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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Lisa Matteo. Here

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Speaker 2: are the top stories we're following today.

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Speaker 3: Lisa, we have some sobering facts for investors this morning.

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Speaker 3: Global stocks, including the S and P five hundred or

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Speaker 3: poised for their worst week in seven months. Concerns over

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Speaker 3: lofty valuations and artificial intelligence related companies are continuing to

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Speaker 3: weigh on market. Sloomberg's Valerie Titel has more on yesterday's

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Speaker 3: big turnaround.

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Speaker 4: We had a four percent slide in the Nasdaq in

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Speaker 4: an hour and forty minutes. I mean, you don't see

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Speaker 4: steep reversals like this very often. It was one of

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Speaker 4: the biggest inter day swings we've seen in the Nasdaq

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Speaker 4: since Covid, the second biggest since the price fluctuations we

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Speaker 4: saw back in April twenty twenty. We even saw stocks,

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Speaker 4: you know, obviously Nvidia, the reversal in video was eating that,

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Speaker 4: but we also saw big reversals in some other chip names.

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Speaker 4: Only twelve stocks in the NASDAC yesterday ended in the green.

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Speaker 5: The remainder were in the red.

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Speaker 3: Bloomberg's Valerie Titel says that huge reversal wiped away two

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Speaker 3: point seven trillion dollars from the S and P five hundred.

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Speaker 6: Well.

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Speaker 2: It was also quite a reversal for Nvidia yesterday, Nathan.

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Speaker 2: At one point, the chip giant was up five percent,

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Speaker 2: only to close a date more than three percent lower,

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Speaker 2: and one famed investor decided to scoop up shares. Kathy

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Speaker 2: Wood bought in Video yesterday for the first time since August.

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Speaker 2: Her Arc Innovation ETF bought more than ninety three thousand

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Speaker 2: shares on Thursday. Right now, and Video shares they're down

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Speaker 2: more than two and a half percent.

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Speaker 7: Well.

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Speaker 3: As dramatic as the selloff in stocks has been Lisa,

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Speaker 3: it has not been nearly as eye popping as the

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Speaker 3: plunge in crypto. Bitcoin has shed about twenty three percent

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Speaker 3: of its value this month. At one point, the token

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Speaker 3: slipped below the eighty two thousand level, and it's below

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Speaker 3: that this morning, down six percent. Right now, just shy

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Speaker 3: of eighty two institutions appear reluctant to buy the dip.

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Speaker 3: A group of a dozen US listed BIT twenty exchange

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Speaker 3: traded funds saw nine hundred and three million dollars in

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Speaker 3: net outflows yesterday That was the second largest single day

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Speaker 3: redemption since spot bitcoin ETF's debut in January of last year.

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Speaker 2: Well adding to the market anks this morning, Nathan persistent

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Speaker 2: uncertainty over whether the Fed will cut interest rates next month.

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Speaker 2: Right now, traders pricing in a thirty percent chance. Treasury

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Speaker 2: Secretary Scott Besson said the Fed should keep cutting.

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Speaker 8: I think there are a lot of signals coming from

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Speaker 8: the Fed, and some of them are very confusing. They

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Speaker 8: said that they don't have data, and traditionally, if you

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Speaker 8: don't have data, if you're flying blind. They've cut twice,

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Speaker 8: and they said that their insurance cuts, so I would

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Speaker 8: have thought that they would want to take out a

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Speaker 8: third cut. We don't know where things are. We've been cutting,

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Speaker 8: and we should finish the cutting cycle.

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Speaker 2: Made the comments on Fox Business. Meanwhile, Philadelphia Fed President

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Speaker 2: Anna Paulson says she's taking a measured approach to the

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Speaker 2: next policy gathering.

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Speaker 9: I am approaching the December FMC meeting cautiously.

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Speaker 5: On the margin.

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Speaker 9: I'm sot a little more worried about the labor market

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Speaker 9: than I am about inflation, but I expect to learn

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Speaker 9: a lot between now and the December meeting.

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Speaker 2: Philadelphia Fed President Anna pauls And made the remarks at

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Speaker 2: the Reserve Bank's eightieth annual field meeting Capstone in Philadelphia,

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Speaker 2: and Fed Governor Michael Barr says the Central Bank needs

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Speaker 2: to proceed with caution in considering additional interest rate cuts

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Speaker 2: due to inflation still around three percent.

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Speaker 3: In Asia, Lisa Japan has approved its biggest round of

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Speaker 3: extra spending since the pandemic. The total package is valued

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Speaker 3: at more than one hundred and seventeen billion dollars. It

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Speaker 3: has measures aimed at price relief, including cutting the gasoline

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Speaker 3: tax and raising the tax free income threshold.

