Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: day Break for Thursday, October seven two. Coming up this hour,
Speaker 1: shares of Meta plunge on another big tech earnings disappointment.
Speaker 1: Apple and Amazon or up Next sent a report this afternoon.
Speaker 1: Credit Suite sunveils a massive overhaul. We speak to the
Speaker 1: bank CEO, and the European Central Bank is set to
Speaker 1: raise rates to the highest level in more than a decade.
Speaker 1: New Jersey Senator Menendez faces another federal investigation. Plus President
Speaker 1: Biden warns Russia any nuclear attack but being an incredibly
Speaker 1: serious mistake. I'm Michael bar More Ahead, I'm done, standsdown
Speaker 1: Sports overtime at the Guard of the Nix speech Charlotte,
Speaker 1: the Nets Loft in Milwaukee. The Islanders shut out the Rangers.
Speaker 1: That's All's trading ahead on Bloomberg Daybreak on Bloomberg eleven, FREEO,
Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh
Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Serious x
Speaker 1: M one nine team, and around the world on Bloomberg
Speaker 1: Radio dot Com and via The Bloomberg Business. Good morning,
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow and SMP futures
Speaker 1: are higher this morning. We're coming up to five o
Speaker 1: one on Wall Street, and we check the markets every
Speaker 1: fifteen minutes throughout the trading day. On Bloomberg, SMP futures
Speaker 1: up nine points down, futures of one Nasdack future is
Speaker 1: lower down, twelve ten year treasury down fourteen thirty seconds,
Speaker 1: held four point oh five percent, and they yield on
Speaker 1: the two year four point four four percent. NIMEX screwed oil.
Speaker 1: That'll change, Nathan Karen. We begin with another tech earnings disappointment.
Speaker 1: A day after Microsoft and Google shares plunged. We are
Speaker 1: seeing shares of meta platforms down almost twenty percent this morning.
Speaker 1: The Facebook owner gave a revenue forecast on the low
Speaker 1: end of estimates, and we get more from Bloomberg's Ludlow
Speaker 1: in our nine sixty news room in San Francisco. What
Speaker 1: spooked investors, at least in the first instance, was the
Speaker 1: tepid forecast met To gave for sales in the current period.
Speaker 1: Revenue will be between thirty and thirty two point five
Speaker 1: billion dollars in the final three months of this year,
Speaker 1: below street expectations. And the story is when we know
Speaker 1: the softening ad market is hurting meta. We went into
Speaker 1: this knowing that would be the case, but as the
Speaker 1: cool started and went on, it became clear that actually
Speaker 1: what spooking investors is Meta and Zuckerberg's commitment to fuel
Speaker 1: and fund this transition to the metaverse. Zuckerberg said that actually,
Speaker 1: on a year on year basis, Meta reality labs would
Speaker 1: continue to have growing losses above lowth for Bloomberg News
Speaker 1: in San Francisco, alright, thanks, and big tech earnings continue today.
Speaker 1: We have a pair of giants reporting this afternoon, and
Speaker 1: Bloomberg Jeff Bellinger has more. Apple and Amazon are both
Speaker 1: scheduled to report after the market's closed today. Analysts at
Speaker 1: went Bush Securities say higher iPhone prices and an improving
Speaker 1: supply chain may have helped Apple beat revenue forecast. The
Speaker 1: of Ase Securities says Amazon likely posted faster revenue growth
Speaker 1: for unline stores and third party sellers, but both companies
Speaker 1: face headwinds. Ample is dealing with the stronger dollar and
Speaker 1: weakness in China, and a whole hum second Prime Day
Speaker 1: event at Amazon suggested more spending is going offline. Jeff
Speaker 1: Bellinger Bloomberg day break all right, Jeff. Thanks. As Karen mentioned,
Speaker 1: US futures are higher ahead of those earnings, and despite
Speaker 1: disappointing earnings from Meta. Morgan Stanley's Mike Wilson is a
Speaker 1: well known stock market skeptic could correctly predicted this year's slump.
Speaker 1: Now he thinks the bear market in US equities could
Speaker 1: conclude sooner than many think. Ultimately, the bear market will
Speaker 1: be over, probably some time in the first quarter. Now,
Speaker 1: all of this is, you know, subject to revision, right,
Speaker 1: So I want to make it perfectly clear. If the
Speaker 1: market starts to trade off again and the SMP breaks
Speaker 1: down and blows through thirty six fifty on the down side,
Speaker 1: will be bearish again. Morgan Stanley's Mike Wilson was ranked
Speaker 1: the number one portfolio strategist in the latest Institutional Investors survey.
Speaker 1: Well in Europe, nathan A Bank and turmoil is front
Speaker 1: and center. This morning, shares of Credit Suite are lower,
Speaker 1: down more than fourteen percent. The Swiss bank is unveiling
Speaker 1: a massive turnaround plan, which includes a four billion dollar
Speaker 1: capital raised, a carve out of its investment bank, and
Speaker 1: thousands of job cuts. It's the most urgent attempt yet
Speaker 1: to repair credit suite after huge losses and management chaos.
Speaker 1: And we spoke this morning with CEO all Rich Kroner.
Speaker 1: What does new credits face. You know, it's a much simpler,
Speaker 1: more stable, much more focused bank going forward, which will
Speaker 1: deliver sustainably profitable results to our shareholders. Credit Swite CEO
Speaker 1: l Rich Kroner made the comments in an interview with
Speaker 1: Bloomberg's France Lockwise. Stay tuned for more of that conversation
Speaker 1: coming up shortly. On Bloomberg daybreaking, Let's stay in Europe, Karen,
Speaker 1: because it's a big day for the European Central Bank.
Speaker 1: The e c V is expected to lift its main
Speaker 1: interest rate to its highest level in more than a decade.
Speaker 1: We get a preview from Bloomberg's Lean Garrants seventy basis
Speaker 1: point hike is a consensus view for today's policy decision
Speaker 1: from the CP. Anything else would be a big surprise,
Speaker 1: so looking past the recession fears to keep targeting inflation.
Speaker 1: Less clear though, is whether we'll get any indications around
Speaker 1: the timeline for quantitative tightening, and something investors are watching
Speaker 1: closely any moves to limit the games banks on making
Speaker 1: from the ECBs crisis program of cheap loans in London.
