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Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg

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Speaker 1: day Break for Friday, November eighteen two. Coming up this hour,

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Speaker 1: A leadership change on Capitol Hill. Nancy Pelosi withdraws as

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Speaker 1: Democratic leader stocks Center this last day of the week,

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Speaker 1: looking to reverse two days of losses. Elon Musk's ultimatum

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Speaker 1: spur an exodus at Twitter and Amazon says job cuts

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Speaker 1: could continue into next year. Buffalo, New York is getting

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Speaker 1: slammed by a major snowstorm. Plus today the USS condemned

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Speaker 1: North Korea's latest weapons test. I'm Michael barr More a him.

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Speaker 1: I'm John Stashnward Sports, Aaron judge named m v P.

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Speaker 1: The Titans beat the Packers, the Nets and Devils won,

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Speaker 1: the Rangers and Islanders law. That's all stredit ahead on

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Speaker 1: Bloomberg Daybreak on Bloomberg. He live in Free on New York,

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

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Speaker 1: Bloomberg nine sixties, San Francisco, Syrius x AM one nineteen

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Speaker 1: and around the world on Bloomberg Radio dot Com and

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Speaker 1: via The Bloomberg Business. A good morning. I'm Nathan Hagar.

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Speaker 1: I'm Amy Morris. Bloomberg Daybreak is brought to you by

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Speaker 1: B and Y Melon's Purshing. Learn why the world's most

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Speaker 1: sophisticated wealth management and institutional firms rely on Pershing to

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Speaker 1: help them improve profitability, create efficiency, attract talent, and manage

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Speaker 1: risk at pershing dot Com. And futures are pointing higher

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Speaker 1: this morning. It is six oh one on Wall Street.

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Speaker 1: We check the markets every fifteen minutes throughout the trading day.

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Speaker 1: On Bloomberg SMP futures are up twenty seven points, STOUT

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Speaker 1: futures up a hundred sixty three, NASTAC futures are higher

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Speaker 1: by a hundred six points. The decks in Germany CAC

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Speaker 1: and Paris both up one point three percent. Right now,

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Speaker 1: send your treasuries down six thirty seconds the old three

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Speaker 1: point seven eight percent yield on the two year four

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Speaker 1: point four seven percent, NIME ex CRUs down a half

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Speaker 1: percent now at eighty one twenty seven cents in barrel,

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Speaker 1: and the Euro trading at one point zero three six

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Speaker 1: six against the dollar. Amy Nathan, we begin in Washington,

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Speaker 1: where reaction is still boring into Nancy Pelosi stepping down

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Speaker 1: as House Democratic Leader. The move opens the way for

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Speaker 1: a generational change in leadership. Democrats are now rallying behind

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Speaker 1: Brooklyn native Hakim Jeffreys as their next leader. We spoke

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Speaker 1: with former New York Congressman and Democratic Caucus Chair Joe

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Speaker 1: Crowley about the shift. I think he will be cordial.

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Speaker 1: I think he'll be professional. Um, they may not agree,

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Speaker 1: you may not even like each other, but I don't

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Speaker 1: think it's gonna stop a team from doing what he

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Speaker 1: thinks is the best interest of the American people. And

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Speaker 1: I think that is paramount there. Former New York Congressman

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Speaker 1: Joe Crowley spoke with our Washington correspondent Joe Matthew on

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Speaker 1: Bloomberg's Sound on Catch the Show weekday afternoons at five

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Speaker 1: pm Wall Street Time on Bloomberg Radio. All right, let's

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Speaker 1: talk markets, amy stocks sharing this final day of the

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Speaker 1: week off two days of losses all Spring Global Investments

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Speaker 1: head of Actuative Equity and Milletti says, we may be

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Speaker 1: closing in on a bottom. If we're headed into recession,

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Speaker 1: if we're headed into this endirement at higher rates, higher inflation,

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Speaker 1: how can in really you know, risk assets, meme stocks, cryptocurrency,

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Speaker 1: things like that continue to be either go up or

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Speaker 1: be stable, and the fact that we're finally seeing breakdowns

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Speaker 1: in those markets is um a welcoming sign. It means

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Speaker 1: that we're getting closer to the you know, maybe to

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Speaker 1: the bottoming period all spring global investments and b Letting

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Speaker 1: notes the SP's lowest level came just last month, with

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Speaker 1: a reading just shy of and weighing on market's more

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Speaker 1: hawkish talk from the FED. St. Louis FED President James

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Speaker 1: Bullard is saying interest rates should rise to at least

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Speaker 1: five to curb inflation. The policy rates still isn't at

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Speaker 1: a zone that might be considered sufficiently restrictive. To get

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Speaker 1: to this sufficiently restrictive level of policy, will need to

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Speaker 1: increase the policy rate further. St. Louis Fed President James

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Speaker 1: Bullard does not appear to be alone in that assessment.

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Speaker 1: Is tough talk being echoed by Annapolis FED President Neil

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Speaker 1: cash Carry. We are all united in our commitment to

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Speaker 1: getting inflation back down to our two percent target. It's

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Speaker 1: an open question of how far we're going to have

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Speaker 1: to go with interest rates to bring that demand down

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Speaker 1: into balance. We have raised interest rates a lot this year,

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Speaker 1: so there's a lot of tightening in the pipeline. We

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Speaker 1: have not felt the full effects yet, and yet inflation

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Speaker 1: is still very high. Minneapolis Fed President Neil Cashcary says

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Speaker 1: the full effect of rate hikes may not be felt

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Speaker 1: for a year or more. All right, let's turn to

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Speaker 1: corporate news now, Amy the focus is back on Elon Musk,

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Speaker 1: the self proclaimed Chief Twitt, is finding some of his

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Speaker 1: ultimatums at Twitter falling flat. Ed Baxter has the story

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Speaker 1: from our Bloomberg nine sixty newsroom in San Francisco. The

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Speaker 1: latest Ultan made him to commit to the company's new

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Speaker 1: hardcore work environment or leave the company. By the deadline

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Speaker 1: to sign the agreement, hundreds of employees had refused, with

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Speaker 1: many posting the now familiar salute, which is the sign

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Speaker 1: that they are leaving the company. How this Prompted must

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Speaker 1: to change his work at home policy and leave it

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Speaker 1: up to managers to ensure the company that the workers

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Speaker 1: are making an excellent contribution. The question remains, though, how

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Speaker 1: many employees either will remain or will return, whether there'll

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Speaker 1: be enough to service a system in San Francisco. I'm

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Speaker 1: at Baxter Bloomberg Gay Break. Thanks sad. While Musk is

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Speaker 1: cutting staff in the US, it may be a different

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Speaker 1: picture overseas. The e USE Internal Market Commissioner says Musk

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Speaker 1: will have to increase the number of Twitter moderators in Europe.

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Speaker 1: He also wants Musk to share Twitter's algorithms. Jerry Braton

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Speaker 1: and Terry Bratton made the comments in an interview with

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Speaker 1: France Info. Well the painted Amazon may not end anytime soon.

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Speaker 1: Amy CEO Andy Jase says the e commerce giant will

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Speaker 1: be cutting jobs into next year as it adjusts to

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Speaker 1: business conditions. The story from Bloomberg's Charlie Pellis Lees represent

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Speaker 1: his first public comments about the cost reduction plans roiling

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Speaker 1: Amazon since reports that have planned to wipe out about

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Speaker 1: ten thousand jobs in the state. Man Jesse said, quote

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Speaker 1: leaders across the company are working with their teams and

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Speaker 1: looking at their workforce levels, investments they want to make

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Speaker 1: in the future, and prioritizing what matters most to customers

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Speaker 1: and the long term health of our businesses. Some employees

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Speaker 1: posting the company message boards have been critical of Jesse

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Speaker 1: being silent this week since news of the job cuts

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Speaker 1: became public In New York. Charlie Pellett Bloomberg day Break,

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Speaker 1: Thank you Charlie. Taking a look at some stocks on

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Speaker 1: the move this morning. Shares of Apply Materials up four percent.

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Speaker 1: The chip equipment maker gave a sales forecast that beat

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Speaker 1: estimates thanks to supply chain improvements. Shares of Gap are

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Speaker 1: up almost eight percent comparable sales for the third quarter,

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Speaker 1: top to estimates at Gap and another retailer, Ross Stores,

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Speaker 1: up sixteen percent after boosting its fully your forecast. Despite

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Speaker 1: all the turmoil at ft X, amy bitcoin setting for

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Speaker 1: a weekly gained The tokens up about three percent this week,

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Speaker 1: while the gage of the leading hundred virtual coins has

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Speaker 1: added about one percent. It's a sharp contrast to last

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Speaker 1: week when bitcoin slid twenty three to Sam Bankman freeds

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Speaker 1: FTX Empire collapsed. Checking Bitcoin now, it's up a half

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Speaker 1: percent on the day. Sixteen thousand, seven D six SMP

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Speaker 1: futures are up twenty four Pointstown futures up a hundred

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Speaker 1: forty NASTAC futures highed by ninety three points. Local headlines

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Speaker 1: and a check of sports. Next, This is Bloomberg, Thank you, Nathan.

