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

I'm Michael barr More A hand imtime stands swards forwards. Another win for the Rangers. They beat Tampa Bay in Game one the Mets. One There six own. That's all's training ahead on Bloomberg Daybreak on Bloomberg eleven three on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston Bloomberg nine sixties and Francisco syrius x M one nine team and around the world Old on Bloomberg Radio dot Com and via the Bloomberg Business Up

and good Morning. I'm Karen Moscow, I'm Nathan Hagar. Bloomberg Daybreak is brought to you by bn Y Melon Pershing's Insight Conference back in person June fifteen through the seventeenth at the Gaylord Resort in Grapevine, Texas. Don't miss it. Register now at Insight dot b n y melon dot com.

And US futures are higher this morning six o one on Wall Street, and we check the markets every fifteen minutes to while the trading day on bloomberg S and P Future is up seventeen points down, futures have a hundred three Nasdack Future is up seventy three, and the ten year treasury down three thirties seconds held two point on one percent. Nathan Karen, We begin with yet another deadly mass shooting in the US, this time in a

medical building in Tulsa, Oklahoma. Deputy police Chief Eric Dagley says a man carrying a rifle and a handgun opened fire on employees and visitors before turning the gun on himself. We have four civilians that are dead. We have one shooter that is dead and right now we believe that is self inflicted. Deputy Chief Ric Dalglish says it took about three minutes for officers to arrive at the scene. And they made contact with the gunman about ten minutes later.

This comes after other deadly mass shootings in Yuvaldi, Texas, and Buffalo, New York that already have Democratic leaders calling for greater restrictions on guns Nathan. While President Biden contented another shooting, he is also grappling with rising gas prices that has it now planning a trip to Saudi Arabia, maybe,

Morris says details from our Bloomberg newsroom in Washington. Sources tell Bloomberg News President Biden is likely to visit Saudi Arabia later this month, and that could mean the President would also meet with Crown Prince Mohammed Ben Sulman, who the U S blames for the murder of US based columnists Jamal Ka Shoji Now. Early in his presidency, Biden said he would only deal with Saudi Arabia's official head

of state, King Solomon bin Abdulaziz. But the president is under increasing pressure to meet with Ben Solomon as gas prices hit record highs in Washington. I may be more, as Bloomberg daybreak, we consumers could get a bit more relief at the pump ahead of that proposed trip. According to the financial time, Saudi Arabia is prepared to produce more crude if Russian output declines substantially. Meantime, OPEC and its allies meet today, they're expected to ratify a modest

increase in production. Checking prices now, Nimex crudes down two point two per cent, or two dollars fifty two cents at a hundred twelve dollars seventy three cents of barrel. Brent is down two and a quarter percent to a hundred thirteen dollar sixty six cents. Well. Nathan wall Street is still reacting to the resignation of Meta Chief operating officer Cheryl Sandberg. She became one of the most recognized figures in global business after helping Facebook transform from US

start up into a multibillion dollar advertising powerhouse. Sandberg spoke about her decision with Bloomberg's Emily Chang. The decision I didn't come too rightly, but it's been fourteen years. It's been fourteen years, and I wanted to make more room to do more philanthropically. Cheryl Sandberg caused your time and Meta quoth the honor and privilege of a lifetime well sanderg leaves a complicated legacy, Karen. While she helped to build Facebook into a global giant, the company's reputation was

tarnished by developing blind spots on data and misinformation. Techonomy Media CEO David Kirkpatrick called Sandberg one of the most powerful women in the business world. Well, she served as a symbol of women's success in business. There's no question. I mean for most of the last fourteen years, certainly for the last maybe ten or eleven years, she could have left Facebook at any time and become the CEO

of any company in the world. And I know she was solicited for those kinds of jobs time and time again and didn't show interest because she really wanted to stay here. Techonomy Media CEO David Kirkpatrick spoke with Bloomberg Technologies Emily Chang. For more from Emily and our tech team, subscribed to the Bloomberg Technology Podcast. It's available daily wherever you get your podcasts. On Turning to the economy now, Nathan,

our focus remains on the FED. St. Louis FED President James Bullard wants to raise interest rates to three and a half percent this year at de tain inflation as we get tangible evidence that play is definitely retreating, then we could look at reducing the post to rate future years, maybe late, saying The West Fan president James Bullard, spoken Economic Club of Memphis, He's traditionally been the most huggish

