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

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

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Speaker 1: Amazon shares plunge after becoming the latest tech giant to

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Speaker 1: post disappointed earnings. Apple A voids the tech route despite

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Speaker 1: warning of a holiday slowdown. The earning spotlight turns to

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Speaker 1: Big Oil. X On Mobile and Chevron are on tap

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Speaker 1: to report, and Elon Musk officially takes over as CEO

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Speaker 1: of Twitter New York City as its first ever female

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Speaker 1: f d n Y commissioner. Plus, we're learning more about

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Speaker 1: the hijack, passenger bus and queens. I'm Michael Barr. More ahead,

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Speaker 1: I'm John Stageward swarts the Nets lost in overtime, the

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Speaker 1: Ravens beat the Bucks, the Phillies and Astros begin the

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Speaker 1: World series tonight in Houston. That's all training ahead on

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Speaker 1: Bloomberg day Break on Bloomberg. He Live in Free on

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Speaker 1: New York, Bloomberg on Washington, d C, Bloomberg one oh

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Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Sirius XM

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Speaker 1: one nineteen and around the world on Bloomberg Radio dot

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Speaker 1: Com and via the Bloomberg Business. Then good morning. I'm

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Speaker 1: Nathan Hagar and I'm Karen. Moscow and US stock index

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Speaker 1: futures are lower this morning, dragged down by NASDACK futures,

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Speaker 1: which are leading the declines. It is coming up to

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Speaker 1: six oh one on Wall Street. We checked the markets

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Speaker 1: every fifteen minutes throughout the trading day on Bloomberg SMP

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Speaker 1: futures down twenty four points, now futures down forty one

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Speaker 1: and NASDACK futures down one. One. Ten year treasury down

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Speaker 1: twenty thirty seconds yield four point one percent, and they

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Speaker 1: yield on the two year four point three seven percent. Nathan, Karen,

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Speaker 1: we begin with an earnings related sell off. It's on

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Speaker 1: track to white more than six hundred billion dollars in

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Speaker 1: market value this week alone, and that's just from America's

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Speaker 1: five largest tech companies. The latest culprit is Amazon. Those

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Speaker 1: shares are down thirteen percent in early trading following earnings

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Speaker 1: that fell short ed. Ludlow has details from our Bloomberg

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Speaker 1: nine sixty newsroom in San Francisco. There was a severe

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Speaker 1: after hours reactions Amazon's forecast of the fourth Courts of

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Speaker 1: the Red You will be between a hundred and forty

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Speaker 1: and a hundred forty eight billion dollars significantly below what

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Speaker 1: the street is looking for. And that's a theme of

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Speaker 1: this earning season. Right investors punishing companies, not just those

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Speaker 1: missing on the top and bottom line, but those giving

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Speaker 1: tepid forecasts. There was a long list of problems to Amazon. Really,

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Speaker 1: currency continues to be a head wind to the tune

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Speaker 1: of nine hundred million dollars in the course had gone

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Speaker 1: and it will continue to impact Amazon going into the

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Speaker 1: final three months of this year. Ed Lovelow for Bloomberg

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Speaker 1: News in San Francisco grated, thanks well. Apple has managed

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Speaker 1: to avoid the tech route. It shares are up almost

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Speaker 1: one percent in early trading. Those sales of iPhones and

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Speaker 1: services were softer than expected. Apple's revenue and profit both

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Speaker 1: topped estimates. Still apples CFO Luca my history warrants of

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Speaker 1: a holiday slowdown. Overall, we believe to company year over

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Speaker 1: year revenue performance will decelerate during the December quarter as

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Speaker 1: compared to the September quarter for a number of reasons. First,

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Speaker 1: we expect nearly ten percentage points of negative year over

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Speaker 1: your impact from fort in exchange. Apple CFO look at

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Speaker 1: my story, says sales of Mac computers with a client substantially.

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Speaker 1: Stay tuned for analysis on both Apple and Amazon coming

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Speaker 1: up shortly when we speak live with the loop a

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Speaker 1: Ventures co founder Gene Munster, and we have some more

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Speaker 1: earnings in the meantime to get you caught up on

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Speaker 1: Karen's Shares of Intel or up almost five percent in

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Speaker 1: early trading. The chip maker's pledging a slash costs to

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Speaker 1: combat a persistent slump and computer demand that's dragging down

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Speaker 1: sales and profit. Gilliad Sciences shares are up almost five

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Speaker 1: percent as well. That company boasted its earnings guidance for

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Speaker 1: the full year, and shares of Pinterest are hired by

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Speaker 1: almost eight percent. The social media company reported earnings and

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Speaker 1: revenue that beat estimates well Up Next Nathan, the focus

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Speaker 1: turns to big oil. Both Exxon Mobile and Chevron report

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Speaker 1: this morning, and we get a preview from Bloomberg's Jeff Bellinger. Overall,

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Speaker 1: the third quarter was likely a good one for the

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Speaker 1: oil giants thanks to oil prices that remained elevated through

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Speaker 1: most of the last three months. Bloomberg Intelligence says the

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Speaker 1: company's fourth quarter outlooks will be key. It raised the

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Speaker 1: post ability of weaker cash flow for Exxon Mobile due

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Speaker 1: to falling crude and gas prices, and said there is

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Speaker 1: the potential for slower profit growth at Chevron. X On

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Speaker 1: Mobile put out a pre earnings release to let investors

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Speaker 1: know that its chemicals and refining businesses were down compared

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Speaker 1: to the second quarter. Jeff Blinger, Bloomberg Day Break, Thanks Jeff. Meantime,

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Speaker 1: President Biden's demanding oil companies cut prices. That's after Shell

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Speaker 1: reported its second highest earnings ever. The President says gasoline

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Speaker 1: prices should reflect what energy companies pay for oil. Last quarter.

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Speaker 1: The five largest oil companies made in the last quarter

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Speaker 1: seventy billion dollars and profit in ninety days. Those comments

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Speaker 1: from President Biden too a sharp response from oil industry leaders.

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Speaker 1: They say refiners don't set the price of the pump

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Speaker 1: and that Washington should leverage US energy production. But another

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Speaker 1: major story we're following this morning, Nathan closes the book

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Speaker 1: on a six month takeover Saga. Elon Musk has completed

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Speaker 1: his forty four billion dollar acquisition of Twitter, and Bloomberg

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Speaker 1: News has learning plans to assume the role of CEO today.

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Speaker 1: There will surely be more changes on the way. We

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Speaker 1: get details from Bloomberg Intelligence analyst Matthew Blosom, There's been

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Speaker 1: a lot of speculation about how much Elon Musk is

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Speaker 1: going to change Twister. You know how the room is

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Speaker 1: about seven trib job cuts, the reinstatement of people like

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Speaker 1: Donald Trump to the platform, a complete change in the

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Speaker 1: business model, like twelve months. You could see him introduce

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Speaker 1: some kind of subscription tire to the business. All sorts

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Speaker 1: of things could change. I think it's gonna be an

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Speaker 1: interesting few days and months, and I'm sure we're gonna

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Speaker 1: hear quite a bit from him today about his plans.

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Speaker 1: Bloomberg Intelligence analyst Matthew Blosom says Musk is expected to

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Speaker 1: remain CEO in the interim, but may eventually see the

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Speaker 1: rule in the long term. Turning to the U. S. Economy, Now, Karen,

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Speaker 1: we wrap up the week with a few notable data

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Speaker 1: points covering inflation, sentiment, and spending. We get more from

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Speaker 1: bloomberg'san he Dells Junis the government issues data in September

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Speaker 1: household income and spending. Today in Wall Street, will keep

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Speaker 1: an eye on inflation figures tied to the report. Bloomberg

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Speaker 1: Economics is any surprise could influence the course of Fellow

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Speaker 1: will reserve interest rate hikes meantime. Bloomberg Economics as today's

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Speaker 1: University of Michigan consumer sentiment and NIX relate October will

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Speaker 1: remain low by historic standards, highlighting recession risks. Also one

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Speaker 1: tap today the employment Costs index and pending home sales.

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Speaker 1: Bloomberg day Break r if any thanks in Asia overnight

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Speaker 1: it was all about the Yemen. The currency has rebounded

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Speaker 1: this week, but is reversing that trend this morning, wakening

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Speaker 1: to one seven point seven zero against the dollar, as

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Speaker 1: after the BANKA Japan stood pad on its ultra low

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Speaker 1: interest rate policy. On Bloomberg Daybreak, Asia anchor Brian Curtis

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Speaker 1: has a story, This is the b o J pushing

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Speaker 1: back against speculation it might change its tumb no go.