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Speaker 1: Six or seven on Wall Street, we bring in Michael

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Speaker 1: barn Now to find out what else is going on

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

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Speaker 1: Good morning, Amy. Lake effects snow is burying parts of

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Speaker 1: the midwest and northeast. In western New York, a driving

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Speaker 1: ban is an effect for all of Erie County, home

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Speaker 1: to nearly one million people. This is considered an extreme event,

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Speaker 1: an extreme weather event that means it's dangerous. It also

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Speaker 1: means it's life threatening. New York Governor Kathy Hulkel says

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Speaker 1: at least three feet of snow is forecast by the

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Speaker 1: end of the weekend. The word has been out nationally statewide,

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Speaker 1: locally to all the commercial truck drivers. You need to

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Speaker 1: stay off the New York State through A and the

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Speaker 1: other roads to be identified during the storm event for

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Speaker 1: your protection, but also the protection of other motors on

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Speaker 1: the road. Governor Hokel. In November of a lake effect

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Speaker 1: system dumped more than five feet of snow on western

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Speaker 1: New York that left thirteen people dead. New York Governor

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Speaker 1: Hokel announced that construction of a new terminal at JFK

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Speaker 1: Airport would begin early next year, following a pause and

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Speaker 1: the project due to the pandemic. According to a statement

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Speaker 1: from Hocol's office, the new Terminal six is a privately

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Speaker 1: financed development that is expected to cost around four point

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Speaker 1: two billion dollars. The first phase is expected to be

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Speaker 1: done by six North Korea has fired an intercontinental ballistic

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Speaker 1: missile that landed near Japanese waters, in the second major

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Speaker 1: weapons test this month that showed a potential ability to

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Speaker 1: launch nuclear strikes on all of the US mainland. The

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Speaker 1: U S quickly slammed the launch. Vice President Kamala Harris

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Speaker 1: is Entailand for the Asia Pacific Economic Cooperation Leaders Summit.

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Speaker 1: Together the country's represented here will continue to urge North

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Speaker 1: Korea to commit to serious estate. Meanwhile, China and Russia

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Speaker 1: have opposed US moves to toughen sanctions against the North.

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Speaker 1: Prosecutors in Los Angeles rested their case in the trial

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Speaker 1: of Harvey Weinstein, who they alleged raped two women and

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Speaker 1: sexually assaulted to others. Testimony came from forty four witnesses.

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Speaker 1: A final Senate vote passed. Legislation to protect the right

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Speaker 1: of same sex marriage will be pushed until after the

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Speaker 1: Thanksgiving holiday. The Respect for marriage at cleared another procedural

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Speaker 1: hurdle late last night with fifty three vote to take

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Speaker 1: up the bill. Global News twenty four hours a day

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Speaker 1: on air and on Bloomberg Quickdake powered by more than

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Speaker 1: twenty seven under journalist and analysts in more than a

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Speaker 1: hundred twenty countries. Michael bar this is Bloomberg Amy. All right,

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Speaker 1: thank you, Michael. Now for the Sports for four cross

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Speaker 1: of you by try State Outy. Here's John dash Our. Thanks.

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Speaker 1: I mean, there's Vincent Shadder that despite what Aaron Judge

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Speaker 1: was doing hitting all those home runs, what sho Heyo

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Speaker 1: Tani was doing hitting and pitching was worthy of a

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Speaker 1: repeat American the m v P Award, But in the

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Speaker 1: end the vote was lopsided. Judge got twenty eight first

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Speaker 1: place votes, Otani only two, and Judge in the season

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Speaker 1: where he, of course had a record sixty two home runs.

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Speaker 1: The first Yankee outfield will redamed m v P since

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Speaker 1: Mickey Mantle. In the eighteen sixty two the Cardinals Paul

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Speaker 1: Goldsmith one of the National League thrilling win for the

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Speaker 1: Nats in Portland, I Tippin with less than a second

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Speaker 1: ago by Royce O'Neil and a one o nine, one

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Speaker 1: o seven win over the player was Kevin Durant scored

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Speaker 1: thirty five. Katie recently made some comments about the lack

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Speaker 1: of talent around him, but O'Neil last night had a

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Speaker 1: triple double and Ben Simmons had his best game as

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Speaker 1: in Nattie scored fifteen. Nick's already two and o on

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Speaker 1: their trip playing tonight at Golden State over time and

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Speaker 1: the NHL i'll win for the Devil's another one three

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Speaker 1: to two in Toronto to spit their winning streak to

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Speaker 1: an eleven, and ot lost for the Rangers. They lost

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Speaker 1: three two in Seattle after Vincent troch i could tied

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Speaker 1: the game with two minutes left. The Islanders lost in

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Speaker 1: Nashville five to four. St. John's now four and ob

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Speaker 1: Nebraska by twenty in Brooklyn. Arizona State beat Michigan by

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Speaker 1: twenty five. Thursday Night football in Green Bay, Tennessee won

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Speaker 1: twenty seven to seventeen. Ryan Tannehill outplayed Aaron Rodgers twenty

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Speaker 1: two of twenty seven, three hundred and thirty three passing yards,

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Speaker 1: two touchdowns, Derek Henry scored and he threw a t

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Speaker 1: d pass, and the Titans of one seven or last

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Speaker 1: eight and the Packers have lost six of seven. The

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Speaker 1: Eagles have signed veteran defensive tackle and Domin consumes Sunday's

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Speaker 1: Brown's Bills game moved out of snowy Buffalo to be

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Speaker 1: played indoors in Detroit. John Stash were Bloomberg Sport team.

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Speaker 1: All right, thank you, John, and teachers are hired. S

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Speaker 1: and D futures of twenty four points, DAL futures of

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Speaker 1: one hundred thirty three points, NASTAC features up ninety three points,

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Speaker 1: D ten year treasury down seven thirty seconds, steeled at

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Speaker 1: Bloomberg Business blashm Nathan Hagar Futures are looking to snap

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Speaker 1: a two day losing streak for stocks. It was triggered

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Speaker 1: by Federal Reserve signals that interest rate hikes are going

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Speaker 1: to stay with us for a while. Yet we checked

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Speaker 1: the markets every fifteen minutes during the trading day on Bloomberg.

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Speaker 1: Right now, SMP futures are up twenty five point, staff

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Speaker 1: thirty nine cents. Beryl comex gold up two tenths per cent,

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Speaker 1: or three dollars ninety cents at seventy one seventy an ounce.

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Speaker 1: That's a Bloomberg business flash. And now here's Michael Barr

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Speaker 1: with more on what's going on around the world. Michael,

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Speaker 1: thank you very much. Nathan. North Korea has fired an

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Speaker 1: intercontinental ballistic missile that landed near Japanese waters. It is

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Speaker 1: the second major weapons test this month that showed a

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Speaker 1: potential ability to launch nuclear strikes on all of the

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Speaker 1: US mainland. The Biden administrations told a judge Saudi Crown

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Speaker 1: Prince Mohammed bin Salmon cannot be sued in the US

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Speaker 1: over the murder of journalist Jamal ka Shogi because as

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Speaker 1: a head of a government, he is immune. If the

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Speaker 1: judge adopts the US finding, it would effectively in the

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Speaker 1: lawsuit filed by Kashogi's fiance. In the NBA, the Nets lost.

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Speaker 1: In the NHL, the Rangers lost to the Cracking in

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Speaker 1: overtime three two. The Devil's won their eleventh straight, this

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Speaker 1: to the Blues five four. In football, the Titans down

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Speaker 1: the Packers twenty seven seventeen. In baseball, the Yankees Aaron

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Speaker 1: Judge won the a L M v P. The Cardinals

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Speaker 1: Paul gold Schmid won the NL honor. Global News twenty

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Speaker 1: four hours a day on air and on Bloomberg Quicktake,

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Speaker 1: in more than one hundred twenty countries. I'm Michael Bard.