official on the FED. A couple of Wall Street CEOs think Bullet and the FED have a very difficult road ahead of them. Karen Here's Wells Fargo CEO Charlie Sharf, the economy has to slow. The FED has been very clear about what their intentions are, and the scenario of a soft landing is very difficult to achieve and I think extremely difficult to achieve in the environment that we're in today. Wells Fargo CEO Charlie Sharf says he sees

loan growth starting to moderate. His comments follow us similar warning from JP Morgan CEO Jamie Diamond. It's a hurricane. It's right now, it's kind of sunny. Things are doing fine. Everyone thinks that the FED can handle this. That hurricane is right out there down the road coming our way. We just don't know if it's a minor one or Superstorm Sandy. Both JP Morgan's Jamie Diamond and Charlie Sharf of Wells Fargo made their comments at a conference in

New York. Let's update you now on some key earnings from late yesterday. Shares of Hewlett Packard Enterprise down more than six percent in early trading after the company lowered its forecast. Bomb Dog Krisner has more. The company sited a few headwinds on favorable currency movements, supply chain disruptions, and the impact of the company's exit from the Russian market. Hewlett Packard Enterprise said profit excluding some items will be as much as seven cents less than the previous guidance

issued in March. HPE has been working to reduce its reliance on sales of hardware such as data center servers by encouraging customers to pay for additional services with subscriptions. In New York, I'm Doug Prisner, Bloomberg, Daybreak, all Right, Doug, Thanks, and some other stocks were following in the pre market. Shares of chewy right now are up more than seventeen percent.

The pet products retailer reported profit in sales at top estimates and as usuals some volatility for games stop shares. The video game retailer reported a wider than expected first quartered at loss after falling almost three percent. Game Stop is now up about one percent. Futures are up as well. Straight ahead your latest local headlines and a check of sports. This is Bloomberg Sounds six oh seven on Wall Street. We're sixty three degrees in Central Park. Flooding issues are

improving on the Bronx Server Parkway in White Plains. We'll get the latest in traffic shortly. First, Michael Bars here with what else is going on in New York and around the world. Money Michael, Good morning, Nathan. New York Mayor Eric Adams will name a gun violence are. Adams continues to be confronted with a stubbornly high number of gun offenses in the city. According to The New York Times, the Adams administration has also considered declaring a state of

emergency related to the surgeon gun violence. Meanwhile, Mayor Adams also sent a stern letter to city employees that they need to stop working from home. Adams rode all city employee, you should be advised that, absent a reasonable accommodation, you are required to report to work in person for every scheduled workday, and hybrid schedules of any kind are not permitted. Baby formula makers met with President Biden for an update

on ending the supply crisis in the US. There's nothing more stressful than the feeling you can't get what your child needs, he or she needs, and that's why I've directed my administration to use every tool available or increase the supply, getting more formula on shelves as quickly as possible. However, President Biden faced push back on his claims that no one predicted shutting one food plant would create a nationwide shortage.

Parago Baby formula producer executive Murray Kessler told President Biden he immediately knew there would be a supply crisis when the FDA closed the Abbot formula plant. The very first thing we did when we heard about the Abbot recall was we could foresee that this was going to free a tremendous shortage. We um significantly increased all our material orders. Murray Kessler with Parago. Later, the White House Press Secretaries said the administration has been working to relieve the formula

shortage since day one. The U. S. Transportation Department is making it easier for Americans to travel to Cuba, lifting flight restrictions that were established during the Trump administration. The restrictions had prevented US airline flights and chartered flights from going to Cuban cities other than Havana. The Queen's Platinum Jubilee is underway, a four day bash designed to honor her seventy years on the throne. Millions across Britain are

ready to take to the streets for parties. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg, Nathan. Alright, Michael, thank you, six o nine on Wall Street, time for the Bloomberg Sports Up Day with John stash Hour. Nathan. The Rangers are in a place they had not been before in the

Stanley Cup playouts. A head in the series before Game seven, Game one with Tampa Bay and a Chris Pryder goal on the Rangers first shot of the series, they led to the one, then three to two, and then the kid line Philippino Capocaco and alexis La Fronnier, all under the age of twenty two. They were on the ice for almost three minutes. He just chill up the board.

