Bloomberg Daybreak: April 7, 2022 - Hour 1 (Radio)

day for Supreme Court nominee the Donjy Brown Jackson. I might be warm. More ahead, I'm John S Showering Spards. Second half, come back by the Nets to beat the NIXT. The Master's teams off today and the Mets open their

seeds in in Washington. That's all straight ahead on Bloomberg day Break on Bloomberg eleven FREEO New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius x M one nineteen and around the world on the Bloomberg Radio dot com and via the Bloomberg Business App. Good morning, I'm Nathan Hagar and

I'm Karen. Moscow and SMP futures are higher this morning, where coming up to five A one on Wall Street, and we check the markets every fifteen minutes throughout the trading day. On Bloomberg, SMP futures up eight points down futures are a little changed, and Nastack futures are up sixty five. The decks in Germany's up about half percent. Ten year treasury up eight thirty seconds, yield two point five six percent, and the yield on the two year

two point four two percent. NIMEX screwed oil is up half percent, or forty five cents at ninety six dollars sixty eight cents a barrel. Nathan, all right, Karen, we'll have more on the markets in a minute. First, the latest on the war and more evidence of atrocities against civilians in Ukraine. The US and its allies are lining up more sanctions on Russia. Amy Morris has more from our Bloomberg newsroom in Washington. These new sanctions target two

of Russia's biggest banks and Vladimir Putin's adult daughters. Chattam House associate fellow Katerina Waldschuck tells Bloomberg Television. Russia was the eleventh largest economy in the world, so there are

consequences beyond Russia's borders. Wolfs the West now really reckons with is the func that we have very extensive interdependence with Russia, with Russians, with the financial institution for Russian bunks, but specifically energy swell and European foreign ministers are likely to discuss an oil embargo on Russia when they meet next week. Ukraine's foreign minister pleaded for more weapons during

a NATO meeting in Brussels. The mayor of Mariople says more than five thousand civilians have been killed in his city. In Washington, I'm maybe Morris Bloomberg daybreak, all right, Amy, thank you all. Another note on the war. It looks like the United Nations General Assembly could end up suspending Russia from the Human Rights Council. The Council plans to

vote on the matter later today. One the days after the war began, careing the Russian ruble collapse, Remember that sanctions on Moscow sank it to a record low of a hundred only one per dollar. Things look dire enough that President Biden said the ruble had been reduced to rubble. Now the ruble has surged all the way back to where it was before Putin invaded Ukraine. Right now it's trading around eighty per dollar. Well, Nathan, we're seeing fallout

this morning from a one company's exit from Russia. Shares of Shell are down one percent in European trading. The oil giant said it's withdrawal from the country. It will result in four to five billion dollars of impairments. Shall also warrants that price volatility in the first quarter could hit cash flow. All right, let's shift to the economy now and markets back here in the US, investors are

still working through. The FEDS planned to parents balance sheet by more than a trillion dollars a year while also hiking interest rates. Let's get more live with Bloomberg's John Tucker, John Nathan. The plan is spelled out in the just released minutes of the fens March meeting. Many officials viewed one or more half point interest rate increases as possibly appropriate going forward, that is, if the rate of inflation doesn't come down. They also proposed shrinking the central banks

balance sheet in line with market expectations. Michael Sheldon had high tower r D and financial groups. As the FED has been down this road before. They also, unfortunately have a poor track record of raising rates too aggressively and causing a downturn in the economy. And that's what I think investors are getting kind of a jittery about right now. Michael Sheldon, r D m worries the Central Bank could

slow growth more than it intends. Bloomberg Economics says the Fed Metta showed noticeably more alarm about recent the inflation developments. Live in New York. I'm John Tucker, Bloomberg, debreak. All right, John, thank you all. Stocks in Asia slid overnight, hitting a three week low. There's concerning a rapid rise in US interest rates could hit growth and hurt earnings. And let's get the recap from Bloomberg's Juliette Sally in Singapore. Good morning, Juliette,

Good morning Karen. The m s c I Asia Pacific Index lost as much as one point three for a third day of declines, led by tech shares in Japan

and Taiwan. Stokes in Hong Kong and China fell, while the one weekend as officials once again signaled the intent loosen policy amid the COVID outbreak and property market was a Bloomberg Intelligence gauge tracking McCaw casino Stokes Film more than three percent as a number of third party casinos could end their gaming operations in Macau in Singapore, Juliette Sally Bloomba, Daybreak. Thanks Juliet. Back here in the US, a big name in PCs is getting a boost from

a big name on Wall Street. Shares of HP are surging more than eleven percent this morning on word of an investment from Warren Buffett. Let's get the latest lie from Bloomberg's greunit a Young. Good morning, Granita, Good morning, Nathan. Warren Buffett's Berkshire Hathaway bought a steak in HP valued at more than four point two billion dollars. The stock was purchased in multiple transactions this week, and a regulatory filing shows Berkshire now holds about one million shares of HP.