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Speaker 1: This is Bloomberg Gaming, all right. Thank you, Michael It

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Speaker 1: is six twenty on Wall Street Live from the Bloomberg

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Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak. Hell Speaker Nancy

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Speaker 1: Pelosi is stepping down from her leadership position as Republicans

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Speaker 1: get ready to take over the majority in the House

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Speaker 1: of Representatives. Professor Wendy Schiller is director of the Alfred

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Speaker 1: Tubman Center for American Politics and Policy at Brown University,

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Speaker 1: and she joins us, Now, thanks so much for taking

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Speaker 1: the time with us today, wen Day. Were you at

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Speaker 1: all surprised by Pelosi's decision? Um, Good morning, Amy. I

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Speaker 1: was not surprised. You know, people may remember that when

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Speaker 1: the Democrats captured the House, winning many many seats, right

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Speaker 1: like forty one seats in that election. At midterm election,

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Speaker 1: she said to the caucus, I will stay and be

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Speaker 1: leader for four years and then we'll revisit it. So

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Speaker 1: I won't try to stay beyond that if the caucus

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Speaker 1: doesn't wanting to do that. So there was already an

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Speaker 1: indication that she would step down. You know. The difference

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Speaker 1: is that, let's say, look at new Gingridge stepping down

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Speaker 1: in those of us remember it. You know that that

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Speaker 1: party had lost eight seats. Pumpkins kept control, but it

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Speaker 1: was generally, you know, figured he was sort of out

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Speaker 1: pushed out the door. Not you know, it's not true.

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Speaker 1: Here she's stepping down because I think she realizes that

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Speaker 1: it's a perfect time to give the mantle over to

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Speaker 1: a frankly, a newer, probably you know, slightly more diverse

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Speaker 1: and younger cohort of Democratic leaders. Yeah, she did say

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Speaker 1: it's time for a new generation to lead the Democrats.

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Speaker 1: So who would that be. Well, you know, I think

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Speaker 1: for a long time people have been suggesting Hakim Jeffreys.

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Speaker 1: You know, he made his mark uh as head of

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Speaker 1: Congressional Black Caucus and then of course as ahead of

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Speaker 1: the Democratic Party Caucus in the House, and I generally

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Speaker 1: well liked, he's generally well connected. So for a long

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Speaker 1: time people have been thinking that he would have been

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Speaker 1: the next speaker had the Democrats kept the House. So

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Speaker 1: I think that's the best bet for Democratic leader. And

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Speaker 1: then um, there's a few other people, one from California,

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Speaker 1: one from from Massachusetts to round other woman, and an

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Speaker 1: a Latin X representative to round that representation. It's an

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Speaker 1: interesting move. It's more of a slightly centrist move on

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Speaker 1: the part of the Democrats. To put this team together.

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Speaker 1: They're not bringing in one of the really more pronounced

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Speaker 1: Progressives into the leadership structure. But I think the Progressives

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Speaker 1: believe that this is a cohort that they can deal

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Speaker 1: with people who are younger, people who are tuned. I

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Speaker 1: think two issues of um what the really wants and

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Speaker 1: it's a frankly slightly more diverse group. As I said, now,

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Speaker 1: all of this is going on as Republicans are getting

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Speaker 1: ready to take over the majority and put forth a

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Speaker 1: new agenda. What are you going to be watching for, well,

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Speaker 1: I mean, how much emphasis you know, someonelike Jim Jordan

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Speaker 1: becomes a chair of the House Judiciary Committee and what

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Speaker 1: the House Oversight Committee does with the Biden administration. We've

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Speaker 1: just turned into a divided government at the federal level

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Speaker 1: that just does investigation after investigation. And it's not just

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Speaker 1: the Republicans that have done this. I mean, you know

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Speaker 1: Democrats have done it in the past as well. But

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Speaker 1: you know, Republicans see a real turnout effect. In other words,

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Speaker 1: they really want to keep their base engaged. They may

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Speaker 1: have a conflict with the presidential ticket in point twenty four,

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Speaker 1: we don't know what's going to happen there. So in

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Speaker 1: order to keep the enterprise and keep control of the

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Speaker 1: House in particular twenty four, they want to keep those

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Speaker 1: people who voted for them this time really engaged and

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Speaker 1: it seemed to be anti Biden, which you know, got

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Speaker 1: people out the door, So they want to keep their people.

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Speaker 1: They're gonna have investigations. I don't think it's going to

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Speaker 1: result in any sort of conviction in terms of impeachment,

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Speaker 1: and the Republicans have to really watch it because what

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Speaker 1: we saw on this best election was just a sliver

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Speaker 1: of independence that Democrats needed voted for them, not the Republicans,

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Speaker 1: and now nobody thought that was going to happen due

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Speaker 1: to inflation and the economy, but in fact independence did

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Speaker 1: not go back to the Republicans and big numbers, and

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Speaker 1: that's gonna be a real problem for them in twenty

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Speaker 1: four if they want to hold the House, so they

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Speaker 1: can do the investigations, but if they go too far

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Speaker 1: and don't focus on the things that people sent them

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Speaker 1: there to do, I mean independence sent them there do

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Speaker 1: I think it gets risky for them. That's exactly what

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Speaker 1: I wanted to ask about if it would backfire. And

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Speaker 1: now I'm wondering if you would got about a minute here,

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Speaker 1: if you would anticipate more gridlock in the coming Congress,

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Speaker 1: are more forced cooperation, They have to work together because

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Speaker 1: both majorities are so slim. Well, I think it's really

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Speaker 1: up to the business community, honestly, and that as a

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Speaker 1: vast community now right was domestic international globalization very powerful

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Speaker 1: signals from contributors who contribute to Republicans to say, you know,

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Speaker 1: you can't mess with a debt ceiling. You know that

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Speaker 1: we have a death ceiling, that we such a big debt.

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Speaker 1: It's not maybe the best thing, but we need to

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Speaker 1: clear the debt ceiling. And they can't play chicken with

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Speaker 1: the debt ceiling the way they have. I expect they

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Speaker 1: will try, but in this case, Biden looks pretty firm

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Speaker 1: on vitoing anything that will cut so security or medicare,

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Speaker 1: so that's going to lead to a shutdown, lead to

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Speaker 1: a potential crisis shape the markets. You know, if those

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Speaker 1: signals can be sent sooner to Kevin McCarthy rather than later,

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Speaker 1: I think that would be the most important thing right now.

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Speaker 1: What we're looking at is budgetary, debt ceiling, fiscal We

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Speaker 1: want people to have faith in our economy and the

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Speaker 1: way the government intervenes in the economy and preserves the economy. Uh.

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Speaker 1: And I think those are big important signals, and I'm

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Speaker 1: not sure that the Republican Caucuses unified around that the

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Speaker 1: importance of that kind of thing. All Right, Wendy, thank

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Speaker 1: you so much for taking the time with us on

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Speaker 1: this Friday morning, Professor Wendy Schiller, Director of the Alfred

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Speaker 1: Todman Center for American Politics and Policy at Brown University.

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Speaker 1: Futures are higher, SMD futures at higher by twenty four points,

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Speaker 1: dot com. Or This is Bloomberg Daybreak at six thirty

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Speaker 1: on Wall Street. Good Friday morning. I'm Amy Morris and

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Speaker 1: I'm Nathan Hagar. We're about three hours away from the

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Speaker 1: open of US training time for the five things you

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00:20:58,720 --> 00:21:00,719
Speaker 1: need to know to start your day. Brought to you

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Speaker 1: by Interactive Brokers. Interactive Brokers charges margin loan rates from

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Speaker 1: dot com, slash compare First. Democrats in Washington are weighing

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Speaker 1: Nancy Pelosi's replacement as House Democratic leader. Parties rallying behind

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Speaker 1: Brooklyn native Hakeem Jeffreys. Former New York Congressman and Democratic

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Speaker 1: Caucus chair Joe Crowley spoke with us about the shift

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Speaker 1: in leadership. He's a great orator, he has great skills,

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Speaker 1: he's very smart, and uh, I think he knows how

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Speaker 1: to build coalitions and that's what's so critical of being congress.

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Speaker 1: Former New York Congressman Joe Crowley spoke with our Joe

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Speaker 1: Matthew on Bloomberg sound on Catch the show weekdays at

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Speaker 1: five pm Eastern on Bloomberg Radio. Now to Markets, Nathan

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Speaker 1: Ware Stocks Center the last day of the week, coming

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Speaker 1: off to losing days, weighing on investor sentiment, more hawkage

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Speaker 1: FED speak. Minneapolis FED president Neil kesh Garry says the

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Speaker 1: inflation battle is far from over. We have raised interest

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Speaker 1: rates a lot this year, so there's a lot of

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Speaker 1: tightening in the pipeline. We have not felt the full

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Speaker 1: effects yet, and yet inflation is still very hot. Minneapolis

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Speaker 1: Fed president Elks Carrey says the full effect of rate

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Speaker 1: hikes may not be felt for a year or more. St.

