Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: Daybreak for Wednesday, February nine two. Coming up this hour,
Speaker 1: Global stocks rise as the bond sell off eases. Disney
Speaker 1: heads Today's earnings parade on Wall Street. President Biden makes
Speaker 1: another pitch for his economic agenda incentive. Majority leader Chuff
Speaker 1: Schumer endorses a band on stock tradeing in Congress, Governor
Speaker 1: Cormo says New York COVID hospitalizations are down. The Christmas
Speaker 1: lobels Floss protests continued today in the Nmark after last
Speaker 1: week's military food not Michael barn More Ahead, John Dasher
Speaker 1: and sports. The losses continued for the Knicks and net
Speaker 1: the Devil's Wants st John's loss, and finally a gold
Speaker 1: medal for the US at the Olympics. That's all straining
Speaker 1: Ahead on Bloomberg Daybreak on Bloomberg eleven, Freeo New York,
Speaker 1: Bloomberg on Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco Syrius XM one nine team
Speaker 1: and around the world on Bloomberg Radio dot Com and
Speaker 1: via The Bloomberg Business and Good Morning, I'm Karen Moscow.
Speaker 1: I'm Nathan Hagar. Bloomberg Day Break brought to you by
Speaker 1: SEI Challenges highlight one's character, partnership and resilience. At SEI,
Speaker 1: they act as one community with their clients. Go to
Speaker 1: se i C dot com, slash banks, and US Future
Speaker 1: is adding to yesterday's games five oh one on Wall Street.
Speaker 1: We checked the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg, SMP future is up twenty seven points down,
Speaker 1: futures up a hundred seventy nasdack futures up one hundred
Speaker 1: six The decks in Germany's up one point four percent.
Speaker 1: Ten year treasury up twelve thirty seconds, YELD one point
Speaker 1: nine one percent, and they yield on the two year
Speaker 1: one point three one percent. Nathan Well, Karen, The rise
Speaker 1: in stocks comes as the sell often bonds takes a break.
Speaker 1: Ten Your treasury yields are retreating after US stock staged
Speaker 1: a late rallying yesterday's session. Ryan Dietrich, chief market strategist
Speaker 1: at LPL Financial says, it's a resilient market when we're
Speaker 1: carving out of bottom. We had about a ten percent
Speaker 1: crush in the smp here um. You know, we can
Speaker 1: maybe go back down and tested from technical point of view.
Speaker 1: But the truth again is this market just kind of
Speaker 1: seems like it's choppy and wants to kind of just
Speaker 1: bide its time here. It's not necessarily bearish, maybe not
Speaker 1: super bowlish either, but after not the end of the world,
Speaker 1: after the rally we saw last year. LPL Financial Chief
Speaker 1: market Strategist Ryan Dtrich made the comments on Bloomberg Business Week.
Speaker 1: Catch the program weekdays at two pm Eastern on Bloomberg Radio.
Speaker 1: Well over Night, Nathan, we saw stocks in Asia follow
Speaker 1: Well Street higher. We get the recap from Bloomberg's Juliette
Speaker 1: Sally and Singapore. Good Morning, Juliette, Good morning, Karen. Chinese
Speaker 1: stocks advanced in afternoon trading, tracking a rally and regional
Speaker 1: peers and a state backed funds intervention in the previous
Speaker 1: session a laid fears of a further route. The smaller
Speaker 1: tech focused China's index also gained after entering a technical
Speaker 1: bear market in the previous session. Meanwhile, a rebound in
Speaker 1: tech shires such as Ali Baba boosted Hong Kong's market.
Speaker 1: The Hang Sing index up more than two and the
Speaker 1: back of Japan open did not to deviate from its
Speaker 1: path and portly bond purchases holding five even as yields
Speaker 1: rose to six year highs in Singapore. Juliet Sally Bloomberg Daybreak, Okay, Juliet,
Speaker 1: thank you. Earnings continue to be a focus on Wall
Speaker 1: Street this week. Shares of Lift are down more than
Speaker 1: four percent in early trading. Revenue at the company beat estimates,
Speaker 1: but riders fell short in the face of the Omicron variant.
Speaker 1: We get the details from Bloomberg's Charlie Pellett. While Lift
Speaker 1: was benefiting from higher prices because of a shortage of drivers,
Speaker 1: it also reported fewer riders of an expected as Omicron damp.
Speaker 1: Travel revenue rose seventy percent from a year ago. The
Speaker 1: company reported eighteen point seven million active riders in the quarter,
Speaker 1: up from a year earlier, but still short of the
Speaker 1: twenty two point nine million in twenty nine analysts were
Speaker 1: expecting twenty million. In New York. Charlie Pellett Bloomberg Daybreak, Fairly,
Speaker 1: thank you. Another stock we're keeping an eye on this
Speaker 1: morning is Containers Store. Shares her down twenty five percent
Speaker 1: after an earnings forecast that trailed estimates. Even before today's
Speaker 1: slump container story stock was down from its peak in March.
Speaker 1: Coming up today, Karen, we get earnings from fifteen companies
Speaker 1: in the SMP five hundred and Disney headlines the less.
Speaker 1: Let's get a preview from Bloomberg's Tom Busby. The big
Speaker 1: focus for Disney's first quarter earnings today will be on
Speaker 1: subscriber growth at Disney Plus at streaming video service, has
Speaker 1: more people shift to viewing movies and shows online. Forecast
Speaker 1: call for just over a hundred twenty five million subscribers now,
Speaker 1: a sizeable increase thanks to colder winter weather and the
Speaker 1: o macron Berry and keeping many Americans at home last quarter.
Speaker 1: Also of note, it's Theme Parks division, which may have
Speaker 1: seen a return to pre pandemic levels in December. Tom
Speaker 1: Busby Bloomberg Daybreak, Tom, thank you. Let's shift from Wall
Speaker 1: Street to geopolitics now, where the standoff with Russia continues.
