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

Loos is Over. I'm Michael Larer or a half. I'm John Stashow. In sports, the Mets shout out by the Dodgers, The Yankees swept a double letter from the Angels, the Celtics one Game one of the NBA Final. That's All's tradinghead 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 Sirius XM one nineteen and around the world Long Bloomberg Radio dot Com and The

Bloomberg Business. And Good Morning. I'm Nathan Hager and I'm Karen Moscow and USTCK index futures are lower this morning. We are coming up to six o one on Wall Street, and we check the markets every fifteen minutes throughout the trading day. On Bloomberg SMP future is down thirteen points this morning. Down futures down seventy six. Nasdack futures down seventy two. The decks in Germany is up a third

of a percent. Ten year Treasury down three thirty seconds, the yield two point in nine to two percent, and the yield on the two year two point six four percent. NIMEX scrude oil is down seven tenths per cent or seventy nine cents at a hundred sixteen dollars six cents of barrel. Comex goal down to tenths per cent or three dollars nineties cents at eighteen sixty seven fifty. Announced Bitcoin is at thirty thousand, two hundred thirty dollars. Nathan,

all right, Karen, thank you. This morning, we begin with a plea for action from President Biden after a wave of deadly mass shootings across the country. Do something, Just do something, for God's sake, do something. In a primetime address from the White House, the President called for a ban on assault weapons, at high capacity magazines and an end to lawsuit protections for gunmakers. President said responsible gun owners should not be worried about their rights going away.

Machine guns have been federally regulated for nearly ninety years, and this is still a free country. This isn't about taking to anyone's rights shot protecting children, while protecting families, while protecting whole communities. As President Biden spoke, the House Judiciary Committee approved a bill that would raise the minimum age to buy semi automatic rifles and also banned high capacity magazines. That bill is not likely to pass in

the Senate. Meantime, Nathan lawmakers in New York have raised the age to buy semi automatic rifles. The New York state legislature approved increasing the legal age to from eighteen. It also passed a package aimed at reducing the likelihood of mass shootings by tightening rules to purchase firearms and other military equipment. In neighboring New Jersey, Karen Governor Phil Murphy says he's optimistic his state will also enact stronger gun laws. New Jersey is one of the strongs gun

safety states in America. We've got a lot past to sign in our four and a half years because yet another package of bills that we think to make our stadia the safer, and we want to get those over. The New Jersey Governor Phil Murphy was a guest on Bloomberg's Balance of Power. Catch the show weekdays at noon

Eastern on Bloomberg Radio and Television. In the interests of transparency, we should note that Michael Bloomberg, the founder and majority owner of Bloomberg LP, the parent company of Bloomberg Radio, is a donor two groups that support gun control. Well. Another major story we're following this morning, Nathan, the House panel investigating last year's Capitol Hill insurrection is ready to take its findings public. Bloomberg's Amy Morris has details from

our ninety nine one newsroom in Washington. After nearly a year of investigation, subpoenas, and testimony, the January sixth panel will lay out its findings for the public in a series of hearing starting next Thursday. Most of their work has been behind closed doors, but now members say the panel will present previously unseen material documenting what happened on January six and provide a summary of its findings. The first of a series of public hearings is set for

eight o'clock Thursday night. It's prime time in the US to give the investigation maximum exposure. In Washington, I'm maybe more as Bloomberg Daybreak, Okay, Amy, thank you. Also in Washington, this morning we get the release of the May jobs report. Economists predict three twenty thousand non farm payrolls are created last month. Regardless, Andrew Husby US and Canada economists for Bloomberg Economics, does not think the report will impact FED policy.

You know, early signs that labor demand is cooling, But certainly there's nothing in this report that's going to shape the head off of tightening moves of at least fifty basis points the next couple of meeting. Andrew husband Bloomberg Economics says, look for that next half percent hike at the FEDS policy meeting coming up June. Well, the feds

major focus right now, of course, is curbing inflation. Black Rock chair and CEO Larry Fink is weighing in on the matter, and he knows Bloombery the FED may not have the tools right now to deal with higher prices. There's greater recognition that inflation is is not transitory. It is probably with us for a number of years, and at the type of inflation that I don't believe the Federal Reserve has the policy or the tools to do

much with it right now. And I'm personally not blaming the Federal Reserve for where they where we are right now, but I believe most of the problems we're living with today are more policy generated and supply generated. Black Rocks CEO Larry Think maybe the comments in an interview with The Bloomberg's David Weston. Here more of that conversation in just a few minutes. Well, let's go to corporate News now, Karen,

