Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: day Break for Wednesday. A two coming up this hour.
Speaker 1: Shares of Netflix plunge after its first subscriber loss in
Speaker 1: a decade. The port city of Mariopol and Ukraine is
Speaker 1: in jeopardy. Will have the very latest and the Justice
Speaker 1: Department may appeal the Public Transit NAS schooling if the
Speaker 1: Centers for Disease Control says so. A Connecticut state police
Speaker 1: trooper who fired seven gun shots into a car, killing
Speaker 1: a man has been arrested. Plus Shanghai continues to ease
Speaker 1: COVID rules. I'm Michael Barr. More ahead, I've done Stagehower
Speaker 1: in sports. The Mets of the best record in baseball.
Speaker 1: They swept the double letter from the Giants. They Yankees
Speaker 1: want of Detroit. The Rangers shut out Whinnipeg. Bloom That's
Speaker 1: all straight ahead on Bloomberg day Break. On Bloomberg. You
Speaker 1: live in Freo New York, Bloomberg N one, Washington, d C,
Speaker 1: Bloomberg one O six one in Boston, Bloomberg nine fifty
Speaker 1: San Francisco, Sirius x M one nine team, and around
Speaker 1: the world on the Bloomberg Radio dot Com and via
Speaker 1: the Bloomberg Business Set. Good morning, I'm Nathan Hagar and
Speaker 1: I'm Karen Moscow and US stock index futures are little
Speaker 1: change this morning. We are coming up to six o
Speaker 1: one on Wall Street, and we checked the markets every
Speaker 1: fifteen minutes throughout the trading day on Bloomberg. Again, futures
Speaker 1: are a little change. The decks in Germany of one
Speaker 1: point one percent ten Your treasury of fourteen thirty seconds
Speaker 1: yield two point eight eight percent. They yield on the
Speaker 1: two year two point five five percent. Nivex screwed oil
Speaker 1: is up three quarters of a percent of seventy eight
Speaker 1: cents at a hundred three dollars thirty four cents of
Speaker 1: barrel Covecs gold is down four tenths percent, or seven
Speaker 1: dollars fifty cents at nineteen fifty one fifty, announced Nathan Karen.
Speaker 1: We begin this morning with the plunge in Netflix shares.
Speaker 1: They are down more than twenty six percent following the
Speaker 1: company's disappointing earnings. Let's get the latest live from Bloomberg's
Speaker 1: Grnita Young. Good morning, Grenita, Good morning, Nathan. The streaming
Speaker 1: giant unexpectedly lost subscribers for the first time in a decade,
Speaker 1: and it sees another a drop of two million users
Speaker 1: this quarter. So in an effort to improve results, co
Speaker 1: CEO Read Hastings says, Netflix will introduce a cheaper advertising
Speaker 1: supported option for subscribers in the next couple of years.
Speaker 1: I'm a bigger fan of consumer choice and allowing consumers
Speaker 1: who would like to have a lower price and are
Speaker 1: advertising tolerant um get what they want makes a lot
Speaker 1: of sense. Netflix co CEO Read Hastings says the company
Speaker 1: will also start to crack down on people sharing their
Speaker 1: passwords live in New York. I'm gonna need a young
Speaker 1: Bloomberg daybreak, all right, grened to thank you. While we
Speaker 1: are seeing the Netflix results impact other streaming services, shares
Speaker 1: A Disney are down more than four percent, while Roku
Speaker 1: is off by six percent, and one of their stock
Speaker 1: of note that's moving this morning is IBM shares her
Speaker 1: up one and a half percent. Of the company's sales
Speaker 1: toped analysts estimates, and the earnings continue to roll in Karen.
Speaker 1: With sixteen companies in the SMP reporting today, including Tesla,
Speaker 1: Let's get a preview from Bloomberg's on buzby One big
Speaker 1: focus for first quarter earnings at the world's biggest electric
Speaker 1: auto maker, how much the COVID nineteen shutdown to the
Speaker 1: company's Shanghai plant have impacted production. There also of concerned
Speaker 1: the impact of the global computer chip shortage and the
Speaker 1: ongoing supply chain issues that have affected all automakers. But
Speaker 1: Bloomberg consensus calls for adjusted earnings of two dollars twenty
Speaker 1: seven cents of share and revenues of seventeen point nine
Speaker 1: two billion dollars. Tom Busby, Bloomberg Daybreak, All right, Tom,
Speaker 1: thank you all. Turning to the economy now, US ten
Speaker 1: year real yields briefly turned positive this morning for the
Speaker 1: first time since March. Meanwhile, Chicago FED President Charles Evans
Speaker 1: said interest rate will probably rise above the neutral level,
Speaker 1: but how much higher will hange on weather? Inflation cools
Speaker 1: as expected. Probably we are going beyond neutral. I mean
Speaker 1: that's my expectation. When I see that, taking out special factors,
Speaker 1: I'm still left with three to three and a half
Speaker 1: percent inflation. That's not what we want. Chicago FED President
Speaker 1: Charles Evans made the comments, Yes, your day at the
Speaker 1: Economic Club of New York, and we may get a
Speaker 1: clear picture behind the Feds thinking Karen when it would say.
Speaker 1: Regional Economic survey, known as the Beige Book, comes out
Speaker 1: this afternoon. Bloomberg's Michael McKee has a preview. Americans say
Speaker 1: they are discouraged by inflation, but are they pulling back
Speaker 1: on spending an investment. The Beige Book will offer Fed
Speaker 1: officials anecdotal evidence on the impact of rising prices and
Speaker 1: the outlook for the next few months. Activity has been mixed,
Speaker 1: showing some cooling and goods demand that could ease price pressures,
Speaker 1: although there's been a greater appetite for services recently. First
Speaker 1: quarter growth is forecast to slow considerably from the fourth
Speaker 1: quarters sizzling six point nine percent annual rate. It's not
Speaker 1: definitive by any means, but the Beige Book will offer
Speaker 1: some color on whether that's slow down is going to
Speaker 1: be temporary or longer lasting. Michael McKee, Bloomberg Daybreak. All right, Michael,
Speaker 1: thank you. We now want to update you on the
Speaker 1: latest developments in the war. The port city of Mario
Speaker 1: pol in, Ukraine is on the brink. Ukrainian defenders say
Speaker 1: they're surrounded and they're appealing to world leaders for help.
