Bloomberg Daybreak: June 14, 2022 - Hour 2 (Radio)

protections from people seeking abortions. Plus the Republican governor candidates debate ahead of New York State primary by Michael Barner. More ahead, I'm John stash Our. In sports, the Warriors beat the Southeast. They leave the NBA Final three games at two. The Mets of Yankees at home games tonight. That's all s traded ahead on Bloomberg Daybreak on Bloomberg.

He Living Free on New York, Bloomberg one, Washington d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius x M one nineteen and around the world Old on Bloomberg Radio dot Com and by the Bloomberg Business app. Good morning. I'm Nathan Hagart and I'm John Tucker. Bloomberg day Break being brought to you by Informattica in the Cloud, your data has the power to do the extraordinary. Managed data across any location in the cloud for accurate

and actionable insights. More at informattica dot com. And futures are bouncing back on this Tuesday morning. It's six l one on Wall Street and we check the markets every fifteen minutes during the trading day on Bloomberg. Right now, SNP futures are up sixteen points, Staff futures up, NASTAC features higher by eighty points, The tenure Treasury is up

fourteen thirty seconds. The yield three point three zero percent yield on the two year three point to nine nime x crew trading at a D one dollar seventy six cents of barrel. John. The SNP five hundred finished yesterday's trading more than twenty percent below its last record, closed, entering a bear market and ending a two year bull run defiance. T S Chief investment Officer Sylvia Jablonsky tells us she expects more uncertainty moving forward. Has been hot

for quite some time. It's going to remain hot for quite some time, so until that eases up, we're probably gonna have this volatility. With US Chief defiance e t f c I O Sylvia Jablonsky says inflation headwinds have gotten worse since Friday's CPI reading. Well this quarter, John is set to deliver the biggest combined loss for global bonds and stocks on record. The question for investors now is whether the Federal Reserve and other central banks hit

their economies into recession to curb inflation. Central banks get further insight on prices today with the latest reading on May Producer prices that day just do out at eight thirty am Wall Street time, and also today the Fed begins it's today policy meeting, and officials may consider a more hawky is she interest rate increase than originally planned.

Bloomberg's Michael McKee gives us a preview. Surprisingly strong pickups in consumer prices and inflation expectations now look likely just for the biggest interest rate increase its Fed officials had coal used around a fifty basis point hike going into their two day meeting, which begins this morning, but a big rise in the May consumer Price Index, coupled with two surveys showing higher inflation becoming embedded in consumer expectations,

pushed investors to increase bets on a seventy five basis point increase. Those bets hardened following media reports Monday the central bankers would consider the larger move. Economists that major Wall Street firms were quick to change their calls. Goldman, Nomra and JP Morgan Chase joined Barclays and Jeffreys in forecasting a three quarters point move. The FED decision will be announced at two pm Wall Street time on Wednesday.

Michael McKee Bloomberg Daybreak. All Right, Thanks Mike, and join us for live coverage of that FED decision on a special edition of Bloomberg Surveillance that kicks off tomorrow at one thirty pm Eastern on Bloomberg Radio and Television. Right that Johnson Big US banks are signaling more concerned for the economy. Investor fears of stagflation are at their highest since the two thousand and eight financial crisis, while global growth optim him has sunk to a record low. That's

according to Bank of America's monthly Fund Manager Survey. Morgan Stanley, CEO James Gorman says he sees the risk of US recession at about fift likely at this stage to go into a deeper, long recession. It's possible we go in to recession obviously probably now um, but that's that's okay. Morgan Stanley CEO James Gorman's Focusterday at the Morgan Stanley US Financials, Payments and cre E Conference at Overseas Stocks in Europe treading water, not bouncing back from yesterday's lasses.

The stocks to Your six hundred index right now is down four points overnight. In Asia. What he's followed US stocks, Flower Bloombridge. Juliet Sally joins us with the latest from Singapore. Juliet, good morning, Good morning, John and Nathan. The m s c I Asia Pacific Index film more than one and a half percent in a day with busses from Japan to Charter in Hong Kong all in the red. Australia underperformed. Does that market played catch up? Following a public holiday Monday?

The a SX two hundred was down more than five percent during the day's trade. It were a session in more than two years. Short dated bonds across the region slumped while the Bank of Japan boosted bond purchase operations to keep yields in check. In Singapore, Juliet Sally Bloomberg Daybreak and Julian has been a wild ride for risk assets. Just look at crypto. Bitcoin fell fifteen percent yesterday. Perhaps no sector's seen a so off sharper than digital currencies.