Speaker 1: Now the Senator is working on a package of sanctions
Speaker 1: to put some teeth into threats aimed at Russia. Bloomberg's said,
Speaker 1: Master has a story. Whether the Senators can get together
Speaker 1: on this and bipartisan fashion is an open question. Democratic
Speaker 1: Senator Chris Cohn says progress is being made, hopeful, and
Speaker 1: we will see a sanctions bill that has bi partisan
Speaker 1: support introduced this week. But Republican Senator Mitch McConnell, minority leader,
Speaker 1: says it is not the right path. I don't think
Speaker 1: Putin will be deterred by any piece of legislation the
Speaker 1: United States Senate. McConnell says the President has all the
Speaker 1: tools himself to go ahead and slap on sanctions. In
Speaker 1: San Francisco, I'm at Baxter Bloomberg Gay Break, okay, and thanks.
Speaker 1: At the White House, we see a fresh push today
Speaker 1: to promote President Biden's economic agenda. He'll meet with leaders
Speaker 1: of the nation's largest utility companies as part of an
Speaker 1: effort to promote energy and climate measures. Amy Morris has
Speaker 1: details from our Bloomberg newsroom in Washington. This is just
Speaker 1: the latest effort by President Biden to rally support from
Speaker 1: corporate leaders. The attendees, including officials from Excelon Edison International,
Speaker 1: Duke Energy, and American Electric Power, are expected to encourage
Speaker 1: Congress to pass legislation related to climate and energy. The
Speaker 1: group also plans to push for new transmission lines and
Speaker 1: other energy infrastructure, much of which is already included in
Speaker 1: the stalled Build Back Better plan in Washington. I'm Amy Morris,
Speaker 1: Bloomberg Daybreak. All right, Amy, thank you well. There's also
Speaker 1: a movement on another initiative and Congress that push the
Speaker 1: band stock trading by lawmakers appears to be gaining steam,
Speaker 1: making the latest lie from Bloomberg's rand A Young. Good morning, Ranida,
Speaker 1: Good morning, Karen. Senate majority Leader Chuck Schumer is endorsing
Speaker 1: a ban on stock trading by members of Congress. The
Speaker 1: idea is being pushed by both Democrats and Republicans with
Speaker 1: multiple proposals, and now Schumer wants to see the ideas
Speaker 1: merged into one bill. Senate Republican Leader Mitch McConnell, on
Speaker 1: the other hand, says he hasn't given much thought on
Speaker 1: banning securities trading, but adds that he's invested in mutual
Speaker 1: funds rather than individual stocks. How Speaker Nancy Pelosi was
Speaker 1: previously opposed to a band, but last month began to
Speaker 1: consider one. She says, if her members want to band
Speaker 1: stock trading in Congress that she supported. Live in New York,
Speaker 1: I'm Ranita Young, Bloomberg Daybreak. Okay, Ranita, thank you well.
Speaker 1: Stocks moving higher this morning. At the index level, we
Speaker 1: have SMP futures up twenty nine points right now, deal
Speaker 1: future is up a hundred eighty three, NASTACK futures on
Speaker 1: the rise by a hundred sixteen points, The tenure treasury
Speaker 1: is up twelve thirty seconds, the yield now one nine,
Speaker 1: and the yield on the two year one point three one.
Speaker 1: Straight ahead your latest local headlines in the check of sports.
Speaker 1: This is Bloomberg. That's five oh seven on Wall Street
Speaker 1: where thirty degrees in Central Park and we have an
Speaker 1: overturn tractor trailer southbound New Jersey Turnpike by Eggsit ten.
Speaker 1: Details coming up in traffic. First, Michael Barr is here
Speaker 1: with more on what's going on in New York and
Speaker 1: around the world. Can morning, Michael, Good morning Nathan. As
Speaker 1: COVID cases continue to drop across the country, states are
Speaker 1: easing pandemic restrictions, including indoor mask mandates. Today in New
Speaker 1: York's Governor Kathy Hokel is set to drop the state's
Speaker 1: indoor mask mandate. This as infection rates drop across New
Speaker 1: York State and the rest of the country. We've not
Speaker 1: seen these kind of numbers since November eight. Governor Hokel
Speaker 1: is expected to keep the mandate in place for schools
Speaker 1: in the state, at least for now. Robert Lowry with
Speaker 1: the New York State Council of School Superintendence, told w
Speaker 1: ABC that he's pleased that local is at least considering
Speaker 1: a change. She also said, you know, there's some concern
Speaker 1: about what might happen when students on staff are away
Speaker 1: from school for the the February break um, but it's
Speaker 1: but it's encouraging that it's apparent from our conversation at
Speaker 1: the state is looking at um whether and how to
Speaker 1: make a change in match requirements. Robert Lowry, with the
Speaker 1: Council of School Superintendent says the possible change could ease
Speaker 1: some frustration among parents. Senate Minority Leader Mitch McConnell is
Speaker 1: taking aim at the r n C resolution that declared
Speaker 1: the January six Capitol riot legitimate political discourse. The Republican
Speaker 1: leader called it a violent insurrection. McConnell also says censuring
Speaker 1: GOP members Liz Cheney and Adam Kinziger is out the
Speaker 1: rnc's job. Traditionally, the view of the National Party Committee
Speaker 1: is that we support all members of our party, regardless
Speaker 1: of their positions on some issues. McConnell says the purpose
Speaker 1: of the insurrection was to prevent the peaceful transfer power
Speaker 1: after a legitimately certified election. And Amtrak watchdog group says
Speaker 1: New York City's Gateway rail project risks further delays. Am
Speaker 1: Track's Office of Inspector General says the company is challenged
Speaker 1: by a lack of comprehensive plans for the project. Gateway
Speaker 1: project is aimed at alleviating real congestion between New York
Speaker 1: and New Jersey. The second man charged in an alleged
Speaker 1: plot to kidnap Michigan Governor Gretchen Whitmer is expected to
Speaker 1: plead guilty Today. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quicktake, powered by more than
Speaker 1: twenty seven journalists and analysts in more than a hundred
Speaker 1: twenty countries. I'm Michael Barren. This is Bloomberg, Nathan. Thanks Michael.
Speaker 1: Come up to five ten on Wall Street time for
Speaker 1: the Bloomberg Sports Update. Good morning John, alrighty morning, Nathan.
