Speaker 1: Live from the Bloomberg Interactor Burger Studios is Bloomberg Daybreak
Speaker 1: for Friday, January fourteen two. Coming up this hour. US
Speaker 1: futures stabilize after yesterday sell off. Tech is under pressure
Speaker 1: as fedeficials build the case for higher interest rates. Banks
Speaker 1: are in focus. Is JP Morgan's City Group in Wells
Speaker 1: Fargo report earnings at a major setback for President Biden's
Speaker 1: vaccine mandate. New Jersey Governor Murphy signs an abortion rights
Speaker 1: bill in the state, plus a push to eliminate the
Speaker 1: Philippus to rule is all but dead in the Senate.
Speaker 1: Michael barn more ahead, I'm done stas Sharon sports the
Speaker 1: next lost the Rangers one, the Islanders beat the Devils
Speaker 1: that in Australia, Novak Djokovic had as visa taken away again.
Speaker 1: That's all straight ahead on Bloomberg day Break on Bloomberg
Speaker 1: Elimen Rio, New York, Bloomberg one, Washington, d C, Bloomberg one,
Speaker 1: O six one, Boston, Bloomberg nine sixty, San Francisco, Syrius
Speaker 1: x M one nineteen and around the world along Bloomberg
Speaker 1: Radio dot Com and via the Bloomberg Business Set. Good
Speaker 1: Friday morning, I'm Nathan Hagar and I'm fair in Moscow,
Speaker 1: and US futures are higher. This morning, I had a
Speaker 1: big bank earnings. We're coming up to six o one
Speaker 1: on Wall Street, and we check the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg. Right now, SNP
Speaker 1: futures or upper body points down futures up ninety two.
Speaker 1: Nasdack futures are that will change the decks in Germany's
Speaker 1: down sixtentsive upper set ten. Your treasury down eleven thirty seconds,
Speaker 1: yield one point seven four percent, and they yield on
Speaker 1: the two year point nine three percent. Nathan Karen, We're
Speaker 1: coming off another day of declines on Wall Street. The
Speaker 1: tech heavy NASDACK posted a loss of two and a
Speaker 1: half percent after several FETE officials beat the drum for
Speaker 1: higher interest rates. It all started with Governor Lyle Brainerd,
Speaker 1: as part of her Senate confirmation hearing, our monetary policy
Speaker 1: is focused on getting inflation back down to two percent
Speaker 1: while sustaining a recovery that includes everyone. This is our
Speaker 1: most important task. Lole Branard says the Fed could raise
Speaker 1: rates as soon as March. Consensus calls for three or
Speaker 1: four hikes from the FED this year. Governor Christopher Waller
Speaker 1: calls three increases a good baseline at least for now.
Speaker 1: We'll have to wait and see what inflation looks like
Speaker 1: in the second half of the year. If it continues
Speaker 1: to be high, the case will be made for four,
Speaker 1: maybe five hikes. Governor Chris Waller made the comments in
Speaker 1: an interview with Bloombergs Kathleen Hayes. He joins FED chiefs
Speaker 1: Patrick Harker and Jim Bullard, who have also floated the
Speaker 1: idea of four increases. Chicago Fed President Charles Evans is
Speaker 1: more conscious he wants more inflation data before committing to
Speaker 1: a March liftoff. We need to get inflation back down
Speaker 1: in the ballpark of our two percent objective. UM. I
Speaker 1: think it's probably going to be UM at the end
Speaker 1: of this year. It's going to be elevated. It's UM.
Speaker 1: I don't think it's gonna be three percent at the
Speaker 1: end of this year, and I think it's more likely
Speaker 1: to be two and a half as measured by the
Speaker 1: personal consumption expenditure. So Charles Evans will be watching that
Speaker 1: PC inflation data closely. We get the next reading on
Speaker 1: that at the end of this month. While Nakan, the
Speaker 1: White House has set to add some new faces at
Speaker 1: the FED. Now, President Biden as selected as picks to
Speaker 1: fill open sea to the Central Bank, and Bloomberg's Rneda
Speaker 1: Young joins us live with the lightest Good Morning Renda,
Speaker 1: Good morning Karen Bloomberg. Sources say President Biden is planning
Speaker 1: to nominate Sarah bloom Raskin to the fits top banking
Speaker 1: regulator spot. He'll also announce economists Fellow Philip Jefferson and
Speaker 1: Lisa Cook as picks for governors. Cook would be the
Speaker 1: first black woman on the Fed's board and Jefferson would
Speaker 1: be the fourth black man. The picks would help Biden
Speaker 1: keep his promise to improve diversity at the Central Bank.
Speaker 1: His nominations would also add experts focused on a broad
Speaker 1: job market recovery as they seek to tame the hottest
Speaker 1: inflation in a generation. Live in New York, i'm re
Speaker 1: need a Young Bloomberg daybreak, and we need a thanks.
Speaker 1: We get more data for the FED to didjust this morning.
Speaker 1: Retail sales figures for December or due out at eight
Speaker 1: thirty am all Street time. Let's get a preview now
Speaker 1: from Bloomberg's Michael McKee. The o Macron variant will weigh
Speaker 1: on the retail sales numbers as many ours and restaurants
Speaker 1: were forced to close during the holiday season. Gasoline prices
Speaker 1: and auto sales also decline dealers struggling to get cars,
Speaker 1: but it does appear core sales were strong, everything from
Speaker 1: toys to sporting goods and clothing. Americans incomes were bolstered
Speaker 1: by government fiscal aid and rising wages, particularly at the
Speaker 1: lower end of the income spectrum. Then not so necessarily
Speaker 1: good news is retail sales will also benefit from soaring inflation,
Speaker 1: as sales are reported in dollar figures. Michael McKee, Bloomberg Daybreak, Michael,
Speaker 1: thank you. Earnings also come into focus today. Big banks
Speaker 1: kick off the season with results droughout. This morning Bloomberg
Speaker 1: Global Finance Correspondence and Ali Bousak has more. JP Morgan
Speaker 1: is kicking off earnings and expectations are high that consumer
Speaker 1: loan growth is coming back and that trading will hold
Speaker 1: up even as it starts to moderate and even decline
Speaker 1: in many places on Wall Street. With that said, we're
Speaker 1: also looking at Citigroup and Wells Fargo earnings, not only
Speaker 1: to see that the consumer is returning, but also to
Speaker 1: make sure that those banks can keep costs down as
Speaker 1: they are more under pressure with wages rising and more
Speaker 1: investment in technology. Well as Fargo in City Group have
Speaker 1: regulatory risks as well that investors will want updates on.