I fight, but it's patted down by Cox. Heap the up pitcher to he said pillock for game, let's tud the middle hiller, he stared won a shift by the Racers, and its top is a light ship. It's fur to Rangers. He had second goal and night for the suddenly red hot Filipino. He scored eight goals in the regular season. He's got seven in the playoffs. Are Tammy Panerva scored open him in at the third period of the Mika Savanna Jad Rangers beat the Lightning six to two. Tampa

had only allowed a total of three goals. Old and it's four games swape with Florida Rangers double that in one game. They've had won five the last six seven a row at the Garden where they'll be back for game two tomorrow. Met's hit the road right in a sixth game winning Today finished the swathe and Washington five nothing behind Carlos Carrasco and four it's by Thomas Nto.

Now a ten game road trip, all ten in southern California, starting tonight against the Dodgers, Yankees and Angels rained down so a swit doubleheader today and tonight. NBA finals begin tonight's Celtics and Warriors in San Francisco, and also today the women's semi finals at the French Open. John Stasheller, Bloomberg Sports d Okay, John thanks SMP futures right now up nineteen points. Staff futures up A. NAZAC futures are higher by seventy seven points. The tenure treasury is down

three thirty seconds. The yield two point nine yield on the two year two point six five per cent. Cheryl Sandberg looks to life beyond Facebook. Parent meta platforms will get reaction to her departure, as CEO Dan Ives of Web Securities joins us. Next, you're listening to Bloomberg Gay Break. The Bloomberg Gay Break is brought to you by Hofstre University's Frank gez Our School of Business, top ranked online

NBA program with the Real World Foundation. Learned war at Hofstra dot e d u slash Go Brad markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business At and at Bloomberg Quick Tape. He's a Bloomberg Business Flash, and I'm Karen Moscow stocks in Europe, in US DOT Index futures are rising this morning. Investors are assessing attractive valuations and a drop in oil prices against hawkish messages from central bankers on raining and inflation.

Crude oil is falling out a report that Saudi Arabia is ready to pump more oil if Russian output declines. We checked the markets every fifteen minutes throughout the trading day on bloomberg S and P futures of nineteen points this morning, down futures have a hundred twenty two and nasday futures have seventy seven. The decks in Germany's up three quarters of a percent ten, Your treasury down three thirty seconds two point on one percent. They yield them

the two year two point six five percent. Nine max Screwed oil is down two point six percent, down two dollars cents and a hundred twelve dollars thirty three cents of barrel comic schooled up half percent or nine dollars twenty cents at eighteen fifty seven ninety announce the euro

one point oh six eight nine against the dollar. British found one point to five for eight the end at one twenty nine point seven nine Bitcoin this morning is higher, up one percent, at twenty nine thousand, nine hundred dollars. 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. Police officials say four people were killed in a mass shooting at a Tulsa medical building

on the hospital campus. Authorities say the shooter killed himself. President Biden says no one anticipated the baby formula crisis until months after a crucial manu facturing plant was shut down. Formula makers Biden met with disagreed. Game one of the NHL East Final, the Rangers beat the Lightning six to Game one of the NBA Finals is tonight between the Celtics and Warriors. And baseball the Yankees game was reigned out. The Mets beat the Nationals, the Red Sox and Orioles won.

The A's and Giants lost. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalist and analysts more than a hundred twenty countries. Michael Bard, this is Bloomberg. Nathan all Right, Michael Thanks six nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. Let's turn more now to uh, probably the biggest corporate

story of the moment. After fourteen years running the nuts and bolts of the world's biggest social media company, Cheryl Sandberg is stepping down as Chief operating Officer Facebook parent Meta Platforms. Dan Ives is with us this morning from We're on this Managing director and senior equity research channel list at Wedbush Securities. Dan, it is hard to overstate Cheryl sandburg impact turning Facebook into the powerhouse. It is. Now what's the legacy that she leaves behind. Look, I mean,

she's a key reason that people know Facebook. I mean, you know, of course Zuckerberg, you know, it continues to to to sort of be the one that's going to take the legacy from here, even though it's gonna be choppy. But Cheryl is a key part of the DNA of Facebook, navigating all the challenges, the vision, the street credibility. She leaves a massive hole at Facebook, and right now I think it's some darker days ahead for Zuckerberg and team, especially with Samburg no longer in the co pilots eat.