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Speaker 1: Louis Fed President James Bullard made similarly hawkish comments, saying

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Speaker 1: interest rates should rise to at least five percent. To

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Speaker 1: Corporate News, down Amy or Twitter turmoil continues. Elon Musk

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Speaker 1: gave employees and ultimatum to adopt to the company's new

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Speaker 1: work environment or leave. Many are not signing on. That's

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Speaker 1: reportedly putting Twitter's operations at risk. Dan Ives and Wedbush

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Speaker 1: Security says Musk's leadership does not inspire much investor confidence.

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Speaker 1: It's been a circus show, and I think there was

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Speaker 1: a view as a Tessa Holder that once Must bought Twitter,

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Speaker 1: it would start to die down, but instead it hasn't.

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Speaker 1: Dan Ives and Wedbush says Musk has his hands full.

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Speaker 1: He also says social media companies like Twitter have likely

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Speaker 1: already seen their best periods for growth and taking a

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Speaker 1: moving stops this morning. Shares of appliment to Areals are

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Speaker 1: up more than four percent after giving a sales forecast

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Speaker 1: that topped estimates. Shares of Gap are up after beating

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Speaker 1: third quarter expectations, and in crypto amy, bitcoin's heading for

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Speaker 1: a weekly gain following last week's twenty slide that came

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Speaker 1: after the ft X exchange collapse. Checking Bitcoin now, it's

429
00:23:16,520 --> 00:23:20,480
Speaker 1: up three tenths percent. It's sixteen thousand dollars. That's the

430
00:23:20,520 --> 00:23:23,000
Speaker 1: five things you need to notice start your day. Brought

431
00:23:23,000 --> 00:23:25,560
Speaker 1: to you by Interactive Brokers. S and P futures are

432
00:23:25,600 --> 00:23:28,320
Speaker 1: up twenty four point, Style features up forty five, Nasdaq

433
00:23:28,359 --> 00:23:31,840
Speaker 1: futures higher by ninety four points, local headlines, and a

434
00:23:31,960 --> 00:23:38,920
Speaker 1: check of sports. Next, This is Bloomberg. Thank you, Nathan

435
00:23:39,000 --> 00:23:41,520
Speaker 1: sixty three on Wall Street. Let's bring in Michael bar

436
00:23:41,640 --> 00:23:43,520
Speaker 1: to tell us what else is going on in New

437
00:23:43,600 --> 00:23:46,639
Speaker 1: York and around the world. Good Morning, Michael, Good morning Amy.

438
00:23:46,720 --> 00:23:49,480
Speaker 1: A dangerous storm that has the potential to bring heavy

439
00:23:49,600 --> 00:23:53,720
Speaker 1: snow to western New York is already causing problems. Power

440
00:23:53,840 --> 00:23:57,520
Speaker 1: outages are already being reported in the Buffalo area. Mark

441
00:23:57,600 --> 00:24:01,480
Speaker 1: poland Cars is the Erie County Executive. We've just been

442
00:24:01,480 --> 00:24:04,840
Speaker 1: advised that there is a power outage of affecting two thousand,

443
00:24:04,920 --> 00:24:08,560
Speaker 1: one nineteen customers in the town of West Seneca. There

444
00:24:08,600 --> 00:24:13,479
Speaker 1: are scattered, scattered outages elsewhere. Erie County Executive Mark poland

445
00:24:13,520 --> 00:24:16,280
Speaker 1: Cars says more than three feet of snow as forecast

446
00:24:16,400 --> 00:24:19,720
Speaker 1: through the weekend. Governor Kathy Hulkel says that even though

447
00:24:19,760 --> 00:24:23,440
Speaker 1: heavy snowfall is nothing new, this storm might be life threatening.

448
00:24:23,600 --> 00:24:26,159
Speaker 1: Be ready for the worst, have plenty of food in

449
00:24:26,200 --> 00:24:29,880
Speaker 1: the refrigerator, and be ready to check in on your neighbors.

450
00:24:30,200 --> 00:24:33,000
Speaker 1: Governor Hulkel is urging people to stay off the roads

451
00:24:33,119 --> 00:24:36,320
Speaker 1: during the storm. The New York author who claims Donald

452
00:24:36,359 --> 00:24:39,679
Speaker 1: Trump raped her in the nineties filed a public copy

453
00:24:39,840 --> 00:24:42,960
Speaker 1: of a battery lawsuit she plans to bring against him

454
00:24:43,000 --> 00:24:46,399
Speaker 1: next week. Ee Gene Carroll, a former advice columnists with

455
00:24:46,480 --> 00:24:50,880
Speaker 1: All Magazine, will file the lawsuit on November the day

456
00:24:51,000 --> 00:24:53,879
Speaker 1: a New state law takes effect to temporarily lift the

457
00:24:54,040 --> 00:24:58,440
Speaker 1: statute of limitations on civil claims to sexual offenses. The

458
00:24:58,600 --> 00:25:03,080
Speaker 1: filing was in federal court in Manhattan. North Korea fired

459
00:25:03,119 --> 00:25:06,680
Speaker 1: an intercontinental balistic missile that landed near Japanese waters, and

460
00:25:06,760 --> 00:25:10,280
Speaker 1: the second major weapons test this month. Japan's defense minister

461
00:25:10,400 --> 00:25:13,639
Speaker 1: says the missile launched this morning had the capability to

462
00:25:13,720 --> 00:25:17,359
Speaker 1: reach all of the US mainland. Vice President Kamala Harris

463
00:25:18,320 --> 00:25:21,680
Speaker 1: condemn these actions and we again called for North Korea

464
00:25:21,960 --> 00:25:28,119
Speaker 1: stopped further unlawful. Vice President Harris is in Thailand for

465
00:25:28,280 --> 00:25:32,480
Speaker 1: the Asia Pacific Economic Cooperation Leader's Summit. New Jersey Governor

466
00:25:32,520 --> 00:25:35,479
Speaker 1: Phil Murphy and his wife paid almost one point eight

467
00:25:35,560 --> 00:25:40,159
Speaker 1: million dollars and stayed in federal taxes in according to

468
00:25:40,320 --> 00:25:43,800
Speaker 1: a tax returned summary released by his office. The Democratic

469
00:25:43,840 --> 00:25:48,200
Speaker 1: governor also donated about seven hundred thousand dollars. The couple

470
00:25:48,359 --> 00:25:52,800
Speaker 1: reported federal taxable income of almost five million dollars. Murphy

471
00:25:53,040 --> 00:25:56,240
Speaker 1: is a retired senior director at Goldman Sachs. The House

472
00:25:56,280 --> 00:25:59,920
Speaker 1: committee investigating the January sixth attack on the US capital

473
00:26:00,320 --> 00:26:03,160
Speaker 1: is pushing to complete its final report for release by

474
00:26:03,320 --> 00:26:07,840
Speaker 1: early December. Some unfinished business includes whether to recommend criminal

475
00:26:07,960 --> 00:26:11,560
Speaker 1: charges to prosecutors. Global News twenty four hours a day

476
00:26:11,800 --> 00:26:14,640
Speaker 1: on air and on Bloomberg Quick Take, powered by more

477
00:26:14,960 --> 00:26:17,440
Speaker 1: than twenty seven hundred journalists analysts more than a d

478
00:26:17,560 --> 00:26:20,919
Speaker 1: twenty countries. Michael Barr and this is Bloomberg Gaming. All right,

479
00:26:20,960 --> 00:26:25,840
Speaker 1: thank you, Michael don now for the sports report brought

480
00:26:25,880 --> 00:26:28,320
Speaker 1: to you by Try State OUTI here's John stash Our.

481
00:26:28,560 --> 00:26:31,280
Speaker 1: Thanks Aaron. Judge said last night he was nervous waiting

482
00:26:31,320 --> 00:26:33,240
Speaker 1: to hear if he was indeed americanly m VP. He

483
00:26:33,280 --> 00:26:35,880
Speaker 1: won easily, got all but two first place votes, last

484
00:26:35,920 --> 00:26:39,720
Speaker 1: year's winner Showehtani a distant second, and judges the fourteenth

485
00:26:39,840 --> 00:26:42,199
Speaker 1: Yankee to be m v P. Those fourteen have won

486
00:26:42,320 --> 00:26:45,200
Speaker 1: twenty two m v P awards. Will Judge have a

487
00:26:45,320 --> 00:26:47,359
Speaker 1: chance to be a Yankee m v P again? He

488
00:26:47,480 --> 00:26:49,800
Speaker 1: needs to do contract, said last night. He's hoping to

489
00:26:49,880 --> 00:26:53,080
Speaker 1: sign somewhere soon. The Cardinals Paul Goldschman, who had finished

490
00:26:53,359 --> 00:26:55,560
Speaker 1: in the top three in the nl voting three times,

491
00:26:55,880 --> 00:26:57,640
Speaker 1: this time one for the first time. The guy who

492
00:26:57,720 --> 00:27:00,320
Speaker 1: caught the ball in Texas, the Judge hit for his

493
00:27:00,400 --> 00:27:03,680
Speaker 1: record sixty second home run, turned down three million dollars.

