Bloomberg Daybreak: January 20, 2022 - Hour 2 (Radio)

New Jersey Man dates booster shots for healthcare workers. I'm Michael bloom Ahead, John Stasharn, Sports Cayrie every Land the next to a win in Washington, another win for the Rangers, the Devil's Laws, so did st John. That's all straight ahead on Bloomberg day Break on Bloomberg ELEMENTARYO, New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, Sirius x M one nineteen and around the world Lon Bloomberg Radio dot Com and

via The Bloomberg Business A good morning. I'm Nathan Hagar and I'm Karen Moscow. US Future is on the rise this morning after yesterday sell off. We're coming up to six o one on Wall Street, and we checked the markets every fifteen minutes throughout the trading day. On Bloomberg, SNP Future is up twenty two points, Staff futures up a hundred thirty nine and NASDAG features up one eye.

The decks in Germany is now little change. Ten year treasury up eight thirty seconds, held one point eight three percent, yield on the two year one point oh three percent, and I Max screwed oil is down three tons percent. Nathan karen Us futures are stable for now after the NASDAC ended yesterday in correction territory. Let's get more on this market action live with Bloomberg's John Tucker, John Nathan. The tech heavy NASTAC is now down ten point seven

percent since its November peak. It fell more than one percent yesterday's sashion This morning, the global sovereign bond sell off has paused, and that may have ended the slide in equities for now. Vot to reserve. Governor Christopher Wallers's policy makers are unlikely to opt for a bigger than expected rate increase in March. Investor focus has also turned to corporate earnings. We've had upbeat earnings results from Morgan Stanley,

United Health, and Proctor and Gamble. There's still plenty of worry though. Strategist at HSBC just cut the recommendation on US docks the neutral from overweight. Live in New York, I'm John Tucker Bloomberg, debreak. All right, John, thank you. He turned to Capitol Hill now for another major story where, following President Biden's push for voting rights, legislation has collapsed in the Senate, and Amy Morris has the details from

mar Bloomberg ninety nine one newsroom in Washington. First, Republicans used Senate filibuster rules to block the legislation, which includes the Freedom to Vote Act and a measure requiring states to get pre clearance to change their voting laws. When Majority leader Chuck Schumer tried to change the rule to allow a simple majority vote, Democrats Joe Manchin and Kirsten

Cinema voted against it. Earlier, President Biden had said that Democrats would likely have to break up the voting rights bill and his economic agenda, which is stalled to get any of it through Congress. In Washington, I'm Amy Morris Bloomberg Daybreak and amy. That voting rights defeat came after a wide ranging news conference marking the end of President Biden's first year in office. He faced questions on everything from the pandemic to his stalled economic agenda and pensions

with Russia. On many of those issues, the President says he's outperformed expectations. I don't think I've overpromised at all, and I'm gonna case stay on this track. Still. The President did acknowledge Americans are frustrated by the pandemic and rising prices. He says it's up to the Federal Reserve

to get inflation under control. Given the strength of our economy and the pace of recent price increases, it's appropriate as a Federal Chairman, Chairman Pal, the FED Chairman Paal has indicated to recalibrate the support that is now necessary. President also says Russia could move in on Ukraine. How the US and NATO respond, he says, depends on what Russia does one my in you incursion, and then we end up having to fight about what to do and

not do, etcetera. But if they actually do what they're capable of doing with the forced amass on the border. It is going to be a disaster for Russian After the news conference, the White House clarified that any Russian troop movement across the Ukrainian border would be met with a swift, severe, and united response. Well, Nathan plenty of reaction to President Biden's news conference, especially as comments on Russia.

And here's Bloomberg Politics contributor Rick Davis. When you're dealing with foreign policy signals and how clear they are are really critical to the outcomes. If Vladimir Putin was watching that press conference, I'm thinking he goes back to his advisors that, yeah, did he just give me permission to roll across the border? And Bloomberg Politics contributor Rick Davis spoke with our Washington correspondent Joe Matthew on Bloomberg Sound on Catch the program weekdays at five pm Eastern on

Bloomberg Radio. Let meantime caring at the Supreme Court, former President Donald Trump has suffered a defeat. Justice has cleared the release of some White House documents related to the January sixth insurrection. Bloomberg said Baxter has the story, so the documents can be released to the January Sixth House