Berkshire has historically shied away from technology investments, but it's leaned further into that sector in recent years. Live in New York, I'm Rnita Young Bloomberg Daybreak. All right, Granita, thank you. While turning to the pandemic. Now there's cancer and about a potential rise in new COVID cases and has FDA advisors worried about vaccine plans. Bloomberg's At Baxter has the story. The advisors say the FDA should be developing a consistent standard for vaccines as new variants emerge.

They say the odds are roughly twenty of another oh Macron like event in the next twelve months, and i H director Dr Anthony Fauci on Bloomberg's Balance of Power with David Weston says it will depend on a number of things. Hopefully there's enough background immunity so that we don't wind up with a lot of hospitalizations. The best way to avoid that it is to get more people vaccinated and boosted. In San Francisco, I'm at Baxter Bloomberg Daybreak.

And then we're seeing another impact from the pandemic on the housing market. A new report from real estate research firm Adam Data Solutions shows home prices and some of the country's pricest neighborhoods are staying somewhat subdued. Up scale suburbs of Washington, D C. And wealthy New York towns are among markets with the slowest price appreciation. Finding show at the spread of remote work during the pandemic has allowed many people to opt for living somewhere more affordable.

SMP futures right now up seven point, staff futures down eight, NASTACK futures up fifty nine points. The tenure treasury is up seven thirty seconds, the yield two point five seven percent. Local headlines and a check of sports up next. This is Bloomberg seven on Wall Street, degrees in Central Park and dealing with a truck fire in the New Jersey Turnpike. It's northbound neary inter Change. Aide details coming up in

traffic again. We are at forty seven degrees in Central Park and Michael barrs here with what else is going on in New York and around the world. Good morning Michael, Good morning Nathan. Major crime in New York City rose by thirty six point five percent in March from a year ago. Despite Mayor Eric Adams efforts to reduce a spike of incidents that have persisted since the pandemic began, The NYPD says citywide shooting incidents increased by more than

sixteen percent. NYPD Commissioner Teaching Sewul says, we are faced single perception among criminals that there are no consequences, even among serious crime. While there is no doubt that we face challenges and reversing years will not take weeks. The NYPD remains steadfast in its vision, plan and commitment to the residents, businesses and visitors to this city. Commissioners Sewell's has the number of homicides fell by almost sixteen percent from a year ago and robberies rose by more than

forty eight percent. The Senate will vote on final confirmation of President Biden Supreme Court nominee Judge Katanji Brown Jackson this afternoon. Senate Majority Leader Chuck Schumer made the announcement on the floor last night. First and foremost, we have reached an agreement for the Senate to conclude the confirmation process of Judge Katangi Brown Jackson. Jackson would become the first black woman to sit on the nation's highest court.

The House voted the whole two former top Trump administration officials in contempt of Congress for defying subpoenas from the committee investigating the Ryan at the US Capital Committee Chair Bennie Thompson. We act the individuals a peine at the end to come before the committee, and they chose not to come, and therefore they broke the law. And that's

why we are here today. Representative Bennie Thompson. The New York Party line vote sends the contempt resolution for Dan Scovino and Peter Navarro for referral to the Justice Department for possible prosecution. The Postal Reform Act is now law. President Biden signed the bill. Biden says the legislation guarantees at the mail will continue to be delivered six days a week. The bill increases transparency by requiring the postal service to develop online on an online public dashboard, updated

weekly with local and national service performance data. President Biden Global News twenty four hours a day on here and on Bloomberg quick Take, powered by more than seven under journalists analysts more than a hundred twenty countries. Michael bar this is Bloomberg. Nathan all right, Michael, thanks five O on Wall Street. Time for the Bloomberg Sports Update. Good morning, John Stanshar good more than Nathan Nix and nets at the garden. First half was all Nicks. They had a

