Bloomberg Daybreak: January 27, 2022 - Hour 1 (Radio)

York to focus on gun violence. I'm John Tucker. Those stories straight ahead, I'm John stash Ower. And sports, the Heat beat, the Knicks, the Nuggets, beat the Nets, and they're playing the women's semifinals at the Australian Open. That's all straight ahead on Bloomberg day Break on Bloomberg elim Trio, New York, Bloomberg Washington, d C, Bloomberg one six one, Boston, Bloomberg nine sixties, San Francisco, Sirius x M one nineteen and around the world Old on Bloomberg Radio dot Com

and via The Bloomberg Business. Good Morning. I'm Nathan and I'm Karen most now. US Future is looking at stage to come back. They're rebounding off the worst levels this morning and moving higher. We're coming up to five o one on Wall Street, and we check the markets every fifteen minutes throughout the trading day. On Bloomberg, SNP Future is up five points, death Future is up six Nasdack

Futures up fifty four. The decks in Germany's down four tenths of upper cent, and your Treasury up six thirties seconds ye at one point eight four per cent. Nathan Karen stocks did sell off overnight after yesterday's hawk is chilled from the Fed, but US futures are bouncing back. From session, Low's chair J Powell signal to March interest rate hike but also stoked speculation about more aggressive policy

in the months ahead. I think there's quite a bit of room to raise interest rates without threatening the labor market. This is, by so many measures, a historically tight labor market, with the yield curve flattened. On the heels of those comments from J Powell this morning, two year yields are rising while tens and thirties fall. Former Fed Vice chair Alan Blinder expects a rate hike at every meeting this year. Think about where we are now. We're almost as zero rate.

Four rate hike is puts you just above one percent. That's hardly a central bank that's trying to clamp down on its economy. Former vice chair Allen Blinder says the FED will continue to be data dependent, and this morning money markets are now pricing five rate hikes from the Fed this year. Nathan Us stock sank after the Fed decision, and that trend continued overnight with heavy selling. In Asia. We get the recap from Bloomberg's Juliette Sally and Singapore.

Good morning, Juliette, Good morning Karen. The m c I Asia Pacific INEX posted its biggest drop since February to hold at fourteen month lows, as a number of indexes in the region tatd Ono entered bar market in correction. Territory China's cs I three D twenty percent from its February peak to enter a bear market. South Korea's Costly also entering a band market. Australia's ASSEX two hundred was down tenpa cent from its ogus peak to enter correction.

In Singapore, juliet Sale Bloomberg Daybreak. All right, Juliet, thank you. So how much further is the Federal Reserve willing to let stocks slide? We have a prediction from the world's biggest hedge fund. Bloomberg's rannitda Young joins us Live with

the details. Good morning, Ranita, Good morning Nathan. It's the burning question of the moment for market watchers, and Bridgewater Associates co Chief investment officer Gregg Jensen says the fit could let stocks drop as much as more that will put the spire below thirty, near its pre pandemic level. Ja says so far, the decline over the past few weeks has been mostly healthy because it's deflated some of the bubbles like cryptocurrencies. Live in New York. I'm Ranita Young,

Bloomberg Daybreak, Ranita, thank you. Stocks are also under pressure this morning from earnings, including disappointing results from Intel. The shipmakers out with a weak profit forecast for the current quarter, and we get the story from Bloomberg's Charlie Pellett. The report is fueling concerned that the cost of CEO Pat Gelsinger's turnaround plan will weigh heavily on the chipmaker's financial performance,

though demand for server chips is helping bolster sales. The forecast dad's evidence that profit is suffering from an Intel spending spree. Galsinger, who took the home last year, has embarked on an ambitious plan to overhaul Intel's manufacturing that includes a new factory hub and Ohio announced last week but could cost twenty billion dollars in New York, Charlie Pellet Bloomberg Daybreak, All right, Charlie, thanks. Shares of Tesla

are also dropping this morning. The company posted profit above estimates, but warrant supply chain problems will persist. Ed Ludlow has details from our Bloomberg nine sixty newsroom in San Francisco.

Executives said that production volumes at the plant in Fremont, California, and in Shanghai have been depressed for several quarters due to the ongoing supply chain crunch that includes, of course, a shortage of semiconductors, and that meant one big thing this year two Tesla will not be launching any new products.

