Bloomberg Daybreak: February 3, 2022 - Hour 2 (Radio)

policy decisions. President Biden visits New York City today on gun violence, Plus, mourners said goodbye to the second NYPD officer ambushed last month. Online Blooblomer More Ahead, I'm John Stashtown Sports, the Nicks loss at the Garden to Memphis, the Nets lost again in Sancramento. The Islanders shout out

by Seattle. That's all straight ahead on Bloomberg day Break on Bloomberg Element Free on New York, Bloomberg Washington, d C, Bloomberg one O six one, Boston, Bloomberg nine sixties, San Francisco, Sirius x M one nineteen and around the world down Bloomberg Radio dot Com and via the Bloomberg Business At good Morning, I'm Nathan Hager and I'm Karen. Moscow and US Dock Index futures are falling on week Kech earnings.

We're coming up to six o one on Wall Street, and we check the markets every fifteen minutes throughout the trading day. On Bloomberg, U S and P Future is down fifty points down, futures down one hundred eight at Nastack Future is down three hundred twenty six. That's down two point two percent. The decks in Germany's down half percent. The ten year treasury up one thirty second. He had one point seven six percent yield on the two year

one point one three percent. Nin Max Screwed oils down one point six percent on a dollar thirty nine at eighty six dollars eighty seven cents a barrel, and Comex Gold is down at third of a percent. Nathan, Well, this big drop in Nasdaq futures are seeing this morning. Karen comes after four straight days of gains, but disappointing earnings from Facebook are the catalyst for this morning's declines. Shares of the parent company Meta are down twenty percent

in early training. Ed Ludlow joins us with more from our Bloomberg nine sixty news room in San Francisco. This was the first quarter in anyone's memory where the core product Facebook dot Com or the Facebook app didn't grow at all, and executives on the core attributed that to competition in the form of TikTok and YouTube, so principally in video where they say the attentions of young people are being stolen away and that is really impacting growth.

There was, of course a lot of questions about the metaverse, and for the first time we got financials on Facebook Reality Labs, the business unit really working on the metaverse for four year twenty one. It was a loss of ten billion dollars and so that now has become the question for Wall Street. Bloomberg Intelligence say that that operating loss from Facebook Reality Labs could translate to ten percentage points of margin erosion for meta in twenty two. Ed Ludlow,

Boomberg US, San Francisco, and thank you. Disappointing Facebook results are weighing on other social media company and says this morning shares a Twitter, Snap and Pinterest or falling Snap is down more than fiftcent, but Twitter and Pinterest are both lower by more than seven percent. Now We're also seeing big losses for Spotify. This morning, Karen, Earnings and forecasts from the streaming and podcast service fell short of estimates, and that stock is now down more than eight percent.

Let's get more live with Bloomberg's Rnita Young. Good morning, Rnita, Good morning Nathan. After a month of controversy over podcast host Joe Rogan, Spotify has a more immediate business problem, a slowdown in growth to start the year. Spotify expects the end of the first quarter with total users and subscribers below forecasts. The company blames it on a strong into business for the streamer has boomed during the pandemic, but with one thirty five million users added since twenty nineteen,

now almost half pay for the service. Live in New York, I'm Goranita Young, Bloomberg Daybreak. I need to thank you up nextually get results from Amazon on The company of reports earnings this afternoon, and Bloomberg's Tom Busby has a preview. The online retail giant is expected to post record revenue for the holiday quarter, despite concerns about slowing growth as consumers pulled back on their spending, even though more of us were dining out again, traveling shopping in stores again

last quarter. Look for revenues of one hundred thirty seven point eight three billion dollars, thanks in part to continued growth and it's Amazon Web Services unit, and because of inflation, many analysts expect Amazon to raise the price of a Prime membership as a quick boost to revenues. The last price hike to one nineteen dollars a year was in twenty eighteen. Tom Busby, Bloomberg Daybreak. All right, Tom, thank you. Let's turn to Capitol Hill now where it's all about

the Fed. Today, hearings begin on President Biden's picks for the Central Banks Board. Amy Morris has a preview from our Bloomberg newsroom in Washington. All three nominees, Philip Jefferson, Lisa Cook and Sarah Bloom Raskin, have said they placed the high priority on tackling inflation. But that's also a politically dangerous notion for the Biden administration, which is pushing against accusations that it's spending policies are driving price increases.