Speaker 1: The NBA trade deadline is tomorrow. Will the Knicks and
Speaker 1: Nets making ill Judgson for the last night? Both teams
Speaker 1: beat some help the Knicks in Denver. Were they having
Speaker 1: once in the two thousand six they left. The Nuggets
Speaker 1: scored eighty three points in the first half Denver on
Speaker 1: to one fifteen. The hit five players score at least
Speaker 1: nineteen points. The Knicks have lost ten of the last twelve.
Speaker 1: Doesn't get any easier there. At Golden State tomorrow, the
Speaker 1: Nets have lost all of their last nine. Back home
Speaker 1: from an ohen five roach up, the Celtics led to
Speaker 1: two and one, one to ninety one. That's Boston sixth
Speaker 1: raight win. The Nets did not have the Big three,
Speaker 1: and no Nets starters scored more than six points. Coach
Speaker 1: Steve Nash couldn't really blame the guys. He had to
Speaker 1: use out there and the tramp and blitz and run
Speaker 1: around and and and do things that we haven't done
Speaker 1: a ton of to mix it up and see how
Speaker 1: we did. And and Room fell down in two mets
Speaker 1: in Washington tomorrow, Devil's a seven one route of Montreal St.
Speaker 1: John's fell at home to fifteen Frank Villanova seventy five
Speaker 1: sixty top rank. Auburn lost in overtime at Arkansas. The
Speaker 1: Giants new defensive point there is Don winked Martindale, surprisingly
Speaker 1: fired by Baltimore. He replaces Patrick Graham, who was offered
Speaker 1: to stay but left with the Raiders. Joe Judge going
Speaker 1: back to New England, where he was an assistant before
Speaker 1: his two year stint as Giants had to sixteen years ago,
Speaker 1: Lindsay Jacobellis was ridiculed for celebrating prematurely in her snowboard
Speaker 1: race of the Olympics. Acost her a gold medal Today
Speaker 1: at age thirty six, jacobellas one of gold, the first
Speaker 1: by the US in Beijing. John Stash award Bloomberg Sports. Yeah,
Speaker 1: how ironic. Now we're celebrating gold belatedly, thanks John. SFP
Speaker 1: futures right now thirty points. Staff futures up a hundred
Speaker 1: eighty eight. Nastack futures are higher by a hundred twenty
Speaker 1: three points to ten. Your treasury up eleven thirty seconds,
Speaker 1: the yield one point nine to per cent. We'll check
Speaker 1: in with Bloomberg Market Senator Christine Nikino next on these markets.
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather sunshine low
Speaker 1: forties today will be part of the mostly Sunday tomorrow
Speaker 1: upper forties mix of sun and clouds by Friday upper
Speaker 1: forties to around fifty degrees currently thirty in Central Park markets.
Speaker 1: Headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com of Bloomberg Business at Land at Bloomberg
Speaker 1: Quick Tape Free is a Bloomberg Business flash and I'm
Speaker 1: Karen Moscow US not Index futures on the rise and
Speaker 1: a sell off and sovereign bonds pausing, bringing some relief
Speaker 1: for markets whipsode in recent weeks by concerns about tightening
Speaker 1: monetary policy. Check the markets every fifteen minutes throughout the
Speaker 1: trading day on Bloomberg S and P Future is up
Speaker 1: thirty three points down, futures up two hundred eight, nastag
Speaker 1: futures of one forty decks and Germany's of one at
Speaker 1: half percent the ten year treasury at twelve thirty seconds.
Speaker 1: He had one point one percent yield on the two
Speaker 1: year one point three one percent. Nimex screwed oils down
Speaker 1: two tenths percent or sixteen cents at eighty nine dollars
Speaker 1: twenty cents. A barrel comic school that will change at
Speaker 1: eighteen twenty announced the euro on point one four to
Speaker 1: six against the dollar, British found one point three five
Speaker 1: seven seven, the ends at one fifteen point four three
Speaker 1: and Bitcoin this morning moving lower at forty three thousand
Speaker 1: and six hundred dollars. And today we're watching for our
Speaker 1: report on wholesale inventories at at ten o'clock. Wall Street,
Speaker 1: Time and Disney and CBS Health are among companies scheduled
Speaker 1: to report earnings today. That's a Bloomberg business flash. Now
Speaker 1: here's Michael Barr with Moore on what's going on around
Speaker 1: the world. Uncle, good morning, Good morning, Karen. Senate Republican
Speaker 1: leader Mitch McConnell is criticizing the Republican National Committee for
Speaker 1: centuring two House GOP lawmakers, saying it's not the party's
Speaker 1: job to decide whom to support. McConnell also called the
Speaker 1: January sixth Capital Riot of violent insurrection. Menzie Jacobellis captured
Speaker 1: America's first gold medal of the Beijing Olympics in her
Speaker 1: snowboard cross final. The US has a total of seven medals,
Speaker 1: including five silvers. Norway and Sweden er time for gold
Speaker 1: medals at four piece. Russia has the most overall medals
Speaker 1: at ten. In the NBA, the next lost the Celtics
Speaker 1: beat the Nats one one in the NHL. The Devil's won,
Speaker 1: the Bruins and Capitals lost. Global News twenty four hours
Speaker 1: a day on a ran on Bloomberg quick Take, powered
Speaker 1: by more than twenty seven hundred journalists and analysts more
Speaker 1: than a hundred twenty countries. I'm Michael Barr. This is Bloomberg. Nathan. Okay, Michael,
Speaker 1: thank you. It's five nineteen on Wall Street Live from
Speaker 1: the Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak. We're
Speaker 1: very pleased to be joined this morning by Bloomberg Markets
Speaker 1: editor Christina Kino. As we see UH buying across the board. Christine,
Speaker 1: good morning, stocks getting to lift, Bond yields are falling. Now.
Speaker 1: Do you think the bond sell off is kind of
Speaker 1: found a range at this point? Yes, only feels like
Speaker 1: that's ethan at least in the short term. Though, given
Speaker 1: the price of action that we've seen over the last
Speaker 1: couple of weeks, if I were an investor, it would
Speaker 1: be difficult for me to trust this. UM. I don't
Speaker 1: know that we're out of the woods just yet, especially
Speaker 1: with UM the big US CPI data coming tomorrow, but
Speaker 1: certainly for today, it seems like the theme is a
Speaker 1: breather in bond markets. Yeah, especially on the long end,
Speaker 1: getting a big bid this morning for the thirty year.