Right now, bitcoins trading at about two dollars and oil trading near one hundred two dollars of allars investor's way a tight supply outlook. It comes as the White House plans for a president buying the visit Saudi Arabia next month. The administration won't press the kingdom to increase production, it says, But as mp Global Vice Cheer Dan Jurgen says, oil will be on the agenda. It's hard to believe that he would be going to study if it wasn't for oil.

I think if he does come, they'll start to put more oil to the market. They've done done a little bit more. The thing is that there isn't much more oil in Saudi Arabia, and the UAE too really significant league change the market, s and B Vice chair Dan, you're going speaking to David West on Bloomberg's Balance of Power. Catch that program Noon Wall Street, Time of Bloomberg Radio on TV. All right, let's turn to corporate news now,

John and talk about Twitter. Elon Musk has set to address staff at the social media company directly this week. Bloomberg's Rnda Young joins US Live with what we know about that so far? Renia, Good morning, Good morning, Nathan Bloomberg. Sources say this will be the first time Elon Musk addresses Twitter employees since agreeing to buy the company for forty four billion dollars, and Musk will take questions as

the Thursday morning virtual meeting. Now. The company has been in a chaotic state since the deal was announced back in April, and many employees are not happy with Musk. He's been critical of the company and questions the amount of spam accounts. Meantime, Twitter CEO has announced a series of cost cutting measures since the deal came together. Live in New York, I'm Nita Young, Bloomberg Day Break, All Right, thanks to Nada and ahead of the cash put on

Wall Street. Dal futures right now seventy two points higher. That's up two tens of percent. The S and P future is up twelve and that as the Commany futures right now after yesterday's massive sell off sixty three points higher. As we look at yields right now, the ten year three thirty one that is down four basis points. You're listening to Bloomberg day Break pass dound six seven on Wall Street Time to bring in Michael Barr to find out what else is going on to New York had

around the world. John, Thank you very much, Sarah. New York has expanded legal protections for people seeking and providing abortions in the state under legislation signed by Governor Kathy Hokel. The Democratic governor pushed for the laws and anticipation of the U. S. Supreme Court potentially over ruling it's n seventy three Real Vway decision, which established a constitutional right

to abortion. Must the hard fought battles from my mother's generation, my generation, my thirty year old daughters generation have to be inherited by my new granddaughter's generation as well. Well. Apparently so, Governor Hokel says. One new law protects abortion providers from arrest, extradition, and legal proceedings in other states

by forbidding new York State from cooperating. Most scenarios for Republican candidates for New York governor based off last night and their first televised debate with two weeks ago before the state's primary election. Some of the sharpest exchanges of the night came between US Representative Lee Zelden and businessman Harry Wilson, who has said he did not vote for Donald Trump. In Zelden repeatedly assailed Wilson as a never

Trumper and a Republican in name only. I believe that we're battling for the heart and soul of our country, and it's not just the Democrats, but it's the Rhinods like Harry Wilson. We're out there making sure that we have this moment in time with one party democratic rule in Washington. D C. Wilson responded, Now, Mr Zeldon is going to go onto a series of attach You saw him even before I had a chance to speak, just like he started attacking before I ran my campaign, because

he's scared, because he's a broken candidate. Wilson claimed that in January es Elden had asked him to be his running mate. The Republican Field Air and on CBS two also included former Westchester County executive Rob Astino and Andrew Giuliani, the son of former New York City Mayor Rudy Giuliani. Attorney General Merritt Garland confirms he is keeping an eye on all of the House committees hearings on the January

sixth Capitol Riot. However, Garland is choosing not to elaborate on the current status of a possible investigation against Donald Trump. The Justice Department's longstanding position is that we don't commenting don't comment an ongoing investigations. During a second day of hearings, former Attorney General William Barr said Trump seemed detached from

reality that he had lost the election. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than seven hundred journalists and analysts more than hundred twenty country Michael barn This is Bloomberg, John, Michael, thank you. That's how six ten on Wall Street Bloomberg Sports Update. Here's John sent show. Thanks John. Golden State