and the latest from Elon Musk. The Testa CEO has reportedly told executives the electric carmaker needs to cut staff by abound ten percent. According to Reuter's, Musk sent out an email titled pause all hiring worldwide. The report says Musk has a quote super bad feeling about the economy. Testa shares are down more than three and a half percent in early trading. On the flip side, Nathan well Art is adding employees. The retailer will build four new

e commerce warehouses and a push to speed deliveries. The move will create more than four thousand jobs. It also will let Walmart reach nine of the US population with one or two days shipping. That's from about seventy right now on the earning strite today, Karen Shares of Lululemon Athletica are up more than one percent in early training. The company reported results that beat estimates. We get the

details from Bloomberg's Doug Prisner. The athletic ware retailer reported comp stores sales rose in the first quarter and net revenue reached one point six billion dollars. Importantly, Lulu Lemon also raised its full year forecast. The company is expecting sales to reach as much as seven point seven billion in its fiscal year. Lulu Lemon has been accelerating deliveries to get products to stores in time to meet robust demand. Even so, the company says logistics problems that hurt performance

since the holiday season haven't yet fully been alleviated. In New York, I'm Doug Prisner, Bloomberg Daybreak, All Right, Doug FANKSS and P futures down fourteen points, staff futures down seventy Nastac futures are lower by seventy eight points. The tenure treasury is down four thirty seconds yield two point nine nime x crewed down nine tenths per cent, or a dollar nine at a hundred fifteen dollar seventy eight cents of barrel. Straight ahead, your latest local headlines and

the check of sports. This is Bloomberg Sounds six o seven on Wall Street work sixty three degrees in Central Park. It's getting heavy on the George Washington Bridge after an earlier accident on the outbound side. We'll get more on traffic shortly. First, Michael Barr with more on what's going on in New York and around the world. Michael, thank

you very much. Nathan. They're living in leaky and moldy units. Yesterday, New York lawmakers have approved a new entity to help finance much needed renovations at New York City's public housing developments. The New York City Public Housing Preservation Trust will allow the city Housing Authority to borrow money by pulling federal housing voutiers. The money will be used to make urgent repairs on his Many has a hundred thousand units on

top of mold and leaks. Many of them are plagued by the lead paint and need critical upgrades to boilers and elevators. Texas prison officials say a convicted murderer on the run since escaping a prison bus on May twelfth has been killed after he killed a family of five and took their truck. Prison spokesman Jason Clark says Gonzalo Lopez was shot dead by law enforcement south of San

Antonio late last night. Where we are very sadden that the murders happen, but I will tell you that we are breathing a sigh of relief that Lopez will not be able to hurt anyone else. Prison spokesman Jason Clark says the five killed in their residence included an adult and four miners. After Lopez broke in. Authorities in Tulsa, Oklahoma, say the suspect who killed four people inside a medical building Wednesday was a patient to one of the victims.

The victims have been identified as Dr Preston Phillips, Doctor Stephanie Houston, Amanda Green, then William Love. The suspect has been identified as Michael Lewis tell Us. The police chief, Wendell Franklin, said Dr Phillips performed back surgery on Lewis, who was angry about lingering pain. Following the operation. We have also found a letter on the suspect which made it clear that he came in with the intent to kill Dr Phillips and anyone who got in his way.

Chief Franklin says the shooter took his own life when officers closed. In Britain continues to mark the Queen's platinum Jubilelee. Today, a service of Thanksgiving takes place in St. Paul's Cathedral for the Queen's his story seventy years of service. Harry and Megan will be there. However, Prince Andrew will not. He tested positive for COVID, and the Queen, who is ninety six, decided to skip the trip because it will

just be too much for her. Global news twenty four hours a day on air and on Bloombergy Quick Take, powered by more than und journalists and analysts more than a hundred twenty countries. At Michael bar this is Bloomberg. Nathan all right, Michael, thank you almost six ten on All Street time for the Bloomberg Sports Update with John Stes.