Speaker 1: In New York, Sali Basic Bloomberg Day Break, Shinali thanks
Speaker 1: now untill the latest on the pandemic and a major
Speaker 1: legal setback for President Biden. The Supreme Court has blocked
Speaker 1: his rule that would have required large companies to mandate
Speaker 1: vaccines or weekly testing for employees. We got reaction from
Speaker 1: Labor Secretary Marty Walsh. We just have to continue our
Speaker 1: efforts with the President laid out. You know, is this
Speaker 1: a setback. I wouldn't take the step back if it
Speaker 1: should be. A disappointment is what it is. But we're
Speaker 1: going to continue to do everything we can. I'm going
Speaker 1: to continue everything I can as Secretary of Labor to
Speaker 1: the ninth States of America to make sure every single
Speaker 1: worker in America is safe. Labor Secretary Marty Walsh spoke
Speaker 1: with our Washington correspondent Joe Matthew on Bloomberg Sound on
Speaker 1: Catch the program weekdays at five pm Eastern on Bloomberg Radio. Well,
Speaker 1: when it comes to action NATed employees, Nathan City Group
Speaker 1: is out with it to data the banks. It's US
Speaker 1: employees have complied with its vaccine mandate, and the bank
Speaker 1: expects more workers to comply with its order before today's deadline.
Speaker 1: Cities mandate is one of the strictest on Wall Street,
Speaker 1: making COVID vaccines a condition of employment. Meantime, Karen the
Speaker 1: White House is ramping up other plans to tackle the pandemic.
Speaker 1: President Biden is doubling his order of rapid COVID tests
Speaker 1: to send to Americans. He says he'll also distribute high
Speaker 1: quality masks. Where I'm making high quality masks available to
Speaker 1: American people in the American people for free. You know,
Speaker 1: I know we all wish that we could finally be
Speaker 1: done with wearing masks. I get it, but they're they're
Speaker 1: in a really important tool. President Biden says, I'll have
Speaker 1: a formal announcement on distributing masks next week. Turning to
Speaker 1: the markets now, Nathan Crypto is in focus today. Doage
Speaker 1: coin searched as much as fifteen percent this morning after
Speaker 1: Elon Musk said it can be used to buy Tesla Merchandise.
Speaker 1: Musk is a frequent booster of doge coin on social
Speaker 1: media and as hinted at the move for some time.
Speaker 1: And Tiger Woods is in financial news this morning. Karen,
Speaker 1: a blank check company backed by the golf Stars, filed
Speaker 1: to raise a hundred fifty million dollars in an I
Speaker 1: p O. The company plans to seek a merger target
Speaker 1: in the sports or health tech sectors with an enterprise
Speaker 1: value of as much as a billion dollars. Tiger Woods
Speaker 1: is the lead investor in the special purpose acquisition company.
Speaker 1: Straight ahead your latest local headlines in the check of sports.
Speaker 1: This is Bloomberg. And at six oh seven on Wall
Speaker 1: Street where forty degrees in Central Park, we had a
Speaker 1: broken down vehicle on the way to Kennedy Airport westbound
Speaker 1: Belt Parkway under the Van Wick. Details coming up from
Speaker 1: Peter Van First. Michael Barr is here with more on
Speaker 1: what's going on in New York and around the world.
Speaker 1: Come Michael, Good morning, Nathan. New York City Mayor Eric
Speaker 1: Adams said he is considering a temporary remote option for
Speaker 1: the city's public schools and a stark reversal of his
Speaker 1: position to keep kids learning in person. Despite a surge
Speaker 1: in COVID cases. We want to provide the safest place
Speaker 1: for our children, and we want to have our children
Speaker 1: in school, Adam says, though a substantial number of Chill
Speaker 1: Dren's parents aren't bringing their kids to school. According to
Speaker 1: city data, only about of the city's one million students
Speaker 1: have been attending classes since schools reopened after the winter break.
Speaker 1: On January three, New Jersey Democratic Governor Phil Murphy, anticipating
Speaker 1: possible changes to the Roe v. Wade ruling from the U. S.
Speaker 1: Supreme Court, signed an abortion rights bill into state law.
Speaker 1: Murphy signed a measure fulfilling a campaign pledge made in
Speaker 1: the lead up to his re election victory in November.
Speaker 1: On Twitter, Murphy posted his comments during a signing ceremony
Speaker 1: in te Neck. Regardless of whether or not the Supreme
Speaker 1: Court overturns Roe v. Wade, New Jersey's position and supporting
Speaker 1: the right to reproductive autonomy will remain clear and unchanged.
Speaker 1: Governor Murphy also says, in addition to abortion rights, the
Speaker 1: bill also specifically outlines the right to access contraception as
Speaker 1: well as to carry a pregnancy to term. President Biden
Speaker 1: is now casting some doubt on whether his voting rights
Speaker 1: bill can get done, Bloomberg said. Baxter reports, if it
Speaker 1: can be done, it will have to be approached in
Speaker 1: a different way. After weeks of talks with senators, Cinema
Speaker 1: and Mansion both say that changing the filibuster rule is
Speaker 1: not an option changes to make the Senate work better,
Speaker 1: But the President says the fight is not over. As
Speaker 1: long as I have a breath in me, as long
Speaker 1: as I'm in the White House, as long as I'm
Speaker 1: engaged at all, I'm going to be fighting to change
Speaker 1: the way these legislatures have moving. The President did meet
Speaker 1: with both before decisions were made in San Francisco. I'm
Speaker 1: at Baxter Bloomberg Gay Break. Leaders of the far rank
Speaker 1: group the oath Keepers, were charged for conspiring to prevent
Speaker 1: the certification of Joe Biden as president by joining in
Speaker 1: the attack on the Capitol last year. The indictment charges
Speaker 1: Elmer Stewart Rhodes, described as the founder of the group,
Speaker 1: and ten other individuals with seditious conspiracy and other charges.
Speaker 1: Global News twenty four hours a day on here and
Speaker 1: on Bloomberg quick Take, powered by more than twenty seven
Speaker 1: under journalists and analysts. More than twenty countries. I'm Michael Barr.
Speaker 1: This is Bloomberg Nathan. Thanks Michael, coming up to a
Speaker 1: six ten on Wall Street. Time for the Bloomberg Sports
Speaker 1: Update with John Statshop acts Dathan. This Novak Djokovic story
Speaker 1: is like when fans watch him play tennis. In their
Speaker 1: head goes back and forth. Last week, Djokovic, despite being unvaccinated,
Speaker 1: received a medical exempt you to play the Australian Open.