Warriors can win the NBA Championship Thursday in Boston. If they lose, they'll have another chance with the game seven Sunday in San Francisco, where last night the Warriors started the fourth quarter with a ten up and running. They won Game five by ten one oh four ninety four. They leave the series three to two. All five games in the series have been won by at least ten points. Andrew Wiggins led Going State twenty six points. Clay Thompson

had twenty one. Steph Curry, who scored forty three points in Game four, did not make a single three pointer. That had not happened since November of two thousand eighteen, two hundred and thirty three games ago. Mets back home from the road trip. They'll play Milwaukee, who just daded in any team losing straight. The Yankees, winners of a letter of the last twelve, host Tampa Bay. It's Garrett Cole versus the x Yank Corey club. Cole comes off

the outing where he gave up five home runs. Josh Donaldson and I will serve the one game suspension he got for comments made to the White Sox Tim Anderson. Donaldson's appeal was denied. The US Open t s off Thursday,

Brookline mass All Eyes. Yesterday on Phil Mickelson asked repeatedly about his decision to leave the PGA tour for the new Saudi Back Live Tour, and after that doing that when most of the nine eleven terrorists were from Saudi Arabia, I would say to everyone that his lost loved ones, lost friends and nine eleven that I have deep, deep empathy for them. Um. I can't emphasize that enough. Well, those that have joined the lift to have been suspended by the PG the U s g A runs the

Open is allowing them to play. Michoelson's never won the Open, He's been his second six times. John stash Awar, Bloomberg Sports. John all right, thanks John, and ahead of the cash show with the Wall Street futures right now in the green lead down Futures fifty four points, SMP futures up eleven, Banzas up sixty one points. This day, Brick and Japery being brown to by Hot University's Frank gez Are School of Business, Top rank online NBA program with a real

world foundation. Learn more. Ad Hofster dot e, d U slash go, grab markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quick Take This is a Bloomberg

business lash. I'm Nathan Hager. Futures are higher, but they're pulling back on some of their games this morning in a rebound in European stocks is proving short lived, suggesting markets might not be out of the woods just yet, after a route driven by expectations of sharper Federal Reserve interest rate hikes to fight inflation. We checked the markets for you every fifteen minutes during the trading day on Bloomberg.

Right now, SMP futures are up six points, Dow future is up twenty five, Nastack futures higher by forty six points. Germany's dex is now down eight tenths of one percent. The CACK in paris lower by one point four percent. The tenure Treasury is up fourteen thirty seconds, the yield three point three zero percent two year just behind at

three point to nine. I'm x screwed is up a half percent of sixty four cents at a hundred twenty one dollars fifty seven cents of barrel comex golled down four tenths per cent, or six dollars eighty cents at eighteen ninety announce. The euro one point zero four three eight against the dollar, British pound one point to one one two the yen one thirty four point one seven Quick check a bitcoin twenty two thousand, three hundred dollars.

That's a Bloomberg business flash. Now here's Michael barr with more on what's going on around the world. Michael Nathan, thank you very much. Donald Trump's closest campaign advisors were dismantling his false claims of twenty twenty election fraud ahead of the January six attack on the Capitol. During yesterday's House hearing, former Attorney General William Barrs said the defeated

presidents seemed that attached firm reality. China has released a long detained Bloomberg News employee, Hayes Fan, has been released on bail after more than a year and the tension. She was held on suspicion of national security law violations. The case remains under investigation while Fan is on bail pending trial. In Game five of the NBA Finals, the Celtics are on the brink of elimination. Boston loss to

the Warriors one oh four ninety four. In baseball, the Nationals and Orioles lost the giants one Global News twenty four hours a day on here and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts more than twenty countries. Michael barn this is Bloomberg, John, Michael, thank you. It is coming up on six twenty on Wall Street. We are live from the Bloomberg Interranta Broker Studios.

This is Bloomberg Day Break. Well the route. Yesterday I raised one point three trillion dollars at market capitalization from stocks at this quarter, also set to deliver the biggest combined loss for global bonds and stocks on record and data going back to With that in mind, let's get you set up for the training day ahead with Brian Leavitt, Global market Strategists at the Investo. Did you see signs

of capitulation yesterday? Yeah, we're starting to see signs of capitulation, which is of course, um not what you want to see, but better news as you're moving through a downturn. Now we're probably not all the way there. Usually you see the volatility index of VICX up around forty UM. Usually see the number of stocks trading above their two day moving average down, you know, probably around ten percent, We're we're still in the twenties, so we're not all the