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Speaker 1: The board left the negative rate, the ten uere yield cap,

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Speaker 1: and the asset purchases unchanged. This was in line with

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Speaker 1: all forty nine economists surveyed. The b o J did

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Speaker 1: raise the inflation for a cast to two point nine

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Speaker 1: percent for the year ending in March. A predicted price

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Speaker 1: growth will slow to one point six percent in the

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Speaker 1: next twelve months. The b o J is sucking a

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Speaker 1: tight rope here as the Dobish dance puts downward pressure

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Speaker 1: on the end while the government is spending billions supporting it.

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Speaker 1: Brian Curtis Bloomberg, Gabrie right, Brian, Thanks s and P.

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Speaker 1: Futures down twenty four points down, Futures down fifty Nasdack

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Speaker 1: Futures down one twenty one and straight ahead your latest

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Speaker 1: local headlines plus a check of sports. And this is Bloomberg.

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Speaker 1: Thanks Karen. Six oh seven on Wall Street, forty six

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Speaker 1: degrees in Central Park, slow on the b que East,

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Speaker 1: found between Hamilton Avenue and Cabin Plaza. Details coming up

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Speaker 1: in traffic. First Michael Barr with what else is going

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

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Speaker 1: Good morning Nathan. We're learning more about the Nightmari's commute

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Speaker 1: for public transit bus riders in New York City. Police

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Speaker 1: saying m T A bus was hijacked in Queens yesterday.

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Speaker 1: The bus driver is hailed as a hero after the suspect,

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Speaker 1: armed with what turned out to be a bb gun,

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Speaker 1: confronted the veteran driver. The forty four year old suspected

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Speaker 1: the gunman, Dwayne Gandy, was taken into custody after the

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Speaker 1: bus crashed into a ute lity pole. In MYPD, Deputy

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Speaker 1: Chief Jerry O'Sullivan, I definitely want to command the driver

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Speaker 1: for his actions. He did not move the bus until

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Speaker 1: everyone was off that bus. I believe the driver was

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Speaker 1: calm and did a great job. Deputy Chief O'Sullivan says

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Speaker 1: the bus driver jumped out of the driver's side window

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Speaker 1: to eventually escape. New York City Mayor Eric Adams appointed

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Speaker 1: Acting Fire Commissioner Laura Kavanaugh to leave the Department on

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Speaker 1: a permanent basis, making her the first female commissioner in

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Speaker 1: the one hundred fifty seven year history of the Fire

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Speaker 1: Department of New York. While we put in place in

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Speaker 1: national search, looking over several names and interviewing several candidates,

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Speaker 1: kept coming back to Laura over and over again, over

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Speaker 1: and over again. I just kept coming back to her leadership.

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Speaker 1: After getting sworn in, Kavanaugh says her journey to this

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Speaker 1: moment was unexpected. New York City story is fundamentally one

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Speaker 1: of making the impossible possible. Kavanaugh, who is forty, has

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Speaker 1: served as acting commissioner since the retirement of Commissioner Daniel

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Speaker 1: Nigro in February. Election sites across the country have been

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Speaker 1: encountering threats and intimidation since early voting began in some states.

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Speaker 1: Out of concerns for the safety of poll workers and voters,

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Speaker 1: the NYPD has announced that they will be keeping a

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Speaker 1: closer eye on polling places. With the mid term elections

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Speaker 1: less than two weeks away, the NYPD is warning that

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Speaker 1: racially motivated and anti government extremists good target poll workers,

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Speaker 1: political rallies, politicians, and voting sites. Police say there are

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Speaker 1: currently no specific threats in the city. North Korea fired

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Speaker 1: too short range ballistic missiles today as it continues a

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Speaker 1: barrage of launches in opposition to US and South Korean

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Speaker 1: military drills. Global News twenty four hours a day on

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Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty

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Speaker 1: seven hundred journalists and analysts more than a hundred twenty countries.

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Speaker 1: Michael Barrn This is Bloomberg, Nathan. Thanks Michael. Turn up

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Speaker 1: to six ten on Wall Street time for the Bloomberg

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Speaker 1: Sports Update, brought to you you by Tri State OUTI. Here's

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Speaker 1: John Stenshower. All right, Nathan. After a turbulent off season

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Speaker 1: with a star player demanded a trade unless the coach

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Speaker 1: and Geneal Menser fired. Maybe not a surprise. The Nets

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Speaker 1: are off to the slow start. They lost at Barkley's

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Speaker 1: Dadallas one overtime. Luke at Donsitch forty one point to

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Speaker 1: the triple double for the Mass Kevin Duran, who was

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Speaker 1: sent to that trade demand, scored thirty seven points. Kyrie

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Speaker 1: even had thirty nine, but the Nets too much of

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Speaker 1: a two man team. The duo took fifty two shots

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Speaker 1: and the rest of the team only forty one, and

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Speaker 1: the Nets are one and four. The Knicks had better

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Speaker 1: balance than three and one. They played tonight in Milwaukee

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Speaker 1: at Tampa Bay. Bucks started the season two and oh.

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Speaker 1: Now they're three and five. Lost at home to Baltimore

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Speaker 1: twenty seven to twenty two. The Ravens out rushed Tampa

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Speaker 1: Bay two thirty one to forty four years. Tom Brady

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Speaker 1: on what went wrong. They're down throwing run games at

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Speaker 1: two point plays and short yardage start first quarter, started

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Speaker 1: the third quarter very good offense football. They're only positive

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Speaker 1: for Tampa right now in the NFC souve No. One's

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Speaker 1: over five hundred, so the bus can win the division,

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Speaker 1: but it's hard to see them making a Super Bowl

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Speaker 1: run the way they're playing now, Giants or six and

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Speaker 1: one without any production from last year's first round draft pick,

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Speaker 1: wide receiver Kedarius Tony. He hurt one hamstring and then

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Speaker 1: the other, and the Giants just traded Tony to Kansas

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Speaker 1: City for third and sixth round draft picks. World Series

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Speaker 1: begins tonight in Houston. The Astros won a hundred and

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Speaker 1: six games in the regular season, the Phillies one eight seven.

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Speaker 1: That's the largest disparity since oh six. That's nineteen o six.

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Speaker 1: John statually wear Bluebern Sports Okay, John, thanks SMP features

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Speaker 1: three points or one point one percent. Amazon shares down

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Speaker 1: twelve point seven per cent. We'll talk about tech earnings

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Speaker 1: next with Gene Munster, the co founder of Loop Ventures.

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Speaker 1: world's biggest oil explorers and Chevron shares of two point

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Speaker 1: three and early trading. Meanwhile, futures are lower. SNP futures

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Speaker 1: down seconds on four point zero zero percent. And as

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Speaker 1: a Bloomberg Business Flash now here Smuggle Barr with Moore

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Speaker 1: on what's going on around the world. Michael, Karen, thank

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Speaker 1: you very much. With poles showing Republicans gaining ground. Democrats

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Speaker 1: are turning to former President Obama as the mid terms approach.

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Speaker 1: He's campaigning today in Atlanta for Senator Raphael Warnock, who

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Speaker 1: was locked in a tight race against former football star

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Speaker 1: Herschel Walker. Thursday Night football, the Ravens beat the Buccaneers

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Speaker 1: two tonight, Game one of the World Series between the

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Speaker 1: Phillies and the Astros. In the NBA, the Nets lost,

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Speaker 1: the Warriors won NHL, the Bruins won, the Capital's lost.

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Speaker 1: Global News twenty four hours a day on air and

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Speaker 1: on Bloomberg Quickdake, powered by more than twenty seven hundred

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Speaker 1: journalists and analyst are more than countries him Michael Barr,

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Speaker 1: and this is Bloomberg, Nathan. Thanks Michael. At six nineteen

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Speaker 1: on Wall Street Live from the Bloomberg Interactive Brokers Studios.

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Speaker 1: This is Bloomberg day Break. At the end of a

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Speaker 1: bruising week for tech earnings, Amazon is the latest stock

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Speaker 1: to get punished down, down twelve and three quarters per

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Speaker 1: cent on a week holiday forecast. But if there's one

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Speaker 1: somewhat bright spot, it maybe Apple. Those shares are higher

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Speaker 1: by nearly one percent this morning. Let's get some more

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Speaker 1: insights now from Gene Monster, the co founder of Loup Ventures.