I'll talk a little bit more about that. Why do you see darker days ahead now? Well, I think, first off, I mean the company transitioning to Metaverse, obviously changing their name to Meta, the revenues not come from our three to five years and and that's going to be a bumpy transition. And right now, in terms of social media, it's really these Apple priv the iOS changes. That's been

the gut punch of the business model. And that's why right now, I mean, there was always a thought she was going to leave, the fact that she's leaving right as there transitioning to Meta and the Metaverse couldn't come exactly at the right time, And I think that's why it's gonna be a negative reaction for the street as it goes to this transition. Does her departure say something about her feeling about the direction that Facebook is taking

down now that it is meta platforms. Look, she's obviously become more than just a business leader. I mean, you know, worldly iconic, you know, especially with a lot of her endeavor's charity. So she's gonna, you know, be really focused on that. But you can't look past her leaving at this time. It's like looking at a tornado being like, you know, I'll go the other way, And I think that's the view of the street here and look at us. When it comes to Zuckerberg, he's not exactly Sully sellinger

flying the plane. That there's not super confidence that that he can navigate some of these challenges. And that's why the bench is going to have to ultimately come through. But clearly these are almost impossible shoes to fill for you know, for for the rest of Managine team. Well, we do know that those shoes are going to be filled at least at the moment by Meta's Chief growth officer, Javier Olivan. What's your view on him? What direction do

you think he's going to take the company? Look strong, background, has proven himself, you know in outside you know, of the industry. But these are herculean like challenges they have, I mean, transitioning to Meta, the name change the metaurs that's gonna be easier said than done. And this is all sort of time social media. I mean we've seen

it from snapping others. Advertising continues to see massive headwinds and and Cheryl was the one, she was the pillar strength of the Street credibility despite whatever the choppiness was, and and he's going to have to start to navigate some of those challenges. But but again this continues to really be was a surprise to the Street that happened now, especially as they're going to this transition. It's not just meta platforms that's been hit hard this year. Text stocks

as a whole of then hammered. They're starting to stabilize a bit. Do you think the worst is over for big tech? Look? I believe the worst is over a relative to what we're seeing on fundamentals. I think Street

was anticipating a lot worst news. Ultimately the video how out does the scower sales wre's better than expected, supply chain starting to ease, Army getting was pricing the tech stocks I believe way over correct, and that's why you started investors look for bargains despite the inflationary Rubert's c mac or I think tech stocks away over sold. Here overall, just quickly our last thirty seconds here, where do you

see opportunity in tech? I think software and cybersecurity, I think iber security, front and zone names a cow out, do z Scale or Tenable, Apple, Microsoft continue to be our top favorites in terms of tech, and then I think in disruptive tech, you look at EVS memes like a Tessla. You know, I think way oversold, you know, even though the Twitter Circus show continues to play on. Yeah, something else for us to watch as always, Dan, thanks

for your thoughts. Dan Ives is Managing Director Senior equity research analyst at Wedbush Securities. Nasdaq futures the tech heavy age on the rise, about a half percent gain of sixty three points for dance deck futures. SMP futures are up fifteen points, that's a gain of four tenths percent, and down futures are higher by ninety four points three

tenths percent increase. The tenure treasury down two thirty seconds yield two point on the benchmark ten uere Note just ahead, another deadly mass shooting and President Biden maybe headed to Saudi Arabia with gas prices on the rise. Five things you need to notice start your day. Coming up on Bloomberg day break Bloomberg eleven three oh Weather mostly CLOUDI a chance for showers and storms today with a high near eighty degrees upper seventies clearing tomorrow, giving way to

sunshine for the weekend. Right now sixty three in Central Park, broadcasting live from the Bloomberg Interactive Broker Studio in New York. Bloomberg E Living Free to Washington, d C, Bloomberg to Boston, Bloomberg one O six one to San Francisco, Bloomberg M sixteen to the Country, Sirius XM to the one nine team, and around the bloom the Bloomberg Business apt 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. We are just about three hours away from the open of US trading. Time for the five things you need to notice start your day. Brown to you by Interactive Brokers Global Analysts. It helps you find new global investment opportunities to diversify your portfolio and discover undervalued companies that make may have greater growth potential. Try ib k our Global Analysts today at ib k R dot com.