way there, but but certainly moving closer. As you know, investors become ever more fearful about rising interest rates amid all this insulation. What is the expectation for you from the Federal Reserve? My expectation was fifty basis points where you're starting to see some rumblings that se could be in the offing. So, UM, we'll see. But I the more there's smoke around seventy five basis points, I suspect

that we may be heading there. It could be the center, it could be the point that you know, this is starting to be leaked out to prepare the markets for it. Um. I think a lot of investors are saying, let's get on with it now, Um, you know where we know the rate hikes are coming, let's front load them. Let's get on with it. We'll see how the markets respond to it. But clearly, if you look at where the two year rate is, it has priced in a substantial

amount of tightening already. He's elevated inflation here to stay. In some respects, I would say that inflation is going the rate of change inflation is going to come down. We're already starting to see it a bit in goods prices. What investors need to grapple with is whether we have a higher sustained environment than we had in the prior cycle.

Now that of course doesn't mean eight percent inflation, but you know, does it settle in somewhere around two and a half to three percent versus the prior cycle where we were trying to get to two And I would suggest that's likely given some of the closer to home production that we're going to see. And you know, in a two and a half three percent inflation environment, that's

where value stocks are more interesting. Whereas the prior cycle with inflation solo, it was it was all about growth because there was never a catalyst to drive value stocks higher at a thirty this warning, of course, we're going to get the producer price index when trying to determine pressure on company margins. How important is this reading going to be today? Yeah, it's very important. I mean, anything that we're getting right now on inflation is going to

be watched very closely by the market. Now, the last time, excuse me, we got the producer price in X on final demand, um, the year over year percent change had turned lower. Now we saw that similarly with the headline CPI as well, So we want to see signs. I'll be watching pp I on final demand. We want to see signs that that on your your percent change coming down. That would be a positive. We expect goods prices to fall in the coming months and the markets will be

looking for classification on that. Today stocks and bonds have been hit. So what's the alternative at this point, Well,

investors should not be quick to sell government bonds. Now, of course you have not seen a very good environment with rates going up as rapidly as they have, but the concern starts to shift over time from an inflation environment to a growth scare, and government bonds in a slowdown or dare we even say o recessionary environment should perform well, So I would not be moving away from them.

But you know, investors also want to diversify into other parts of the market, particularly those that could hedge inflation um assuming that if this were to persist, things like commodities, things like real estate investment trusts can do a good job of providing some protection against its lation in a portfolio. Is it a recession call for you. I think we're getting closer. Um. You know, the the odds of a

recession are elevated. If you think about the the usual trappings of a recession, you see high en rising inflation, a flat to an inverted heel curve, a strong dollar, consumer sentiment weakening. So we have all of that. Of course, credit spreads have been holding in, which would be the last to go. So I would say that the risks to the cycle are elevated. I wouldn't believe that a recession is imminent, but the rest of the cycle are

certainly elevated. Brian olays a pleasure. Brian Levitt, global market strategist, to add in, best go with us this morning, and we're starting to see the futures deteriorate this morning. The DOWN futures now up just twenty one points as and b E many futures of just seven points right now and after yesterday sell off, the nastac EMNI futures fifty

five points higher. That's up about half of percent. You're listening to Bloomer Daybreak and Bloomberg Daybreak being brought to you by the Jewish Community Fund j C M. S. Dilner advised flag the smart choice to bandage your philanthropy, especially in times of crisis. Make your giving impactful. Visit

j c f n Y dot or org. Broadcasting live from the Bloomberg Interactive Brokers Studio in New York, Bloomberg E Living Freedom to Washington, d C, Bloomberg to Boston, Bloomberg one O six one to San Francisco, Bloomberg nine sixty to the country, Sirius XM to A one nine team, and around the globe the Bloomberg Business apt and Bloomberg Radio dot com. This is Bloomberg day Break and the at six thirty on Wall Street. Good morning, I'm John Tucker,

I'm Nathan Hager. We're about three hours away from the open of US training. It's time for the five Things you need to know to start your day, brought to you by it are Active Broker's Global Analysts helps you find new global investment opportunities to diversify your portfolio and

discover undervalued companies that may have greater growth potential. Try ib KR Global Analysts today at i b k R dot com slash g A At first the SMP five finished yesterday's trading more than twenty percent below its last record close, entering a bear market. Currently, smp futures are bouncing back a bit. They're up about ten points right now, even with the sell off, define and ct F Chief Investment Officer Sylvia Jablonsky tells us there is reason for optimism.