Speaker 1: He flew to Melbourne and promptly had his visa taken away.
Speaker 1: There was a mistake in the pay for work. Monday
Speaker 1: had Judge reinstated it. Now the Immigration Minister, acting in
Speaker 1: what he called the public interest, removed the visa again,
Speaker 1: and now Djokovic's lawyers are said to be planning another appeal.
Speaker 1: The tournament that Djokovic has won nine times against Monday,
Speaker 1: nets off the Big One in Chicago, gave Kevin Durant
Speaker 1: the night off. Kyrie Irvan can't play home games show enough.
Speaker 1: Nets lost Oklahoma City one to one. On nine, Nicks
Speaker 1: made a trade set to seldom used Kevin Knox to
Speaker 1: the first round draft pick that originally belonged to Charlotte
Speaker 1: to Atlanta for Cam Reddish who the Hawks touff with
Speaker 1: a tenth overall pick a few years ago. He's only
Speaker 1: twenty two. Will be reunited with r J Barrett. They
Speaker 1: were teammates and Duke Nick's play in a lamp top
Speaker 1: Tomorrow Rangers in San Jose. The newest Ranger helped outfid
Speaker 1: Eric keeps it alive, slodes it over to Headle Eatle
Speaker 1: for strong strolling all the goal live back out for
Speaker 1: a shot score. The Rangers get the first at h
Speaker 1: Hill goal for a braided snider. It is a Hill
Speaker 1: debut and they don't have a two topic lead over
Speaker 1: the Shark GPN call. Rangers won three nothing. Chris Cryder
Speaker 1: scored the other two goals. He's got twenty three on
Speaker 1: the season, the fourth most in the NHL. The Islanders,
Speaker 1: on a Matthew Barzel goo with five minutes left, beat
Speaker 1: the Devils three two. Seaton Hall lost nineties ninety two
Speaker 1: at Devaul who came in oh and five in the
Speaker 1: Big East John Dash down were Bloomberg's spots all right, John,
Speaker 1: thank you right now. S and P futures are up
Speaker 1: eight points, Staff futures up a hundred. NASTAC futures are
Speaker 1: higher by five points now, the taging your treasury down
Speaker 1: eleven thirty seconds, the yield one point seven four per cent.
Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three O. Weather.
Speaker 1: It'll turn partly sunny and breezy today with highs in
Speaker 1: the low forties, low twenties for highs tomorrow, late day
Speaker 1: snow Sunday with highs near thirty five currently forty degrees
Speaker 1: in Central Park Markets. Headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business
Speaker 1: Out and at Bloomberg Quicktake. This is a Bloomberg Business
Speaker 1: flash and I'm Karen Moscow. European stocks are following Asian
Speaker 1: shares lower after a slew of Federal Reserve officials signal
Speaker 1: they'll combat inflation aggressively. Uh SMP futures are moving higher.
Speaker 1: Nowsday futures are little changes after the nounsday fell to
Speaker 1: its lowest level since October. We checked the markets every
Speaker 1: fifteen minutes to have the trading day on Bloomberg. SMP
Speaker 1: futures up about points down, futures up nine nine nasdack
Speaker 1: future is again little change. The decks in Germany is
Speaker 1: down sixtensive upper cent ten year treasury down twelve thirties seconds.
Speaker 1: He had one point seven four percent. They yield on
Speaker 1: the two year point nine three percent. Nive X screwed
Speaker 1: oil is at one point four percent of a dollar
Speaker 1: fourteen at eighty three dollars twenty six cents of barrel
Speaker 1: called mex School. Little change in eounce, the Euro one
Speaker 1: point one four or five eight against the dollar, British
Speaker 1: pound one point three seven three two and the ends
Speaker 1: at one thirteen point nine too. And Bitcoin this morning
Speaker 1: moving lower. It's just under forty two dollars right now.
Speaker 1: Earnings today, we're watching for JP Morgan, Chase, City Group
Speaker 1: and whilst Fargo, and we're gonna look at December retail
Speaker 1: sales at eight thirty Wall Street time. That's a Bloomberg
Speaker 1: business flash. Now here's Michael Barr with Moore un what's
Speaker 1: going on around the world, Clachael, thank you very much, Karen.
Speaker 1: President Joe Biden is all but conceding defeat for this
Speaker 1: year on the Democrats big elections and voting rights legislation.
Speaker 1: Biden spoke at the Capitol after a key fellow Democrats
Speaker 1: Senator Kristen Cinema of Arizona dramatically announced to reap usal
Speaker 1: to go, along with changing Senate rules to muscle pass
Speaker 1: the Republican filibuster. Tennis star Novak Djokovic faces deportation again
Speaker 1: after the Australian the government revoked his visa for a
Speaker 1: second time. Immigration Minister Alex Hawks said today that he
Speaker 1: used his ministerial discretion to revoke Djokovic's visa on public
Speaker 1: interest grounds, three days before the Australian Open is to begin.
Speaker 1: Djokovic's lawyers aren't expected to appeal. In the NBA, the
Speaker 1: Nets and Warriors lost. In the NHL, the Islanders beat
Speaker 1: the Devils, the Rangers and Bruins. One Global News twenty
Speaker 1: four hours a day on here and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven under journalist and analyst
Speaker 1: and more than one hundred twenty countries. I'm Michael bar
Speaker 1: This is Bloomberg. Nathan all right, Michael. Thanks at six
Speaker 1: nineteen on Wall Street Live from the Bloomberg interract of
Speaker 1: Broker Studios. This is Bloomberg Daybreak. We want to get
Speaker 1: to the latest on the pandemic now and check in
Speaker 1: with Dr Andy Peckosh, Professor of Molecular Microbiology and Immunology
Speaker 1: at the Johns Hopkins Bloomberg School of Public Health. Dr.
Speaker 1: There's a lot of research into the O macron variant
Speaker 1: that I want to get to this morning. But first
Speaker 1: i'd like to get your reaction to the Supreme Court
Speaker 1: ruling against President Biden's vaccine mandate for large businesses. What's
Speaker 1: the effect that this uh legal setback for the president
Speaker 1: could have. Well, you know, we know here in the
Speaker 1: US we've been struggling to get vaccine acceptance up to
Speaker 1: levels that would you know, really make a big impact
Speaker 1: in terms of the surges and hospitalizations that we're seeing
Speaker 1: every time a variant comes through the population. So you know,
Speaker 1: from a purely sort of public health standpoint, it's, uh,
Speaker 1: it's a disappointing decision. You know, these vaccines are safe,
Speaker 1: these vaccines are effective, and they are an incredibly important,
Speaker 1: i'd say critical tool to get us through this pandemic.
