Speaker 1: By from the Bloomberg Interactive Burgers Studios. This is Bloomberg
Speaker 1: Game Break for Thursday, January. Coming up this hour, more
Speaker 1: setbacks for Kevin McCarthy in his quest to be Speaker
Speaker 1: of the House. Amazon is cutting more than eighteen thousand jobs.
Speaker 1: The Fed pushes back against rate cut beats as it
Speaker 1: tries to tackle inflation, and investors away. Two more key
Speaker 1: readings on the labor market ahead of tomorrow's jobs report.
Speaker 1: Mourners pay their respects at the funeral for former Pope
Speaker 1: Benedict Blust. President Biden says he intends to visit the
Speaker 1: US Mexico border. On Michael barr More, I'm John Stashow.
Speaker 1: In sports, the Knicks pulled out a narrow home win
Speaker 1: over the Spurs. The Nets win streak into at Chicago,
Speaker 1: The Devil's wand into Georgian. That's All's trained head on
Speaker 1: Bloomberg Daybreak on Bloomberg eleven, Free on New York, Bloomberg
Speaker 1: ninety nine one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco Syrius Exam one nine Team
Speaker 1: and around the World Old on Bloomberg Radio dot Com
Speaker 1: and via the Bloomberg Business app. Good morning, I'm Nathan
Speaker 1: Hagar and I'm Karen Moscow and US No index futures
Speaker 1: are a little change to hire this morning. We checked
Speaker 1: the markets all day long here on Bloomberg. Right now
Speaker 1: again SMP nastack and down futures, little change to hire.
Speaker 1: The decks in Germany also that'll change ten. Your treasury
Speaker 1: down two thirties seconds here three point six nine percent.
Speaker 1: They yield on the two year four point three seven percent.
Speaker 1: Nine x screwed oil on the rise of two point
Speaker 1: three percent of but allar seventy three. It's seventy four
Speaker 1: dollars fifty six cents of barrel and Comax gold is
Speaker 1: down three tenths of a percent. Nathan, all right, Karen.
Speaker 1: We'll have more on markets in a minute, but we
Speaker 1: begin with the political turmoil continuing in Washington, d C.
Speaker 1: The House has adjourned once again without electing a speaker.
Speaker 1: Let's get the latest from Amy Morris in our Bloomberg
Speaker 1: one newsroom. In the nation's capital, twenty hardline conservatives are
Speaker 1: blocking GOP leader Kevin McCarthy's ascension to Howse speaker, and
Speaker 1: Pennsylvania Scott Perry is one of them. Because we all
Speaker 1: acknowledge and we all know that Washington is broken. We
Speaker 1: must take a new path. Laurda's Catcamint called on the
Speaker 1: GOP to support McCarthy. He has proven that he is
Speaker 1: willing to stand up in the face of critics and
Speaker 1: not only prove them wrong, but work with them. How's
Speaker 1: Republican leaders held a meeting late yesterday to hammer out
Speaker 1: a deal. Still no resolution. Lawmakers reconvene at noon today
Speaker 1: to begin a seventh round of votes in Washington. I'm
Speaker 1: anymore as Bloomberg daybreak. All right, Amy, thank you. By
Speaker 1: The standoff on Capitol Hill is getting attention from the
Speaker 1: White House. President Biden says he hopes Congress can quote
Speaker 1: get their act together. Congress of Karen function, there's just embarrassing.
Speaker 1: With the greatest nation in the world, How could that?
Speaker 1: President Biden says, dysfunction with the GOP is not a
Speaker 1: good look to the rest of the world. Now we're
Speaker 1: hearing reaction from former members of Congress as well. Karen
Speaker 1: Democrat Tim Rohmer is a former representative from Indiana. He
Speaker 1: says Republicans voted against McCarthy seemed determined to take him down,
Speaker 1: and Democrats have little reason to come to his rescue.
Speaker 1: The Democrats are in a very good position right now.
Speaker 1: There is no incentive for them to help Kevin McCarthy
Speaker 1: out of this deep dark well at a hole that
Speaker 1: he has dug for himself. Former Congressman Tim Rohmer was
Speaker 1: a guest on Bloomberg Sound On with Joe Matthew. You
Speaker 1: can catch the program weekdays at five pm Eastern on
Speaker 1: Bloomberg Radio and listen to the show on demand wherever
Speaker 1: you get your podcasts. Well, another major story we're following
Speaker 1: this morning, Nathan brings us to Amazon. We're learning job
Speaker 1: cuts of the company will be greater than initially anticipated,
Speaker 1: with Amazon planning to eliminate over eighteen thousand roles, and
Speaker 1: Bloomberg's Prisoner has the details. The figure includes cuts announced
Speaker 1: back in November, when about ten thousand workers lost their jobs.
Speaker 1: Uncertainty over the outlook caused Amazon to accelerate layoffs. CEO
Speaker 1: Andy Jesse told employees the company typically waits to communicate
Speaker 1: these outcomes until it speaks with is directly impacted, but
Speaker 1: the information was leaked to the Wall Street Journal, so
Speaker 1: the news was shared earlier and directly from Jesse. Most
Speaker 1: of the cuts are in Amazon's retail division and human resources.
Speaker 1: Jesse is already eliminated or curtailed experimental and unprofitable businesses
Speaker 1: in New York. I'm Doug Prisoner Bloomberg Daybreak are Doug,
Speaker 1: thank you, and those Amazon cuts come as we await
Speaker 1: two key readings on the labor market today ahead of
Speaker 1: tomorrow's jobs report, we get a preview from Bloomberg's Mike McKee.
Speaker 1: The Fed is focused on employment as they raise rates
Speaker 1: to slow the economy. Unemployment should rise, So far it hasn't.
Speaker 1: Jobless claims have remained low and steady, although economists say
Speaker 1: it's difficult to get a clear read on layoffs during
Speaker 1: the holidays, so don't expect a big change in claims yet.
Speaker 1: ADP measures the number of people on payrolls, in theory
Speaker 1: that should point to the direction of the overall labor market. ADP, however,
Speaker 1: has diverged from the government's payroll report, coming in weaker
Speaker 1: for the past five months. Bottom Line markets are likely
Speaker 1: to look past today's day ad to Friday's numbers, figuring
Speaker 1: that's what the Fed will be doing. Michael McKie Bloomberg Daybreak,
Speaker 1: All right, Michael, thank you. Meantime, the FEDS standing firm
Speaker 1: and it's resolved to bring down inflation, and we get
Speaker 1: the latest Live with Bloomberg. Steve Rappaport's Steve, good morning,
Speaker 1: Good morning, Karen and Nathan. With that resolve comes a
Speaker 1: delicate balancing act for the Federal Reserve. In a blunt
Speaker 1: warning to investors, minutes from the last policy meetings show
Speaker 1: the central bank will not cave to public pressure to
Speaker 1: lower interest rates. The FED is attempting to cut inflation
Speaker 1: without triggering a recession, but JP Morgan Chief US economist
Speaker 1: Michael Faroli tells Bloomberg gets likely too late to achieve
Speaker 1: that goal. We are expecting the economy to slip into
Speaker 1: recession by the end of the year, just due to
Speaker 1: the lag effect of the of the tightening and financial
Speaker 1: conditions that the Fed is engineered here, as well as
Speaker 1: the additional rate heights at their they're signaling today. The
Speaker 1: notes also highlight the Fed's rate projections being notably above
Speaker 1: market expectations from a policy standpoint, Live in New York.