All right, they've been starting pitching has carried the Yankees in this great start, and it was on display in the Bronx in the double header with the Angels up first was Nestor Cortez, arguably the best pitcher in the Major so far. Seven more scoreless innings. Yanks had four solo home runs, three came off show Otani. They won six to one as Cortes lowered as z R eight a one and a half. And then it was Jamison Tyone's turn, coming off eight scoreless innings at Tampa Bay

where he allowed only two hits. Tyone win eight ins. Again he had a perfect game going in the eight. The Angels broke it up, broke up a scoreless game, but the Yanks came through bottom the eighth, they too out to run game winning pinch hit single for Anthony rizz On. The Yanks one two to one to sweep the twin Bill. Mets started their ten games Southern California road trip. They had only three hits, lost the Dodgers to nothing. That ends the Mets six game win Street

Game one of the NBA Finals. The South is tilled by fifteen. They won with a big fourth quarter tat over the shoulder past Marcus Smart left side three, good night. What's gonna say about Marcus three? What they say? It's seven? In Boston, the co host Celts won that fourth quarter at forty to sixteen. That's the most lopsided fourth quarter score in finals history. Boston be Golden's Day one one oh a first team in finals history to come from more than ten down and win by more than ten's down.

The Cup has Colorado shut out Edmonton for nothing to nothing lead in the West. Rangers go for a two nothing leading in the East. Tonight at the Garden. It's Game two with Tampa Bay or Rafael the Dal versus

alex Arev. Today in Paris, French Open semifinals. Tomorrow's Women's final IgA Swayattech versus the eighteen year old American Cocoa Go John stash Were Bloomberg Sports, Nathan all Right, John thanks SMP futures down down fourteen points down features down seventy six sore nastack futures the ten your treasuries down three thirty seconds, yield two point nine one percent and to yield on the two year right now two point six four percent coming up. Comments from Black Rock CEO

Larry Fink. This is Bloomberg Blomberg eleven three oh weather turning partly to hostly sunny today after the fog burns off. We'll get up to your seventy five degrees sunshine for the weekend. Upper seventies tomorrow, low seventies on Sunday 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. This is a Bloomberg Business flash and I'm Karen Moscow U West Dock Index futures falling after report that Tesla chief executive Elon Muss said the electric car maker needs to cut staff amid a gloomy economic outlook. Investors also awaiting the mape Hayrolls report at any thirty Wall Street time.

Hen we check the markets every fifteen minutes throughout the training day on Bloomberg s and P futures down sixteen points down, futures down eighty six, snaz DAG futures down eighty eight and the decks in Germany is at a quarter percent. Ten year treasury down three thirty seconds, yield two point nine one percent. They yield on the two year two point six four percent. Nine Max Screwede oil is down night ten percent and down a dollar six and a hundred fifteen dollars eighty one cents a barrel.

Comex Gold is down two tens percent or two dollars eighty cents at eighteen sixty eight fifty announced the euro one point oh seven four two against the dollar, British pound one point to five seven zero, and a yen one thirty point oh nine. And Big Coin is down about a third of a percent at thirty thousand, one hundred twenty dollars. 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. President Joe Biden called for a ban on the sales of assault weapons and high capacity magazines. How many more innocent American lives must be taken before we say enough enough? Meanwhile, the New York Legislature approved raising the legal age to buy semi automatic rifles from eighteen to twenty one. Game one of the NBA Finals, the Celtics beat the Warriors. After Wednesday's when the Rangers host Game two of the NHL East

Final tonight against the Lightning. In baseball, the Yankees won a double head ever against the Angels. The Mets lost, along with the Nationals, Orioles and Giants. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries. I'm Michael lar and this is Bloomberg. Nathan. All right, Michael, thank you. It's six nineteen on Wall Street Live from the Bloomberg

Interactive Broker Studios. This is Bloomberg day Break. We know want to bring you an interview with black Rock Chief executive officer Larry Fink. He sat down with our David Weston on Bloomberg's Balance of Power and painted an uncertain picture for the economy. Fate told David the only thing he's sure about is the market will continue to be unpredictable. The markets have had sort of a rocky road. Can we say so far this year as you look forward,

is there any real prospect it? Can they can recoup in the second half a year? Probably not, not totally. Um Let's start off, the market has recalibrate itself. We we witnessed now exchanging policies and the feder Reserve we raised short rates we have, so we saw a recalibration of growth stocks um that's principally of the majority of the downfall. And yet and the index are masking some of the problems because part of the index are energy

companies commodity companies that are up quite a bit. So if you look at the you know, the volatility in the market and the spread between winners and losers, it's pretty broad this year. And so we've taken out a lot of those gains that we saw during the COVID years and during the two years where we were you know, changing our lives and we were emphasizing different companies, and now we're seeing the reverse impact of that. So that was one of the foundations of it. But now there's

greater recognition that inflation is not transitory. It is probably with us for a number of years, and at the type of inflation that I don't believe that at a reserve has the policy or the tools to do much with it right now. And I'm personally not blaming the Fed Reserved for where they where we are right now, but I believe most of the problems we're living with today are more policy generated and supply generated. It's been aggravated now obviously by COVID and lockdowns in different parts

of the world where we are manufacturing goods. It has been further aggravated about the Ukraine uh Russian War and where we have supply shocked. But I have this fundamental view that much of the inflation has been generated by some very large policy policy shifts. In the United States. We have Jamie Diamond talking about a hurricane. Potentially, are you saying something that's significant? What's the chance of her session?