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Speaker 1: I spoke with Geane earlier this morning. He told me

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Speaker 1: that tech investors are looking for two things right now,

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Speaker 1: performance and potential. Investors in this environment want both, and

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Speaker 1: what we've seen is that the companies that have offered

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Speaker 1: the biggest potential you think about, Meta is the perfect

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Speaker 1: example of that related to the metaverse, have been hit

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Speaker 1: the hardest. Google to a lesser extent, but still this

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Speaker 1: idea of investors waiting for something to emerge is usually

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Speaker 1: very important for tech investors, but this names period it's

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Speaker 1: less important. And I think one of the beauties of

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Speaker 1: Apple is that their current performance has been solid and

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Speaker 1: they still have this optionality around new markets that they

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Speaker 1: can get into that can potentially have a step function

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Speaker 1: up in their growth rate, which is hard to imagine

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Speaker 1: given how big they are, that the law of numbers

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Speaker 1: can still work in their favor. But I think that

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Speaker 1: that is the is the balance that this company is working,

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Speaker 1: and just to put it into perspective, Nathan, one final

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Speaker 1: point is that Apple is the only big tech company

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Speaker 1: to guide essentially in line with the street. They don't

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Speaker 1: give formal guidance, but you can back into it and

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Speaker 1: I think that that speaks to the strength of performance.

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Speaker 1: And if you're curious the reason why, what was iPhone,

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Speaker 1: It's just over half of their business. It was up

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Speaker 1: ten percent year every year. That was in the face

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Speaker 1: of a forty seven percent comp and so the number

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Speaker 1: actually would have been even stronger if not for supply constraints.

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Speaker 1: They're still supply constrained on the most popular pro models

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Speaker 1: by three to four weeks, and typically at this point

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Speaker 1: in the cycle, we're six weeks into the new iPhone cycle,

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Speaker 1: you would see lead times of one to two weeks,

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Speaker 1: and so I think that, um, you know, they are

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Speaker 1: continuing to do well. They got the performance, and they

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Speaker 1: got the potential around automotive and a R and and

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Speaker 1: something in health. Talking about supply constraints, we were seeing

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Speaker 1: a lot of constraints apparently coming out of Amazon's results

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Speaker 1: projecting a much weaker than expected holiday quarter. And I

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Speaker 1: assume that that that includes the earlier Prime Day promotions

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Speaker 1: that we just saw, right, most of those promotes. Those

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Speaker 1: promotions fell into the September quarter, and so it's it's

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Speaker 1: less about the Prime Day impact. But I want to

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Speaker 1: put some perspective, and they did guide lower than where

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Speaker 1: the street was at for the December quarter. That's true.

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Speaker 1: But I just I think there's this um, I think

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Speaker 1: it's an overreaction. I just want to make the case

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Speaker 1: that it is an overreaction. Is that the street was

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Speaker 1: previously looking for twelve percent revenue growth for December. If

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Speaker 1: you take the midpoint of their guns, it would have

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Speaker 1: been four percent. So that is a slowing girl, There's

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Speaker 1: no doubt about it. Uh. They usually hit the high

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Speaker 1: end over the past twenty years almost percent of the time.

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Speaker 1: They coming at the high end. That would be like

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Speaker 1: six percent. So they guided down. That is true. The

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Speaker 1: consumer is weak, that is true. Uh, the advertisers are weak.

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Speaker 1: All of this is having a negative impact on Amazon's business.

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Speaker 1: But the piece that surprises me is that I think

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Speaker 1: it is uh just this reaction down is more commentary

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Speaker 1: about that we're talking about earlier with Apple. Is that

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Speaker 1: investors just demand performance today, and whether it's a small

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Speaker 1: cap or a meg tech cap, they wanted today. And

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Speaker 1: I suspect that investors will quickly move on and and

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Speaker 1: and get more comfortable that Amazon's business isn't a good

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Speaker 1: place longer term. Well, we've got John Gene, I've got

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Speaker 1: to get your thoughts on Twitter now that Elon Musk

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Speaker 1: apparently is at least an interim CEO. Is Twitter investable

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Speaker 1: under an Elon Musk as the leader? Yes, anything with

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Speaker 1: Ellen right now, he still has the golden touch, so

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Speaker 1: it is investable. He's gonna kind of go away for

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Speaker 1: two or three years and and take the rails off

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Speaker 1: of it and run this like a private company that

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Speaker 1: that that it will be, and we'll see what what

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Speaker 1: he pops out. And I was encouraged to hear his

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Speaker 1: commentary yesterday that he does not want this to become

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Speaker 1: free for all because obviously he's gonna take some of

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Speaker 1: the governor's off of what you can say, And I

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Speaker 1: think that's that's important ultimately when you when you put

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Speaker 1: this all together, Twitter still a side project for Elen.

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Speaker 1: His his true passions are Tesla and SpaceX, and I

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Speaker 1: think that, uh, we're thinking a lot about it now.

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Speaker 1: Probably a year or two from now, we'rell be thinking

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Speaker 1: a lot more about SpaceX and Tesla. Just about thirty

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Speaker 1: seconds left, Gene, We've seen obviously tech shares broadly get

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Speaker 1: punished this week. Would you buy back into tech at

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Speaker 1: these levels? I think so. Forth if you have a perspective.

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Speaker 1: I think that more than two year perspective. We own

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Speaker 1: some of these, we own Meta, we own Amazon. They've

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Speaker 1: had a tough week, but we're not selling them. And

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Speaker 1: ultimately I think that, uh, you know, they have assets

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Speaker 1: that are hard to replicate the world's population visits a

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Speaker 1: Facebook property on a daily basis. Amazon has logistics that

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Speaker 1: no other e commerce company can touch. And I think

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Speaker 1: you probably have to assume that all that we're in

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Speaker 1: economically is gonna fade or we'll go away. Eventually, we'll stabilize,

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Speaker 1: and these companies are going to right size their growth

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Speaker 1: rates back to what we're accustomed to. And that was

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Speaker 1: g Monster, co founder of Louke Ventures. Or thanks to

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Speaker 1: Gene for joining us this morning on Bloomberg Daybreak. As

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Speaker 1: we continue to watch Amazon shares fall in the pre market,

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Speaker 1: there now down twelve point seven percent, Apple shares are

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Speaker 1: higher by almost one percent. Tesla is moving lower, down

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Speaker 1: one percent, with Elon Musk taking over as CEO, not

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Speaker 1: just of Tesla, but now of Twitter. SMB futures down

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Speaker 1: twenty four points, Staff futures down forty six and nastack

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Speaker 1: futures are lower by a hundred seventeen points. That is

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Speaker 1: a drop of one per cent. This is Bloomberg. Bloomberg

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Speaker 1: day Break, brought to you by Ancient Accountants and Advisors,

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Speaker 1: the right fit tax and accounting firm that you need

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Speaker 1: i P to learn more. That's Ancient dot Com slash

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Speaker 1: v i P broadcasting live from the Bloomberg Interactive Broker

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Speaker 1: Studio in New York. Bloomberg E Living Freedom to Washington,

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Speaker 1: d C, Bloomberg one to Boston, Bloomberg one O six

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Speaker 1: one to San Francisco, Bloomberg N sixty to the Country,

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Speaker 1: Sirius XM to the one nine and around the globe

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Speaker 1: the Bloomberg Business and Bloomberg Radio dot com. This is

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Speaker 1: Bloomberg Daybreak. It's six thirty on Wall Street. Good morning.

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Speaker 1: I'm Nathan Hagar and I'm Karen Moscow, and we're just

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Speaker 1: about three hours away from the open of US trading

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Speaker 1: time for the five things so you need to notice

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Speaker 1: start your day. Brought to you by I B k

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Speaker 1: R Investment Advisors switched to Interactive Brokers for lowest cost

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Speaker 1: global trading and turnkey custody solutions. No ticket charges and

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Speaker 1: no conflicts of your interests at ibkr dot com slash

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Speaker 1: r I a up first. US futures are falling this morning.

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Speaker 1: That's let lower by tech as we wrap up a

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Speaker 1: volatile week, and Amazon is leading to declines. Those shares

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Speaker 1: are down about twelve points seven percent in early trading,

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Speaker 1: Amazon predicting the slowest holiday quarter growth in the company's history.

