world watching.

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Speaker 1: So how is this standoff being viewed from where you said? Well,

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Speaker 1: good morning, Nathan, Yeah, it's interesting I mean, as as

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Speaker 1: we know from the US, this is such an unprecedented situation.

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Speaker 1: So I think for people overseas just trying to underscore

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Speaker 1: that this is not usual, and everyone, just like Americans,

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Speaker 1: trying to see where will this go. I mean, this

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Speaker 1: isn't obviously the same um level of concern as say,

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Speaker 1: I use some of the incidents we've seen over the

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Speaker 1: last two years, say January six, But it is just

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Speaker 1: a question of what is happening with US politics? Can

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Speaker 1: Republicans get it together? And what happens when the Congress

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Speaker 1: is essentially not functioning for days or even weeks on end.

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Speaker 1: I know you've been watching this as since it's been unfolding,

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Speaker 1: even before the voting began, when presumably Leader McCarthy was

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Speaker 1: doing a bit of horse trading with some of those

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Speaker 1: holdout Republicans who now seem determined to block him from

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Speaker 1: becoming speaker. Do you see any path to a compromise

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Speaker 1: here within the Republican Party in the U. S. House? Well, Nathan,

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Speaker 1: it's interesting. I mean McCarthy has already made multiple compromise,

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Speaker 1: as you said, before the vote, you know, um agreeing

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Speaker 1: to measures such as allowing a vote to House the

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Speaker 1: Speaker with just five members of the party voting to

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Speaker 1: do so, making some other concessions. But I do think

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Speaker 1: that we heard some some chatter that last night some

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Speaker 1: further negotiations have been going on. Some of the demands

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Speaker 1: of the oppositionists has been for allowing that vote to

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Speaker 1: House to Speaker from just one member of the party.

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Speaker 1: That's apparently something that McCarthy is considering that that would

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Speaker 1: make UM that speak composition very very attenuous to hold onto. UM.

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Speaker 1: There's requests to have more of this particular group on

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Speaker 1: the House Rules Committee UM and pushing different kinds of

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Speaker 1: floor votes. So these are still some of the demands

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Speaker 1: so to speak, that we're uh, not yet agreed to

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Speaker 1: buy McCarthy Again, there's some murmurs that that those might

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Speaker 1: be negotiated overnight, So we'll see what happens, and they

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Speaker 1: reconduing it noon today. Yeah, while we wait for that reconvening,

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Speaker 1: Congress remains out of stand still. I can't do anything

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Speaker 1: until they elect to speak. Er, what is this situation

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Speaker 1: foretell potentially about this Congress's ability to get anything done

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Speaker 1: over the next two years? Yeah, what, we already knew

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Speaker 1: that it was going to be tough. With the very

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Speaker 1: slim majority for Republicans, that obviously legislation would be uh,

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Speaker 1: you know, tough to get through, and that even the

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Speaker 1: party would be quite beholden to any small group within it,

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Speaker 1: such as this group of twenty that we're seeing now.

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Speaker 1: I don't think anyone thought that leverage would be wielded

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Speaker 1: quite as heavily, quite so soon. But it's a very

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Speaker 1: clear indication that whoever ends up in the leadership is

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Speaker 1: going to really be be governing with almost with a

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Speaker 1: gun at their head. That they know the leadership can

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Speaker 1: be pulled out from under them very quickly. They know

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Speaker 1: they're gonna have to make a lot of compromises to

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Speaker 1: get any votes, and we can expect that issues like

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Speaker 1: the budget, issues like the debt ceiling will be um

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Speaker 1: you know that that no holds will be barred on

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Speaker 1: on making concessions and trying to force compromises on those issues.

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Speaker 1: I mean, when you use an analogy like that of

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Speaker 1: speakership with a gun to their head, I mean, we

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Speaker 1: know that Kevin mc carthy has had this ambition for years,

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Speaker 1: but if he does step aside, I mean, is there

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Speaker 1: anyone who's going to be willing to step forward into

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Speaker 1: this kind of fractiousness. Yeah, I think it's Yeah, I

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Speaker 1: think that obviously. That's that's been the challenge for this

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Speaker 1: whole week, is there's there's no clear alternative. I mean,

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Speaker 1: you we obviously have heard, you know, Steve Schleecy could

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Speaker 1: fall into that role. Some have said Jim Jordan's. I

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Speaker 1: think even they would be very hard pressed. Um. You know,

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Speaker 1: Jim Jordan especially would be seen as very much a

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Speaker 1: firebrand in a position that's, you know, a very different

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Speaker 1: kind of role than that. So I think the Republicans

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Speaker 1: are up against it with who will be able to

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Speaker 1: take that role and stay in that role. And my

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Speaker 1: guess is that, you know, it wouldn't be It wouldn't

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Speaker 1: be unsurprising if we see that role shifting several times

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Speaker 1: over these next two years, especially if the rules changed

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Speaker 1: with how they might be ousted. Kind about thirty seconds

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Speaker 1: left here, Julie, But what do you make of Brian

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Speaker 1: Byron Donald's Republican alternative emerging yesterday? Where did he come from? Yeah?

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Speaker 1: So Donald, you know, he's only a sophomore. He was

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Speaker 1: elected in twenty to the House um from the state

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Speaker 1: of of of Florida. And it's someone that I think,

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Speaker 1: you know, many thought maybe down the line would be

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Speaker 1: in the leadership position, but certainly very premimature to see

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Speaker 1: that now. Again, he's a name that was floated, I

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Speaker 1: think more as a placeholder than anything else. I think

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Speaker 1: would be very hard to get all Republicans behind him,

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Speaker 1: but he was seen as an alternative to say, Jim

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Speaker 1: Jordan's other names that were being floated just to kind

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Speaker 1: of carry the votes through this week. All right, well,

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Speaker 1: we'll see if there's any further movement. Hasn't been much

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Speaker 1: of that over the last two days, but we continue

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Speaker 1: to monitor at all on Capitol Hill. Julie Norman with

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Speaker 1: the University College London Center on US Politics. Great as

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Speaker 1: always to get your perspective. Thanks again for being with

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Speaker 1: us this morning. Futures starting to move a bit higher

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Speaker 1: now we have SMP futures up six points, STA futures

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Speaker 1: up twenty nine. NASTAC future is a gain of three

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Speaker 1: tenths percent, now up thirty points. In the tenure Treasury

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Speaker 1: is down one thirty second, you're three point six. This

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Speaker 1: is Blimberg Markets, headlines and breaking news twenty four hours

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Speaker 1: a day at Bloomberg dot Com. The Bloomberg Business and

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Speaker 1: at Bloomberg Quicktape is a Bloomberg business flash. And I'm

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Speaker 1: Karen Moscow. And futures are higher this morning, SMP futures

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Speaker 1: at the tenth of upper center five points and down

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Speaker 1: futures that will change nasday futures up two ten percent

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Speaker 1: or twenty five points of the tenure Treasury down one

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Speaker 1: thirty second, you know, three point six eight percent. That's

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Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more

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Speaker 1: on what's going on around the world. Michael tar In.

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Speaker 1: The US House were resumed session later today after Kevin

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Speaker 1: McCarthy and GOP dissidents failed to reach a deal on

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Speaker 1: the California Republicans bid to become a speaker. Pope Francis

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Speaker 1: is at the funeral for former Pope Benedict NBA. The

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Speaker 1: next one, the Nets and Barriers lost the Hockey Action.

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Speaker 1: The Devil's One Global news twenty four hours a day

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

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Speaker 1: analysts more than a hundred countries. Michael bar this is

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Speaker 1: Bloomberg Naked. Thanks Michael six two on Wall Street. I'm

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Speaker 1: Nathan Haggard. This is Bloomberg Daybreak. I want to shift

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Speaker 1: gears now to a very specific part of the US economy.

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Speaker 1: As growth slows, one area of investment is peaking some interest.