Speaker 1: And again to to to to take something off the
Speaker 1: table that would help us get more people vaccinated, it's
Speaker 1: just not the right thing to do from a public
Speaker 1: health perspective, at least it's not entirely off the table though, right,
Speaker 1: I mean businesses can still mandate vaccines on their own.
Speaker 1: Can that get us to enough of a level where
Speaker 1: we can start to feel like we're getting ahead of
Speaker 1: the pandemic? Absolutely? I think this now sort of puts
Speaker 1: the onus on the particular business, and depending on which
Speaker 1: state you're in and what kind of business you are,
Speaker 1: there will be varying rates of of of moving this
Speaker 1: into into applications. So you know, a government mandate would
Speaker 1: allow for a larger, more widespread utilization of the vaccines.
Speaker 1: It now puts things back into the individual businesses um responsibility,
Speaker 1: and therefore we're probably not going to see as much
Speaker 1: of an uptake of this policy as we would if
Speaker 1: it was a government mandate. And the time we have,
Speaker 1: I want to get to some of this research there.
Speaker 1: Like I said, there has been a lot into a macron.
Speaker 1: There's a loose study out of South Africa which has
Speaker 1: put out so much of the research over the last
Speaker 1: several weeks that this drain is less severe even for
Speaker 1: unvaccinated people or people who have never been infected with
Speaker 1: COVID before. Can we say now that, oh, macron is
Speaker 1: indeed less severe. I would be very careful in terms
Speaker 1: of how we view less severe. Remember, we're starting from
Speaker 1: a disease that's pretty severe, so coming down a little
Speaker 1: bit from a less from a severe disease doesn't put
Speaker 1: us in the category of things like the common cold
Speaker 1: or something like that. And UM, I guess the counter
Speaker 1: to that is the vast majority of people who are
Speaker 1: being hospitalized are people who haven't been vaccinated. So if
Speaker 1: you're not vaccinated, I wouldn't view a macron as being
Speaker 1: a easy way to get some immunity. Um, it's still
Speaker 1: a very severe disease in terms of its potential, but
Speaker 1: again the positive side is it's not as severe as
Speaker 1: other variants that have come through. Um. The vaccines are
Speaker 1: working well against preventing severe disease, so certainly, UM, we're
Speaker 1: in a better situation now in terms of preventing that
Speaker 1: severe disease. You know, the problem, of course, is just
Speaker 1: a number of mild or less severe cases are just
Speaker 1: swamping our systems and affecting our economy in a very
Speaker 1: adverse way. Now we've seen related to that just how
Speaker 1: fast O macron spreads. There's also a study out of
Speaker 1: the UK that talks about how COVID can become less
Speaker 1: infectious the longer it stays in the air up to
Speaker 1: less effective after twenty minutes. What's your reaction to that. Yeah,
Speaker 1: this is such an important point because we know that
Speaker 1: all macron in particular UM is spreading more effectively. So
Speaker 1: anything we can do to study how we can limit
Speaker 1: that transmission is really important. And understanding airflow, how long
Speaker 1: these virus particles stay in the air and how long
Speaker 1: they're infectious, is really going to feed into things like
Speaker 1: air flowing rooms and how quickly you need to turn
Speaker 1: airflow over in order to limit transmission. If another tool
Speaker 1: in our battery to prevent transmission that allows us to
Speaker 1: go back to things like work in school with a
Speaker 1: higher level of safety. So really important work and needs
Speaker 1: to be implemented more broadly. Thank you as always, Dr
Speaker 1: good having you on with us this morning. Andy Pecos
Speaker 1: is Professor of molecular Microbiology and Immunology at the Johns
Speaker 1: Hopkins Bloomberg School of Public Health, which is supported by
Speaker 1: Michael Bloomberg, the founder and majority owner of Bloomberg LP,
Speaker 1: the parent company of Bloomberg Radio. Right now, SMP futures
Speaker 1: are up six point STAFF futures up ninety NASDAQ futures
Speaker 1: swinging between gains and losses after the two and a
Speaker 1: half percent dropped for the NASDAC yesterday. NASTAC futures right
Speaker 1: now are down four points, the tenure treasury is down
Speaker 1: eleven thirty seconds, the yield one point seven four percent,
Speaker 1: and the yield on the two year right now zero
Speaker 1: point nine three percent. Just ahead, more calls for faster
Speaker 1: rate hikes and a preview of bank earnings as we
Speaker 1: check the five things you need to know to start
Speaker 1: your day. You're listening to Bloomberg Daybreak Bloomberg eleven three
Speaker 1: oh weather partly sunny, breezy, low forties for highs today,
Speaker 1: will have a mix of sunning clouds tomorrow, with highs
Speaker 1: only in the low twenties. Late arriving snow on Sunday.
Speaker 1: Right now forty degrees in Central Park. Broadcasting live from
Speaker 1: the Bloomberg Interactive Broker Studio in New York. Bloomberg E
Speaker 1: Living Free on to Washington, d C. Bloomberg ninety one
Speaker 1: to Boston, Bloomberg one All six one to San Francisco,
Speaker 1: Bloomberg nine sixty to the Country, Sirius XM Chado one
Speaker 1: nine team and around the globe. The Bloomberg Business Apt
Speaker 1: and Bloomberg Radio dot com. This is Bloomberg Daybreak. It's
Speaker 1: six thirty on Wall Street. Good morning. I'm Nathan Hacker
Speaker 1: and I'm Karen Moscow, and we are just about three
Speaker 1: hours away from the open of US trading. It is
Speaker 1: time for the five things you need to notice start
Speaker 1: your day, brought to you by Interactive Brokers Global Analyst.
Speaker 1: Global Analysts helps you find new global investment opportunities to
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Speaker 1: today at ib k R dot com. Slash g a
Speaker 1: up first futures, while S and P futures are higher
Speaker 1: following yesterday's sell off. The feds push for higher interest
Speaker 1: rates is growing louder. Governor Christopher Waller tells us at
Speaker 1: least three hikes this year is a good baseline. It
Speaker 1: really depends on what happens with inflation. I mean, if
Speaker 1: inflation just is stubbornly high to the first part of
Speaker 1: this year, first half of this year, we're gonna have
Speaker 1: to do a lot more. But that's what that's our job,
Speaker 1: and that that's what we're committed to do. And if
Speaker 1: we have to do more rate hikes, will do it.