Committee investigating the attempt at insurrection of the Capitol. National Archives can now turn over about eight hundred pages of material, including visitor and call logs, emails, draft speeches, and handwritten notes. Trump was trying to override President by his decision to way of executive privilege, but the Court decided to side with the committee. Clarence Thomas was the only dissent. In San Francisco, I'm at Baxter Bloomberg Daybreak, All right and

thank you Well. Outside of politics are also focused on the controversial rollout of five G. So far, the country has avoided major airline disruptions tied to the service, and we get the latest life from Bloomberg's ny A Young, Good Morning, Ready to good morning, Karen. The f a A is clearing about six of the US aviation fleet to operate at airports without fear of five G interference, and the new safety measures also increased the number of

airports where flights can safely operate. The agencies list of cleared aircraft includes most Boeing and Airbus models, but what you won't see on the list are any of the regional jet models that perform roughly half of all scheduled airline flights now. While the US avoided major disruptions on the first official day of five G service, the f a A warrants that disruptions to flights are still possible. Live in New York, I'm gonna need a young Bloomberg

day Break, Okay, Nita, Thanks. Let's get back to markets now, where the focus is on earnings this week. Up next, Netflix reports results after the closing bell. Let's get a preview from Bloomberg's Tom Busby. The big focus for investors in Netflix's fourth quarter earnings report is subscriber editions in the final three months of twenty twenty one and its forecast for the current quarter. In light of the price

Hi Get just announced for U S subscribers. Bloomberg estimates eight point three million more global ads last quarters, slightly below the streaming giants own prediction of eight point five million editions. Revenue forecast to be seven point seven one billion dollars, with earnings per share estimated at eighty cents. Tom Busby bloom Burg Daybreak. All right, Tom, thank you. And big tech also a focus right now on Capitol Hill, a tech focused antitrust villain the Senate has been expanded

to include China's two biggest social media companies. Lawmakers added TikTok and we ch Out to the measure after criticism the legislation would give an advantage to foreign firms. And this is Bloomberg, right, Karen, thanks six o seven on Wall Street, rain and forty degrees in Central Park for that rain is gonna change over into snow this morning. We're under a winter weather advisory and it is slippery on the roads. We'll get details on all the accidents

come up in traffic shortly. First Michael Barr with what else is going on in New York and around the world. Good morning, Michael, Good morning Nathan. The Dry State area, as you mentioned, getting another dose of winter weather Bloomberg. Meteor relogious Rob Carolin as the latest, Michael. The National Weather Service has a winter weather advisory effect for the city in parts in New Jersey this morning. A cool front is going to cross the area. That's gonna change

any rain over to some wet snow. Right now, it looks like the accumulations will be limited according to me, be as much is two inches, especially across some of the higher hilltops in northwestern New Jersey. Precipitation should be done by midday. Temperatures will be falling, so folks need to be careful because there will be some slick spots,

especially this afternoon. Michael, thank you very much. Rob. New York Mayor Eric Adams says enough is enough after an eleven month old child is in critical but stable condition after she was struck in the face by a stray bullet. The child was in a parked car with her mother while her father went into a grocery store. Police say a man chasing another ran and opened fire, and then

the bullet struck the child in the bronx. Adams, who campaigned on a pledge to make the city safer, spoke to reporters after meeting the girls parents at the hospital. It was a total disregard for the innocent people who are walk into these streets. This is not the city how children should grow up in. Mayor Adams says he's going to stay in the streets until the city is safe. New York City officials want to send drivers and cyclists

a message lax enforcement of traffic rules is ending. Mayor Adams said the city is launching a multimillion dollar ad campaign to highlight pedestrian safety initiatives and a new traffic rule requiring cyclists and drivers to come to a complete stop at all intersections. Adam says people must learn the

rules of the road or get off the road. New Jersey Governor Phil Murphy says he will require healthcare workers and employees in nursing homes and prisons to get fully vaccinated and boosted against COVID nineteen, dropping an option to either get the shot to be tested. This is an unfathomable number. Roughly five thousand New Jersey ands have tested positive for COVID, and overwhelmingly with the omicron variant. Governor Murphy says that healthcare workers who are unvaccinated will have

until next Thursday to get their first shot. Until the end of February for their second Global news twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts, are more than a countries. Michael Bard, this is Bloomberg, ain't it? Thanks Michael, coming up to six ten on Wall Street

time for the Bloomberg Sports Update with John's thanks. Nathan Rangers went on a long road trip one three or five back at the Garden, first time in over two weeks, another win for the Blue Church. They were down three to one, they came back and beat Toronto six to three, their twenties sixth win of the season only ten losses. Ryan Reads for his first two goals as a Ranger, Adam Fox scored a pair, and Chris Cryer got his twenty five of the season. Devils lost their third in

a row, beating home by Arizona four to one. Nets in Washington. A road game means the Kyrie Irving game. Good thing for Brooklyn. He scored thirty points. The Nets hung on top the Wizards one eight team the Marcus Aldridge at twenty seven Nicks row and two on this homestand tonight they take on New Orleans and Philadelphia. The Sixers. Joe lm be limited only twenty seven minutes due to an injury, still scored fifty points in a win over Orlando.

