Bloomberg Daybreak: April 21, 2022 - Hour 1 (Radio)

its biggest tourist attraction, balt Disney World. I'm Michael barr More a half, I'm done stage and force the next bloo up. Big Ley lost Game two in Boston, the Yankees one in Detroit. The Mets lost for the Giants.

That's all straight ahead on Bloomberg day Break on Bloomberg Eliven Frio, New York, Bloomberg one, Washington, d C, Bloomberg one or six one, Boston, Bloomberg nine sixties, San Francisco, Syrius, Hexam one nineteen and around the world on Bloomberg Radio dot Com and via the Bloomberg Business add And Good Morning. I'm Nathan Haggart and I'm Karen Moscow. US DOT Index futures on the rise this morning, led by technology shares. We are coming up to five o one on Wall Street.

We checked the markets every fifteen minutes throughout the trading day. On Bloomberg. Right now, SNP Future is up thirty six points to own Future is up two hundred thirteen and NASDAK futures up one hundred sixties seven. And right now the ten year Treasury is down nine thirty seconds. They yield at two point eight six percent. They yield on the two year two point six one per cent, And NIMEX scrude oil is up one percent or a dollar

three at a hundred three dollars twenty two cents of barrel. Nathan, all right, Karen, thanks, we'll have more on the markets just a minute. First, it may be a major development in the war in Ukraine. Russian President Vladimir Putin now says his forces have taken the key port city of Mariopol. Let's get the latest now from Amy Morris in our Bloomberg news room in Washington. Russia's defense minister says more than two thousand Ukrainian troops remain hold up in the city.

Putin is calling on them to surrender. This as the US imposed fresh sanctions on Russia while preparing to send another eight hundred million dollars in weapons to Ukraine. Treasury Secretary Janet Yellen and others walked out of a group of twenty meeting as Russian officials began addressing the gathering. Russia meanwhile, test fired a new intercontinental ballistic missile, but Pentagon Press Secretary John Kirby says Russia told the US about that test ahead of time, and he doesn't consider

it a threat. In Washington, I'm maybe Morris Bloomberg daybreak, all right, Amy, thank you about turning to the pandemic. Now. The Florida Chord ruling that put US stop to mask mandates in the air will be appealed, and Bloomberg said, Bachter has that story. The CDC has come out saying that current conditions warrant the mask mandate remain in place. The wording it is c DC's continuing assessment that at this time, in order requiring masking in the indoor transportation

corridor remains necessary for the public health. C DC believes this is a lawful order well within CDC's legal authority to protect public health. Now, remember, the Biden administration has said that if the CDC made that determination, it would appeal. The d o J has said it is ready to move forward. In San Francisco, I'm at Baxter Bloomberg Daybreak, All right, ed? Thanks. In China, President Shi Jinping is defending his country's reliance on lockdowns to fight COVID despite

mounting economic woes. We need to work together to defend people's lives and health. Safety and health all the perrequisite for human development and progress. Speaking through an interpreter, Chinese President Hijin Ping reaffirmed the underlying goal is to minimize deaths. Well.

Turning to the markets now, Nathan shares a Tesla up seven percent early trading following a strong earnings report from Elon Musk's electric vehicle Giant, and we get the latest live from Bloomberg's Ready to Young, Good Morning, Ready to Good Morning Care and Tesla's reporting a record profit for Q one, boosted by strong demand for its electric fee equals and despite industry wide supply chain challenges for key

components like semiconductors and higher prices. CEO Elon Musk says Twitter should be Tesla should be able to make up for any production shortfalls. He predicts the company is on track to expand production to more than one point five million vehicles this year. That's compared with about nine thirty six thousand deliveries last year. He said on a conference call yesterday, quote, we may pull a rabbit out of

the head. Live in New York. I'm really need a young Bloomberg day breaking all right, We need to thank you right there next to Tesla in the pre market. Shares of United Airlines also up seven per cent, as Bloomberg's Charlie Pellett reports, the airline expects to be profitable this year. CEO Scott Kirby says the demand environment is the strongest it has been in his thirty years in

the industry. United joins rival Delta and projecting a return to profitability even as the industry grapples with dramatically higher fuel costs. Carriers have been hopeful this year would mark a rebound from the pandemic slump before the rising expenses and a brief surge in the COVID nineteen omicron variant disrupted operations in recent months in New York. Charlie Bloombird day break. All right, Churley, thank you what we are seeing.