We're in the first half of the year. It's not even over yet, although it feels like a decade, and earnings are still looking strong. Consumers strong, corbor balance sheets are strong. I know there's a lot of you know, debate about that, but the numbers and the big large, you know, the larger macroeconomic factors are still fairly positive. Sylvia Jablonski, with Chief Definance CTF, says investors could see higher returns this year if inflation and supply chain bottlenext ease.

And still for traders, it's all about the Fed right now. The Central Bank begins. It's to the policy meeting today and reports in the cave the Fed could raise rates by sevent basis points, the highest hike since turning to oil cruise holding steady around a hundred twenty two dollars of bare old. Now we're learning the White House plans

for President Biden to visit Saudi Arabia next month. SP Global Vice Chair Dan Jurgen says, even if the Kingdom increases production, it may not have much of an effect on prices. The markets are very tight, and so even though you would expect that with what's happened to the overall, it seems to be happening to the overall economy is slowing, it's not showing up and yet in demand for oil.

Sp Vice Chair Dan Jurgen spoke with David Weston on Bloomberg's Balance of Power weekdays at noon Eastern on Bloomberg Radio and Television and turning the corporate news Let's Talk Twitter. Elon muss set to address staff at the company directly this week Bloomberg's would need a young joins us Live with more real even good morning, Good morning John. Bloomberg.

Sources say this will be the first time Elon Musk addresses Twitter employees since agreeing to buy the company for forty four billion dollars, and Musk will take questions at the Thursday morning virtual meeting. Now, the company has been in a chaotic state since the deal was announced in April. Musk has been critical of the company and questions the amount of spam accounts. Meantime, Twitter CEO has announced a series of cost cutting measures since the deal came together.

Live in New York. I'm gonna need a young Bloomberg day break, all right, we need to thank you again. SMP futures up about eleven points now down, futures up fifty one, Nastact futures up seventy points ten. Your treasury yield three point to nine percent. That's the five things you need to know to start your day. Brought to you by Interactive Brokers. This is Bloomberg, all right, thanks Nathan three on Well Street. Time to bring in Michael Barr to tell us what else is going on in

New York and around the world. Yeah, thank you very much, sir. New York has expanded legal protections for people seeking and providing abortions in the state. Governor Kathy Local signed legislation and anticipation of the U. S. Supreme Court, potentially overruling its nineteen seventy three Roe v. Way Each decision, which established a constitutional rights to abortion. This is the right to control our own bodies was supposed to be well

settled president by now, or so we thought. Governor Hokel says the new laws planned to give abortion providers thirty five million dollars to expand services and boost security and anticipation of an influx of out those state people seeking abortions in New York. Attorney General Merrick Garland confirmed he watched the committee's hearings closely on the January sixth Capital riot, even as he faces increased pressure to investigate former President

Donald Trump. Garland didn't comment on the current status of a possible investigation against Trump, but at this point this investigation is proceeding, acquiring effects and the law a g Garland as Trump's top government officials and even his family were dismantling his false claims of twenty election fraud ahead of the January six attack on the Capitol. The four GOP candidates run for New York governor debated topics last

night from crime, the economy, and former President Trump. During the debate aired on CBS two, Andrew Giuliani, the son of the former New York mayor, was asked about the hearings. You know, the media has been fixated on January six for the better part of a year and a half now, and I would like to see a congressional hearing on the two hundred and seventy four riots that happened between May and June of January five one rather than just a one day where the video is completely focused on

Giuliani is a former advisor to Trump. Other candidates at the debate included US Representative Lee Zelden, businessman Harry Wilson, and former Westchester County executive Rob Estino. Millionaires are planning to get out of Russia. New analysis of migration data from Henley and Partners shows about fift of Russians with more than one million dollars in assets are expected to immigrate to other countries by the end of the year. It comes as wealthy citizens are turning their back on

Vladimir Putin's regime after the invasion of Ukraine. Global News twenty four hours a day on air and on Bloomberg quick Take, powered by more than twenty seven hundred journalists and analysts, are more than a hundred twenty countries. Michael Barr and this is Bloomberg, John, Michael, thank you. That's how six thirty six on the Wall Street. That's time for the Bloomberg Sports Update. Here's John step Shower thanks John Golden State Warriors, of course, led by Steph Curry.