Speaker 1: What's behind that, do you think? Well, certainly feels a
Speaker 1: bit like a consolidation, if you will, because that part
Speaker 1: of the treasury curve has certainly born the brunt of
Speaker 1: the sell off that we saw over the last couple
Speaker 1: of weeks after we heard from the FEDS hawkish pivot,
Speaker 1: and um other center banks followed through it. Certainly, the
Speaker 1: trade in vogue was short duration. We kept hearing that
Speaker 1: from a lot of investors over the last few weeks.
Speaker 1: And so on a day like today, when everything is
Speaker 1: reversing just a little bit and there's this feeling of consolidation,
Speaker 1: you would expect some of those longer and treasuries and
Speaker 1: and parts of the bond market to be the first
Speaker 1: ones in line for a bit of a rebound, at
Speaker 1: least on a day. But as you mentioned, this could
Speaker 1: be a consolidation for now. Because you allude to the
Speaker 1: CPI data, the inflation print that we're going to get tomorrow.
Speaker 1: From the investors that you're speaking to, what's their expectation
Speaker 1: about the kind of volatility we could see once we
Speaker 1: get hard numbers on the latest account on inflation. Well,
Speaker 1: there's certainly a feeling of investors bracing for any sort
Speaker 1: of risk that could come out there, whether it's a
Speaker 1: bit of a disappointment from that number or um if
Speaker 1: it surprises even more to the upside. And I think
Speaker 1: what we really have seen in bond markets, especially this year,
Speaker 1: is that it's the return of two way risk. You know,
Speaker 1: it doesn't just go one direction anymore, which is what
Speaker 1: we saw over the past decade because center banks just
Speaker 1: keep just kept buying bonds across the globe. But now
Speaker 1: that environment has changed very much, and so we're certainly
Speaker 1: seeing more of this sort of double direction, if you will,
Speaker 1: in in bond yields. And and that's certainly something that's
Speaker 1: you know, as as evidence like today's UM a pullback
Speaker 1: in yields after a couple of days of of climbing. Yeah,
Speaker 1: we've heard quite a bit of commentary about whether the
Speaker 1: tigure could climb as high as two and a half,
Speaker 1: maybe even three percent based on what the FED does.
Speaker 1: What's the expectation on where the FED could go from here,
Speaker 1: particularly with that March meeting coming up next month, and
Speaker 1: so much to talk about whether there's going to be
Speaker 1: not just a quarter percent rate hike, but maybe a
Speaker 1: half percent. Absolutely, I think we're calling that a supersized
Speaker 1: rate hike in March. UM, you know, I think that
Speaker 1: still is very much part of the discussion and certainly
Speaker 1: something that investors are keeping half an eye on. But
Speaker 1: I have to say, just looking at some of the
Speaker 1: market pricing over the last couple of days, it has
Speaker 1: lost a little bit of steam just in terms of
Speaker 1: what's built into traders expectations. And I think that's partly
Speaker 1: why we're seeing a bit of relief for bonds here,
Speaker 1: because you know, as a lot of investors have noted
Speaker 1: the pricing and just the expectation for the Fed and
Speaker 1: Arther Central Banks to really get in on a rate
Speaker 1: hiking cycle that really hit fever pitch, you know, UM
Speaker 1: over the last a few days and weeks of January
Speaker 1: and heading into February. And so now that the markets
Speaker 1: have kind of gotten that into um its system and
Speaker 1: price some of those in, there's really only so much
Speaker 1: you can price, and so now that we're waiting for
Speaker 1: the next input, which could come as soon as tomorrow
Speaker 1: from the inflation data. It makes a lot of sense
Speaker 1: for a bit of a pause there in our last
Speaker 1: minute here, Christine and I guess we're seeing some of
Speaker 1: that relief play out in the stock market as well
Speaker 1: as we get through earning season. It's been really interesting
Speaker 1: though to see how, you know, mrs on earnings have
Speaker 1: just been crushed while beats have gotten really outsized rewards
Speaker 1: in this cycle. Absolutely, Nathan and I think that is
Speaker 1: very much investors really looking at the fundamentals of individual
Speaker 1: companies and seeing can they withstand this environment of less
Speaker 1: support from central banks and in the Federal Reserve and
Speaker 1: rising rates. And there has been such a focus on
Speaker 1: um individual companies fundamentals because the question is can corporates
Speaker 1: really uh standard their own and have their own merits
Speaker 1: and and capitalize on that despite the fact that they're
Speaker 1: not going to be in as supportive of an environment
Speaker 1: as they have been in the past decade. Good to
Speaker 1: have you on with us, Christine, Thanks for being here.
Speaker 1: Christina Keno, Bloomberg Markets Editor with us this morning as
Speaker 1: we watch assets climb pretty much across the board really
Speaker 1: with SMP futures right now up thirty four point Staff
Speaker 1: futures up two hundred sixteen. NASTAC futures are higher by
Speaker 1: a hundred thirty seven points. The tenure treasury is up
Speaker 1: eleven thirty seconds, the yield one point nine the yield
Speaker 1: on the two year one point three two, and the
Speaker 1: thirty year yield right now two point to one percent.
Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather sunshine,
Speaker 1: low forties today partly the mostly sunny Tomorrow opper forties
Speaker 1: could hit fifty on Friday under mix of sun and clouds.
Speaker 1: Right now, it's thirty under a clear sky in Central Park.
Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg E Living free to Washington, d C, Bloomberg ninety
Speaker 1: one to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg N sixteen to the country, Sirius XM CHADO one
Speaker 1: nine team, and around the globe the Bloomberg Business apt
Speaker 1: in Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's
Speaker 1: by thirty on Wall Street. Good morning. I'm Nathan Hagril
Speaker 1: and I'm Kert Moscow, and we're just about four hours
Speaker 1: away from the open of US trading. Let's get you
Speaker 1: have to date of the news. You need to know
Speaker 1: what this our Our global stocks are rising as to
Speaker 1: sell off in bonds hits pause, tending your treasury yields
Speaker 1: are retreating after US stocks staged a late rally and
Speaker 1: yesterday's session again more from a Bloomberg Markets reporter, Christina Kino,
Speaker 1: I think we are starting to see signs of the
Speaker 1: sell off, at least pausing, if not completely stopping. Definitely
Speaker 1: today there's this feel of a bit of a pullback,
Speaker 1: perhaps um heaving ahead of the CBI number in the
Speaker 1: US tomorrow. That's gonna be the next big one probably.