Speaker 1: Bloomberg Samy Morris reports. Ukrainian President voladimir's Alinsky posted a
Speaker 1: video to social media saying that the Russian Army is
Speaker 1: righting itself into world history as the most barbaric and
Speaker 1: in humane army in the world, in part because they're
Speaker 1: blocking efforts to create humanitarian corridors, especially in Mariopol, where
Speaker 1: the commander of one Ukrainian brigade is pleading for help
Speaker 1: from other countries to evacuate civilians from the ports city.
Speaker 1: Russia has given the fighters until two pm in Moscow,
Speaker 1: that's seven am Eastern, to lay down their arms and surrender.
Speaker 1: In Washington, I maybe Morris Bloomberg daybreak, Okay, thank you,
Speaker 1: turning to the pandemic, The Justice Department says it's prepared
Speaker 1: to appeal the mask mandate ruling if necessary. Bloomberg said,
Speaker 1: Baxter has the story. The d o J says it
Speaker 1: will appeal if the CDC decides that the mandate should
Speaker 1: remain in place after May three, when the current one expires. Currently,
Speaker 1: the recommendations remain in place but not mandated. Under the ruling,
Speaker 1: The White House is keeping its mandate in Forest spokeswoman
Speaker 1: Jen Saki says. The administration says it is a smart
Speaker 1: thing to do. We're continuing to encourage people to wear
Speaker 1: masks in public transit. They'll make that decision because it's
Speaker 1: obviously not being implemented at this moment time, but will
Speaker 1: continue to abide by CDC guidance for now. It is
Speaker 1: a personal decision. In San Francisco, I'm at Baxter Bloomberg daybreak,
Speaker 1: all right, and thank you Ellen wall Street. The days
Speaker 1: of free lunch at Goldman Sachs are over, marking the
Speaker 1: end of a pandemic office perk. We get the story
Speaker 1: from Bloomberg's Charlie Pellett. The investment bank says it will
Speaker 1: transition back to paid for meal service for breakfast and
Speaker 1: lunch on April twenty five. Goldman also says it will
Speaker 1: boost the stipend for meals out of hours to thirty
Speaker 1: dollars from twenty five dollars. Wall Street firms have been
Speaker 1: using free food as part of the push to bring
Speaker 1: employees back to their desks during a pandemic that has
Speaker 1: fueled the rise of hybrid schedules and remote work. Goldman
Speaker 1: has been one of the most aggressive financial firms in
Speaker 1: pushing for a return to the office. In New York
Speaker 1: Charlie Pellett Bloomberg day Break. All right, Charlie, thanks and
Speaker 1: sticking with the banking fame. Join us later Tay when
Speaker 1: we speak live with Bank of America's CEO, Brian moynihan.
Speaker 1: That's coming up at noon, Wall Street time on Balance
Speaker 1: of Power on both Bloomberg Radio and Bloomberg Television, Local
Speaker 1: headlines in the check of sports. Next on Bloomberg Daybreak.
Speaker 1: It's now six oh seven on Wall Street. We're forty
Speaker 1: three degrees in Central Park scene, light volume on the
Speaker 1: bridges and tunnels. Will check in with Peter Vancy if
Speaker 1: that's holding up. First, Michael Barr with what else is
Speaker 1: going on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. The New Jersey Catholic Diocese of Camden
Speaker 1: has agreed to pay eighties seven point five million dollars
Speaker 1: of several claims involving clergy sex abuse, with about three
Speaker 1: hundred alleged victims. It is one of the largest cash
Speaker 1: settlements involving the Catholic Church in the US. Mark Crawford
Speaker 1: is with the State Chapter of the Survivors Network of
Speaker 1: Those Abused by priests. I'm glad it's come to fruition. UM.
Speaker 1: I hope and believe that lead to some small level
Speaker 1: of closure and hopefully some validation for the victims of
Speaker 1: cludge abuse within the Diocese of Camden, New Jersey. Mark
Speaker 1: Crawford with the Survivors Network says the settlement carries a
Speaker 1: unique agreement, including turning over documents. Connecticut State Police, a
Speaker 1: trooper who fired seven gunshots into a car and killed
Speaker 1: a man in twenty twenty after a high speed chase
Speaker 1: has been arrested in connection with the shooting. Authority. State
Speaker 1: Trooper Brian North turned himself into the State Inspector General
Speaker 1: last evening. North fatally shot Mubarick Solomine in January twenty
Speaker 1: as Solomine sat in the driver's seat of a car
Speaker 1: in West Haven, where the chase ended and police boxed
Speaker 1: in the car. The State Police union says North risked
Speaker 1: his life and it is defending his actions. It looks
Speaker 1: like New York City dorman won't go on strike after all. Yesterday,
Speaker 1: attendative deal was reached to a vert of potential walkout
Speaker 1: a day ahead of the deadline. The agreement reached the
Speaker 1: union and the Realty Advisory Board everts what would have
Speaker 1: been the first strike of residential building service workers in
Speaker 1: New York City in thirty one years. A Chinese health
Speaker 1: official says four million people in Shanghai have been allowed
Speaker 1: to leave their homes as the coronavirus quarantine rules ease.
Speaker 1: That brings the total to almost twelve million people who
Speaker 1: have been allowed to leave their homes as China's largest
Speaker 1: city tries to contain the virus outbreaks. New Jersey's governor
Speaker 1: has some thoughts as the state prepares to legalize recreational
Speaker 1: pot sales. Governor Phil Murphy won't be partaking in pot,
Speaker 1: but he does have a preference. It's never been an
Speaker 1: animating thing for me. If we were legalizing Scotch, I
Speaker 1: would show up with a shopping cart. Governor Murphy says,
Speaker 1: recreational pots sales begin tomorrow. By the way, today's date
Speaker 1: is four twenty. You know Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quick Take, powered
Speaker 1: by more than twenty seven under journalists and analyists more
Speaker 1: than a hundred twenty countries. Michael Barr and this is
Speaker 1: Bloomberg name some know. Thank you Michael. Almost six ten
Speaker 1: on Wall Street time for the Bloomberg Sports update here
Speaker 1: John all right, Nathan, look now, but the Mets at
Speaker 1: nine and three of the best record. The major things
Speaker 1: a double header sweep with the Giants and City Field.
Speaker 1: I begin with a big comeback Mets field four to
Speaker 1: one time the game, then won it in the tenth inning.
Speaker 1: Two strikes on Lindor Darcia's pitch swing a lot rot
Speaker 1: towards center field, that's gonna get down. That makes it.