Another center Nikola Yoki's forty nine points in a triple double, and Denverse two point win over the l A Clippers. The Lakers keep losing, and they fell at home to Indiana. Lakers have lost four or five under five hundred they insist they have no plans to fire their coach. Frank Vogel. St John's went out to Omaha, got blown out by Creighton eighties seven sixty four. Villanova up set at home by Marquette. Rutgers topped Iowa, low scoring affair forty six

Australian Open. Daniel Medvedev is playing now against fiance Nick Karios. Medvedev leads two sets to one. Giants said they would hire a general manager and then worry about getting a coach, and yet they have received permission to interview a coaching candidate. Dan Quinn, former Atlanta coach, now the defensive coordinator in Dallas. John Stash, Howard Bloomberg Sports, Nathan all Right, John, thank

you right now. S and P futures are up twenty five point, Staff futures up a hundred fifty nine, NASTAC futures on the rise by a hundred twenty six points. The ten year treasury is up seven thirty seconds, the yield one point eight three percent, and the yield on the two year right now one point zero percent. You're listening to Bloomberg, Gabriel Bloomberg eleven three oh weather rain changes to snow this morning ties in the low forties.

Temperatures falling through the day. By tomorrow will only be in the low twenties for highs upper twenties by Saturday. Currently rain and forty in Central Park markets. Headlines and breaking news twenty four hours a day at Bloomberg dot com the Bloomberg Business and at Bloomberg Quick Tape is a Bloomberg Business lash and I'm Karen Moscow and US dot index futures are on the rise this morning. European

the stocks have trimmed their losses and moved higher. Now this is a global sovereign bond sell off, pauses and investors turn their focus to corporate earnings. We checked the markets every fifteen minutes throughout the trading day on Bloomberg Guess and P futures at twenty seven points this morning. Down futures have one seven seven Nasdack futures of one hundred forty and the decks in Germany is now up to tens of upper set and your treasury of e

thirty seconds. He had three percent, they yelled on the two year one oh three percent. Nimex screwed oils down a third of percent or twenty eight cents at eighty six dollars sixty eight cents a barrel. Comic Gold down a third of a percent as well, down six dollars ten cents at eighteen thirty nine forty announced and as a Bloomberg Business flashdown, here's Michael Barr with more on what's going on around the world. Michael Karen, thank you

very much. President Joe Biden says he thinks Russia will invade Ukraine during his news conference yesterday. Biden also warned President Vladimir Putin that his country would pay a dear price in lives lost and a possible cut off from the global banking system if it does ask for NATO. The likelihood that Ukraine is going to join NATO in the near term is not very like. President Biden also said a minor incursion by Russia would elicit a lesser response.

He later sought to clarify that he was referring to a non military action, such as a cyber attack. The NBA, the Nets beat the Wizards on the Celtics lost NHL, The Rangers won, The Devil's Lost. Global News twenty four hours a day on air and on Bloomberg Quick take powered by more than hundred journalists and analysts in more than one hundred twenty countries. Michael Barr and this is Bloomberg NA. Thanks Michael. It's six nineteen on Wall Street

Live from the Bloomberg Interractor Broker Studios. This is Bloomberg Day Break. Let's take a look at markets now and the long term outlook for risk assets. Inflation concerns are leading to worries about tightening from the Fed, and this time last year the forecast was for no rate increases this year. Now predictions have the Central Bank hiking anywhere from fifty to a hundred twenty five basis points by December, and that has led to volatility and rate and equities markets,

particularly in high growth tech stocks. For more, let's get the view from the head of Fidelity International CEO and Richards sat down this morning for an interview with Bloomberg's Francine Lakwa. Here's part of that conversation now on inflation, have you changed your mind on how quickly central banks should move on I think in December you said that you know they would have to be an await and C situation to have some concrete data before they acted.