Speaker 1: And Bloomberg's Christina Quino says technology stocks are leading gains
Speaker 1: in Europe and right now SNP futures are up thirty
Speaker 1: three points. Earnings are once again in focus today. Karen
Speaker 1: Disney leads fifteen companies reporting meantime shares of lift Or
Speaker 1: down almost four percent. The company reported fewer writers than
Speaker 1: expected in the fourth quarter as the omicron very curbed travel.
Speaker 1: Now we turn to geopolitics and the latest on Russia.
Speaker 1: That Kremlin continues to deny any intention to invade Ukraine.
Speaker 1: Congress is split on whether to sanction Moscow sent a.
Speaker 1: Republican leader Mitch McConnell is skeptical it would be effective,
Speaker 1: but Democrats, like Virginia Congress Sloman Abigail Spenberger, says it's
Speaker 1: a viable option. We should be ready for any possible contingency.
Speaker 1: We should be ready to punch as hard as we
Speaker 1: can as it relates to sanctions at whatever point in
Speaker 1: time we decide to move in that direction. Virginia congressom
Speaker 1: and Abigail Spenberger spoke with our Washington corresponded Joe Matthew
Speaker 1: on Bloomberg Sound On. Catch the program weekdays at five
Speaker 1: pm Eastern on Bloomberg Radio. The White House. Today, Karen,
Speaker 1: we see a fresh push to promote President Biden's economic agenda.
Speaker 1: He will meet with leaders of the nation's largest utility
Speaker 1: companies as part of an effort to promote energy and
Speaker 1: climate measures. Meantime, Nathan the plush de band stock trading
Speaker 1: and Congress appears to be gaining steam. We get the
Speaker 1: latest line from Bloomberg's Rnita Young. Good Morning, Radida, Good
Speaker 1: morning Karen. Senate Majority leader Chuck Schumer is endorsing a
Speaker 1: ban on stock trading by members of Congress. The idea
Speaker 1: is being pushed by both Democrats and Republicans with multiple proposals,
Speaker 1: and now Schumer wants to see the ideas merged into
Speaker 1: one bill. Senate Republican leader Mitch McConnell says he has
Speaker 1: not given much thought to the idea. How Speaker Nancy
Speaker 1: Pelosi was previously opposed to a band, but says if
Speaker 1: members want it, she'll support it. Live in New York,
Speaker 1: I'm gonna need a young Bloomberg daybreak, alright, you need
Speaker 1: to thank USMP Future is up thirty four points a
Speaker 1: DAL futures up two hundred sixteen and Aztec futures up
Speaker 1: one d forty. The ten year treasury up ten thirties
Speaker 1: seconds one point nine two percent, and they yield on
Speaker 1: the two year one point three one percent. And straight
Speaker 1: ahead your latest local headlines plus a check of sports,
Speaker 1: and this is Bloomberg. Thanks Karen. Three on Ball Street
Speaker 1: thirty degrees in Central Park and a big issue on
Speaker 1: the south bounder juicy Turnpike truck lanes. There's an overturned
Speaker 1: tractor trailer in Greg's at ten. The tails coming up
Speaker 1: in traffic first Michael Barr with more on what's going
Speaker 1: on in New York and around the world. Michael, thank
Speaker 1: you very much. Nathan, New York's governor and health officials
Speaker 1: are planning changes into COVID masked mandates. One of the
Speaker 1: man dates for requires face coverings and schools, and the
Speaker 1: other man dates that they have them in other public
Speaker 1: indoor settings. Democratic Governor Canthy Loco plans to announce today
Speaker 1: which rules will stay in place. She had hinted the
Speaker 1: school mandate might remain in place for now. Robert Lowry
Speaker 1: with the New York State Council of School Superintendent, says
Speaker 1: that he's pleased that local is at least considering a change.
Speaker 1: It's encouraging that it's apparent that the governor, her staff,
Speaker 1: health up parment officials are having conversations about, uh, what
Speaker 1: we justify a change in mass requirements. Lowy with the
Speaker 1: New York State Council of School Superintendent, spoke to w ABC.
Speaker 1: Sentate minority leader Mimtch McConnell is denouncing the Republican National
Speaker 1: Committee for centuring two House GOP lawmakers investigating last year's
Speaker 1: capital riot. McConnell called the riot of violent insurrection the
Speaker 1: issue is whether or not the RMC should be sort
Speaker 1: of singling out members of our party who they have
Speaker 1: different views from the majority. That's not the job of
Speaker 1: the RNC. The RNC last week voted to since your Representatives,
Speaker 1: Liz Cheney and Adam Kinziger. The RNC resolution called the
Speaker 1: January six riot legitimate political discourse, and that prompted a
Speaker 1: firm pushback from several GOP senators. CDC Director Dr Rochelle
Speaker 1: Willinski says, now is not the moment to drop mask
Speaker 1: man dates in schools and other public places. I don't
Speaker 1: think where they are right now. UM. I know people
Speaker 1: are cautiously optimistic. I am cautiously optimistic about watching our
Speaker 1: cases come down, and they've come down quite a bit,
Speaker 1: but we're still at two cases a day. Dr Rochelle
Speaker 1: Willinski Global News twenty four hours a day on a
Speaker 1: or and on Bloomberg Quick Take, powered by more than
Speaker 1: twenty seven hundred journalists and analysts more than a hundred
Speaker 1: twenty countries. Michael Barr and this is Bloomberg. Nathan. Okay, Michael,
Speaker 1: thank you on Wall Street time for the Bloomberg Sports Update.
Speaker 1: Here's John stan Shower. All right, Nathan, between the Knicks
Speaker 1: and Nets. Hard to say which team is struggling more
Speaker 1: right now, and that's just at a No. One five
Speaker 1: road trip and Knicks row one three so far on
Speaker 1: their five game trip in Denver, where the Knicks incredibly
Speaker 1: having won in sixteen years, the Nuggets scored eighty three
Speaker 1: points in the first half. They won one thirty two
Speaker 1: to one fifteen. The Knicks have lost tenant fwelve. Their
Speaker 1: coaches Tom Tibou the first quarter, I thought we've played well. Um.