Speaker 1: Then roll for the wall the right center, no scores
Speaker 1: pet Francisco Indoor comes through, Mets win it tend five
Speaker 1: poor the final. We should be. Francisco into a rough
Speaker 1: first season in New York, but off to a hot
Speaker 1: start this year. He had two more hits in the nightcap,
Speaker 1: won by the Mets three to one, thanks to match
Speaker 1: sers Or, his first home start. Sers Are flirted with
Speaker 1: a no Hitterer lost it in the sixth that even
Speaker 1: gave up just the one hit Struck Aft ten and
Speaker 1: Seniti Instruser is already three and oh. In Detroit, the
Speaker 1: Garrett Cole struggles continue. These supposed Yankee eights couldn't finish
Speaker 1: the second and then he got only five outs. He
Speaker 1: issued five walks, but Clark Schmidt followed Cole with three
Speaker 1: the third scoreless release six strikeouts, and the Yankees beat
Speaker 1: the Tigers four to two. Fifty win for the Rangers
Speaker 1: three nothing over Winnipeg at the Garden. Ryan Strome scored
Speaker 1: twice and Igors just Thirk And with thirty one saves
Speaker 1: the Rangers of one of their last three games by
Speaker 1: a combined eleven th nothing. First time the Rangers have
Speaker 1: had three strange shutouts since the Eddie Jacobin days in
Speaker 1: nineteen seventy three. NBA playoff wins from Miami, Memphis and
Speaker 1: New Orleans and upset win at Phoenix, Nets and Celtics
Speaker 1: tonight Game two in Boston. Kyrie Irving find fifty thousand
Speaker 1: dollars by the NBA for his middle finger salutes to
Speaker 1: Celtic fans on Sunday. John stash Award Bloomberg Sports, Nathan Okay, John, Thanks.
Speaker 1: Futures turning flat now. S and P futures are little changed.
Speaker 1: Own futures up twenty seven points, Dan stack futures are
Speaker 1: lower by eighteen points ten. Your treasury is up seventeen
Speaker 1: thirty seconds. The yield two point eight seven percent, and
Speaker 1: the yield on the two year right now two point
Speaker 1: five four percent. You're listening to Bloomberg Daybreak. Bloomberg day
Speaker 1: Break brought to you by the Jewish Communal Fund j
Speaker 1: c F. Stoner Advised Fund is the smart choice to
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Speaker 1: markets headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot com, the Bloomberg Business at and at
Speaker 1: Bloomberg Quick Tape. This is a Bloomberg business lash, but
Speaker 1: I'm Karen Moscow. US dock index Future is trimming losses.
Speaker 1: European stocks extending gains is a rally, and treasury signals
Speaker 1: calming nerves over inflation. We checked the markets every fifteen
Speaker 1: minutes to while the trading day on Bloomberg right now
Speaker 1: isn't The futures are a little changed down Future is
Speaker 1: higher up forty two and ASDAG futures they're down eleven.
Speaker 1: The dacks in Germany is at one point two percent,
Speaker 1: the ten year treasury up seventeen thirty seconds. He'll two
Speaker 1: point eight six percent yield on a two year two
Speaker 1: point five four percent. NIMEX screwed oil is up seven
Speaker 1: ten percent or seventy five cents at a hundred three
Speaker 1: dollars thirty one cents, and barrel comics golled down to
Speaker 1: tenths per cent or three dollars ninety cents at nineteen
Speaker 1: fifty five ounce. The euro one point eight six five
Speaker 1: against the dollar, British found one point three zero five zero,
Speaker 1: the yen at one twenty seven point six two, and
Speaker 1: Bitcoin this morning higher at forty one thousand five dollars.
Speaker 1: That's a bloomberg business flash. Now here's Michael Barrow with
Speaker 1: more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much. Russia is pouring more troops into
Speaker 1: Ukrainian cities and towns. The fighting in the east seeks
Speaker 1: to slice the country into and a potentially pivotal battle
Speaker 1: for control of Ukraine's industrial heartland of pole mines and factories.
Speaker 1: Winds kicked up a towering wall of flames in rural
Speaker 1: northern Arizona, tearing through two dozen structures and forcing the
Speaker 1: evacuation of more than seven hundred homes. In MLB, the
Speaker 1: Yankees one, the Mets swept a doubleheader against the Giants.
Speaker 1: The Nationals swept a double header against the Diamondbacks. The
Speaker 1: Red Sox one. The A's beat the Orioles to one,
Speaker 1: but the game was played before the smallest Oakland crowd
Speaker 1: in forty two years, almost thirty seven hundred fifty fans.
Speaker 1: In the NHL, the Rangers and Bruins one. The Islanders
Speaker 1: lost in o t to the Panthers. Three. To Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalists
Speaker 1: and analyist are more than a hundred twenty countries. Michael
Speaker 1: Barr and this is Bloomberg. N Okay, Michael, thank you
Speaker 1: At six nineteen on Wall Street Live from the Bloomberg
Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak, and we're very
Speaker 1: pleased to have Joe Quinlan on with us this morning,
Speaker 1: Head of ce I O Market Strategy at Maryland Bank
Speaker 1: of America Private Bank. Joe, it's great to speak with
Speaker 1: you this morning. Obviously, earnings in focus right now with
Speaker 1: the big miss for Netflix, does that have implications for
Speaker 1: the earning season more broadly? It could, Nathan, but remember
Speaker 1: you know the myths from Netflix. I mean it, They'll
Speaker 1: stay at home stocks, they're gonna you know, downside pressure
Speaker 1: because we're now we're looking at reopening, so kind of
Speaker 1: the opposite of the airline. So I mean, I think
Speaker 1: it's it's healthy what we're seeing in terms of earnings,
Speaker 1: good top line growth working through the pricing pressures, and
Speaker 1: the economy is opening up. So the stay at home
Speaker 1: plays that we saw two years ago to work well,
Speaker 1: now we're shifting the growth and composition of us growth
Speaker 1: is shifting and we're going outbound. Of course, the reopening
Speaker 1: has led to these inflation pressures we're seeing and a
Speaker 1: tightening FED. How do your you advising your clients to
Speaker 1: navigate a more restrictive, potentially central bank. Yeah, it's it's
Speaker 1: kind of an education process for a lot of our
Speaker 1: clients because they haven't experienced this type of inflation and
Speaker 1: ever in some cases. But we're looking at more like
Speaker 1: using say equities, pacificals, the dividend players is inflation hedges.
Speaker 1: So we still like kind of that value to energy
Speaker 1: come modities in that space. We're not giving up on that.