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Speaker 2: While we now turn to politics, President Trump will host

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Speaker 2: New York City Mayor elect Zorim Mumdani at the White House,

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Speaker 2: even though the President incorrectly refers to him as a communist.

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Speaker 2: Bloomberg's Amy Morris reports from Washington.

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Speaker 7: Mom Donnie has an agenda for his long awaited meeting

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Speaker 7: with President Trump.

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Speaker 10: I have many disagreements with the President, and I believe

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Speaker 10: that we should be relentless and pursue all avenues and

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Speaker 10: all meetings that could make our city affordable for every

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Speaker 10: single New York.

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Speaker 7: New York Republican Congressman Andrew Garbarino tells balance of power.

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Speaker 7: The President needs to flex his muscle.

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Speaker 11: I hope the President makes clear to the mayor that

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Speaker 11: his past anti police rnderick he can't act this way

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Speaker 11: as mayor, and if he does anything that makes New

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Speaker 11: York less safe, the President has my support in doing

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Speaker 11: what he needs to do and making sure it stay safe.

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Speaker 7: The meeting comes after the Trump administration reviewed canceling or

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Speaker 7: suspending funds that benefit New York City. In Washington, Amy

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Speaker 7: Moore as Bloomberg Radio.

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Speaker 3: Amy Thanks, turn to another political story getting attention in Washington.

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Speaker 3: President Trump is calling for sedition trials for a group

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Speaker 3: of Democratic lawmakers who posted this video online right now.

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Speaker 3: The threats to our constitution aren't just coming from but

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Speaker 3: from right here at home.

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Speaker 7: Our laws are clear, you can refuse illegal orders.

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Speaker 3: The video is organized by Michigan senator and former CIA

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Speaker 3: analyst Alyssa Slotkin. The other Democrats are also former military

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Speaker 3: and intelligence officers. In a series of social media posts,

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Speaker 3: President Trump said the lawmakers should be arrested and put

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Speaker 3: on trial. In one post, he called it seditious behavior

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Speaker 3: punishable by death. That's drawing an angry reaction from House

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Speaker 3: Minority leader Hakim jeffries.

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Speaker 12: We had patriotic members of the House and the Senate

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Speaker 12: have their lives threatened by Donald Trump in the most unhinged, unacceptable, unconscionable,

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Speaker 12: and Unamerican way.

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Speaker 3: Minority Leader Hakim Jeffrey says he's discussed lawmaker's security with

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Speaker 3: the House Sergeant at Arms and Capitol Police after the

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Speaker 3: President's posts. House Speaker Mike Johnson is defending the president.

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Speaker 5: Sometimes he uses heated rhetoric.

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Speaker 8: Okay, but do any of you agree that that's appropriate

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Speaker 8: that they should be telling young members of the military

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Speaker 8: to defy orders.

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Speaker 5: You should think about the implications of that. The President's

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Speaker 5: trying to make up.

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Speaker 3: I think he made the point, and Speaker Mike Johnson

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Speaker 3: says members of Congress should not be telling troops to

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Speaker 3: disobey orders.

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Speaker 2: Well now to the latest on efforts to end the

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Speaker 2: war in Ukrainian President Vladimir Zelenski is under pressure to

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Speaker 2: accept a peace plan floated by US and Russian Voice.

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Speaker 2: The twenty eight point proposal would force Ukraine to surrender

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Speaker 2: large portions of its east to Russia, cap the size

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Speaker 2: of its military, lift sanctions on Moscow overtime, and give

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Speaker 2: up any hopes of NATO membership. Zelensky says he'll discuss

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Speaker 2: the plan with President Trump in coming days.

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Speaker 6: Vusim Ukraine needs peace and Ukraine will do everything to

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Speaker 6: ensure that no one in the world can say that

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Speaker 6: we are undermining diplomacy.

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Speaker 5: This is important, Zelenski.

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Speaker 2: He spoke through an interpreter after meeting with Pentagon officials

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Speaker 2: in Kiev. We get more from Bloomberg's Oliver Crook and Brussels.

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Speaker 13: This is sort of Zelenzi's approach ever since that catastrophic

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Speaker 13: meeting in the Oval Office back in February, when Trump says,

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Speaker 13: Zelenski says, basically how high he has learned from that

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Speaker 13: meeting in the most difficult possible way. That you never

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Speaker 13: want to be perceived to be the impediment to piece

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Speaker 13: or the impediment to an American plan.

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Speaker 2: Bloomberg's Oliver Crook reports President Zelensky plans to discuss the

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Speaker 2: peace proposal today with leaders of the European Union, Germany, France,

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Speaker 2: and the UK.

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Speaker 3: Back on Wall Street, Lisa, the stage is set for

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Speaker 3: one of Hollywood's biggest companies to be sold. Sources tell

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Speaker 3: Bloomberg that Netflix, Comcast, and Paramount sky Dance all submitted

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Speaker 3: bids for Warner Brothers Discovery, the parent of HBO, CNN,

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Speaker 3: and the Warner Brothers movie and TV studios. Comcast and

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Speaker 3: Netflix are most interested in the film and TV library.