Speaker 1: I thought the starters got us off to a good start, uh,
Speaker 1: both offensively and defensively. And then the the when we
Speaker 1: broke the line up, we lost our defensive component. Knicks.
Speaker 1: I have to play Golden State tomorrow and R J. Barrett,
Speaker 1: Knicks best player, limping off the court last night injuries
Speaker 1: derailing the Nets. No Kevin Durando. James Harden's got a
Speaker 1: hamstring injury al though some wonder if the Nets kept
Speaker 1: hardened out because they're about to trade him. Will know
Speaker 1: by tomorrow's deadline. The Nets lost their ninth in a
Speaker 1: row to sell six one one ninety one. They led
Speaker 1: early on two Devils won seven one of Montreal Surious
Speaker 1: Valley for St. John's. They trailed Villanova by twenty with
Speaker 1: four minutes left and cut at the three. Nova held
Speaker 1: on seven nine. Fordham in Manhattan both lacked. Joe Judge
Speaker 1: fired his Giants coach has a job. It's his old one.
Speaker 1: He will again be an assistant to Bill Belichick in
Speaker 1: New England. The new Giants defense to Forde There is
Speaker 1: Wink Martindale from Lee with Baltimore. Took five days, but
Speaker 1: finally a U S gold medal at the Olympics that
Speaker 1: comes from thirty six year old Lindsay Jacobellis in the
Speaker 1: snowboard cross. But another disappointment for Michael Is Schiffer in
Speaker 1: second straight time. She had an early ball. John Stashoward
Speaker 1: Bloomberg Sports naked All right, John, thank you. It's final
Speaker 1: thirty seven on Wall Street. Time for the Tri State
Speaker 1: Business Report. Here's Bloomberg's at Cory. Deutsche Bank and UBS
Speaker 1: are among six financial firms working with the New York
Speaker 1: based nonprofit to reduce stigma around mental health. The program
Speaker 1: comes about two years into a pandemic that handed Wall
Speaker 1: Street firms a win fall amid a frenetic paste of
Speaker 1: training and deal making, leading employees to complain about burnout.
Speaker 1: Amtrak needs a better management plan to avoid further delays
Speaker 1: in the Gateway project, aimed at alleviating rail congestion between
Speaker 1: New York and New Jersey. That's according to the company's
Speaker 1: Office of Inspector General, which cites challenges and handling personnel needs, communications,
Speaker 1: and assessing broader risks for the project. Rock salt is
Speaker 1: tough to come by in eastern Connecticut after a local
Speaker 1: New London supplier closed. The company d r v N
Speaker 1: left its location at State Pier because the area is
Speaker 1: being redeveloped into a hub for the offshore wind industry.
Speaker 1: Are Bloomberg try State Business Report. I'm Ed Corey. Thanks
Speaker 1: that It's five thirty eight on Wall Street. Bloomberg Radio
Speaker 1: is on the air from San Francisco to New York,
Speaker 1: London to Hong Kong. Let's check in with our global
Speaker 1: news team for some of the top stories heard on
Speaker 1: our three hundred affiliate radio stations around the world. I'm
Speaker 1: Steve Potaskan on ten ten Ways in New York. We're
Speaker 1: talking about how many more people need to start saving
Speaker 1: for that rainy day, according to a new service. I'm
Speaker 1: Corney Tannahall on Cafe bian Omaha, Farm productex Sports hit
Speaker 1: a record one hundred seventy seven billion dollars last year.
Speaker 1: I'm calain Head Gold Bloom and Davey Digital Radio and
Speaker 1: London work putting on the warning from Charlie Bean and
Speaker 1: Andrew Tyree to the Bank of England's independence is at
Speaker 1: risk if Treasury changes part of its funding models. I
Speaker 1: did couring on w w J and Detroit. I'm reporting
Speaker 1: an auto parts maker says road tests deporter crossings between
Speaker 1: the US and Canada could bring the auto industry to
Speaker 1: US reaches Holden about two days. Those are some of
Speaker 1: the stories our twenty seven hundred Bloomberg journalists and analysts
Speaker 1: are working on this morning around the world. It's five
Speaker 1: thirty nine on Wall Street. The following is an editorial
Speaker 1: from Bloomberg Opinion. Four states, Connecticut, Delaware, New Jersey, and
Speaker 1: Oregon have recently announced plans to end mask mandates in
Speaker 1: K through twelve schools. Others may soon follow suit. It's
Speaker 1: about time to be clear. There's evidence that masks have
Speaker 1: been useful in blocking COVID infections in educational settings, but
Speaker 1: there are also worrying signs that they impose costs on
Speaker 1: children's social development. With case numbers dropping, it's reasonable to
Speaker 1: recalculate the balance between the protection masks provide and the
Speaker 1: difficulties they impose. In doing so, it pays to remember
Speaker 1: that school aged children have a relatively low risk of
Speaker 1: hospitalization and death from COVID, especially if they're vaccinated. For now,
Speaker 1: and unless COVID resurges in some new form, the potential
Speaker 1: harm caused by masks seems to outweigh the benefits. States
Speaker 1: and school districts should rethink their policies accordingly. This editorial
Speaker 1: was written by the Bloomberg Opinion Editorial Board. I'm David Shipley.
Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com,
Speaker 1: slash opinion or ope and go on the Bloomberg Terminal.
Speaker 1: Vase has been Bloomberg Opinion, and you can hear Bloomberg
Speaker 1: opinion editorials every weekday. At this time, terminal customers can
Speaker 1: read more at O P I N GO SMP futures
Speaker 1: up thirty two points now futures up a D ninety
Speaker 1: seven nanstack. Futures are hired by a hundred thirty nine
Speaker 1: points in the tenure treasury yield one nine to per cent.
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather mostly sunny today,
Speaker 1: low forties, will be in the upper forties under appartly
Speaker 1: the mostly sunny sky and will have a mix of
Speaker 1: sunning clouds by Friday, with highs again in the upper forties.
Speaker 1: Right now, it's thirty and clear in Central Park markets.