Speaker 1: I'm Steve Rappaport, Bloomberg Daybreak, All right, Steve, thank you,
Speaker 1: Oh the SMP and NASDAC shook off fed caution yesterday's
Speaker 1: happening two days of losses, but Morgan Stanley chief US
Speaker 1: equity strategist Mike Wilson, who correctly predicted last year's dismal market,
Speaker 1: says stocks are heading even lower. We think three thousand
Speaker 1: is a very achievable number given our confidence on our
Speaker 1: earnings forecast. Ironically, I would say, in the absence of,
Speaker 1: you know, a recession meaning companies decide to not off aggressively,
Speaker 1: that target looks more achievable. Let may sound counterintuitive, but
Speaker 1: that's the way we're not modeling it today. So our
Speaker 1: bare case is actually kind of we avoid a recession,
Speaker 1: but not to slowdown. If that prediction from Morgan Stanley
Speaker 1: chief US equity strategist Mike Wilson comes true, stocks with
Speaker 1: decline more than from current levels, Well, Nathan s and
Speaker 1: P and Dow futures are a little change this morning.
Speaker 1: Nownsdays future is of a tenth of upper cent or
Speaker 1: twelve points, and the ten year treasury down one thirty
Speaker 1: second deal three point six eight per cent and straight ahead.
Speaker 1: We have your latest local headlines plus the check of sports,
Speaker 1: and this is Bloomberg. Karen. Thanks six o seven on
Speaker 1: Wall Street. Now forty nine degrees in Central Park. I've
Speaker 1: hatchee fog this morning. It's gonna stay cloudy and cooler
Speaker 1: today with him the low fifties, maybe a shower tonight.
Speaker 1: We'll get down to the low forties. And Michael Barre
Speaker 1: is here now with what else is going on in
Speaker 1: New York and around the world. Good morning, Michael, Good
Speaker 1: morning Nathan. Pope Francis delivered the amily at the funeral
Speaker 1: mass for former Pope Benedict Benedetto in Italian. Pope Francis said, Benedict,
Speaker 1: may your joy be complete as you hear his voice.
Speaker 1: Warners gathered in St. Peter Square outside the Vatican today
Speaker 1: where Benedict is being laid to rest. George Mason University
Speaker 1: professor Helen Alvary spoke about Benedict's legacy. I think he's
Speaker 1: a model of humility and modesty. He was definitely a
Speaker 1: servant of the Church. He didn't want to come to Rome.
Speaker 1: He wanted to stay in Germany and remain at Theologian.
Speaker 1: He didn't want to be head of the Office of Doctrine.
Speaker 1: But John Paul To really twisted his arm, and he
Speaker 1: really did not want to be pope. Ah he thought,
Speaker 1: you know, he was not great enough for it. Benedict
Speaker 1: will be buried in the crypt under St. Peter's Basilica.
Speaker 1: President Joe Biden says he intends to visit the US
Speaker 1: Mexico border next week for a firsthand look at conditions
Speaker 1: as his administration contends with a surge in migration. Biden
Speaker 1: is already scheduled to travel to Mexico next week to
Speaker 1: meet with the presidents of Mexico and Canada. He wanted violence.
Speaker 1: That's what investigators in New York City say about Trevor Bickford,
Speaker 1: arrested for allegedly attacking three police officers near Times Square
Speaker 1: on New Year's Eve. The nineteen year old from Maine
Speaker 1: was a rain yesterday in charge in the machete attack.
Speaker 1: It's a war of words between New York City Mayor
Speaker 1: Eric Adams and former Mayor Bill de Blasio's administration. Adams
Speaker 1: is calling on his predecessor to stop his team from
Speaker 1: criticizing the current administration. Not called build the other day,
Speaker 1: that's a bill. What's going on? You know what's going on?
Speaker 1: And then Big Bill's coms guy, who's probably the roast
Speaker 1: coms guy in the history of communication. Adams is talking
Speaker 1: about the blasil's former spokesperson Bill Neidhardt, who has been
Speaker 1: increasingly critical of Adams on Twitter. Adams said they had
Speaker 1: eight years to do their job. Once they're gone, they're
Speaker 1: experts on everything. Heavy rains and strong winds at California
Speaker 1: overnight as a powerful bomb cyclone washed ashore, knocking out power.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than journalists and
Speaker 1: analysts more than twenty countries. Michael Barr, this is Bloomberg. Nathan.
Speaker 1: All right, Michael, thank you, Coming up to six ten
Speaker 1: on Wall Street. Time for the Bloomberg Sports Update, brought
Speaker 1: to you by tri State out Here. Here's John stash Our.
Speaker 1: All right, Nathan Nicks lost to the lowly Spurs a
Speaker 1: week ago in San Antonio. Jalen Brunson didn't play that game.
Speaker 1: He'd did play last night at the Guard and he
Speaker 1: scored thirty eight points. That's a career high in the
Speaker 1: regular season. The Knicks pulled out the win one seventeen,
Speaker 1: won fourteen. The Nets brought their twelve game winning straight
Speaker 1: to Chicago the Bowls one one twelve to despite forty
Speaker 1: four points by Kevin Duran's, the Nets first loss in
Speaker 1: a month. Devil's won five one at Detroit. They're back
Speaker 1: home tonight. Road games tonight for both the Rangers and
Speaker 1: Islanders College Who's Fordham lost the Titlan at Rhode Island
Speaker 1: eight two seventy nine. Big East Providence beat Yukon. The
Speaker 1: Huskies were fourteen now they've lost their last two, and Georgetown,
Speaker 1: with a loss to Villanova, has now lost twenty five
Speaker 1: consecutive Big East games under coach Patrick. You're in a
Speaker 1: c c NC State beat Duke by twenty four. Duke
Speaker 1: was down twenty two at halftime. The Red Stocks having
Speaker 1: allowed short stops. Andrew Bogart has become a free agent,
Speaker 1: losing them to San Diego, holding on to All star
Speaker 1: third baseman Rafael Dever's new contract eleven years, three hundred
Speaker 1: and thirty one million. Jets closed out the season Sunday
Speaker 1: in Miami. It seems as if every press conference for
Speaker 1: Jets coach Robert Salah a discussion of where things stand
Speaker 1: with bench quarterback Zach Wilson. Zach has got all the
Speaker 1: talent in the world, and we have all the confidence
Speaker 1: in the world with him. It's just like I said,
Speaker 1: from this reset, and we're gonna we're gonna grind with him.
Speaker 1: We are and uh and through hell or high water,
Speaker 1: we're gonna figure out how to how to get him
Speaker 1: to where we know he can be. Mike White will
Speaker 1: be Salas starter Sunday. The Dolphins likely to start rookie QB.
Speaker 1: Skyler Thompson Miami, who liked the Jets, has lost five
Speaker 1: in a row. You can still make the playoffs with
Speaker 1: a win and in New England loss in Buffalo, Johns
Speaker 1: Dashware Bloomberg Sports Maybe, hey, John, thank you, and the
Speaker 1: Bloomberg Sports Report was brought to you by Audi. You
Speaker 1: don't let someone else drive off in the autie model
Speaker 1: you've always wanted. Visit your local Fry state autie dealer
Speaker 1: to get behind the wheel of yours today, or visit
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Speaker 1: Day three of voting for Speaker of the House on
Speaker 1: Capitol Hill. Just ahead, first, we'll take a look at futures.