Slash g A first, another mass shooting in the US, this time at a medical building in Tulsa, Oklahoma, that left four dead plus the shooter. Deputy Chief Eric Douglas says it took about three minutes for officers to arrive at the scene and they made contact with a gunman. About ten minutes later. The officers that did arrive, we're hearing shots in the building and that's what directed them

to the second floor. Deputy Police Chief Eric Dalgleish says a man open fire on employees and visitors before turning the gun on himself. This comes after recent mass shootings and evolved the Texas and Buffalo, New York that have Democratic leaders calling for greater restrictions on guns. Melsware in DC Karen. President Biden's planning a trip to Saudi Arabia

as he looks through address rising gas prices. According to a new report from The Financial Times, Saudi Arabe is prepared to pump more crews should rushes output some stances decline. The OLPEC plus coalition meets today. It's expected to ratify and modest increase checking prices now NIMEX crews down two point four at a hundred twelve dollars forty nine cents of barrel brents at a hundred Well Nathan. The financial world is reacting to the resignation of META chief operating

officer Cheryl Sandberg. She became a top figure in global business in tech during her fourteen years with the company. Sendberg tells Bloomberg's Emily Chang the decision to step down wasn't easy. It really is about how I will spend my time, not how much I've been leave in the company. I've believe in the company, but as much as I ever did and staying on board, and I really have complete confidence in the team Mark and I have built.

Cheryl Zenberg says she wants to do more philanthropy. She helped transform Facebook from US start up into a multibillion dollar powerhouse, but the company's reputation was turnished by blind spots on data and misinformation. Sendberg spoke on Bloomberg Technology. You can subtrib to the daily podcast on all your podcast platforms. But turning to Inflate Chian Karen, we continue

to keep a close eye on the FED. St. Louis President James Bullard says he wants to raise interest rates to three and a half percent this year to bring down inflation. And an update on key earnings from late yesterday, Shares at Hewlett Packard Enterprise down six and a half percent in early trading after the company lowered its forecast. And that's the five things you need to know to start your day. Brought to you by Interactive Brokers. SMP

futures up about fifteen points this morning. Down futures of ninety Nasdack. Future is up sixty two. Straight ahead your latest local headlines, plus a check of sports. And this is Bloomberg. Thanks Karen. Six thirty three on Wall Street, sixty three degrees in Central Parker. Good volume building on the Hudson River bridges and tunnels, about ten to fifteen minute delays. More coming up in traffic. First Michael Barr with more on what's going on in New York and

around the world. Good morning, Michael, Good morning, Nathan. Experts say installing technology to scan large numbers of people quickly for weapons in the New York City subway would be challenging. Eric Adams says the technology might still be worth trying, and a pop up fashion at select locations as a deterrent. The idea has gotten a closer look after a mass shooting on the subway in April. It comes as The New York Times reports Adam's plans to name a gun

violence are soon. The White House is pulling back on statements made by President Biden that he was not aware the maybe formula crisis would be so severe. Bloomberg's at Baxter reports the President saying he doesn't think anybody knew. I don't think anyone anticipated the impact of the shutdown of one facility, but me Johnson. Vice President Robert Cleveland

says they anticipated the crisis. We knew from the very beginning this would be a very serious about And now the White House says that they were on it from day one, and now that all production is ramping up in San Francisco. I'm at Baxter Bloomberg Daybreak. The federal government would soon be lifting travel restrictions for Americans who want to go to Cuba. The flight of restrictions, but in place during the Trump administration, prevented flights from going

to Cuban cities other than Havana. With the start of the hurricane season, Miami Dade County Mayor Daniella Levine Cava and several county commissioners urged Floridians to take the necessary steps to prepare for possible storms earlier this year, especially with a system heading to Florida over the weekend. We know that the time to get ready is now. No time to wait, and especially everyone should have received their

hurricane kit in the in their mailboxes at home. Mayor Levine Cava says well, a tropical disturbance is already beginning to gain speed in the Western Caribbean. It's not threatening southern Florida with a direct hit just yet, but it could bring heavy rains. The Biden administration announced hundreds of thousands of students who attended the Corinthian Colleges chain will

automatically get their federal student loans canceled. Anyone who attended the now defunct chain from its collapse in We'll get their federal student debt wiped clean. Today in Britain, the Trooping the Color ceremony kicks off celebrations for the four day long weekend in honor of Queen Elizabeth's seventy years on the throne. Globally used twenty four hours a day on air and on Bloomberg quick Take, powered by more than journalists analysts more than a hundred twenty countries. I'm

