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

New York's Republican Party leaders nominated Representative leez Elda as their candidate for governor. I'm Michael barm more than I'm John Stashower. In sports, the baseball lockout continues. The first two series of the season were canceled road losses for

the Nets, Islanders and Devils. That's All straight Ahead on Bloomberg day Break on Bloomberg eleven, Trio, New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, Sirius x M one nineteen and around the World Old on Bloomberg Radio dot Com. And via the Bloomberg Business set. Good morning, I'm Nathan Hagar and I'm Karen. Moscow. US futures higher this morning. We're coming up to six oh one on Wall Street, and we check the markets

every fifteen minutes throughout the trading day. On Bloomberg S and P Future is up twenty four points now, futures have one eighty two. NASAIC futures up ninety two. Attend your treasury down five thirty seconds. He had one point seven four percent, and they yield them the two year one point three nine percent. Nine Next, Screwed oil is up four percent. Nathan Karen will have more on markets in a minute, but first, the fighting is intensifying in

Eastern Europe. According to inter Facts, Russia's defense ministry says it has captured the Ukrainian port of Croissan. Moscow is pressing ahead with attacks. Meantime, the US is taking more action to isolate Russia and also prevents cyber attacks. Amy Morris reports from our Bloomberg newsroom in Washington. The US government has banned Russian aircraft from American airspace as the U S and EU looked to expand sanctions on Russia.

Former US Ambassador to Ukraine, William Taylor, tells ABC those sanctions should extend to Belarus. They are co conspirators. They are together with put This as the Senate fast track the package of cybersecurity proposals. The House is working on a companion bill. US businesses are on high alert for

Russian cyber attacks in Washington. I maybe Morris Bloomberg daybreak, All right, Amy, thank you for coming off President Biden's first State of the Union address last night, and in a speech, the President promised to take on Vladimir Putin and keeps supporting Ukraine. He thought the West to NATO wouldn't respond. He thought he could divide us at home, in this chamber, in this nation. He thought he could divide us in Europe as well. But Putin was wrong.

In remarks that lasted a little more than an hour, the President also called on Congress to unite on challenges here at home, including higher prices. One way to fight Inflasi is a drive down wages and make America's poor. I think I have a better idea to fight in lower costs notes. The President outed his bipartisan infrastructure law and called for new action on domestic manufacturing and supply chains,

lowering health and family costs and boosting competition. He also promised to keep fighting COVID even as more Americans return to work and school. Well reaction continues to pour into the President's State of the Union. Karen Genie she and Zano is a political science professor and a Bloomberg News contributor.

I think he missed an important moment. This is the last big speech Joe Biden will get, the last major audience he has before the midterm election, and I'm not sure he changed on the domestic front any hearts or minds, and I think he could have done a better job saying we need to restore democracy, not just abroad, but at home. Bloomberg contributor Genie Schanzano says the number one issue for voters right now is inflation, and Republicans seized

on that topic. After the President wrapped up his speech, Nathan Iowa Governor Kim Reynolds deliver the GOP response to the State of the Union. Where now one year into his presidency and instead of moving America forward, it feels like President Biden and his party have sent us back in time to the late seventies and early eighties. Hioma Governor Kim Reynolds used her fourteen minute address to say the country's on the wrong track. She focused on issues

ranging from inflation and crime to taxes and education. Let's turn to markets now. We are seeing major moves in commodities as the war in Ukraine intensifies. Let's get the latest line from Bloomberg's John Tucker, John Nathan, oil is surging this morning. Brent crude was hovering around one ten dollars of barrel. The International Energy Agency warns that global energy security is under threat because of Russia's war in Ukraine. In addition, the energy medals and grains prices are higher.

Russian commodities are not targeted by sanctions, but banks are pulling financing and shippers are reluctant to touch anything from Russia. Live in New York on John Tucker Bloomberg Daybreak. All right, John, thank you. Well. More of the world's iconic brands are pulling away from Russia. We get more on the growing list of i from Bloomberg's Randy to Young, Good Morning, Rania,

Good Morning Karen. Apple and Nike both say they're halting product sales in Russia, cutting off the country from the most valuable tech company and the biggest maker of athletic wear, while Disney and Warner Media are pausing new movie releases in the nation. It's a cultural and commercial split not seen since the Cold War ended in the eighties. US brands are quickly vanishing from the Russian marketplace in a way that will be hard for consumers to ignore. Live

in New York. I'm Ranita Young, Bloomberg Daybreak. Alright, Ranita, thanks, So how will the war in Ukraine effect? The Fed will be looking for answers on that, plus the outlook for inflation when Fed Chair j Powell begins two days of testimony to Congress. Bloomberg Economics correspondent Michael McKee reports inflation in February out next week is forecast to be the highest since the start of two So there's pressure

on the Fed to do something. But what policy makers don't know is how much higher prices from Russia's war will crimp growth. Those are questions Chairman Paul will face the next two days, and it's not just a growth worry. Powell also has to worry about higher inflation expectations becoming embedded in consumer and business psychology. Michael McKee, Bloomberg Debris. All right, Michael, thank you. The US dollar also in

focus today. It's been strengthening since the war in Ukraine began, and the shift could mark a critical inflection point for the greenback, as according to Sultan Posar, ahead of interest rate Strategy at Credit Swiss, now that Russia has lost access to currency reserves, he says, other countries may start questioning the value of their own reserves and that could