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Speaker 1: Latinos are the fastest growing demographic of US entrepreneurs, and

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Speaker 1: Latino owned businesses have historically seen under investment, but that

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Speaker 1: may be set to change. Bloomberg's Lisa Matteo has more

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Speaker 1: in this special report. The total economic output of US

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Speaker 1: Latinos was two point eight trillion dollars in Yet, despite

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Speaker 1: being a key driving force of the US economy, experts

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Speaker 1: say the capital isn't flowing towards the growth. According to

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Speaker 1: the Latino Business Action Network, Hispanic owned businesses have grown

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Speaker 1: forty four percent in the last ten years, compared to

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Speaker 1: just four percent for non Latinos, but less than two

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Speaker 1: percent of the available venture capital funding in the US

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Speaker 1: goes into this cohort. This is the best economy in

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Speaker 1: the world that free and prices of it largely excludes

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Speaker 1: small businesses and minority owned businesses. Even today, Romerica Vassos,

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Speaker 1: as the President and CEO of the United States Hispanic

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Speaker 1: Chamber of Commerce, than a big part of it. I

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Speaker 1: think it's just relationships. It's networks, you know. I hate

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Speaker 1: to say it, We're largely invisible. In order to make

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Speaker 1: those connections, Anna Veldez, president and CEO of the Latino

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Speaker 1: Donor Collaborative, says more vcs need to get out of

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Speaker 1: their comfort zone. You need to start reaching out to

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Speaker 1: places where you actually never reached. People that may not

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Speaker 1: be as well versed, that may not come from your environment,

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Speaker 1: that may not look like you, that may not talk

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Speaker 1: like you, but there are that are making a lot

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Speaker 1: of money. Anthony Alcasar is finding himself in the middle

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Speaker 1: of the struggle. His company Mr Tortilla is number one

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Speaker 1: on Amazon. They've expanded their product line and just opened

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Speaker 1: a second factory. My projections are thirty millions of tween

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Speaker 1: three million millions, and I can't get a fish shaped,

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Speaker 1: he says. The offers he has received include a majority

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Speaker 1: stake in his business. We worked a whole life for this,

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Speaker 1: and so if I lose control ownership now, I can

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Speaker 1: guarantee that they're going focusing philosophies and run our business. Await.

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Speaker 1: We want to run it. That's why Latino ventured capitalists

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Speaker 1: and banking and community lenders and c D Advice Unity

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Speaker 1: Development and Finance Institution. We've got to get them to

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Speaker 1: step up. Latitude Ventures is doing just that. The company

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Speaker 1: recently launched a one million dollar fund focused on Latino

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Speaker 1: founded early stage businesses. We're looking hard. We're creating the pipeline.

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Speaker 1: We're creating the visibility so that any Latino and Latino

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Speaker 1: that has been shut out that they can come here

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Speaker 1: and they're gonna get a fair look. Company president sold through.

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Speaker 1: He has his own prediction. My bed is between now

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Speaker 1: and the end of the decade, a trillion dollars a

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Speaker 1: capital should be flowing here so that we can grow

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Speaker 1: GDP at a highly competitive rate versus doing it the

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Speaker 1: same way. Valdez puts that growth into perspective. If Latino's

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Speaker 1: got the same proportion of credit as a whitesar given,

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Speaker 1: it would translate into adding three point three trillion of

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Speaker 1: revenue of companies in this country. But it's not only

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Speaker 1: venture capital funding. L B a N reports the odds

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Speaker 1: of loan approval from national banks are sixty percent lower

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Speaker 1: for Latino owned businesses. Industry leaders say it comes down

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Speaker 1: to diversification. It's a proportionate representation at all levels in

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Speaker 1: the bank, from the board all the way to the

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Speaker 1: c suite, all the way to the executive branch, and

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Speaker 1: then to the branches. Actress, singer and entrepreneur Jennifer Lopez

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Speaker 1: is looking to change the playing field. Lopez launched Limitless

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Speaker 1: Labs to raise funds for Latina entrepreneurs, including a partnership

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Speaker 1: with Goldman Sachs, and this past June, Lopez partnered with

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Speaker 1: Gramine America to help distribute fourteen billion dollars in loans

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Speaker 1: to six hundred thousand Latina business owners by the future

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Speaker 1: of this economy will depended on small businesses and Latino

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Speaker 1: owned businesses because of share demographics. According to the US

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Speaker 1: Census Bureau, more than half of the total US population

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Speaker 1: growth between and came from Hispanics, and with Latino entrepreneurs

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Speaker 1: starting small businesses faster than the rest of the startup population,

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Speaker 1: the rising tide will lift all boats in New York.

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Speaker 1: I'm Lisa Matteo, Bloomberg Radio. All right, Our thanks to

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Speaker 1: Lisa Mateo for that special report, along with producer Sebastian Escobar.

428
00:23:37,400 --> 00:23:40,160
Speaker 1: SMP futures right now are higher by three points. Staff

429
00:23:40,160 --> 00:23:43,600
Speaker 1: futures up ten NASTAC futures up twenty points, the ten.

430
00:23:43,680 --> 00:23:46,600
Speaker 1: Your treasury is down to thirty seconds yield three point

431
00:23:46,720 --> 00:23:49,040
Speaker 1: six nine percent. We'll get a fullard check of markets,

432
00:23:49,080 --> 00:23:51,520
Speaker 1: just a head plus this morning's top stories and your

433
00:23:51,560 --> 00:23:55,240
Speaker 1: local headlines. First, we want to check in with Bloomberg

434
00:23:55,280 --> 00:23:59,040
Speaker 1: meteorologist Rob Carolin for a look at our weekend weather forecast.

435
00:24:00,280 --> 00:24:02,480
Speaker 1: Patchy fog this morning will give way to cloudy sky,

436
00:24:02,640 --> 00:24:05,040
Speaker 1: Temperatures a little cooler today around the Tristead area. It's

437
00:24:05,080 --> 00:24:07,600
Speaker 1: fifty to fifty five this afternoon. We'll have clouds and

438
00:24:07,600 --> 00:24:11,720
Speaker 1: maybe a shower overnight. Those five turning partly Sunday. Tomorrow,

439
00:24:11,760 --> 00:24:14,400
Speaker 1: high pressure heads our way. We're forty five to fifty,

440
00:24:14,600 --> 00:24:17,280
Speaker 1: partly sunny in forty five Saturday. It remains partly sunning

441
00:24:17,320 --> 00:24:21,000
Speaker 1: into Sunday, but cooler Sunday around forty I'm Rob Carolyn

442
00:24:21,119 --> 00:24:27,720
Speaker 1: with your weekend forecast. I'm Bloomberg eleven three oh broadcasting

443
00:24:27,800 --> 00:24:31,520
Speaker 1: live from the Bloomberg Interacted Broker's studio in New York.

444
00:24:31,600 --> 00:24:34,840
Speaker 1: Bloomberg E loving Freedom to Washington, d C, Bloomberg N

445
00:24:35,400 --> 00:24:38,919
Speaker 1: one to Boston, Bloomberg one oh six one does San Francisco,

446
00:24:39,000 --> 00:24:42,440
Speaker 1: Bloomberg sixty to the country. Sirius XM to the one

447
00:24:42,520 --> 00:24:45,600
Speaker 1: nineteen and around the globe, the Bloomberg Business app and

448
00:24:45,720 --> 00:24:54,879
Speaker 1: Bloomberg Radio dot com. This is Bloomberg Daybreak. Now we're

449
00:24:54,920 --> 00:24:56,840
Speaker 1: coming up to six thirty on Wall Street. Good morning.

450
00:24:56,880 --> 00:24:59,679
Speaker 1: I'm Nathan Hager and I'm Karen Moscow, and we are

451
00:24:59,760 --> 00:25:02,320
Speaker 1: just about three hours away from the open of US trading.

452
00:25:02,400 --> 00:25:04,040
Speaker 1: Time for the five things that you need to know

453
00:25:04,160 --> 00:25:06,040
Speaker 1: to start your day. Brought to you by i b

454
00:25:06,280 --> 00:25:09,240
Speaker 1: k R. Indirective broker's clients are an interest of up

455
00:25:09,280 --> 00:25:11,879
Speaker 1: to three point three percent on the idle cash and

456
00:25:11,920 --> 00:25:14,719
Speaker 1: their brokerage accounts. Visit ib k R dot com slash

457
00:25:14,760 --> 00:25:18,800
Speaker 1: interest rates to learn more. Rates subject to change at first.