That was obvious in Game four in Boston when Curry stored forty three points, but last night, Game five, Curry did not make a single three point. We shot oh for nine. It ends the streak of two hundred and thirty three games in a row with at least one dating back to November of two thousand eighteen, and the Warriors still one. They got twenty six points to ma Andrew Wiggins. They began the fourth quarter with a tend nothing run. They beat the Celtics one oh four ninety

four first time in the playoffs. The Celtics have lost two in a row. Warriors made the NBA Finals three two game six Thursday in Boston. Golden State chance to win a fourth championship in the last eight years. If so, we'll see if NBA Commissioner Adam Silver can hand out the trophy. He missed last night's game. COVID Protocols Yankees and Matt's both home Tonight, Red Hot Yanks host Tampa Basins. Losing a couple of games with the Rays, the Yanks

is going eleven and one. The Mets take on Milwaukee the Braves one again. They hit five home runs and won nine five in Washington, although they lost AlSi Albis to a broken fit Atlanta twelve and oh in June and then have five games behind the Mets. Bill Michelson met the media in Boston as he gets ready to play the US Open and starts Thursday, and of course asked repeatedly about his decision to play the new live tour.

Phil did mention the money, incredible financial commitment. But more than that, uh, for for all the players involved and everyone involved. But more than that, there are other factors that with fewer tournaments, it allows me to have more balance in my life. Nicholson City understands the criticism, including that from fellow player, as we were sticking with the p John Stashberg Sports John John, thanks very much. It

is now six thirty seven on Wall Street. Time to take a look at stocks and some of the names that are moving in the pre market, and for that we're joined by Bloomberg Radio and TV Markets, corresponded Crinny Gupta. On the broader tech front, just remind everybody that rates matter because with technology especially you're you're paying as an investor for future growth and with the rate trajectory higher, that future growth is going to be worth less. So with that in mind, can we take a look at

the broad tech space? What a what a novel idea? John Ticker? Um, we go over this before she got thirty seconds ago, I said, John Tucker, let's talk about broad tech secret. I'm sorry, this is how the sausages made. As they say, this is important as we talk about the rebound today, which by the way, is already fading features down four tents of one percent. They wore up significantly more earlier in the session. Remember it's only six

thirty eight in the morning. But to your point, a lot of this is going to be the tech story, because remember what performed the worst yesterday. It was, of course, those big tech names, essentially the stocks leading you to those record tis. Those are the same ones that are also going to lead you to some pretty scary lows here. And so today you're seeing a little bit of a rebound, but how much of it is sustainable. Let's let go

through some of these numbers. Some of these movers Apple, for example, A A p LS, your taker up seven tenths of one percent. We like to look at us, look at that as a broad proxy for some of these tech names, and look yields down about six basis points, almost seven basis points three twenty nine on the tenure yield. Still nothing um to really reverse the I believe nineteen basis point move we had in the tenure yesterday. So huge, huge moves. But once again tech um is a little

bit higher today. Tesla as well, t s l A up at one per cent. But John, it's not the high fancy megacap tech names I want to talk about. It's Oracle. I know, I know, gasp I said that their oracle isn't fancy. It is, but this kind is known as the it's known as like the old ared

of tech. If you were looking to kind of invest from a business point of view, in terms of business investment, what companies are looking to kind of broaden their base, Oracle comes to mind, IBM, Microsoft, Those are the kind of names that you want to keep an eye on. And Oracle actually came out with some pretty strong earnings. Oh r c L is your ticker. Jeffreys coming out and saying the beat was driven by large license upside

and strengthen the database business. Remember Oracles trying to climb and get more market share when it comes to the cloud business, which a lot of companies are still have yet to fully convert to. And right now those shares up thirteen percent in the pre market. I'm gonna give you a quick one, last fifteen seconds. I have AMC Entertainment is the other one you want to keep an

eye on. We know of this as kind of well, we know of this as a meme stock, but today the move is actually coming after they said that last weekend's admission revenues beat that of the same weekend in twenty nineteen. I wonder how much of that had to do with Top Gun two, Top Gun two or Jurassic Park. The movie is so bad that um I was rooting for the dinosaurs to kill the bullock or kill the actors. Anyway, we're rooting for top one two. It better be Tom Cruise.