And not so much of this year, But in twenty four I think Jamie said one outcome could be a hurricane. It may not be that, So you know, you know, I know that sounds so perfect for the media hurricane, but uh, I don't. I could see scenarios where it could be quite add another another downward draft of significance, um uh, and that's going to be dependent on earnings

going forward. But I could also see a scenario where we're gonna be muddling along for the next year or two right around this level, and you know, maybe up five p down ten percent. But we're gonna be in this range bound area until we have better information. And the one thing I will say with total certainty, we're gonna be living with more uncertainty. And and so with that in mind, we are going to have bouts of fear which is going to bring down the markets and

and a little more confidence going on forward. But we have not witnessed huge asset allocation changes by our investors. I was gonna ask about that, what are you see in your funds? For example, are people buying bonds ag in for example, in your pow Oh my gosh. In the month of May, we've had we had the biggest increase in ETF bond purchases. Um. I mean, we had thirty something billion dollars of inflows in bonds, whether it's credit or all that. So you were certainly seeing a

revaluation of how far integrates need to go upward. Uh. And so that's also one of the big trends. I mean, you know, I'd say thirty days, so many people were calling for a deep recession and now people are mitigating that. Obviously, there are views that we could have a deeper session or a hurricane, but that's just one of the outcomes. I mean, I could. I think there's higher probabilities of outcomes that we're going to be more range bounds with

a lot of fatility. Certainly, there's uncertain about exactly what happens with the Fed. Maybe not so much on rate increases as one are the consequences will be of the quantity of tightening which actually started this week this week, what are those consequences likely to be? In your judgment, you better find new buyers. I think the market place does not understand the dependency of low rates was on the QUI purchases with the trillions of dollars at the

Federal Reserve. But let's let's be clear. Between Japan and China, they own, you know, close to two and a half trillion dollars of US traceries too, So there are big owners and big players and and obviously what will be the future clearing prices rates with less QUI and now reversal it do we need to get up to a three percent tenure to meet a lot more demand, and so much of this is we're all gonna have to see what is what are the cons And that was

Black Rock CEO Larry Fink speaking with Bloomberg David Weston. You can catch their full conversation on our website Bloomberg dot com. Right now, S ANDP futures are down thirteen points down, futures down fifty nine, NASTAC futures lower by seventy nine points as we await the release of the May pay rolls report in just about two hours time. Full coverage of that for you right here on Bloomberg Radio.

Tend your treasuries down to thirty seconds, the yield two point nine one percent and the yield on the two year two point six four percent. Nime X crew down nine tenths percent, down ninety nine cents at fifty eight cents of barrel, just to haad President Biden's plea for action on guns and Elon Musk's super bad feel thing about the economy. Five things you need to notice start

your day coming up on Bloomberg Daybreak. Bloomberg Daybreak is brought to you by Hofstra University's Frank G's r School of Business, top ranked online NBA program with a real

world foundation. Learn more at Hofstra dot e d U slash go grad Broadcasting live from the Bloomberg Interactive broker studio in New York, Bloomberg E Living Free on to Washington, d C. Bloomberg to Boston, Bloomberg one O six one to San Francisco, Bloomberg during sixteen to the country, Sirius XM to the one nine team, and around the globe the Bloomberg Business app and Bloomberg Radio dot com. This is Bloomberg Daybreak. It's six thirty on Wall Street. Good morning.

I'm Nathan Hager 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 r your day brought to you by I b k R Investment Advisers switched to Interactive Brokers for lowest cost global trading and turnkey custody solutions, no ticket charges and no conflicts of your interests at IBKR dot com slash r i A first President Biden addressed the nation last night with a plea to curb gun violence after a wave

of deadly mass shootings across the country. Bloomberg said, Baxter has the details. Biden says enough and urges congressional action. Now. If we can't ban assault weapons and we should raise the age to purchase them from eighteen to one, strength and background checks, enact safe storage law and red flag laws. Repeal the immunity to protect gun manufactures and liability, address the mental health crisis. Biden says Second Amendment of Rights will not be violated and says he doesn't want to

take away people's guns. In San Francisco, I'm at Baxter Bloomberg daybreak, All right, and thank you. As President Biden spoke, the House Judiciary Committee approved to bild that would raise the minimum age to purchase semi automatic rifles and banned high capacity magazines. That bill is not likely to pass in the Senate. Meantime, In New York, Nathan lawmakers raised the legal age to buy semi automatic rifles to one from eighteen. It also passed legislation tightening rules to purchase

firearms and other military equipment. The neighboring New Jersey careen Governor Phil Murphy's optimistic his stable and acts stronger gun laws, but he says New Jersey can't do it alone. We're not an island. Year eighty five or so of the crime guns that are recovered in New Jersey from honest state,