Speaker 1: FED Governor Chris Waller tells Our Kathleen Hayes he sees
Speaker 1: a scenario where the FED raises rates as many as
Speaker 1: five times this year. Let meantime, Karen, the White House
Speaker 1: is set to add some new faces to the FED.
Speaker 1: Bloomberg's Renia Young joins us Live with the latest. Good morning, Rinina,
Speaker 1: Good morning, Nathan Bloomberg. Sources say President Biden is planning
Speaker 1: to nominate Sarah bloom Raskin to the FITS top banking
Speaker 1: regulator spot. He'll also announce economist Philip Jefferson and Lisa
Speaker 1: Cook as picks for governors. Cook would be the first
Speaker 1: black woman on the FENS board and Jefferson would be
Speaker 1: the fourth black man. The picks would help Biden keep
Speaker 1: his promise to improve diversity at the Central Bank. Live
Speaker 1: in New York. I'm gonna need a Young Bloomberg day break,
Speaker 1: All right, Reneda, thank you. We get more data from
Speaker 1: the FED to digest this morning. With retail sales figures
Speaker 1: for December, Economists forecast a monthly decline of one tenth
Speaker 1: of upper cent. Today also marks the unofficial start of
Speaker 1: earning season. Karen, we get results from three major banks
Speaker 1: this morning, Bloomberg's Larry Kowsky has a preview. Loan growth,
Speaker 1: eluded large US banks for most of twenty one, is
Speaker 1: expected to make an appearance sign that the economy is recovering.
Speaker 1: JP Morgan Chase reports first, followed by Wells Fargo and
Speaker 1: City Group. Investment banking fees may be a highlight for
Speaker 1: JP Morgan. According to Bloomberg Intelligence, Wells Fargo is expected
Speaker 1: to show a modest rise in net interest income borrowing growth.
Speaker 1: Its card business will be in focus at City Larry
Speaker 1: Kowsky Bloomberg Day brick Hery, Larry, thank you, and turning
Speaker 1: to politics now is a major setback for President Biden's
Speaker 1: vaccine mandate. The Supreme Court has blocked a rule that
Speaker 1: would require large companies to require vaccines or weekly testing
Speaker 1: for employees. And that's the five things you need to
Speaker 1: notice start your day. Brought to you by Interact your brokers.
Speaker 1: Also this headline crossing the Bloomberg a black rock reporting
Speaker 1: assets under management that beat analysts estimates. And a straight
Speaker 1: ahead your latest local headlines, plus a check of sports.
Speaker 1: And this is Bloomberg sixty three on Wall Street, thirty
Speaker 1: nine degrees in Central Park and slow getting to Kennedy
Speaker 1: Airport with a broken down vehicle on the westbound Belt Parkway.
Speaker 1: Michael Barr has more on what's going on in New
Speaker 1: York and around the world. Good morning, Michael, Good morning Nathan.
Speaker 1: New York City Mayor Eric Adams is considering allowing the
Speaker 1: nation's largest school district to return to some form of
Speaker 1: virtual instruction as the city whether is a wave of
Speaker 1: coronavirus cases. That would be a reversal from his pledge
Speaker 1: a week ago to keep children in schools. Adams says
Speaker 1: that he still believes the safest place for children to
Speaker 1: be is in school, but that there are a number
Speaker 1: of substantial children missing classes. I am working closely with
Speaker 1: the UH President of the UFT. I think that people
Speaker 1: that's surprised to see how well we're doing. Uh. This
Speaker 1: is not Chicago. This is New York. Mayor Adams was
Speaker 1: referencing Chicago, where the nation's third largest school district canceled
Speaker 1: five days of classes because of disagreements with the teachers
Speaker 1: union over COVID nineteen safety protocols. A communal funeral for
Speaker 1: seventeen victims of New York City's deadliest fire in years
Speaker 1: has been planned for Sunday, the week after the blaze
Speaker 1: and the Bronx high rise. The services to be held
Speaker 1: at the Islamic Cultural Center in the Bronx. Funerals began
Speaker 1: Wednesday with the service at a Harlem mosque for two children,
Speaker 1: both for two victims, both children. New Jersey Democratic Governor
Speaker 1: Phil Murphy signed a bill in shrining the right to
Speaker 1: an abortion into state law. Murphy on his government Twitter
Speaker 1: post says New Jersey's position in support of the right
Speaker 1: to reproductive autonomy will remain clear and unchanged. This is
Speaker 1: a victory, yes, but not necessarily a conclusion. Under our
Speaker 1: states laws, you folks now have the statutory right to
Speaker 1: reproductive freedom. Murphy signed the bill as a Supreme Court
Speaker 1: ruling could come in June in a case which the
Speaker 1: Court was asked to overturn Roe v. Wade. President Joe
Speaker 1: Biden is all but conceding defeat for this year on
Speaker 1: the Democrats big elections and voting rights legislation pushed back
Speaker 1: involved the President trying to change the filibuster rule, including
Speaker 1: from within his own party. Moderate Democrats like Arizona Senator
Speaker 1: Kristen Cinema, disagree on changing it. What is the legislative
Speaker 1: filibuster other than a tool that requires new federal policy
Speaker 1: to be broadly supported by Senators. Rep were sending a
Speaker 1: broader cross section of Americans. Senator Cinema says the current
Speaker 1: filibuster rule lessens the chances of one party to get
Speaker 1: complete control. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Take, powered by more than
Speaker 1: twenty seven under journalist and analysts more than a hundred
Speaker 1: twenty countries. I'm Michael Barr. This is Bloomberg Nathan. Thanks Michael.
Speaker 1: Almost six thirty six on Wall Street time for the
Speaker 1: Bloomberg Sports outdate with John Stashunathan Novak. Djokovic was in
Speaker 1: the Australian Opening, got a medical exemption to play despite
Speaker 1: being unvaccinated. Then he was out, then back in. As
Speaker 1: of now he's again out. The Immigration Minister, using personal powers,
Speaker 1: canceled Djokovic's visa and what he called the public interest,
Speaker 1: but Djokovic's lawyers say they will appeal again. And then
Speaker 1: that's had to win at Chicago and they had the
Speaker 1: Big three all on the floor for just the second time,
Speaker 1: but in Brooklyn it was only James Harten Kevin Durank
Speaker 1: got to night off Kyrie Irving can't play home games
Speaker 1: hard and scored six. No one else had more than thirteen.