458
00:25:18,800 --> 00:25:22,359
Speaker 1: The House of Representatives has adjourned once again after six

459
00:25:22,520 --> 00:25:26,639
Speaker 1: rounds of voting without electing a speaker. Twenty Conservatives are

460
00:25:26,640 --> 00:25:29,880
Speaker 1: blocking Kevin McCarthy's path to the speakership. Now the standoff

461
00:25:29,960 --> 00:25:33,520
Speaker 1: is drawing negative attention from President Biden. It's embarrassment for

462
00:25:33,600 --> 00:25:38,080
Speaker 1: the country. I mean literally making a part of this reality,

463
00:25:38,359 --> 00:25:41,399
Speaker 1: President Biden says, the GOP does function is not a

464
00:25:41,400 --> 00:25:43,560
Speaker 1: good look to the rest of the world. To Lawmakers

465
00:25:43,600 --> 00:25:46,680
Speaker 1: reconvene at noon today for a seventh round of votes

466
00:25:46,960 --> 00:25:50,520
Speaker 1: assenting Republicans. Karen don't have a specific candidate in mind

467
00:25:50,560 --> 00:25:54,000
Speaker 1: for the speakership. That's according to former Indiana Democratic Representative

468
00:25:54,040 --> 00:25:57,000
Speaker 1: Tim Rohmer, who tells US gop TO centers just want

469
00:25:57,040 --> 00:26:00,320
Speaker 1: to oppose McCarthy. These four or five or twenty see

470
00:26:00,320 --> 00:26:03,400
Speaker 1: this as a real victory, just taking McCarthy down. Former

471
00:26:03,440 --> 00:26:06,639
Speaker 1: Congressman Tim Rohmer spoke on Bloomberg Sound On with Joe Matthew.

472
00:26:06,920 --> 00:26:09,160
Speaker 1: You can catch the show weekdays five pm. E Stern

473
00:26:09,200 --> 00:26:12,760
Speaker 1: on Bloomberg Radio. Another major story we're following this morning,

474
00:26:12,880 --> 00:26:15,800
Speaker 1: Nathan involves those job cuts at Amazon. The company plans

475
00:26:15,800 --> 00:26:18,919
Speaker 1: to eliminate just over eighteen thousand rolls, more than was

476
00:26:18,960 --> 00:26:21,720
Speaker 1: initially announced in November. Most of the cuts will come

477
00:26:21,720 --> 00:26:25,320
Speaker 1: in Amazon's recount division and human resources department, and so

478
00:26:25,359 --> 00:26:27,680
Speaker 1: the broader economy. Karen, all eyes remain on the FED.

479
00:26:27,800 --> 00:26:30,720
Speaker 1: The Central Bank is affirming its resolved to bring down inflation,

480
00:26:30,800 --> 00:26:34,000
Speaker 1: and Bloomberg Steve Rappaport joins US Live with margod Morning. Steve,

481
00:26:34,040 --> 00:26:37,600
Speaker 1: Good morning, Nathan and Karen. Despite that resolve, policymakers say

482
00:26:37,680 --> 00:26:40,040
Speaker 1: they're not afraid to keep interest rates high, at least

483
00:26:40,080 --> 00:26:42,440
Speaker 1: in the short term minutes from their last meeting. Note

484
00:26:42,440 --> 00:26:46,040
Speaker 1: in unwarranted easing of financial conditions, especially if driven by

485
00:26:46,080 --> 00:26:48,919
Speaker 1: a misperception by the public of the committee's reaction function,

486
00:26:48,960 --> 00:26:52,280
Speaker 1: would complicate efforts to restore price stability. The Central Bank's

487
00:26:52,320 --> 00:26:54,840
Speaker 1: goal is to eventually bring inflation down to two percent

488
00:26:54,920 --> 00:26:57,480
Speaker 1: while keeping the economy out of a recession. Live in

489
00:26:57,520 --> 00:27:00,760
Speaker 1: New York, I'm Steve Rappaport Bloomberg Daybreak. All right, Steve, thanks,

490
00:27:00,760 --> 00:27:03,879
Speaker 1: So the SNP and nasdacs shook off FED caution yesterday,

491
00:27:03,880 --> 00:27:06,800
Speaker 1: snapping two days of losses. But Morgan Stanley chief US

492
00:27:06,840 --> 00:27:10,280
Speaker 1: equity strategist Mike Wilson says, with earnings around the corner,

493
00:27:10,600 --> 00:27:13,480
Speaker 1: investors need to gear up for rough days ahead. We're

494
00:27:13,480 --> 00:27:16,040
Speaker 1: gonna get a nasty earnings recession, and so the companies

495
00:27:16,040 --> 00:27:18,720
Speaker 1: that can deliver on the cost deficiency are the ones

496
00:27:18,720 --> 00:27:21,359
Speaker 1: that are going to continue to perform until you fully

497
00:27:21,400 --> 00:27:24,040
Speaker 1: twice you know, whatever this downturn on earnings are going

498
00:27:24,040 --> 00:27:27,000
Speaker 1: to be. And Morgan Stanley's Mike Wilson thinks stocks could

499
00:27:27,040 --> 00:27:29,920
Speaker 1: decline more than twenty percent from current levels. And that's

500
00:27:29,960 --> 00:27:32,120
Speaker 1: the five things you need to know to start your day.

501
00:27:32,359 --> 00:27:35,960
Speaker 1: Brought to you by Interactive brokers and futures this morning.

502
00:27:36,400 --> 00:27:39,960
Speaker 1: They're little changed SNP and DAL futures anyway, Nasty futures

503
00:27:39,960 --> 00:27:42,040
Speaker 1: are higher. They're up to tens of a percent. They've

504
00:27:42,080 --> 00:27:44,720
Speaker 1: been adding to their gains, up about nineteen points right now.

505
00:27:45,000 --> 00:27:47,640
Speaker 1: The decks in Germany has little changed, and your treasury

506
00:27:47,760 --> 00:27:49,960
Speaker 1: down three thirty seconds. You have three point six nine

507
00:27:49,960 --> 00:27:51,960
Speaker 1: percent and the yield on the two year four point

508
00:27:51,960 --> 00:27:54,920
Speaker 1: three eight percent trade. I had your latest local headlines

509
00:27:55,000 --> 00:28:03,399
Speaker 1: plus a check of sports, and this is Bloomberg. Thank you,

510
00:28:03,440 --> 00:28:05,960
Speaker 1: Karen sixty one on Wall Street, and Michael Barr is

511
00:28:06,000 --> 00:28:07,399
Speaker 1: back with us for a look at what else is

512
00:28:07,440 --> 00:28:10,000
Speaker 1: going on in New York and around the world. Good morning, Micaol,

513
00:28:10,080 --> 00:28:12,960
Speaker 1: Good morning. Nathan Mourner's forward into St. Peters Square for

514
00:28:13,040 --> 00:28:17,240
Speaker 1: the funeral of former Pope Benedict. Bell's told and the

515
00:28:17,280 --> 00:28:21,080
Speaker 1: crowd applauded as Paul Bears carried out Benedict's cypress coffin

516
00:28:21,320 --> 00:28:23,719
Speaker 1: out of the basilica and rested it before the altar.

517
00:28:24,080 --> 00:28:27,639
Speaker 1: Helen Alvary is a George Mason University professor. He's going

518
00:28:27,720 --> 00:28:30,919
Speaker 1: to be remembered as one of the greatest intellects in

519
00:28:30,960 --> 00:28:33,080
Speaker 1: the history of the Church, which is saying something in

520
00:28:33,119 --> 00:28:36,520
Speaker 1: two thousand years, Uh, he is going to be the

521
00:28:36,600 --> 00:28:40,880
Speaker 1: person who pursued all the great questions in you know,

522
00:28:40,960 --> 00:28:44,160
Speaker 1: more than sixty five books and probably hundreds of articles.

523
00:28:44,480 --> 00:28:47,560
Speaker 1: Heads of state, royalty and clergy from around the world

524
00:28:47,600 --> 00:28:50,479
Speaker 1: flocked to the Vatican. It is a war of words

525
00:28:50,520 --> 00:28:53,240
Speaker 1: between New York City Mayor Eric Adams and former Mayor

526
00:28:53,280 --> 00:28:57,080
Speaker 1: Bill de Blasio's administration. Adams is calling on his predecessor

527
00:28:57,160 --> 00:29:00,360
Speaker 1: to stop his team from criticizing the current administration. I

528
00:29:00,480 --> 00:29:05,640
Speaker 1: am so tied of the previous administration and the antics,

529
00:29:05,960 --> 00:29:09,760
Speaker 1: Adams slammed the Blasio's former spokesperson, who has been increasingly

530
00:29:09,800 --> 00:29:12,640
Speaker 1: critical of Adams on Twitter. The mayor said they had

531
00:29:12,680 --> 00:29:15,040
Speaker 1: eight years to do their job. Once they're gone, their

532
00:29:15,120 --> 00:29:18,520
Speaker 1: experts on everything. President Joe Biden says he intends to

533
00:29:18,600 --> 00:29:21,800
Speaker 1: visit the US Mexico border next week for a firsthand

534
00:29:21,840 --> 00:29:25,000
Speaker 1: look at conditions as his administration contends with a surge

535
00:29:25,240 --> 00:29:29,000
Speaker 1: in administration in migration. I should say. Rick Singer, the

536
00:29:29,000 --> 00:29:32,960
Speaker 1: mastermind of the nationwide college admissions bribery scheme that ensnared

537
00:29:32,960 --> 00:29:35,840
Speaker 1: celebrities and prominent people, was sentenced to three and a

538
00:29:35,840 --> 00:29:39,320
Speaker 1: half years in prison. Global News twenty four hours a

539
00:29:39,400 --> 00:29:42,800
Speaker 1: day on air and on Bloomberg Quicktake, powered by more

540
00:29:42,880 --> 00:29:46,320
Speaker 1: than twenty hundred journalists analysts more than a hundred twenty countries.