That means no cyber truck, no semi truck. And the logic that Elon must put behind that was that if they don't have the parts to build or rampart production off their existing products, then they shouldn't move quickly onto new products going forward ed Lovelow, Bloomberg News, San Francisco, and thank you the tech earnings continue to roll in today. Up next to Apple reports this afternoon, and we get

a preview from Bloomberg's Tom Busby. Well. The big question for Apple's first quarter results how big were holiday sales of its new iPhone thirteens, as well as the iPad Mini, the MacBook Pro, the Apple Watch Series seven, and it's updated air podier phones. Also whether that global computer chip

crunch and supply chain bottlenecks impacted sales and production. Bloomberg economists forecast revenue during the all important holiday quarter topped one nineteen billion dollars, more than half of that from sales of iPhones on non adjusted earnings of a dollar nineties share Tom Busby Bloomberg Daybreak and tom Earnings In Europe and Focus as well. Shares of Deutsche Bank are

up five per sen. Germany's largest lender, says it will quote significantly exceed its revenue guidance for the coming year. Deutsch saw gains in debt trading and its merger advisory business in the fourth quarter. And turning to politics now, Nathan President Biden looks poised a mega mark on the Supreme Court. We're told Justice Stephen Bryer plans to retire at the end of this term. Senate Majority Leader Chuck Schumer is leading tributes to the High Court's most senior liberal.

He was a model jurist. He had huge impact on people's lives in terms of voting rights, women, women's rights, and reproductive rights, in terms of the environment, and maybe most of all, on the a C a UH, the Affordable Care Act, making sure its state. Senator Schumer is promising a quick timetable to confirm Brier's successor. President Biden has promised to name a black woman to the High Court,

and futures Karen are moving higher at the moment. SMP futures are up twelve point, staff futures up forty six, Nastact futures higher by seventy seven points. The tenure treasury is up five thirty seconds, The yield one point eight four sent two year yields are moving higher. They're up to one point one eight percent now, and NIMEX crude little changed. Up about a ten percent at eighty seven dollars forty two cents of barrel bitcoin thirty six thousand,

six hundred dollars. Straight ahead, your latest local headlines and a check of sports. This is Bloomberg. It's south five oh seven on Wall Street, eighteen degrees in Central Park. We gotta crash on the southbound Garden State Parkway by Eggs and one details coming up in traffic. First, John Tucker with more on what's going on in New York and around the world. Brason for some snow, John, Yeah, we're watching a powerful snow storm that's just set to

sweep up the East Coast starting tomorrow. Davan Bloomberg. Meteorologist Rob Carolin joins US Now with the very latest. Good morning, Rob, John. The computer model is still not an agreement on the storm coming up for Saturday. The US model takes it out to see while most of the international models have a fairly significant storm for the Triston area. I think that's why Then and Weather Services put a winter storm watch up for Friday evening through Saturday evening for the coast,

including the city in Long Island and Westchester County. New York. Looks like the snow will arrive by mid to late afternoon tomorrow in the Tri state area, should be done by Saturday evening. Right now, two to six inches looks likely. John Bloomberg, meteorologist Rob Caroline, Well, check your flight this morning. It's not because of the weather. In the United Airline says it's experiencing an I T outage and teams are

working to get it resolved. President Biden will promote his administration's efforts to fight gun crime in New York next week with Mayor Eric Adams is confronting a spate of violence, including the shooting deaths of two police officers. The President will highlight increased federal funding for state and city law enforcement. A Floria meetings regarding Russia and Ukraine appear to have made a bit of progress. Let's get more from Bloomberg's

and Baxter. NATO Secretary General John Staltenberg is urging a direct meeting with Russia. We are prepared to listen to Russia's concerns. We need a conversation on how to uphold and strengthen the fun amount of principles all European security that we have old as well. In Paris, direct meetings with high level diplomats from Ukraine and Russia, both saying marginal improvement, have set up another meeting in two weeks in Berlin, and the US has delivered a letter to

Russia with proposals to end the standoff. In San Francisco, I'm at Baxter Bloomberg Daybreak, New York's mt A looking at ways to prevent people from falling or jumping out of subway tracks and MTA task Force plans to explore sensors and platform doors. Homeless person this month killed a woman by pushing around too subway tracks in front of

an oncoming train at the Times Square station. And Amazon dot Com unable to escape a lawsuit filed by a convicted murderer in New York who claims the company's refused to hire him as a delivery driver was discrimination. Global News twenty four hours a day on air Anna Bloomberg Quicktake were powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries. I'm