Speaker 1: Headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot com, the Bloomberg Business Out and at Bloomberg
Speaker 1: Quicktape He's a Bloomberg business flash and I'm tem in Moscow.
Speaker 1: US dot Index futures on the rise this morning and
Speaker 1: a sell off in sovereign bonds pausing bring some relief
Speaker 1: for markets that are whips on in recent weeks by
Speaker 1: concerns about tightening monetary policy. We checked the markets every
Speaker 1: fifteen minutes throughout the trading day on bloomberg S and
Speaker 1: P futures up thirty two points down, futures up two
Speaker 1: hundred two, NAS day futures up a hundred thirty eight
Speaker 1: and the decks in Germany's up one point six percent.
Speaker 1: Attend your treasury up ten thirty seconds. You at one
Speaker 1: nine two per cent yield on the two year one
Speaker 1: point three two percent. Nine x screwed oils down half
Speaker 1: percent or forty one cents at eighty eight dollars ninety
Speaker 1: six cents a barrel. Comic school Lit'll change at eighteen
Speaker 1: twenty seven eighty announced the euro one point one four
Speaker 1: three nine against the dollar, British found one point three
Speaker 1: five eight two, the ens at one fifteen point four
Speaker 1: six and Bitcoin this morning moving lower at forty three thousand,
Speaker 1: five hundred sixty dollars. And that's a Bloomberg. US is flashdown.
Speaker 1: Here's Michael bar with more unless going on around the world.
Speaker 1: Michael Karen, thank you very much. Protest here's blocking traffic
Speaker 1: between the US and Canada to oppose vaccine rules are
Speaker 1: further stretching of thin auto supplied chain. Protesters also traffic
Speaker 1: at the Ambassador Bridge that connects Windsor, Ontario, to Detroit.
Speaker 1: It is the busiest borderlink for goods moving between Canada
Speaker 1: and the US. New York and Illinois will lay out
Speaker 1: plans today to phase out some mask mandates. Lindsay Jacobellis
Speaker 1: captured America's first gold medal of the Beijing Olympics in
Speaker 1: the snowboard cross final. The US has a total of
Speaker 1: seven medals, including five silvers. NBA Action the next loss.
Speaker 1: The Celtics beat the Nets on the NHL. The Devil's won,
Speaker 1: the Bruins and Capitols lost. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quickdake, powered by
Speaker 1: more than twenty seven under journalist and analysts in more
Speaker 1: than one twenty countries. Michael var and this is Bloomberg, Nathan. Okay, Michael,
Speaker 1: thanks for coming up to five forty nine on Wall
Speaker 1: Street Live from the Bloomberg Interactive Brokers Studios. This is
Speaker 1: Bloomberg Daybreak. We want to get more now on the
Speaker 1: pandemic with these trucker protests continuing and mask mandates being lifted.
Speaker 1: Dr Stewart Ray is with us now Vice Chair of
Speaker 1: Medicine at the Johns Hopkins University School of Medicine. Actor.
Speaker 1: It's good to have you with us as always. I
Speaker 1: just saw a headline cross of Johns Hopkins data showing
Speaker 1: that the world has surpassed four hundred million known coronavirus
Speaker 1: cases as of yesterday. Just a month ago, we were
Speaker 1: at three hundred million around the world. I guess if
Speaker 1: nothing else, it says just how dramatic the spread of
Speaker 1: oh macron has been Yes, it's a scale at which
Speaker 1: I don't think any of us could have imagined two
Speaker 1: years ago. It's really come across the world, and of
Speaker 1: course there's likely undercounting of cases. So going forward, it's
Speaker 1: going to be uh interesting to see how we face this.
Speaker 1: And it's been interesting as well to see the push
Speaker 1: in a number of states, particularly in the Northeast, to
Speaker 1: ease up on public health restrictions the mask mandates that
Speaker 1: sort of thing, even as we are seeing this dramatic
Speaker 1: rise in case counts from a public health perspective. What's
Speaker 1: the view on that in terms of easing up on
Speaker 1: mask mandates. Well, I think we all recognize that folks
Speaker 1: are exhausted, and I don't think that if we were
Speaker 1: starting out now with deaths a day or more that
Speaker 1: we would be accepting the current situation is as acceptable.
Speaker 1: But I think I was also a big part of
Speaker 1: this is that mandates or not, people really should be
Speaker 1: thinking about how effective masks are in the reality that
Speaker 1: we need to limit spread of this virus. It's a
Speaker 1: shame that mandates are the big conversation when it should
Speaker 1: just be the sensible to wear a mask. And that's
Speaker 1: where really where we need to get And if we
Speaker 1: can duh politicize the wearing the masks and just wear
Speaker 1: them when rates are high, that would be really helpful. Well,
Speaker 1: there has been some mixed messaging, hasn't there about the
Speaker 1: effectiveness of masks, whether it's cloth masks or kN ninety
Speaker 1: five or ninety five. In terms of that, can you
Speaker 1: provide a little more clarity about the type of mask
Speaker 1: that works well and why people should be wearing masks
Speaker 1: even if they're fully vaccinated and boosted. Well, certainly have
Speaker 1: the last two years we've learned a lot. And when
Speaker 1: we started out, we didn't understand how important masks would be.
Speaker 1: We didn't understand how important aerosolt transmission was. So now
Speaker 1: that we have so much more information, it's very clear
Speaker 1: that masks are very effective for limiting transmission of this virus,
Speaker 1: and that cloth masks are, especially single layer cloth masks,
Speaker 1: are very minimally effective, whereas UH what we call surgical masks,
Speaker 1: those UH pleated masks that are handed out in healthcare establishments,
Speaker 1: those are actually remarkably effective. It is true that UH
Speaker 1: in ninety five, KLF ninety four, kf K KID ninety
Speaker 1: five masks. Respirator masks are more effective when worn properly.