Michael Barr. This is Bloomberg. Nathan nice reason for parade. Thank you my Dall almost six thirty six on Wall Street. John stash Our has a Bloomberg Sports update acts Nathan the Rangers Keith winning another decisive victory, like the last two with Carolina. Those were five to two and six two and more the same. At the Garden Game one with Tampa Bay, the Rangers never trailed. Chris Prydor scored a minute eleven in. It was one one second period

of ted Loops. Is up to Prider, long past the Fox hit of the pedal, of the thick of the croudel, the cover five Pctrotto hut. He starts Frank for fronto with the right he shot. There's a Rangers free game. The lead it the EPN. Then came two goals by Philiphedeos now scored seven in the postseason, and then Artemi Pinerin and Mike's avantaget in the third, and the Rangers beat the Lightning six to two. It's their first Game one victory of the postseason. They'll look to keep it

going in Game two tomorrow at the Garden. With The Rangers lost their playoff opener with Pittsburgh and triple overtime, and since then they are seven oh on home ice. NBA Finals begin tonight's Celtics and Warriors in San Francisco or the Warriors are nine and oh in the playoffs, a Yankee double header with the Angels at the stadium, a day game to make up last night's rain out, and then tonight the Yanks will face show Hey Otani.

The Mets will visit the Dodgers, starting a four game series in a ten game road trip, all in Southern California. Mets just won their six in a row five nothing over Washington. Carlos Carrasco improved the six and one team with three relievers on the shutout. Four hits for Tomas Niedo. French Open Women's semifinals today be the first ever Grand Fund semi her ecun year old American cook John Stashward Bloomberg Sports may All right, John, thanks six thirty seven

on Wall Street. Time to take a look at Stark some of the names moving in the pre market. Bloomberg's Laura right is hard at work this morning, even with the Queen's Platinum Jubilee underway in the UK. Laura, good morning, What names you chewing on this morning? Can I just say this is quite tragic because I was also working the last Jubilee celebrating back in twent twelve. So I'm thinking that next time I will actually be able to

take the tale. But I've been keeping myself busy having a look at some of the U S pre market movies. Chewy is one name I'm looking at the head of the bell rallying seventeen reporting after the bell yesterday, Ebbit, Dart and Net sales topped estimates. According to one broker, Jeffreys, they see the recent sell off as way overdone. To put this in context, Chewy is down year today, pets continued to be pampered. It's not just a dog is

for Christmas mentality that the market is seeing. Nathan, Yeah, it's certainly seeing a big move there this morning, and I've gotta think meta platform shares are moving as well. With Cheryl Sandberg saying goodbye yeah ahead of the open, Meta up around one, recovering from a sharp sell off at the close yesterday. She's been chief operating officer at the social platform, been at Facebook formerly for the last

fourteen years. She said she's ready to move on to other ventures, but there was talk of a potential tension between herself and the founder, Mark Zuckerberger's Facebook pivots more aggressively toward hardware and the metaverse. Sherl Sandberg specialty remember has been generating advertising revenue, Dad is something she was very successful at her former employer Google and staying in the tech space, Laura, we got earnings from HP Enterprise.

How are those shows doing this morning, Hewlett Packard south of the red down ahead of the open, So the computer hardware and storage company lowered that adjusted EPs forecast for the full year. Supply Jane congestion, the war in Ukraine some of the factors that they cited. But in this environment, analysts on the market have little apptite for a myths. All right, Laura, right with us this morning.

Glad to have you hear. Fingers crossed for you though on the next bank holiday Bloomberg's lare right with us this morning from London, checking futures as we get ready for the Thursday morning open. We have SMP futures higher by eighteen points, down futures up a hundred seventeen and Nasdaq futures right now are higher by seventy eight points. As you might imagine the footste London is closed with the queens celebrated seventy years on the throne. Decent reason

to take a break from trading. The jacks in Germany up two thirds percent to cack in Paris higher by nine tenths of one percent. Tenure treasury is down to thirty seconds. You're two pot on the tenure note and the two year two point six five Nimex crude continuing. It's plunged down two point seven percent to a hundred twelve dollars thirteen cents apparel. You're listening to Bloomberg Daybreak.