John Tucker. This is Bloomberg. Nathan all Right. John, Thanks almost five ten on Wall Street time for the Bloomberg Sports up today. Good morning, John, Stown show. Alright, good morning, Nathan Nick's unable to beat the Heat, trailed by fourteen in the first quarter, by twenty eight and the third. The final a little more respectable, but Miami, who leads the East, won one ten to nineties six. That Heat had four players scored twenty or more, Duncan Robinson at

twenty five. He made seven three pointers. The Knicks leading score was Obi Toppin with eighteen. Nick fans would like to see him play more. Another loss for the Necks in Brooklyn, whe there just twelve and thirteen. They were without the entire Big Three as James Harden sat out with a minor hamstring injury and Denver scored forty two points of the third quarter the Nuggets one one eighteen, Kola Yokas twenty six points to assist Shy of a

triple double. Ranger skate tonight at Columbus, then come home tomorrow on Henry Lundquist Night. Seaton Hall lost at home to Marquette seventy three sixty three, the Pirates just three and six in the Big East. Ash Party continues to steam roll at the Australian Open six one six three in the semifinals over American Madison Keys Barty has won

all twelve sets, has only lost twenty one games. Introductory news conference of MetLife Stadium for new Giants, gentlemanager Joe Shane and owner John Mara, when asked about quarterback Daniel Jones, said, we've done everything possible to screw this kid up. Shane seems happy with the incumbent QUB. I know he's a great kid. He's been in this building the last two days.

I've talked to him. There's not anybody in this building that said a bad word about his work, ethic, passion, you know, desire to win, and I think you got to have those traits as a quarterback. And the kid has physical ability. You know, he's got arm strength, he's athletic, he can run. So I'm really getting I'm really excited to work with Daniels. A lot of other key decisions,

including hired a new coach. Shane will interview former Miami coach Brian Flores today, John Dash, owner Bloomberg Sports Okay, John thanks s. SMP future is now up eight point, staff futures up thirty three, nastack futures up sixty three points. Yield curve flattening this morning, with the ten year up six thirty seconds, the yield one point four percent, yield on the two year rising to one point one eight.

This is Bloomberg Bloomberg eleven three oh weather mix of sun and clouds today in your thirty degrees winter storm watch kicks in tomorrow night into Saturday night. Two to six inches possible from this northeaster, with highest accumulations over Long Island currently eighteen degrees. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quicktake. This is a

Bloomberg business flash, and I'm Karen Moscow. US stock index futures are racing their losses, mostly with dip buyers back in action after a sell off sparked by a hawkish federal reserve. In Europe. Retail and travel stocks are putting a drag on benchmark in tex This Well Bank shares rally after Deutsche Bank raised its outlook and we checked the markets every fifteen minutes throughout the trading day on Bloomberg. Right now, msn't P futures are a little changed down.

Futures that will changed as well, and NASDACK futures are up forty one the decks in Germany's down four tenths of upper cent. The ten year treasury up seven thirty seconds. You have one three percent yield on the two year one point one seven percent. Nim X screwed oils up two tenths per cent or seventeen cents at eighty seven

dollars fifty two cents a barrel. Comex s go down eight tenths per cent or fourteen dollars ten cents at eighteen eighteen announced the euro one point one four against the dollar, British found one point three four three one, the yin is at one fifteen point oh six, and Bitcoin this morning moving higher at thirty six thousand, six hundred dollars. And as a Bloomberg Business Flash now Here's

John Tucker went more on what's going on around the world. John, Good morning, and good morning, Karen sent A. Democrats planned the most swiftly to replace retiring Supreme Court Justice Stephen Bryer.

Dozens of United flights delayed after the airline reported a company wide technology outage this morning, and South Korea's military says North Korea fire two suspected ballistic missiles into the in its six round of weapons launches this month, sports, the Nix and Nats both lose on the ice of the Capitals lose and the Bruins fault to Colorado in overtime. After the Australian Open Women's semifinals, Ashley Barty defeats American Madison Keys and straight sets Global News twenty four hours

a day on Irana Bloomberg Quicktick. We're powered by more than twenty seven hundred journalists and analysts in more than one D twenty countries. I'm John Suckern. This is Bloomberg. Nathan, Okay, John, thank you. It's five nineteen on Wall Street, Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak as

we watch markets just really in real time here. Now that the FETE has taken a decidedly hawkish turn, let's bring in Sarah House now, senior economists at Wells Fargo, as we continue to assess what we heard from the Fed and Chairman J Powell yesterday. Sarah, good morning. Money. Markets are now fully pricing in five rate hikes this year.