Speaker 1: We still think they're rooming to run metals materials, so
Speaker 1: we're really using equities as an inflation hedge and hard assets,
Speaker 1: whether it's real estate as well, fits into that bucket.
Speaker 1: Is that because there's just no other alternative to equities
Speaker 1: in terms of getting a return at this juncture? Because yes, yes,
Speaker 1: Because at this juncture the FED is moving, going to
Speaker 1: have to move very aggressively, not just raising rates, quantity
Speaker 1: of tightening. So from our point of view, there's a
Speaker 1: lot of work to be done by the FED higher
Speaker 1: yield curve, and we suggest inflation has not peaped just yet,
Speaker 1: so there's a lot to work to be done in
Speaker 1: the credit markets that we think augurs for more cyclical
Speaker 1: growth and commodities. How aggressive do you think the Fed
Speaker 1: is gonna go, Joe? We heard from Charles Evans from
Speaker 1: the Chicago FED saying rates might need to go above
Speaker 1: neutral to fight inflation. Do you think they get that aggressive?
Speaker 1: What'll It'll depend on the next couple of months, the readings,
Speaker 1: how type of labor market is, how much way to
Speaker 1: pressure May June and July. Our call from the top
Speaker 1: of the house is fifty basis points and then twenty
Speaker 1: five basis points from there on, So it's a pretty
Speaker 1: aggressive call all things considered. So how worse the terminal rate?
Speaker 1: No one really knows, and that's really you know anything,
Speaker 1: we kind of we haven't thought about this, but the
Speaker 1: supply chain problems aren't over. They're getting worse. In fact,
Speaker 1: from Visa Beach China. So these inflationary pressures, supply related,
Speaker 1: demand related, they're not going away anytime soon. So we
Speaker 1: could see the terminal rate above the rate of inflation
Speaker 1: for sure. That brings to the question about whether a
Speaker 1: tightening FED can bring this economy in for a soft landing.
Speaker 1: What's your outlook for recession given the pressures we're still
Speaker 1: seeing the supply chains well, we see the odds of
Speaker 1: recession rising for twenty three. It's not our call, no
Speaker 1: doubt about it. We're not worried about this year. There's
Speaker 1: a good head of steam with the consumer monetary policy
Speaker 1: works in the lag so these great heights will be
Speaker 1: felt next year. In terms of recessionary risk, it's not
Speaker 1: a foregone conclusion that we have to have a recession
Speaker 1: a slowdown. We're looking for less than two percent growth
Speaker 1: in twenty three. That's being baked into the cake with earnings,
Speaker 1: so it doesn't have to end badly i e. Recession,
Speaker 1: but definitely a slowdown. There's no doubt about that. No,
Speaker 1: we did have real yields briefly turned positive overnight for
Speaker 1: the first time in two years. What's that say about
Speaker 1: inflation expectations and the potential market impact with real yields
Speaker 1: moving higher potentially, Well, there's some parts of the market
Speaker 1: now looking to say, you know, kind of when do
Speaker 1: we move into the fixed income space? I mean, when
Speaker 1: the equity start looking less attractive relatively fixed income. So
Speaker 1: that's something that's I think could be part of the
Speaker 1: narrative for the second half of this year. I don't
Speaker 1: think we're there just yet, but I think the key, Nathan,
Speaker 1: is that we came into this slowdown this year in
Speaker 1: the US at least, not China and Europe with a
Speaker 1: good head of steam led by the consumer, and I
Speaker 1: think that's going to surprise people to the upside in
Speaker 1: terms of overall growth and the overall level of earnings
Speaker 1: and why you want to still stick with equities. About
Speaker 1: thirty seconds left here in terms of equity hedges, Are
Speaker 1: there certain sectors you like particularly, Yeah, we're like the reefs,
Speaker 1: we like the Monty complex, agriculture. You know, some of
Speaker 1: these issues are pretty acute right now, but to me,
Speaker 1: they're secular in terms of the food price pressures. Energy.
Speaker 1: We still like in metals, minerals. You know, when you
Speaker 1: talk about e V solar renewables, very metal intensive. Everyone
Speaker 1: knows that. And to create the supply that it's gonna
Speaker 1: take years, not quarters of six stepts. So we still
Speaker 1: And it's the infrastructure, right, it's the infrastructure around natural gas,
Speaker 1: it's the infrastructure around oil arount mining. That's where I
Speaker 1: think there's gonna be some value in more site earning surprises.
Speaker 1: Thanks for this, Joe, great having on with us this morning.
Speaker 1: Joe Quinlan, head of CEO Market Strategy at Meryl and
Speaker 1: Bank of America Private Bank. Right now, SMP futures are
Speaker 1: little changed, up just one point down, features up thirty
Speaker 1: nine points, NASTACT futures lower still by seventeen points, the
Speaker 1: tenure treasury up eighteen thirty seconds, the yield two point
Speaker 1: eight six on the tenure yield on the two year
Speaker 1: two point five four percent. Just to add more U
Speaker 1: S weapons heavy weapons going to Ukraine, and the Biden
Speaker 1: administration says it may appeal the Mask ruling. Five things
Speaker 1: you need to notice start your day just ahead Bloomberg
Speaker 1: eleven three oh weather, early clouds. Good by to sunshine
Speaker 1: today with behind your sixty degrees more clouds than sun
Speaker 1: Tomorrow near sixty. We'll get up near seventy partly sunny
Speaker 1: by Friday. Currently forty three degrees in Central Park. Broadcasting
Speaker 1: live from the Bloomberg Interactive Broker Studio in New York,
Speaker 1: Bloomberg Elving free to Washington, d C, Bloomberg nine one
Speaker 1: to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg Home sixty to the country, sirius XM to A
Speaker 1: one nine and around the globe, the Bloomberg Business app
Speaker 1: and Bloomberg Radio dot com. This is Bloomberg Daybreak Hit
Speaker 1: six thirty on Wall Street. Good morning, I'm Nathan Hager
Speaker 1: and I'm Karen Moscow. We are just about three hours
Speaker 1: away from the open of US trading. Time to the
Speaker 1: five things you need to notice start your day. Brought
Speaker 1: to you by I b k R Investment Advisers switched
Speaker 1: to interact your brokers for lowest cost global trading and
Speaker 1: turnkey custody solutions, no ticket charges and no conflicts of
Speaker 1: your interests at IBKR dot com. Slash r I, a
Speaker 1: first streaming giant Netflix slumping after yesterday's shocking earnings report.