Speaker 1: Then that's lost to Oklahoma City one thirty till one
Speaker 1: oh nine. Next played tomorrow in Atlanta. They just made
Speaker 1: a trade with the Hawks. They sent Kevin Knox in
Speaker 1: the first round draft pick for Can Reddish. The Rangers
Speaker 1: won three nothing at San Jose. Two more goals for
Speaker 1: Chris Cork criter, who, along with Adam Fox, was just
Speaker 1: named to play in the All Star Game. The shutout
Speaker 1: for Igors to Skein in his return from Covid. Islanders
Speaker 1: beat the Devil three to two. Seaton Hall upset by
Speaker 1: De Paul. First ever NFL playoff weekend with six games
Speaker 1: spanning three days. It starts tomorrow with Derek Carr and
Speaker 1: the Raiders in Cincinnati. It's an exciting time. Um, obviously,
Speaker 1: you know something I've dreamed of, um since I was drafted.
Speaker 1: That's all I want to do is get to the playoffs,
Speaker 1: try and win a championship, you know, and uh, you
Speaker 1: know the fact that we're in the tournament is uh,
Speaker 1: it's really cool. The Raiders have not won a playoff
Speaker 1: games in two thousand two of the Bengals last playoff
Speaker 1: win was in nine nine Tomorrow night in New England
Speaker 1: at Buffalo, expected to be bitterly called their first beating
Speaker 1: in the playoffs. Inst three three and more games Sunday
Speaker 1: another one Monday night, John stat were Bluebird Sports. Nathan
Speaker 1: all Right, John, thanks six thirty seven on Wall Street.
Speaker 1: Time to take a look at stocks and some of
Speaker 1: the names moving in the pre market with Bloomberg Radio
Speaker 1: and TV markets corresponded Creedy Goofta on this bank earnings Friday. Creedy,
Speaker 1: you're starting us off with casino stocks. A little bit
Speaker 1: of a gamble, Nathan. One and last, my one and
Speaker 1: only punt of the day. I promise, yeah, they I promise.
Speaker 1: I promise for the sake of our listeners. US listed
Speaker 1: casino stocks. They are rising in the pre market. This
Speaker 1: coming after the ones operations in Macau have looking are
Speaker 1: looking good after the announcement of much anticipated changes to
Speaker 1: the local casino law that was being aimed at tightening
Speaker 1: government oversight at the world's largest gaming market. So now
Speaker 1: it looks like there's gonna be a little less regulation
Speaker 1: when it comes to those operations, and for that reason,
Speaker 1: you're seeing the likes of Win Resource w y n
Speaker 1: N is your ticker up eight percent. Same story with
Speaker 1: Las Vegas AND's LVS up inst tune of a nine
Speaker 1: point four percent. Melco as well, m l c o
Speaker 1: s ticker up over ten percent. The question is doesn't
Speaker 1: say that way throughout the day. It's not confirmed yet.
Speaker 1: These are only expectations that are driving the stock up,
Speaker 1: but we are waiting to see those developments. Of course,
Speaker 1: we know they have been under a lot of pressure
Speaker 1: given that regulatory stance from Beijing. Moving on to some
Speaker 1: of the banks, because that's really the big story of today,
Speaker 1: It's gonna be those earnings coming out from JP Morgan
Speaker 1: at the top of the hour, City and Wills Fargo
Speaker 1: also looking to report, and they those docks are higher
Speaker 1: in the pre market ahead of those numbers, and they
Speaker 1: have been higher Nathan for a while now. A lot
Speaker 1: of the expectation of higher lending growth, higher volatility that
Speaker 1: will help those trading us and of course the rate
Speaker 1: high bests that are pushing yields higher, which means that
Speaker 1: those banks are gonna be making more on the loans
Speaker 1: that they give out. So JP Morgan, for example, JPM
Speaker 1: is your taker up one percent, in the pre market.
Speaker 1: City and Wells Fargo up by about the same amount.
Speaker 1: C and w f C are those two tickers, Nathan, Yeah,
Speaker 1: we'll see if the earnings bolster the investors sentiment there.
Speaker 1: What about some downside movers this morning? Yeah, Well, let's
Speaker 1: talk about Corning here. This is a communications equipment make here,
Speaker 1: dropping after Deutsche Main cut its recommendation on the stock
Speaker 1: to a hold from a bye, citing overly optimistic Wall
Speaker 1: Street estimates. Nathan, that seems like a reason that could
Speaker 1: apply to a lot of different stocks, but this one
Speaker 1: chose Corning. G l W used the taker down two percent.
Speaker 1: And I'll wrap it up here with data processing company
Speaker 1: five Serve f I s V, down one percent in
Speaker 1: the pre market after it's being was downgraded to a
Speaker 1: sector weight from overweight over at key Bank Capital, the
Speaker 1: analysts saying that despite optimism around the management team and
Speaker 1: general strategy, he's looking for improved visibility into sustained high
Speaker 1: single digit organic growth. Essentially, he's just waiting to see
Speaker 1: that the company makes more money before he gets more
Speaker 1: constructive on those shares, all right. Bloomberg Radio and TV
Speaker 1: Markets correspondent Crety Gupta with the pre market update, and
Speaker 1: as we take a look at stocks as a whole
Speaker 1: ahead of the open. Futures are mixed. SMP futures up
Speaker 1: three points right now down futures up, NASTAC futures are
Speaker 1: lower now by twenty two points. The tenure Treasury down
Speaker 1: twelve thirty seconds, the yield one point seven. Watching shares
Speaker 1: of black Rock this morning, they're down seven tenths per
Speaker 1: cent after reported assets under management that beat the average
Speaker 1: analyst estimate. Stay with us for an update from the
Speaker 1: nation's capital with Bloomberg Government's Emily Wilkins. This is Bloomberg
Speaker 1: Bloomberg eleven three oh weather partly sunny, breezy, low forties today.
Speaker 1: We'll have a mix of sun and clouds and highs
Speaker 1: only in the low twenties Tomorrow later arriving snow Sunday
Speaker 1: with a high your thirty five currently thirty nine degrees. Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quicktape.
Speaker 1: He's a Bloomberg Business Flash and I'm Karen Moscow and
Speaker 1: JP Morgan earnings are crossing the Bloomberg We're gonna have
Speaker 1: full details in just a moment, but first we go
Speaker 1: to the first word, breaking news. Dask for today's morning call.