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Speaker 3: Paramount is willing to buy the whole company. The Warners

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Speaker 3: board is expected to make its final decision by Christmas.

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Speaker 2: And changes in the c suite at City Group, Mark

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Speaker 2: Mason is stepping down as chief financial officer as a

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Speaker 2: bank revamps it's leadership ranks under a new structure. Mason

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Speaker 2: will be replaced by Gonzala Lucetti, who will take over

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Speaker 2: that role early next year. Now for a look at

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Speaker 2: some of the other stories making news in New York

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Speaker 2: around the world.

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Speaker 5: For that, we're joined by Bloomberg's Michael Bark.

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Speaker 14: Good morning, Michael, Good Morning, Lisa. A federal judge says

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Speaker 14: she'll rule soon on whether to order the release of

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Speaker 14: Kilmar Abrego Garcia from immigration custody. The Maryland man was

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Speaker 14: mistakenly deported to l Salvador in March. Since he returned

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Speaker 14: in June, the government has been trying to deport him

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Speaker 14: to one of several African nations. Meanwhile, Costa Rica has

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Speaker 14: given a Brego Garcia a guarantee of acceptance at Brego.

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Speaker 14: Garcia's attorney Simon Sandeval Mosenberg.

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Speaker 10: And so we're very, very hopeful that we will win

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Speaker 10: a release from detention. And then what comes after that,

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Speaker 10: I guess we'll all have to see.

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Speaker 14: The Justice Department is examining the handling of the mortgage

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Speaker 14: fraud investigation into Senator Adam Schiff, including potential involvement of

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Speaker 14: people claiming to be acting at the behest of two

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Speaker 14: Trump administration officials. Federal authorities interviewed a Republican congressional candidate

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Speaker 14: who promoted mortgage fraud allegations against the California Democrat. They

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Speaker 14: are said to have questioned her about communications with DOJ

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Speaker 14: official Ed Martin and Federal Housing Finance Agency Director Bill Pulty.

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Speaker 14: Senate Republicans rejected a Democratic attempt to pass bill that

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Speaker 14: allows senators to sue the government if their phone records

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Speaker 14: are obtained without being notified. The repeal passed unanimously in

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Speaker 14: the House. The issue stems from Special Consul Jack Smith's

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Speaker 14: investigation into any efforts to overturn the twenty twenty election.

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Speaker 14: Democratic Senator Martin Hunrich said the provision means senators can

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Speaker 14: pocket millions of dollars while Americans are struggling.

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Speaker 3: Even how Speaker Mike Johnson agrees with me.

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Speaker 13: And when Speaker Johnson and I agree, something is bad,

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Speaker 13: you know it's really really bad.

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Speaker 14: But Senator Lindsey Graham says, it's about making sure no

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Speaker 14: one can access personal phone records of senators without notice.

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Speaker 7: Ever, again, this was coordinated with people in the Senate

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Speaker 7: in This wasn't an intempt to enrich anybody who was

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Speaker 7: intempt to deter what was wrong.

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Speaker 5: In my viewe never happened.

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Speaker 14: Again, Senator Graham says he intends to sue Global News

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Speaker 14: twenty four hours a day and whenever you wanted with

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Speaker 14: Bloomberg News. Now, Michael barn, this is Bloomberg, Lisa.

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Speaker 5: Thanks Michael.

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Speaker 2: Time now for our Bloomberg Sports update, and for that

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Speaker 2: we bring in John stash Hour.

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Speaker 15: Week twelve underway with an AFC battle in Houston. In

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Speaker 15: a big performance by the Texans defense, they intercepted Buffalo

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Speaker 15: KB Josh Allen twice, including one of the final minute.

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Speaker 15: They sacked him eight times. Houston beat the Bills twenty

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Speaker 15: three to nineteen NBA and Milwaukee Philadelphia won in overtime

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Speaker 15: for the Sixers Tyrese Maxia career high fifty four points

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Speaker 15: NHL in Montreal, Washington won eight to four, the thirty

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Speaker 15: third career hat trick for Alex Ovechkin.

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Speaker 14: That's a Bloomberg Sports update.

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Speaker 5: Stay with us.

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Speaker 3: More from Bloomberg Daybreak coming up after.

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Speaker 1: This to coast on Bloomberg Radio nationwide on Sirius XM,

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

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Speaker 1: Bloomberg Business app.

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Speaker 5: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager.

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Speaker 3: Worries about AI valuations maybe taking hold for markets. Even

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Speaker 3: after Nvidia's earnings kept them at bay for a few hours,

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Speaker 3: global stocks are now on track for their worst week

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Speaker 3: since April. Salmon Achmed is global head of Strategic Asset

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Speaker 3: Allocation at Fidelity International.