Are you adjusting your forecast over Wells Fargo. Well, I think we saw that the risks the outlook are certainly skewed towards earlier and or faster tightening than what we had going into this meeting, given that not only did we get a pretty clear signal about March, but I think one of the most interesting points was that when asked about the pace multiple times in the press conference, each time Pal was very pointed in making the distinction

between this cycle and this economy versus what we saw in So I think that certainly does point to the potential for more than more than just quarterly quarterly rate hikes of basis points. I mean, there's been some talk that we could see rate hikes at every meeting after the asset taper ends. Is that what you're thinking here?

So that's not our expectation. I think once we get to the second half of the year and we see that activity is slowing apart from the rate hikes that I think you you will get earlier in the year, but also when you step back and you have to remember that consumer spending, given the lack of fiscal support this year, relative one is is spt for a fairly market slowdown, and so I think that that might take some of the pressure off of inflation and therefore how

much the SAID might have to rise. Do you think that? Do you think the Fed's moving quickly enough to go after inflation? Do you think Powell is almost tacitly admitting that the FED made a mistake in calling inflation transitory earlier. Well, they're certainly pivoted from their stance. I mean, if you go back, it was only in November they were still

using the word transitory in the statement. So I think they've certainly switched their view on inflation and are rapidly trying to catch up for the fact that it does look like inflation is going to be persistent longer than they had expected, and we're going to be looking at inflation still well above the Fed's target we expect through our forecasters in three but even at the end of this year, we're still looking at core PC we think

probably somewhere between three three and a half percent. So I think it's still going to put a lot of pressure on the SAID to act. So when do you think the FED will start unwinding the balance sheet? Based on what Powell said yesterday, So going into the meeting, our expectation was that we'd get an announcement in September, but I think, like said funds to hikes, I think that risk is skewed towards earlier. So we saw, of

course the release of the principles will get around the unwind. Now, these were less detailed than the principles we saw released back in June, but I think it's one thing that we are getting close. We saw in the press conference Jay uh chare Pala so that they would be talking about it at a couple more meetings. So I think it's very likely we'll get an announcement sometime this summer.

We've seen the yield curve flattened on the back of Powell's comments, is there recession risk from the from the policy path going forward? I think it's still a little too early to to be putting that into to expectations. Um, but I think the Fed is in a pretty tight spot.

So we've seen inflation go well above their target, and I think there's a lot of questions about how much policy tightening is going to be needed to rein that in and if the Fed we'll we'll get that balance right, And so I think, um, while that's not our baseline expectation. I think this is a very sticky situation. Do you think the FED will continue to sort of look past the market action of gyrations that we've certainly seen this

week and and stay on course. What kind of market action do you think it would take for the FED to alter its path? I think right now, given that inflation is so far above the fence target, that they are are much more likely to look through market volatility than they were back in in ten and the twenty

through tightening cycle. I think just given that, um, that you also have a very strong labor market right now, I think that um, you know, they're they're quickly reposition and with that's probably going to come from volatility, and at the end of the day, price stability and maximum employment are their mandid. So just about thirty seconds left here, do you think we're at full employment now? I think

we're certainly close, if if not already there. And I think it was revealing in the press conference that he that Pal said that most participants already think that we are at a maximum employment. We see that across a number of indicators, not just the unemployment rate, but what we see in terms of the quits what we see in terms of wage growth. So this is is certainly a strong labor market and we saw that and phatically

reflected in Palace comments in the press conference yesterday. All right, Sarah, as always, thanks for your insights. I really appreciate it. Sarah House, senior economists at Wells Fargo with us this morning as we take a look at markets, UH, a little bit of shaking us now in the futures contracts with U S and P futures now a three point STAFF futures back down by about nine points and NASTAC futures are higher by thirty eight points. You're listening to

Bloomberg Daybreak Bloomberg eleven three oh Weather. As we braced for nor Easter today. We'll have a mix of sun and clouds and a high in your thirty Winter storm watch kicks in tomorrow night. We could have two to six inches, most of it over Long Island by tomorrow evening.

Broadcasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg Living Freedom to Washington, d C. Bloomberg to Boston, Bloomberg one O six one does San Francisco, Bloomberg nine sixteen to the country sirius XM chad A one ninet and around the globe the Bloomberg Business app in Bloomberg Radio dot com. This is Bloomberg Daybreak and it's thirty on Wall Street. Good morning. I'm Terar in Moscow. I'm Nathan Hagar. Bloomberg Daybreak is brought to you by SEI

Crises emphasized character and partnership, One mission, one community. SEI. Go to se I C dot com slash I M S and we're 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. Stocks are mixed around the world this morning. That's after the Federal reserves hawkish tone on interest rates. At one point, Nowadack futures were down more than two percent before turning higher. Jeff Rosenberg of black Rock says the Fed has a

tough job ahead. How difficult it is for the Fed to navigate to that soft landing that's implicit in those SEP forecasts, and that really raises the risks here, I think for financial markets. Black Rocks Jeff Rosenberg says the market had anticipated a more dubbish message from the FED, and the question for the market now, Karen, is just how many times the Fed will raise rates. Let's get

the latest live with Bloomberg's Rnita Young Rnita Nathan. Traders are ramping up bets to see five FED rate hikes this year that would bring the Central Banks target rate to around one and a half percent. The wagers are rippling through markets with short dated bond and equity slumping. Money markets are pricing thirty basis points of fit tightening in March. That means some see a chance for fifty point hike and it all comes as fit. H Jpal strikes a hawkish tone and signals a first rate increase

in March Live in New York. I'm raned a young Bloomberg day Break ran need to thank you. Corporate earnings are also wearhing on stock Shares of Inteller down more than two and a half percent after the ship maker gave a disappointing profit forecast, and Tesla shares are down almost one percent care in the company set a record for profit, but more in supply chain problems will keep

it from introducing new vehicle models this year. Outside of the market's Nathan Politics, our front end center President Biden his voice to make a mark on the Supreme Court. Afterword that Justice Stephen Bryer plans to retire at the end of his term, the President has promised to name a black woman to replace Brier, and Bloomberg's Josh Wing

Grove reports that would fulfill a campaign promise. Find the face pressure from the base, in particular voters of color for not doing enough on core issues like voting rights, things like police reform, and if you had the opportunity now to make a very high profile nomination, in particular, if it is indeed the black woman, there could be political dividends for the Democrats and Bloomberg Josh Wing Groves says Justice Bryer is expected to announce his retirement at

the White House today. S and P futures are little change this morning. Dow futures are little changed as well, and as DAK futures up thirties seven and the tenure treasury up seven thirty seconds. He had one point eight three percent straight ahead your latest local headlines plus a check of sports. This is Bloomberg, Thanks hearing. It's five thirty three and Wall Street where eighteen degrees in Central Park and two tractor trailers are involved in a crash

on northbound Connecticut Turnpike Exit thirteen. Details coming in the traffic First. John Tucker's here with more on what's going on in New York and around the world. John Nathan. President Biden will visit New York next week to focus on gun crime. Let's get more in this report from Bloomberg's Lisa Matteo. Biden will highlight efforts, including increased federal

funding for state and city law enforcement agencies. The money is intended to fund beat officers and community violence prevention programs. The administration is also stepping up federal efforts to stop gun trafficking. The President will join Mayor Eric Adams, who is confronting a spat of violence. Since he took office on January one, five officers have been shot, including two who died after responding to a domestic disturbance call in

New York. I'm Lisa Matteo Bloomberg Daybreak, Oh winter storm watch in effects starting Friday evening for a system that made blanket parts of the city and snow. Let's get the latest from Bloomberg meteor roulogist Rob Carolin. Rob John, we still have some pretty serious disagreement between the major models on this storm. US model tries to take it out to see and really gives no snow to the Tri state area. European model says, no, it's a major storm.

So we're gonna kind of ride in the middle. Right now for forecast totals, we are into a winter storm watching along the coast and over the island and into Westchester County for Friday night and into Saturday. A snow she developed tomorrow afternoon and continuing to Saturday. The question is how much Right now, we're thinking about two to

six inches, with the highest amounts on the island. John rob Caroline, New York could boost weekly benefits for laid off workers and delay unemployment tax hikes for employers under a bill that passed the state Senate. New york six unemployment rate in December was more than two points higher than the national rate. Prince Andrew casting blame back at Virginia Juffrey after her sexual abuse suit, saying her claims

were barred by her own wrongful conduct. In response to the suit, Andrew suggest that she was at least partly responsible for her own alleged injuries. To phrase says when she was a teenager. Jeffrey Epstein lent her to Andrew for abuse, and astronomers say debris from one of Elon Musk's rockets will crash into the Moon. It highlights the growing risk from space junk as companies plan on launching

tens of thousands of satellites. The second stage of a Falcon nine rockets sent into orbit by Musk's Space Explorer Asian Technologies in fifteen, is projected to impact the Moon on March fourth. Global News twenty four hours a day on here, right on Bloomberg Quicktake, Powerloo, more than twenty seven hundred journalists and analysts, more than one hundred twenty countries. I'm John Tucker. This is Bloomberg, Nathan whole new meaning for to the Moon. John, Thanks Yes, Alis almost five