541
00:29:46,640 --> 00:29:50,160
Speaker 1: I'm Michael Barr. This is Bloomberg, Nathan. Okay, Michael, Thank you.

542
00:29:55,000 --> 00:29:57,000
Speaker 1: About six thirty three on Wall Street time for the

543
00:29:57,040 --> 00:29:59,960
Speaker 1: Bloomberg Sports Update, brought to you by Trice stayed out.

544
00:30:00,200 --> 00:30:03,320
Speaker 1: Good morning, John stanhow Morrity. Nathan san Antonio's first came

545
00:30:03,360 --> 00:30:05,880
Speaker 1: to the York lost by thirty six at Brooklyn. It

546
00:30:06,040 --> 00:30:07,880
Speaker 1: was much closer at the guard. This first had a

547
00:30:07,960 --> 00:30:10,040
Speaker 1: chance to tie the game at the end. Next held

548
00:30:10,040 --> 00:30:13,480
Speaker 1: on one, seventeen fourteen. Jalen Brunson scored thirty eight and

549
00:30:13,560 --> 00:30:16,680
Speaker 1: Nick's played tomorrow in Toronto. The nets twelve game winning

550
00:30:16,680 --> 00:30:18,960
Speaker 1: streak came to an end in Chicago. The Bulls won

551
00:30:19,840 --> 00:30:23,080
Speaker 1: one twelve In the loss, Kevin Durant forty four points,

552
00:30:23,120 --> 00:30:26,200
Speaker 1: Kyrie Irving added twenty five, Seth Curry twenty two. Rest

553
00:30:26,200 --> 00:30:28,680
Speaker 1: of the team combined for only twenty one. Donovan Mitchell's

554
00:30:28,680 --> 00:30:31,760
Speaker 1: first game since he poured in seventy one points. He

555
00:30:31,800 --> 00:30:34,960
Speaker 1: was held to twenty but the Calves won over Phoenix.

556
00:30:35,000 --> 00:30:37,200
Speaker 1: Jannison of the Compo, coming off a career high fifty

557
00:30:37,240 --> 00:30:40,360
Speaker 1: five points, settled for thirty at twenty one rebounds. Tennessis

558
00:30:40,680 --> 00:30:43,520
Speaker 1: Milwaukee beat Toronto. Lakers played without Lebron James, he was

559
00:30:43,560 --> 00:30:46,040
Speaker 1: out sick. They still beat Miami and Detroit hit a

560
00:30:46,080 --> 00:30:48,120
Speaker 1: three pointer at the buzzer for an upset win at

561
00:30:48,120 --> 00:30:50,200
Speaker 1: Golden State, who was only lost twice all year at home.

562
00:30:50,240 --> 00:30:53,320
Speaker 1: Devil's a five one win at Detroit tomorrow. Hamlin said

563
00:30:53,360 --> 00:30:56,880
Speaker 1: to be showing signs of improvement from his cardiac arrest Monday.

564
00:30:56,880 --> 00:30:59,920
Speaker 1: In Cincinnati. Quarterback news going to week eighteen, Washington will

565
00:30:59,920 --> 00:31:02,880
Speaker 1: have its third different starting QB in the last three weeks,

566
00:31:02,920 --> 00:31:05,840
Speaker 1: now going to the rookie Sam Howell. Arizona is turning

567
00:31:05,880 --> 00:31:08,760
Speaker 1: to a fourth different QB, David Blow against the red

568
00:31:08,760 --> 00:31:11,680
Speaker 1: hot forty nine ers. Chicago starts Nathan Peterman for the

569
00:31:11,720 --> 00:31:14,600
Speaker 1: injur Justin Fields. Miami will likely go with rookie Skyler

570
00:31:14,680 --> 00:31:17,480
Speaker 1: Thompson against the Jets. It's not known yet of Jalen

571
00:31:17,560 --> 00:31:20,400
Speaker 1: Hurts will return from injury. Philadelphia, the Eagles hosted Giants.

572
00:31:20,440 --> 00:31:23,240
Speaker 1: Jim Harbaugh spoke with the Carolina Panthers. What said he

573
00:31:23,280 --> 00:31:26,560
Speaker 1: expects to remain as the coach at Michigan, John Stash,

574
00:31:26,720 --> 00:31:28,840
Speaker 1: We're Bloomberg Sports. Nathan, all right, John, thank you. The

575
00:31:28,880 --> 00:31:31,240
Speaker 1: Bloomberg Sports Report was brought to you by Audie. Don't

576
00:31:31,320 --> 00:31:33,600
Speaker 1: let someone else drive off in the Audi model. You've

577
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Speaker 1: always wanted to visit your local Try state Audie Dealer

578
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Speaker 1: to get behind the wheel of yours today, or visit

579
00:31:38,400 --> 00:31:42,760
Speaker 1: Audie Offers dot com for more information. Right now, SMP

580
00:31:42,880 --> 00:31:45,800
Speaker 1: futures are up three points Staff futures up to NASDAQ

581
00:31:45,880 --> 00:31:48,600
Speaker 1: Future is gaining some ground here up twenty points ten.

582
00:31:48,640 --> 00:31:51,280
Speaker 1: Your treasuries down four thirty seconds held three point six.

583
00:31:51,440 --> 00:31:54,560
Speaker 1: Nim X screwed up two point three percent or a

584
00:31:54,640 --> 00:31:57,440
Speaker 1: dollar sixty seven. A barrel of West Texas Intermedia right

585
00:31:57,440 --> 00:32:01,760
Speaker 1: now cost seventy four dollars and fifty one cents six

586
00:32:01,800 --> 00:32:04,240
Speaker 1: thirty five on Wall Street. Bloomberg Radio is on the

587
00:32:04,240 --> 00:32:06,720
Speaker 1: air from San Francisco to New York, London to Hong Kong.

588
00:32:07,080 --> 00:32:08,960
Speaker 1: Let's check in with our global news team for some

589
00:32:09,000 --> 00:32:11,440
Speaker 1: of the top stories heard in our three hundred affiliate

590
00:32:11,520 --> 00:32:17,200
Speaker 1: radio stations around the world. I'm Steve polus k K

591
00:32:17,360 --> 00:32:20,520
Speaker 1: and ex in Los Angeles. We're talking about Disney Plus

592
00:32:20,520 --> 00:32:24,720
Speaker 1: bringing IMAX quality sound to Marvel movies. You watch a Home.

593
00:32:25,120 --> 00:32:28,200
Speaker 1: I'm Corney donahoean kat r h in Houston. Excell And

594
00:32:28,280 --> 00:32:31,280
Speaker 1: says lower oil and natural gas prices had a negative

595
00:32:31,280 --> 00:32:34,480
Speaker 1: impact on its most recent court I'm Jeff Bellinger and

596
00:32:34,640 --> 00:32:37,440
Speaker 1: on w tv N and Columbus, I'll be reporting on

597
00:32:37,520 --> 00:32:41,440
Speaker 1: the latest manpower survey that says job creation may slow

598
00:32:41,560 --> 00:32:44,280
Speaker 1: song in the first quarter, but it will not stall

599
00:32:44,480 --> 00:32:48,080
Speaker 1: as employers continue to deal with a global palan shortage.

600
00:32:48,440 --> 00:32:51,320
Speaker 1: I'm Stephen Carroll and Bloomberg DAB Radio in London. We've

601
00:32:51,320 --> 00:32:53,720
Speaker 1: been reporting on the Prime Minister laying out the five

602
00:32:53,800 --> 00:32:56,480
Speaker 1: pledges he wants the electorate to judge his government on,

603
00:32:56,600 --> 00:33:00,040
Speaker 1: including fixing inflation and the economy. I'm at Tory on

604
00:33:00,280 --> 00:33:03,400
Speaker 1: w w J in Detroit. I'm reporting General Motors is

605
00:33:03,480 --> 00:33:06,600
Speaker 1: wanting in the Dot Autos Feller in the US, and

606
00:33:06,640 --> 00:33:09,520
Speaker 1: those are some of the stories are dred Bloomberg journalists

607
00:33:09,520 --> 00:33:11,520
Speaker 1: and analysts are working on this morning around the world

608
00:33:11,840 --> 00:33:15,680
Speaker 1: sixty on Wall Street. The following is an editorial from

609
00:33:15,760 --> 00:33:20,000
Speaker 1: Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board.