Speaker 1: I'm Leanne Geron's Bloomberg Daybreak, Leanne. Thanks. Back here. In
Speaker 1: the US, economic growth is in focus. The government issues
Speaker 1: data on third quarter GDP this morning. Forecast call for
Speaker 1: a gain of two point four percent, and Bloomberry's Vinydale
Speaker 1: Judai says more GDP posted back to back losses in
Speaker 1: the first and second quarters. Bloomberg Economics says the third
Speaker 1: quarters headline reabound may conceal trouble in the details, such
Speaker 1: as sales and business inventorys. There are other U s
Speaker 1: data on tap today. Manufacturing data factory owners for durable
Speaker 1: goods may indicate moderation, reflecting US inflation fears in the
Speaker 1: US labor market. Bloomberg Economics is weekly jobless claims will
Speaker 1: probably continue to hover around historic clothes. They Bloomberg day Break,
Speaker 1: Thanks and he Let's turn to geopolitics. Now the potential
Speaker 1: setback for President Biden's economic pressure on Russia. The administration
Speaker 1: is now being forced to rework its plans for price
Speaker 1: caps on Russian oil. Bloomberg said, Baxter has the story.
Speaker 1: It looks like they're going to have to scale back
Speaker 1: their plans, and light of the volatility in the markets,
Speaker 1: instead of strangling the Kremlin's oil revenues by imposing a
Speaker 1: strict lid on prices, US and European Union are likely
Speaker 1: to have to settle for more loosely police cap at
Speaker 1: a higher price than once. In vision and earlier iteration
Speaker 1: of the plan had the cap and the range of
Speaker 1: forty to sixty dollars per barrel, but now it looks
Speaker 1: like it will have to be much higher. In San Francisco,
Speaker 1: I'm at Baxter Bloomberg day break, right and thanks, And finally,
Speaker 1: the world's richest man is telling Twitter employees he does
Speaker 1: not plan to cut se a staff. Bloomberg News has
Speaker 1: learned that Elon must denied those numbers and an address
Speaker 1: to workers at the come anat San Francisco office. Still,
Speaker 1: the billionaire is still expected to cut some staff when
Speaker 1: he takes over the company. Billion dollar deal is expected
Speaker 1: to close tomorrow again. SMP futures are higher this morning.
Speaker 1: Straight ahead your latest local headlines plus a check of sports.
Speaker 1: And this is Bloomberg. I think you're carrying. It's five
Speaker 1: oh seven on Wall Street, It's fifty eight degrees in
Speaker 1: Central Park and it's problematic on westbound eighty. We've got
Speaker 1: an overturned tractor trailer by exit thirty five. Michael Bars
Speaker 1: here with more on what's going on in New York
Speaker 1: and around the world. Good morning, Michael, Good morning Nathan.
Speaker 1: New Jersey Democratic Senator Robert Menendez faces another federal investigation
Speaker 1: about five years after a trial on federal corruption charges
Speaker 1: and into a mistrial. Menendez advisor says Senator Menendez is
Speaker 1: aware of an investigation. However, he does not know the
Speaker 1: scope of the investigation. The probe is being conducted by
Speaker 1: federal prosecutors in the Southern District of New York. President
Speaker 1: Joe Biden warned Russias of Vladimir Putin that any use
Speaker 1: of a nuclear weapon would be an incredibly serious mistake.
Speaker 1: It comes as Russia says it carried out military exercises
Speaker 1: simulating a retaliatory nuclear strike. Meanwhile, former U s Special
Speaker 1: Representative for Ukraine negotiations and former Ambassador to NATO Kurt
Speaker 1: Volker talked about Russia's claims without evidence that Kiev's forces
Speaker 1: intend to use a so called dirty bomb. But what
Speaker 1: Putin is doing is he is trying to get inside
Speaker 1: the heads of leaders in the West to make them
Speaker 1: feel that this is too dangerous and we have to
Speaker 1: tell the Ukrainians to surrender somehow, give up territory, you know,
Speaker 1: concede to prouting something. Former NATO ambassador Kurt Volker spoke
Speaker 1: on sound on which hairs at five pm on Bloomberg,
Speaker 1: Iranian security forces opened fire on protesters. In the past
Speaker 1: forty days, thousands of people have taken to the streets
Speaker 1: to denounce the depth of a twenty two year old
Speaker 1: woman in custody of the country's morality police. She was
Speaker 1: accused of breaking iran strict dress code. State Department spokesperson
Speaker 1: Vendent Patel reiterated the u S efforts to support protesters
Speaker 1: in more than one hundred cities in Iran. The regime's ongrowing,
Speaker 1: violent crackdown, pervasive surveillance of citizens, and disruption of communications
Speaker 1: are the latest reminder of the Islamic Republic's flavor and
Speaker 1: disregard for the fundamental freedoms and human rights of Iranians.
Speaker 1: Spokesman Patel says Iran's leadership is facing a problem of
Speaker 1: its own making. With just weeks until the mid term elections.
Speaker 1: The second woman has come forward claiming that she got
Speaker 1: pregnant and then had an abortion paid for by Georgia
Speaker 1: GOP senate candidate Herschel Walker. Walker addressed Jane Doe's allegations
Speaker 1: during the campaign events, saying he is done with this foolishness.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists analysts more than a hundred twenty countries. Michael Barron,
Speaker 1: this is Bloomberg, Nathan, Thanks Michael, five O nine on
Speaker 1: Wall Street. Time for the Bloomberg Sports up tape. Prouty
Speaker 1: by Tri State Autie. Good morning, John stash alright, good morning, Nathan.