I'm not I'm not gonna do. You're gonna get me in trouble SMP futures, So right now twelve points higher. Radio TV Markets corresponded, Critty, good to thanks for joining us. You're listening to Bloomberg and the Bloomberg Weather for meteorologist Ron Carolins the morning clowns with a chance of a straight sprinkle or isolated shower, otherwise partly sunny today in the mid of the eighties, markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the

Bloomberg Business and at Bloomberg Quick Tape. He's a Bloomberg Business Flash. I'm Nathan Hagar. Futures are bouncing back a bit ahead of the FEDS today policy meeting. Let's head right over the first We're breaking new desk for today's morning call. Here's Bill Maloney. Good morning, Bill, Hey, Good morning Nathan. A modest bounce in the US futures after

yesterday's plunge. Who down Futures up a hundred and five points as he's gained twenty one nast deck Futures are up by nineties six the US ten year that three point three percent, Gold is up to oil is in the red, and Bigcoin is pairing losses to two point six percent after dropping ten percent last night. Shanghai rose one percent overnight, while up and markets are in the red this morning and back in the US on the

economic Frinday thirty. The Producer Price Index after de bellis Oracle bat Smith shares are up thirteen percent in the pre market. And another news Elon Musk to address Twitter staff for the first time since the deal, wrapping things up.

Best By was cut to neutral over at Bank for America, HP Enterprise cut the whole day, Deutsche Bank and Benchmark cutting Netflix to sell live on the first breaking news descm Bill Maloney, Nathan Okay, Bill, thank you to hear live breaking news over your Bloomberg type squawk on the terminal s q u A go to Bloomberg Business Flash. Now here's Michael barv with Moura. What's going on around

the world. Michael, thank you very much, Nathan. Ukrainian President vladimir's Lensky says the battle over the Donbas region will be one of the most brutal in European history. Ukrainian military officials say their troops have been pushed out of a key city in the east and are in desperate need of additional military aid. China has released a long detained Bloomberg News employee, Hayes Fan, has been released on bail after more than a year in detention. She was

held on suspicion of national security law violations. The case remains under investigation while Fan is on bail pending trial. In Game five of the NBA Finals, the Celtics are on the brink of elimination. Boston lost to the Warriors one oh four ninety four. In baseball, the Nationals and Orioles lost the Giants. One Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven under journalist analyst in more than

a hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan, Okay, Michael, thank you. It's sixty nine on Wall Street. Let's turn out to news in science and technology. The Bloomberg n j i T STEM Report is brought to you by New Jersey Institute of Technology, offering New Jersey's first undergraduate degree in fintech. N g i T is Future in the Making, tech driven, finance focused. Learn more at n j I T dot edu, slash fintech and now Here's

what's making news in science, Technology, engineering and math. Amazon has been quietly buying land across the US to use for new multi story warehouses. Over the past three years, Amazon has tripled the amount of built industrial space it owns in North America. According to company filings, company has now saddled with excess warehouse space as online shopping has decelerated. China's semiconductor industries showing signs of flourishing even as the

Biden administration tries to counter its growth. Chinese orders for chip manufacturing equipment from overseas suppliers rose fifty eight percent in making it the biggest market for those products for a second year running. That's a co to data provided by industry body Semi and NASA's Inspector General says poor performance by its primary contractor on a new rocket launch tower has more than doubled its cost. The new mobile launch tower is for a larger version of the Space

Launch System rocket. It's now expected to cost about one and a half billion dollars and take another two years to finish. And that's the Bloomberg n j I t STEM report. John, all right, thanks to Nathan and ahead of the cash oven on Wall Street. We're seeing futures pair or some of the earlier gains right now, the down to futures of one hundred six points. That's a rise of four tenths of eight percent. SUP EMNY futures

they're up twenty that's a half of percent. And that as the futures right now that you're up ninety eight points, that's up nine tenths of a percent. Also the VIX looking to the VIX for elevated volatility with the Wall Streets fear of gauge. If we are to see a bottom right now, it is in fact lower just a

of thirty three points. As far as yields go, the tenure yield at three twenty nine, that's down six basis points and a time right now six fifty two on Wall Street, we're live from the Bloomberg Interactor Broker Studios and time to check what's going on and d C. Some of the top stories in the nation's capital include a second round the Jenrys six hearings, and Donald Trump raised millions of dollars setting fraud that AIDS told him was false, High level US China talks raised prospects for

a Biden she call, and President Biden reportedly visiting Saudi Arabia is to meet with the Crown Prince. Let's take a deeper dive into some of these stories this morning. We're joined by Bloomberg's Amrie her Durn in Washington, every thanks for meting with us. Let's start with the last