So we need Congress to act. New Jersey Governor Phil Murphy was a guest on Bloomberg's Balance of Power, airing at noon Eastern on Bloomberg Radio and Television, and in the entrance of transparency, we should note that Michael Bloomberg, the founder and majority owner of Bloomberg Alp, the parent of Bloomberg Radio, as a donor to groups that support gun control. Later this morning, Karen we get the May

jobs report. Economists survey predict three twenty thousand non farm payrolls are created last month, and corporate news Nathan Tesla, CEO Elon musk Is reportedly told executives the electric carmaker needs to cut staff by about ten percent. Ruders reports must send an email titled pause all hiring worldwide. On the flip side, Karen Walmart is adding employees. The retailer will built four new e commerce warehouses and a push to speed deliveries. The move will create more than four

thousand jobs. And that's the five things you need to notice start your day. Brought to you by Interactive Brokers SNP futures are down about thirteen points this morning. Down futures down fifty seven nowsday futures down ten year, treasury down three thirties seconds held two point nine one percent, straight ahead, your latest local headlines, plus a check of sports,

and this is Bloomberg all right, Karen, Thank you. Is six thirty three on wall Street board sixty three degrees in Central Park watching volume build on the Hudson River crossings. Will get the details in traffic shortly. Michael bars here first with more on what's going on in New York and around the world. Once again, Good morning, Michael, Good morning Nathan. About a hundred thousand New York public housing units are full of mold, leaks, lead paint, broken boilers,

and bus that elevators. Yesterday, New York lawmakers have proved a new entity to do something about it and finance much needed renovations. The New York City Public Housing Preservation Trust will allow the housing authority to borrow money by pooling federal housing vouchers. Authorities in Telsa, Oklahoma, say the suspect who killed four people inside a medical building Wednesday was a patient to one of the victims. Tulsa Police Chief doctor Wendell Franklin, says one of the victims, doctor

Preston Phillips performed back surgery on the suspect. He blamed Dr Phillips for the ongoing pain falling. The surgery Chief Franklin says the suspect has been identified as Michael Lewis. Authorities in Texas say a convicted murderer who escaped from a prison buzz last month was shot dead by police last night after being accused of killing five people. Officials say Ganzana Lopez is believed to have killed an adult and four miners after breaking into a Leon County residence.

At Ascosa County Sheriff David sour It says law enforcements spotted the pickup truck Lopez is believed to have stolen from the residents after a brief chase. Lopez accident the truck and was killed in the shootout with officers. He was in prison for murder, so he's serving a last sentence already, so you know, he didn't want to go back to prison obviously, and we knew what kind of person he was and what kind of action he probably was going to take. Sheriff Soward says no officers were injured.

The UK Defense Ministry says Russian force his a game momentum. One hundred days into the invasion into Ukraine, Moscow is pushing to capture the Donbas region. Mary Upel Mayor vanum Boychenko, for the first time in person, is addressing the humanitarian situation in the Ukrainian city that is now occupied by Russian forces. The locals didn't even have their opportunity to bury those people in the civilized ways, so they were burying them in the yards in the parks nearby. Mayor Portchenko,

through a translator, spoke at a news conference today. Britain continues to celebrate the Queen's jubilee for seventy years on the throne. Today a service of Thanksgiving takes place in St. Paul's Cathedral. However, the Queen will skip the event. Global Games 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. I'm