The fallout continue this morning from the massive selloff and Netflix shares. Billionaire investor Bill Ackman lost more than four hundred thirty million dollars on a three month bet on a streaming company. Ackman's Perishing Square Capital Management sold its Netflix steak after the company reported an unexpected drop in customers. Shares plunged thirty five percent yesterday. Right now, shares are

down about another one percent in early training. Okay, turning to the economy now, Karen J. Powell will have one of the final words on the Central banks policy outlook before the FED enters its traditional blackout period. Powell speaks later today before an International Monetary Fund panel. The fed's next policy decision comes on May fourth. Meanwhile, Nathan San Francisco FED President Mary Daly is speaking out in the future of interest rate. She says Central Bank should raise

raised to neutral by the end of the year. Moving purposefully to a more neutral stance that does not stimulate the economy that is clearly demonstrated it can self sustain is a top priority. And this is where the question of timing comes in how quickly should we get there, so accounting for the risk of being too fast or too slow, I see an expeditious march to neutral by the end of the year as the prudent path and San Francisco FED President Mary Daily made the comments at

an economic conference in Las Vegas. Well, despite the rise in inflation and interest rate hikes Karen. Bank of America CEO Brian moynihan says, the consumer is holding up well. They have more money to spend, and they aren't borrowing on alliance. The credit card bowsers still twenty billion of all that, says there's a lot of dry powder on the consumer side. So that's the tension. So that's the goodness.

I don't know what they say and worry about, but I can tell you on a given day, they're spending money and engaging the economy. Bank of America's CEO Brian moynihan made those comments in an interview with Bloomberg's David Weston. You can hear more of that conversation. We haven't coming up for you in just about ten minutes. Right now, SMP futures are up thirty two points. Stouth features up

a hundred eighty two. Nastack futures are higher by a hundred fifty two points and the tenure treasuries down nine thirty seconds, with a yield of two point eight six percent. Local headlines and a check of sports. Next, this is Bloomberg the South five oh seven on Wall Street where forty six degrees in Central Park, already dealing with an accident and overturned tractor trailer on the northbound New Jersey Turnpike bags at seven A. Details coming up in traffic.

First Michael Barr with more on what's going on in New York and around the world. Good morning, Michael, Good morning Nathan. Today New Jersey begins selling legalized pot, but there will still be a minority of people for whom cannabis remains off limits the police, Jersey City Mayor Steve fullap these guys are carrying weapons and they need to be able to have a good judgment at all times

in the community to feel comfortable with that. So we're gonna make the rules that are in the best interest of our community here, Jersey City Mayor Steve fullip As the a E c LU will start expunging hundreds of thousands of pot related records for people across the state. A decade's old relationship between Florida and one of the world's biggest companies is in danger of coming to an end. Governed around the Santist is asking the legislature to terminate

a deal with the Walt Disney World. The Santists says the Walt Disney Company had no right to criticize what critics call Florida's don't Say Gay law. The Florida Senate has passed to build a repeal of law allowing Walt Disney World to operate as a private government over its properties in the state. A man, his dad, and a police officer critically injured in what police say was a gun investigation arrest gone bad just north of New York City.

Authorities say three people police were following ducked into a small grocery store Yonkers, New York Police Commissioner John Mueller says the officers then went inside. One of the suspects attempted to push past one of our detectives, a Yonkers detective, and when our Yakers detectives sh him back, um it appears that he fired one shot at our detective. Y Ankers Comissioner. Mueller says the officer lost a tremendous amount of blood, but thankfully he is going to be okay.

The alleged gunman was shot and killed by one of the other officers. French President Emmanuel mccron last night strongly attacked as far right election challenger Marine Lapin for her links to Russia. Through an interpreter, mccron claimed that by taking out a loan from a Russian bank, Lepin had made her self dependent on Russian power. Why did you

do it? And I say this with great gravity tonight because for our country this is bad news, because you depend on the Russian power and you depend on Mr Putin. In the debate ahead of Sunday's election runoff, Lapin insists the French will be better off on purchasing power and security under her rule. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven under journalists and analysts more than

a twenty countries. Michael barn this is Bloomberg, Nathan, Thank you, Michael. Coming up to five ten on Wall Street time for the Bloomberg Sports up Take. Good Morty, John Morty Nathan. The Nets Game two in Boston able to build up a seventeen point lead, not because of their stars. They were led by the likes of Bruce Brown, gore On Dragic, and Seth Curry. When the Celtics caught up in the fourth quarter of the game was on the line, the Nets looked to their stars and they failed. On Kevin