610
00:33:20,320 --> 00:33:23,440
Speaker 1: Starting this week, travelers on US bound flights from China

611
00:33:23,480 --> 00:33:26,600
Speaker 1: will have to be tested for COVID nineteen. Other countries

612
00:33:26,600 --> 00:33:29,800
Speaker 1: are implementing similar new restrictions. Given the scale of the

613
00:33:29,800 --> 00:33:33,600
Speaker 1: outbreak currently ravaging China, such moves make sense, but on

614
00:33:33,640 --> 00:33:36,280
Speaker 1: their own they aren't enough to manage the global risk

615
00:33:36,400 --> 00:33:39,680
Speaker 1: posed by the virus. The US, for its part, should

616
00:33:39,680 --> 00:33:43,200
Speaker 1: maintain its efforts to supply China with more potent mr

617
00:33:43,320 --> 00:33:47,400
Speaker 1: NA vaccines. It should also lead a swift, coordinated global

618
00:33:47,440 --> 00:33:50,960
Speaker 1: effort to boost genetic sequencing, which can help track variants.

619
00:33:51,440 --> 00:33:54,640
Speaker 1: Critics of testing before travel are right. It won't prevent

620
00:33:54,680 --> 00:33:58,920
Speaker 1: all transmission, but combined with common sense precautions, better surveillance,

621
00:33:59,000 --> 00:34:02,000
Speaker 1: and more vaccines, it should help keep the worst effects

622
00:34:02,000 --> 00:34:04,920
Speaker 1: of the virus at bay. This editorial was written by

623
00:34:04,920 --> 00:34:08,000
Speaker 1: the Bloomberg Editorial Board. For more Bloomberg opinion, please go

624
00:34:08,040 --> 00:34:10,880
Speaker 1: to Bloomberg dot com, slash opinion or opi en go

625
00:34:11,120 --> 00:34:14,520
Speaker 1: on the Bloomberg terminal. These has been Bloomberg opinion, and

626
00:34:14,560 --> 00:34:17,640
Speaker 1: you can hear Bloomberg opinion editorials every weekday. At this time.

627
00:34:17,719 --> 00:34:20,759
Speaker 1: Terminal customers can read more at O P I N go.

628
00:34:21,400 --> 00:34:25,239
Speaker 1: Another story we're following this morning involves Dell. The PC

629
00:34:25,400 --> 00:34:28,520
Speaker 1: maker reportedly wants to phase out semiconductors made in China

630
00:34:28,640 --> 00:34:32,960
Speaker 1: by twenty four this according to Japan's Nika news service.

631
00:34:33,080 --> 00:34:36,520
Speaker 1: Dell is also reportedly telling its suppliers to significantly reduce

632
00:34:36,560 --> 00:34:39,160
Speaker 1: the amount of other components if they produced in China.

633
00:34:39,600 --> 00:34:43,400
Speaker 1: Dell reportedly wants to diversify its supply chain because of

634
00:34:43,440 --> 00:34:48,040
Speaker 1: concerns about tensions between the US and China. Right now,

635
00:34:48,080 --> 00:34:50,520
Speaker 1: futures are moving a touch higher. SMP futures are up

636
00:34:50,560 --> 00:34:53,960
Speaker 1: four points, staff futures up eleven now and NASTACK futures

637
00:34:54,040 --> 00:34:56,680
Speaker 1: up a quarter percent again of twenty seven points ten.

638
00:34:56,719 --> 00:34:59,759
Speaker 1: Your treasuries down four thirty seconds. The yield three point six.

639
00:35:02,040 --> 00:35:05,479
Speaker 1: Markets headlines and breaking news twenty four hours a day

640
00:35:05,560 --> 00:35:08,520
Speaker 1: at Bloomberg dot com for Bloomberg Business apt and at

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00:35:08,560 --> 00:35:17,799
Speaker 1: Bloomberg Quick Tape. This is a Bloomberg Business lash and

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00:35:17,840 --> 00:35:21,040
Speaker 1: I'm kring Moscow. This update brought to you by Innovation Refunds.

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00:35:21,040 --> 00:35:23,760
Speaker 1: This is your daily reminder from Innovation Refunds to apply

644
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Speaker 1: for a payroll tax refund. If you're a smaller medium

645
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646
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Speaker 1: already claimed over two billion dollars in payroll tax refunds.

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Speaker 1: Get started at get Refunds, dot com and futures. They

648
00:35:40,000 --> 00:35:42,359
Speaker 1: are a little change this morning. Let's go the first

649
00:35:42,360 --> 00:35:45,560
Speaker 1: Word breaking news desk for today's morning call. Here's Bill Maloney, Bill,

650
00:35:45,600 --> 00:35:48,760
Speaker 1: good morning, Hey, good morning. Can that's right. US futures

651
00:35:48,760 --> 00:35:51,080
Speaker 1: are quiet right now, A death futures down three points,

652
00:35:51,120 --> 00:35:54,080
Speaker 1: smps are higher by three and as A futures rise

653
00:35:54,160 --> 00:35:58,080
Speaker 1: by seventeen. The US ten yeeld at three point seven percent,

654
00:35:58,160 --> 00:36:00,719
Speaker 1: gold is down six Oil trading in the green, and

655
00:36:00,760 --> 00:36:04,239
Speaker 1: bitcoin is little changed. Hong Kong rose one point three

656
00:36:04,239 --> 00:36:07,440
Speaker 1: percent overnight, while up markets are also little changed this morning,

657
00:36:07,719 --> 00:36:11,040
Speaker 1: and back in the US on the economic FRINDAYDP employment

658
00:36:11,120 --> 00:36:14,600
Speaker 1: change at eight thirty initial jobs claims and at SMP

659
00:36:14,719 --> 00:36:18,600
Speaker 1: Global Services and Composite p m I S. Regarding earnings

660
00:36:18,600 --> 00:36:21,759
Speaker 1: this morning, look for Cantagra, Walgreens and Consolation brands to

661
00:36:21,800 --> 00:36:24,480
Speaker 1: report in the pre market, and another news Amazon to

662
00:36:24,480 --> 00:36:27,880
Speaker 1: cup more than eighteen thousand jobs, wrapping things up. C

663
00:36:28,000 --> 00:36:30,839
Speaker 1: andMe was raised outperform at KRED, Sweet Baxter was cotch

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00:36:30,840 --> 00:36:34,319
Speaker 1: to market reform over at Raymond James live from the

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00:36:34,320 --> 00:36:37,279
Speaker 1: first breaking News Descomb, Bill Maloney care great, Bil, Thank

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00:36:37,280 --> 00:36:39,280
Speaker 1: you and to hear live breaking news of your Bloomberg

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00:36:39,320 --> 00:36:42,279
Speaker 1: type squawk on your terminal SCU A w K. That's

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00:36:42,320 --> 00:36:44,839
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more

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00:36:44,920 --> 00:36:47,279
Speaker 1: on what's going on around the world, Michael Karen. The

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00:36:47,280 --> 00:36:50,319
Speaker 1: House of Representatives will try now for a third day

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00:36:50,360 --> 00:36:53,880
Speaker 1: to lock in a speaker. Disagreements among Republicans led to

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00:36:54,000 --> 00:36:58,160
Speaker 1: Kevin McCarthy losing now a total of six votes. Pope

673
00:36:58,160 --> 00:37:01,760
Speaker 1: Francis is resigning over a funeral mass for former Pope

674
00:37:01,760 --> 00:37:05,480
Speaker 1: Benedict before thousands of mourners in St. Peter's Square. Officials

675
00:37:05,480 --> 00:37:09,399
Speaker 1: in California ordered evacuations in high risk coastal areas as

676
00:37:09,400 --> 00:37:12,440
Speaker 1: a huge storm barreled into the state. It was bringing

677
00:37:12,520 --> 00:37:16,320
Speaker 1: high winds and rain that threatened widespread flooding and knocked

678
00:37:16,320 --> 00:37:19,239
Speaker 1: out power to more than one hundred thousand people in

679
00:37:19,320 --> 00:37:22,440
Speaker 1: the NBA. The next one, the Nets and Warriors lost