story here, the Biden visit to Saudi Arabia. I can't believe he's not going to talk about oil, but that's what we're hearing, right, Like we should make it clear obviously, energy will be on the table um it has been that. That's the administration has been having lots of discussions with Saudi Arabia about energy. You saw the last OPEC deal. Saudi Arabia is the facto leader of the group and they made this olive branch, raising production more than the

deal would have required. They also were able to keep Russia on board, so they're really walking this diplomatic tight rope for them. But it is true that outside of energy, there are other issues Riad and Washington will be discussing and that will culminate in this meeting. Defense, regional security, economic issues, climate view, a number of factors that are going to go into what would be discussed on this trip. And also we should know it's not just with Saudi Arabia.

They're the head of the g c C, so that means other GCC countries would also likely be an attendant you could think of like kuwait Oman Cutter, so some other allies of the United States. All right, this morning we'll was hearings the continue. What do we see from the second round? So the second round was really a lot more detail about what the former president Donald Trump knew and what his closest political and legal advisors were

telling him. You have everyone from our former Attorney General Bill Barr to even the president's son in law Jared Kushner sang in the videotape testimony they gave to the committee, to the panel that they were the ones that they told and advised the former president against pursuing that this election of claim was stolen. Um. I believe it was

Bill Stepian, Yes, it was him. His campaign manager had said I was on quote team Normal, that people called it the normal team, and the president former president rejected those advances and that advice from those individuals and instead went in the direction of the likes of Rudy Giuliani was also heard testimony actually that many believed he was drunk when he actually told the president that he should say he won the election and the claimed fraud and

continue this. So that was what the second hearing was about that was yesterday. There'll be a third one tomorrow, and their seven in total, So there's going to be a lot more details on who knew what and when, and what they want to really do in the committee is either directly or indirectly show that that led to what happened we saw in the capital in January six. There's also this other story related to it more than tan Gentile, but the Trump raised millions of dollars from

supporters citing the fraud uh that Paids told him was false. Now, when you solicit money from somebody on a false claim, I mean that sounds like I'm not a lawyer, but it could be fraud. Right, So I guess the big question is what comes out after this, Right, will there be more charge is against the president in a court of law? But they did talk about that about raising I believe the figure two fifty million dollar certain supporters in these appeals that the election was stolen from the

former president. What is Merrick Garland saying or not saying at all of this? The current attorney general? Yeah, I think I think he's the one that we're going to want to wait to hear from after we get through these seven hearings, Um, you can almost see the committee setting up these witnesses and building out a case. But then what happens with that information? Okay, uh, next story.

We talked about Saudi Arabia to visit. There also high level US China talks that's raising the prospects for call be between the President She and the President Biden. What

do we know on that front? So there's no readout yet in any talks between She and Jjan Pain, But of course there's speculation because you had Jake Sullivan meeting with the top Chinese diplomat, Um wangji Sha Monday in Luxembourg, and there's been a few instances where those two would meet and then that would open a door for their principles for the President in Shijing Ping to have some

sort of phone conversation. But right now there's nothing yet but lots of speculation and probably what would be discussed is similar to what we know that Sullivan discussed with his counterpart, which is of course Taiwan, South China see war in Ukraine Ukraine as well as um North Korea's nuclear program. That's what that's what the Chinese readout was very similar to what the White House readout said was discussed, um.

But you can imagine that these are the issues that if the two were going to meet, and that kind of sets the past for potentially of that meeting. Even you had this high level meeting, which Sullivan's counterpart, emory always a pleasure. Thanks appreciated Bloomberg's Amory horde during and of course you could read more about these stories on

Bloomberg dot com or at the Boomberg terminal. At a reminder, you can follow all the latest on Bloomberg Radio in Washington, d C. That's Bloomberg and one oh five point seven FM. HD two had ahead of the cash opened on Wall Street futures pairing so many earlier gains we had European stocks they were retreating right now that AL futures eighty nine points higher, that's a three tenths of a percent, and after the huge sell off yesterday, SMP futures seventeen

points higher half a percent. Of course, the SMP five hundred entering a bear market after yesterday's close on Wall Street and Nasdaq futures right now ninety three points higher. That is about the eight tenths of the percent. But Nathan Hager. I'm John Tucker. Stayed with us just again Bloomberg surveillance. You're listening to Bloomberg take