Burran shot four for seventeen. He's thirteen for forty one in the series. Kyrie Irving, who had a brilliant game one, shot four for thirteen. Together they were one for seventeen in the second half. Celtics one on fourteen, one oh seven lead the series to nothing. Here's Kyrie, just gotta be better moving forward, coming out of that that halftime and knowing that when we have the lead and against a good team or great team like Boston, we just

gotta take advantage of its expected. Irving booed by Celtics fans every time he touched the ball. Game three Saturday night at the Barkley Center, Philadelphia won and overtime at Toronto, lead that series three noth in Chicago wanted Milwaukee to tie that series at one. Another cold night in Detroit, another Yankee win by two runs, this time five. The three home run for Anthony Rizzo his fourth. Isaiah kinder Felifa has come on since the slow star his RBI

single seven. Then he gave the Yanks the lead back after the Tigers had tied at three hits for Detroit's Miguel Cabrera. He needs one more for three thousands in his career. City failed Giants a quick start three runs of the first Thing you Know, Chris Bassett. They went on to beat the Mets five to two. Both the Mets and Yankees have day games today. Surprising news from college basketball, Jay Wright, only sixty years old, but retiring after twenty one years at Villanova. He coached before that

at Amstra. Villanova has already named as rights replacement Kyle Neptune from hern Nova assistant just finished his first year at Fordham John's Dash Award Bloomberg Sports Nathan all Right, John, thank you right now. SMP futures are up thirty three points down futures up a hundred nine three. Nasdaq futures higher by a hundred fifty seven points. The tenure treasury is down nine thirty seconds. The yield two six percent.

Yield on the two year two point six one. This is Bloomberg Bloomberg Day Break, brought to you by the New York Community Trust. Your name will live on as a champion of the causes you care about for years to come through a charitable request to the New York Community Trust. Learn more at Philanthropist dot NYC. Markets headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business Atland at Bloomberg Quick Tape.

This is a Bloomberg business lash and I'm Camra in Moscow. US DOT Index futures on the rise this morning as a strong start to the earnings reporting season, easiest fears of a recession in the world's largest economy. A sell offen Treasury is resuming with a debate ranging around whether inflation is peaking, and we checked the markets every fifteen

minutes throughout the trading day on Bloomberg. Right now, S and P futures are up thirty three points down, futures at one undred ninety five NASDACK futures have one hundred fifty four the decks in Germany up one percent, CAT in Paris up one point four percent, and the foot see one hundred is lower down a tenth of upper set k to twenty five in Japan gained one and a quarter percent, while the Hanks sing in Hong Kong

was down one at a quarter percent. Ten year Treasury down twelve thirty seconds yield two point eight eight percent. That yield on the two year two point six two percent. Nine Max screwed oils up one percent or a dollar three at a hundred three dollars twenty two cents of Barrel Comics gold down half percent or nine dollars fifty cents.

A nineteen forty six ten announced the Euro one point nine two three against the dollar, British pound one point three zero six zero, the ends at one twenty eight point one three and bitcoins higher up one point one percent at forty one thousand, nine hundred dollars. Today we are watching for the weekly report on initial jobless claims at at eight thirty Wall Street Time. Leading indicators out at ten snap, an, A, T, and T among companies

schedule to report earnings today. That's a Bloomberg business flash. Now here's muncle bar with more I'm less going on around the world. Michael, good morning, Good morning, Karen. President Vladimir Putin said of Russia has taken control of Ukraine's Mariupol. However, a massive steel plant which Putin ordered blockaded, was not stormed. More than two thousand opposing troops remained hold up in

the industrial complex in the strategic Southern Ports city. Meanwhile, the US officials as President Joe Biden is planning to send additional military aid to help Ukraine fight the Russian invasion. The World Health Organization says that the number of reported new COVID nineteen cases worldwide decreased by nearly a quarter last week. That means there's been a decline in reported

infections since the end of March. Meanwhile, the Florida court ruling that put A stopped mass mandates will be appealed by the Justice Department. In the NBA playoffs, the Celtics beat the Nets one fourteen one oh seven to take a two games to ZIP lead in their series MLB Action, the Yankees won, The Giants beat the Mets five to the Red Sox lost the Orioles shut off the A's

one ZIP. In the NHL, the Capital's lost to the Golden Knights in overtime for three Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan Our Michael, thank you. It's five twenty on Wall Street Live from the Bloomberg Interactive Broker Studios.