Speaker 1: The Knixer back this season with pretty much the same roster,
Speaker 1: with one except of the initiative Jalen brunts in the
Speaker 1: new Knick point guard on display at the Guard and
Speaker 1: twenty seven points, thirteen assists, seven rebounds, Nick's peach Charlotte
Speaker 1: one thirty four, one thirty one and overtime. They're up
Speaker 1: to a three and one start, worth noting they began
Speaker 1: last season five and one and still ended up being
Speaker 1: a down year, missing the cliff. The Nets are just
Speaker 1: one and three lost in Milwaukee one ten ninety nine
Speaker 1: too much. Jana's Sons of the Cup of forty three points,
Speaker 1: Kevin Duran had thirty three. Steve Nash got ejected for
Speaker 1: the first time in his coaching career. Lebron James had
Speaker 1: not started a season oh and four since his rookie
Speaker 1: year in Cleveland twenty years ago. Lakers are owing four
Speaker 1: they lost in tender. Rangers started three and one. They've
Speaker 1: lost their last four. I've score only five goals over
Speaker 1: those four games. Shut out at the Ubs Arena by
Speaker 1: the Islanders, Elias Aurokan, Kyle Palm Mary scoring twice the
Speaker 1: Aisles one three to nothing. Weake eight starts tonight at
Speaker 1: Tampa Bay, where Tom Brady and the Bucks are just
Speaker 1: three and four. They taken on Baltimore Giants. Look for
Speaker 1: US seven and one start Sunday and see. I had
Speaker 1: a lot of reasons for the Giants improvement. One is
Speaker 1: certainly Daniel Jones, having thrown only two in reception. I'm
Speaker 1: trying to make quicker decisions, trying to get the ball
Speaker 1: out of my hands as as soon as possible. I
Speaker 1: don't think that's any different from uh things I've done
Speaker 1: in the past. I think you know you're you're better
Speaker 1: at it every week and and I'm certainly better at
Speaker 1: it and I've been in the past. So uh, that's
Speaker 1: the goal for me, is it. Can you continue to
Speaker 1: be quicker and and uh make the right decision and
Speaker 1: get the ball in my hand? And Jones just named
Speaker 1: NFC Offensive Player of the Way hal Steinbrenner's first comment
Speaker 1: since the end of the season. The Yankees owner said
Speaker 1: he doesn't see the Yanks not keeping manager John snashowar
Speaker 1: Boomberg Sports John, Thank you. SFP futures are up seven
Speaker 1: points down. Futures up a hundred thirty eight. Nastec features
Speaker 1: are lower down twenty one points. Meta platform shares down
Speaker 1: nearly twenty percent on earnings. Bloomberg quick takes alex Web
Speaker 1: joins us next on Meta. This is Bloomberg and the
Speaker 1: Bloomberg Sports Report was brought to you by Audie. Don't
Speaker 1: let someone else drive off in the autie model you've
Speaker 1: always wanted. Visit your local Frice State autie dealer to
Speaker 1: get behind the wheel of yours today, or visit autie
Speaker 1: Offers dot com for more information, markets, headlines, and breaking
Speaker 1: new ones. Twenty four hours a day, at Bloomberg dot Com,
Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape. He's
Speaker 1: a Bloomberg Business flash and I'm fared. Moscow stocks are
Speaker 1: slipping in US Dock Index futures are pairing gains as
Speaker 1: traders digest a flurry of major earnings and prepare for
Speaker 1: another jumbo European Central Bank rate hike later today. We
Speaker 1: checked the markets every fifteen minutes throughout the trading day
Speaker 1: on Bloomberg Right now S and P futures they're up
Speaker 1: about eight points down. Futures at six and NASDACK futures
Speaker 1: are lower, down twenty five the decks in Germany's down
Speaker 1: four tenths of upper set. Can your treasury down fourteen
Speaker 1: thirty seconds? You had four point six percent in the
Speaker 1: yield on the two year four point four four percent
Speaker 1: nine x Screwed oil is little change this morning at
Speaker 1: eighty seven dollars eighty eight cents of barrel comax s
Speaker 1: gold is down about two tens of upper cent or
Speaker 1: two dollars ninety cents at sixteen sixty six. Forty announced
Speaker 1: the euro one point zero zero five zero against the dollar,
Speaker 1: British bound one point one f h two and the
Speaker 1: end one forty six point to three. I'm looking at
Speaker 1: bitcoin this morning, down six tens of a percent at
Speaker 1: twenty thousand, six hundred dollars. That's a Bloomberg business flash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Michael, good morning, Good morning, Karen. Russia
Speaker 1: carried out military exercises simulating a retaliatory nuclear strike, as
Speaker 1: President Joe Biden warned Vladimir Putin than any use of
Speaker 1: a nuclear weapon would be an incredibly serious mistake. Secretary
Speaker 1: of State Anthony B. Lincoln accused China of underminding the
Speaker 1: decades long status quo that has kept both nations from
Speaker 1: going to war over Taiwan, same Beijing was trying to
Speaker 1: speed up at seizure of the island. A second woman
Speaker 1: that's come forward claiming Georgia's Senate candidate, Herschel Walker paid
Speaker 1: for her to have an abortion. Walker denied the allegations,
Speaker 1: saying I am done with this foolishness. In the NBA,
Speaker 1: the next one in overtime over the Hornets one one.
Speaker 1: The Nets lost. In hockey, the Islanders blanked Rangers three zip.
Speaker 1: Thursday Night football, the Ravens take on the Buccaneers Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take, powered by more than twenty seven hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. How
Speaker 1: Michael Barrow, this is Bloomberg, Nathan, Thanks Michael. It's five
Speaker 1: nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Daybreak, and we continue to watch shares
Speaker 1: of Facebook parent Meta platforms. They're getting punished in the
Speaker 1: pre market this morning, down twenty percent on a disappointing
Speaker 1: revenue forecast. But maybe the shift away from Facebook for
Speaker 1: CEO Mark Zuckerberg the giving investors some indigestion this morning.
Speaker 1: Let's bring in Bloomberg Quick Take correspondent Alex Web for
Speaker 1: more on the Metal platforms story. Alex, good morning. Uh,
Speaker 1: this long term play towards the metaverse is a really
Speaker 1: untested bed, isn't it. Yes? And that is fundamentally what
Speaker 1: he's driving the shares down because from a sales perspective,
Speaker 1: Meta outperformed the market's expectations. Uh, it's the cost piece
Speaker 1: which is really driven them way down below expectations on
Speaker 1: on all the profit measures of there's a little bit
Speaker 1: on the outlook, which clearly is not good news, but
Speaker 1: you know that probably plays into it as well, because
Speaker 1: they're investing, of course, partly in the competing products to TikTok,
Speaker 1: but largely in this metaverse effort, which is hardware and
Speaker 1: software and a colossal lift for the company. Now CEO
Speaker 1: Mark Zuckerberg in the past has you know, come to
Speaker 1: investors and said, you know, be patient, We've got a
Speaker 1: long term strategy here. And in the past it's kind
Speaker 1: they paid off. When you think about how Facebook has
Speaker 1: been able to sort of copy the way it's competitors
Speaker 1: to do business and capitalize on that. Is this a
Speaker 1: different scenario though, for asking investors to be patient on
Speaker 1: the prospects of a of a whole new way of
Speaker 1: looking at the Internet. I think so because of the
Speaker 1: capital intensity. You know, when he was pivoting the company
Speaker 1: towards mobile as he did, you know, that's part of
Speaker 1: a decade ago. Yes, it was gearing everything the company
Speaker 1: did towards a particular product, but it was still a
Speaker 1: software product, right, It was still just changing the things
Speaker 1: you're already doing. This is an entirely new product. Category,
Speaker 1: and it is hardware, which costs a lot more to develop.