Speaker 1: They're starting to get some traction here. SMP futures up
Speaker 1: six point, staff futures up thirty. Nastac features now up
Speaker 1: a quarter percent, up twenty eight points, Live from coast
Speaker 1: to coast, from New York to San Francisco, Boston to Washington,
Speaker 1: d C. Nationwide on Sirius xamp, the Bloomberg Business app,
Speaker 1: and Bloomberg dot Com. This is Bloomberg Daybreak. Good morning
Speaker 1: on Nathan Hagar. We are coming up on day three
Speaker 1: of voting in the U. S. House of Representatives on
Speaker 1: whom to elect as a new speaker. Kevin McCarthy, the
Speaker 1: House Republican leader, has failed to pick up any support
Speaker 1: after six straight rounds of voting. For this point, there
Speaker 1: is little end in sight to the standoff, with twenty
Speaker 1: or so now holdout Republicans. It's get something of an
Speaker 1: international perspective on what's happening in our nation's capital. Julie
Speaker 1: Norman joins US live from London this morning, co director
Speaker 1: of the Center on US Politics at University College London.
Speaker 1: Juliet's great to speak with you once again. We heard
Speaker 1: President Biden yesterday say the dysfunction on Capitol Hill isn't
Speaker 1: a good look with the rest of the world watching.
Speaker 1: So how is this standoff being viewed from where you said? Well,
Speaker 1: good morning, Nathan, Yeah, it's interesting I mean, as as
Speaker 1: we know from the US, this is such an unprecedented situation.
Speaker 1: So I think for people overseas just trying to underscore
Speaker 1: that this is not usual, and everyone, just like Americans,
Speaker 1: trying to see where will this go. I mean, this
Speaker 1: isn't obviously the same um level of concern as say,
Speaker 1: I use some of the incidents we've seen over the
Speaker 1: last two years, say January six, But it is just
Speaker 1: a question of what is happening with US politics? Can
Speaker 1: Republicans get it together? And what happens when the Congress
Speaker 1: is essentially not functioning for days or even weeks on end.
Speaker 1: I know you've been watching this as since it's been unfolding,
Speaker 1: even before the voting began, when presumably Leader McCarthy was
Speaker 1: doing a bit of horse trading with some of those
Speaker 1: holdout Republicans who now seem determined to block him from
Speaker 1: becoming speaker. Do you see any path to a compromise
Speaker 1: here within the Republican Party in the U. S. House? Well, Nathan,
Speaker 1: it's interesting. I mean McCarthy has already made multiple compromise,
Speaker 1: as you said, before the vote, you know, um agreeing
Speaker 1: to measures such as allowing a vote to House the
Speaker 1: Speaker with just five members of the party voting to
Speaker 1: do so, making some other concessions. But I do think
Speaker 1: that we heard some some chatter that last night some
Speaker 1: further negotiations have been going on. Some of the demands
Speaker 1: of the oppositionists has been for allowing that vote to
Speaker 1: House to Speaker from just one member of the party.
Speaker 1: That's apparently something that McCarthy is considering that that would
Speaker 1: make UM that speak composition very very attenuous to hold onto. UM.
Speaker 1: There's requests to have more of this particular group on
Speaker 1: the House Rules Committee UM and pushing different kinds of
Speaker 1: floor votes. So these are still some of the demands
Speaker 1: so to speak, that we're uh, not yet agreed to
Speaker 1: buy McCarthy Again, there's some murmurs that that those might
Speaker 1: be negotiated overnight, So we'll see what happens, and they
Speaker 1: reconduing it noon today. Yeah, while we wait for that reconvening,
Speaker 1: Congress remains out of stand still. I can't do anything
Speaker 1: until they elect to speak. Er, what is this situation
Speaker 1: foretell potentially about this Congress's ability to get anything done
Speaker 1: over the next two years? Yeah, what, we already knew
Speaker 1: that it was going to be tough. With the very
Speaker 1: slim majority for Republicans, that obviously legislation would be uh,
Speaker 1: you know, tough to get through, and that even the
Speaker 1: party would be quite beholden to any small group within it,
Speaker 1: such as this group of twenty that we're seeing now.
Speaker 1: I don't think anyone thought that leverage would be wielded
Speaker 1: quite as heavily, quite so soon. But it's a very
Speaker 1: clear indication that whoever ends up in the leadership is
Speaker 1: going to really be be governing with almost with a
Speaker 1: gun at their head. That they know the leadership can
Speaker 1: be pulled out from under them very quickly. They know
Speaker 1: they're gonna have to make a lot of compromises to
Speaker 1: get any votes, and we can expect that issues like
Speaker 1: the budget, issues like the debt ceiling will be um
Speaker 1: you know that that no holds will be barred on
Speaker 1: on making concessions and trying to force compromises on those issues.
Speaker 1: I mean, when you use an analogy like that of
Speaker 1: speakership with a gun to their head, I mean, we
Speaker 1: know that Kevin mc carthy has had this ambition for years,
Speaker 1: but if he does step aside, I mean, is there
Speaker 1: anyone who's going to be willing to step forward into
Speaker 1: this kind of fractiousness. Yeah, I think it's Yeah, I
Speaker 1: think that obviously. That's that's been the challenge for this
Speaker 1: whole week, is there's there's no clear alternative. I mean,
Speaker 1: you we obviously have heard, you know, Steve Schleecy could
Speaker 1: fall into that role. Some have said Jim Jordan's. I
Speaker 1: think even they would be very hard pressed. Um. You know,
Speaker 1: Jim Jordan especially would be seen as very much a
Speaker 1: firebrand in a position that's, you know, a very different
Speaker 1: kind of role than that. So I think the Republicans
Speaker 1: are up against it with who will be able to
Speaker 1: take that role and stay in that role. And my
Speaker 1: guess is that, you know, it wouldn't be It wouldn't
Speaker 1: be unsurprising if we see that role shifting several times
Speaker 1: over these next two years, especially if the rules changed
Speaker 1: with how they might be ousted. Kind about thirty seconds
Speaker 1: left here, Julie, But what do you make of Brian
Speaker 1: Byron Donald's Republican alternative emerging yesterday? Where did he come from? Yeah?
Speaker 1: So Donald, you know, he's only a sophomore. He was
Speaker 1: elected in twenty to the House um from the state
Speaker 1: of of of Florida. And it's someone that I think,
Speaker 1: you know, many thought maybe down the line would be
Speaker 1: in the leadership position, but certainly very premimature to see
Speaker 1: that now. Again, he's a name that was floated, I
Speaker 1: think more as a placeholder than anything else. I think
Speaker 1: would be very hard to get all Republicans behind him,
Speaker 1: but he was seen as an alternative to say, Jim
Speaker 1: Jordan's other names that were being floated just to kind
Speaker 1: of carry the votes through this week. All right, well,
Speaker 1: we'll see if there's any further movement. Hasn't been much
Speaker 1: of that over the last two days, but we continue
Speaker 1: to monitor at all on Capitol Hill. Julie Norman with
Speaker 1: the University College London Center on US Politics. Great as
Speaker 1: always to get your perspective. Thanks again for being with
Speaker 1: us this morning. Futures starting to move a bit higher
Speaker 1: now we have SMP futures up six points, STA futures
Speaker 1: up twenty nine. NASTAC future is a gain of three
Speaker 1: tenths percent, now up thirty points. In the tenure Treasury
Speaker 1: is down one thirty second, you're three point six. This
Speaker 1: is Blimberg Markets, headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com. The Bloomberg Business and
Speaker 1: at Bloomberg Quicktape is a Bloomberg business flash. And I'm
Speaker 1: Karen Moscow. And futures are higher this morning, SMP futures
Speaker 1: at the tenth of upper center five points and down
Speaker 1: futures that will change nasday futures up two ten percent
Speaker 1: or twenty five points of the tenure Treasury down one
Speaker 1: thirty second, you know, three point six eight percent. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more
Speaker 1: on what's going on around the world. Michael tar In.