680
00:37:22,719 --> 00:37:26,280
Speaker 1: in hockey. The Devil's One Global News twenty four hours

681
00:37:26,280 --> 00:37:29,200
Speaker 1: a day on air and on Bloomberg Quick Tank, powered

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00:37:29,200 --> 00:37:31,719
Speaker 1: by more than twenty seven hundred journalists and analysts and

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00:37:31,760 --> 00:37:34,440
Speaker 1: more than one hundred twenty countries. I'm Michael Barr, and

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00:37:34,560 --> 00:37:37,400
Speaker 1: this is Bloomberg, Karen, Michael Barr. Thank you. It at

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00:37:37,400 --> 00:37:39,640
Speaker 1: sixty two on Wall Street. Let's turn to news and

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00:37:39,719 --> 00:37:42,239
Speaker 1: science and technology now with the Bloomberg and j I

687
00:37:42,320 --> 00:37:46,440
Speaker 1: T Stem Report. And here's just making news in science, technology, engineering,

688
00:37:46,440 --> 00:37:49,640
Speaker 1: and math. Shortages of computer chips in other parts continue

689
00:37:49,680 --> 00:37:52,600
Speaker 1: to hobble the US auto industry last year, contributing to

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00:37:52,680 --> 00:37:56,480
Speaker 1: vehicles sales dropping eight per cent from one to their

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00:37:56,480 --> 00:37:59,600
Speaker 1: lowest level in more than a decade. Automakers reported that

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00:37:59,640 --> 00:38:03,920
Speaker 1: they thirteen point nine million cars, trunks, SUVs, and vans

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00:38:04,000 --> 00:38:07,719
Speaker 1: last year, as the part shortage limited factory output amid

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00:38:07,880 --> 00:38:10,480
Speaker 1: high demand for new vehicles. It was the lowest sales

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00:38:10,560 --> 00:38:13,560
Speaker 1: number since twenty eleven, when the economy was recovering from

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00:38:13,560 --> 00:38:16,800
Speaker 1: the Great Recession. The Security is that Exchange Commission is

697
00:38:16,840 --> 00:38:20,400
Speaker 1: pushing back on Finance US's plan to buy bankrupt crypto

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00:38:20,520 --> 00:38:23,960
Speaker 1: lender Voyager Digital. The deal is valued at about one

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00:38:23,960 --> 00:38:27,320
Speaker 1: billion dollars in accord filing. The SEC says the agreement

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00:38:27,320 --> 00:38:30,600
Speaker 1: does not include enough detail about Finance's ability to close

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00:38:30,640 --> 00:38:34,520
Speaker 1: the deal. Finance says it will provide any requested information,

702
00:38:35,080 --> 00:38:38,440
Speaker 1: and del reportedly wants to phase out semiconductors made in

703
00:38:38,600 --> 00:38:42,879
Speaker 1: China by four According to Japan's NAK, the computer maker

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00:38:43,000 --> 00:38:46,080
Speaker 1: also has told suppliers to significantly reduce the amount of

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00:38:46,080 --> 00:38:49,000
Speaker 1: other components produced in China. Della is said to want

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00:38:49,000 --> 00:38:52,520
Speaker 1: to diversify it supplied chain because of concerns about US

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00:38:52,640 --> 00:38:55,279
Speaker 1: China tensions. And that's a Bloomberg n j I t

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00:38:55,480 --> 00:38:58,360
Speaker 1: Stem report. Nathan, all Right, Karen, thank you at sixty

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00:38:58,400 --> 00:39:00,359
Speaker 1: four on Wall Street Time Now to check it's going

710
00:39:00,360 --> 00:39:02,719
Speaker 1: on in d C. Some of the top stories in

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00:39:02,719 --> 00:39:05,719
Speaker 1: our nation's capital include the ongoing stalemate in the U s.

712
00:39:05,760 --> 00:39:08,919
Speaker 1: House of Representatives, a deal on Kevin McCarthy speaker bid

713
00:39:09,040 --> 00:39:12,719
Speaker 1: remains elusive. Also making news the Biden administration urging the

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00:39:12,760 --> 00:39:16,200
Speaker 1: Supreme Court to back student debt belief, and President Biden

715
00:39:16,200 --> 00:39:18,720
Speaker 1: planning to speak about border security today as he plans

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00:39:18,719 --> 00:39:21,759
Speaker 1: a trip to the southern border next week. Let's bring

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00:39:21,760 --> 00:39:25,640
Speaker 1: in Bloomberg Government congressional reporter Jack Fitzpatrick, who of course

718
00:39:25,719 --> 00:39:30,719
Speaker 1: has been following the ongoing turmoil on Capitol Hill all

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00:39:30,760 --> 00:39:34,000
Speaker 1: week long. Jack, doesn't seem like any daylight is breaking

720
00:39:34,000 --> 00:39:36,080
Speaker 1: through for Kevin McCarthy and these what twenty or so

721
00:39:36,440 --> 00:39:40,719
Speaker 1: holdout Republicans. Do we expect that to change it all today? Uh?

722
00:39:40,840 --> 00:39:44,960
Speaker 1: You know, they're still talking. They they, according to McCarthy,

723
00:39:45,080 --> 00:39:47,919
Speaker 1: have had some good conversations and in fact, Chip Roy,

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00:39:48,000 --> 00:39:51,680
Speaker 1: who's one of the more vocal detractors, came out of

725
00:39:51,680 --> 00:39:54,080
Speaker 1: a meeting late yesterday saying it was it was a

726
00:39:54,120 --> 00:39:58,359
Speaker 1: good conversation. They're not there yet. Uh. You know, they

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00:39:58,920 --> 00:40:02,880
Speaker 1: declined to ho old another vote on the speaker after

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00:40:02,960 --> 00:40:07,279
Speaker 1: some of those further negotiations yesterday because it didn't seem

729
00:40:07,320 --> 00:40:09,960
Speaker 1: like it would make a difference. But you know, I

730
00:40:10,400 --> 00:40:15,120
Speaker 1: think they may be sussing out who's absolutely one percent

731
00:40:15,280 --> 00:40:18,799
Speaker 1: dug in against McCarthy and who is interested in continuing

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00:40:18,800 --> 00:40:21,680
Speaker 1: to talk. And in fact, the vote that they held

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00:40:21,760 --> 00:40:24,319
Speaker 1: at the end of the day to adjourn was a

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00:40:24,320 --> 00:40:27,440
Speaker 1: little bit of a procedural success because at least the

735
00:40:28,280 --> 00:40:33,840
Speaker 1: holdouts didn't continue to demand further votes rejecting him, and

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00:40:34,200 --> 00:40:37,040
Speaker 1: essentially worked with the rest of the party to just

737
00:40:37,120 --> 00:40:39,719
Speaker 1: let the issue die for that day. I was a

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00:40:39,840 --> 00:40:43,960
Speaker 1: very close vote, but it does look like Lauren Bobert,

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00:40:44,000 --> 00:40:47,759
Speaker 1: Andy Biggs, Matt Gates, and Eli crane are are the

740
00:40:48,280 --> 00:40:51,759
Speaker 1: four that McCarthy's not gonna get. He can afford to

741
00:40:51,800 --> 00:40:54,640
Speaker 1: lose four, but he'd have to win everybody over. So

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00:40:54,680 --> 00:40:58,279
Speaker 1: it's still a tough situation for McCarthy. Uh. And they're

743
00:40:58,280 --> 00:41:01,000
Speaker 1: gonna just have to continue to talk about this and

744
00:41:01,000 --> 00:41:04,480
Speaker 1: while we wait for any potential resolution here Jack, you've

745
00:41:04,480 --> 00:41:07,080
Speaker 1: got a piece on the Bloomberg terminal this morning about

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00:41:07,400 --> 00:41:11,040
Speaker 1: what this standoff could potentially mean when it comes to

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00:41:11,320 --> 00:41:17,920
Speaker 1: this Congress's ability to actually get necessary legislation done. Yeah,

748
00:41:17,920 --> 00:41:21,600
Speaker 1: this is I think the first illustration of a huge

749
00:41:21,719 --> 00:41:25,840
Speaker 1: challenge for the next two years, given the very very

750
00:41:25,920 --> 00:41:30,440
Speaker 1: narrow house majority and a win of conservative sort of

751
00:41:30,520 --> 00:41:35,720
Speaker 1: anti leadership Republicans who are not going to go along

752
00:41:35,760 --> 00:41:39,160
Speaker 1: with whatever the whip count says they should do. And

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00:41:39,200 --> 00:41:42,480
Speaker 1: that's very important for a debt limit vote that's going

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00:41:42,520 --> 00:41:45,440
Speaker 1: to have to happen maybe midway through the year or

755
00:41:45,480 --> 00:41:48,440
Speaker 1: into the third quarter of the year. UH. And also

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00:41:48,560 --> 00:41:52,239
Speaker 1: government funding and trying to avoid a shutdown in October.