I think that that the point that we've been quite consistent of for quite a few months now is that the risk of a policy mistake by being too hawkish was probably the bigger risk on a balance of probabilities, which is not to say there aren't quite significant challenges in the inflation picture, and I think we'd probably stand by that, particularly now when you see that we've got this tension between yes, rising inflation, but at the same time some real signs that maybe the growth picture is

not quite as rosy as it was for five months ago. And that's the combination of a macron but just the way the whole supply chain challenges have played out. And I think when if you're a central banker right now, you're in that going to catch twenty two situation because you don't want to kill gross that might already be under some pressure, but at the same time you've got

this big challenge on the inflation front. If you unpack the inflation challenges, they're quite different in different parts of the world. And one of the things I think is very striking is the fact that inflation numbers look much worse in the US to the way they look in Europe. In Europe, there's still a challenge, but of course still

significantly higher than for example, Japan. So the inflation picture is playing out for a whole host of different reasons, and it's not clear that those reasons will necessarily respond quickly to interest rate rises, which suggest that the interest rate rises are always the answer. Do central banks need to adapt their language to communicate better with the markets or how do you think this will play out? Like the market reaction to what the central banks are saying

more than doing so. I think there's two things that are really worth thinking about. I think the central banks are really keen to manage our inflation expectations. They came more about care more about our inflation expectations than they do about absolute levels of inflation, and I think you can already see that by the responses that there have

been out of there. The second is, I think there's a very close attention paid to real yields because when you look at those long term macro trends, very high debt levels and and and a more challenging demographic short term lifts and inflation because of changes in demand pattern, because of changes in employment choices, and because of that

supply chain disruption. They're all relatively short or at least cyclical issues against that very long structural shift that you've got got going on with demographics and with high debt levels, and so I think it's the real yield that really the central bankers are most focused on, because it's if if that rises significantly, certainly if it gets above zero, then you start to have a real risk of a very hard landing. And I don't think that is on

anybody's roadmap. So it's a central ancer. I think that's what you're playing with right now. Not get our inflation expectations down matters more than the absolute level of inflation today. So what does it mean for the markets? And is this the right time to bed on parts of the markets that could benefit from the end of the pandemic? Well, I mean the end of pandemic. That's that's a really big statement out there. I mean, what what is what

do we mean by the end of the pandemic? Do we mean just adjusting to the fact that we're going to have ongoing waves over periods of time and we need to get better at adapting to them. I think for what it means for markets is that I think central banks if they see the inflation expectations maintained under control and they don't see real yields getting out of control, I think probably will be at the margin more devish then the rhetoric today suggests, which means actually probably, although

this volatility is likely to continue for some time. Actually that's not a bad bedrock rates that rise too hard, too fast and squeeze off what is quite the fregile you can recovery. I think the final point I would make is that there are parts of the world in China is the most noticeable in that where they actually because they've taken a very different approach to the pandemic. They're looking for maybe easing rather than a tightening agenda,

which you're seeing other parts of the world. And we need to have space for both if we're going to keep the global picture of recovering growth on track. And that's Fidelity International CEO and Richards speaking with Bloomberg's Francine la Quid this morning, and you can catch more of that conversation online at Bloomberg dot com. Looking at markets

right now, futures are moving higher along with treasuries. That's bringing yields lower this morning s and P futures right now up twenty five point, Staff futures up a hundred fifty seven and NASDAC futures leading the gains. This morning. There are up a hundred thirty seven points, that is a gain of nine tenths of one percent. The tenure treasury is up eight thirty seconds. The yield now one point three on the tenure and the yield on the two year one point zero three just ahead. Is this

market relief? And how's the five g roll out of affecting your line? So I have the five things you need to know to start your day. This is Bloomberg Bloomberg eleven three oh weather. Rain will change to snow this morning. Early highs in the low forties, temperatures falling through the day partly sunny, highs only in the low twenties Tomorrow, mix of sun and cloud's upper twenties. Sunday right now forty and rain. Broadcasting live from the Bloomberg

Interactive Broker Studio in New York. Bloomberg Living Freedom to Washington, d C. Bloomberg to Boston, Bloomberg one oh six one does San Francisco, Bloomberg N sixty to the Country Sirius XM chto one ninet and around the globe the Bloomberg Business app in Bloomberg Radio dot com. This is Bloomberg Daybreak. It's six thirty on Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow or just about three hours

away from the open of US trading. It is time for the five things you need to know to start your day. Brought to you by Interactive Brokers. Ib k R charges Martin loan rates from zero point seven five percent to one point five nine percent rates subject to change. Learn more at ib k R dot com. Slash compare up. First, the US futures are higher and bond yields are lower following yesterday's sell off. Let's get more on the market

action live with the Bloomberg's John Tucker John Karen. After yesterday's one percent slide for the NASTACT, the index is now down over ten percent from its November high. There may be some relief though. Bonds are stabilizing today, and earning season has delivered positive results from companies like Morgan Stanley, United Health, and Procter and Gamble. Still, strategists at HSBC are cutting their recommendation on US docks from overweight to neutral.