This is Bloomberg Daybreak. Good morning. I'm Nathan Hagar. Bank of America reported better than expected earnings this week, and the bank's CEO, Brian moynihan says the American consumer is doing well even with inflation and interest rates on the rise. In an interview with Bloomberg's David Weston, moynihan said that his economic outlook is bullish and he trusts the Fed

to bring inflation down. Our core estimate for GDP growth United States for the by Canadas, Browning Plat and our research team, which is one of the best of the businesses three point three percent for twenty two and one for next year. And that includes signific get rate rises

by the Fed. And so there's a belief there that the the Fed gets it right, that they have a soft landing, the engineer returned to trade and growth as is saying we go there out is there's debate around that, and well, they have to engineer a harder landing just because the amount of inflation and system has to be

pulled back. But what is different this time, and say the last rate cycle where they moved up in in eighteen nineteen range is even though unemployments down and it's down at that point nineteen, wages were growing as fast. Wages are growing very fast. At that point, customers had money and accounts, but not like they have today because

of all the stimulus dollars. And at that point, you know, frankly, you know, businesses were at the long end of a major recovery tenure recovery one longest ever if we remember talking about it before the pandemic. So the thing was sort of long in the tooth. Now it's almost like a restart due to the fact that you had the pandemic, the pull back business closures, and you're coming back out of a ton of stimulus. So that's that's the two ways to think about. So there's gonna be a tug

of war and his little tension. But is the market says, don't fight the FED. As I said yesterday, I wouldn't fight the American consumer because what we see in our customer base. So I'm happy to talk more about, David if you want, is tremendous customer activity by the bank American customers, which is our fifty million strong. So the very strong labor market. What about the housing market? Because I saw that in your first quarter report returns you

actually were down a little bit in residential mortgages. Should we be concerned about that? Particularly as rates go up? I suppose people are less likely to borrow money to buy a house as rates go up. You know, obviously the cost of a mortgage goes up. If you take a two mortgage and rates go up one percent is two thousand dollars more a year divided by twelve. You

could do the math, and so it affects affordability. But the reality is people sort of make a mistake and think about the refive market is being a major contributor economy. It it happens, It helps people get a little lower payments. That's good because they have more cashful What drives the housing economy is construction. And if you just look at the housing numbers this week. There's still a lot of starts going on. There's still a lot of demanding housing.

We still have a housing built housing shortage, both in the multi family and the single family in many areas. You know, when we look with our CEO colleagues in Charlotte, we see tens of thousands of units of of workforce housing need to be built. When we look with our CEO colleagues and Boston, we see the same thing. They see the same thing in New York. So there's a lot of demand for housing because of just the natural way things are working. And I will hold the housing

market up. Now, was it growing pretty fast price wise? Yes? Well that slow down potentially, yes, But remember it's growing it three or four times and normal rate it usually grows a So I think everything ebbs and flows, and that's what the FED will try to work on cooling down with the rate hikes. But remember the underlying economic activities building those houses, and that still has a lot of room to go. Let's talk about inflation. How are

you seeing that expressed in economic activity? I mean it can have expressial self in compressed margin ratios for companies, for example, even in demand to structure people buying less things. Are you seeing that We're not seeing people buy less things yet because frankly, because of some of the shortage, is any any price is fine, so they're willing to

pay the price. The transaction volume of of our customers activities going up seven eight percent, the dollar volumes going up higher, and that that means if some of that's just price increases. So corporate world is making good profits. They're passing through when they can, and you're seeing that some of the corporate earnings, it will be a very interesting earning season. But they're out either handling the shortages

and they're handling the inflation. It canick go on forever that way, and that's why the Fed has a job to bring the inflation back in line because that kind of spiral is not healthy. But it takes rapid movement to get more efficient and rapid movement to move price and then with more wages, people can pay the prices and doing the things. And that was Bank of America's CEO Brian moynihan speaking with Bloomberg's David Westing. You can

catch their entire interview. We have it for your online at Bloomberg dot com Right now, SMP futures are moving higher. They're up thirty four points now features up two hundred four NASTACK futures up a hundred fifty seven points. The ten your Treasury is down eleven thirty seconds. The yield two point eight seven percent. Yield on the two year right now just shy of two point six two percent. Stay with us listening to Bloomberg Daybreak Bloomberg eleven three

oh weather. More clouds than sun today, cool with highs in the upper fifties. Will be in the upper sixties tomorrow with sunshine partly sunny, low sixties for Saturday. Right now forty six in Central Park, Broadcasting live from the Bloomberg Interactive Broker Studio in New York. Bloomberg Eloving Freedom to Washington, d C. Bloomberg to Boston, Bloomberg one oh six one to San Francisco, Bloomberg Nome sixty to the country, Sirius xm Chan one nine and around the globe the

Bloomberg Business in Bloomberg Radio dot com. This is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. I'm Nathan Hagar and I'm Ferre at Moscow we are just about four hours away from the open of US trading. Let's get you have to date on the news you need to know at this shower, we begin with the war in Ukraine, where Russian President Vladimir Putin says his country has taken control of a key poort city of Mario Pole as it continues it's offensive in the east and south.