757
00:41:52,800 --> 00:41:54,600
Speaker 1: So they've had a little time to get their ducks

758
00:41:54,600 --> 00:41:57,680
Speaker 1: in a row. But you know, Ralph Norman, for example,

759
00:41:57,719 --> 00:42:00,840
Speaker 1: who's one of the holdouts, UH, said he wants a

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00:42:00,920 --> 00:42:04,480
Speaker 1: speaker who is willing to shut the government down. Um,

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00:42:04,520 --> 00:42:07,000
Speaker 1: this this is going to be very, very difficult when

762
00:42:07,000 --> 00:42:10,040
Speaker 1: it comes to must pass pieces of legislation. You know.

763
00:42:10,040 --> 00:42:14,080
Speaker 1: I talked to one former staffer who worked for people

764
00:42:14,120 --> 00:42:17,280
Speaker 1: like New Gingrich and Dennis Haster when they were a speaker,

765
00:42:17,320 --> 00:42:20,200
Speaker 1: and she said, it's very different now because the the

766
00:42:20,280 --> 00:42:26,560
Speaker 1: anti leadership Conservative Freedom Caucus wing is much less interested

767
00:42:27,120 --> 00:42:30,440
Speaker 1: than in previous generations in in calls to get the

768
00:42:30,440 --> 00:42:33,520
Speaker 1: party to ban together. So the whip count on must

769
00:42:33,560 --> 00:42:36,400
Speaker 1: pass bills is going to be very difficult going forward

770
00:42:36,800 --> 00:42:39,440
Speaker 1: and something to watch, particularly for markets when you think

771
00:42:39,480 --> 00:42:42,000
Speaker 1: about the implications for the full faith and credit of

772
00:42:42,040 --> 00:42:45,000
Speaker 1: this country. But in the meantime, Jack, there was another

773
00:42:45,040 --> 00:42:49,719
Speaker 1: important story developing overnight in Washington. The Biden administration UH

774
00:42:49,800 --> 00:42:52,400
Speaker 1: making its argument now to the Supreme Court about student

775
00:42:52,400 --> 00:42:58,440
Speaker 1: deck relief. Yes, they've basically filed their papers arguing that

776
00:42:58,560 --> 00:43:03,799
Speaker 1: the student debtler relief planned by the Biden administration is legal. Uh.

777
00:43:03,880 --> 00:43:09,720
Speaker 1: The actual arguments before the Supreme Court are set for February,

778
00:43:10,239 --> 00:43:13,040
Speaker 1: so it'll take a while for for for us to

779
00:43:13,360 --> 00:43:16,680
Speaker 1: get even to the real arguments. But this is the

780
00:43:16,680 --> 00:43:20,680
Speaker 1: beginning of that process essentially, UH, and they are justifying

781
00:43:20,800 --> 00:43:25,799
Speaker 1: this with a law that allows the executive branch to

782
00:43:25,840 --> 00:43:31,479
Speaker 1: suspend debt debt payments by the student debt payments under

783
00:43:31,520 --> 00:43:35,480
Speaker 1: the authority of the Secretary of Education during national emergencies.

784
00:43:35,680 --> 00:43:39,440
Speaker 1: They're pointing to the economic effects of the coronavirus pandemic,

785
00:43:39,960 --> 00:43:43,080
Speaker 1: So there's there's an argument over whether that law actually

786
00:43:43,080 --> 00:43:46,560
Speaker 1: applies here. There's also an argument over whether these states

787
00:43:46,600 --> 00:43:49,600
Speaker 1: have standing to sue, because you have to show that

788
00:43:49,680 --> 00:43:53,520
Speaker 1: you're being directly harmed by the policy. They're arguing that

789
00:43:54,000 --> 00:43:59,919
Speaker 1: UH nonprofit that contributes funding to Missouri is being put

790
00:44:00,040 --> 00:44:03,480
Speaker 1: into a financially risky situation. So there's gonna be a

791
00:44:03,480 --> 00:44:08,480
Speaker 1: couple of arguments on whether a law that allows a

792
00:44:08,640 --> 00:44:13,200
Speaker 1: pause in payments under national emergencies actually applies to this scenario,

793
00:44:13,280 --> 00:44:17,320
Speaker 1: but also whether the states have the standing to sue. Alright,

794
00:44:17,360 --> 00:44:21,640
Speaker 1: Bloomberg Government Congressional reporter Jack Fitzpatrick keeping a surprised of

795
00:44:21,880 --> 00:44:24,520
Speaker 1: all developments in the nation's capital. Of course, we've been

796
00:44:24,520 --> 00:44:29,520
Speaker 1: watching it very closely with the standoff over the speakership vote. Jack,

797
00:44:29,600 --> 00:44:31,520
Speaker 1: thanks for this and you can read more at Bloomberg

798
00:44:31,600 --> 00:44:33,880
Speaker 1: dot com or on the Bloomberg Terminal and follow the

799
00:44:33,960 --> 00:44:38,120
Speaker 1: latest on Bloomberg Radio in Washington. Bloomberg and one oh

800
00:44:38,120 --> 00:44:41,640
Speaker 1: five point seven f MHD two SMP futures right now

801
00:44:41,719 --> 00:44:44,359
Speaker 1: hired by four points. Staff Future is a little change

802
00:44:44,400 --> 00:44:46,800
Speaker 1: to the upside now a fifteen and NASDAC Future is

803
00:44:46,800 --> 00:44:50,520
Speaker 1: a gain of two tenths per cent points higher for

804
00:44:50,680 --> 00:44:54,200
Speaker 1: the Nasdaq futures contracts ten Your treasury is down three

805
00:44:54,239 --> 00:44:58,200
Speaker 1: thirty seconds right now, yield three point six This is

806
00:44:58,440 --> 00:45:05,200
Speaker 1: Bloomberg Markets headlines and breaking news twenty four hours a

807
00:45:05,280 --> 00:45:08,560
Speaker 1: day at Bloomberg dot Com, at Bloomberg Business Outland, at

808
00:45:08,560 --> 00:45:18,279
Speaker 1: Bloomberg Quick Tape is a Bloomberg Business Lash and I'm

809
00:45:18,360 --> 00:45:22,960
Speaker 1: Karen Moscow and futures are gaining strength now. SMP futures

810
00:45:23,000 --> 00:45:25,640
Speaker 1: of two tens of upper center seven points after being

811
00:45:25,640 --> 00:45:27,920
Speaker 1: little changed for much of the morning. GAL Futures up

812
00:45:27,920 --> 00:45:30,080
Speaker 1: a tenth of upper cent or thirty two points, and

813
00:45:30,160 --> 00:45:32,480
Speaker 1: nastack Future is adding to their gains of three tens

814
00:45:32,480 --> 00:45:34,960
Speaker 1: of upper cent or thirty five points. The decks in

815
00:45:35,000 --> 00:45:37,840
Speaker 1: Germany little change. Ten year treasury down to thirty seconds.

816
00:45:37,880 --> 00:45:39,840
Speaker 1: You have three point six nine percent the yield on

817
00:45:39,840 --> 00:45:43,279
Speaker 1: the two year four point three eight percent. Nine X

818
00:45:43,320 --> 00:45:45,320
Speaker 1: screwed oil is up more than two percent of a

819
00:45:45,400 --> 00:45:47,719
Speaker 1: dollar fifty one at seventy four dollars thirty five cents

820
00:45:47,719 --> 00:45:50,440
Speaker 1: of barrel. Comex gold is down four ten percent or

821
00:45:50,440 --> 00:45:53,239
Speaker 1: six dollars ninety cents at eighteen fifty two. Ten announced

822
00:45:53,560 --> 00:45:56,080
Speaker 1: the Euro one point six one one against the dollar,

823
00:45:56,160 --> 00:45:58,719
Speaker 1: British pound one point to zero to zero the end

824
00:45:58,760 --> 00:46:01,440
Speaker 1: one thirty two point four nine, and Bitcoin that will

825
00:46:01,560 --> 00:46:04,960
Speaker 1: change at about sixteen eight hundred dollars. That's a Bloomberg

826
00:46:04,960 --> 00:46:07,680
Speaker 1: business flash. Nathan, Okay, Karen, thank you. At six fifty

827
00:46:07,760 --> 00:46:09,600
Speaker 1: six on Wall Street. Let's take a look at some

828
00:46:09,640 --> 00:46:12,480
Speaker 1: of the names moving in the pre market individual stocks.