Live in New York. I'm John Tucker, Bloomberg Day Break. All right, John, Thanks. Politics is also a major focus this morning. President Biden's pushed for voting rights legislation has collapsed. Senators Joe Mansion and Kirsten Cinema broke with Democrats to kill the bill. Still, Vice President Kamala Harris is not giving up. The President. I are not going to give up on this issue. This is fundamental ary democracy and it is non negotiable. Vice President Harris says they'll look

to pass a smaller voting plan instead. Meantime, Nathan President Biden held a wide ranging news conference and his first year in office. The President said he's outperformed expectations, but admits frustration from rising prices and the pandemic. He also says tensions with the Russian president Vladimir Putin could come to a head over Ukraine. I'm not so certain what he's going to do. I guess is he will move in. He has to do something. President Biden says Russia will

be held accountable if it invades Ukraine. Outside politics, Karen were focused on the controversial roll out of five G so far, the country's avoided major airline disruptions tided to the service. Bloomberg's Ranida Young joins US Live with more Ranita Nathan. The f a A is clearing about six of the US aviation fleet to operate at airports without fear of five G inter arans in the new study. Safety measures also increased the number of airports where flights

can safely operate. While the US avoided major disruptions on the first official day of five G service, the f a A warrants that disruptions are still possible. Live in New York, I'm Ranita Young, Bloomberg Daybreak. All right, Rania, thank you, and back to the markets. This morning, the focus remains on earnings. Give results from Netflix after the closing bell. The company's projects a gain of eight and a half million subscribers. And that's the five things you

need to notice start your day. Brought to you by Interactive Brokers. And this is Bloomberg. Thanks Caring. Six three on Wall Street, Reign thirty nine degrees in Central Park, got an accident in Stamford southbound Connecticut Turnpike at exit six. The tails on that and more come up in traffic. First Michael Barr with what else is going on in New York and around the world. Good morning, Michael, Good

morning Nathan. New York Mayor Eric Adams has enough is enough after an eleven month old girl was struck by a straight bullet last night in the Bronx. The child, who was in critical condition, was with her mother in a parked vehicle while her father was in a nearby grocery store. Police say and unidentified man apparently opened fire while chasing another man in the street. Adams, who campaigned on a pledge to make the city safer, has said

he met with the girl's parents at the hospital. Doesn't matter to me if it's a police officers shot or if it's a baby shot. I'm going to stay in these streets until this city is safe, Mayor Adams, as the shooter is still on the loose. In another matter of New York, Mayor Adams said that he would consider excluding the New York City Police Department from a citywide cost cutting measure that he is implementing across all the

government agencies. In his first week's in office, Adams asked all city departments to cut non personnel spending by three percent as New York prepares to balance the nearly billion dollar budget with minimal federal aid money. New Jersey Governor Phil Murphy is requiring all workers and healthcare settings and high risk congregate living for scyllabbies to be fully COVID

nineteen vaccinated and boosted. Murphy also says he is eliminating a test out option, and Omicron's tsunami has washed across our state. While it appears at Omicron the that the Omicrons tsunami is finally pulling back, we are in no position to say we're on dry ground, Murphy says. Those in the health care community who aren't vaccinated have until January seven to get their first vaccine does and the

second shot by February. The U. S. Supreme Court denied a request from former President Trump to shield his presidential papers from the congressional committee investigating the January sixth attack. There was one vote in descent who would have allowed

Trump to claim executive privilege over the documents. Justice Clarence Thomas Galaim Maxwell formerly asked for a new trial after her lawyers raised concerns that at least one of the juries who convicted her of sex trafficking didn't disclose during pre trial screenings that he was sexually abused as a child. The British socialite was found guilty last month of helping

to sexually abuse underage girls. With Jeffrey Epstein, Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven under journalist and analysts more than a hundred twenty countries. I'm Michael Barr. This is Bloomberg, Nathan, Michael, thank you. Just about six thirty six on Wall Street Time for the Bloomberg Sports Update with John stash House. Nathan. The criticism of Kyrie Irving continues. The latest away in Hall of Famer Dave

Bang who said Irving is letting his teammates down. One of those teammates, James Harden, recently joked that he's going to inject Kyrie with the vaccine himself. There are no indications Kyrie will change his stance, which means he k will continue to play only on the road. The Nets are playing a lot of road games right now. Last night they were in Washington. They topped the Wizards one

nineteen to one. Eighteen Irving scot thirty points. Like chipping in in the first half, you know it's going being aggressive and then um, you know, com pasting myself in the second half. Trying to put two solid halves together at this point and I think once I do that, I'll feel a lot more complete. But in terms of where we are as a team's gut win despite Irving playing part time and now that Kevin Durant injury nets only a half game out for first in the East.