494
00:27:03,760 --> 00:27:06,120
Speaker 1: The ball will be sold at auction, and then that's

495
00:27:06,160 --> 00:27:08,720
Speaker 1: in Portland. Tied late roys so Neal in about to

496
00:27:08,720 --> 00:27:11,879
Speaker 1: get the foot for Brooklyn, who's it out top to

497
00:27:12,040 --> 00:27:15,119
Speaker 1: Ryan's got it slips a bit skins right l go fadeaway.

498
00:27:15,920 --> 00:27:19,680
Speaker 1: Is no clock, but tipped in. It's tipped in with

499
00:27:19,880 --> 00:27:22,199
Speaker 1: points seven w f A and then that's won. One

500
00:27:22,240 --> 00:27:25,399
Speaker 1: oh nine, one oh seven. Race O'Neil's tipping Caffie the

501
00:27:25,520 --> 00:27:28,040
Speaker 1: night where he had eleven point eleven rebounds and eleven assist.

502
00:27:28,119 --> 00:27:30,240
Speaker 1: Kevin Duran scored thirty five and the Nets come home

503
00:27:30,720 --> 00:27:33,719
Speaker 1: to play Memphis Sunday, and Kyrie Everything might return from

504
00:27:33,840 --> 00:27:37,720
Speaker 1: his suspension. Nixt tonight visit Golden State College of St. John's,

505
00:27:37,760 --> 00:27:41,200
Speaker 1: beating Nebraska by twenty. Jack Soriano seventeen point eight ten

506
00:27:41,280 --> 00:27:44,119
Speaker 1: rebound local hockey all on the road. The Rangers scored

507
00:27:44,240 --> 00:27:46,520
Speaker 1: late to tie, but they lost in Seattle three two

508
00:27:46,560 --> 00:27:49,320
Speaker 1: and overtime. The Islanders lost in Nashville five to four.

509
00:27:49,760 --> 00:27:52,680
Speaker 1: The Devils stay red hot at three to overtime win

510
00:27:52,720 --> 00:27:56,840
Speaker 1: at Toronto, the Devil's eleventh straight win Week eleven underway.

511
00:27:56,920 --> 00:27:59,720
Speaker 1: Tennessee won at Green Bay twenty seven to seventeen. The

512
00:27:59,760 --> 00:28:02,400
Speaker 1: tight they're pulling away in the a f C South,

513
00:28:02,480 --> 00:28:05,400
Speaker 1: the factors are way behind in the NFC North. John

514
00:28:05,440 --> 00:28:08,920
Speaker 1: Statu Bloover Sports fem All right, thank you, John. It

515
00:28:09,080 --> 00:28:11,440
Speaker 1: is six thirty seven on Wall Street. Time to take

516
00:28:11,480 --> 00:28:13,240
Speaker 1: a look at stocks and some of the names that

517
00:28:13,359 --> 00:28:16,240
Speaker 1: are moving in the pre market. For that, we're joined

518
00:28:16,320 --> 00:28:20,320
Speaker 1: by Bloomberg Radio and TV Markets correspondent Creedy Gupta. Creedy,

519
00:28:20,400 --> 00:28:23,359
Speaker 1: you have a busy report for us, a massive report,

520
00:28:23,440 --> 00:28:25,360
Speaker 1: So get ready for the speed round, if you will.

521
00:28:25,359 --> 00:28:27,760
Speaker 1: I'm gonna start with the retailers because you are still

522
00:28:27,760 --> 00:28:29,879
Speaker 1: getting some of the numbers coming out. Gap, for example,

523
00:28:30,000 --> 00:28:32,840
Speaker 1: is gonna be a poster child here. GPS is your ticker.

524
00:28:33,160 --> 00:28:36,000
Speaker 1: Those shares rising eight percent in the pre market. They

525
00:28:36,000 --> 00:28:37,440
Speaker 1: came out with a sales speed and of course we

526
00:28:37,520 --> 00:28:40,520
Speaker 1: know Gap has really been struggling to kind of make

527
00:28:40,560 --> 00:28:42,800
Speaker 1: their margins, deal with the supply chain issues but also

528
00:28:43,200 --> 00:28:46,720
Speaker 1: with that cut relationship with the Easy brand as well.

529
00:28:46,800 --> 00:28:48,720
Speaker 1: So nevertheless, they are looking to see a little bit

530
00:28:48,720 --> 00:28:51,720
Speaker 1: of improvement. Now. Brokers did, however, caution that there is

531
00:28:51,760 --> 00:28:54,920
Speaker 1: a backdrop that remains very difficult for the sector broadly,

532
00:28:55,200 --> 00:28:57,200
Speaker 1: So any improvement that gap does make comes with a

533
00:28:57,200 --> 00:28:58,560
Speaker 1: little bit of a grain of salt. But for now,

534
00:28:58,840 --> 00:29:01,440
Speaker 1: shares are rallying in the pre markets. So GPS is

535
00:29:01,520 --> 00:29:03,480
Speaker 1: your ticker there, it's not the only retailer that we

536
00:29:03,520 --> 00:29:05,720
Speaker 1: got to look at the two other ends of the spectrum.

537
00:29:05,840 --> 00:29:08,320
Speaker 1: Essentially the wealth effect the higher income folks. We can

538
00:29:08,400 --> 00:29:10,280
Speaker 1: look at that through far the lens of lens of

539
00:29:10,360 --> 00:29:13,600
Speaker 1: far Fetch f t c H is your taker. They

540
00:29:13,600 --> 00:29:16,600
Speaker 1: actually missed their estimates and cut their fullier guidance. Remember

541
00:29:16,640 --> 00:29:20,120
Speaker 1: this is not the message you heard from Macy's earlier

542
00:29:20,200 --> 00:29:22,680
Speaker 1: this week. Instead they were saying, actually, things are going

543
00:29:22,760 --> 00:29:24,840
Speaker 1: really well for the people who can actually can eat

544
00:29:24,920 --> 00:29:27,640
Speaker 1: the costs of inflation. Far Fetch not so much so

545
00:29:27,880 --> 00:29:29,960
Speaker 1: that fullier guidance cut is really where there are. Shares

546
00:29:30,000 --> 00:29:33,160
Speaker 1: are getting punished this morning. Ftc H shares down about

547
00:29:33,200 --> 00:29:35,040
Speaker 1: ten percent. On the other end of the spectrum, let's

548
00:29:35,040 --> 00:29:38,080
Speaker 1: go to Ross Stores r O S T another rally

549
00:29:38,360 --> 00:29:40,880
Speaker 1: up at eighteen percent in the pre market. They did

550
00:29:41,000 --> 00:29:44,200
Speaker 1: beat those estimates, Morgan Stanley, so you have the third

551
00:29:44,320 --> 00:29:47,920
Speaker 1: quarter revenue acceleration makes them really excited about not just

552
00:29:48,000 --> 00:29:49,920
Speaker 1: the fourth quarter but next year as well. They said

553
00:29:49,960 --> 00:29:53,280
Speaker 1: it only gets better from here. Looks like something. Shares

554
00:29:53,320 --> 00:29:56,080
Speaker 1: are really responding to Amy r O s t up

555
00:29:56,120 --> 00:29:59,240
Speaker 1: a whopping eighteen percent. You've got some text actor to

556
00:29:59,280 --> 00:30:01,840
Speaker 1: talk about too. Always have plenty of talk about in

557
00:30:01,880 --> 00:30:03,840
Speaker 1: the tech sector, but either are some kind of wonky names.

558
00:30:03,880 --> 00:30:07,040
Speaker 1: For example of cybersecurity company Hollo Alto Networks p A

559
00:30:07,240 --> 00:30:12,040
Speaker 1: n W analysts praising the cybersecurity company's solid execution. That's

560
00:30:12,040 --> 00:30:14,360
Speaker 1: a really big deal at a time when the macro

561
00:30:14,440 --> 00:30:17,360
Speaker 1: backdrop isn't that great, especially for cybersecurity. Never less, shares

562
00:30:17,400 --> 00:30:19,560
Speaker 1: are rallying about eight percent. They did beat their estimates

563
00:30:19,760 --> 00:30:23,800
Speaker 1: and get this, the results driven by all metrics, billings, revenue,

564
00:30:23,880 --> 00:30:26,720
Speaker 1: profitability across the board, they did really well. I want

565
00:30:26,760 --> 00:30:29,960
Speaker 1: to talk about hp though. Hp Q is your taker.