Ukraine's president vladimir's Lensky, he said the situation remains severe in Russia. Meanwhile, test fired a new intercontinental ballistic missile Wednesday. A day earlier, Pentagon spokesturce In John Kirby addressed the current status of Russia's nuclear weapons, arsenal and the defense capabilities of the US. We are actively monitoring every single

day and even today. The Secretary remains comfortable that we have an appropriate strategic deterrent posture in place, and Pentagon spokesperson John Kirby released a statement Wednesday saying the US knew the missile test was happening and did not deem it a threat. Let's stay in Washington, Karen. The CDC has asked the Justice Department to appeal. A judge is ruling that throughout the mask requirement for planes and other public transportation that sets up a court battle over the decision.

D o J said earlier this week it stood ready to appeal that. Turning to the economy now Federal Reserve chaired your own, Powell will speak publicly for the final time before the FEDS blackout period, which starts Friday at midnight. Powell may reinforce bets to FED will raise interest rates half a point next month. Powell will speak at an event Thursday before taking part in a panel hosted by the International Monetary Fund alongside several policymakers, including European Central

Bank President Christine Lookard. Turning the market, Snowcare and shares of Tesla are up seven percent in early trading following a robust earnings report. Let's get the latest life from Bloomberg's Ornita Young. Good morning, Granita, Good morning Nathan. Tesla's reporting a record profit for Q one, boosted by strong demand for its electric vehicles and despite industry wide supply chain challenges for key components like semiconductors and higher prices.

CEO Elon Musk says Tesla should be able to make up for any production shortfalls so to help mitigate the effect of all that the company has been raising vehicle prices and must predence predicts Tesla's on track to expand production by more than one point five million vehicles this year. That's compared with about nine thirty six thousand deliveries last year. Live in New York, I'm gonned a young Bloomberg daybreak.

All right, we need it, thank you, And after reporting disappointing earnings, Netflix plunge to thirty percent Wednesday shares are currently down more than half percent in early trading. Futures are higher this morning right now. S and P futures are up thirty three points. Staff futures of a hundred three Nasdack futures up a hundred forty six. Hands straight to had your latest local headlines plus a check of sports.

This is Bloomberg. Thanks Caring. Three on Wall Street, forty degrees in Central Park, still dealing with an overturned tractor trailer on the north bound New Jersey Turnpike. Gigs at seven A details coming up in traffic. First Michael Barr with more on what's going on in New York and around the world. Michael, thank you very much. Nathan, New Jersey begins legalized recreational pod sales today. Amy call of the a c l U says the law also has a reach back effect to when it used to be illegal.

After decriminalization was signed into law, of our courts started the process of expunging over three D sixty marijuana related records for people across the state. Amy Cancello with the a c l U. Meanwhile, legal pot is off limits to police officers. With COVID cases spiking across the country and hospitalizations in the Northeast up by twenty five percent over the last seven days, New York is keeping its masked mandate in play at JFK and LaGuardia and on

public transit. Governor Kathy Hocle we're not panicking about this. We're not changing, but we also want to make sure that we're heart so smart about this, Governor hole. A suspect is dead and a police officer critically injured in what police and Yonkers say it was a gun investigation arrest gone bad. Yonkers Police Commissioner John Muller said cops were following a lead when they are Three suspects ducked into a bodega when police followed them into the store.

Mueller said is one tried to flee and shot the detective. He was shot once in the in the stomach. He has damaged to his uh colin, his intestines, and his kidneys. Commissioner Mueller says the suspect was shot and killed by another officer at the scene. The Florida Senate has passed bill to repeal the law allowing Walt Disney World to operate as a private government over its properties in the state.

The Republican controlled chamber approved the bill, esculating a feud with the entertainment giant over its opposition to what critics call the Don't Say Again and law. The proposal could have huge tax implications for Disney, whose series of theme parks have over the decades transformed Orlando into one of the world's most popular tourist destinations. The Florida House of

Representatives is expected to take up the bill. Today Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than journalists and analysts more than a hundred twenty countries. Michael Barr, this is Bloomberg Naken. Michael, thank you on Wall Street Time for the Bloomberg Sports Update. Here's John Stenshower. Thanks Nathan. The Nets coming home after two losses in Boston. They certainly could have won both games.