Speaker 1: Shares are currently down twenties seven percent in early trading,
Speaker 1: we get the latest line from Bloomberg's re need a
Speaker 1: young good morning, Ready to good morning, Karen. Netflix unexpectedly
Speaker 1: lost subscribers for the first time in a decade, and
Speaker 1: the streaming giant seas another drop of two million users
Speaker 1: this quarter. So in an effort to improve results, co
Speaker 1: CEO Read Hastings says Netflix will introduce a cheaper, advertising
Speaker 1: supported option for subscribers in the next couple of years.
Speaker 1: He also says the company will start to crack down
Speaker 1: on people sharing their passwords. Live in New York. I'm
Speaker 1: gonna need a young Bloomberg daybreak. We need to thank
Speaker 1: you in sixteen. More companies in the SMP report earnings today,
Speaker 1: including Tesla, Bloomberg Intelligence analists You're watching how competition and
Speaker 1: global supply disruptions are testing the electric vehicle giants ambitious
Speaker 1: annual delivery goals well. Nathan overseas the key Ukrainian port
Speaker 1: city of Mario Polis in jeopardy as defenders say they're
Speaker 1: outnumbered by Russia. Ukraine is appealing to world leaders for
Speaker 1: help them, and Russia is offensive in the country's southern
Speaker 1: and eastern regions. Democratic Congressman and Ruben Diego of Arizona
Speaker 1: tells Bloomberg's Joe Matthew the US is continuing to supply
Speaker 1: Ukraine with military aid, which should help in their fight
Speaker 1: in the Don Boss region. By US of trying them,
Speaker 1: Jeff and and their own artillery as well as radars
Speaker 1: to actually counter the artillery. Is that in contracts you
Speaker 1: know where it's coming from. Ukraine is going to be
Speaker 1: able to have some levels of the evening of the
Speaker 1: plain field. Democratic Congressman Reuben Diego speaking with Joe and
Speaker 1: Matthew on Bloomberg Sound on Fetch the program weekdays at
Speaker 1: five pm Eastern on Bloomberg Radio. Turning to the economy,
Speaker 1: care in the Federal Reserve releases it's beige book today,
Speaker 1: and Chicago Fed President Charles Evans says interest rates will
Speaker 1: probably rise above the neutral level, depending off depending on
Speaker 1: if inflation cools as expected. Nathan in the nation's capital,
Speaker 1: the Justice Department says it's ready to appeal a ruling
Speaker 1: by a judge who struck down the body administrations in
Speaker 1: nationwide mask mandate on planes, trains and other public transport.
Speaker 1: The Department may appeal if the CDC decides mass should
Speaker 1: remain in place past the current assessment period. And that's
Speaker 1: the five things you need to notice start your day.
Speaker 1: Brought to you by Interactive Brokers, S and P futures
Speaker 1: are little change this morning and straight ahead your latest
Speaker 1: local headlines plus the check of sports. And this is Bloomberg.
Speaker 1: Thanks sixty three on Wall Street, forty three degrees in
Speaker 1: central parking delays building through the Holland Tunnel. We get
Speaker 1: the details and traffic shortly. First Michael Barr with what
Speaker 1: else is going on in New York and around the world.
Speaker 1: Good morning, Michael, Good morning Nathan. It's one of the
Speaker 1: largest cash settlements involving the Catholic Church in the US.
Speaker 1: The Catholic Diocese of Camden, New Jersey has agreed to
Speaker 1: pay eighty seven point five million dollars to settle claims
Speaker 1: involving clergy sex abuse with about three hundred alleged victims.
Speaker 1: Mark Crawford is with the State Chapter of the Survivor's
Speaker 1: Network of Those abused by priests. The victims you know
Speaker 1: who are in their sixties, seventies and eighties, have come forward,
Speaker 1: So these allegations, I know the rant fifties, sixties, seventies,
Speaker 1: you know, throughout several decades. Crawford says he's glad it
Speaker 1: has come to fruition. The Justice Department is threatening to
Speaker 1: take over Rikers Island unless sweeping changers are made At
Speaker 1: the jail facility, sixteen people died there last year, and
Speaker 1: so far three inmates have died this year. Staff shortages
Speaker 1: have also been a big problem. A spokesperson says the
Speaker 1: DC is committed to improving conditions. Connecticut State Police a
Speaker 1: trooper who fired seven gunshots into a car and killed
Speaker 1: a man in twenty twenty after a high speed chase
Speaker 1: has been arrested in connection with the shooting. Authority State
Speaker 1: Trooper Brian North turned himself into the State Inspector General.
Speaker 1: A Chinese health officials says four million more people in
Speaker 1: Shanghai have been allowed to leave their homes as coronavirus
Speaker 1: quarantine rules ease. That brings to almost twelve million people
Speaker 1: who now have been allowed to leave their homes. The
Speaker 1: tunnel fire is ravaging the flag Staff Arizona area. Officials
Speaker 1: say it has consumed more than six thousand acres. Patrese
Speaker 1: Horsemen is chair of the Board of Supervisors for Coconino County.
Speaker 1: The tunnel fire has been fueled by high winds and
Speaker 1: derive conditions, and the county has deployed all available resources.
Speaker 1: We have requested assistance from the State of Arizona and
Speaker 1: the federal government. Patrese Horsemen with the Coconino County says
Speaker 1: thousands have had to flee their homes. Triple A says
Speaker 1: Americans are putting aside their concerns about gas prices, inflation,
Speaker 1: and even the pandemic and hitting the road for Memorial Day.
Speaker 1: Reservations for things like flight's, rental cars, cruises, and hotels
Speaker 1: for the holiday are up one percent over last year.
Speaker 1: The Triple As Ellen Edmund says the data was collected
Speaker 1: before the matter Man date was struck down. Even with
Speaker 1: that still an effect, we were seeing strong reservations. I
Speaker 1: don't know that that will impact it one way or
Speaker 1: the other. The Triple As Ellen Edmonds Global News twenty
Speaker 1: four hours a day on air and on Bloomberg quick Take,
Speaker 1: powered by more than twenty seven hundred journalist and analysts
Speaker 1: in more than a hundred twenty countries. I'm Michael Bard.
Speaker 1: This is Bloomberg NA. Thank you Michael. Coming up to
Speaker 1: six thirty six on Wall Street. Time for the Bloomberg
Speaker 1: Sports update. Here against john Stown Shower even nineteen innings
Speaker 1: of baseball played at City Field and two wins for
Speaker 1: the Mets, who are a major league best nine and three.