Nick's home tonight for New Orleans last night at the Guard another Ranger wins six to three over Toronto, two goals for Adam Fox and two for Ryan Reeves, his first two of the season. That was lost at home to Arizona four to one. St. John's beaten soundly by Crighton eight seven sixty four Rutgers at six win over Iowa and Ron Harper's two free throws with two seconds left. Andy Murray was trying to make a comeback at age thirty four. He'd been riddled with injury the last few years.

He lost his second round match at the Australian Open Daniel Medvedev, the two seed off the US Open, when last September he just won his match with the ausee Nick Kurios in four sets, but Emma Radikan, who won the open, lost in three sets. Battle of Americans Taylor Fritz, Feed Frances Tfo and then Fritz then heard his legs celebra in the victory, says he'll be fine for his

next match. Spacially were Bloomberg Okay, John Thanks at six thirty seven on Wall Street Time to take a look at stock some of the names moving in the pre market with Bloomberg Radio and TV Markets correspondent Creety gooped with a focus on earnings in the air. Yeah, we got to talk about these earnings. Everyone's talking about, you know, Netflix, the big tech and banks. No one's talking about the airlines.

You had United Air report after hours yesterday reporting a loss in the final three months of one a better loss than expected, but a loss. Nonetheless, Nathan saying that Omicron is cutting into the capacity. They're still dealing with those labor pressures and of course the supply chain costs as well. That's really rippling into kind of their bottom line.

What's important to keep in mind here is that for airlines, one of the big sticking points has been when are they going to recover from cope from this kind of COVID hit. When are they going to actually turn positive? Delta was the very first one to do that in the fourth quarter of one, and now we have to see if some of those airlines can really keep But but right now, Eric, uh not Eric, excuse me, Nathan of staring Eric a message from Eric on my terminal here,

But Nathan, excuse me, is actually down under pressure. Remember they've also been dealing with about three thousand people calling in sick simply because they have COVID. So the labor issues very pronounced an airline stock. Nevertheless, you A L is your taker down about half a percent. American Airlines is where we're going to get that next test to see if it's kind of a United Air story or this is an airline story broadly, A L is your taker up one point a percent in the pre market.

They are reporting, I believe in the next hour. So something to keep an eye on as we go into the rest of earning season. Yeah, definitely watching those airline earnings as well as Netflix. As you mentioned, reporting after the bell this afternoon. We've got some analyst moves this morning as well. Yeah, the analysts keeping busy, keeping us on our toes. I'm gonna start air with semiconductors, Advanced micro devices a m D down one point three percent

in the pre market. N XP semi conductors as well, down one point four percent. The takers n XP both cut to neutral from an overweight over at Piper sand We're sighting those day on downside risks for a m D is going to be a combination of a potential slowdown in the PC market in two earnings growth, headwinds from closing a silence steal, and of course it is broader market dynamics around tech StockX. We know that's a

very crucial spot to look at right now. For n XP, also cut because of a very cautious automotive view when it comes to semiconductors. There is a wall of worry, especially when it comes to Piper Stanley, and that is clearly weighing on both a m D and n XP. I'll leave you on an up note, Nathan, because we

got to leave you with some optimism here. Vertex Pharmaceuticals v r t X up seven tenths of a percent after it gets upgraded to an outperform from a market form over at BMO, saying it has quote an increasingly positive outlook on the company, a rare view in the biotech space. All right, creaty, thanks, so let's get back to that message from Erica. Make sure you right back

to him. Bloomberg Radio on TV. Markets correspondent Crety Gupta with the pre market look this morning, and as we take a look at stocks as a whole ahead of the Thursday morning open. Futures are moving higher. We've got SMP futures right now up twenty four point, Staff futures up a hundred forty, Nasdaq futures on the rise by a hundred thirty four points. The tenure treasury up nine thirty seconds. The yield one percent yield on the two

year right now one point zero three. Stay with us, you're listening to Bloomberg Day right, Bloomberg eleven three oh Weather rain changing to snow this morning, early highs in the low forties, temperatures falling through the day Tomorrow, partly sunny, low twenties for highs upper twenties by Saturday, rain and