Lost the series opener at the Buzzer and led game too by seventeen points, never trailed until the fourth quarter when the Celtics had a run of twenty three to four in Boston. Wanted one fourteen one oh seven. The Nets are not going to win when they're two stars struggle and Kevin Duran and Caybrie irving together in the second half shot one for seventeen. Katie also had a

subpart Game one. He was asked how the Celtics aren't defending them playing two or three guys only sometimes on loft the ball, they you know, mocking up actions when I run. All stuff is, let's see Horford leaving his man to come over and hit me some time, and they're just playing two or three guys hit me and wherever I go, you know, And that's just the nature of the Beast. In the playoffs three Saturday night at Barkley's, Philadelphia won and overtime at Toronto to go up three nothing.

Chicago won at Milwaukee to tie up that series. In the Bucks lost their second best player, Chris Middleton, to a knee injuring. Mets starting pitching has been so good. Not last night at City Field, Giants got to Chris Bassett, three first inning runs of Brandon Belle homer and the second Mets shutout until the seventh, and the Giants won five to two. Day game today, Yankees, having matinee in Detroit,

Yanks go for the sweep. They won five to three, five strong, getting from Luis Severino home run for Anthony Rizzo, go ahead RBI single in the seventh by Isaiah kind Of Filefa Jay Wright. It's twenty two years ago left Hofstra for Villanova and then coached the Wildcats at two national championships, retiring at age sixty. Villanova is replacing right with Fordham coach Kyle Neptune, who until a year ago

had been a right assistant at Villanova. John Stashward Bloomberg Sports, Thank you John seven on Wall Street time for the Tri State Business Report. Here's Bloomberg's head Cory. New York City residents at more than three thousand buildings can breathe a sigh of relief now that workers have struck a

labor deal, ending the possibility of a strike. More than thirty thousand Dorman superintendents and other building employees have negotiated a new contract with the Realty Advisory Board on Labor Relations. A union bidding to represent Amazon workers at a New Jersey facility has withdrawn its request. Local seven thirteen of the International Brotherhood of Trade Unions filed the petition last week seeking to represent two workers in an Amazon delivery

station in Bayonne. Two environmental bills are about to take effect in New Jersey, causing major changes in the way restaurants operate. A ban on plastic bags and foam containers and new regulations for takeout containers so forced restaurant owners to buy more expensive environmentally friendly products that you Bloomberg try State Business Report. I'm d Corey. Thanks on Wall Street. Bloomberg Radio is on the air from San Francisco to

New York, London to Hong Kong. Let's check in with our global news team for some of the top stories heard on our three hundred affiliate radio stations around the world. On Steve Cootas got on Chenchen Wins in New York. We're talking about how it looks like there has never been a better time to be a graduating college student. Um Courtney Donahoe on CAERL Dan Dallas United Airlines as forecasting or returned to profit this year. It's more people fly.

I'm kline had complete DAB digital radio in London. Or reports on Bois Johnson, who appears on track to lead his Conservative party at the next general election despite being the first sitting prime minister found to have broken the laws. I'm ad Corey on w A t AM in Cleveland. I'm reporting Abbey and formerly known as Polly One is buying DSM protective material. And those are some of the stories our twenty seven hundred Bloomberg journalists and analysts are

working on this morning around the world. It's five thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion. No one can doubt President Joe Biden's commitment to clean energy. Unfortunately, his agenda faces a challenge rarely mentioned by climate activists. Excessive regulation state and federal rules are impeding progress on crucial win nuclear and energy transmission projects.

Such hold ups are more than a nuisance. They waste tax dollars, raise construction costs, and all too often discourage new ideas. Worse, by delaying the switch to cleaner alternatives, they only add to total greenhouse gas emissions. A government that views climate change as an existential threat in the present's words can't tolerate such gridlock. A zero carbon economy won't materialize by magic. It will take immense effort, foresight and fresh thinking a good place to start as this.

When it comes to green energy, red tape is the enemy. This editorial was written by the Bloomberg Opinion Editorial Board. I'm David Shipley. For more Bloomberg Opinion place called to Bloomberg dot com, slash opinion or op and go on the Bloomberg terminal. These has been Bloomberg Opinion. You can hear Bloomberg opinion editorials every weekday. At this time terminal customers can read more at op I n go right now.