thirty six on Wall Street. John stash ours here now the Bloomberg Sports Update, Thanks Nathan. Is figuring to be tough week for the Knicks. They lost by two at Cleveland, but never in it. In Miami, the heat led by twenty eight, and the third quarter of the final was one ten to nineties six. Eastly, Miami has now one eight to the last ten nine of Tenant Home Knicks are floundering, finished fourth in the East last season. Right

now they are eleven and played tomorrow in Milwaukee. Nets played without the Big three you know, James Harden you to a hamstring injury in Denver one in Brooklyn eighteen, Nikola Yoke. It's twenty six points. Austin rivers at twenty five, all the three in the second half. Hatty Meals lead the Nets with twenty one. Seaton Hall lost to Red Marquette seventy three sixty three. Justin Lewis thirty three points

of the Golden Eagles one seven a row. No Native Aussee has won the women's singles in Melbourne since nineteen seventy eight. Ashlee Vardy seems on her way. The top seed has crossed sixthtrade opponents, this time Madison Keys in the semifinal six one six three. Another American, Danielle Collins, playing now and she's one of the first four games with Ugo swayatt Tech. If Harty wins Saturday, she'll have won three of the four Brand slams. Joe Shane just

hired as the new general manager of the Giants. A lot of work to do since two thousand, seventeen. The Giants are tied for the worst record in the NFL. I think we can fully build at roster where you can compete today and build for tomorrow. So we're gonna through the drafts, free agency, whatever avenue we can. We're gonna continue to build a competitive roster, and we want to see progress, and we're going to continue to build with a long term in mind, you know, as we

build it. But I think you can compete today and still build for tomorrow. She needs to hire a new coach, the favorite said to me, Brian day Ball. He's the Bill's offensive coredators. So work the scene in Buffalo. John Stash Howard Bloomberg sports nap. All right, John, thank you. It is five thirty seven on Wall Street Time now

for the Tri State Business Report with Bloomberg's Cory. Amazon dot Com workers in Staten Island have collected enough signatures to hold an election on whether to join a union. A National Labor Relations Board representatives says they're sufficient, showing now to go ahead with a petition from the fledgeling Amazon Labor Union. The a l You filed the petition

in December. Employers in New York must disclose electronic monitoring like internet access and video conferencing to new hires under a new law taking effect in May, as workers contend with a landscape that's increasingly dependent on technology. The new law comes amid a push for greater privacy protections. Leasing costs are climbing throughout New York City, returning to our even surpassing pre pandemic levels in the most desirable areas.

The fourth quarter, the median monthly asking rent was well over three thousand bucks the majority of Manhattan neighborhoods, according to data from street Easy. That's your Bloomberg Trying Stay business report I mid Corey Thanks 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 top stories heard on our three hundred affiliate radio

stations around the world. I'm Steve Polaskan on ten ten Wins in New York. We're talking about Amazon union organizers getting the signatures needed to hold a vote out a facility in Staten Island. UM Corney Danahoe on ktr H in Houston. Levi Strauss says price hikes aren't scaring away

denim shoppers. I'm Caroline headco on Blue Big Daby Dishal Radio in the Women porting on MPs on the Treasury Committee, accusing the government of leaky market sensed information to the media ahead of October's budgets, I mid Cory on w w J and destroy down reporting General Motors is adding eight pounds of new tech job. Those are some of the stories our hundred Bloomberg journalist and analyist to work ing on It's five thirty nine on Wall Street. The

following is an editorial from Bloomberg Opinion. After weeks of mostly fruitless diplomacy, NATO is bracing for war. Russia has masked more than a hundred thousand troops on Ukraine's borders and what many see as a prelude to an invasion. NATO is ready in a force to deploy to Eastern Europe in response, but European Union member states are divided about when and how forcefully to respond, so want to

act in the event of a Russian attack while others don't. Still, others are seeking delays and carvats to protect their domestic interests. The stakes are too high for such quibbles. Failing to confront Russia now will embolden other regimes seeking to redraw borders in the future. Regardless of what the Kremlin does next, the US and Europe must maintain the United Front, both to prevent further aggression and to defend the stability of

the international system. 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. This has been Bloomberg Opinion. Listen for Bloomberg Opinion editorials every weekday. At this time, terminal customers can read more at O P I, ND GO, SMP futures higher by four point, staff futures up twelve

dance at futures up thirty nine points. This is Bloomberg Bloomberg eleven three oh weather high in your thirty today ahead of the northeastern Tomorrow night into Saturday, two to six inches possible, most of it over Long Island will be in the mid thirties Tomorrow high Saturday only in the low twenties currently eighteen degrees. 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 Flash. And I'm Caro in Moscow. This update, brought to you by s ci Crises and Challenges highlight the power of partnership and character work for the common at one community SEI going sc i C dot Com, slash Banks US dot index futures are raised an earlier loss with dick buyers back in action after a sell off sparked by a hawkish federal reserve. SMP futures are little changed now. Down future is little changed as well.