thirty nine degrees. Right now, Markets headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business out and at Bloomberg Quick tape is a Bloomberg Business flash and I'm Karen Moscow future is rising. This morning, we had the first word breaking news desk for today's morning call. Here's Bill Maloney, Bill, good morning, and good morning, Karen. That's right. US features are in the green fu yesterday's sell off without features currently up

a hundred and two points. Estimes gained twenty welven Aztec features are higher by one fifteen. The US ten year old at one point three percent, Gold is down three Oil is a little changed. Big Coin is trading higher

by point nine percent. Hong Kong rose three point four percent overnight, while up and markets are trading mixed right now and back in the US on the Economic funda eight thirty initial job this claims and the Philly Fed and at ten o'clock existing home sales after de Bellos, Nate alca EPs speed estimates and United Airlines Q for

operating revenue also beat estimates. In deal news, Chesspeak Energy nears a two point four billion dollar deal to buy Chief Oil and Gas, and another news Google is forming a blockchain group wrapping things up. Forward was cut to hold over at Jeffreys, Etc. Raised over a key bank. Us ban Corporate was cutting market perform at KBW, and am D was cut to neutral over at Piper Live from the first third breaking news, dostcomb but Maloney care all right, Bill, thank you to hear live breaking news

of her Bloomberg. Have squawk on your terminal scue you a w 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. Despite a last minute attempt from Senate Majority Leader Chuck Schumer er overhaul Senate filibuster rules, voting rights legislation has once again failed. In the Senate. Republicans have blocked voting rights legislation. There was Senate debate, but every single Republican went on the

record voting against it. The U Supreme Court cleared the way for some of former President Donald Trump's White House papers to be turned over to a congressional panel investigating the January sixth capital attack. The justices rejected Trump's bid to block the release on grounds of executive privilege. In the NBA, the Nets beat the Wizards one nine one eighteen, the Celtics lost in the NHL. The Rangers won. The

Devil's Lost. Global News twenty four hours a day on air and on Bloomberg Quick Thank, powered by more than twenty seven under journalist and analysts more than a hundred the countries. I'm Michael Barr. This is Bloomberg. The following commentary is from Bloomberg Opinion Incomplete. I'm Jonathan Bernstein, a columnist from Bloomberg Opinion. Here's a reader's guide for evaluations of Joe Biden's first year in office, beyond the obvious

advice to be wary of partisan cheers or jeers. First, while presidents are surely the single most important players in US politics, that's all, they are, single players. Evaluations that ignore the context the president's work in are useless. Then be sure that any evaluation is clear about the differences between the president, the president c and the larger political system. Congress,

not the president, passes legislation. It's fair to consider how a president influenced Congress, but not to assume that whatever happened must have been what the president wanted. Be alert for the pundit's fallacy, the certainty that success requires support for the pundit's ideas. Even more tempting is an approval rating effect, with all actions interpreted as successes, with things are going well and mistakes when they're not. Some things

haven't played out yet. An important information as yet to become public. The grade most presidents deserve after one year is incomplete. I'm Jonathan Bernstein. For more opinion, please go to Bloomberg dot com, slash Opinion or O P A n go on the Bloomberg terminal. This 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. It is X fifty on

Wall Street. Let's turned to news and science and technology now at the Bloomberg n j I T STEM report brought to you by New Jersey Institute of Technology, which announced that renounced scholar and educational leader Dr Tech Limb will join the university as n j I T s ninth President. Learn more at n j I T dot e DU now Here's its making news and science, technology, engineering, and math. Deep in the South Pacific, scientists have explored a rare stretch of pristine coral shaped like roses off

the coast of Tahiti. The reef is thought to be one of the largest found is such depths and seems untouched by climate change or human activities. Globally, coral reefs have been depleted from over fishing and pollution. Climate change is also harming delicate corals, with severe bleaching caused by warmer waters. A first for Amazon, the company said it plans to open a clothing store in a southern California

mall later this year. Shoppers will get to personalized or get personalized recommendations pushed to their phones as they browsed the new Amazon style store, stocked mostly with non Amazon fashion labels. The store will be about thirty thousand square feet, similar in size to a Coal's, but about one third the size of other department stores like Macy's and An n f T startup co founded by pro football star Tom Brady, raised one seventy million dollars in a round

of funding. The company called Autograph, partners with athletes to create digital collectibles. Brady has been one of the highest profile advocates from the world of sports and entertainment for cryptocurrencies, and that's a Bloomberg and j I t Stem report Nathan,