Michael bar This is Bloomberg. Nathan, Thanks Michael. Almost six thirty six On Wall Street, John stash Are has the Bloomberg Sports ing. All Right, Nathan Big comeback to start the NBA Finals. Golden State led Boston by fifteen points. Celtics then won the fourth quarter forty to sixteen, and they stole Game one from the Warriors one twenty one o eight. Celtics made more than half of their three winder Steph Curry drained six threes in the first quarter,

but had only one after that. Seley Cup Whos Colorado, who won Game one eight to six, took Game two from Edmonton four nothing in the Aslee the West Finals to nothing Rangers in lightning Game two in the East tonight at the Garden, with the Rangers have won seven arrow of the Blue Shirts have won their last three

overall by a combined seventeen to six. At the Stadium doubleheader, Swave Yankees, who teed off on show Heyo Tani in a game a year ago in the Bronx, hit three solo home runs off him, including Aaron Judge's nineteen to the year, and with Nestor Cortez dominant again, Yanks won the opener over the Angel six to one. The nightcap

saw Jamison tyonn flirt with a perfect game. He lost it and lost the lead in the eighth inning of the Yanks one two to one thanks to a Anthony Rizzo two out, two run, pinch hit single in the eight Mets had only three hits. Lost the start of their so Cal road trip to the Dodgers, too nothing. Tony Gonsolin, now six and over l a. He beat

Taiwan Walker, who suffered his coach lost. Ryan Fitzpatrick, who came out of Harvard the quarterback in the NFL for seventeen seasons for nine different teams, including a stint with the Jets, finally retiring from the age of thirty nine. Tomorrow's women's final the French Open will be Eagles Swyatzek riding a thirty four match winning brig against the eighteen year old American Coco Golf. They both won of their

semifinal matches easily. Men's semis today, coming up, it's Rafteryana dal versus Alex Bettervan Dasher Bloomberg's Okay, John Thanks at six thirty seven on Wall Street Time now to take a look at stock some of the names moving in the pre market. For that, we are joined live this morning by Bloomberg television anchor and markets correspondent Danny Burger. Danny, We're watching the broader market move lower on this Friday morning. Is it's safe to say Tesla's a big reason why.

I mean, certainly especially when it comes to the NAZAC one hundred um. Yeah, I mean it looks a Tesla has grabbed a lot of headlines recently, but this one, I'm cutting staff by ten percent. That would be almost about ten thousand jobs considering we have about in staff.

Um and Elon Musk this is uh, this all of course according to an email um seen by Reuters, but Elon Musk in it apparently said he had a quote super bad feeling, which you know, very academic, but probably a lot of economists would probably say they also have a super bad feeling. Um. And so yeah, shares are down some three point nine percent this morning. If Elon Musk is a little bit pessimistic pulling back on jobs because of it could be a bad find for Tesla.

And obviously Tesla is a big weight in the indexes. But looking at the brighter market, Danny, we've got some earnings as well, some positive signs there from Lulu Lemon Athletica. Yeah, and this one's interesting because it is just one of these persistent COVID trends, a lot of them have reversed if you think about, you know, some of the food deliveries,

some of the other tech names. But Lulu Lemon seems to be able to continue to capture on this change to um not wanting to wear you know, suits and dresses and heels. And I say that as I'm currently sitting in my desk wearing a dress heels. However, if I could have, probably would be wearing athleisure. So Lulu Lemon able um to not just get that demand, but they're also able to speed up deliveries to get the products and stores to hatch up with that robust demand.

So those shares moving higher this morning by about one point three percent. But I should also say, you know, still dealing with logistical problems that many companies are, the CFO talking about supply chain inflationary pressures. Their gross margin therefore was a little bit lower than expectations, but you know, that's certainly not enough to take the shine off the earnings. There's thirty seconds left here, Danny. Well, we got some deal news as well. What's going on with coals exactly?

Coles is a Wall Street Journal story reporting that they received takeover bids from the PE firm Sycamore uh and the retail holding company Franchise Group. They're sending people familiar here. This would value Cold either in the mid fifty dollars a share or around sixty dollars a share. They're not quite up there yet, but pre markets trading higher by

about seven point six percent. All right, Bloomberg Television anchor Markets corresponded Danny Burger with us this morning to take a look at the stocks on the move in the pre market, and as we take a look at stocks as a whole ahead of the day morning open and May jobs. The indexes are moving lower. We have SMP futures down eighteen points, Staff futures down eighty three, Nasdaq futures leading the clines this morning, down a hundred one points,

or about eight tenths of one percent. Ten Your Treasury down to thirty seconds yield two point nine. This is Bloomberg Bloomberg eleven three oh. Weather. It will turn probably mostly sunny today with a high yr seventy five degrees, sunshine for the weekend upper seventies tomorrow, low seventies on Sunday. Right now sixty three in Central Park. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot com,

Bloomberg Business Out and at Bloomberg Quick Tape. This is a Bloomberg Business blash and I'm Karen Moscow future is lower this morning. Let's go to the first word breaking news dash for today's morning call, and here spill maloney, Good morning and good morning, Karen. That's right. US hugues are in the red after yesterday's search, with DEAT futures down nine points has to be dropped twenty one one.