Speaker 1: The play is going to be a lot longer as well.
Speaker 1: You know, they're able to pivot to mobile in the
Speaker 1: space of a year or two. There's pieces of the
Speaker 1: technology in this. You know, when we think about a
Speaker 1: year ago, the presentation they gave when they announced the
Speaker 1: new name of Matter, and they showed all the things
Speaker 1: they want to be able to do in the metaverse. Well,
Speaker 1: most or certainly a lot of those things you cannot
Speaker 1: do just yet. The technology isn't there. Um, it's not
Speaker 1: something that the competitor could do either. So they are
Speaker 1: building towards something which remains somewhere away. Yeah, and in
Speaker 1: the meantime, they've got to count on advertising revenue to
Speaker 1: provide the underpinnings for this technology that could be years away.
Speaker 1: What are these earnings that we've just gotten say about
Speaker 1: the advertising environment for the tech sector more broadly, Well,
Speaker 1: it's not good. You know, We've seen plenty of other
Speaker 1: ad tech companies over the past few days, for past
Speaker 1: this earning season not post good numbers. If the fact
Speaker 1: that even Google, which is probably the most resilient to
Speaker 1: them all, is feeling the pain. Um, tells its own story.
Speaker 1: I think when you play that into the metaverse, you
Speaker 1: know one of the reasons Facebook is doing this is
Speaker 1: because they don't want to be beholden to the whims
Speaker 1: of their gatekeepers, who in this case of Google and
Speaker 1: Apple and Apple in particular, has made it a lot
Speaker 1: harder to track to use data from across different apps
Speaker 1: in order to measure add effectiveness. So if you own
Speaker 1: the hardware um the gateway essentially to your tech, then
Speaker 1: you're not beholding to those whims. If it makes that work,
Speaker 1: then has an advantage over Apple because you know, it
Speaker 1: can use the ads income to subsidize the cost of
Speaker 1: the consumer of the hardware, so it may be able
Speaker 1: to undercut Apple on price. But it has one significant
Speaker 1: disadvanced to Wrapple, which in that it doesn't have the
Speaker 1: millions of developers developing for its platform, which Apple does.
Speaker 1: And we're gonna get those Apple earnings of course later
Speaker 1: on after the closing belt today and Alex Weev of
Speaker 1: Bloomberg quick Take, thanks for this, really appreciate it. Karen.
Speaker 1: All right, Nathan, it is five twenty three on Wall Street.
Speaker 1: This is Bloomberg Daybreak, and now we want to bring
Speaker 1: you our interview with Credit Swiss CEO L Rick Kerner.
Speaker 1: Credit Swiss announced it's along awaited overhaul, unvailing, a plan
Speaker 1: that will see a multibillion dollar capital raise, curve out
Speaker 1: of the investment bank and thousands of job cuts. The
Speaker 1: restructuring will occur over the next three years. CEO L
Speaker 1: Rick Kerner talked to bloom Ex Francy in Laqua about
Speaker 1: the new plan and when the bank plans to be
Speaker 1: profitable again. This is, as you say, a big day.
Speaker 1: We are all there, that we are there, it's a
Speaker 1: big day also for all our people when we announcing
Speaker 1: now today what is basically new Credits and what is
Speaker 1: the new Credit Swizz. You know, it's a much simpler,
Speaker 1: more stable, much more focused bank going forward which will
Speaker 1: deliver sustainably profitable results to our shareholders. And what is
Speaker 1: very important, if we may add here, how we how
Speaker 1: we came here, so to say, we have a very
Speaker 1: hard look, you know, at the needs of our clients
Speaker 1: and designed everything around the needs of our clients. So
Speaker 1: what was your overarching theme? How did you come up
Speaker 1: with this plan? What was your reasoning? And getting here?
Speaker 1: Many different reasons. I think the as I said, the
Speaker 1: bank is slightly too complict ad it today. The bank
Speaker 1: has parts which are not profitable enough, as we all
Speaker 1: know from the shell to perspective, and that's why we
Speaker 1: came up with, you know, the need of taking very
Speaker 1: decisive affections in mainly three different areas. The one is
Speaker 1: radical restructuring off the investment bank. The second one is
Speaker 1: significant to do something costs going forward. As who I
Speaker 1: have seen and Sei Yes said, managers don't get results
Speaker 1: that are off the charts when their solutions are off
Speaker 1: the shelf. Learn how sci is operating platform can turn
Speaker 1: infrastructure into a competitive advantage At sc SC dot com
Speaker 1: slash tech Man, we're just about four hours away from
Speaker 1: the open of US trading. Let's get you up to
Speaker 1: date on the news you need to know at this hour.
Speaker 1: We continue to watch shares of Meta Platforms. This morning,
Speaker 1: they are downmost twenty percent after the company gave a
Speaker 1: disappointing outlook. It also revealed ballooning costs to fund its
Speaker 1: virtual reality project, the Metaverse. CEO Mark Zuckerberg pleaded patients
Speaker 1: on a call with investors, I think we're going to
Speaker 1: resolve each of these things over different periods of time,
Speaker 1: and I appreciate the patients, and I think that those
Speaker 1: were patient and invest with us to wind up being rewarded.