566
00:30:30,040 --> 00:30:32,800
Speaker 1: Those shares your down about two percent. Credit Suite cutting

567
00:30:32,960 --> 00:30:36,760
Speaker 1: the computer maker to neutral from outperform on those macro risks.

568
00:30:36,880 --> 00:30:38,880
Speaker 1: They're saying that the near term revenue and the margin

569
00:30:38,920 --> 00:30:42,000
Speaker 1: outlook are both at risk. And lastly, Applied Materials a

570
00:30:42,320 --> 00:30:44,840
Speaker 1: m A t up about four percent. They should have

571
00:30:44,880 --> 00:30:48,120
Speaker 1: sales forecast that actually beat those estimates, so getting rewarded

572
00:30:48,360 --> 00:30:50,720
Speaker 1: in the pre marketing. All right, Thank you so much,

573
00:30:50,760 --> 00:30:55,320
Speaker 1: Bloomberg Radio and TV Markets correspondent Creedy Gupta. Always a pleasure,

574
00:30:55,360 --> 00:30:58,360
Speaker 1: Thank you for joining us. Creaty and futures are higher.

575
00:30:58,640 --> 00:31:02,080
Speaker 1: SNP futures up to four points, DAL futures up one

576
00:31:02,520 --> 00:31:06,600
Speaker 1: forty points, NASTAC futures up ninety two. Ten year treasury

577
00:31:06,680 --> 00:31:09,440
Speaker 1: down nine thirty seconds, the yield at three point seven

578
00:31:09,560 --> 00:31:12,200
Speaker 1: nine percent for two year yield at four point or

579
00:31:12,280 --> 00:31:15,400
Speaker 1: eight percent. Much more still to come on Bloomberg Daybreak.

580
00:31:15,560 --> 00:31:23,640
Speaker 1: This is Bloomberg. The Bloomberg Sports Report was brought to

581
00:31:23,720 --> 00:31:26,000
Speaker 1: you by Audie. Don't let someone else drive off in

582
00:31:26,040 --> 00:31:29,160
Speaker 1: the outie model you've always wanted. Visit your local try

583
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Speaker 1: state autie dealer to get behind the wheel of yours today,

584
00:31:31,520 --> 00:31:37,440
Speaker 1: or visit autie Offers dot com for more information, markets,

585
00:31:37,560 --> 00:31:40,600
Speaker 1: headlines and breaking news twenty four hours a day at

586
00:31:40,680 --> 00:31:44,640
Speaker 1: Bloomberg dot Com, Bloomberg Business apt and at Bloomberg Quick Tape.

587
00:31:44,840 --> 00:31:54,600
Speaker 1: This is a Bloomberg Business Flash. Nathan Hagar watching futures

588
00:31:54,840 --> 00:31:56,920
Speaker 1: rise this morning. Let's head right over to the First

589
00:31:56,960 --> 00:31:59,680
Speaker 1: Word Breaking news desk for today's morning call with Bill Maloney.

590
00:31:59,720 --> 00:32:04,000
Speaker 1: Happy Friday, Bill, and good morning Nathan. That's right. US

591
00:32:04,040 --> 00:32:06,080
Speaker 1: futures with a bid right now at death futures up

592
00:32:06,120 --> 00:32:08,640
Speaker 1: a hundred and thirty points, SPS games twenty three well

593
00:32:08,720 --> 00:32:12,480
Speaker 1: NASDACK futures are higher by eighties six the US ten

594
00:32:12,560 --> 00:32:15,480
Speaker 1: yeld at three point eight percent, Gold trading higher by two.

595
00:32:15,880 --> 00:32:18,720
Speaker 1: Oil is in the red, and Bitcoin is little changed.

596
00:32:19,040 --> 00:32:22,080
Speaker 1: Shanghai fell point six percent overnight, while up markets are

597
00:32:22,120 --> 00:32:24,600
Speaker 1: trading firmly in the green this morning and back in

598
00:32:24,640 --> 00:32:27,040
Speaker 1: the US. On the economic front, at ten o'clock is

599
00:32:27,280 --> 00:32:30,640
Speaker 1: existing home sales after the bells night, Apply Materials and

600
00:32:30,880 --> 00:32:34,880
Speaker 1: Paala Outdoor Networks both beat estimates and regarding earnings. This morning.

601
00:32:34,920 --> 00:32:38,520
Speaker 1: Foot Locker EPs beat estimates and the company raised its outlook.

602
00:32:38,920 --> 00:32:41,480
Speaker 1: And other news, the Amazon CEO says that job cuts

603
00:32:41,520 --> 00:32:46,080
Speaker 1: will continue into three and wrapping things up, HP Inc.

604
00:32:46,160 --> 00:32:49,200
Speaker 1: Was continutral over Act Created Sweets and Walgreen's Boots was

605
00:32:49,320 --> 00:32:53,080
Speaker 1: raised to overweight over EDGP Morgan live from the first

606
00:32:53,200 --> 00:32:55,800
Speaker 1: Breaking news desk on Bell Maloney Nathan Yeah, Bill watching

607
00:32:55,880 --> 00:32:58,320
Speaker 1: shares a foot Locker in the pre market of fifteen

608
00:32:58,560 --> 00:33:01,600
Speaker 1: percent off that earnings beat. To get live breaking news

609
00:33:01,680 --> 00:33:04,360
Speaker 1: over your Bloomberg type squawk on the terminal s Q

610
00:33:04,680 --> 00:33:07,960
Speaker 1: you a go. That's the Bloomberg Business Flash. Now here's

611
00:33:07,960 --> 00:33:10,120
Speaker 1: Michael Barr with more on what's going on around the world.

612
00:33:10,240 --> 00:33:13,280
Speaker 1: Michael Nathan, thank you very much. The Biden administration is

613
00:33:13,400 --> 00:33:16,600
Speaker 1: expected to ask the Supreme Court to reinstate the original

614
00:33:16,720 --> 00:33:20,640
Speaker 1: plans to cancel the student debt relief. Biden officials are

615
00:33:20,760 --> 00:33:24,800
Speaker 1: concerned that many Americans will experience a financial strain if

616
00:33:24,840 --> 00:33:28,720
Speaker 1: the relief plans fizzle out. House Democrats showed support for

617
00:33:28,840 --> 00:33:32,280
Speaker 1: a Brooklyn native, Achem Jeffreys, as their next leader to

618
00:33:32,360 --> 00:33:35,920
Speaker 1: succeed Speaker Nancy Pelosi after she announced that she is

619
00:33:35,960 --> 00:33:39,440
Speaker 1: stepping down. In the NBA, the Nets lost. In the NHL,

620
00:33:39,560 --> 00:33:42,120
Speaker 1: the Rangers lost to the Cracking and over time three two.

621
00:33:42,440 --> 00:33:45,080
Speaker 1: The Devils won their eleventh straight, this one in ot

622
00:33:45,280 --> 00:33:48,520
Speaker 1: against the Maple Leaves three to. The Islanders lost. The

623
00:33:48,560 --> 00:33:51,600
Speaker 1: Bruins won the Capital's lost and to shoot out to

624
00:33:51,640 --> 00:33:55,040
Speaker 1: the Blues five four. In baseball, the Yankees Aaron Judge

625
00:33:55,080 --> 00:33:58,000
Speaker 1: won the a L M v P. The Cardinals Paul

626
00:33:58,040 --> 00:34:00,960
Speaker 1: Goldschmidt won the NL Honor. The Thursday Night Football, the

627
00:34:01,000 --> 00:34:05,080
Speaker 1: Titans down the Packers. Seventeen Global News twenty four hours

628
00:34:05,160 --> 00:34:08,400
Speaker 1: a day on air and on Bloomberg. Quick Take powered

629
00:34:08,440 --> 00:34:11,480
Speaker 1: by more than twenty seven hundred journalists and analyists in

630
00:34:11,560 --> 00:34:14,120
Speaker 1: more than one D twenty countries. I'm Michael bar This

631
00:34:14,560 --> 00:34:17,719
Speaker 1: is Bloomberg, Nathan. Thank you, Michael. It is sixty nine

632
00:34:17,840 --> 00:34:20,040
Speaker 1: on Wall Street. Let's turn this news and science and

633
00:34:20,120 --> 00:34:22,920
Speaker 1: technology Now. The Bloomberg n j i T STEM Report

634
00:34:23,200 --> 00:34:25,800
Speaker 1: brought to you by New Jersey Institute of Technology. N

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Speaker 1: j i T has joined with McKenzie and Company to

636
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Speaker 1: establish a McKenzie Digital Capability Center specializing in biopharma manufacturing.