Speaker 1: The US House were resumed session later today after Kevin
Speaker 1: McCarthy and GOP dissidents failed to reach a deal on
Speaker 1: the California Republicans bid to become a speaker. Pope Francis
Speaker 1: is at the funeral for former Pope Benedict NBA. The
Speaker 1: next one, the Nets and Barriers lost the Hockey Action.
Speaker 1: The Devil's One Global news twenty four hours a day
Speaker 1: on air and on Bloomberg Quicktake, powered by more than journalists,
Speaker 1: analysts more than a hundred countries. Michael bar this is
Speaker 1: Bloomberg Naked. Thanks Michael six two on Wall Street. I'm
Speaker 1: Nathan Haggard. This is Bloomberg Daybreak. I want to shift
Speaker 1: gears now to a very specific part of the US economy.
Speaker 1: As growth slows, one area of investment is peaking some interest.
Speaker 1: Latinos are the fastest growing demographic of US entrepreneurs, and
Speaker 1: Latino owned businesses have historically seen under investment, but that
Speaker 1: may be set to change. Bloomberg's Lisa Matteo has more
Speaker 1: in this special report. The total economic output of US
Speaker 1: Latinos was two point eight trillion dollars in Yet, despite
Speaker 1: being a key driving force of the US economy, experts
Speaker 1: say the capital isn't flowing towards the growth. According to
Speaker 1: the Latino Business Action Network, Hispanic owned businesses have grown
Speaker 1: forty four percent in the last ten years, compared to
Speaker 1: just four percent for non Latinos, but less than two
Speaker 1: percent of the available venture capital funding in the US
Speaker 1: goes into this cohort. This is the best economy in
Speaker 1: the world that free and prices of it largely excludes
Speaker 1: small businesses and minority owned businesses. Even today, Romerica Vassos,
Speaker 1: as the President and CEO of the United States Hispanic
Speaker 1: Chamber of Commerce, than a big part of it. I
Speaker 1: think it's just relationships. It's networks, you know. I hate
Speaker 1: to say it, We're largely invisible. In order to make
Speaker 1: those connections, Anna Veldez, president and CEO of the Latino
Speaker 1: Donor Collaborative, says more vcs need to get out of
Speaker 1: their comfort zone. You need to start reaching out to
Speaker 1: places where you actually never reached. People that may not
Speaker 1: be as well versed, that may not come from your environment,
Speaker 1: that may not look like you, that may not talk
Speaker 1: like you, but there are that are making a lot
Speaker 1: of money. Anthony Alcasar is finding himself in the middle
Speaker 1: of the struggle. His company Mr Tortilla is number one
Speaker 1: on Amazon. They've expanded their product line and just opened
Speaker 1: a second factory. My projections are thirty millions of tween
Speaker 1: three million millions, and I can't get a fish shaped,
Speaker 1: he says. The offers he has received include a majority
Speaker 1: stake in his business. We worked a whole life for this,
Speaker 1: and so if I lose control ownership now, I can
Speaker 1: guarantee that they're going focusing philosophies and run our business. Await.
Speaker 1: We want to run it. That's why Latino ventured capitalists
Speaker 1: and banking and community lenders and c D Advice Unity
Speaker 1: Development and Finance Institution. We've got to get them to
Speaker 1: step up. Latitude Ventures is doing just that. The company
Speaker 1: recently launched a one million dollar fund focused on Latino
Speaker 1: founded early stage businesses. We're looking hard. We're creating the pipeline.
Speaker 1: We're creating the visibility so that any Latino and Latino
Speaker 1: that has been shut out that they can come here
Speaker 1: and they're gonna get a fair look. Company president sold through.
Speaker 1: He has his own prediction. My bed is between now
Speaker 1: and the end of the decade, a trillion dollars a
Speaker 1: capital should be flowing here so that we can grow
Speaker 1: GDP at a highly competitive rate versus doing it the
Speaker 1: same way. Valdez puts that growth into perspective. If Latino's
Speaker 1: got the same proportion of credit as a whitesar given,
Speaker 1: it would translate into adding three point three trillion of
Speaker 1: revenue of companies in this country. But it's not only
Speaker 1: venture capital funding. L B a N reports the odds
Speaker 1: of loan approval from national banks are sixty percent lower
Speaker 1: for Latino owned businesses. Industry leaders say it comes down
Speaker 1: to diversification. It's a proportionate representation at all levels in
Speaker 1: the bank, from the board all the way to the
Speaker 1: c suite, all the way to the executive branch, and
Speaker 1: then to the branches. Actress, singer and entrepreneur Jennifer Lopez
Speaker 1: is looking to change the playing field. Lopez launched Limitless
Speaker 1: Labs to raise funds for Latina entrepreneurs, including a partnership
Speaker 1: with Goldman Sachs, and this past June, Lopez partnered with
Speaker 1: Gramine America to help distribute fourteen billion dollars in loans
Speaker 1: to six hundred thousand Latina business owners by the future
Speaker 1: of this economy will depended on small businesses and Latino
Speaker 1: owned businesses because of share demographics. According to the US
Speaker 1: Census Bureau, more than half of the total US population
Speaker 1: growth between and came from Hispanics, and with Latino entrepreneurs
Speaker 1: starting small businesses faster than the rest of the startup population,
Speaker 1: the rising tide will lift all boats in New York.
Speaker 1: I'm Lisa Matteo, Bloomberg Radio. All right, Our thanks to
Speaker 1: Lisa Mateo for that special report, along with producer Sebastian Escobar.
Speaker 1: SMP futures right now are higher by three points. Staff
Speaker 1: futures up ten NASTAC futures up twenty points, the ten.
Speaker 1: Your treasury is down to thirty seconds yield three point
Speaker 1: six nine percent. We'll get a fullard check of markets,
Speaker 1: just a head plus this morning's top stories and your
Speaker 1: local headlines. First, we want to check in with Bloomberg
Speaker 1: meteorologist Rob Carolin for a look at our weekend weather forecast.
Speaker 1: Patchy fog this morning will give way to cloudy sky,
Speaker 1: Temperatures a little cooler today around the Tristead area. It's
Speaker 1: fifty to fifty five this afternoon. We'll have clouds and
Speaker 1: maybe a shower overnight. Those five turning partly Sunday. Tomorrow,
Speaker 1: high pressure heads our way. We're forty five to fifty,
Speaker 1: partly sunny in forty five Saturday. It remains partly sunning
Speaker 1: into Sunday, but cooler Sunday around forty I'm Rob Carolyn
Speaker 1: with your weekend forecast. I'm Bloomberg eleven three oh broadcasting
Speaker 1: live from the Bloomberg Interacted Broker's studio in New York.
Speaker 1: Bloomberg E loving Freedom to Washington, d C, Bloomberg N
Speaker 1: one to Boston, Bloomberg one oh six one does San Francisco,
Speaker 1: Bloomberg sixty to the country. Sirius XM to the one
Speaker 1: nineteen and around the globe, the Bloomberg Business app and
Speaker 1: Bloomberg Radio dot com. This is Bloomberg Daybreak. Now we're
Speaker 1: coming up to six thirty on Wall Street. Good morning.