In prepared remarks, the nominees will make it clear there, in line with Chairman j Pel look for Republicans on the committee to quiz the nominees extensively on their commitment to acting aggressively against inflation, even if that hurts employment. In Washington, I maybe more as Bloomberg daybreak, Amy, thank you Economic data also and focus. This morning, we get a reading on jobless claims ahead of tomorrow's employment report, and Economist see weekly jobless claims falling again as the

Omicron variant eases. Bloomberg's viney down. Judais reports jobless claims piled up during the worst of the Omicron outbreak. Bloomberg Economics anticipates a quick turnaround now as the COVID nineteen variants subsides subsides faster than a comparable episode at the end of In the Power Report, jobless claims drop for the first time in four weeks. They fell to a half century low in December. The government issues its monthly employment report Friday, and it could be weak the Omicron.

Bloomberg day Break All right, Vinnie. Thanks. In Europe we get a double whammy from central banks this morning is both the Bank of England and the European Central Bank make policy decisions. Let's go live to London and get a preview with bloombergs Max Ramsey, Good morning, Max, morning to you, Nathan and Karen. Yes, we'll get that policy decision from the BOE in under an hour and just over an hour and a half till the ECB, and

the expectation here is all about divergence. The Bank of England is expected to deliver the first back to back interest rate hike since two thousand and four and take the first steps towards unwinding pandemic stimulus. The ECB there has been insisting a rate hike this year is unlikely, but they do meet with the backdrop of hot inflation. January CPI came in at a surprise five point one percent yesterday, blowing past expectations and over double the ECB's target.

Live in London, Max Ramsey, Bloomberg Daybreak, Max, thank you. Well. Back here in the US, tax season getting underway, and Bloomberg News has learned the I r S is hiring about twelve hundred people to help navigate what could be of the most challenging tax filing seasons in years. The influx of additional help comes as the I r S began this filing season with a backlog of fos to ten million unprocessed returns from previous years, and that compares

to fewer than one million in normal years. Straight to had your latest local headlines and this is Bloomberg. Thanks scaring at six o seven on Wall Street where in Central Park and still dealing with a crash on the Gothels Bridge. Ran to the New Jersey Turnpike. Michael barrs here with what else is going on in New York and around the world. Michael, thank you very much, Nathan. President Joe Biden has scheduled to visit New York City today to discuss fighting a surge in gun violence and

cities across the nation. This woman, who lives in Harlem is scared of the violence. Her son was shot. It's scary when you have a baby sitting in the car with its parent and being shot. It's scary when you have a mother pushing her chow down the street. So far as six NYPD officers have been shot this year alone. Officers masked by the thousands on Fifth Avenue for New York City second police funeral in less than a week.

They mourned Officer Wilbert Mora at St. Patrick's Cathedral. More and his partner, Jason Rivera, was shot January one, while responding to a call about the domestic argument in Harlem. It is New Yorkers against the killers, and we will not lose. We will protect our city. New York Mayor Eric Adams spoke at more as funeral. Even when the bullet hits the body of our citizens, the emotional trauma continues to rip the anatomy of our city, and the

pathway never ends. Mayor Adams says, more Of, who was twenty seven, joined the NYPD. In October of twenty eighteen. Former Alaska Governor Sarah Pale and his due back in the New York City courtroom, more than a week after her libel trial against The New York Times was postponed because she had COVID nineteen. Away from court, Palin, who was unvaccinated, caused to stir by dining out in an upscale Manhattan restaurant twice just days after her positive status

was made public. Four people have been arrested in connection with the overdose death of wire actor Michael K. Williams at his Brooklyn home last September. Damian Williams is the u S Attorney for the Southern District of New York. Dendy. Opioids like fencinnel and heroin don't care about who you are or what you've accomplished. They just feed edition and lead a tragedy. U S Attorney Williams says this is

a public health crisis that has to stop. A new winter storm is causing havoc across the US, ultimately affecting more than a hundred thirty million Americans. Snow will stretch from Texas to the East Coast. Today Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven journalists and analysts more than a hundred twenty countries. Michael Barr, this is Burke, Nathan Okay, Michael, Thanks to six ten on Wall Street.