Speaker 1: Mark Zuckerberg says met his long term bets will pay off,
Speaker 1: but he didn't explain further. We'll stick you with the
Speaker 1: big tech, Nathan, we get too massive. Earning's reports after
Speaker 1: the bell today when Apple and Amazon report, and looking
Speaker 1: at Twitter, Bloomberg News has learned test last CEO Elon Musk,
Speaker 1: who's set to take over the company tomorrow, told employees
Speaker 1: he does not plan to cut seventy percent of staff,
Speaker 1: has previously reported. Bloomberg said. Ludlow has more he didn't
Speaker 1: explicitly rule out layoffs. Generally speaking, Um, he walked into
Speaker 1: the Market Street office carrying a kitchen sinker there, and
Speaker 1: I think that the joke was, this is really happening.
Speaker 1: We should all let that same in and Bloomberg said.
Speaker 1: Ludlow says Elon Musk will meet with staff tomorrow, when
Speaker 1: his forty four billion dollar deal to buy Twitter is
Speaker 1: set to close. Turning to markets this morning, Karen, futures
Speaker 1: are mainly higher as earning season continues. Notorious bear Mike
Speaker 1: Wilson says his team at Morgan Stanley thinks the downward
Speaker 1: trended US equities could conclude, so we're still bearish in
Speaker 1: the intermediate term. We don't think the bear markets over,
Speaker 1: but we do think this tactical rally is going to
Speaker 1: be big enough to try and pivot and trade it.
Speaker 1: Morgan Stanley Chief equity strategist Mike Wilson says that outlook
Speaker 1: could still change. Traders will also be watching economic data closely.
Speaker 1: We get a reading on third quarter US g d
Speaker 1: P at eight thirty am Wall Street Time. Well Over
Speaker 1: in Europe, Nathan Banks are in focus, with Credit Suites
Speaker 1: down more than twelve percent after posting its fourth straight
Speaker 1: quarterly loss. The bank also unveiled a massive turnaround plan
Speaker 1: that includes a multibillion dollar capital race, a carve out
Speaker 1: of its investment bank, and massive jump cuts. CEO al
Speaker 1: Rick Kerner spoke with us about the plans. We want
Speaker 1: to go through the transformation off the next three years
Speaker 1: with a very very strong capital base. It will become
Speaker 1: profited it definitely from twenty four onwards. CEO al Rick
Speaker 1: Karner says Credit Swite plans to be profitable again starting
Speaker 1: in and another note from overseas, Karen the European Central
Speaker 1: Bank is expected if it's main interest rate today to
Speaker 1: the highest level in more than a decade. Stay tuned
Speaker 1: for complete coverage of that announcement. It's coming up this morning.
Speaker 1: On Bloomberg surveillance. N SMP futures are higher, up four
Speaker 1: points this morning. Dow future is up one d sixteen,
Speaker 1: while NASDACK futures are lower, down thirties seven. The decks
Speaker 1: in Germany is down half percent now. Ten year treasury
Speaker 1: down fourteen thirty seconds, held four point oh six percent,
Speaker 1: and they yield on the two year four point four
Speaker 1: or four percent, and I'm ex screwed oils down to
Speaker 1: ten percent or sixteen cents at eighty seven dollar seventy
Speaker 1: five cents a barrel. Straight ahead, your latest local headlines
Speaker 1: plus the check of sports, and this is Bloomberg. Thanks
Speaker 1: Karen thirty three on Wall Street fifty degrees in Central Park.
Speaker 1: Heads up, we've got an overturned tractor trailer westbound eighty
Speaker 1: at exit thirty five in Rockaway. And Michael barrs here
Speaker 1: with more on what's going on in New York and
Speaker 1: around the world. Michael, thank you very much. Nathan Democratic
Speaker 1: Senator above and Ndez of New Jersey, who avoided conviction
Speaker 1: on corruption charges five years ago, is reportedly the subject
Speaker 1: of a new federal investigation. An advisor for the Senator
Speaker 1: Michael Soliman says Senatorman and As is aware of an investigation. However,
Speaker 1: he does not know the scope of the investigation, the
Speaker 1: word on what sort of alleged wrongdoing was involved. Russia
Speaker 1: carried out military exercises simulating a retaliatory nuclear strike, as
Speaker 1: President Joe Biden warned Vladimir Putin than any use of
Speaker 1: a nuclear weapon would be an incredibly serious mistake. Echoing
Speaker 1: Biden's warning of grave consequences, Secretary of State Anthony Blincoln
Speaker 1: spoke in an interview with Bloomberg, we haven't seen reason
Speaker 1: to change our own nuclear posture, but it's something that
Speaker 1: we're tracking very carefully, and we've also uh communicated directly
Speaker 1: and very clearly to to the Russians, to President Putin
Speaker 1: about the consequences that would flow from any use of
Speaker 1: a nuclear device. The Pentagon says the US had been
Speaker 1: notified that Russia would conduct the excess size and compliance
Speaker 1: with arms control obligations. This is all alive. That's the
Speaker 1: response from US Senate candidate herschel Walker to a second
Speaker 1: accusation from a former girlfriend who says Walker paid for
Speaker 1: her to get an abortion. Walker, appearing at the campaign
Speaker 1: stop in Dillard, Georgia, dismissed the matter as nothing more
Speaker 1: than a stunt brought on by his political opponents. He
Speaker 1: got crushed at a debate. Now the Democrats of Doist
Speaker 1: say whatever they even can win is by wind is
Speaker 1: the seat. But I was then to know they don't
Speaker 1: know horshell Walking, Walker added, I'm done with this foolishness.
Speaker 1: A judge ordered former White House Chief of Staff Mark
Speaker 1: Meadows to testify before special grand jury that's investigating with
Speaker 1: the President Trump and his allies he illegally tried to
Speaker 1: sway Georgia's results in the election. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than twenty seven hundred journalist and analysts and
Speaker 1: more than a hundred twenty countries. I'm Michael Barr, and
Speaker 1: this is Bloomberg n Thanks Michael on Wall Street. Time
Speaker 1: for the Bloomberg sports uthing, brought to you by Try
Speaker 1: State Outie. Here's John stash Our. Thanks to the Knicks
Speaker 1: who began their season with an overtime loss, had themselves
Speaker 1: an overtime win at the Garden against Charlotte Nicks. Led
Speaker 1: by twelve, then trailed by five with just over two
Speaker 1: minutes left. Jalen Brunson big three pointer and ot the
Speaker 1: nixt one one thirty four, one thirty one. Big night
Speaker 1: for Brunts in the new point guard scored twenty seventy
Speaker 1: at thirteen assists, seven rebounds. We're not playing our best
Speaker 1: and when we give up leads, how can we respond?