nineteen to nothing. Run let at halftime by seventeen, but the Nets, who are not exactly known for their defense, held the next to the second halfter just thirty one points. They had scored thirty eight in the second quarter of the Nets scored thirty eight and the four they won one ten to ninety eight. Kevin Ran scored thirty two points and had a triple double. Obviously, every game is important for us, and not just in the standards, but for us to taint to build on what we want

to do out there. Um and I think the first half we didn't. We didn't play Nets brand of basketball stuff that we preach about, execute cractice every day. We don't go at the second half, Yeah, that's who we are. Had He mentioned the standings the Nets in the battle with Cleveland and Atlanta to finish seventh, that means one win at home and they can advance Rangers. It was Pittsburgh tonight could be a playoff preview. While the Yankee opener with the Red Sox was moved to tomorrow, the

Mets opener in Washington is on the fight. Some rain forecasts in DC, they pushed the start from four o'clock back to seven The Mets hope to have Jacob i Gram on the mount for the opener. If not him, then Max Serzer instead. It's Tyler McGill. The grand may not pitch until June to there was shoulder injury. Insures, who's got a tight hamstring, is expected to make his Max debut Saturday against his old team. While Tiger Woods

is surprisingly in the master's field. Phil Nicholson is missing his first Master since nineteen ninety four, three time champ, taking time off. He was criticized for his disparaging remarks about the PGA tour. The Masters says Michelson was invited and it was his decision not to play. Bloomberg Radio Hourly Masters Update starting today and The Masters tonight at eleven. John Stashoward, Bloomberg Sports. Okay, John, Thanks and just crossing

the Bloomberg terminal. European Central Bank President Christine Lagarde has just announced that she has tested positive for COVID nineteen. She says the diagnosis will not affect ECB operations. Looking ahead to the market, open SMP futures are up five points, staff futures down twenty three, NASTAX futures higher by fifty five points you're listening to Bloomberg Daybreak Bloomberg eleven three

oh weather. Scattered showers and storms today, low fifties for highest chance for a shower tomorrow as well, low sixties, maybe an isolated shower on Saturday. Otherwise partly sunny, upper fifties currently forty seven and cloudy 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. He's a Bloomberg Business lash When I'm Karen Moscow.

European Central Bank President Christine Lagard says she tested positive for COVID nineteen, adding that her symptoms are reasonably mild and that there won't be any impact on the operations of her institution. The ECB is governing council meets next week to set monetary policy for the euro Area. Markets, meanwhile, are showing signs of stabilizing as traders step into after a sell off sparked by the federal reserves. Hawkish tailed

stocks in Europe are higher. SNP and NASDAG futures are rising. We checked the markets every fifteen minutes throughout the trading day, Bloomberg. SNP Future is up about nine points down Future is little change. NASDACK future is up sixty seven. The decks in Germany's have about four tenths of upper sent ten year treasury of seven thirty seconds ye two point five six percent. They yield on the two year two point

four three percent. Nim X screwed oil is up one percent, or ninety eight cents and ninety seven dollars twenty cents of barrel comes. Gold is up a third of a percent, or seven dollars ten cents. In nineteen thirty twenty announced the euro one point eight seven seven against the dollar British pound one point three zero seven two. They ended one twenty three point seven to bitcoin moving lower, down one point one percent at forty three thousand, three hundred

ninety dollars. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael, good morning, Good morning Karen. The United Nations General Assembly is sent to Voute today on what to suspend Russia from the Human Rights Council. President Joe Biden accused the Kremlin's forces of committing major war crimes in Ukraine. It is opening day in Major League Baseball. The Mats are at the Nationals. The Yankees Red Sox opener in New

York has been postponed because of the weather. In the NBA, the Nets beat the next one. The Celtics won, the Wizards lost in the NHL. The Capital's won. In golf. Round one of the Masters begins today. Tiger Woods is back in the field fourteen months after a devastating car crash. Stay tuned for updates every hour on Bloomberg Radio and a special edition of Masters tonight coming up at eleven

pm Eastern. Global News twenty four hours a day on it Or and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael Barren, this is Bloomberg. Nathan. Okay, Michael, thanks for coming up to five twenty on Wall Street

Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and we're joined live from Washington this morning our Bloomberg Night nine one Studios by Bloomberg Government Congressional reporter Jack Fitzpatrick. As we take a deeper dive into some of the sanctions pressure that is being brought to bear on Russia now from the US and its European allies. Jack, good morning.