Time to the Bloomberg Sports Update with John Sesshown. If the Knicks were playing catch up all night at the Garden, the only time they led Memphis was und enough and the Knicks were down by nineteen cut at to six. Grizzlies went back ahead by fifteen. Nick slice that lead to five couldn't get closer. Grizzlies one one, one oh eight Jaren Jackson twenty six point seven four. The next with thirty he made eight three pointers. Knicks said, an oh and three road trip, and now they hit the

road for five more starting Saturday at the Lakers. The Nets without the injured Kevin Durant not very good. They lost to lowly Sacramento one twelve, one oh one, and that's six loss in the road. James Harden thirty seven minutes, only four points, never got to the free throw line the NHLs. At the All Star Break, the Islanders go went off a three offane home loss to Seattle, first

shutout in cracking history. Well Bill Belichick at some point he asked about his text, the one he meant to send to Brian Dave all but in Sten said to Brian Flores, did Belichick no. Three days before Flora's was interviewed with the Giants that they had already decided to hire day Ball. It's at the heart of Flora's is lost through to the NFL claiming racism and they're hiring practices. On CBS this morning, Floras was asked his reaction to

seeing the text was arranged of emotions. Uh, humiliation, uh, uh, disbelief, um uh anger um now worked so hard to get to um to where I am from uh in football to become a head coach. Laura's his lawyer says others may join him in the class actions. John Stashwer Bloomberg Sports, John, thank your SMP Futures down down forty eight points, are more than one percent out features are down eighty eight points. Nastac features leading the declines this morning, down three five

points or two point two percent. Dragged down by Facebook parent meta platforms. Those shares down more than twenty percent on an earnings disappointment. We'll discuss it next with Man Deep, Say, senior tech analyst at Bloomberg Intelligence. This is Bloomberg Bloomberg eleven three O weather. Dense fog this morning, rain this afternoon with a high in your forty five degrees. The

rain will change over to a wintry mess tomorrow. Temperature is falling through the day by Saturday, upper twenties for highs currently forty four 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 is a Bloomberg Business lash and I'm far at Moscow.

Nowsday Future is tumbling this morning is disappointing. Hernings and forecasts from technology Bellweathers halts a rally in global stocks, the dollars strengthening ahead of great decisions in Europe in the UK, and we check the markets every fifteen minutes throughout the trading day. On Bloomberg Now's dead futures are down threety three points. That's down two point three first set as the P futures down fifty three and AS and DAL futures are down one d thirteen. The decks

in Germany's down four tenths of a percent. The ten year treasury little change at one point seven seven percent, yield on the two year one point one three percent.

Nine Max screwed oils down one point six percent on a dollar thirty eight and eighty six dollars eighty eight cents of barrel comex school down four tens percent or seven dollars forty cents at eighteen o two ninety announce, the euro one point one two seven seven against the dollar, British bound one point three five five nine, the ends at one fourteen point eight zero, and Bitcoin this morning moving lower at thirty six thousand, four hundred dollars, and

that's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Muchael Karen, thank you very much. US special forces have carried out what the Pentagon said was a successful counter terrorism raid in northwestern Syria. First responders reported civilians had also been killed. President Biden ordered three thousand US troops deployed to Eastern European NATO allies and Russian neighbors. Concerns continue about a

post Russian invageon of Ukraine. President Biden visits New York City today on gun violence. In the NBA, the Knicks and Nets lost, the Celtics and Wizards won. In the NHL, the Islanders and Capitals lost. Global News twenty four hours a day on air and on Bloomberg Quicktate, powered by more than twenty seven hundred journalists and analysts and more than one d twenty countries. Michael Barr, this is Bloomberg Anham all right, Michael, thanks at six nineteen on Wall