thank you, Karen. We are I from the Bloomberg Interactive Broker Studios or at 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 Senate Republicans blocking voting rights legislation, setting up a long shot effort to change the rules, the Supreme Court clearing the release of some of former President Trump's January six records, and President Biden defending his record as he heads into

his second year in office. We have faced some of the biggest challenges that we've ever faced in this country these past few years. Challenges to our public health, challenges to our economy. We're getting through. Let's get more now on the president's news conference and all that's happening in the nation's capital with Bloomberg Government reporter Emily Wilkins. Emily, it was nearly two hours. The President faced questions from

reporters yesterday. A lot to unpack and a lot of expectation or a sense that the president needs to recalibrate. But he says that he's staying on his current track. Yeah, I didn't really double down on a lot of the more questions about presidency about what he needs to do Differently. Near the end, he was sort of indicating that he was going to try to get out to talk to the American people more, that that was a change that he was planning to make. UM, But he did make

a little bit of news with the presser. He seemed to indicate that he was open to breaking up his signature of social policy and tax bill into smaller pieces that could then pass through Congress, and he also talked

a little bit about Russia. UM. He mentioned that the U S and UH their allies have yet to agree on how to hold Moscow accountable for what he called a minor incursion, and that remark immediately White House or other officials and common people jumped on that remark, said they were clarifying that there would definitely be swift action. But that raised a lot of right eyebrows and red flags just because the US is posture on Russia and Ukraine has tried to be one of you know, trying

to be as strong as possible. That's sort of the position that they're trying to negotiate from UH, and the remark like this could potentially undercut uh, the the opinion of what the US will do, the threat of the US up retaliating shared Russia in Vaine. So, coming after this news conference, Emily, where does this leave President Biden positioned as he heads into year two? What are you gonna be watching for? So? I think one of the things to be watching for is exactly what does happen

with that social spending and tax package UM. Certainly that's really one area that Biden has control over delivering. It will be also interesting to see whether the White House tries to do more to address the economic indicators with inflation, with the economy, with jobs UM, as well as with coronavirus. If they do, if there is another surge, is the administration prepared um this last time? They were really caught flat footed when it came to O Macron and to

have the testing that they needed. You know, a lot of the things here for for Biden that he's grappling with, you know, they're somewhat outside the ability for the White House to see control and to navigate. But that doesn't really matter to voters at the end of the day. If they feel like they're worse off than they were

four years ago, Uh, and Biden clearly in trouble. We are seeing some of the highest disapproval numbers for him this morning, and in fact, one pole is actually showing that only precent of Democrats want him to run again, So less than half of his own party actually wants to see Biden run in And as you mentioned, it sounds like President Biden is hoping to get those poll numbers back up by getting out on the road. More.

Where does that leave Congress? I mean, his agenda still has to be enacted in a lot of respects on Capitol Hill, and we just saw yesterday that voting rights legislation, his latest piece of a domestic agenda, has come up short as well. I mean, to be blunt, Nathan, there's no role that said that the president has to be in Washington v seat for Congress to pass legislation. Um being Congress kind of can do its own thing and

then side. It could just side on the dotted line. Certainly, as you expect Biden to be involved in these negotiations, you see him come to Capitol Hill numerous times. But after his trips to Capitol Hill, it doesn't seem to do anything. He visits the Senate. They still didn't pass that role changed the Voting Rights Act. He visited the House um over the Build Back Better plan that that

is currently solved. So it doesn't seem like Biden's direct interactions the moments he comes to Capitol Hill I really panned out for him the way that the administration probably hoped. So it might not make a huge difference. One thing I'm am interested to see is if lawmakers who are vcing re election want to campaign with Biden, if they

want Biden to come to their districts. Uh. If Biden's poll numbers continue to decline or even stay at their current level, uh, there could be Democrats in elite, critical sweep stata districts who say, you know what, You're just not popular here, Please don't come in campaign with me. So that that'll be an interesting dynamic to watch going beforeward. Bloomberg Government reporter Emily Wilkins as we head into year

two of the Biden presidency. Emily, thanks as always, and you can read more about these stories of Bloomberg dot com or on the Bloomberg terminal and listen to Bloomberg Radio in Washington. Bloomberg and one oh five point seven FM HD two. So earnings crossing the Bloomberg terminal from Travelers fourth quarter earnings per share beat the AFA Channaalist estimate.

Much more on that and all the earnings picture and markets with Bloomberg Surveillance, Tom Keene, Jonathan Farrell, and Lisa Bramwooz. That's coming up next for Karen Moscow. I'm Nathan Hagar, and this is Bloomberg