We got the latest sanctions round from the US yesterday targeting the two biggest Russian banks, even Vladimir Putin's daughters. But the big factor that is still not being touched at this point Russian oil and gas. Right. Well, the the US has a much easier time pulling away from Russian oil and gas itself, which it's doing, and that has been decided. Uh. That was something Congress pushed Biden on a little earlier. Though these U S sanctions that

were announced obviously don't get at uh the broader European issue. Uh, there are still conversations about European countries pulling away from Russian oil and gas. I believe just yesterday Italy said they could do something like that if the rest of the European Union was united. Uh. That is somewhere where the president may have an informal role communicating with allies.

But in the meantime we see this further effort of US sanctions solely on a couple of major banks, on actually Vladimir Putin's daughters, as well as the Russian Foreign minister's wife and daughter. So there are some some personal

connections aimed at at Putin's wealth. But obviously, yes, this is much smaller in comparison to the broader conversation around European imports of Russian oil and gas, and there's still the open question about how much impact this is really having, not just on the war, but on the Russian economy. We've seen the images of apparent mass civilian killings in areas where Russia had once been in northern Ukraine, and now we've seen the ruble, which had tanked immediately after

the invasion, is basically back to where it was. I mean, what kind of impact are these sanctions really having at this point. Yeah, that's been bad news for the US and the Europeans who did impose sanctions, because one, it seems to show that it wasn't enough in terms of

European reliance on energy commodities. And also you saw that reflected in recent comments from U S officials, including White House Press Secretary Jensaki, who addressed UH India UH saying that it would be a very bad thing for India to have more of a formal economic relationship with Russia. They are still buying energy commodities, They're the biggest buyer

of Russian weapons. Uh. That's not an area where the US is sure they can get India to sign onto a major sanctions regime, but they at least want to make sure that the country, a major country such as India, doesn't sort of establish a more solid and formal relationship with Russia because they're trying to limit Russia's fallbacks amid these sanctions from the West. Also heard from Treasury Secretary Janet Yellen on Capitol Hill yesterday, kind of getting bipartisan

pressure to do more on the sanctions front. What ideas is this the Treasury Department looking at, you know? She spoke supportively obviously of sanctions. A lot of the US options are perhaps a little bit more symbolic. She mentioned that US officials would not take part in certain Group of twenty meetings this year if Russia is allowed to participate.

That would be the Finance ministers meetings. Uh. She also spoke a bit more broadly to the US's ability to rally an international sanctions UH kind of pressure in the context actually of concerns that Russia would invade Taiwan. She did cast the sanctions actions so far against Russia is very significant. But really that's another area where despite pressure from Congress, there's only so much any US efficial wills

can do on a unilateral basis. Much of the pressure is is the US working with other countries, looking to Europe, looking to India, and obviously looking to China as well. Just thirty seconds left here, Jack, the President's accusing Russia of major war crimes. Do we have any more guidance on the US effort to gather evidence against Russia? That appears to be a bit of a slow process. The

President himself has said they need to gather the details. UH. Lawmakers we've talked to, We just talked to Ken Calvert recently, who's a top member for Defense spending, says that it does appear there have been war crimes, but there's quite the process that you need to go through. UH. The next step to look for, obviously, would be the vote that's supposed to happen today for the U n General Assembly voting right to suspend Russia from the Human Rights

the Human Rights Council. Absolutely. Bloomberg Government reporter Jack Fitzpatrick, thanks for the update from our nation's capital. SMP futures up seven points down, futures little change down, DASTAK futures up sixty tenure Treasury yield almost two point five seven percent. This is Bloomberg Bloomberg eleven three. Weather. Scattered showers and storms, low fifties today, another chance for a shower tomorrow, low sixties, partly sunny Saturday, but can't roll out an isolated afternoon

shower upper fifties. Right now forty seven in Central Park. Broadcasting live from the Bloomberg Interactive Broker Studio in New York. Bloomberg E Living Freedom to Washington, d C. Bloomberg on to Boston, Bloomberg one six one to San Francisco, Bloomberg nine sixty to the country Sirius XM Chado one nine and around the globe the Bloomberg Business app 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 Karen Moscow or just about four hours away from the open of US trading. Let's get you up to date on the news you need to know at this hour. Are the United Nations General Assembly votes today on whether to spend Russia from the Human Rights Council. A key NATO meeting focused on the war is also underway in Brussels. Bloomberg's Maria Todayo is there and reports Ukraine's foreign minister