Street Live from the Bloomberg Interactor Broker Studios. This is Bloomberg Daybreak. Because we continue to watch shares of Facebook company meta platforms, the parent down more than twenty percent, down more than twenty and a half percent now in the pre market on disappointing earnings. Set to lose about a hundred eighty billion dollars in market value if these

numbers hold at the open joining US now. Mandeep Singh, senior tech analysts for Bloomberg Intelligence, obviously a lot of skittishness from investors over the drop in subscribers, the first time of investors have seen that in quite some time. And the outlook going forward, Man deep, Yeah, Look, I mean I think given Facebook scale, I think the deceleration would have been okay had they not spooked the investors

in terms of the overall strategy ships. So they called out this big pivot to videos to catch up to you know, TikTok and YouTube, and I think the wave was communicated is how it probably didn't come across as something that they should have you know, noted earlier. And suddenly, you know, they come out and say that's their entire focus. And along with Metaverse, which is losing ten billion dollars a year. I mean, when you look at this company,

the margin profile has changed completely. Now the core business was about operating margins guess what going forward, it will be more and that is why you see such a strong reaction. I guess with the violence of this move, it begs the obvious question, man deep, whether this is overdone? Well, so think of it. You know, in terms of top line, Look, if Facebook's top line is decelerating, it what it tells us is probably the whole social media ad space is

going down. And it has some connections to the overall growth in GDP and economy as well. But and and that will bounce back, you know eventually once GDP and you know, uh, advertisers start to come back. If the engagement and given Facebook scale, you would expect, you know, scales, growth will bounce eventually. The problem, as I said, is one they have engagement problems, so they are definitely losing engagement with the younger demographic. The other is the change

in business model. So now if they start to pay creators for the content they're creating, it's the model is very similar to YouTube, and YouTube's gross margins are around and right now Facebook's gross margins are eighty percent, so that margin differential is huge. And if they're saying they're completely pivoting to videos and that's their sole focus. And and then you lear that, you know, with the I

d FA changes, that has heard Facebook's at targeting. So there are multiple things that play here, But structurally it feels like Facebook isn't the same company anymore that it used to be in terms of the margin trofile, Are you implying with focus on video that the that the Facebook should be focusing somewhere else besides video? It does seem like the competition from TikTok has really gotten a lot of the attention here. Yes, so it is a crowded market and you've got two scale players in the

form of TikTok and YouTube. Well, uh, we know Facebook has the scale thriblliant users across its they may be better off focusing on their market place business or e commerce business. Yes, they have to fix engagement and they're investing a lot in metavers to do that. Nobody knows how that bet will play out, but we know it's losing ten billion dollars a year in terms of the operating loss, and so really right now it's a hope

based strategy. If you're a Facebook investor, you're just hoping that they get it right with meta worse and you know, over time it fixes the engagement issues, but beyond that, the fundamentals of the business have deteriorated, and the pivot to videos isn't gonna help, you know, in terms of the margin profile, and they're way behind TikTok and YouTube

at this point of time. Now, last minute here, Mandy, if it seemed like CEO Mark Zuckerberg was really leaning in asking investors to bear with them on the hope based strategy. Does that aboute more volatility for Facebook in the months to come? Well, so, not only Facebook, I think the entire higher social media space has been heard by the Apple's I d FA changes, and so I think Facebook is still in a better position to handle it.

They have, you know, the resources to redesign their at targeting infrastructure, which is what they called that last night. The smaller ones like Snap, like Twitter, they I think more so Snap and Pinterest they're gonna be hurt more because guess what did they have to redesign their algorithms and at targeting that that will be a bigger burden

in terms of operating costs compared to Facebook. Now we're certainly seeing the pain in the pre market with metal platforms shares now down nearly twenty one percent and a Snap shares down sixteen and a half percent. Twitter lower by eight percent. Rough morning to be a social media investor. Man Deep Sing of Bloomberg Intelligence, thank you for these insights. As for the broader market, Yeah, it's lower. SMP futures

down fifty five. Nest that futures lower by a hundred thirty points, Dance that futures down three hundred fifty two. Bloomberg eleven three oh weather. Dense fog this morning. It will be rainy this afternoon, mid forties. Temperatures will fall through the day tomorrow, so the rain changes over into wintry mess by Saturday. Mostly sunny, upper twenties currently forty four degrees. 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 lass and I'm Karen Moscow and nasday. Futures are falling this morning. We got to the first word breaking news dance for today's morning call. And here's Bill Maloney. Bill, good morning, and good morning, Karen. That's right, us futures are plunging on the heels of those Facebook earnings. Dow futures try lead down a hundred and thirty six points has to be dropped fifty two. But like you said,