Speaker 1: A double utter sweep for the Giants. Mets won the
Speaker 1: opener five to four in ten innings. They had trailed
Speaker 1: four to one Francisco Lindora at the game, tying and
Speaker 1: winning hits. They finished the sweep winning three to one.
Speaker 1: Max Jerzer has been as advertised, he's already three and oh.
Speaker 1: His first met started home was a near no hit
Speaker 1: or he lost it in the sixth inning, but gave
Speaker 1: up just the one hit struck AFT's hand in seven innies.
Speaker 1: As for Garrett Cole, his struggles continue. Though the Yankees
Speaker 1: wanted to try right four to two, it was due
Speaker 1: to their bullpen, especially Clark Schmid. Cole couldn't finish the
Speaker 1: second and then he had five walks and three starts.
Speaker 1: Cole making thirties six million dollars, yet to win as
Speaker 1: the r A is over six. As manager Aaron Boone
Speaker 1: really believe he's Collis for a big gear for us,
Speaker 1: and uh, you know he's gonna, you know, carry us
Speaker 1: for a long stretch. Uh, you know, it just hasn't
Speaker 1: gone his way so far. But um I do feel
Speaker 1: like he's close. He's just gotta, you know, get locked
Speaker 1: in with his rhythm and and they'll take it from there.
Speaker 1: Although the Yanks won, some hitting woes continued. Kyle he
Speaker 1: Gasa Yoka is betting one oh three. Joey Gallo, who
Speaker 1: went over four with four strikeouts, betting one twenty one,
Speaker 1: no rbs. Another set out win for the Rangers. That's
Speaker 1: three in a row first time since nineteen seventy three.
Speaker 1: At the Garden, thirty one staves for Igors. Historican Rangers
Speaker 1: got their fiftieth win, three nothing over Winnipeg. NBA Playoffs,
Speaker 1: Miami got forty five points from Jimmy Butler and went
Speaker 1: out to nothing in Atlanta. Memphis beat Minnesota, New Orleans
Speaker 1: upset Phoenix. Those series both tied a one nets Celtics
Speaker 1: game to tonight in Boston for the one of the
Speaker 1: opener at the Buzzard. John Stashar Bloomberg Sports, All right, John,
Speaker 1: thank you. At six thirty seven on Wall Street time
Speaker 1: to take a look at stock some of the names
Speaker 1: moving in the pre market. Bloomberg Markets correspondent Danny Berger
Speaker 1: is with us this morning. Danny, obviously the big mover
Speaker 1: of the morning continues to be Netflix after those rough earnings.
Speaker 1: I mean, this was a real shocker. Have to say.
Speaker 1: The quote that stood out for me Michael Nathanson Nathanson saying,
Speaker 1: it's just shocking. So they lost about two hundred thousand
Speaker 1: customers in the first quarter, and it is the first time,
Speaker 1: um since two thousand eleven that they lost subscribers. It's
Speaker 1: notable because they've been on this really big upper trajectory
Speaker 1: of continuing to add subscribers quarter after quarter, year after years.
Speaker 1: So this is a pretty big about face into some degree,
Speaker 1: just shows that, you know, we're not all locked up
Speaker 1: in our homes anymore. We're going out, We're doing more
Speaker 1: than just watching Netflix. And are we seeing any uh,
Speaker 1: similar moves playing out with other companies that have streaming exposure,
Speaker 1: think of like Disney or Roku, companies like that. Yeah,
Speaker 1: I mean, certainly this this isn't just confined to Netflix.
Speaker 1: I mean Netflix itself is down about twenty six percent
Speaker 1: pre market you compare that to Disney for example, it's
Speaker 1: down five percent, so not down as drastically. UM. Some
Speaker 1: of the other companies again they're declining, but not as much.
Speaker 1: I think there's perhaps a hope with some of these
Speaker 1: other streaming services UM that they're more diversified. You think
Speaker 1: of a Disney for example, which has more UH than
Speaker 1: just Disney Plus. Of course they've really put their eggs
Speaker 1: in that basket. But you know, you look at a
Speaker 1: Disney for example, they really started out as sort of
Speaker 1: this value stock and then added on this growthy component
Speaker 1: of Disney Plus. Now what Netflix has to do is
Speaker 1: the opposite. They were really growthy stock, and now they
Speaker 1: have to convince the market that they can pivot to
Speaker 1: be a more of a value stock. So it's a
Speaker 1: harder proposition now for Netflix and some of their rivals.
Speaker 1: In our last minute here, Danny, we're starting to see
Speaker 1: the broader mark could move a little bit higher. Now,
Speaker 1: is there a little bit of an expectation that the
Speaker 1: overall earnings picture might not be so bad as the
Speaker 1: Netflix story. Look, we have started to see more earnings
Speaker 1: downgrades than we have in the past. But again and
Speaker 1: again you have people pointing to the fact, yes we
Speaker 1: have how yield the earnings picture would support it. I
Speaker 1: wouldn't be doing my job if I didn't give you
Speaker 1: the other side of that. Banks of America says that
Speaker 1: we are overesting overestimating margins. Q one is as good
Speaker 1: as it gets. So for now people are happy about equities.
Speaker 1: But doesn't last is the big question. And we know
Speaker 1: you'll be watching, of course, because that is your job.
Speaker 1: Bloomberg Markets correspond to Danny Burger again, thanks for being
Speaker 1: with us in this pre market and as we look
Speaker 1: at stocks as a whole ahead of the Wednesday morning open,
Speaker 1: we have SMP futures moving just a bit higher, up
Speaker 1: four points, or about a tenth percent. Down futures are
Speaker 1: higher by sixty nine points. That's again two tenths percent.
Speaker 1: NASAC future is still lower, but little change to the downside,
Speaker 1: down nine points the ten Your treasury is up sixteen
Speaker 1: thirty seconds. YELD two point eight seven percent yield on
Speaker 1: the two year two point five five nim X screwed
Speaker 1: up seven tenths per center, seventy three cents a hundred
Speaker 1: three dollars twenty nine cents of barrel. The latest from
Speaker 1: Washington up next, including the sort of waffling stance on
Speaker 1: the masked man date. Bloomberg Government reporter Emily Wilkins will
Speaker 1: be with us next. This is Bloomberg Bloomberg eleven three
Speaker 1: oh weather clouds your way to sunshine today with a
Speaker 1: hind your sixty. More clouds and sun tomorrow with a
Speaker 1: high in your sixty Once again. We'll be here seventy
Speaker 1: partly sunny by Friday, currently forty three degrees at Central
Speaker 1: Park Markets. Headlines and breaking news twenty four hours a
Speaker 1: day at Bloomberg dot Com, the Bloomberg Business at and
Speaker 1: at Bloomberg Quicktape. He's a Bloomberg Business Flash and I'm
Speaker 1: Karen Moscow. SMP futures are higher this morning. Let's go
Speaker 1: to the first Word breaking news desk for today's morning call.