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Speaker 1: Bloomberg Intelligence senior analyst Punum Goyle has more in the results.

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Speaker 1: Sales were weak across the board, guidance of the week,

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Speaker 1: margins are week I mean overall, you know, the bright

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Speaker 1: star here that used to be a WS is also

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Speaker 1: weaker both on sales and margin. So I think there's

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Speaker 1: a lot to digest, but it's kind of humming the

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Speaker 1: same tunes as other results that we've seen earlier, where

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Speaker 1: the consumer is slowing, spending is slowing, and hence the

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Speaker 1: results are much weaker than expected. And Bloomberg and Tell

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Speaker 1: Gince analyst put Him Goyle says Amazon's market values set

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Speaker 1: to drop below one trillion dollars today, so furtherest week

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Speaker 1: more than six hundred billion dollars and market value is

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Speaker 1: on track to be erased from America's five largest tech companies.

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Speaker 1: Well one company avoiding the tech round, Care and his Apple.

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Speaker 1: Those shares are up by one percent after the company

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Speaker 1: posted mostly positive results. Ed Ludlow has more from our

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Speaker 1: Bloomberg nine sixty news room in San Francisco. It was

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Speaker 1: a mixed bag of results. The stock really bounced around

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Speaker 1: in after hours trading. The kind of thing that investors

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Speaker 1: latched onto was the iPhone Sales in the quarter were

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Speaker 1: weakened and expected. Remember the new iPhone fourteen hand cent

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Speaker 1: launched on September sixteenth, which gave two weeks in the

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Speaker 1: end of the quarter to get an early read on demand.

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Speaker 1: There there was strength in MacBook, but weakness in services

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Speaker 1: and iPad, and also impacts from foreign exchange. A stronger

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Speaker 1: dollar continuing to be a head win for megacap text

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Speaker 1: dogs for big tech companies all around the world. Ed

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Speaker 1: Ludlow for Bloomberg News in San Francisco. All right, and thanks.

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Speaker 1: Shares of Chevron more than two percent or an aged

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Speaker 1: topped analysts estimates as the oil giant posted his second

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Speaker 1: highest profit ever. We also heard from exce on it

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Speaker 1: raised its dividend more than expected. As the oil giant

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Speaker 1: disclosed one of his largest ever quarterly profits, and Elon

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Speaker 1: Musk has completed his forty four billion dollar acquisition of Twitter.

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Speaker 1: Karen Bloomberg News has learned he's gotten rid of the

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Speaker 1: CEO and other major executives must plans to be Twitter's

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Speaker 1: chief executive for now. He may also do away with

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Speaker 1: permanent user bands, the category that includes former President Donald Trump.

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Speaker 1: And that's the five things that you need to notice

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Speaker 1: start your day. Brought to you by Interactive broker straight Ahead,

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00:23:30,400 --> 00:23:33,320
Speaker 1: your latest local headlines, plus the check of sports. And

432
00:23:33,560 --> 00:23:39,920
Speaker 1: this is Bloomberg. Thanks Karen sixty three on Wall Street

433
00:23:39,920 --> 00:23:42,159
Speaker 1: wear forty six degrees in Central Park on an accident

434
00:23:42,280 --> 00:23:45,879
Speaker 1: westbound Belt Parkway near Erskine Street. Michael Barr's here with

435
00:23:45,920 --> 00:23:47,639
Speaker 1: what else is going on in New York and around

436
00:23:47,640 --> 00:23:50,480
Speaker 1: the world. Good morning Michael, Good morning Nathan. A quick

437
00:23:50,480 --> 00:23:53,440
Speaker 1: thinking bus driver may have averted a tragedy in New

438
00:23:53,520 --> 00:23:56,760
Speaker 1: York City. Police say a forty four year old man,

439
00:23:56,920 --> 00:24:00,600
Speaker 1: Dwayne Getty, who was eventually arrested, style the bus and

440
00:24:00,680 --> 00:24:03,919
Speaker 1: Queen's boarded it and pulled out a firearm toward the

441
00:24:03,920 --> 00:24:07,680
Speaker 1: bus driver. In YPD, Deputy Chief John Klune, the bus

442
00:24:07,760 --> 00:24:11,600
Speaker 1: driver immediately opened all the doors to allow all passagers

443
00:24:11,720 --> 00:24:15,960
Speaker 1: to exit. Once on the bus, the milby made statements

444
00:24:15,960 --> 00:24:18,080
Speaker 1: that he was being chased and that the right that

445
00:24:18,320 --> 00:24:21,040
Speaker 1: the bus driver to continue driving. Police say the bus

446
00:24:21,119 --> 00:24:24,320
Speaker 1: driver and the suspect then traveled for more than thirty

447
00:24:24,320 --> 00:24:26,720
Speaker 1: blocks when the driver slowed down and jumped out of

448
00:24:26,760 --> 00:24:29,760
Speaker 1: the window. The bus drove on until it hit a

449
00:24:29,880 --> 00:24:33,800
Speaker 1: utility poll. New York City Mayor Eric Adams appointed Acting

450
00:24:33,880 --> 00:24:37,000
Speaker 1: Fire Commissioner Laura Kavanaugh to lead the department on a

451
00:24:37,000 --> 00:24:40,280
Speaker 1: permanent basis, making her the first female commissioner in the

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00:24:40,320 --> 00:24:42,760
Speaker 1: one d fifty seven year history of the f D

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00:24:42,920 --> 00:24:46,439
Speaker 1: n Y. Kavanaugh, who is forty, spoke after being sworn

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00:24:46,480 --> 00:24:50,119
Speaker 1: in where a shy, introverted only child could get a

455
00:24:50,160 --> 00:24:52,800
Speaker 1: one way ticket to New York City, seeking to serve

456
00:24:52,880 --> 00:24:56,399
Speaker 1: a higher purpose in the best city on Earth, and

457
00:24:56,480 --> 00:24:59,879
Speaker 1: two decades later find herself here. Leading the greatest FI

458
00:25:00,160 --> 00:25:03,800
Speaker 1: department in the world through unprecedented times is something that

459
00:25:03,840 --> 00:25:08,360
Speaker 1: could only happen here. President Joe Biden traveled upstate New

460
00:25:08,440 --> 00:25:12,000
Speaker 1: York to praise Micron's investment of one hundred billion dollars

461
00:25:12,000 --> 00:25:16,240
Speaker 1: over the next two decades to build up semiconductor factories

462
00:25:16,280 --> 00:25:20,120
Speaker 1: in the Syracuse area. New York Governor Kathy Hokel, speaking

463
00:25:20,320 --> 00:25:24,399
Speaker 1: after the President praised Micron investing in the area that

464
00:25:24,560 --> 00:25:28,040
Speaker 1: had lost a lot of manufacturing jobs over the decades.

465
00:25:28,520 --> 00:25:32,720
Speaker 1: Are shared values and how we can work together the

466
00:25:32,800 --> 00:25:36,560
Speaker 1: private sector and government, saying we can work together to

467
00:25:36,680 --> 00:25:40,240
Speaker 1: this build and energize a community that have been forgotten

468
00:25:40,280 --> 00:25:44,040
Speaker 1: for so long. The President's visit comes after Senator Chuck

469
00:25:44,040 --> 00:25:47,400
Speaker 1: Schumer says he's feeling real good about the upcoming election.

470
00:25:47,880 --> 00:25:50,280
Speaker 1: This after the Majority leader was called on a hot

471
00:25:50,400 --> 00:25:54,240
Speaker 1: mic earlier speaking to the President expressing down about the

472
00:25:54,240 --> 00:25:57,120
Speaker 1: democrats chances in the U. S. Senate race in Georgia.