Nasadack futures are off by a hundred and fifteen US A tenure yield at two point nine, Gold is down four, Oil is in the red and bitcoin is training lower

by one percent. Japan rose one point three percent overnight, while europ and markets are trading mixed this morning and back in the US on the economic Frinday thirty non farm payils and at Services and Composite p m I s. After the LS night, r H warned up softer demand, Lula Lemon guidance beat estimates, and in other news, Reuters reported at Tesla has paused hiring and needs to cut

staff by ten percent. In deal news, The Wall Street German reported last night that Coles received takeover bids from Sycamore Partners and Franchise Group. Wrapping things up, Moody's was

cut the equat to Barkley's. Martin Mary Everett raised overweight at JP Morgan and Snowflake was rated a new outperform over at Raymond James Live from the First Breaking News Desk on Bill Maloney, care right, Bill, thank you, and you're like breaking news over her Bloomberg type squawk on your terminal scue you a w K and that's a Bloomberg business flash. Now here's Michael bar with more on what's going on around the world. Michael Karen, thank you

very much. President Biden, in a primetime address, renewed his call for action to stop gun violence in the US. Biden called for a ban on the sales of assault weapons. The UK Defense Ministry says Russian forces have gained momentum one hundred days into the invasion into Ukraine. Moscow is pushing to capture the Dunbas region. In Game one of the NBA Finals, the Celtics beat the Warriors. After Wednesday's when the Rangers host Game two of the NHL East

Final tonight against the lightning. In baseball, the Yankees won a double header against the Angels. The Mets lost along with the Nationals, Orioles and Giants. Global News twenty four hours a day on air and on Bloomberg Quicktake power by more than seven hundred journalists and analysts more than a hundred twenty countries. Him Michael are in. This is Bloomberg, Karen Michael, thank you. At A sixty nine on Wall Street, we turned to news and science and technology now with

a Bloomberg j I T STEMM Report. It is brought to you by New Jersey Institute of Technology, one of the nation's leading polytechnic universities in a top military friendly school. Learn more at n j I T DOT E d U slash of veterans. You know here's just making news in science, technology, engineering, and math. Apple is said to have agreed to make work schedules more flexible at its

retail stores. According to Bloomberg sources, the company has informed staff at some stores that scheduling changes will take effect in the coming months. We're told it's part of a push to appease employees in the face of unionization efforts.

After some retail workers voiced frustrations about their schedules. Tesla CEO Elon must says the company may have a functioning humanoid robot up and running within months, and a tweet Must said the electric car makers second a I Day has been pushed back to September thirty for that reason. Musk has said Tesla's robots could one a need more

significant than its vehicle business. And Amazon will shut its Chinese e bookstore next year, pulling a small but prominent business from a market where it's failed to make major in roads against local rivals. Amazon's Kindle pull out coincides with growing regulatory pressures on both the local and foreign companies that operate in China, including censorship and content curbs.

The company said the withdrawal was not due to government pressure or censorship, and as part of a periodic reevaluation of its offerings around the world. And that's the Bloomberg and j I t Stem Report. Nathan Okay, Karen, thank you.

We are live from the Bloomberg Interactive Brokers studios, where it's almost six fifty one on Wall Street Time Now to check what's going on in d C. Some of the top stories in our nation's capital include President Biden's plea for limits on assault weapons after a wave of deadly mass shootings. I believe the majority of you will act to turn your outrage into making this issue central

to your vote. Enough enough enough. Also making news, a Democratic bill to address gun violence clearing a House committee, and the January six House Panel detailing its plans for public hearings starting next week. Bloomberg Government reporter Emily Wilkins joins us from on all these stories this morning, after that primetime address from President Biden on gun safety. Emily, good morning. We did hear some pretty specific proposals from

the President last night. Is this the kind of thing that's going to tip the balance of the debate that's underway in Washington? So? I think really the all eyes right now are on the Senate, where you do have this bipartisan group of senators led by Democrat Chris Murphy from Connecticut Republican John Corner from Texas. They are trying to figure out if there is some sort of middle ground on guns, and they've talked to christ Murphy's kind

of flagged a couple of different things. Number one, the so called red flag laws that prevents those with vilent tendencies or who might be a sort of in a bad place from owning guns are temporarily possessing them. This could also include things like expanded background checks, state storage of firearms, school safety upgrades. I think we're really gonna get a better understanding of how likely this is next week, when senators are actually back and all in DC together.