Speaker 1: And um, those are signs of good teams if you
Speaker 1: can do it consistently. I think we're gonna put ourself
Speaker 1: in position where we can be the best team we
Speaker 1: can be. But um, I think this is a good
Speaker 1: step for us. You definitely gotta continue about it. But
Speaker 1: this is what this is a good step after three
Speaker 1: home wins day, it will be tougher for the next
Speaker 1: tomorrow in Milwaukee Bucks or three and oh they just
Speaker 1: beat the Nets one nine nine. That's at a big
Speaker 1: second quarter, up twelve and a half and then outscored
Speaker 1: second half sixty seven to forty four. The second half
Speaker 1: is where Jana sent to the compost, scored thirty four
Speaker 1: of his forty three points at vas Arena. Islanders shut
Speaker 1: out the slumping Rangers three nothing, forty one saves for
Speaker 1: Ilias Surok and Kyle Palmary scored twice. The Rangers have
Speaker 1: scored only five goals in their last four games. NFL
Speaker 1: to Night Baltimore at slumping Tampa Bay Bucks just three
Speaker 1: and four. Tom Brady hasn't had a record like that
Speaker 1: since twenty years ago. In New England, the Patriots speaking
Speaker 1: to them visit the Jets Sunday. Pats have won the
Speaker 1: last twelve meetings. Mac Jones will reportedly be there starting
Speaker 1: QB despite getting bench the other Night Giants Sunday in Seattle,
Speaker 1: Giants has had two offensive linemen suffered knee injuries, but
Speaker 1: Nick Gates has been activated out since Week two last
Speaker 1: season when Gates suffered a gruesome leg injury that needed
Speaker 1: seven surgeries to the stay there with Bloomberg Scorre Wow,
Speaker 1: thank you John seven on Wall Street Time for the
Speaker 1: Tri State Business Report with Bloomberg's Denise Pellegrini Kempton's homes
Speaker 1: selling faster than ever A Princer Miller Samuel and brokerage
Speaker 1: Douglas Sulliman say properties in Posh Long Island beach towns
Speaker 1: listed for an average of only seventy days last quarter,
Speaker 1: down from nine d a year ago, and the median
Speaker 1: purchase price levitated at record highs. Inventory remained type Converting
Speaker 1: unwanted office space to residential won't be enough to solve
Speaker 1: New York City's housing shortage. North Wind Groups founder Randallias
Speaker 1: have telling BIS journals that means rental prices, especially in Manhattan,
Speaker 1: could keep rising. Connecticut furniture maker Ethan Allen out with
Speaker 1: quarterly learnings and beat estimates. Company says benefited from efficiencies
Speaker 1: and a higher backlog of orders, and the downturn in
Speaker 1: financial markets is hurting pension funds. In New Jersey, the
Speaker 1: Public Worker Pension Fund lost nearly ten billion dollars in
Speaker 1: market value in the year that ended in June, putting
Speaker 1: its value at about eighties six billion dollars. With the
Speaker 1: Bloomberg Try State Business Report, I'm Denise Pelaguini on Wall Street.
Speaker 1: Bloomberg Radio is on the air from San Francisco to
Speaker 1: New York, London to Hong Kong. Let's check in with
Speaker 1: our global news team for some of the top stories
Speaker 1: heard on our three hundred of fillion Radio stations around
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Speaker 1: Los Angeles. We're talking about the former Kanye West being
Speaker 1: escorted out of the California based headquarters of Athletic Shoemaker Sketchers.
Speaker 1: I'm Gina Servetti in for w b B. I'm in Chicago.
Speaker 1: I'm reporting that just in time for Halloween, more zombie
Speaker 1: foreclosures are stumbling onto the scene. I'm Stephen Carol on
Speaker 1: Bloomberg d a B Digital Radio in London. We've been
Speaker 1: reporting on credit sweets major overhaul plan, which was the
Speaker 1: raising four billion francs in New Capital. I'm Speligren and
Speaker 1: on w w J in Detroit. Board is trimming its
Speaker 1: profit outlook. Those are some of the stories our twentyd
Speaker 1: Bloomberg journalists and analysts are working on this morning around
Speaker 1: the world. It's five thirty nine on Wall Street. The
Speaker 1: following is an editorial from Bloomberg Opinion. This editorial was
Speaker 1: written by the Bloomberg Editorial Board. Last Sunday, in Beijing,
Speaker 1: Chinese President jj and Ping erased any doubts about the
Speaker 1: scope of his power, filling all the top of editions
Speaker 1: in the Communist Party with loyalists and enforcers. The move
Speaker 1: suggests China will prioritize ideology over the clear eyed, practical
Speaker 1: decision making that has enabled its stunning postmu economic rise.
Speaker 1: In dealing with this new China, the US and its
Speaker 1: partners would be wise to remember that the more flexible
Speaker 1: and realistic they are, the more effective they'll be. Above all,
Speaker 1: the US must keep seeking opportunities to limit confrontation with China.
Speaker 1: If Biden meets the Chinese leader at the G twenty
Speaker 1: summit next month in Jakarta, he should give him a
Speaker 1: better sense of what Chinese actions would elicit a friendlier
Speaker 1: attitude US China tensitions may now be unavoidable, but they
Speaker 1: shouldn't be uncontainable. This editorial was written by the Bloomberg
Speaker 1: Editorial Board. For more Bloomberg opinion, please go to Bloomberg
Speaker 1: dot com, slash Opinion or O P I n go
Speaker 1: on the Bloomberg terminal. This has been Bloomberg. You can
Speaker 1: hear Bloomberg opinion editorials every weekday at this time. Terminal
Speaker 1: customers can read more at O P I n go.