Bomb're eleven three oh weather mostly cloudy today, chance for showers and storms of behind your eighty degrees upper seventies tomorrow as skies clear for a very nice weekend. Right now sixty three in Central Park Markets. Headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quick Tape. He's

a Bloomberg Business Flash. Good morning, I'm Cameron Moscow and futures this morning on the rise, we get to the first word breaking news dance for today's morning call, and here's Maloney Bill. Good morning, Good morning, caring you as futures are in the green right now with doubt futures up a hundred and fifty points. Sysis Game twenty four will not is that futures are up by nineties six the US ten year at two point nine, gold is up, ten oil is down, and bitcoin is trading higher by

one percent. Hong Kong dropped one percent overnight, while up markets are mostly in the green this morning and back in the US on the economic FRONDADP employment change at a thirty initial jobs claims and at ten o'clock factory orders and durable goods orders. After develous night, C three AI reported the stock is plunging percent pre market. Game Stop reported a wider than expected loss, but sales beat estimates,

and HPE cut its annual profit forecast. Indian News Toshiba said it received eight buyout offers and wrapping things up, the C three A I was cut to neutral. Well Brad Piper live from the First Baking News Desk on Bill Maloney, car all right, Bill, thank you and here live breaking news over your Bloomberg tips, Squawk on your terminal, SCU 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. Tell us the police say a man carrying a rifle and a handgun opened fire in a medical office building, killing four people. Authorities say the gunman took his own life. With record high gas prices, President Joe Biden is likely to visit Saudi Arabia later this month as part of an international trip for NATO and Group of Seven meetings. In Game one of the NHL East Final, Rangers beat the Lightning six two. Game one of the NBA Finals is tonight

between the Celtics and the Warriors. In baseball, the Yankees game was reigned out. The Mets beat the Nationals, the Red Sox and Orioles won. The A's and Giants lost. Global News twenty four hours a day on air and on Bloomberg Quicktech, powered by more than seven hundred journalist and analysts in more than a hundred twenty countries. I'm Michael bar This is Bloomberg. Karen, all right, Michael, thank you.

Sixtine on Wall Street returned to News and Science and Technology Now with a Bloomberg and j I T. S STEMME report brought to you by New Jersey Institute of Technology, one of the nation's leading polytechnic universities and a top military friendly school. Learned more at n j I t dot edu, slash veterans and here'slet's making news and science, Technology, engineering, and math. FISER has asked you as regulators to approve its COVID vaccine for emergency use in children under the

age of five last month. Finser and its partner by On Tech announced in late May that a three shot regime was highly effective in kids. Their trial is likely to pave the way for infants and toddlers to get immunized. The world's largest trunk makers says the semiconductor shortage that has heard manufacturers is easing. An executive at Diameler Truck calls the situation not perfect, but better than last year.

Time learned other truck makers had to curb output at a time of strong demand because they could not obtain enough chips. And scientists have discovered the world's largest plant off the Australia coast, a sea grass meadow that has grown by repeatedly cloning itself. Genetic analysis, how revealed that the underwater fields of waving green sea grass are a single organism covering seventies square miles through making copies of

itself over four thousand, five hundred years. The scientists called the meadow of Poseidon's ribbon weed the most widespread known clone on Earth, covering an area larger than Washington. That's a Bloomberg, NJ. I know that's the Bloomberg, n J. I t stem report, Nathan, Yeah, I don't think there's gonna be anything much larger than seventies square miles. That

is incredible. All right, thank you, Karen. We are live from the Bloomberg Getter Active Brokers studios, where it's almost six fifty one on Wall Street time not to check what's going on in d C or. Some of the top stories include the House taking up gun legislation in the right wake of recent mass shootings, President Biden likely to visit Saudi Arabia with gas prices continuing to spiral, and baby formula makers telling the President they could see

shortages coming. Bloomberg Government congressional reporter Jack Fitzpatrick is back with us from more on all these stories. Jack, good morning. We are expecting this mark up at the House Judiciary Committee today on gun legislation, and it comes after yet another deadly mass shooting in the US just yesterday and Tulsa, yes Uh. You know, I was saying on sound on just you know, thirteen hours ago that lawmakers negotiating this

gun bill know that they have a short timeline. There's a certain amount of political pressure following the Vivaldi shooting, and if they take too long to negotiate something that the political atmosphere can change. And yet we see another shooting, uh, something significant enough in Tulsa so that the President has been briefed on it. Um. It's I think it probably adds a bit more political pressure, a little bit more urgency.