So far, the conversations have been happening remotely as all of them have been back in their respective states. We also saw Democrats pass legislation yesterday that would raise the age to purchase some semi automatic rifles from eighteen to twenty one. We also saw a New York state legislature also approve of bill that would do just that, and that is something that Biden called for, So that's another

potential thing that we could see go through. However, the bill that was advanced by a House Democratic paneling yesterday, it's it's likely to pass the House, but it's not likely to pass the Senate at this point, so there's still a question about exactly what legislation is going to

come through that can move UM. Definitely heard a lot of lawmakers on both sides speak up about the need to address this in some tangible way, and you heard Republicans Senate Minority Leader Mitch McConnell say that he is hopeful and optimist stick that something can be done. Yea, it is interesting to see the House moving forward on this democratic legislation while the Senate negotiations are under way. Where do you see as far as this dual track

going on here in terms of moving something forward. Well, I think in the House it's a little bit more of a messaging bill, just because we saw a yesterday with the Judiciary Committee Democrats moving to approving to move this forward and Republicans opposing it, saying that they were concerns about the number of restrictions and whether or not would actually do anything to prevent mass shootings like the

ones we've seen in the last few weeks. And so it's likely that the House bill it's going to pass, the House lawmakers are going to be able to return their constituents say we did do something. But I think in terms of actually having legislation that's going to pass, that's really going to be something that we need to

see in the Senate. Can they get an actual bill and can that bill get their support of ten Republicans, And as we heard from the President last night, he's telling voters that he hopes that this issue spurs them to go to the polls in November. Are we getting any indication that this is the kind of issue that we could affect the balance of power in Congress when we get to those midterm elections. I mean, this is certainly something that Democrats are going to be using in

their messaging as we get closer to November. Um, and it's certainly something that voters care about. The question, of course, is that you look at the big picture here and there aren't a lot of voters who simply vote for gun control. Gun rights, yes, gun control not so much. And you're going to also see people consider the gut price of gas, the price of food, how they feel the economy is doing. So they're going to be a lot of factors that really weigh into the mid terms.

It's not really clear at this point that this midterms is going to be a referendum on guns, or that they're even going to be specific races that will be a referendum on guns. Oh, it does seem like we are seeing at least some moves that the events surrounding January six are going to be put potentially is a mid term election issue, with the House panel that's been investigating it for nearly a year getting ready for public

hearings here. Oh absolutely, Nathan, I mean this ties very much into the midterms and in Democrats message that Republicans really can no longer be trusted by the American people after January six. And you've got this panel of lawmakers of seven Democrats to Republicans. They've been investigating in January six for eleven months now. They've interviewed more than a thousand witnesses, but so far everything has been behind closed doors. So we're looking at the first public hearing next month.

It is being held at eight PM. That's a weird time for congressional hearing, but it is prime time on television, which means that Americans are more likely to actually be tuning in for it. A committee officials said that they will present previously unseen material and indicated that there is evidence that Trump and his associates may have committed crimes by attempting to prevent Congress from certifying Biden's victory in the electoral College. And what are we expecting a final

report to come out following these public hearings. Is it going to be close to November? It will be. The Panels expected to release its full report within a few months, and so that puts it kind of in the time time frame where we're a little bit past the primaries, we're looking at the general and more Americans are actually starting to think about the primaries. I think the the average American um isn't thinking too much about the mid terms still at this point, just because election day is

is still pretty far away. Bloomberg Government reporter Emily Wilkins with us this morning from Washington, d C. As always, thanks for the update, and you can read more about all these stories on Bloomberg dot com or on the Bloomberg terminal, and follow all the latest on Bloomberg Radio in Washington Bloomberg and one oh five point seven FM HD too. This morning, the focus in Washington will be on jobs. The May pay rolls report do out in

just about an hour and a half. We'll have full coverage for the release of the May non farm payrolls coming out at eight thirty am Wall Street Time, and reaction from Labor Secretary Marty Walsh. It's expected about an hour later. We're also gonna bring you comments from President Biden as well. He's expected to react to the May jobs report later this morning as well from the White House. We'll have it all for you live here on Bloomberg Radio.

Ahead of all that, futures are moving lower. We have SMP futures right now down twenty three point, STAFLE futures down a hundred fourteen. NASDAC futures are lower by a hundred twenty points. The tenure treasury is down to thirty seconds yield two point nine. Bitcoin right now trading just below thirty thousand dollars. Bloomberg Surveillance up next with Tom Keene, Jonathan Farrell, and Lisa Abramowits for Karen Moscow. I'm Nathan Hagar, and this is Bloomberg