473
00:25:57,560 --> 00:26:00,359
Speaker 1: Workers at a Trader's Joe's in New York City voted

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00:26:00,359 --> 00:26:04,280
Speaker 1: against unizing. According to italy provided by the National Labor

475
00:26:04,320 --> 00:26:06,520
Speaker 1: Relations Board, the vote was nine to four to sixty

476
00:26:06,560 --> 00:26:09,200
Speaker 1: six against forming a union at the store, which is

477
00:26:09,240 --> 00:26:13,040
Speaker 1: located in the Williamsburg neighborhood of Brooklyn. Global News twenty

478
00:26:13,040 --> 00:26:15,800
Speaker 1: four hours a day on air and on Bloomberg Quick Take,

479
00:26:15,800 --> 00:26:18,240
Speaker 1: powered by more than twenty seven hundred journalists analysts more

480
00:26:18,280 --> 00:26:20,440
Speaker 1: than a hundred twenty countries. At Michael bar This is

481
00:26:20,440 --> 00:26:27,720
Speaker 1: Bloomberg Nathan, Thanks Michael. Almost six thirty six on Wall

482
00:26:27,720 --> 00:26:29,800
Speaker 1: Street time for the Bloomberg Sports Update, brought to by

483
00:26:29,800 --> 00:26:32,320
Speaker 1: Tri State. Out of Here's John stash Our. All right, Nathan.

484
00:26:32,359 --> 00:26:34,600
Speaker 1: The Nets getting plenty of storing from their stars again

485
00:26:34,680 --> 00:26:38,200
Speaker 1: last night. Kyrie Every thirty nine points, Kevin Duran thirty seven.

486
00:26:38,200 --> 00:26:41,080
Speaker 1: But they're getting a little from anyone else. Not good

487
00:26:41,160 --> 00:26:43,080
Speaker 1: enough defense, and the Nets are one and four. They

488
00:26:43,119 --> 00:26:46,880
Speaker 1: lost at Barkleys to Dallas one five and overtime. Mav

489
00:26:46,920 --> 00:26:50,400
Speaker 1: star Luke Danton scored forty one. He had a triple double.

490
00:26:50,680 --> 00:26:53,200
Speaker 1: Tom Brady came out of that very short retirement try

491
00:26:53,240 --> 00:26:55,240
Speaker 1: and win his eighth Super Bowl, but Tampa Bay just

492
00:26:55,359 --> 00:26:59,000
Speaker 1: three and five lost a home to Baltimore twenty two.

493
00:26:59,000 --> 00:27:01,919
Speaker 1: Brady's only TV ask came in the final minute. The

494
00:27:01,960 --> 00:27:04,439
Speaker 1: Giants expected white out kid Areas Tony to have a

495
00:27:04,480 --> 00:27:07,600
Speaker 1: big season in his second season. He's hardly played, and

496
00:27:07,720 --> 00:27:10,400
Speaker 1: the Giants just traded Tony to Kansas City for third

497
00:27:10,400 --> 00:27:13,160
Speaker 1: and sixth round draft picks. Tony the last first round

498
00:27:13,160 --> 00:27:16,880
Speaker 1: selection made by the former GM Dave Gettleman. David Sterns

499
00:27:16,920 --> 00:27:19,520
Speaker 1: resigned as the team president Milwaukee Brewers, and some are

500
00:27:19,560 --> 00:27:22,440
Speaker 1: connecting dots. The Mets are looking for a president, and

501
00:27:22,560 --> 00:27:25,400
Speaker 1: Sterns is in New York. Native. World Series starts tonight

502
00:27:25,440 --> 00:27:27,560
Speaker 1: in Houston with Justin Verlander on the bound for the

503
00:27:27,560 --> 00:27:29,960
Speaker 1: Astro first ballot Hall of Famer about to win another

504
00:27:30,000 --> 00:27:33,160
Speaker 1: Side Young Award, but his World Series career with Houston

505
00:27:33,240 --> 00:27:36,680
Speaker 1: before that Detroit, Verlander owen six with a five point

506
00:27:36,760 --> 00:27:39,400
Speaker 1: six eight e R. I would like to get a win. Yeah,

507
00:27:39,760 --> 00:27:42,760
Speaker 1: I mean, I'm not gonna like I said, that's not

508
00:27:42,960 --> 00:27:46,000
Speaker 1: my goal. Um So I don't want to. I don't

509
00:27:46,000 --> 00:27:47,760
Speaker 1: want to say that that feels like it's lacking because

510
00:27:47,760 --> 00:27:50,120
Speaker 1: in nately that would make it a particular goal of mine.

511
00:27:50,440 --> 00:27:51,760
Speaker 1: My goal is to go out and give us the

512
00:27:51,800 --> 00:27:53,600
Speaker 1: best chance to win it that ends up resulting in

513
00:27:53,640 --> 00:27:56,040
Speaker 1: a win. Great Aaron Nola starts for the Phillies have

514
00:27:56,119 --> 00:27:58,199
Speaker 1: been around since the nineteenth century that only won the

515
00:27:58,200 --> 00:28:01,920
Speaker 1: World Series twice. The Astro and Philly's combined record this

516
00:28:01,960 --> 00:28:07,480
Speaker 1: postseason st John Stash all right, John, thank you sixty

517
00:28:07,520 --> 00:28:09,040
Speaker 1: seven on Wall Street Time to take a look at

518
00:28:09,040 --> 00:28:10,960
Speaker 1: stocks some of the names moving in the pre market.

519
00:28:11,000 --> 00:28:13,040
Speaker 1: For that, we are joined by Bloomberg Television anchor and

520
00:28:13,040 --> 00:28:16,880
Speaker 1: Markets correspondent Danny Berger, as the earnings focus shifts from

521
00:28:16,880 --> 00:28:20,000
Speaker 1: tech to big oil, and we're getting some big results

522
00:28:20,040 --> 00:28:23,320
Speaker 1: this morning from x On Mobile and Chevron. Danny, Yeah,

523
00:28:23,359 --> 00:28:27,119
Speaker 1: I mean expectations were already high, given how high not

524
00:28:27,280 --> 00:28:29,840
Speaker 1: gas prices have been, given how high oil prices have been.

525
00:28:29,840 --> 00:28:35,320
Speaker 1: An even so, Chevron and Exxon just blowing through expectations. Chevron,

526
00:28:35,359 --> 00:28:38,520
Speaker 1: their EPs came in at five dollars and fifty six cents.

527
00:28:38,560 --> 00:28:41,600
Speaker 1: The estimate was for just under five dollars. And Exxon,

528
00:28:41,760 --> 00:28:44,760
Speaker 1: for their beat, it came in EPs at four dollars

529
00:28:44,760 --> 00:28:47,680
Speaker 1: and forty five cents. The expectation had been three dollars

530
00:28:47,680 --> 00:28:51,280
Speaker 1: and eight nine cents, So a big beat here. Again,

531
00:28:51,360 --> 00:28:53,560
Speaker 1: prices playing into this, but also a lot of the

532
00:28:53,600 --> 00:28:56,480
Speaker 1: Permian basin output, all of that was higher than expected

533
00:28:56,520 --> 00:28:59,840
Speaker 1: as well. So really strong quarters continues off the back

534
00:28:59,880 --> 00:29:01,719
Speaker 1: of about the record quarters. Chev On. This was their

535
00:29:01,760 --> 00:29:07,480
Speaker 1: second highest profit ever UM and they're expanding capital expenditures

536
00:29:07,560 --> 00:29:10,280
Speaker 1: because of this. Um x On, for its part, is

537
00:29:10,320 --> 00:29:13,120
Speaker 1: boosting its dividend. Chevron is not, which is perhaps r

538
00:29:13,320 --> 00:29:15,680
Speaker 1: x ON is outperforming pre market. It's up three and

539
00:29:15,840 --> 00:29:18,120
Speaker 1: a third percent. Chevron is just over one and a

540
00:29:18,160 --> 00:29:20,800
Speaker 1: half percent. But Nathan, you also got to wonder are

541
00:29:20,840 --> 00:29:25,600
Speaker 1: these continued big old monster profits also going to attract

542
00:29:25,640 --> 00:29:28,600
Speaker 1: the attention and potential criticism of the White House. Yeah,

543
00:29:28,640 --> 00:29:31,640
Speaker 1: we heard some of that criticism just yesterday, once again

544
00:29:31,960 --> 00:29:35,000
Speaker 1: from President Biden on the campaign trail. We got to

545
00:29:35,080 --> 00:29:38,840
Speaker 1: keep talking though about tech. We've wrapped up earning season

546
00:29:38,920 --> 00:29:43,760
Speaker 1: there with really disappointing results from Amazon. Yeah, I mean

547
00:29:43,800 --> 00:29:47,080
Speaker 1: it's it's really all about the um there. You know,

548
00:29:47,240 --> 00:29:51,400
Speaker 1: usually what's their their peak season, the Christmas holiday season,

549
00:29:51,960 --> 00:29:54,600
Speaker 1: seeing sales growth at two to eight percent that is

550
00:29:54,640 --> 00:29:58,480
Speaker 1: below expectations, so shares off by about twelve percent in

551
00:29:58,520 --> 00:30:01,959
Speaker 1: the pre market this morning. It's not just this idea

552
00:30:02,040 --> 00:30:05,160
Speaker 1: that consumers aren't spending as much. That is obviously a

553
00:30:05,160 --> 00:30:06,960
Speaker 1: big part of it. The CEFO talks about this on

554
00:30:07,040 --> 00:30:10,000
Speaker 1: the earnings call, that you know, wallets are getting pinched

555
00:30:10,000 --> 00:30:12,400
Speaker 1: from the consumers, they're not spending as much of the season.