But at the same time, lawmakers still know one to get something bipartisan done in the Senate, it has to be very very limited, maybe something regarding uh state level red flag laws. Uh. And they do need to act quickly because there there have been mass shootings in the past where Congress just didn't respond. According to the Gun Violence Archive, that shooting in Tulsa yesterday was the two hundred thirty third mass shooting event in the US this year.

Talk to me a little bit more about the Senate negotiations that are underway. You mentioned something bipartisan has to happen there, and we do know that bipartisan talks have been going on while the Senates in recess. Yes, they've been meeting virtually. There's a group of senators really led by Chris Murphy from Connecticut on the Democratic side and John Cornn the Republican from Texas who really kind of was tapped by Mitch McConnell to lead those discussions to

talk about something bipartisan. They have all acknowledged this would need to be quite limited, as I mentioned, you know, Lindsay Graham mentioned early on, even short of a federal red flag law, maybe incentives for states to take up their own red flag laws. That's the kind of thing they're discussing. There may be some things aside from gun control or safety measures. You know, Mitch McConnell has talked about hardening schools, so there may be some Republican provisions

that are aside from that. But you know, red flag laws, potentially safer storage of guns, potentially expanded background checks, nothing that would get a huge victory lap from the advocates who have called for much more significant gun control but they are still having those conversations about something bipartisan that could realistically get sixty votes in the Senate. Apart from the gun issue, of course, the economy continues to be

a major challenge for the president. Now we're hearing he may be headed to Saudi Arabia too, as gas prices continue to climb. Yes, Our our colleague Jennifer Jacobs reported UH, citing people familiar that there is a plan for President Biden to visit Saudi Arabia. The key question, UH, and I think the key expectation would be a potential meeting

with Crown Prince Mohammed Ben Salomon. Keep in mind, President Biden had previously said he would only deal directly with the king rather than the Crown Prince, holding the Crown Prince largely responsible for the killing of Jamal Kashoji, the

US based UH Saudi Arabian Washington Post columnists. So if there's an easing of a tent of the tensions there, and if there's some forgiveness, which may be frustrating to some in the US, including UH nine eleven survivor advocates in those types, that would be very noteworthy and something to keep in mind that you know this this this is all happening through the lens at least partly of gas prices and the pressure for Biden to to have

good relations with oil producing countries. Yeah. And I'm sure that the President is also feeling pressure to do something domestically around gas prices as well. Is there anything more that the White House is talking about on that front? You know, he has acknowledged that in the short term for something really significant, there's there's not a quick fix. He has very limited options. You've seen attempts in Congress

that have stalled. Uh. There there was a gas price price gouging bill that couldn't actually get out of committee in the Senate. Uh. And we are at a point where the President has gotten pretty honest and said that his his options are very limited as it as it relates to the short term. Uh, increasing gas prices. Maybe in the in the longer term, you're gonna have a broader discussion about energy policy, but the issues we're facing today,

his hands are kind of tied. In our last minute or so here, Jack, let's talk more about that meeting yesterday between President Biden and baby formula manufacturers. Is it going too far? To say that this is starting to look more like a story of what did the president know and when did he know it about the potential

for shortages? Yes, and he has said that he didn't know as early as some of the people in the industry who said yesterday that they could see the shortage coming and they understood earlier, evidently than the president how

significant net shortage would be. I think going forward, especially if you listen to what lawmakers have said about the f d A and the slowness of the response there, there's going to be a significant push to figure out why did this information about the abbot closure and how that would affect the industry more broadly, Why did that not filter up through the f d A get to the president, Why was there not earlier action and earlier

knowledge about it? Really the how that would ripple through the whole supply, because it wasn't just a matter of one closure. It's it's a major national issue that wasn't necessarily treated as such as early as it should have been. Thanks for this, Jack, God having you back on with us. Jack Fitzpatrick, congressional reporter for Bloomberg Government. You can read more about all these stories on Bloomberg dot Com or

on the Bloomberg terminal. Listen to Bloomberg Radio in Washington at Bloomberg and one oh five point seven FM h D two. It is Jack Benchined Bloomberg Sound On. You can catch that show every weekday at five pm Wall Street time across Bloomberg Radio to get the very latest on what's happening in the nation's capital and the impact on markets. Looking ahead to the open, SMP futures are higher by twenty four points, now down futures up a hundred fifty eight, NASTACK futures up a hundred points, a

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