Nasdick futures under pressure down three nine. The US ten yeld at one point seven eight percent, Gold is little change. Oil is trading lower, but Bitcoin is under pressure down six point two percent. Japan failed one percent overnight, while your PM markets are also in the red right now. And note that at seven forty five is the ECB rate decision back in the US. On the economic frontday eight thirty, initial jobs claims at ninety five Composite and Services p M, I S and at ten o'clock I S,

M services, factory orders and durable goods orders. After develous night, Facebook gave a weaker than expected revenue forecast shares it down twenty one percent pre market, and Qualcom said ship shortages hampered efforts to push beyond smartphones. Regarding some of the earnings this morning, Mark beat estimates, ELI, Lily beat on revenue, and Honeywell miss estimates, trapping things up. Papal was cut to hold at easy Bank. C H. Robinson raised to buy it stifle and Excelon was cut the

sector perform over red. RBC Live from the first breaking news Dostom, Bill Maloney care Alry Bill, thank you and to hear live breaking news over her. Bloomberg Time School logo on your terminal s a w U K 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. Russia said it was destructive for President Biden to move additional troops to Europe and station

more along NATO's eastern flank as the tension over Ukraine continues. Meanwhile, French President mccram will hold a third call with the Vladimir Putin in less than a week. Authorities in northern California say one person is dead after a mass shooting last night on a Greyhound bus in Orville. Suspect was arrested. In the NBA, the nixt and Nets lost, the Celtics and Wizards won. In the NHL, the Islanders and Capitals lost.

Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven journalists and analysts. More than a hundred twenty countries. I'm Michael Barr. This is Bloomberg. The following commentary is from Bloomberg Opinion Foreign Affairs. I'm Jonathan Bernstein, the columnist for Bloomberg Opinion.

In will developments abroad in Iran, for example, become campaign issues and effect the outcomes of the elections, Hardly anyone will change their vote regardless of what happens with, say, the Iran Deal. There's little evidence that international political events, even fairly dramatic ones, have much of an influence on presidential popularity back home. The one big exception is that war is producing US casualties do usually hurt a president's

popularity over time. That said, candidates do talk about foreign affairs during campaigns, and campaign promises can be very important, whether they change election outcomes or not. In part, these promises come about simply because candidates for federal office want to demonstrate competence in these areas. But another reason is because some groups within the parties care a lot about

foreign policy. Winning support from those groups may be important for winning nominations, so candidates will try to align their policy preferences and priorities with them and talk about those issues regardless of what voters think. I'm Jonathan Bernstein. For more opinions, please go to Bloomberg dot com slash Opinion or O p I n go on the Bloomberg Terminal.

These has been Bloomberg Opinion and Bloomberg Opinion commentaries can be heard every weekday at this time and terminal customers can read more at O P I n go six fifty on Wall Street. Return to news and science and technology now with the Bloomberg and j I T STEM Report brought to you buy New Jersey Institute of Technology transforming computing professionals into data scientists to meet demanded this fast growing field. Learn more at n j I T dot E d U slash Data Science Now. Here's just

making news and science, technology, engineering, and math. A coalition of airline industry groups are asking the Biden administration to remove COVID testing requirements for fully vaccinated international arrivals into the US. The coalition says airline passenger volumes for international air travel remained thirty eight percent below levels. Antarctica is so called Doomsday glacier nickname because it is huge and coming apart, is mostly thwarting an international effort to figure

out how dangerously vulnerable it is. A large iceberg broke off the deteriorating the way it's glacier, and along with sea ice, it is blocking to research ships with dozens of scientists from examining how fast it's crucial ice shelf is falling apart. And there's a sign that Apple is finally making progress in the world's fastest growing smartphone market. The company had its strongest quarter for iPhone sales in

India yet. Apple sold two point three million devices in the fourth quarter, up thirty four percent from a year earlier. And that's a Bloomberg n j I t Stem report.

Nathan Okay, Karen, Thanks. We're live from the Bloomberg Interactive Broker studios where it's six fifty two on Wall Street Time Now to check what's going on in d C. Some of the top stories in our nation's capital include President Biden discussing Russia's true build up with French President McCraw, tough questions ahead for the President's federal reserve picks, and Democrats getting a reminder of their fragile grip with a

senator ailing. Also making news, President Biden about to head to New York City to try to seize the narrative on rising crime, joining us from Washington, Bloomberg government reporter Emily Wilkins. So, Emily get a set for this meeting today between the President and the new mayor of New York City. Yes, so we're going to see Biden headed up to New York City, uh, having an event with Eric Adams and focusing that eventually on support for the police.