556
00:30:12,440 --> 00:30:15,280
Speaker 1: But part of the issue also is that of course

557
00:30:15,280 --> 00:30:17,840
Speaker 1: they one will recall during COVID times and we couldn't

558
00:30:17,840 --> 00:30:21,240
Speaker 1: go to normal shops. People were spending pretty heavily UM

559
00:30:21,280 --> 00:30:23,320
Speaker 1: on Amazon. So what did that mean? It meant that

560
00:30:23,360 --> 00:30:27,680
Speaker 1: they plowed a lot of money into growing, into more

561
00:30:27,720 --> 00:30:30,040
Speaker 1: sorting facilities, things like that, and now all of a

562
00:30:30,080 --> 00:30:32,840
Speaker 1: sudden that are looking at a picture where growth isn't

563
00:30:32,880 --> 00:30:35,760
Speaker 1: as strong, it isn't as fast. So it's something of

564
00:30:35,880 --> 00:30:38,480
Speaker 1: perhaps they just spent too far, too fast, and now

565
00:30:38,520 --> 00:30:40,959
Speaker 1: they need to rerange a bit. Yeah, and it's interesting

566
00:30:41,000 --> 00:30:43,080
Speaker 1: as well though to see Apple shares now at one

567
00:30:43,160 --> 00:30:46,400
Speaker 1: point one percent on an expectation that even with a

568
00:30:46,480 --> 00:30:50,480
Speaker 1: consumers getting pinched, people could still be spending on iPhones

569
00:30:50,560 --> 00:30:54,960
Speaker 1: and Apple services. Bloomberg TV Acre Markets correspondent Danny Burgers

570
00:30:55,000 --> 00:30:56,560
Speaker 1: always good to have you on with us in the

571
00:30:56,600 --> 00:30:58,719
Speaker 1: pre market as we take a look at stocks as

572
00:30:58,760 --> 00:31:01,160
Speaker 1: a whole ahead of the open. Few tachers are moving lower.

573
00:31:01,200 --> 00:31:04,360
Speaker 1: Lodal futures are trimming some of their declines after the

574
00:31:04,360 --> 00:31:07,400
Speaker 1: earnings from ex On Mobile and Chevron DEL futures down

575
00:31:07,400 --> 00:31:10,080
Speaker 1: thirty four points, SMP futures are down twenty one and

576
00:31:10,200 --> 00:31:13,480
Speaker 1: NASDACK futures still leading the declines, down one percent or

577
00:31:13,520 --> 00:31:17,000
Speaker 1: a hundred eleven points. You're listening to Bloomberg Day right.

578
00:31:21,840 --> 00:31:24,640
Speaker 1: Bloomberg Sports Report was brought to you by Audie. Don't

579
00:31:24,720 --> 00:31:26,520
Speaker 1: let someone else drive off in the Autie model. You've

580
00:31:26,560 --> 00:31:28,800
Speaker 1: always wanted to visit your local try state Autie Deally

581
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Speaker 1: to get behind the wheel of yours today, or visit

582
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Speaker 1: Autie Offers dot com for more information, markets, headlines and

583
00:31:38,360 --> 00:31:41,640
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,

584
00:31:41,760 --> 00:31:45,360
Speaker 1: the Bloomberg Business At and at Bloomberg Quicktape. He's a

585
00:31:45,400 --> 00:31:55,360
Speaker 1: Bloomberg Business Flash and I'm Karen. Moscow and nasdack. Futures

586
00:31:55,440 --> 00:31:59,600
Speaker 1: are leading declines this morning, another busy morning for corporate earnings,

587
00:31:59,600 --> 00:32:01,760
Speaker 1: and we went the first word breaking news dance for

588
00:32:01,760 --> 00:32:05,360
Speaker 1: today's morning call. And here's Tatiana Dari. Tatiana, good morning,

589
00:32:05,520 --> 00:32:08,800
Speaker 1: Good morning, Karen. Like you said, Futures lowder this morning

590
00:32:08,840 --> 00:32:11,960
Speaker 1: after more disappointing tech earnings, and now futures lower by

591
00:32:12,000 --> 00:32:14,760
Speaker 1: fifty two points, AS and Peace lower by twenty five

592
00:32:14,880 --> 00:32:19,400
Speaker 1: and NAS jagged down. Looking across as AT treasuries reversing

593
00:32:19,440 --> 00:32:22,200
Speaker 1: recent gains with a ten year yield up nearly eight

594
00:32:22,360 --> 00:32:25,680
Speaker 1: basis points. The dollar is stronger, while the Japanese and

595
00:32:25,760 --> 00:32:28,160
Speaker 1: weakened as the b o J stuck to its easy

596
00:32:28,240 --> 00:32:31,480
Speaker 1: policy back in the US. On the economic front, today,

597
00:32:31,520 --> 00:32:34,720
Speaker 1: we have PC inflation data, personal spending and University of

598
00:32:34,760 --> 00:32:38,880
Speaker 1: Michigan consumer sentiment. In early trading, we're seeing Amazon down

599
00:32:38,920 --> 00:32:43,719
Speaker 1: twelve percent after forecasting its lowest holiday sales growth ever. Apple,

600
00:32:43,840 --> 00:32:46,560
Speaker 1: on the other hand, is higher by one percent after

601
00:32:46,640 --> 00:32:50,520
Speaker 1: its numbers. Regarding other earnings, Intel up five after bound

602
00:32:50,600 --> 00:32:54,560
Speaker 1: two aggressively cut costs, and Chevron up to after after

603
00:32:54,600 --> 00:32:58,720
Speaker 1: posting its second highest earnings in the company's history. Wrapping

604
00:32:58,760 --> 00:33:01,920
Speaker 1: things up here, Ellen Moss completed his forty four billion

605
00:33:01,960 --> 00:33:04,880
Speaker 1: dollar acquisition of Twitter, and he said to assume the

606
00:33:05,080 --> 00:33:08,400
Speaker 1: role of CEO. Live from the first and breaking news desk,

607
00:33:08,440 --> 00:33:12,120
Speaker 1: I'm Tatiana Dariak Karen. Yeah, that's going on, Tatiana, thank you.

608
00:33:12,120 --> 00:33:14,280
Speaker 1: How to hear live breaking news over your Bloomberg type

609
00:33:14,320 --> 00:33:17,200
Speaker 1: squawk on your terminal SCU A w K and that's

610
00:33:17,200 --> 00:33:19,800
Speaker 1: a Bloomberg business flash. Now here's Michael Barrow with more

611
00:33:19,880 --> 00:33:22,760
Speaker 1: on what's going on around the world. Michael Karen, thank

612
00:33:22,760 --> 00:33:26,440
Speaker 1: you very much. Russian President Vladimir Putin claimed an hour's

613
00:33:26,520 --> 00:33:30,120
Speaker 1: long speech that he has no intention of striking Ukraine

614
00:33:30,160 --> 00:33:33,760
Speaker 1: with nuclear weapons, but Putin did point fingers at the

615
00:33:33,840 --> 00:33:37,760
Speaker 1: US and other Western nations, claiming that they are escalating

616
00:33:37,760 --> 00:33:40,840
Speaker 1: the war there. In Thursday Night Football, the Ravens beat

617
00:33:40,880 --> 00:33:45,040
Speaker 1: the Buccaneers twenty two tonight, game one of the World

618
00:33:45,080 --> 00:33:48,640
Speaker 1: Series between the Phillies and the Astros. In the NBA,

619
00:33:48,880 --> 00:33:52,000
Speaker 1: the Nets lost the Warriors one. In the NHL, the

620
00:33:52,000 --> 00:33:55,200
Speaker 1: Bruins won the Capital's Lost. Global News twenty four hours

621
00:33:55,200 --> 00:33:58,440
Speaker 1: a day on air and on Bloomberg Quicktake, powered by

622
00:33:58,480 --> 00:34:03,400
Speaker 1: more than journalists and analysts more than countries. Michael Barr

623
00:34:03,400 --> 00:34:06,080
Speaker 1: and this is Bloomberg. Karen, all right, Michael bar thank you.