is asking NATO for more weapons. The Ukraini for amister said the time for the reassurance is over. It's very clear for Ukraine have had a big reality check on this. The nature is not going to fight this war on the ground, but he says, at this point what we need is big weapons. The focus from the Ukrainian foreign ministers to walk away, walk out from this meeting with a clear plet from NATO that we are now going

to see heavy taks, potentially also missiles. He wants to come out of this meeting with a clear signal from them that he will get it, and Bloomberg's Maria Todeo says Ukraine is also calling out Germany, specifically saying the country has been too slow to help we many time. In financial markets, Karen, the Russian ruble has made a comeback. It's back to trading at the level scene before the

war began. This morning, trading at almost eighty per dollar on Nathan, we shifted the economy now and markets here in the US, investors are still working through the FETES planned to pair its balance sheet while also hiking interest rates. We get the details live with the Bloomberg's John Tucker John Karen. Minutes from the Defense Marks meeting show a hawk ish tilt. Officials were focused on tamping down inflation and outlined plans to pair their balance sheet by more

than one trillion dollars a year. That's all raising concern about whether the central Bank and the engineer a soft landing for the economy. Many who attended the March meeting also viewed one or more half point rate increases as possibly appropriate. Going forward live to New York, I'm John Tucker, Bloomberg Radio and John. A commodity called from JP Morgan is also making news this morning. The firm says commodities could surge as much as forty percent. That's if investors

boost raw material allocations to hedge against inflation. Well, Nathan, Chairs of HP are surging more than cent this some morning. The move comes on word of an investment by Warren Buffett, and we get the latest live from Bloomberg's Ranita Young, Good morning, Ranita, good morning. Care and Warren Buffett's Berkshire Hathaway bought a steak in HP valued at more than four point two billion dollars. The stock was purchased in multiple transactions this week, and Berkshire now holds about one

million shares of HP. Berkshire has historically shied away from technology investments, but it's leaned further into the sector in recent years. Live in New York. I'm Nita Young, Bloomberg daybreak, al right, RENI to thank you. S and P Future is up eight points this morning, and straight I had your latest local headlines plus a check of sports, and this is Bloomberg. All right, Karen, thank you. It's five thirty three on Wall Street, cloudy, forty seven degrees in

Central Park. Still dealing with the car carrier fire northbound of Jersey Turnpike by interchange A. Details coming up in traffic. First Michael Barr with more on what's going on in New York end around the world. Michael, thank you very much. Nathan. Major crime in New York City rose by thirty six point five percent in March from a year ago, despite Mayor Eric adamsforts to reduce the spike of incidents. The n y p D says citywide shooting incidents increased by

sixteen point two percent. M y p D Commissioner Keeaching Sewell says, though there are some positives, we are arresting record numbers of people for shootings and homicides, and we're clearing more cases helping to deliver justice to victims. So far this year, the NYPD has made three hundred and thirty five arrests linked to murders and non fatal shootings, considerably more than the two hundred and fifty seven such

arrests made by this time last year. Commissioner Sewell says the number of homicides fell fifteen point eight percent from a year ago, robberies rose by forty eight point four percent, and burglaries jumped by. The Senate is expected to confirm Supreme Court nominique Tangi Brown Jackson today. It will secure her place as the first black woman on the High Court. Senate Majority leader Chuck Schummer, it will be a joyous day, Joyous for the Senate, joyous for the Supreme Court, joyous

for America. Senator Schumer says. Three Republican senators have said they will support Jackson, who would replace Justice Stephen Bryer when he retires this summer. The House voted to hold two former Trump aids, Peter Navarro and Dan Scovino, in contempt of Congress for refusing to cooperate with the panel investigating the capital attack. Committee Chairman Representative Bennie Thompson. If they were father, a mother, a sister, brother, uh had children.

If they break the law, they break the law. No one's above the law. Representative Thompson says. The New York Party line vote will send the criminal referrals for Navarro and Scavino to the Justice Department for possible prosecution. 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 twenty countries. Michael Barr, This is Bloomberg, Nathan. Thanks Michael. On Wall Street. Time

for the Bloomberg Sports Update. Here's John Stanshower. Thanks Nathan. No secret for Knicks wanted to sign Kevin Duran a few years ago, maybe because they can't beat him. Durant's career record versus the Knicks is twenty and three hasn't lost to them since two thousand thirteen when he played for Oklahoma City. Katie is a free agent, of course, chose the Nets over the Knicks and at the guard and he put on his show thirty two points, twenty