Now today futures are higher up thirty. Check the markets every fifteen minutes throughout the trading day on Bloomberg. Right now ten your treasury is up seven thirty seconds. You had one point three percent. They yield them the two year one point one eight percent. Nine x screwed oils up three tenths per cent, or twenty five cents at

eighty seven dollars sixty one cents. A barrel called meg School down nine ten per cent or sixteen dollars twenty cents at eighteen fifteen eighty and ounce the euro one point one one nine three against a dollar British found one point three four two four again as at one fifteen point one nine and Big Coin this morning is at thirty six thousand, four hundred fifty dollars. That's a Bloomberg Business flash. Now here's John Tucker with more on

what's going on around the world. John and Karen sent a Democrats they planned to move swiftly to replace the retiring Supreme Court Justice Stephen Bryer. Dozens of United flights delayed after the airline reported a company wide technology outage this morning. And South Korea's military says North Koree fired two suspected ballistic missiles in its sixth round of weapons launches this month. Sports Nix and Nets both lose on the ice, The Capitals lose in the Bruins fall to

Colorado in overtime. At the Australian Open women's semifinals, Ashley Barney defeated American Madison Keys in straight sets. Global News twenty four hours a day on here and on Bloomberg Quick Take. We're powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries. I'm John Tucker. This is Bloomberg. Nathan. Okay, John, Thanks, It's almost five forty nine on Wall Street Live from

the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreaking. Is John just alluded to. President Biden is about to get his first chance to shape the Supreme Court, with Justice Stephen Bryer expected to formally announce today that he will retire at the end of the current Supreme Court term. The confirmation fight could set the tone for the mid term elections. Let's get more on the potential political fallout now. Wendy Schiller is with us this morning, director of the

Topman Center for American Politics and Policy at Brown University. Professor, Good to have you with us this morning. How could this set the tone for the mid terms, Well, Nathan, I think it's going to be a pretty targeted, geographical effect in terms of mobilizing African American voters. You know, it really depends on the Republican position more than the

Democratic position. You know, if the GOP and the Senate decides to go all out and really try to block this nomination, which I don't think McConnell will want to encourage that can directly affect Senate races in places like Georgia, where there's an African American mail senator up reelection Ralph Warnock, and in North Carolina, where there's an open seat UH and a fairly strong and large African American voting population.

Just those two states alone could be pivotal in either keeping the Senate for the Democrats or giving it to the GOP. So to me, this is about mobilizing African American voters, but it's also about gauging the Republican response. Even if they try to say, well that this person is too liberal. If it's a black woman, which we expect, it would be still the strongest voting demographic in the

African American cunity are black women. So I think it could be very costly to the GOP depending on their response. All right, let's pick both of those apart. Starting with the potential impact on African American voters. As you mentioned, the President has said he will nominate a black woman as his first nominee. After all the disappointment expressed by many civil rights leaders on the voting rights issue, and and other issues that have come before the president sort

of falling to the wayside. Is the Supreme Court nominee enough to mobilize African American voters heading into the mid terms. Well, again, this depends on the success of Democrat party messaging, which I've you and I have talked about before, which I think has been extraordinarily disappointing. Uh the first year of the Biden presidency. It's not been coherent or uniform and strong enough. But this is a way of saying, listen, you have to keep the Senate. We have to make

sure that we keep the Senate. That's the Democrats talking. Because Biden's pleasant for two more years, and if there are any other vacancies, this is another opportunity for Biden to appoint additional African American um members of the Supreme Court.