624
00:34:06,160 --> 00:34:08,719
Speaker 1: At six nine on Wall Street. It's turned to news

625
00:34:08,760 --> 00:34:11,279
Speaker 1: now in science and technology with the Bloomberg n j

626
00:34:11,400 --> 00:34:13,960
Speaker 1: I T STEM Report, and it's brought to you by

627
00:34:14,000 --> 00:34:16,960
Speaker 1: New Jersey Institute of Technology, ranked to top one hundred

628
00:34:17,080 --> 00:34:20,440
Speaker 1: national university by US News and World Report and number

629
00:34:20,440 --> 00:34:23,759
Speaker 1: fourteen in the nation on Money's Best Colleges list. Learn

630
00:34:23,800 --> 00:34:25,680
Speaker 1: more at n j I T dot A d U.

631
00:34:26,120 --> 00:34:29,040
Speaker 1: And now here's just making news and science, technology, engineering,

632
00:34:29,120 --> 00:34:32,880
Speaker 1: and math. To NASA spacecraft at Mars, one in the

633
00:34:32,960 --> 00:34:35,440
Speaker 1: surface and the other in orbit have reached the biggest

634
00:34:35,480 --> 00:34:39,080
Speaker 1: meteor strikes and impact craters yet. The journal Science reports

635
00:34:39,160 --> 00:34:43,040
Speaker 1: the high speed barrages last year since seismic waves rippling

636
00:34:43,120 --> 00:34:46,280
Speaker 1: thousands of miles across Mars. The larger the two strikes

637
00:34:46,320 --> 00:34:49,160
Speaker 1: turned out boulder sized slabs of ice, which may help

638
00:34:49,160 --> 00:34:52,480
Speaker 1: researchers look for ways future astronauts skin tap into Mars's

639
00:34:52,560 --> 00:34:56,160
Speaker 1: natural resources. The European Union has agreed on a deal

640
00:34:56,200 --> 00:35:00,520
Speaker 1: to effectively ban internal combustion engine cars from twenty d five.

641
00:35:00,760 --> 00:35:03,719
Speaker 1: It's a movement that would reshape transportation. It also would

642
00:35:03,719 --> 00:35:07,000
Speaker 1: mark a significant step on the path to reduce carbon emissions.

643
00:35:07,040 --> 00:35:09,680
Speaker 1: In thirteen years, carmakers would have to reach a zero

644
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Speaker 1: emission target. And the battle is brewing around Europe's rooftop

645
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Speaker 1: over the planet's most precious resource. The crystal clear waters

646
00:35:17,120 --> 00:35:21,840
Speaker 1: issuing from the Alps could become increasingly contested as climate

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Speaker 1: changing Lasier melt affect the lives of tens of millions

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Speaker 1: in the coming years. Italy wants them for crop irrigation

649
00:35:27,600 --> 00:35:30,040
Speaker 1: in the spring and summer. Swiss authorities want to hold

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Speaker 1: up flows to ensure their hydroelectric plants can rev up

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Speaker 1: when needed. And as the Bloomberg and J. I. T.

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Speaker 1: Stemmerapoortt Nathan, thank you, Karen. We are live from the

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Speaker 1: Bloomberg Interactive Brokers Studios, where it's coming up to sixty

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

655
00:35:44,360 --> 00:35:46,759
Speaker 1: on in d C. Some of the top stories Internation's

656
00:35:46,800 --> 00:35:49,839
Speaker 1: capital include President Biden crowing about the Chips bill while

657
00:35:49,840 --> 00:35:53,839
Speaker 1: demanding oil companies cut prices, presidents saying some Americans are

658
00:35:53,880 --> 00:35:57,600
Speaker 1: better off despite inflation, and former President Trump showing out

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Speaker 1: twenty million dollars to support his sent candidates. Also making news,

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00:36:02,239 --> 00:36:06,280
Speaker 1: democrats struggles to find an economic message highlighted in races

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Speaker 1: in Nevada. It's a story written by Bloomberg government reporter

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Speaker 1: Emily Wilkins, and Emily is here with us now back

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Speaker 1: from the Silver State. Emily, where I guess you've been

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Speaker 1: talking to voters? What are they saying? So when I

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00:36:20,719 --> 00:36:22,719
Speaker 1: talked to a number of voters, a lot of them

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Speaker 1: were undecided, which probably isn't that surprising given that that

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Speaker 1: about a third of Nevada's electorate is completely unaffiliated with

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Speaker 1: either party. And a lot of folks said that, you know,

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Speaker 1: their top issue was the economy. It's the higher prices,

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Speaker 1: it's inflation. This is a sign of what we are

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Speaker 1: seeing nationally right now. And Democrats in Nevada, it's not

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00:36:42,960 --> 00:36:45,920
Speaker 1: that they're not messaging about the economy. They are going

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00:36:45,960 --> 00:36:48,360
Speaker 1: out and they are talking about it, but they're just

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Speaker 1: trying to find a message that really sticks. You know,

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Speaker 1: a lot of folks, you asked them what they blamed

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00:36:53,600 --> 00:36:56,520
Speaker 1: the economy on, and they'll acknowledge that, sure, there are

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00:36:56,560 --> 00:37:00,360
Speaker 1: problems with Ukraine, that there was the pandemic, but a

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00:37:00,400 --> 00:37:03,279
Speaker 1: lot of them still believe that the Biden administration, the

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00:37:03,320 --> 00:37:05,840
Speaker 1: amount of spending that they did, and just some of

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00:37:05,880 --> 00:37:08,400
Speaker 1: the decisions that they've made, has all played a factor

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00:37:08,640 --> 00:37:11,399
Speaker 1: into the current high prices that we're seeing. And that's

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Speaker 1: what Democrats are up against as they go into election day.

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Speaker 1: And that is a really interesting spot, Nathan, not just

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Speaker 1: because there are so many races, You've got three house races,

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Speaker 1: the Senate race, but also because that state was hit

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00:37:23,840 --> 00:37:28,280
Speaker 1: particularly hard by COVID and is still hit hard. Gas

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00:37:28,280 --> 00:37:30,640
Speaker 1: prices there are some of the highest in the nation.

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00:37:30,800 --> 00:37:34,359
Speaker 1: They've got problems with rent, problems with mortgages, and so

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Speaker 1: it's very very much a key place where Democrats need

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00:37:37,560 --> 00:37:40,759
Speaker 1: to get their message together on the economy and make

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00:37:40,800 --> 00:37:43,279
Speaker 1: sure that they are projecting that message in the next

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Speaker 1: two weeks and talking about those high gas prices. Emily

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Speaker 1: Now that we've gotten these earnings from x On Mobile,

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00:37:49,200 --> 00:37:52,240
Speaker 1: the highest earnings in their hundred fifty two year history,

695
00:37:52,239 --> 00:37:55,759
Speaker 1: and the second highest earnings ever for Chevron, you have

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00:37:55,840 --> 00:37:58,520
Speaker 1: to wonder whether this economic message is something that the

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00:37:58,600 --> 00:38:03,319
Speaker 1: President is gonna keep focusing on. It definitely seems to

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00:38:03,320 --> 00:38:06,480
Speaker 1: be the case because Biden has again urged oil companies

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Speaker 1: to cut prices after seeing some of these really high profits.