three in the second half, ten rebounds, eleven assist. The Nets came from twenty one down to win one ten ninety eight if they win their last two games. They finished seventh in the East, which means they'll need to win just one home game to move into the first round. Their coach that now we need our best effort, and I think something that that is a difficult kind of mix of emotions and physical and mental exhaustion that we

have to weather here for a little bit. But you know, the nights like to night can help us kind of freshen up and feel that belief again. It was the second huge MSG comeback by the Nets. They had an earlier win from twenty eight down that was without Durant and Fabry Urdy. Opening day, there are seven games not the Yankees and Red Sacks at the stadium that was

postponed until tomorrow. The Mets opener in Washington was moved from four o'clock to seven first game of the year, Wrigley Field Braves today will host their champion to hoist their championship batterer in Atlanta. Show Hey Otani will be on the mount for the Angels. Tonight They'll be Cleveland's first game known as the Guardians. The Master's teas off today. All eyes on Tiger Woods, but there are others in the field like Scottie Scheffler, hottest golfer now ranked number one.

He teas off just before eleven this morning, Dustin Johnson Jordan's steet Roy McElroy Brooks kept it off way this afternoon, hourly updates on Bloomberg Radio, and a wrap up show tonight at eleven John Statue, Bloomberg School. Thanks John seven on Wall Street. Time for the tri state business for Fort Pierce, Bloomberg's ed Corey jet fuel supplies here draining fast on the East Coast, supporting wholesale prices at near record highs. Just one demand for air travel is closing

the gap to pre pandemic levels. Jet fuels going for seven dollars forty nine cents a gallon, almost double the price of diesel in New York, and more than one and a half times that of gasoline. Cheesecake factories facing a federal lawsuit from two employees and yonkers. They claim the restaurants deliberately cheated them out of minimum and overtime wages and improperly delayed paychecks. Cheesecake Factory didn't immediately respond

to Bloomberg's request for comment. New Jersey residents who want to improve their financial literacy can access a host of free services on a new website launched by the Treasury Department. It offers free financial education courses. You can find it at n J finn Litt dot Enrich dot org. That's Bloomberg. Try State Business Report. I'm Ed Corey. Thank you had five thirty eight 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 tough stories heard on our three hundred affiliate radio stations around the world. I'm Steve Potaskan on ten ten Wins in New York. We're talking about how there really hasn't been much of a housing boom and the wealthy as suburbs um Cornitanaho on WHSM movill Toyota says sticking to sedance is the secret to success in the US. Time genus are ready and for double

ne bbm in Chicago. I'm reporting that McDonald's shareholders will both to spring on whether or not the company should conduct the civil rights audit. Caroline Head called blue Bag d a B Digital Media in londs of wampool ting on the governor's news strategic energy plan focus on more nuclear and official win. I bet Cory on w w J in Detroit. I'm reporting shares of automakers and electric vehicle startups plunged on Tuesday as investors worried about the

industries of my change. 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. A few phenomena illustrate the irrational exuberance of the early twenties US stock market, like special purpose acquisition companies respects.

Over the past few year, investors have entrusted hundreds of billions of dollars to these so called blank check companies with amazing little understanding of what they would receive or how much it would cost. Last week, the Security is an Exchange Commission announced it was stepping into ensure investors have a better sense of what they're doing. The rules

that proposed are sensible, but unfortunately a little late. SPACs raised just seven billion dollars in the first three months of two, down from a hundred and thirty nine billion dollars in the year ago period. It's a shame the SEC waited until the boom passed before moving to protect investors. Still, its proposals are worth putting into effect. At least next time around, people will know what they're getting into. This editorial was written by the Bloomberg Opinion Editorial Board. I'm

David Shipley. For more Bloomberg Opinion, please go to Bloomberg dot com, slash Opinion or ope and go on the Bloomberg Terminal. These has been Bloomberg Opinion. Listen for Bloomberg Opinion editorials every weekday. At this time, terminal customers can read more at O, P I, n GO, SMP futures up nine points, staff futures also up nine NASTAC features up sixty seven points, and the tenure Treasury is up six thirty seconds. The yield two point five seven percent

yield on the two year two point for three. You're listening to Bloomberg Daybreak Bloomberg eleven three oh Weather. Scattered showers and storms today, low fifties for highs, a mix of sun and clouds. Chance for a shower tomorrow, low sixties. Cambra at an isolated shower on Saturday. Upper fifties right now forty seven in Central Park