829
00:46:12,640 --> 00:46:15,120
Speaker 1: For that, we're joined by Bloomberg Radio and TV Markets

830
00:46:15,120 --> 00:46:18,560
Speaker 1: correspondent Create Goopta to create. Of course, the big corporate

831
00:46:18,600 --> 00:46:22,200
Speaker 1: news this morning is the word of even more layoffs

832
00:46:22,239 --> 00:46:25,200
Speaker 1: from Amazon, and that's certainly moving that stock this morning,

833
00:46:25,400 --> 00:46:28,160
Speaker 1: and a similar reaction to es off salesforce yesterday when

834
00:46:28,160 --> 00:46:32,080
Speaker 1: they workforce. Essentially, even though there is a human element

835
00:46:32,160 --> 00:46:34,799
Speaker 1: to this, putting that aside, the stock market actually tends

836
00:46:34,840 --> 00:46:37,080
Speaker 1: to reward news like this. The idea here being that

837
00:46:37,160 --> 00:46:40,560
Speaker 1: cost efficiency is really at its core. Now that you

838
00:46:40,600 --> 00:46:44,520
Speaker 1: actually have fewer employees, perhaps you can reallocate those funds

839
00:46:44,520 --> 00:46:46,920
Speaker 1: to research and development, for example, which is a major

840
00:46:47,000 --> 00:46:50,040
Speaker 1: part of the tech sphere as well, but as well

841
00:46:50,080 --> 00:46:53,880
Speaker 1: as other kind of cost efficient metrics. Nevertheless, A m

842
00:46:53,960 --> 00:46:56,200
Speaker 1: z N as your takers shares are rallying off that

843
00:46:56,280 --> 00:46:59,160
Speaker 1: news about two point eight percent. Like you said, they're

844
00:46:59,239 --> 00:47:02,960
Speaker 1: laying off more people, over eighteen thousand employees, his biggest

845
00:47:03,080 --> 00:47:06,239
Speaker 1: corporate workforce reduction ever, Nathan. Of course, like I said,

846
00:47:06,239 --> 00:47:09,000
Speaker 1: this does of course follow salesforce news from yesterday where

847
00:47:09,000 --> 00:47:11,480
Speaker 1: they were going to cut ten percent of their workforce.

848
00:47:11,520 --> 00:47:13,600
Speaker 1: A quick check on those shares of about three tenths

849
00:47:13,640 --> 00:47:16,239
Speaker 1: of one percent as well. CRM is the taker and

850
00:47:16,440 --> 00:47:19,280
Speaker 1: of course a major doubt component as well, But Nathan,

851
00:47:19,320 --> 00:47:20,759
Speaker 1: it's not the only one we have to keep an

852
00:47:20,760 --> 00:47:23,720
Speaker 1: eye on. X on Mobile is also rallying this morning.

853
00:47:24,200 --> 00:47:26,360
Speaker 1: X o M is the taker up at one point

854
00:47:26,360 --> 00:47:28,720
Speaker 1: one percent. Now, it's kind of interesting the story because

855
00:47:29,080 --> 00:47:31,640
Speaker 1: on the surface, they're saying that they're expecting lower oil

856
00:47:31,719 --> 00:47:33,880
Speaker 1: lower natural gas prices are going to at the end

857
00:47:33,920 --> 00:47:36,920
Speaker 1: of the day hurt their fourth quarter earnings that are

858
00:47:37,000 --> 00:47:39,279
Speaker 1: due later this month. But at the end of the day.

859
00:47:39,480 --> 00:47:42,319
Speaker 1: They are also a major refining business, and they're saying

860
00:47:42,320 --> 00:47:45,520
Speaker 1: that while actually some of the refining capacity might actually

861
00:47:45,600 --> 00:47:50,160
Speaker 1: be better in the fourth quarter. So something that's already

862
00:47:50,160 --> 00:47:51,480
Speaker 1: been kind of priced in is as you start to

863
00:47:51,520 --> 00:47:55,560
Speaker 1: see these oil contracts drop lower and lower, these oil

864
00:47:55,640 --> 00:47:58,440
Speaker 1: companies have also already kind of priced that into some

865
00:47:58,520 --> 00:48:01,200
Speaker 1: extent um. And it looks like the refined capacity was

866
00:48:01,239 --> 00:48:03,759
Speaker 1: the real question just given all of the kind of

867
00:48:03,840 --> 00:48:06,480
Speaker 1: natural disasters we've had in the fourth quarter of last year,

868
00:48:06,520 --> 00:48:08,719
Speaker 1: and how a lot of these refining capacities in the

869
00:48:08,719 --> 00:48:11,239
Speaker 1: Gulf of Mexico but also on the coast of California

870
00:48:11,400 --> 00:48:13,600
Speaker 1: would be able to kind of keep up with it.

871
00:48:13,640 --> 00:48:15,759
Speaker 1: So XOM is your ticker up one point one percent?

872
00:48:15,800 --> 00:48:18,080
Speaker 1: A little bit of a cybe relief there, And Nathan,

873
00:48:18,080 --> 00:48:20,600
Speaker 1: I'll leave you with one last one. The Western Digital

874
00:48:20,719 --> 00:48:24,360
Speaker 1: a Bloomberg report, a bloomberg scoop, if you will, climbing

875
00:48:24,520 --> 00:48:27,799
Speaker 1: six point four percent of this morning w DZ after

876
00:48:27,920 --> 00:48:33,440
Speaker 1: reporting um that they might restart merger talks with Japan's Kiuxia. Okay,

877
00:48:33,440 --> 00:48:36,759
Speaker 1: Bloomberg Radio on TV markets correspondent, pretty good to keeping

878
00:48:36,760 --> 00:48:39,600
Speaker 1: an eye on individual movers for us this morning on

879
00:48:39,600 --> 00:48:42,200
Speaker 1: a morning where we've kind of seen futures trade a

880
00:48:42,239 --> 00:48:46,120
Speaker 1: little bit flat, though we have seen Nastack futures particularly

881
00:48:46,160 --> 00:48:48,279
Speaker 1: start to gain a little bit of traction this morning.

882
00:48:48,360 --> 00:48:49,759
Speaker 1: Right now, there are up three tenths per cent, or

883
00:48:49,840 --> 00:48:53,640
Speaker 1: thirty one points on the Nastack futures. SMP futures contracts

884
00:48:53,960 --> 00:48:56,200
Speaker 1: touch higher, up five points. That's a gain of a

885
00:48:56,239 --> 00:48:59,640
Speaker 1: tenth percent right now. Dow futures are little changed higher

886
00:48:59,680 --> 00:49:02,759
Speaker 1: by seven points this morning. The ten year treasuries down

887
00:49:02,800 --> 00:49:05,879
Speaker 1: to thirty seconds yield three point six nine percent. Yield

888
00:49:05,920 --> 00:49:08,680
Speaker 1: on the two year four point three eight percent. Creany

889
00:49:08,719 --> 00:49:12,480
Speaker 1: mentioned EXN moving higher. We're looking at crewed prices. They're

890
00:49:12,480 --> 00:49:14,360
Speaker 1: moving higher as well. Ni'm X screwed right now is

891
00:49:14,400 --> 00:49:16,760
Speaker 1: up two percent at seventy four dollars thirty one cents

892
00:49:16,760 --> 00:49:19,640
Speaker 1: of barrel. This is Bloomberg Daybreak on Nathan Hagar along

893
00:49:19,680 --> 00:49:21,880
Speaker 1: with Karen Moscow, and it is six fifty nine on

894
00:49:21,920 --> 00:49:24,880
Speaker 1: Wall Street. Stay with us Bloomberg Surveillance, So Tom Keene,

895
00:49:24,960 --> 00:49:30,720
Speaker 1: Jonathan Farrell, and Lisa Abramo. It starts right now, live

896
00:49:30,920 --> 00:49:34,640
Speaker 1: from the financial capital of the world, broadcasting across the lobe.

897
00:49:34,880 --> 00:49:45,080
Speaker 1: This is WBBR New York, Bloomberg. He living Thrio. Nothing

898
00:49:45,120 --> 00:49:47,640
Speaker 1: goes really changed between the end of two, in the

899
00:49:47,640 --> 00:49:50,360
Speaker 1: first day of three and flat