Speaker 1: Here's Bill Maloney, Bill, good morning, Hey, good morning, Karen.
Speaker 1: US features are mixed right now. Is those bank earnings
Speaker 1: do begin if you just currently up seventy five points? Says,
Speaker 1: it means are up two and a half. Well, the
Speaker 1: nasdec features are down by twenties six. The US chen
Speaker 1: yield at one point seven five percent, Gold is down
Speaker 1: to oil is trading higher, and bitcoin is down by
Speaker 1: two point one percent. Japan fell one point three percent overnight,
Speaker 1: while up markets are also in the red this morning
Speaker 1: and back in the US. On the economic Funday thirty
Speaker 1: retail sales and at ten o'clock business inventories and Michigan sentiment.
Speaker 1: After about last night, SAP cloud sales beat estimates and
Speaker 1: regarding those earnings this morning, black Rock EPs beat estimates.
Speaker 1: You mentioned JP Morgan the digits report Q four adjusted
Speaker 1: revenue was thirty point three five billion estimate there was
Speaker 1: thirty point oh one billion. Also look for City Group
Speaker 1: and Wells Fargo to report in the pre market. Wrapping
Speaker 1: things up, BJ's wholesale cut to underweight at JP Morgan,
Speaker 1: Chipotle was raised to overweight at Morgan Stanley and four
Speaker 1: who has cut the sector perform over at RBC Live
Speaker 1: from the First Breaking News Desk on bo Maloney. Karen,
Speaker 1: all right, Bill, thank you, and here live breaking news
Speaker 1: of her Bloomberg type squawk on your termin I'll ascue
Speaker 1: you a w K and that's a Bloomberg business flash. Now,
Speaker 1: here's Michael Barrow with Moore on what's going on around
Speaker 1: the world. Michael, Karen, thank you very much. President Joe
Speaker 1: Biden is all but conceding defeat for this year on
Speaker 1: the Democrats big elections and voting rights legislation. Biden spoke
Speaker 1: at the Capitol after a key fellow Democrats, Senator Kristen
Speaker 1: Cinema of Arizona, dramatically announced a refusal to go along
Speaker 1: with changing Senate rules to muscle past a Republican filibuster.
Speaker 1: Tennis star Novak Djokovic faces deportation again after the Australian
Speaker 1: government revoked his visa for a second time. Immigration Minister
Speaker 1: Alex Hawk said today he used his ministerial discretion to
Speaker 1: revoke Djokovic's visa on public interest grounds three days before
Speaker 1: the Australian open is to begin. Djokovic's lawyers are expected
Speaker 1: to appeal. In the NBA, the Nets and Warriors long
Speaker 1: in the NHL, the Islanders beat the Devil's, the Rangers
Speaker 1: and Bruins. One Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take, powered by more
Speaker 1: than undred journalists and analysts more than twenty countries. I'm
Speaker 1: Michael Barr. This is Bloomberg. Karen, all right, Michael Barr,
Speaker 1: thank you. We're also hearing from Wells Fargo with fourth
Speaker 1: quarter revenue beating analysts estimates, and we're going to get
Speaker 1: more and those bank earnings in just a moment. First
Speaker 1: sixty nine on Wall Street returned to News and science
Speaker 1: and Technology Now with the Bloomberg n j I T
Speaker 1: STEM Report. It has brought to you by New Jersey
Speaker 1: Institute of Technology, which announced that renowned scholar and educational
Speaker 1: leader Dr Tech Lam will join the university as n
Speaker 1: j I T S nine the President. Learn more at
Speaker 1: n j I T dot E d U. Now Here's
Speaker 1: what's making news and science, Technology, Engineering, and math. City
Speaker 1: Group says that its U S employees have complied with
Speaker 1: its vaccine mandate, and the bank expects more workers to
Speaker 1: comply with the order before today's deadline. City's mandate is
Speaker 1: one of the strictest on Wall Street and makes getting
Speaker 1: the coronavirus vaccine at condition of employment. Google is making
Speaker 1: a bet on hybrid work. The company said it will
Speaker 1: spend one billion dollars to buy up its own London offices.
Speaker 1: The purchases a bet by Google that tech workers who
Speaker 1: have been among the keenest to work from home but
Speaker 1: want to move back into the office, at least temporarily.
Speaker 1: And scientists say a four billion year old meteor ride
Speaker 1: from Mars that caused us splash here on Earth decades
Speaker 1: ago contains no evidence of ancient primitive Martian life after all.
Speaker 1: Researchers say tiny samples from the meteor rides show that
Speaker 1: carbon rich compounds are actually the result of water, most
Speaker 1: likely salty or briny water, flowing over the rock for
Speaker 1: a prolonged period. The findings appear in the journal Science.
Speaker 1: And that's the Bloomberg n j I t STEM Report.
Speaker 1: Nathan Okay, Karen, thanks for live from the Bloomberg Interactive
Speaker 1: Brokers studios, where it's coming up to six fifty one
Speaker 1: on Wall Street. As we continue to watch Bank earnings
Speaker 1: across the Bloomberg terminal. It's time now to check what's
Speaker 1: going on in d C, where some of the top
Speaker 1: stories include President Biden casting down on his own push
Speaker 1: for a voting rights bill, the vaccine on is shifting
Speaker 1: to businesses after the Supreme Court block the president's mandate,
Speaker 1: and the final three pieces of the president's federal reserve
Speaker 1: overhaul apparently falling into place. Also making news, the President's
Speaker 1: about to mark sixty days since he signed the bi
Speaker 1: partisan infrastructure law. Let's bring in Bloomberg Government reporter Emily
Speaker 1: Wilkins for the update from Washington, d C. So, Emily,
Speaker 1: it looks like the President is going to be ending
Speaker 1: another tough week politically with a pivot back to infrastructure
Speaker 1: this morning. Yeah, this has probably been the toughest week
Speaker 1: for Biden of his presidency. Um, just so many things
Speaker 1: that that are just not looking good for him and
Speaker 1: leading to a pretty low approval rating. So Biden is
Speaker 1: gonna pivot back to one of his few victories, that
Speaker 1: infrastructure bill. He's expected to announce today that the administration
Speaker 1: will distribute more than five billion dollars to repair or
Speaker 1: a place where does across the US that's funding that's
Speaker 1: gonna wind up going to states and tribes who will
Speaker 1: then be allocating it to specific projects. But it's one
Speaker 1: way for the White House to try and highlight something
Speaker 1: positive in a week that saw the Supreme Court rule
Speaker 1: against Biden's vaccine mandate, that saw you know, COVID cases
Speaker 1: continue to rise, inflation continue to rise, and uh, and
Speaker 1: the Voting Rights Act hit a wall in the Senate. Yeah,
Speaker 1: let's talk about that wall that got hit in the Senate.