Speaker 1: SMB futures up four points. That's the end of a
Speaker 1: tenth percent down future is up a hundred sixteen. NASAC
Speaker 1: futures still lower, down thirty six points to drop of
Speaker 1: three tenths per cent. Andrew sheets of Morgan Stanley's with
Speaker 1: us next. This is Bloomberg. Bloomberg Sports is brought to
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Speaker 1: Quick Tape. He's a Bloomberg Business Flash and I'm Karen
Speaker 1: Moscow stocks are slipping this morning. U Stock Index futures
Speaker 1: are mixed as traders digestive flurry of made your earnings
Speaker 1: and prepared for another jumbo European Central Bank rate high
Speaker 1: later today. The Nazdak is lower as shares a meta
Speaker 1: platforms fall more than twenty percent in early training after
Speaker 1: it reported earnings. Right now, Nazdack futures are down thirty
Speaker 1: six points. SMP futures are up about four down futures
Speaker 1: up one fourteen the decks in Germany's down half percent,
Speaker 1: the ten your treasury down fourteen thirty seconds you at
Speaker 1: four point six percent. They yield them the two year
Speaker 1: four point four or four percent. NIMEX screwed oil little
Speaker 1: change at eighty seven dollars nineties cents of barrel, the
Speaker 1: euro one point zero zero three four against the dollar.
Speaker 1: That's a bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much. Russian President Vladimir Putin personally oversaw
Speaker 1: Moscow's first major nuclear drill since the innovatd Ukraine, simulating
Speaker 1: a massive nuclear strike. Mr n Allies Warren. Russia could
Speaker 1: use such an event as a false flag to blame
Speaker 1: Ukraine for an attack that OSCO carries out itself. The
Speaker 1: International Energy Agency says it believes global emissions will peak.
Speaker 1: In the group's annual World Energy Outlook report finds that
Speaker 1: the global energy crisis, triggered by Russia's invasion of Ukraine
Speaker 1: and the ensuing increase in kill prices are propelling investment
Speaker 1: in renewable energy in the NBA. The next one in
Speaker 1: overtime over the Hornets one, The Nets lost in hockey,
Speaker 1: The Islanders blanked Rangers three Zip Thursday Night Football, The
Speaker 1: Ravens take on the Buccaneers. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than twenty seven hundred journalist and analyst more than
Speaker 1: a hundred twenty countries. High Michael Barr and this is Bloomberg, Nathan.
Speaker 1: Thanks Michael. We're coming up to five forty nine on
Speaker 1: Wall Street Live from the Bloomberg Interactive Broker Studios. This
Speaker 1: is Bloomberg Daybreak. Let's take a closer look at this
Speaker 1: market now. For that, we're joined by Andrew Sheets, Chief
Speaker 1: Cross Assets Strategistic Morgan Stanley. Great to speak with you
Speaker 1: this morning, Andrew, on a week where we've seen tech
Speaker 1: shares in particular get hammered on earnings and we're seeing
Speaker 1: Nasdaq futures fall a little bit lower still this morning.
Speaker 1: Does this that further to wash out or could this
Speaker 1: be a buy opportunity now that tech shares have uh
Speaker 1: fallen so far? Yeah. Thanks, it's great to be with
Speaker 1: you this morning. So I think we are seeing an
Speaker 1: interesting shift in leadership within the market. You know, one
Speaker 1: of the concerns we have had on the US market side,
Speaker 1: A major concern in my colleague Mike Wilson, or US
Speaker 1: equity strategist, has been that earnings expectations are are too
Speaker 1: high in the market, and we do think that that's
Speaker 1: an adjustment process that needs to play out. But you know,
Speaker 1: I think it's also at the same time encouraging that
Speaker 1: we've been able to see other parts of the market
Speaker 1: continue to hold up better as these kind of old
Speaker 1: leaders of the market have seen more weakness. So you know,
Speaker 1: in the near term, we still think that there's a
Speaker 1: window for a little bit more tactical strength. But I
Speaker 1: think with different leadership than we've seen before, which leadership,
Speaker 1: do you think what's gonna start coming out on top now? Well,
Speaker 1: we still think that some of the defensive assets within
Speaker 1: defensive equity sectors can still perform well. We continue like
Speaker 1: healthcare as a sector that could benefit as the market
Speaker 1: looks ahead in the first quarters. He used, decelerating economic
Speaker 1: activity maybe starts to get a little bit more confident
Speaker 1: that the feed is getting closer to a terminal rate
Speaker 1: by the early part of next year, and you know,
Speaker 1: I think that could set the market up well for
Speaker 1: some continued preference in the defensive parts of the market.
Speaker 1: Do you think we're gonna see further evidence of that
Speaker 1: deceleration in the GDP numbers that come out this morning,
Speaker 1: or does the or does the feed need to see
Speaker 1: even more before we can start thinking about pivoting. Yeah,
Speaker 1: I think that's a great question. I we think they
Speaker 1: need to see more. You know, you still had pretty
Speaker 1: strong job gains, You've still had pretty robust economic activity.
Speaker 1: It's the data has been mixed. I think it's been
Speaker 1: holding up a lot better than UH investors would have
Speaker 1: expected a couple of months ago. And so you know,
Speaker 1: it might be into the early parts of next year
Speaker 1: where where the FED can really get a lot more
Speaker 1: confident that that deceleration is coming through. And again, you know,
Speaker 1: trying to marry up some of the micro and macro
Speaker 1: you know, our our stock analysts that are looking at
Speaker 1: you know, so the payments companies in the US, they're
Speaker 1: still seeing quite strong underlying activity there as people still
Speaker 1: spend on credit cards and the like. So you know,
Speaker 1: we don't think we're yet seeing enough that will allow
Speaker 1: the FED to back off just yet. How much more
Speaker 1: do you think the FED needs to see how much
Speaker 1: higher or potentially do market conditions need to get tightened
Speaker 1: before we start to think about the FED potentially making
Speaker 1: a move here. Yeah. So, so one of the key,
Speaker 1: you know, themes from our economists has been that the
Speaker 1: real economy might be more important to this pivot than
Speaker 1: the financial economy, that the so called FED put just
Speaker 1: really isn't in action for the equity market, and that
Speaker 1: the FED would would really only intervene if you start
Speaker 1: to see for the weakness and the investment grade credit market,
Speaker 1: much more weakness that we've seen already. So I think
Speaker 1: it is that real economy side that's going to be
Speaker 1: more important, and I think what we need to see
Speaker 1: there is, you know, more signs of weaker job growth,
Speaker 1: more months of non farm payrolls coming in a hundred
Speaker 1: under a hundred thousand, those types of things we think
Speaker 1: would make the set a little bit more confident that
Speaker 1: the rate hikes they've already done that are going to
Speaker 1: affect the economy in the future or maybe already starting
Speaker 1: to have that impact. But I think it's really focusing
Speaker 1: on on the hard data on the real side of
Speaker 1: the economy that we think is going to be most important.