Speaker 1: I'm Nathan Hager and I'm Karen Moscow, and we are
Speaker 1: just about three hours away from the open of US trading.
Speaker 1: Time for the five things that you need to know
Speaker 1: to start your day. Brought to you by i b
Speaker 1: k R. Indirective broker's clients are an interest of up
Speaker 1: to three point three percent on the idle cash and
Speaker 1: their brokerage accounts. Visit ib k R dot com slash
Speaker 1: interest rates to learn more. Rates subject to change at first.
Speaker 1: The House of Representatives has adjourned once again after six
Speaker 1: rounds of voting without electing a speaker. Twenty Conservatives are
Speaker 1: blocking Kevin McCarthy's path to the speakership. Now the standoff
Speaker 1: is drawing negative attention from President Biden. It's embarrassment for
Speaker 1: the country. I mean literally making a part of this reality,
Speaker 1: President Biden says, the GOP does function is not a
Speaker 1: good look to the rest of the world. To Lawmakers
Speaker 1: reconvene at noon today for a seventh round of votes
Speaker 1: assenting Republicans. Karen don't have a specific candidate in mind
Speaker 1: for the speakership. That's according to former Indiana Democratic Representative
Speaker 1: Tim Rohmer, who tells US gop TO centers just want
Speaker 1: to oppose McCarthy. These four or five or twenty see
Speaker 1: this as a real victory, just taking McCarthy down. Former
Speaker 1: Congressman Tim Rohmer spoke on Bloomberg Sound On with Joe Matthew.
Speaker 1: You can catch the show weekdays five pm. E Stern
Speaker 1: on Bloomberg Radio. Another major story we're following this morning,
Speaker 1: Nathan involves those job cuts at Amazon. The company plans
Speaker 1: to eliminate just over eighteen thousand rolls, more than was
Speaker 1: initially announced in November. Most of the cuts will come
Speaker 1: in Amazon's recount division and human resources department, and so
Speaker 1: the broader economy. Karen, all eyes remain on the FED.
Speaker 1: The Central Bank is affirming its resolved to bring down inflation,
Speaker 1: and Bloomberg Steve Rappaport joins US Live with margod Morning. Steve,
Speaker 1: Good morning, Nathan and Karen. Despite that resolve, policymakers say
Speaker 1: they're not afraid to keep interest rates high, at least
Speaker 1: in the short term minutes from their last meeting. Note
Speaker 1: in unwarranted easing of financial conditions, especially if driven by
Speaker 1: a misperception by the public of the committee's reaction function,
Speaker 1: would complicate efforts to restore price stability. The Central Bank's
Speaker 1: goal is to eventually bring inflation down to two percent
Speaker 1: while keeping the economy out of a recession. Live in
Speaker 1: New York, I'm Steve Rappaport Bloomberg Daybreak. All right, Steve, thanks,
Speaker 1: So the SNP and nasdacs shook off FED caution yesterday,
Speaker 1: snapping two days of losses. But Morgan Stanley chief US
Speaker 1: equity strategist Mike Wilson says, with earnings around the corner,
Speaker 1: investors need to gear up for rough days ahead. We're
Speaker 1: gonna get a nasty earnings recession, and so the companies
Speaker 1: that can deliver on the cost deficiency are the ones
Speaker 1: that are going to continue to perform until you fully
Speaker 1: twice you know, whatever this downturn on earnings are going
Speaker 1: to be. And Morgan Stanley's Mike Wilson thinks stocks could
Speaker 1: decline more than twenty percent from current levels. And that's
Speaker 1: the five things you need to know to start your day.
Speaker 1: Brought to you by Interactive brokers and futures this morning.
Speaker 1: They're little changed SNP and DAL futures anyway, Nasty futures
Speaker 1: are higher. They're up to tens of a percent. They've
Speaker 1: been adding to their gains, up about nineteen points right now.
Speaker 1: The decks in Germany has little changed, and your treasury
Speaker 1: down three thirty seconds. You have three point six nine
Speaker 1: percent and the yield on the two year four point
Speaker 1: three eight percent trade. I had your latest local headlines
Speaker 1: plus a check of sports, and this is Bloomberg. Thank you,
Speaker 1: Karen sixty one on Wall Street, and Michael Barr is
Speaker 1: back with us for a look at what else is
Speaker 1: going on in New York and around the world. Good morning, Micaol,
Speaker 1: Good morning. Nathan Mourner's forward into St. Peters Square for
Speaker 1: the funeral of former Pope Benedict. Bell's told and the
Speaker 1: crowd applauded as Paul Bears carried out Benedict's cypress coffin
Speaker 1: out of the basilica and rested it before the altar.
Speaker 1: Helen Alvary is a George Mason University professor. He's going
Speaker 1: to be remembered as one of the greatest intellects in
Speaker 1: the history of the Church, which is saying something in
Speaker 1: two thousand years, Uh, he is going to be the
Speaker 1: person who pursued all the great questions in you know,
Speaker 1: more than sixty five books and probably hundreds of articles.
Speaker 1: Heads of state, royalty and clergy from around the world
Speaker 1: flocked to the Vatican. It is a war of words
Speaker 1: between New York City Mayor Eric Adams and former Mayor
Speaker 1: Bill de Blasio's administration. Adams is calling on his predecessor
Speaker 1: to stop his team from criticizing the current administration. I
Speaker 1: am so tied of the previous administration and the antics,
Speaker 1: Adams slammed the Blasio's former spokesperson, who has been increasingly
Speaker 1: critical of Adams on Twitter. The mayor said they had
Speaker 1: eight years to do their job. Once they're gone, their
Speaker 1: experts on everything. President Joe Biden says he intends to
Speaker 1: visit the US Mexico border next week for a firsthand
Speaker 1: look at conditions as his administration contends with a surge
Speaker 1: in administration in migration. I should say. Rick Singer, the
Speaker 1: mastermind of the nationwide college admissions bribery scheme that ensnared
Speaker 1: celebrities and prominent people, was sentenced to three and a
Speaker 1: half years in prison. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quicktake, powered by more
Speaker 1: than twenty hundred journalists analysts more than a hundred twenty countries.
Speaker 1: I'm Michael Barr. This is Bloomberg, Nathan. Okay, Michael, Thank you.
Speaker 1: About six thirty three on Wall Street time for the
Speaker 1: Bloomberg Sports Update, brought to you by Trice stayed out.
Speaker 1: Good morning, John stanhow Morrity. Nathan san Antonio's first came
Speaker 1: to the York lost by thirty six at Brooklyn. It
Speaker 1: was much closer at the guard. This first had a
Speaker 1: chance to tie the game at the end. Next held
Speaker 1: on one, seventeen fourteen. Jalen Brunson scored thirty eight and
Speaker 1: Nick's played tomorrow in Toronto. The nets twelve game winning
Speaker 1: streak came to an end in Chicago. The Bulls won
Speaker 1: one twelve In the loss, Kevin Durant forty four points,
Speaker 1: Kyrie Irving added twenty five, Seth Curry twenty two. Rest
Speaker 1: of the team combined for only twenty one. Donovan Mitchell's
Speaker 1: first game since he poured in seventy one points. He
Speaker 1: was held to twenty but the Calves won over Phoenix.