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Speaker 5: AI is a powerful technology.

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Speaker 12: This team is not going anywhere, so I think at

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Speaker 12: this stage we are taking it as a model positioning.

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Speaker 8: You know, change and our month US remains the same.

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Speaker 5: Do I survive?

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Speaker 3: It was Fidelity strategist Salmon Akmed joining us now as

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Speaker 3: Bloomberg Markets reporter Valerie Titel. A bit of a calming message, Valerie,

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Speaker 3: But calm seems to be anything but what this market

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Speaker 3: feels like right now?

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Speaker 5: Good morning, Hey, Good morning, Nathan.

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Speaker 4: Yes, NASAC futures have erased their earlier gains from the

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Speaker 4: European session. We're now trading at session lows, and we're

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Speaker 4: keeping an eye on Bitcoin. We've just broken through eighty

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Speaker 4: two thousand as we speak, down six percent on the cryptocurrency.

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Speaker 4: It was really crypto and the move in Nvidia yesterday

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Speaker 4: which drove the biggest, one of the biggest swings in

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Speaker 4: the NASDAC I have seen in my career. We dropped

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Speaker 4: nearly four percent in yesterday session in an hour and

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Speaker 4: forty minutes, Nathan. A kind of interday swing like that

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Speaker 4: doesn't come around often and it probably puts some hair

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Speaker 4: on some trader's chest.

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Speaker 5: Yesterday, huge u turn.

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Speaker 4: In the market, sparked by what we are unsure, and

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Speaker 4: that is what is unerving investors on this Friday.

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Speaker 5: Might I add to all.

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Speaker 4: Of this that this is a head of the Thanksgiving week,

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Speaker 4: which is known historically to be quite in a liquid

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Speaker 4: week of trading. Perhaps those investors who were maybe sitting

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Speaker 4: on the sidelines or might be choosing this Friday afternoon.

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Speaker 5: To de risk ahead of the holiday.

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Speaker 4: But we are seeing shares of Nvidia drop two and

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Speaker 4: a half percent in pre market trade micro Strategy one

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Speaker 4: of those Bitcoin holders down five percent and shares of

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Speaker 4: Bitcoin dropping six percent below eighty two thousand as we speak.

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Speaker 3: Is this just a concern around AI valuations or our

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Speaker 3: concerns about what the FED could do next month feeding

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Speaker 3: into this as well?

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Speaker 4: You know, I mean I like to as someone who

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Speaker 4: comes from a fixed income background, I do believe the

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Speaker 4: FED is always instrumental in moves like this. We have

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Speaker 4: had a hawkish round of FED speak in the last

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Speaker 4: three weeks, and essentially what we got from that employment

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Speaker 4: report yesterday didn't necessarily help. Yes, it was delayed, it

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Speaker 4: was September's data, but again it plays into the hands

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Speaker 4: of the hawks that might want to argue that the

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Speaker 4: labor market has found some ground. There was a big

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Speaker 4: beat over the headline number coming at one hundred and

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Speaker 4: nineteen k versus estimates of fifty one. And we did

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Speaker 4: have some hawkish fedspeak yesterday as well, heard from Goulesby

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Speaker 4: saying he's essentially uneasy, uneasy about cutting in December bar

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Speaker 4: focusing on inflation concerns. So perhaps the weight of tilt

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Speaker 4: when it comes to Federal Reserve is to stay on

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Speaker 4: hold in December, and that is essentially not something that

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Speaker 4: the equity market can hang its hat on on this

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Speaker 4: Friday evening, our Friday session where we did look like

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Speaker 4: we were trying to bounce, but now NAZAC futures are

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Speaker 4: down eight tens of one percent.

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Speaker 3: In our last thirty seconds. You mentioned the sellof in

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Speaker 3: bitcoin eighty two thousand. Is there a further support level

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Speaker 3: for bitcoin?

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Speaker 4: Look, eighty thousand was one talked about, but look, it

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Speaker 4: is really hard to nail down the technical factors here

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Speaker 4: a bitcoin. One superlative I do have for you, Nathan

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Speaker 4: is we've had eleven straight days of lower lows for

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Speaker 4: the cryptocurrency and that is something we have not seen

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Speaker 4: in its history.

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Speaker 5: So momentum is on a back foot.

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Speaker 4: These retail traders are underwater on their ETF holdings.

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Speaker 5: Who knows how far bitcoin can go.

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Speaker 3: This is Bloomberg day Break, your morning podcast on the

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Speaker 5: I'm Nathan Hager and I'm Lisa Matteo.

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Speaker 2: Join us again tomorrow morning for all the news you

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Speaker 2: need to start your day right here on Bloomberg Daybreak