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Speaker 1: And this plays right into the part of the Democrats

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00:38:13,239 --> 00:38:16,879
Speaker 1: message is that they are blaming bit oil companies, calling

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Speaker 1: them big oils, saying that they are the reason that

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00:38:19,239 --> 00:38:21,880
Speaker 1: prices are so high that they need to bring prices

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00:38:21,920 --> 00:38:24,640
Speaker 1: back down, and that is resounding with folks. A lot

705
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Speaker 1: of Americans out there. They don't necessarily trust big corporations

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00:38:28,680 --> 00:38:31,279
Speaker 1: or they have some sort of skepticism about them, and

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00:38:31,320 --> 00:38:33,799
Speaker 1: so that's what that message plays off of. Of course,

708
00:38:33,840 --> 00:38:36,359
Speaker 1: the turke is that Americans do need to actually hear

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00:38:36,680 --> 00:38:39,040
Speaker 1: that message. A lot of them, you know, they go

710
00:38:39,080 --> 00:38:40,919
Speaker 1: to the grocery store, they go to the gas pump,

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00:38:41,040 --> 00:38:44,160
Speaker 1: they see the prices there. But hearing the message is

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00:38:44,200 --> 00:38:46,799
Speaker 1: a little difficult right now, just because there are so

713
00:38:46,880 --> 00:38:50,680
Speaker 1: much information, so many ads being pumped on tv UM

714
00:38:50,800 --> 00:38:53,719
Speaker 1: and that's really a trick that the Democrats are are

715
00:38:53,800 --> 00:38:55,920
Speaker 1: going to need to sort of hone in focus on

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00:38:55,960 --> 00:38:59,040
Speaker 1: that message in in the next few weeks. And interesting

717
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Speaker 1: to hear added to the message, Emily, this interview that

718
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Speaker 1: the President gave last night to News Nation television network

719
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Speaker 1: and one point saying many Americans are better off despite inflation.

720
00:39:12,440 --> 00:39:16,439
Speaker 1: What's he what's his reasoning there? So this is something

721
00:39:16,480 --> 00:39:19,000
Speaker 1: we've seen the White House to do a lot this year,

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Speaker 1: and they've tried to point to the indicators that they

723
00:39:21,360 --> 00:39:24,200
Speaker 1: think are good, even though inflation is out of forty

724
00:39:24,239 --> 00:39:27,319
Speaker 1: year high. So in this interview, Biden ipointed to the

725
00:39:27,360 --> 00:39:30,560
Speaker 1: fact that they've created between six thousand and seven thousand,

726
00:39:31,320 --> 00:39:35,120
Speaker 1: six hundred thousand and seven hundred thousand manufacturing jobs UM.

727
00:39:35,160 --> 00:39:38,440
Speaker 1: They also pointed to stronger than expected growth in the

728
00:39:38,520 --> 00:39:42,359
Speaker 1: US economic output in the previous quarter UM and really

729
00:39:42,360 --> 00:39:45,399
Speaker 1: trying to tout those signs. We've seen this, I said,

730
00:39:45,480 --> 00:39:48,839
Speaker 1: as I said before, with the Biden administration continuing to

731
00:39:48,840 --> 00:39:52,239
Speaker 1: tout the low unemployment UM. But of course that has

732
00:39:52,280 --> 00:39:55,000
Speaker 1: come with the tradeoff, and the tradeoff has been inflation.

733
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Speaker 1: And as we get to this point in the mid term, Emily,

734
00:40:00,360 --> 00:40:03,640
Speaker 1: with the economic message coming to the four very interesting

735
00:40:03,680 --> 00:40:07,800
Speaker 1: now to see former President Donald Trump sort of putting

736
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Speaker 1: his toe in with quite a lot of money from

737
00:40:11,880 --> 00:40:15,239
Speaker 1: his super Pact. Yeah, Trum is finally putting his money

738
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Speaker 1: where his mouth is. He's given twenty million to candidates

739
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Speaker 1: in October. A lot of these are candidates who are

740
00:40:22,520 --> 00:40:25,759
Speaker 1: running for the Senate. Obviously that that's the big competitive

741
00:40:25,840 --> 00:40:28,719
Speaker 1: one where it's still really unclear which way we'll go.

742
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Speaker 1: Trump's invested into kind of some of the basic races

743
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Speaker 1: that you would expect, Georgia and Nevada, Nevada, Ohio, Pennsylvania, um.

744
00:40:36,680 --> 00:40:40,880
Speaker 1: But he's also invested in Arizona, which is interesting because

745
00:40:41,719 --> 00:40:44,960
Speaker 1: the pack with ties to Republican leader Mitch McConnell cut

746
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Speaker 1: it's spending in Arizona, so if it's focus on more

747
00:40:47,719 --> 00:40:50,440
Speaker 1: competitive states, so you're really seeing Trump go ahead and

748
00:40:50,440 --> 00:40:53,080
Speaker 1: step in there. Did also knows that it's not like

749
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Speaker 1: Trump is draining his war chest right now. Uh, he

750
00:40:56,120 --> 00:40:59,600
Speaker 1: has ninety two million dollars that he has raised, the

751
00:40:59,680 --> 00:41:03,440
Speaker 1: largest in the Republican Party. Twenty million is nothing to

752
00:41:03,480 --> 00:41:06,000
Speaker 1: sneeze at, but it also kind of shows that that

753
00:41:06,080 --> 00:41:08,920
Speaker 1: he's keeping a lot of his powder dry at this

754
00:41:09,000 --> 00:41:14,359
Speaker 1: point for potentially and potentially beyond. Yeah, And I wanted

755
00:41:14,360 --> 00:41:16,640
Speaker 1: to get into that a little bit, wondering how much

756
00:41:16,680 --> 00:41:19,200
Speaker 1: of an impact this amount of spending could have at

757
00:41:19,239 --> 00:41:22,520
Speaker 1: this point in the election, when we're just less than

758
00:41:22,520 --> 00:41:25,239
Speaker 1: two weeks away and there's already early voting underway. We

759
00:41:25,280 --> 00:41:29,840
Speaker 1: got about thirty seconds left here. That's a really interesting question, Nathan,

760
00:41:29,880 --> 00:41:31,680
Speaker 1: because it kind of goes to the question of how

761
00:41:31,760 --> 00:41:35,200
Speaker 1: much saturation can Americans take. Certainly there are some folks

762
00:41:35,200 --> 00:41:37,359
Speaker 1: who really haven't decided to start deciding who they're going

763
00:41:37,400 --> 00:41:40,000
Speaker 1: to vote for. Maybe these ads reached down, maybe they

764
00:41:40,000 --> 00:41:42,640
Speaker 1: see something that they really like. But for a lot

765
00:41:42,640 --> 00:41:45,040
Speaker 1: of folks, they've been so bombarded with ads in these

766
00:41:45,120 --> 00:41:47,680
Speaker 1: key swing states that they're just tuning things out at

767
00:41:47,680 --> 00:41:49,799
Speaker 1: this point. And I saw that story you wrote on

768
00:41:49,840 --> 00:41:52,760
Speaker 1: the Bloomberg Terminal. That's something that the voters in Nevada

769
00:41:52,840 --> 00:41:54,560
Speaker 1: had been telling you as well, that they just feel

770
00:41:54,600 --> 00:41:57,520
Speaker 1: like they're being bombarded by the ads. Want to encourage

771
00:41:57,520 --> 00:42:00,560
Speaker 1: our listeners on the Bloomberg terminal check out that story

772
00:42:00,600 --> 00:42:04,480
Speaker 1: from Emily Wilkins. Nevada races show Democrats struggle to find

773
00:42:04,520 --> 00:42:07,719
Speaker 1: an economic message and more on all these stories we've

774
00:42:07,719 --> 00:42:10,200
Speaker 1: been talking about. Just go to Bloomberg dot com or

775
00:42:10,239 --> 00:42:13,800
Speaker 1: the Bloomberg terminal. Follow all the latest on Bloomberg Radio

776
00:42:13,920 --> 00:42:17,960
Speaker 1: in Washington at Bloomberg and one oh five point seven

777
00:42:18,000 --> 00:42:20,600
Speaker 1: FM h D two. Continuing to watch. Shares of x

778
00:42:20,680 --> 00:42:23,640
Speaker 1: on mobile at one point eight percent after the highest

779
00:42:23,640 --> 00:42:27,360
Speaker 1: earnings in its hundred fifty two year history. Chevron shares

780
00:42:27,360 --> 00:42:30,640
Speaker 1: are hired by one percent as well, second highest earnings ever.

781
00:42:31,239 --> 00:42:35,160
Speaker 1: SMP futures are down twenty two points, DAL futures down

782
00:42:35,160 --> 00:42:38,959
Speaker 1: thirty three NASDAC futures still leading the declines, down one

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00:42:39,200 --> 00:42:42,280
Speaker 1: percent or a hundred fourteen points. Much more to come

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Speaker 1: on Bloomberg Surveillance. That's next for Karen Moscow. I'm Nathan Hagar.

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Speaker 1: This is Bloomberg