637
00:34:33,640 --> 00:34:36,280
Speaker 1: Learn more at n j i T dot e DU.

638
00:34:36,480 --> 00:34:39,640
Speaker 1: Now Here's what's making news and science, technology, engineering, and math.

639
00:34:40,200 --> 00:34:43,400
Speaker 1: General Motors says it's electric vehicle program will be profitable

640
00:34:43,440 --> 00:34:47,040
Speaker 1: by twenty twenty five, the automakers predicting annual revenue growth

641
00:34:47,080 --> 00:34:49,799
Speaker 1: of twelve percent over the next three years, chiefly through

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Speaker 1: rising purchases of evs. GM says electric vehicle sales should

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Speaker 1: top fifty billion dollars in five. Amazon CEO Andy Jesse

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00:34:58,880 --> 00:35:01,120
Speaker 1: says the e commerce it will be cutting jobs into

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Speaker 1: three as it adjust to business conditions. Jesse has been

646
00:35:04,800 --> 00:35:07,720
Speaker 1: trying to reduce expenses AIDS slowing growth in several areas

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Speaker 1: of Amazon's business. The company's projected the smallest revenue increase

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Speaker 1: ever for its upcoming holiday quarter. And NASA's web Space

649
00:35:15,320 --> 00:35:19,279
Speaker 1: Telescope is finding bright early galaxies that until now we're

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00:35:19,320 --> 00:35:21,800
Speaker 1: hidden from view, including one that may have formed a

651
00:35:21,880 --> 00:35:26,040
Speaker 1: mere three fifty million years after the Cosmos creating a

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00:35:26,160 --> 00:35:29,640
Speaker 1: big bang. Astronomers say the results are verified, this newly

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00:35:29,719 --> 00:35:32,320
Speaker 1: discovered throng of stars would beat the most distant galaxy

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00:35:32,400 --> 00:35:36,239
Speaker 1: identified by the Hubble Space Telescope, launched last December as

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00:35:36,280 --> 00:35:39,480
Speaker 1: a successor to Hubble. The web Telescope is indicating stars

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00:35:39,600 --> 00:35:42,680
Speaker 1: may have formed sooner than previously thought, perhaps within a

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Speaker 1: couple million years of creation. That's the Bloomberg and j I. T.

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Speaker 1: Stem Report. Amy, all right, thank you, Nathan. We're live

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Speaker 1: from the Bloomberg Interactive Broker Studios. It is six fifty

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Speaker 1: one on Wall Street. Ton Now to check what's going

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00:35:56,520 --> 00:35:58,920
Speaker 1: on in d C. Some of the top stories in

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00:35:59,000 --> 00:36:02,919
Speaker 1: our nation's capital include Nancy Pelosi not leaving the House,

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00:36:03,040 --> 00:36:07,240
Speaker 1: but she is stepping down from House leadership. House Republicans, meanwhile,

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Speaker 1: are putting their agenda together for the next Congress, and

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00:36:10,600 --> 00:36:13,600
Speaker 1: Vice President Kamala Harris has met with allies on North

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00:36:13,719 --> 00:36:17,960
Speaker 1: Korea condemning the latest missile launch from North Korea. Let's

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Speaker 1: bring in Bloomberg government reporter Emily Wilkins now for these

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Speaker 1: stories and more. And Emily, of course, we want to

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Speaker 1: start with Nancy Pelosi. It is the end of her

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00:36:26,280 --> 00:36:29,360
Speaker 1: history making tenure as the first woman to serve as Speaker.

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00:36:29,760 --> 00:36:33,000
Speaker 1: She's one of the very few's ever served twice. Where

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00:36:33,040 --> 00:36:36,560
Speaker 1: does she go from here? So right now, Pelosi is

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00:36:36,600 --> 00:36:39,160
Speaker 1: saying that she is going to stay in Congress. She's

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00:36:39,200 --> 00:36:42,160
Speaker 1: going to stay and continue to represent her district of

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00:36:42,320 --> 00:36:45,200
Speaker 1: San Francisco. But obviously this is going to be a

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00:36:45,480 --> 00:36:49,200
Speaker 1: huge shift for the Democratic Party, who's non Pelosi to

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00:36:49,239 --> 00:36:53,359
Speaker 1: be a leadership for for really just more than a decade. Now.

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00:36:53,880 --> 00:36:55,920
Speaker 1: You've got lots of members there who have, you know,

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00:36:56,040 --> 00:36:59,279
Speaker 1: never worked under anyone else leading their party, and so

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00:36:59,560 --> 00:37:02,080
Speaker 1: this will definitely be a shift. I talked with a

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00:37:02,160 --> 00:37:04,960
Speaker 1: number of members yesterday who say they're glad that Pelosi

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00:37:05,160 --> 00:37:07,880
Speaker 1: is at least sticking around in the halls of Congress,

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00:37:07,960 --> 00:37:11,000
Speaker 1: even if she's not a leadership anymore. That she's gonna

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00:37:11,000 --> 00:37:13,440
Speaker 1: be a valuable asset for the party, particularly when it

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00:37:13,520 --> 00:37:16,200
Speaker 1: comes to fundraising. That that's one thing that that she's

686
00:37:16,280 --> 00:37:19,239
Speaker 1: truly a juggernaut at UM. But we're now going to

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00:37:19,320 --> 00:37:23,440
Speaker 1: see a new generation of leadership step up. Brooklyn UH

688
00:37:23,760 --> 00:37:26,960
Speaker 1: Congressman Hakim Jeffreys is set to be the new leader

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00:37:27,120 --> 00:37:31,360
Speaker 1: of the House. Democrats also be looking for Catherine Clark

690
00:37:31,480 --> 00:37:35,160
Speaker 1: of Massachusetts at pe Aguilar from California to begin stepping

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00:37:35,239 --> 00:37:38,720
Speaker 1: up into leadership roles. They're currently within the larger leadership

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00:37:38,800 --> 00:37:41,160
Speaker 1: team UM and they're very much kind of seen as

693
00:37:41,239 --> 00:37:44,759
Speaker 1: the heir apparent for when you did see Pelosi as

694
00:37:44,800 --> 00:37:48,600
Speaker 1: well as the other two top Democrats in the House

695
00:37:48,680 --> 00:37:51,279
Speaker 1: stepped down from their positions. But it will be very

696
00:37:51,360 --> 00:37:54,319
Speaker 1: interesting to see exactly how they maneuver. This is going

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00:37:54,400 --> 00:37:57,759
Speaker 1: to be a huge sea change for everyone. But at

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00:37:57,800 --> 00:38:01,000
Speaker 1: the same point, Democrats are going to be the minority, which,

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00:38:01,360 --> 00:38:03,840
Speaker 1: while not a lot of fun, does make things a

700
00:38:03,960 --> 00:38:06,560
Speaker 1: little bit easier for them in terms of having to

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00:38:06,960 --> 00:38:09,440
Speaker 1: maneuver on a day to day basis. Oh, I want

702
00:38:09,480 --> 00:38:11,640
Speaker 1: to get into the GOP majority in the House. But

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00:38:11,920 --> 00:38:15,800
Speaker 1: really briefly about the Democrats, this um looking for a

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00:38:15,920 --> 00:38:17,640
Speaker 1: new leader and it looks like it could be like

705
00:38:17,719 --> 00:38:20,640
Speaker 1: Key and Jeffreys, but could the competition for this create

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00:38:20,719 --> 00:38:23,480
Speaker 1: more of a rift within the Democratic Party or an

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00:38:23,480 --> 00:38:26,600
Speaker 1: opportunity for them to unite and rally behind one leader.