Speaker 1: Jannison of the Compo, coming off a career high fifty
Speaker 1: five points, settled for thirty at twenty one rebounds. Tennessis
Speaker 1: Milwaukee beat Toronto. Lakers played without Lebron James, he was
Speaker 1: out sick. They still beat Miami and Detroit hit a
Speaker 1: three pointer at the buzzer for an upset win at
Speaker 1: Golden State, who was only lost twice all year at home.
Speaker 1: Devil's a five one win at Detroit tomorrow. Hamlin said
Speaker 1: to be showing signs of improvement from his cardiac arrest Monday.
Speaker 1: In Cincinnati. Quarterback news going to week eighteen, Washington will
Speaker 1: have its third different starting QB in the last three weeks,
Speaker 1: now going to the rookie Sam Howell. Arizona is turning
Speaker 1: to a fourth different QB, David Blow against the red
Speaker 1: hot forty nine ers. Chicago starts Nathan Peterman for the
Speaker 1: injur Justin Fields. Miami will likely go with rookie Skyler
Speaker 1: Thompson against the Jets. It's not known yet of Jalen
Speaker 1: Hurts will return from injury. Philadelphia, the Eagles hosted Giants.
Speaker 1: Jim Harbaugh spoke with the Carolina Panthers. What said he
Speaker 1: expects to remain as the coach at Michigan, John Stash,
Speaker 1: We're Bloomberg Sports. Nathan, all right, John, thank you. The
Speaker 1: Bloomberg Sports Report was brought to you by Audie. Don't
Speaker 1: let someone else drive off in the Audi model. You've
Speaker 1: always wanted to visit your local Try state Audie Dealer
Speaker 1: to get behind the wheel of yours today, or visit
Speaker 1: Audie Offers dot com for more information. Right now, SMP
Speaker 1: futures are up three points Staff futures up to NASDAQ
Speaker 1: Future is gaining some ground here up twenty points ten.
Speaker 1: Your treasuries down four thirty seconds held three point six.
Speaker 1: Nim X screwed up two point three percent or a
Speaker 1: dollar sixty seven. A barrel of West Texas Intermedia right
Speaker 1: now cost seventy four dollars and fifty one cents six
Speaker 1: thirty five on Wall Street. Bloomberg Radio is on the
Speaker 1: air from San Francisco to New York, London to Hong Kong.
Speaker 1: Let's check in with our global news team for some
Speaker 1: of the top stories heard in our three hundred affiliate
Speaker 1: radio stations around the world. I'm Steve polus k K
Speaker 1: and ex in Los Angeles. We're talking about Disney Plus
Speaker 1: bringing IMAX quality sound to Marvel movies. You watch a Home.
Speaker 1: I'm Corney donahoean kat r h in Houston. Excell And
Speaker 1: says lower oil and natural gas prices had a negative
Speaker 1: impact on its most recent court I'm Jeff Bellinger and
Speaker 1: on w tv N and Columbus, I'll be reporting on
Speaker 1: the latest manpower survey that says job creation may slow
Speaker 1: song in the first quarter, but it will not stall
Speaker 1: as employers continue to deal with a global palan shortage.
Speaker 1: I'm Stephen Carroll and Bloomberg DAB Radio in London. We've
Speaker 1: been reporting on the Prime Minister laying out the five
Speaker 1: pledges he wants the electorate to judge his government on,
Speaker 1: including fixing inflation and the economy. I'm at Tory on
Speaker 1: w w J in Detroit. I'm reporting General Motors is
Speaker 1: wanting in the Dot Autos Feller in the US, and
Speaker 1: those are some of the stories are dred Bloomberg journalists
Speaker 1: and analysts are working on this morning around the world
Speaker 1: sixty on Wall Street. The following is an editorial from
Speaker 1: Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board.
Speaker 1: Starting this week, travelers on US bound flights from China
Speaker 1: will have to be tested for COVID nineteen. Other countries
Speaker 1: are implementing similar new restrictions. Given the scale of the
Speaker 1: outbreak currently ravaging China, such moves make sense, but on
Speaker 1: their own they aren't enough to manage the global risk
Speaker 1: posed by the virus. The US, for its part, should
Speaker 1: maintain its efforts to supply China with more potent mr
Speaker 1: NA vaccines. It should also lead a swift, coordinated global
Speaker 1: effort to boost genetic sequencing, which can help track variants.
Speaker 1: Critics of testing before travel are right. It won't prevent
Speaker 1: all transmission, but combined with common sense precautions, better surveillance,
Speaker 1: and more vaccines, it should help keep the worst effects
Speaker 1: of the virus at bay. This editorial was written by
Speaker 1: the Bloomberg Editorial Board. For more Bloomberg opinion, please go
Speaker 1: to Bloomberg dot com, slash opinion or opi en go
Speaker 1: on the Bloomberg terminal. These has been Bloomberg opinion, and
Speaker 1: you can hear Bloomberg opinion editorials every weekday. At this time.
Speaker 1: Terminal customers can read more at O P I N go.
Speaker 1: Another story we're following this morning involves Dell. The PC
Speaker 1: maker reportedly wants to phase out semiconductors made in China
Speaker 1: by twenty four this according to Japan's Nika news service.
Speaker 1: Dell is also reportedly telling its suppliers to significantly reduce
Speaker 1: the amount of other components if they produced in China.
Speaker 1: Dell reportedly wants to diversify its supply chain because of
Speaker 1: concerns about tensions between the US and China. Right now,
Speaker 1: futures are moving a touch higher. SMP futures are up
Speaker 1: four points, staff futures up eleven now and NASTACK futures
Speaker 1: up a quarter percent again of twenty seven points ten.
Speaker 1: Your treasuries down four thirty seconds. The yield three point six.
Speaker 1: Markets headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot com for Bloomberg Business apt and at
Speaker 1: Bloomberg Quick Tape. This is a Bloomberg Business lash and
Speaker 1: I'm kring Moscow. This update brought to you by Innovation Refunds.
Speaker 1: This is your daily reminder from Innovation Refunds to apply
Speaker 1: for a payroll tax refund. If you're a smaller medium
Speaker 1: sized business was impacted by COVID nineteen Innovation refunds. Clients
Speaker 1: already claimed over two billion dollars in payroll tax refunds.