Now I'm not sure Biden will make that promise outright, but it's certainly an effective campaign message to voters in the African American community who care about what we call descriptive representation, in other words, having somebody who is African American who can represent African American interests broadly defined in places like the Vice presidency, whether presidency or the Supreme Court, if if the if the Democrats can message on that in particular communities in two just as they did in

two thousands six. But the importance of having a democratic Congress, um, I think they can at the margins use this to thwart the Republican momentum in particular areas. As I said, Senate races, I think more than how races. And in terms of the Republican responses you alluded to, it seems like bipartisan Senate confirmations of Supreme Court justices of it's been a while since we've kind of had one. What are the chances that we could see more of a

bipartisan confirmation of the next nominee. Well, I think the chances go up a little bit because of the you know, demographics and voting in particular states. I think McConnell will say tois caucus you can vote against, but trying not to have any sound bites in the debates, you know, it's trying not to go to the floor of the Senate and say something the Democratic pull out in a fifteen or thirty second ad that will characterize the entire

Republican Party as racist. Um. I think that there's a lot of people are capable of making sure that happens on the floor, but there are some people who don't always listen to McConnell. I think it's got any McConnell's fear. And there's a you know, there's an open seat and Ohio, for example, there's an open seat in Pennsylvania, and I think these are really key and if you have large African American turn out, particularly Pennsylvania, that seat can go to a Democrat. So I think there's a lot on

the line for the Republicans. And we'll see the chest of the Republican caucus now going into this and see how discipline they can be with their rhetoric when they enter into the debate on this judicial nomination. Now very interesting to think about the reverberations across the country politically with one man, Justice Stephen Bryer, expected to make an official later today that he will retire at the end of this current Supreme Court term. Professor Wendy Schiller as

always great getting your insights. Wendy Schiller is director of the Tobin Center for American Politics and Policy at Brown University.

Karen Pathan, let's get more perspective now on the pending retirement of Supreme Court Justice Stephen Brier in our daily Bloomberg Law Brief, brought to you by the American Arbitration Association, Business disputes are inevitable, resolve faster that the American Arbitration Association, the global leader and alternative dispute resolution for over ninety years. More at a dr dot Org. Stephen Brier is the

where It's oldest justice at eight three. He's a pregnatist who currently leads the liberal wing of the Court, which is now a three justice minority. His replacement could reinforce the Court's liberal wing and potentially serve for decades, but

they will not shift the ideological balance. For more in the news Bloomberge doing grass speak to judiciary expert Carl Tobias, a professor at the University of Richmond Law School, tell us about the timing of Justice Briar's announcement even before the end of the term when justice is normally retire, well, it is unusual. Usually it comes at the last sitting or very close to the end of the term. But it's happened in all different periods, so it's not unprecedented.

It provides plenty of time to replace him. How would you describe Justice Briar's legacy. Well, I think he brought an incredible understanding of how the federal government works in the United States to the Supreme Court and applied his collegiality. He's intelligence is independence to every case that came before the Court in a way that informed the way many cases were resolved. And he was always willing to dissent

or to concur if need be. And I think he had a real roving intellect and a real command of the history of the federal government and how it worked. And I think he leaves a really strong legacy in the public law area. One of the leading candidates mentioned is a possible nominee to replace Justice Pryor is judged to Tangi Brown Jackson. She was confirmed just last year to the d C. Circuit Court of Appeals and three Republican Senators voted for her confirmation. Might that make the

confirmation process easier? Absolutely? I also would expect those sentators to withhold how they might vote until they see how she does in the process. If she is the nominee, I could see them saying and often senators do well. I thought she was just fine for the d C Circuit, But the Supreme Court is the highest court in the land, and because I voted one way doesn't necessarily mean that

I will vote that way again. But don't forget the Democrats have not lost any votes, and none of their members have voted no on any of the lower federal court nominees to date, and so if they hold together, there shouldn't be a problem. They don't even need any Republican votes because of their tied fifty fifty. The Vice

President can break that time. But I do think that Democrats are likely to hold together, just as Republicans have very much held together, with some exceptions like Senator Graham and sometimes Senators Murkowski and Collins have voted for lower court nominees, but many Republicans have voted no on almost

every one of Biden's lower court nominees. And as the University at Richmond law professor Carl Tobias bea at the Bloomberg Student Gross, so catch more of that interview plus analysis of the latest legal news by listening to the Bloomberg Law Show at ten pm Eastern Time or subscribing to the Bloomberg Law podcast, and attorneys can find exceptional legal research and business development tools at Bloomberg Law dot com.

Futures this morning, S and P futures lower once again, down seventeen points, down features down one hundred twenty and NASDAG features down to sixty six. They were hired just moments ago and the ten year treasury is of eight thirties seconds. He at one point eight three per cent. So ahead on Bloomberg Daybreak and check on the business headlines and all the news you need to start your day. And this is Bloomberg