Speaker 1: But the big thing is that the mask that works
Speaker 1: is the one that you that you wear well and
Speaker 1: that you can actually keep on. I find that uh,
Speaker 1: some of the other rest bry masks, like the KF
Speaker 1: ninety four's and K ninety fives are more comfortable to
Speaker 1: wear for long periods of time when I'm out moving
Speaker 1: around in businesses and things like that. Those are very
Speaker 1: highly effective, probably a little more effective than the searchable masks,
Speaker 1: but only if worn well. And so I think people
Speaker 1: just need to try to find one that that is
Speaker 1: comfortable for them and where it. I only have about
Speaker 1: thirty seconds left here, but I want to get your
Speaker 1: thoughts on these trucker protests have been going on north
Speaker 1: of the border for nearly two weeks now. Do those
Speaker 1: have an effect on the public health? Well, I think they.
Speaker 1: When people protest mass mandates, it further divides us on
Speaker 1: the wearer the masks. And I hope that folks look
Speaker 1: at those as uh struggles around the political divisions and
Speaker 1: not about the ethcausey of masks. And if we can
Speaker 1: just uh where these I think that I don't know
Speaker 1: whether there are crowdy issues around the protests. I don't
Speaker 1: know if they in themselves are spreading events, but we
Speaker 1: do need to try to get past this notion that
Speaker 1: there's a battle overmasking. Uh. And I'm not sure exactly
Speaker 1: at a policy level, but the best way to communicate
Speaker 1: about that is all right. We was always thank you
Speaker 1: for your insights, Dr Ray. Dr Stewart Ray from the
Speaker 1: Johns Hopkins University School of Medicine, where he is Vice
Speaker 1: Chair of Medicine. Karen Nathan, it is fifty three on
Speaker 1: Wall Street. Time for the Bloomberg Law Report. Let's get
Speaker 1: to the legal stories we're watching this morning. From Bloomberg's
Speaker 1: Jeff Bellinger. The page and seizure drug gave Penton is
Speaker 1: under fire for its alleged role in the overdose crisis.
Speaker 1: A consumer advocacy group is urging the government to classify
Speaker 1: the prescription drug as a controlled substance. American Airlines is
Speaker 1: being sued in federal court in Chicago. The carrier is
Speaker 1: accused of failing to properly compensate hourly paid employees for
Speaker 1: time spent on mandatory training. General Motors was sued in
Speaker 1: Michigan federal court, a former employee says g MSN's legally
Speaker 1: deficient notices and forming former workers of the right to
Speaker 1: remain on the company health plan. Bloomberg Law everything you need,
Speaker 1: all on one legal research platform, including guidance analysis and
Speaker 1: Bloomberg market intelligence. Find out more at Bloomberg law dot com.
Speaker 1: Thanks Jeff. Now, another legal story we're watching brings us
Speaker 1: to former Alaska governor and vice presidential candidate Sarah Palin.
Speaker 1: She claims The New York Times hurt her reputation with
Speaker 1: a twenty seventeen opinion piece that tried to tie her
Speaker 1: political rhetoric to a deadly shooting. The Times admits and
Speaker 1: made a mistake, but says it corrected the story within
Speaker 1: twelve hours. Now, a New York jury will decide at
Speaker 1: the Times is guilty of defaming Palin. For more in
Speaker 1: the case, Bloomberg joing Grosso speaks to Godam Hans, professor
Speaker 1: at Vanderbilt Lot School, the Times hasn't lost a defamation
Speaker 1: case in more than half a century, So is that
Speaker 1: a very high bar for plaintiffs to get over? Yes,
Speaker 1: very difficult for plaintiffs to prevail in defamation cases, particularly
Speaker 1: when they're public officials like Sarah Palin because of the
Speaker 1: Supreme Court's decisions dating back to the Sullivan case from
Speaker 1: the early sixties. That's why, as you noted, the Times
Speaker 1: says frequently prevailed as it offended. In such cases, the
Speaker 1: Times argue that it was an honest mistake and that
Speaker 1: it corrected the errors in about twelve hours. Is that
Speaker 1: a good defense under the Sullivan standard? Yeah. I think
Speaker 1: that's the strong point in the Times of favor, that
Speaker 1: they acted expeditiously, relatively speaking, to correct it. I think
Speaker 1: that the plaintiffs, Tara Palin and her legal team would
Speaker 1: probably note that twelve hours and a digital ECO system
Speaker 1: is like twelve days in the past, and that's maybe
Speaker 1: part of why they think that Sullivan doesn't work well
Speaker 1: in today's media landscape because of the seleration of the
Speaker 1: I'm horizon. But you know, that's not part of the
Speaker 1: current standard under the law. Perhaps it might be if
Speaker 1: that's where it goes on appeal. If Palin loses here,
Speaker 1: what does Supreme Court take this case? I think it's
Speaker 1: hard to say. I do think that Palin and her
Speaker 1: legal team realize that it's going to be difficult for
Speaker 1: them to win under the current law. Sometimes people bring
Speaker 1: cases thinking that, well, maybe we'll lose at the trial level,
Speaker 1: maybe we'll even lose at the appellate court level, but
Speaker 1: we're going to aim for the Supreme Court, so we
Speaker 1: can try to get the change to the law from
Speaker 1: the Supreme Court. And I think in this case that's
Speaker 1: not a wild bet to make, because at least two
Speaker 1: Supreme Court justices have some concerns about the precedent from
Speaker 1: the sellative case. Both Justices Clarence Thomas and Neal Courses
Speaker 1: have made written statements saying that the Sullivan precedent and
Speaker 1: potentially the actual malice standard need to be revisited or
Speaker 1: should be revisited by the Supreme Court. So it takes
Speaker 1: four votes on the Supreme Court to grant sir ser
Speaker 1: ari for review of a case, and we know there
Speaker 1: are possibly two, So that's halfway there. I think the
Speaker 1: possibility that there are another two, it's certainly conceivable to me.
Speaker 1: And as Vanderbilt the law professor Godam Hans speaking with
Speaker 1: the Bloomberg student Grosso. Okay, it's more of that interview
Speaker 1: plus analysis of the latest legal news by subscribing to
Speaker 1: the Bloomberg Law podcast or downloading the show at Bloomberg
Speaker 1: dot com, slash podcast. Attorneys can find exceptional legal research
Speaker 1: and business development tools at Bloomberg law dot com and
Speaker 1: at the Bloomberg terminal at v law, Go and futures.
Speaker 1: This morning on the Rise, Our top stories are straight
Speaker 1: ahead as Bloomberg day Break continues. This is Bloomberg