Speaker 1: Get started at get Refunds, dot com and futures. They
Speaker 1: are a little change this morning. Let's go the first
Speaker 1: Word breaking news desk for today's morning call. Here's Bill Maloney, Bill,
Speaker 1: good morning, Hey, good morning. Can that's right. US futures
Speaker 1: are quiet right now, A death futures down three points,
Speaker 1: smps are higher by three and as A futures rise
Speaker 1: by seventeen. The US ten yeeld at three point seven percent,
Speaker 1: gold is down six Oil trading in the green, and
Speaker 1: bitcoin is little changed. Hong Kong rose one point three
Speaker 1: percent overnight, while up markets are also little changed this morning,
Speaker 1: and back in the US on the economic FRINDAYDP employment
Speaker 1: change at eight thirty initial jobs claims and at SMP
Speaker 1: Global Services and Composite p m I S. Regarding earnings
Speaker 1: this morning, look for Cantagra, Walgreens and Consolation brands to
Speaker 1: report in the pre market, and another news Amazon to
Speaker 1: cup more than eighteen thousand jobs, wrapping things up. C
Speaker 1: andMe was raised outperform at KRED, Sweet Baxter was cotch
Speaker 1: to market reform over at Raymond James live from the
Speaker 1: first breaking News Descomb, Bill Maloney care great, Bil, Thank
Speaker 1: you and to hear live breaking news of your Bloomberg
Speaker 1: type squawk on your terminal SCU A w K. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more
Speaker 1: on what's going on around the world, Michael Karen. The
Speaker 1: House of Representatives will try now for a third day
Speaker 1: to lock in a speaker. Disagreements among Republicans led to
Speaker 1: Kevin McCarthy losing now a total of six votes. Pope
Speaker 1: Francis is resigning over a funeral mass for former Pope
Speaker 1: Benedict before thousands of mourners in St. Peter's Square. Officials
Speaker 1: in California ordered evacuations in high risk coastal areas as
Speaker 1: a huge storm barreled into the state. It was bringing
Speaker 1: high winds and rain that threatened widespread flooding and knocked
Speaker 1: out power to more than one hundred thousand people in
Speaker 1: the NBA. The next one, the Nets and Warriors lost
Speaker 1: in hockey. The Devil's One Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quick Tank, powered
Speaker 1: by more than twenty seven hundred journalists and analysts and
Speaker 1: more than one hundred twenty countries. I'm Michael Barr, and
Speaker 1: this is Bloomberg, Karen, Michael Barr. Thank you. It at
Speaker 1: sixty two on Wall Street. Let's turn to news and
Speaker 1: science and technology now with the Bloomberg and j I
Speaker 1: T Stem Report. And here's just making news in science, technology, engineering,
Speaker 1: and math. Shortages of computer chips in other parts continue
Speaker 1: to hobble the US auto industry last year, contributing to
Speaker 1: vehicles sales dropping eight per cent from one to their
Speaker 1: lowest level in more than a decade. Automakers reported that
Speaker 1: they thirteen point nine million cars, trunks, SUVs, and vans
Speaker 1: last year, as the part shortage limited factory output amid
Speaker 1: high demand for new vehicles. It was the lowest sales
Speaker 1: number since twenty eleven, when the economy was recovering from
Speaker 1: the Great Recession. The Security is that Exchange Commission is
Speaker 1: pushing back on Finance US's plan to buy bankrupt crypto
Speaker 1: lender Voyager Digital. The deal is valued at about one
Speaker 1: billion dollars in accord filing. The SEC says the agreement
Speaker 1: does not include enough detail about Finance's ability to close
Speaker 1: the deal. Finance says it will provide any requested information,
Speaker 1: and del reportedly wants to phase out semiconductors made in
Speaker 1: China by four According to Japan's NAK, the computer maker
Speaker 1: also has told suppliers to significantly reduce the amount of
Speaker 1: other components produced in China. Della is said to want
Speaker 1: to diversify it supplied chain because of concerns about US
Speaker 1: China tensions. And that's a Bloomberg n j I t
Speaker 1: Stem report. Nathan, all Right, Karen, thank you at sixty
Speaker 1: four on Wall Street Time Now to check it's going
Speaker 1: on in d C. Some of the top stories in
Speaker 1: our nation's capital include the ongoing stalemate in the U s.
Speaker 1: House of Representatives, a deal on Kevin McCarthy speaker bid
Speaker 1: remains elusive. Also making news the Biden administration urging the
Speaker 1: Supreme Court to back student debt belief, and President Biden
Speaker 1: planning to speak about border security today as he plans
Speaker 1: a trip to the southern border next week. Let's bring
Speaker 1: in Bloomberg Government congressional reporter Jack Fitzpatrick, who of course
Speaker 1: has been following the ongoing turmoil on Capitol Hill all
Speaker 1: week long. Jack, doesn't seem like any daylight is breaking
Speaker 1: through for Kevin McCarthy and these what twenty or so
Speaker 1: holdout Republicans. Do we expect that to change it all today? Uh?
Speaker 1: You know, they're still talking. They they, according to McCarthy,
Speaker 1: have had some good conversations and in fact, Chip Roy,
Speaker 1: who's one of the more vocal detractors, came out of
Speaker 1: a meeting late yesterday saying it was it was a
Speaker 1: good conversation. They're not there yet. Uh. You know, they
Speaker 1: declined to ho old another vote on the speaker after
Speaker 1: some of those further negotiations yesterday because it didn't seem
Speaker 1: like it would make a difference. But you know, I
Speaker 1: think they may be sussing out who's absolutely one percent
Speaker 1: dug in against McCarthy and who is interested in continuing
Speaker 1: to talk. And in fact, the vote that they held
Speaker 1: at the end of the day to adjourn was a
Speaker 1: little bit of a procedural success because at least the
Speaker 1: holdouts didn't continue to demand further votes rejecting him, and
Speaker 1: essentially worked with the rest of the party to just
Speaker 1: let the issue die for that day. I was a
Speaker 1: very close vote, but it does look like Lauren Bobert,
Speaker 1: Andy Biggs, Matt Gates, and Eli crane are are the
Speaker 1: four that McCarthy's not gonna get. He can afford to
Speaker 1: lose four, but he'd have to win everybody over. So
Speaker 1: it's still a tough situation for McCarthy. Uh. And they're
Speaker 1: gonna just have to continue to talk about this and
Speaker 1: while we wait for any potential resolution here Jack, you've
Speaker 1: got a piece on the Bloomberg terminal this morning about
Speaker 1: what this standoff could potentially mean when it comes to
Speaker 1: this Congress's ability to actually get necessary legislation done. Yeah,
Speaker 1: this is I think the first illustration of a huge
Speaker 1: challenge for the next two years, given the very very
Speaker 1: narrow house majority and a win of conservative sort of
Speaker 1: anti leadership Republicans who are not going to go along
Speaker 1: with whatever the whip count says they should do. And
Speaker 1: that's very important for a debt limit vote that's going
Speaker 1: to have to happen maybe midway through the year or
Speaker 1: into the third quarter of the year. UH. And also
Speaker 1: government funding and trying to avoid a shutdown in October.
Speaker 1: So they've had a little time to get their ducks
Speaker 1: in a row. But you know, Ralph Norman, for example,
Speaker 1: who's one of the holdouts, UH, said he wants a
Speaker 1: speaker who is willing to shut the government down. Um,
Speaker 1: this this is going to be very, very difficult when
Speaker 1: it comes to must pass pieces of legislation. You know.
Speaker 1: I talked to one former staffer who worked for people
Speaker 1: like New Gingrich and Dennis Haster when they were a speaker,
Speaker 1: and she said, it's very different now because the the
Speaker 1: anti leadership Conservative Freedom Caucus wing is much less interested
Speaker 1: than in previous generations in in calls to get the
Speaker 1: party to ban together. So the whip count on must
Speaker 1: pass bills is going to be very difficult going forward
Speaker 1: and something to watch, particularly for markets when you think
Speaker 1: about the implications for the full faith and credit of
Speaker 1: this country. But in the meantime, Jack, there was another
Speaker 1: important story developing overnight in Washington. The Biden administration UH
Speaker 1: making its argument now to the Supreme Court about student
Speaker 1: deck relief. Yes, they've basically filed their papers arguing that
Speaker 1: the student debtler relief planned by the Biden administration is legal. Uh.
Speaker 1: The actual arguments before the Supreme Court are set for February,
Speaker 1: so it'll take a while for for for us to
Speaker 1: get even to the real arguments. But this is the
Speaker 1: beginning of that process essentially, UH, and they are justifying
Speaker 1: this with a law that allows the executive branch to
Speaker 1: suspend debt debt payments by the student debt payments under
Speaker 1: the authority of the Secretary of Education during national emergencies.