Speaker 1: I think we can put a name on that wall.
Speaker 1: Kirsten Cinema, I mean Kirsten Cinema and Joe Mansion. I mean,
Speaker 1: if they want to pass this rule, they need sixty votes.
Speaker 1: Even with this legislative maneuvering that they've done that allows
Speaker 1: Senators to actually start debate on the bill, something that
Speaker 1: hasn't happened with previous voting rights legislation that Chuck Schumer's
Speaker 1: tried to bring up. They're still not going to find
Speaker 1: a way to passage. And and last night Schumer scrapped
Speaker 1: the plan to have them stay in on Monday and
Speaker 1: do this debates that everyone can go home until Tuesday
Speaker 1: when they come back. And so at this point, yeah,
Speaker 1: there's there's really doesn't look like a path forward. Biden
Speaker 1: even said yesterday admitted so much, saying telling reporters that
Speaker 1: he just wasn't certain that it would be able to
Speaker 1: get done and just quickly. Emily. The other big setback
Speaker 1: yesterday for the president came at the Supreme Court on
Speaker 1: vaccine mandates. Yes, Supreme Court they blocked with one of
Speaker 1: the center pieces for Joe Biden's push to get more
Speaker 1: people vaccinated. This was the mandate on businesses with a
Speaker 1: hundred or more employees, saying that they would have to
Speaker 1: require their employees to either vaccinate or get tested regularly.
Speaker 1: The court struck that that down. They did let a
Speaker 1: separate rule stand that requires vaccinations for workers in nursing homes, hospitals,
Speaker 1: and other areas that receive Medicare and Medicare Medicaid funding
Speaker 1: from the federal government. All right, Bloomberg Government reporter Emily
Speaker 1: Wilkins with us from Washington, d C. Go to Bloomberg
Speaker 1: dot com or the Bloomberg terminal to read more about
Speaker 1: all these stories from the nation's capital. But we want
Speaker 1: to pivot back now to bank earnings, because we've gotten
Speaker 1: couple two of this Big six reporting their fourth quarter results.
Speaker 1: Let's break them down now with Bloomberg Intelligence Senior banking
Speaker 1: analyst Alison Williams. Very interesting to see the divergence in
Speaker 1: the stock now with j AP Morgan falling in the
Speaker 1: pre market after reporting an earnings beat, while Wells Fargo
Speaker 1: is really getting rewarded right now. Allison, Yeah, and we're
Speaker 1: trying to access the numbers as quickly as we can
Speaker 1: because I do think that lone growth is an area
Speaker 1: that we were looking for in the quarter. We're wondering if, um,
Speaker 1: if there was some disappointment in the JP Morgan numbers.
Speaker 1: We haven't been able to get them yet. But we
Speaker 1: do see that the investment bank looks strong. That's something
Speaker 1: that we expected. They did beat the revenue estimates there,
Speaker 1: equity trading coming in about in line, sick trading coming
Speaker 1: in about in line, so it looks healthy. Charge us
Speaker 1: credit also looks healthy. We also reserve releases in the quarter.
Speaker 1: That's something that we've seen throughout the year, the bank
Speaker 1: continuing to beat those estimates. UM. So overall, the headline
Speaker 1: numbers look good, but we're wondering if the if they
Speaker 1: um the guidance is a little bit disappointing. We haven't
Speaker 1: been able to pull that up yet. JP Morgan's CEO,
Speaker 1: Jamie Diamond is reacting saying the economy continues to do
Speaker 1: well despite O macron headwinds, credit continues to be healthy. Uh.
Speaker 1: The outlook for the banks, what are you going to
Speaker 1: be looking for when the calls come around later this morning. Well,
Speaker 1: the one of the key things we're looking for is
Speaker 1: expenses and what the expense guidance is for this year.
Speaker 1: We've had a lot of clues into the positive macro environment,
Speaker 1: so interest rates is something that's going to help the banks, Uh,
Speaker 1: coming in with the increases that we expect from the
Speaker 1: said this year and next year. UM, but we don't
Speaker 1: know yet how the bank is planning to invest in
Speaker 1: its business. We think that's a long term trend, but
Speaker 1: obviously higher expenses mean less profitability in the near term.
Speaker 1: What interesting red headline generated by JP Morgan's results one
Speaker 1: point billion dollar net credit reserve release, is that something
Speaker 1: that was expected. Well, it's much bigger than I expected. UM. So,
Speaker 1: as you recall in when the pandemic hit in just
Speaker 1: given the massive amount of uncertainty around the expectations of
Speaker 1: what that would mean for credit, we saw the banks
Speaker 1: take really sizeable provisions and now we've seen those released
Speaker 1: and so that's that's a bigger number than we had
Speaker 1: expected for the fourth quarter. Um Again, a lot of
Speaker 1: that relates to accounting, but it is a positive signal
Speaker 1: that the economy is good and that their customers are healthy.
Speaker 1: So so that's a good thing, all right. Bloomberg Intelligence
Speaker 1: Senior analyst Alison Williams will let you get back to
Speaker 1: parsing those headlines from JP Morgan, Chase and Wells Fargo
Speaker 1: as they continue across the Bloomberg terminal. Also stick around
Speaker 1: with Bloomberg Radio throughout the day. We're expecting results from
Speaker 1: City Group in just about an hour, as well as
Speaker 1: fourth quarter bank earning season and really gets rolling here
Speaker 1: and just checking the shares ahead of the open. Wells
Speaker 1: Fargo being rewarded with a gain of one point six
Speaker 1: percent in early trading, while JP Morgan is lower after
Speaker 1: its results just beat analyst estimates on the top line,
Speaker 1: but fixed sales and trading came in with a miss.
Speaker 1: JP Morgan shares down right now one in the third percent.
Speaker 1: As for the broader market, SMP futures are little change
Speaker 1: Dow futures up thirty five points. Danstack futures are down
Speaker 1: twenty points. The tenure Treasury is down ten thirty seconds,
Speaker 1: the yield one point seven three percent. Much more analysis
Speaker 1: of the bank earnings and more coming up on Bloomberg
Speaker 1: Surveillance straight Ahead for Karen Moscow. I'm Nathan Hagar, Happy Friday.
Speaker 1: This is Bloomberg