Speaker 1: To that that downshift of FED action. Does that feed
Speaker 1: into the thesis from Mike Wilson that we could get
Speaker 1: that bottom a little sooner than the market has been thinking.
Speaker 1: I mean, if the Fed does wait a little longer,
Speaker 1: what what makes you think that the market could see
Speaker 1: them around the first quarter next year. Yeah, So some
Speaker 1: of this is based on the idea that the markets
Speaker 1: will lead the economy. And so if if economic data
Speaker 1: is troughing around to say the middle of next year
Speaker 1: or in the second quarter of next year, then I
Speaker 1: think there would be good historical precedent for you know, markets,
Speaker 1: you know, bottoming three to six months ahead of that,
Speaker 1: because the markets are anticipatory. And again, you know, this
Speaker 1: is a cycle where everything is seemed to play out
Speaker 1: incredibly fast. So you know, I think the idea that
Speaker 1: you could also have that emphasizing that trend. Thanks Andrew
Speaker 1: Great having gone with us this morning. Andrew Sheets is
Speaker 1: chief cross assets strategist at Morgan Stanley. Karen Well Nathan,
Speaker 1: it is five fifty three on Wall Street. It is
Speaker 1: time now for a legal story we're watching this morning.
Speaker 1: The criminal tax fraud trial of the Trump organization began
Speaker 1: this week in Manhattan with jury selection. Prosecutors claim the
Speaker 1: company routinely low ball that's tax exposure by paying senior
Speaker 1: executives with perks like company curs and rent free apartments.
Speaker 1: The company's former chief financial officer, Alan Weisselberg will be
Speaker 1: the reluctant star witness for the prosecution. For more, Bloomberg's
Speaker 1: Juran Grosso speaks to Bloomberg the legal reporter Greg Farrell.
Speaker 1: Trump has not been charged personally in the case, but
Speaker 1: it seems like his presence is looming over the jury selection.
Speaker 1: Are all the jurors being asked questions about their feelings
Speaker 1: toward him? Yes, June, absolutely, that's. In fact, the questionnaire
Speaker 1: that all the potential jurors had filled out had a
Speaker 1: number of questions that tried to elicit their feelings about
Speaker 1: Trump as a person as a politician. Then there's another
Speaker 1: set of questions that's interesting about whether or not you
Speaker 1: feel that corporations have an obligation to pay their fair
Speaker 1: share of taxes. So you can usually reverse engineer these
Speaker 1: questionnaires into what interests each set of lawyers had, And
Speaker 1: obviously the lawyers for the Trump Corporation wanted to see
Speaker 1: how deep the biases and I saw a clear example
Speaker 1: of it. All the jurors say to the question, can
Speaker 1: you render a fair and impartial verdict based on the evidence,
Speaker 1: And they all say yes to varying degrees of certainty.
Speaker 1: But one guy, it was clear that he was not
Speaker 1: a Trump fan. One of the lawyers for the Trump
Speaker 1: organization asked him, well, why do you think you can
Speaker 1: be fair then? And he said, listen, the guy's no morals.
Speaker 1: He's a criminal, he's a fraud, but he's caused so
Speaker 1: much damaged in such a large scale that something like
Speaker 1: this kind of a small potatoes I could be fair
Speaker 1: in that. So obviously he was struck from the panel.
Speaker 1: The prosecutors told prospective juror that the government star witness
Speaker 1: may be reluctant to answer questions. What is Weisselberg's position,
Speaker 1: he's not cooperating with the prosecutors, but he's testifying in
Speaker 1: this trial, so where's his good question? He is not
Speaker 1: necessarily cooperating with the d a's investigation of Donald Trump
Speaker 1: the person. However, once a last minute attempt to get
Speaker 1: this case thrown out in early August failed and it
Speaker 1: was going to go to trial, you know, he did
Speaker 1: the math and made a very rational decision, and he
Speaker 1: and his lawyers reach to deal with the d A's office.
Speaker 1: If I plead guilty to the charges you've been filed,
Speaker 1: can you cap my jail time at five months? And
Speaker 1: the prosecutors agreed to it, and as part of that agreement,
Speaker 1: he has to testify truthfully at trial. So there's a
Speaker 1: bit of risk here for the d a's office. However,
Speaker 1: if Weislberg abides by that and testifies truthfully and he's
Speaker 1: asked about whether or not any of these perks went
Speaker 1: to Trump family members. You know, A, I think they'll
Speaker 1: be able to prove that because they have the documentation,
Speaker 1: But B who knew about it? And did the recipients
Speaker 1: know that this is something that probably would cause problems
Speaker 1: on taxes? That is probably going to be the most
Speaker 1: interesting part of the trial, his testimony and that fine
Speaker 1: line that he's trying to straddle between not cooperating against
Speaker 1: Donald Trump because he's not been cast out of Trump
Speaker 1: Land yet and because he's on leave ABS and I
Speaker 1: think Trump is paying his legal bills. So it's a
Speaker 1: very delicate dance. It's not a simple plea deal with cooperation,
Speaker 1: and that's Bloomark Legal reporter Greg far Else beging with
Speaker 1: Bloomberg Student Grass. So catch more of that interview, plus
Speaker 1: analysis of the latest legal news by subscribing to the
Speaker 1: Bloomberg Law Podcast or downloading this show at Bloomberg dot
Speaker 1: com slash podcasts. Attorneys can find exceptional legal research and
Speaker 1: business development tools at Bloomberg Law dot com and on
Speaker 1: the Bloomberg terminal at the Law Go and futures this morning, well,
Speaker 1: let'sten P futures are now little change. DAL futures are
Speaker 1: up a hundred NASDAG features are down fifty year, being
Speaker 1: led lower by companies including Meta Platforms, which is falling
Speaker 1: about twenty percent in early training after reporting earnings. Ten
Speaker 1: year treasury down fourteen thirty seconds. You old four point
Speaker 1: six percent and they yield on the two year four
Speaker 1: point four four percent, and Bloomberg day break continues. This
Speaker 1: is Bloomberg