Speaker 1: They're pointing to the economic effects of the coronavirus pandemic,
Speaker 1: So there's there's an argument over whether that law actually
Speaker 1: applies here. There's also an argument over whether these states
Speaker 1: have standing to sue, because you have to show that
Speaker 1: you're being directly harmed by the policy. They're arguing that
Speaker 1: UH nonprofit that contributes funding to Missouri is being put
Speaker 1: into a financially risky situation. So there's gonna be a
Speaker 1: couple of arguments on whether a law that allows a
Speaker 1: pause in payments under national emergencies actually applies to this scenario,
Speaker 1: but also whether the states have the standing to sue. Alright,
Speaker 1: Bloomberg Government Congressional reporter Jack Fitzpatrick keeping a surprised of
Speaker 1: all developments in the nation's capital. Of course, we've been
Speaker 1: watching it very closely with the standoff over the speakership vote. Jack,
Speaker 1: thanks for this and you can read more at Bloomberg
Speaker 1: dot com or on the Bloomberg Terminal and follow the
Speaker 1: latest on Bloomberg Radio in Washington. Bloomberg and one oh
Speaker 1: five point seven f MHD two SMP futures right now
Speaker 1: hired by four points. Staff Future is a little change
Speaker 1: to the upside now a fifteen and NASDAC Future is
Speaker 1: a gain of two tenths per cent points higher for
Speaker 1: the Nasdaq futures contracts ten Your treasury is down three
Speaker 1: thirty seconds right now, yield three point six This is
Speaker 1: Bloomberg Markets headlines and breaking news twenty four hours a
Speaker 1: day at Bloomberg dot Com, at Bloomberg Business Outland, at
Speaker 1: Bloomberg Quick Tape is a Bloomberg Business Lash and I'm
Speaker 1: Karen Moscow and futures are gaining strength now. SMP futures
Speaker 1: of two tens of upper center seven points after being
Speaker 1: little changed for much of the morning. GAL Futures up
Speaker 1: a tenth of upper cent or thirty two points, and
Speaker 1: nastack Future is adding to their gains of three tens
Speaker 1: of upper cent or thirty five points. The decks in
Speaker 1: Germany little change. Ten year treasury down to thirty seconds.
Speaker 1: You have three point six nine percent the yield on
Speaker 1: the two year four point three eight percent. Nine X
Speaker 1: screwed oil is up more than two percent of a
Speaker 1: dollar fifty one at seventy four dollars thirty five cents
Speaker 1: of barrel. Comex gold is down four ten percent or
Speaker 1: six dollars ninety cents at eighteen fifty two. Ten announced
Speaker 1: the Euro one point six one one against the dollar,
Speaker 1: British pound one point to zero to zero the end
Speaker 1: one thirty two point four nine, and Bitcoin that will
Speaker 1: change at about sixteen eight hundred dollars. That's a Bloomberg
Speaker 1: business flash. Nathan, Okay, Karen, thank you. At six fifty
Speaker 1: six on Wall Street. Let's take a look at some
Speaker 1: of the names moving in the pre market individual stocks.
Speaker 1: For that, we're joined by Bloomberg Radio and TV Markets
Speaker 1: correspondent Create Goopta to create. Of course, the big corporate
Speaker 1: news this morning is the word of even more layoffs
Speaker 1: from Amazon, and that's certainly moving that stock this morning,
Speaker 1: and a similar reaction to es off salesforce yesterday when
Speaker 1: they workforce. Essentially, even though there is a human element
Speaker 1: to this, putting that aside, the stock market actually tends
Speaker 1: to reward news like this. The idea here being that
Speaker 1: cost efficiency is really at its core. Now that you
Speaker 1: actually have fewer employees, perhaps you can reallocate those funds
Speaker 1: to research and development, for example, which is a major
Speaker 1: part of the tech sphere as well, but as well
Speaker 1: as other kind of cost efficient metrics. Nevertheless, A m
Speaker 1: z N as your takers shares are rallying off that
Speaker 1: news about two point eight percent. Like you said, they're
Speaker 1: laying off more people, over eighteen thousand employees, his biggest
Speaker 1: corporate workforce reduction ever, Nathan. Of course, like I said,
Speaker 1: this does of course follow salesforce news from yesterday where
Speaker 1: they were going to cut ten percent of their workforce.
Speaker 1: A quick check on those shares of about three tenths
Speaker 1: of one percent as well. CRM is the taker and
Speaker 1: of course a major doubt component as well, But Nathan,
Speaker 1: it's not the only one we have to keep an
Speaker 1: eye on. X on Mobile is also rallying this morning.
Speaker 1: X o M is the taker up at one point
Speaker 1: one percent. Now, it's kind of interesting the story because
Speaker 1: on the surface, they're saying that they're expecting lower oil
Speaker 1: lower natural gas prices are going to at the end
Speaker 1: of the day hurt their fourth quarter earnings that are
Speaker 1: due later this month. But at the end of the day.
Speaker 1: They are also a major refining business, and they're saying
Speaker 1: that while actually some of the refining capacity might actually
Speaker 1: be better in the fourth quarter. So something that's already
Speaker 1: been kind of priced in is as you start to
Speaker 1: see these oil contracts drop lower and lower, these oil
Speaker 1: companies have also already kind of priced that into some
Speaker 1: extent um. And it looks like the refined capacity was
Speaker 1: the real question just given all of the kind of
Speaker 1: natural disasters we've had in the fourth quarter of last year,
Speaker 1: and how a lot of these refining capacities in the
Speaker 1: Gulf of Mexico but also on the coast of California
Speaker 1: would be able to kind of keep up with it.
Speaker 1: So XOM is your ticker up one point one percent?
Speaker 1: A little bit of a cybe relief there, And Nathan,
Speaker 1: I'll leave you with one last one. The Western Digital
Speaker 1: a Bloomberg report, a bloomberg scoop, if you will, climbing
Speaker 1: six point four percent of this morning w DZ after
Speaker 1: reporting um that they might restart merger talks with Japan's Kiuxia. Okay,
Speaker 1: Bloomberg Radio on TV markets correspondent, pretty good to keeping
Speaker 1: an eye on individual movers for us this morning on
Speaker 1: a morning where we've kind of seen futures trade a
Speaker 1: little bit flat, though we have seen Nastack futures particularly
Speaker 1: start to gain a little bit of traction this morning.
Speaker 1: Right now, there are up three tenths per cent, or
Speaker 1: thirty one points on the Nastack futures. SMP futures contracts
Speaker 1: touch higher, up five points. That's a gain of a
Speaker 1: tenth percent right now. Dow futures are little changed higher
Speaker 1: by seven points this morning. The ten year treasuries down
Speaker 1: to thirty seconds yield three point six nine percent. Yield
Speaker 1: on the two year four point three eight percent. Creany
Speaker 1: mentioned EXN moving higher. We're looking at crewed prices. They're
Speaker 1: moving higher as well. Ni'm X screwed right now is
Speaker 1: up two percent at seventy four dollars thirty one cents
Speaker 1: of barrel. This is Bloomberg Daybreak on Nathan Hagar along
Speaker 1: with Karen Moscow, and it is six fifty nine on
Speaker 1: Wall Street. Stay with us Bloomberg Surveillance, So Tom Keene,
Speaker 1: Jonathan Farrell, and Lisa Abramo. It starts right now, live
Speaker 1: from the financial capital of the world, broadcasting across the lobe.
Speaker 1: This is WBBR New York, Bloomberg. He living Thrio. Nothing
Speaker 1: goes really changed between the end of two, in the
Speaker 1: first day of three and flat