Speaker 1: And here's Bill Maloney. Bill, good morning, Good morning, Karen.
Speaker 1: Us features somewhat quiet right now with down features up
Speaker 1: seventy six point sesames game four nastic features are down
Speaker 1: by eleven. The US ten ual that two point eight
Speaker 1: seven percent in gold is a little change, Oil trading higher,
Speaker 1: and bitcoin is rising by one point one percent. Shanghai
Speaker 1: dropped one point four percent overnight, while European markets are
Speaker 1: in the green, led by games in France and Germany.
Speaker 1: Back in the US on the economic front, at ten o'clock,
Speaker 1: existing home sales and after the bell. Last night, Netflix
Speaker 1: reported its first subscriber loss in a decade, shares a
Speaker 1: plunging percent pre market regarding earnings, A smart on Co
Speaker 1: America EPs was in line and wrapping things up. Netflix
Speaker 1: was downgraded by at least five firms this morning, and
Speaker 1: Palatiner was raised a sector perform over at RBC Live
Speaker 1: from the first Baking News discom Bill Maloney, Karen Grey, Bill,
Speaker 1: thank you, and here live breaking news over your Bloomberg Times.
Speaker 1: Squawk on your terminal SCU A w K. That's a
Speaker 1: Bloomberg business flash. Now here's Michael Are with more on
Speaker 1: what's going on around the world. Michael, Karen, thank you
Speaker 1: very much. A British judge has formally approved the expedition
Speaker 1: of Julian Assage to the United States, who faced spying charges.
Speaker 1: The case will now go to Britain's Interior Minister for
Speaker 1: a decision. The US wants to try a Sage on
Speaker 1: seventeen charges of espionage and one charge of computer misuse
Speaker 1: related to wiki leaks publication of classified documents. Russia is
Speaker 1: launching an offensive in Ukraine and an attempt to slice
Speaker 1: the country into and isolate part of the Dundas region.
Speaker 1: In MLB, the Yankees one, the Mets swept a doubleheader
Speaker 1: against the Giants. The Nationals swept a doubleheader against the Diamondbacks.
Speaker 1: The Red Sox one, the A's beat the Orioles to one.
Speaker 1: The game was played before the smallest Oakland crowd of
Speaker 1: just more than thirty seven hundred fans in decades. In
Speaker 1: the NHL, the Rangers and Bruins one. The Islanders lost
Speaker 1: in O t to the Panthers. Three. To Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than hundred journalists and analysts more than countries.
Speaker 1: Michael Barn, this is Bloomberg hereon RRY. Michael bar thank you.
Speaker 1: It is a six forty nine on Wall Street. We
Speaker 1: turned to news now in science and technology with the
Speaker 1: Bloomberg and J. I. T. Stam Report, brought to you
Speaker 1: by New Jersey Institute of Technology, Frankie Top fifty national
Speaker 1: public University by US News and World Report, and at
Speaker 1: top ten for best Career placement among public schools by
Speaker 1: the Princeton Review. More at n J I, T, DOT, E,
Speaker 1: d U and now Here's what's making news and science, technology, engineering,
Speaker 1: and math. Health officials say they have detected more cases
Speaker 1: of a mysterious liver disease in children that was first
Speaker 1: identified in Britain, with new infections spreading to Europe. In
Speaker 1: the US last week, British officials reported seventy four cases
Speaker 1: of hepatitis or liver inflammation found in children since January.
Speaker 1: The usual viruses that cause infectious hepatitis we're not seen
Speaker 1: in the cases, and scientists and doctors are considering other
Speaker 1: possible sources. The centers were as these Control and Preventions
Speaker 1: say almost u s children hospitalized for COVID during the
Speaker 1: omicron wave this winter were unvaccinated, though only Crown has
Speaker 1: generally been considered milder than prior variants. Peak intensive care
Speaker 1: unit admission rates for children where one point seven times
Speaker 1: is high during January when omicron reigned than when delta
Speaker 1: peaked in October, and the global smartphone market has had
Speaker 1: its worst drop since the COVID outbreaks. Smartphones shipments fell
Speaker 1: eleven percent in the first quarter. Inflation fears Russia's invasion
Speaker 1: of Ukraine and the Omicron variant are being blamed for
Speaker 1: an unsteady recovery for the sector, and as the Bloomberg
Speaker 1: and j I. T Stem report Nathan, all right, Karen, thanks,
Speaker 1: We're live from the Bloomberg Interactive Brokers studios, where it's
Speaker 1: just about six fifty one on Wall Street. Time now
Speaker 1: to check what's going on in d C. Some of
Speaker 1: the top stories in our nation's capital include President Biden
Speaker 1: wavering on the fight over masks in public transit, President
Speaker 1: promising more artillery to Ukraine after a meeting with al Lines,
Speaker 1: and the President Biden touting infrastructure on a trip to
Speaker 1: New Hampshire. Bloomberg Government reporter Emily Wilkins joins this now
Speaker 1: for more on all these stories. Emily, good morning. Can
Speaker 1: you help us sort out how the Biden administration is
Speaker 1: responding to the federal judges ruling that lifted the masks
Speaker 1: in planes and trains. Yeah, it's a little confusing at
Speaker 1: this point, Nathan, because we saw the Justice Department yesterday
Speaker 1: saying publicly that it stood ready to appeal the ruling
Speaker 1: that was issued on Monday by a trumpet point in
Speaker 1: federal judge in Florida, but they were waiting for the
Speaker 1: CDC's conclusion that the order remained necessary. And then the
Speaker 1: CDC an hour later released its own statement and really
Speaker 1: did not clearly say whether the Health agency wanted the
Speaker 1: Justice Department to even appeal. And there's a risk here, Nathan,
Speaker 1: for the Biden administration. I mean, if they did wind
Speaker 1: up appealing and then they wound up losing, that could
Speaker 1: impact how the CDC could take some basic public health
Speaker 1: precautions this in case we see a surge of cases
Speaker 1: in the fall or in the winter. And so at
Speaker 1: this point, it's not clear that a ruling it is
Speaker 1: going to be appealed. At this point. You kind of
Speaker 1: heard yesterday Biden talk about this message about, you know
Speaker 1: that everyone's got to kind of take responsibility to figure
Speaker 1: out what's best for them. Um, it seems like this
Speaker 1: is something that those though that the CDC is still
Speaker 1: talking about, still considering, so we might say future action
Speaker 1: on it. Uh, it's just good to know that there
Speaker 1: is a risk here should the Biden administration pursue an appeal.