And this comes after Democrats had this really awful election in Yeah, they elected Biden, but Democrats down ballot were very much hurt by this perception that they did not support the police. And we have seen a recent higher ways of crime in numerous cities across the country, including a DC including New York and Joe Biden and Eric Adams, their messages are going to put out there today is

that they are supportive of the police. Um As President Biden actually said at a campaign event last week on Friday that he wanted to have more funding for the police, something he's put forward now. Of course, there are progressives within the Democratic Party that do want to see reduced

funding that role funding for officers. UM. So we're going to be watching very closely the government funding bill that's being worked on by Congress right now, that's got a deadline of February, and so we're seeing what sort of proposals they have and how it if funding for police officers changes. Now interesting to think about the potential for another spotlight on a rift within the Democratic Party on that issue. But ahead of this trip Emily, we're seeing

more diplomacy, more troop movements in the crisis over Ukraine. Yes, so the US has announced that another two thousand soldiers are going to travel from the US to Europe, and then another thousand troops that are in Germany are now going to be deployed in Romania. Of the White House is saying that these moves are temporary. Russia's criticized the decision, but it's really come as you know, both sides are still waiting trying to see is Putin going to indeed

what does he go going to do. The US's goal here has to put up a very strong, very aggressive front, trying to show that you know, if Fressia decides to move in Ukraine, they are very serious about having this immediate action. Diplomatic channels that you still seeing Biden talking with world leaders most recently. On Wednesday night, he spoke with French President Macron Uh They both pledged their teams would remain in close touch UM and worked together if

Plutin was to invade Ukraine. Back in Washington, a lot of focus this morning on the Federal Reserve, particularly with the President's FED governor picks going up for confirmation and just about two hours here. Yes, we're expecting a very interesting hearing today. Definitely a lot of tough questionings, particularly

from Republicans on the panel. One of the biggest questions they are going to be having for Sarah Bloom Raskin is what her idea is about using the FED in terms of environment, toll and energy companies UM, and Raskin has said that she's not going to be using her federal to target energy industry if she is nominated for it. That's going to be a main Conservative Republicans that she's going to have to address today. With numerous questions. Other

than that, we're absolutely expecting questions about inflation. That's been a huge issue going forward UM, as well as just other other items with the economy as the US kind of tries to pull out of the position the pandemic put the US in and just quickly, Emily, we've seen just how fragile the Democratic majority is in the Senate with the stroke suffered by one of the Democratic members there has it affected the timetable, the calendar for the

legislative session. So at this point, one of the big questions I think is what is going to be happening with the Supreme Court pix. That's the one where it's felt that all fifty Democratic senators could be needed on that, and that's unexpected, uh, to really wrap up for another four to six Uh, that's not far to wrap up for for a while, Biden. You hasn't even named a nominee. And we're hearing that Ben Ray lu Juan, the senator who had the stroke, that he could be fully recovered

in about four to six weeks. Okay, So Bloomberg Government Reporter Emily Wilkins will have to leave it there for now. Thank you for this from the nation's capital. Karen Nathan. It is six f day six on Walling Street, and this is Bloomberg Day. Bright February is Black History Month, and every day this month we're celebrating significant moments in US black history. Now, but your installment for February three. Here's Bloomberg's Renny too Young on this day in Black history.

In eighteen seventy, the fifteenth Amendment of the Constitution of the United States was ratified. This guaranteed the right to vote regardless of race. It also intended to ensure, with the Fourteenth Amendment, the civil rights of former slaves, but many black people would not actually be able to practice this right to vote, and hild in nineteen sixty five

Voting Rights Act. It gave African Americans a way to get around barriers at the state and local levels that had previously prevented them from exercising the right to vote. That's today in Black history. I'm gonnit to Young Bloomberg radio right, Grinita, thank you again, Nastack. Futures are falling down three hundred seventeen points or two point one per cent. And we watched the sell off on Bloomberg Surveillance with

Tom Keene, Jonathan Farrow, and Lisa Ramowitz. It's straight ahead for Nathan Hagar, I'm parin Moscow and this is Bloomberg