SMP futures up thirty points, staff futures up add eighty four Dastack futures are higher by a hunt at thirty two points. The tenure treasury is down down eleven thirty seconds. The yield two point eight seven percent yield on the two year two point six one TESLA shares continue to rise in the pre market, up six and a half percent after the positive quarter can Elon Musk keep it up, Dan,

i'ves of wed Bush with us. Next. This is Bloomberg Bloomberg eleven three oh weather more clouds than sun today his near sixty degrees. We'll get up to near seventy tomorrow under sunshine. It will be partly sunny, low sixties for Saturday. Right now forty six degrees in Central Park markets. Headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg

Quick Tape. This is a Bloomberg Business flash and I'm Karen Moscow us Knock Index futures on the rise this morning as a strong start to the earnings reporting season eases fears a recession in the world's largest economy, a sell off in a Treasury's resuming with a debate ranging around whether inflation is peaking. And we checked the markets every fifteen minutes throughout the trading day on Bloomberg Guess

and P futures up thirty points this morning. Down futures up a hundred eighties six Nasdack future is up a hundred thirty two the decks in Germany up one point to percent. Tenure treasury down nine thirty seconds, yield two point eight six percent. The yield on the two year two point six one percent. Name X screwed oils up one point two percent, up a dollar twenty three and a hundred three dollars forty two cents in barrel. And that's a Bloomberg business flash. Now here's Michael Barr with

more on what's going on around the world. Michael Karen, thank you very much. President of Vladimir Putin declared that Russia has seized Ukraine's Maryuple, even as his defense ministers said more than two thousand opposing troops remain hold up and an industrial complex in the strategic southern ports city. Putin and a televised meeting says taking control of such an important center in the South as Maruple is a success.

In the NBA playoffs, the Celtics beat the Nets one four teen one O seven to take a two games to ZIP lead in their series. In MLB, the Yankees one, the Giants beat the Mets five to the Red Sox lost. The Orioles shut out the A's one ZIP in the NHL, the Capitol's lost to the Golden Knights. In overtime for three Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts more than twenty countries. Michael Barr,

this is Bloomberg Naked. All right, Michael, thank you. It's five forty eight on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. And speaking of winners, how about Tesla up nearly seven percent in the pre market after the electric vehicle maker delivered record profit in the first quarter, even with supply chain issues and COVID in the way. Dan Ives is back with us this morning,

Managing Director, senior equity analyst at Wedbush Securities. Dan, It's always great to talk with you about Tesla and tech. I know you've been bullish on Elon Musk company for some time and Tesla continue to power through the supply chain challenges. Well, me, I think that was the key. I mean, back was against the wall with the China shutdowns, logistics from the supply chain unprecedented, and he came through

the billion dollar beat. I think it just shows the price increases, there's no impact in demand, and they're able to handle the supply chain basically better than any automaker in the world. And that's why this is doctor that's gonna be up by double digits today. But Dilon Musk, of course has been promising for some time to bring out lower priced models to try to get to more of the mass market. Is that going to be a headwind in the medium term. Look, it is a headwind

when you think about from an overall demand perspective. A look right now, put in numbers, there's demand for a little over two million tests of vehicles. They can only produce that one point five millions, so so demands out strum and supply by now the biggest issue when talks about batteries and components. It's gone up about three to

four thousand hours per car. They're passing that through. But no doubt, I mean that's something to get to lower priced cars, It's gonna be tough in the near term, just given these astronomical pricing creatures that we're seeing globally. Now, he heard me a lot of Musk and the call promising to meet that fifty annual growth target. If these price pressures continue, how's he going to be able to pull that off? Well, I think the big thing into that.

But also it's the China shut You know, China has been shut down. That's their that's their hearts and lungs. Gigga Shang I've been shut down for three weeks. That's about fifty cars that won't be in too cute in terms of deliveries. They still are expected to meet fifty potentially six. You're gonna see a significant ramp in China, but also at Berlin and Austin now ramping. I think it just shows their flexing their muscles from a distribution

perspective globally. But no doubt this China is the mean swing factor. When you look at these results relative to some of the fears, Cinderella like is how it call him? Now? We've been focused a lot, of course on the COVID overhang. Is there a potential geopolitical overhang, particularly when you think about the Giga factory in Berlin, which is very close, very affected by what's going on with the Russia situation. Yeah,