Speaker 1: I guess there's a little bit of confusion as well,
Speaker 1: Emily about the idea of the Centers for Disease Control,
Speaker 1: a health agency making a decision on a legal matters.
Speaker 1: The idea of appealing a case something that you would
Speaker 1: think would be the Justice Department's final decision. Yeah, Nathan, definitely,
Speaker 1: this is something I think a little a few people
Speaker 1: were kind of surprised by the fact that they were
Speaker 1: turning to the CDC on this. But remember, the CDC
Speaker 1: was actually in the process of investigating whether or not
Speaker 1: the mask mandate to continue on public transportation setting, and
Speaker 1: it was supposed to end around April eight teens on Monday,
Speaker 1: and then the CDC said, we're going to extend this
Speaker 1: for fifteen days because we just need more time to
Speaker 1: review it. So it did seem like they were seriously
Speaker 1: considering perhaps ending the order on their own, uh, just
Speaker 1: given how short see the extension was. But they really
Speaker 1: had not yet come to a conclusion on whether or
Speaker 1: not to end that mass mandate. And there's political considerations
Speaker 1: here as well, right, I mean, a lot of Americans,
Speaker 1: a lot of voters are pretty weary about wearing masks,
Speaker 1: and you've got to think that there's a lot of
Speaker 1: pressure in the White House to accommodate that to some extent.
Speaker 1: Particularly this close to a midterm election. Absolutely, Nathan. I mean,
Speaker 1: you saw Biden really coming as president and say that
Speaker 1: he was going to be the one to sort of
Speaker 1: get good country past COVID. You saw, you know, his
Speaker 1: administration have all those early benchmarks getting various percents of
Speaker 1: the population vaccinated, and then Delta came, and then Omicron came,
Speaker 1: and things have really uh, you know, knock on the
Speaker 1: way that Biden initially anticipated they would. You still have
Speaker 1: a large percent, are significant percent rather of the country
Speaker 1: that's unvaccinated, and that's really complicated. Biden's pushed to say
Speaker 1: that this virus is over. I mean, yes, you do
Speaker 1: have people who are wearing of wearing masks, but you
Speaker 1: also have people who are still very concerned. You still
Speaker 1: have parents of kids who are under five who can't
Speaker 1: get them vaccinated, and you still have the millions of
Speaker 1: the mutile compromised individuals. So I think there's really a
Speaker 1: wide range at this point of views on the masks.
Speaker 1: But the Biden administration, they are at least trying to
Speaker 1: show that since they came into office two years ago,
Speaker 1: that they have made progress and the American people should
Speaker 1: trust that they're doing the right thing. All right, let's
Speaker 1: turn to another major issue facing the president. Of course,
Speaker 1: that's the war in Ukraine. We had that virtual meeting
Speaker 1: with allies. What more do we know that came out
Speaker 1: of that. So one thing that we're really starting to
Speaker 1: understand now this sort of the work that needs to
Speaker 1: be done in regards to making sure that Ukraine is
Speaker 1: can be rebuilt when all this is over, that they
Speaker 1: have the finances to do so. And you are seeing
Speaker 1: a coalition of European groups come together and say, yes,
Speaker 1: we do expect to pay UH and really help Ukraine
Speaker 1: UH come back after they have been absolutely shattered by
Speaker 1: the war. UM. The European Commission to all diplomats they're
Speaker 1: working on and UH instruments to focus on the long
Speaker 1: term needs of the country. UH. This is kind of
Speaker 1: coming as their additional discussions about what weapons should be
Speaker 1: provided to Ukraine, what Ukraine needs in terms of humanitarian assistance.
Speaker 1: At this point, I mean, right now, the war is
Speaker 1: not going in Ukraine's favor. UM. In the city of
Speaker 1: mariouopl Ukrainian defenders are really making their last stand at
Speaker 1: the steel plant, and Russia's demanding that they lay down
Speaker 1: there are and surrender. President Vladimir's Lensky is making a
Speaker 1: last pitch for for effort and for help here. But
Speaker 1: you're still seeing that. You know, all all countries like
Speaker 1: the US are willing to provide more all artillery, more weapons.
Speaker 1: They're not willing to send in soldiers, and they're not
Speaker 1: willing to institute a no fly zone last minute here, Emily.
Speaker 1: We know the President was in New Hampshire yesterday touting
Speaker 1: his infrastructure plan. But political headwinds are pretty tough for
Speaker 1: the president right now. They're incredibly tough for the president.
Speaker 1: But at this point we really haven't seen that impact
Speaker 1: his standing within the Democratic Party. It still seems like
Speaker 1: a lot of those who are campaigning want to be
Speaker 1: seen with him. We've seen House members and difficult races
Speaker 1: go ahead and embrace him and in ship to New Hampshire.
Speaker 1: This is going to be a really politically important state
Speaker 1: come November. He's got Senator Maggie Hatton who's running again.
Speaker 1: She's considered one of the more vulnerable Democratic senators could
Speaker 1: potentially lose her seat. You've also got a couple of
Speaker 1: house race up there that's going to be very competitive
Speaker 1: with congressating Chris Pappas and so going up there touting infrastructure.
Speaker 1: I mean, this is kind of sticking to the White
Speaker 1: Houses playbook at this time to really get out there
Speaker 1: and try and tell the American people what they've done,
Speaker 1: what they've passed, and how it's going to benefit them. Um.
Speaker 1: And they need to have that message because some of
Speaker 1: these infrastructure projects that are going that's going to be
Speaker 1: funded by this legislation, they're not going to start for
Speaker 1: us for some time and they're certainly not going to
Speaker 1: be completed for years. So right now the messaging on
Speaker 1: this bill is very important. Bloomberg Government reporter Emily Wilkins
Speaker 1: with us from Washington. Emily, thank you. SFP futures up
Speaker 1: three point, staff futures up sixty four, NANTEX futures down thirteen. Bloomberg.
Speaker 1: Surveillance is next for Karen Moscow. I'm Nathan Hagar, and
Speaker 1: this is Bloomberg