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00:38:27,560 --> 00:38:30,120
Speaker 1: I have to say it's been really interesting, Amy, because

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00:38:30,160 --> 00:38:33,320
Speaker 1: we initially saw several folks put their names forward to

710
00:38:33,480 --> 00:38:36,080
Speaker 1: be in that top spot, and then we saw basically

711
00:38:36,200 --> 00:38:39,120
Speaker 1: everyone except for Jeffreys withdraw their names. So there really

712
00:38:39,360 --> 00:38:42,840
Speaker 1: does already seem to be a uniting behind Jeffreys to

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00:38:42,920 --> 00:38:45,120
Speaker 1: be the next person. It seems that there have been

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00:38:45,520 --> 00:38:48,520
Speaker 1: a lot of negotiations that took place behind closed doors

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00:38:48,560 --> 00:38:51,560
Speaker 1: to really clear a path for Democrats to appear united

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00:38:51,600 --> 00:38:55,400
Speaker 1: in this moment. So as Republicans do take over the House, Emily,

717
00:38:55,480 --> 00:38:59,600
Speaker 1: what does that agenda look like? So Republicans have been

718
00:39:00,000 --> 00:39:01,920
Speaker 1: here for a while now, but their main thing is

719
00:39:02,000 --> 00:39:07,920
Speaker 1: going to be investigations into Biden, Biden's family, Biden's administration. Um,

720
00:39:08,160 --> 00:39:10,320
Speaker 1: you can expect to hear a lot of chatter in

721
00:39:10,360 --> 00:39:13,080
Speaker 1: the next two years about Hunter Biden's laptop. We have

722
00:39:13,320 --> 00:39:17,640
Speaker 1: already seen lawmakers begin to talk and discuss that, and

723
00:39:17,680 --> 00:39:20,200
Speaker 1: they've also said they want to figure out the origins

724
00:39:20,320 --> 00:39:23,959
Speaker 1: of the COVID nineteen virus. They want to do more

725
00:39:24,280 --> 00:39:26,920
Speaker 1: research into a theory that it was created in a

726
00:39:27,080 --> 00:39:31,080
Speaker 1: lab in Uhan. They are also looking into immigration at

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00:39:31,120 --> 00:39:34,400
Speaker 1: the border. Uh They've been very very critical about Homeland

728
00:39:34,440 --> 00:39:39,000
Speaker 1: Security Secretary Alejandro Mayorcas, and he could be potentially facing

729
00:39:39,040 --> 00:39:43,120
Speaker 1: impeachment charges if some members within Congress get their way. UM.

730
00:39:43,560 --> 00:39:46,080
Speaker 1: The Republicans, though, it's gonna be tough for them. They

731
00:39:46,160 --> 00:39:49,400
Speaker 1: have a very very narrow majority. It's going to be

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00:39:49,600 --> 00:39:52,440
Speaker 1: very difficult for them to navigate the different factions of

733
00:39:52,520 --> 00:39:57,000
Speaker 1: their UM caucus and actually get legislation through. The good

734
00:39:57,040 --> 00:39:58,759
Speaker 1: news is that they don't have to pass a whole lot.

735
00:39:58,880 --> 00:40:01,400
Speaker 1: It's divided government. There wasn't going to be much they

736
00:40:01,440 --> 00:40:03,719
Speaker 1: were going to get able to be done anyway. But

737
00:40:03,800 --> 00:40:05,520
Speaker 1: the bad news is that you have some things that

738
00:40:05,600 --> 00:40:09,680
Speaker 1: are absolutely must pass, raising the development, passing those federal

739
00:40:09,760 --> 00:40:13,600
Speaker 1: spending bills, and those can become absolutely huge bloog debates

740
00:40:13,920 --> 00:40:17,319
Speaker 1: unless Republicans and Democrats do find a way to work

741
00:40:17,360 --> 00:40:19,960
Speaker 1: together to get a few of those items passed. I

742
00:40:20,040 --> 00:40:22,200
Speaker 1: wonder also for the GOP, is there a risk for

743
00:40:22,280 --> 00:40:25,440
Speaker 1: them to focus so much on investigations when inflation is

744
00:40:25,520 --> 00:40:29,839
Speaker 1: still top of mind. I think Republicans they certainly ran

745
00:40:29,920 --> 00:40:32,480
Speaker 1: on inflation but they when I am always asked them,

746
00:40:32,520 --> 00:40:34,000
Speaker 1: you know, what are you going to do? They said,

747
00:40:34,239 --> 00:40:36,920
Speaker 1: We're going to cut back on government spending. Cut back

748
00:40:36,960 --> 00:40:40,160
Speaker 1: on government spending, cut back on government spending. I don't

749
00:40:40,200 --> 00:40:41,719
Speaker 1: think you're going to be seen a lot of big

750
00:40:41,800 --> 00:40:44,839
Speaker 1: government spending bills from Republicans the way that you saw

751
00:40:45,000 --> 00:40:47,960
Speaker 1: from Democrats in the last couple of years. But I

752
00:40:48,040 --> 00:40:50,520
Speaker 1: think there's also just the reality that maybe that you know,

753
00:40:50,600 --> 00:40:53,719
Speaker 1: Republicans ran on inflation, but the reality is is that

754
00:40:54,120 --> 00:40:58,160
Speaker 1: there's only so much any lawmaker, including the president themselves,

755
00:40:58,200 --> 00:41:01,120
Speaker 1: can do to address inflation. Uh So I think, well,

756
00:41:01,200 --> 00:41:03,800
Speaker 1: we might mind up seeing less spending from Republicans, but

757
00:41:04,200 --> 00:41:05,719
Speaker 1: I think I will I will leave it to the

758
00:41:05,760 --> 00:41:08,720
Speaker 1: financial experts to say to say where they expect inflation

759
00:41:08,800 --> 00:41:11,560
Speaker 1: to go in the coming two years. And in our

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00:41:11,640 --> 00:41:14,800
Speaker 1: last minute, here Emily Vice President Kamala Harris in Asia

761
00:41:14,840 --> 00:41:18,239
Speaker 1: for back to back summits. What's her mission? So her

762
00:41:18,280 --> 00:41:21,400
Speaker 1: mission is really to tell other nations in Asia that

763
00:41:21,480 --> 00:41:23,799
Speaker 1: the US is there for them. There's been a bit

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00:41:23,800 --> 00:41:27,400
Speaker 1: of a rocky relationship. If you remember, under President Obama,

765
00:41:27,520 --> 00:41:31,000
Speaker 1: they forged that potential trading a deal that was off

766
00:41:31,040 --> 00:41:34,480
Speaker 1: the table with President Trump. Now President Biden is putting

767
00:41:34,560 --> 00:41:36,880
Speaker 1: forwards sort of more of a bit of a wishy

768
00:41:36,960 --> 00:41:40,600
Speaker 1: washy proposal that's really not quite at strength that that

769
00:41:41,200 --> 00:41:44,360
Speaker 1: Obama's was, and so hars his main goal when she

770
00:41:44,560 --> 00:41:47,320
Speaker 1: is there is to really convince everyone that you know,

771
00:41:47,440 --> 00:41:49,480
Speaker 1: the US is still there, that they do still care

772
00:41:49,920 --> 00:41:53,960
Speaker 1: about Asian nations. And of course this comes as tensions

773
00:41:54,040 --> 00:41:58,600
Speaker 1: between Beijing and Washington continue and that there is still

774
00:41:58,880 --> 00:42:00,840
Speaker 1: a good bit of tension there, and I think for

775
00:42:00,960 --> 00:42:03,200
Speaker 1: the US, they're trying to make sure that they do

776
00:42:03,320 --> 00:42:07,440
Speaker 1: have some strong and secure footholds in the region. Alright, Emily,

777
00:42:07,520 --> 00:42:09,200
Speaker 1: thank you so much for taking the time with us

778
00:42:09,280 --> 00:42:12,840
Speaker 1: on this Friday morning. Bloomberg Government reporter Emily Wilkins, always

779
00:42:12,880 --> 00:42:15,960
Speaker 1: a pleasure. You can read more about these stories on

780
00:42:16,160 --> 00:42:19,920
Speaker 1: Bloomberg dot com or on the Bloomberg terminal. And a reminder,

781
00:42:20,320 --> 00:42:23,000
Speaker 1: you can follow all the latest on Bloomberg Radio in

782
00:42:23,080 --> 00:42:26,759
Speaker 1: Washington Bloomberg one and one oh five point seven FM.

783
00:42:27,000 --> 00:42:30,319
Speaker 1: HD two futures are higher. S and B futures up

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00:42:30,360 --> 00:42:33,040
Speaker 1: twenty four points, in DAL futures up one D forty

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00:42:33,080 --> 00:42:37,640
Speaker 1: four points, Nasdaq futures up ninety points. Ten Your Treasury

786
00:42:37,760 --> 00:42:40,680
Speaker 1: up or down? Rather ten your Treasury down one thirty

787
00:42:40,760 --> 00:42:44,200
Speaker 1: second Bloomberg Surveillance with Tom Keene and Lisa Brahma. Wood's

788
00:42:44,239 --> 00:42:46,880
Speaker 1: coming up next along with Nathan Hagar. I'm Amy Morris.

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Speaker 1: This is Bloomberg.