I mean especially with Berlin. I mean that's what them getting a foothold in Europe is key and they've gone through a turn of red tape to get there. But of course when when you could heartbreaking situation Ukraine, I mean, Tessa is going to be impacted by that, just like

they're impacted by the COVID issues in China. You know, I think right now investors are looking at those is almost transitory relative to the value of the company, because it's all about demand and the key if there's one head on the price increases as opposed to Netflix and others, the price increases or nine impact in demand, and that's key in terms of the investors digestion story. Today the time we have left and I want to get your

thoughts on Netflix. Obviously the stock has been crushed since that subscriber loss. I wonder if you think the sell off may be overdone, Well, we don't. I mean, I think it's to catch a fallen knife situation, because you know, right now the clock stock twelve. In terms of the growth story, screaming, competition increasing, they got hubers in terms of price increases, and it was a dog eate the homework excuse in terms of you know, passwords being used across the board. But I think it's a bi for

kid tactape. Netflix is on the wrong side of this. You looking names like Apple, Microsoft, Google, among others in tech and enterprise, Netflix is a name that I continue to think the multiple trade weller and uh as you mentioned, we do have some of those other big tech names reporting next week, including Apple, Microsoft, and Amazon on Are

you still bullish on those names. Yeah, I think it's a have and have nots in tech, enterprise focused names, product driven names like Apple, those are names are going to contain my opinion, continue to move higher. But the work from home post her Child's where growth have really got pulled forward. Some of the e commerce names, those names are going to fade. Amazon Cloud continues to be

the story. They're just like Microsoft. And I believe overall tech is going to be a very solid earning season, and I think it's gonna get cattast with tech stocks and move higher. Just about a minute left here, Dan, just to bring it back to Tesla and Elon Musk, do you think the Twitter buy out effort is going to be a distraction when it comes to Tesla? For Elon Musk, I think that's been a perception. How to juggle so many balls between this SpaceX as well as Twitter.

There was also worries just how you're gonna pay for it, because there was some that thought he'd sell a sock. He's gonna collapse, generalizes stock in terms of the learn book. This is a game of thrones with Twitter, you know, and I think you know this is just getting started. They'll likely be probably a tender offer, could be a

competing bid. But I think what we saw last night is a focused musk, probably the more mature one that I've seen on these conference calls, and I think that was important at a time my investors where he's getting destructed. Always great getting your thoughts down. Thanks Dan Ives, senior equity analyst the web Bush Securities, Karen, Great, Nathan, thank you, And it is five or fifty four on Wall Street.

Time for a legal story we're following this morning. Well, on Monday, a federal judge in Florida revoked the national mask mandate for travel with a nationwide injunction. Now, the US Justice Department says it will appeal that ruling following a request from the CDC. This sets up a likely court battle that could extend past the mid term elections.

For more, Bloomberg stun Grosso space to Robert Field, a professor of law and public policy and management at Drexel University, and like you to start just by giving your general reaction to the decision. I think that it misses the mark by a mile. There are two grounds on which

the judge struck down the mask mandate. One was that it exceeds c d c's authority, and the statute says it can impose measures like sanitation and other measures that it deems necessary in the face of an infectious emergency. To say that masking is not a form of sanitation is to obliterate the meaning of the term keeping germs away from people a sanitation. That's why we have clean water sewage operations. And even if it isn't sanitation, it would be a measure that CDC believes is necessary to

find a national emergency. A lot of the analysis has revolved around her interpretation of the word sanitation, which you mentioned. She said your two competing senses, and that the words meaning must be limited to measures that clean something, not ones that keep something clean. And she used the dictionary. Yeah, well, there are a lot of dictionaries and you can often

pick and choose. I think the common meaning in public health and medical circles is to eliminate a health threat, whether it's micro organisms or a toxin or a dangerous chemical, and to keep that away from people who could be exposed. Is sanitation. Whether it's preventing new exposure to the agent or whether it's just maintaining prevention of the agent, I don't really see what the distinction is. It seems like a tortured distinction. Now, to add to the confusion, the

Justice Department said it plans to appeal the ruling. They're in a tough spot right now, sort of damned if you do, then if you don't. If they don't appeal, then the mandate is gone. And this ruling is out there. It's at a lower court level, so it's not a precedent, but it is still out there for another judge to

refer to. And as Robert Field of Direct the University, speaking at the Bloomberg's June Grosso, catch more of that interview plus analysis of the latest legal news by listening to The Bloomberg Law Show at ten pm Eastern Time or subscribing to the Bloomberg Law Podcast. And attorneys can find exceptional legal research and business development tools at Bloomberg Law dot com. Futures this morning are on the rise.

SNP futures up thirty points, now futures up a hundred eighty eight, nasday futures up one hundred thirty one, and our top stories are straight ahead as Bloomberg Daybreak continues. This is Bloomberg