ripple across currency markets. The FX reserves are partly used by the central bank to be able to provide dollars to domestic financial system, and if all these balances are frozen, you know, one channel of dollars to help the local banking system drives up. So I think it's quite a complicated situation. So then Posar with Credit Swiss made the

comments on the Bloomberg Odd Lots podcast. Read more about it on Today's Big Take by Bloomberg, on the Terminal and online at Bloomberg dot Com and Bloomberg Daybreak is brought to you by Interactive Brokers. Global Analysts helps you find new global investment opportunities to diversify your portfolio and

discover undervalued companies that may have greater growth potential. Try i b k R Global Analysts today at I b k R dot com slash g A. You're listening to Bloomberg Daybreak and it's sounds six oh seven on Wall Street forty two degrees in Central Park. Still dealing with a crash on the westbound l I E. It's at Maurice Avenue. Details coming up in traffic First, Michael Barr is here to tell us what's going on in New York and around the world. We're getting pumped about one

story you've got, Michael. Oh my goodness. New Jersey drivers could soon be forced to pump their own gas. New Jersey is the only state in the nation with a section of Oregon where drivers are not allowed to pump their own gas by law, But a bill in the state legislature could allow self service as an option for smaller stations while maintaining fulls service for stations with four or more pumps. Station owners say changing it would help

offset rising gas prices and workers shortages. New York City's pension fund for police officers voted to sell stocks and bonds issued by Russian companies. The fifty three point six billion dollar fund has more than eighty five thousand active members and retirees. Hong Kong is set to report a record of over fifty thousand daily new COVID infections today. The city spiraling outbreak is seeing thousands of residents flee, while those remaining empty store shelves of food and medicine.

US representatively Zelden and l I of former President Trump except at the New York State Republican Party's nomination as their candidate for governor. For the gubernatorial race, Beto O'Rourke is projected to be the Democratic winner for the Texas scubernatorial primary. He held a victory rally and ford Worth last night. This group of people and then some are gonna make me the first Democrats to be governed know the state of Texas. O'Rourke will go up against incumbent

Governor Greg Abbott, who won the GOP primary. Republicans sent a message they want at keep Texas the land of opportunity and prosperity for absolutely everybody. Governor Rabbit spoke to his supporters at a Corpus Christie Victory Valley Telsa, Oklahoma, is searching for more remains of victims killed in the city's race massacre. University of Florida forensic anthropologist Dr Phoebe Stubblefield said one grave hell the remains of a homicide victim.

Burial had multiple ben shot wounds that contributed to his death. He had a minimum of three gunshot wounds. He was a young man in his twenties. The city says will not file criminal charges. The Moon is about to get slammed by a big piece of space junk and leave a crater the size of several semi tractor trailers. The

leftover rocket was slammed into the far side of the moon. Friday, Global News twenty four hours a day on airand on Bloomberg Quick Take, powered by more journalists analysts more than twenty countries. On Michael bar this is Bloomberg, natherm Thank you, Michael. Almost six ten on Wall Straight time for the Bloomberg

Sports Update with John stash Our. All right, Nathan. For the first time since the strike that canceled the nine four World Series and went into the following season, baseball games will be lost to the work stuff and is the lockout continues in the first two series of the season, canceled two sides at a marathon bargaining session one day that led to an extent to the deadline and some optimism, But things apparently did not go well yesterday at the

commissioner is rob Man. We worked hard to avoid an outcome that's bad for our fans, bad for our players, and bad for our clothes. I want to share our fans that our failure to region agreement was not due to a lack of effort by either part. The players game here for nine days. They worked hard, they tried to make a deal, and I appreciate The Yankees were to start the season with seven road games Texas and Houston. The Mets first two series where at home versus Washington

and Atlanta. The games will not be made up. A lot closer for the Nets against the Raptors Toronto won by thirty six in Brooklyn, same two last night in Toronto. The Raptors won one oh nine one oh eight. They had a ten up and run on the fourth quarter. Nets have now lost fifteen of their last eighteen. Just as the Knicks had Nicks playing Philadelphia tonight, Nets play Miami tomorrow. Kevin Durant is expected to play has been out since mid January. Islanders in Colorado they had with

their NHL leading win. They scored three in the third and one five three. Devils lost in Columbus four three. The w n b A find the New York Liberty half a million dollars. Their crime was flying their players on chartered flights instead of flying commercial as league rules dictate. John Stashware, Bloomberg Sports, Nathan, thank you, john S and p Futures up twenty four points, Dona down Future is up a hundred eighty three. Nastack Future is higher by

ninety seven points. The ten your treasury down seven thirty into the yield one point seven five. You're listening to Bloomberg Day Rank almost six twelve on Wall Street. Bloomberg Daybreak is brought to you by Audie. Don't let someone else drive off in the Audi model you've always wanted. Visit a tri state autie dealer to get behind the wheel of yours. Today, markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, of Bloomberg

Business Out and at Bloomberg Quick Tape. This is a Bloomberg Business Flash, and I'm Karen Moscow. This updates brought to you by se I Imagine your asset management firms. Operational infrastructure is a competitive advantage that SEI show you how at se I C dot com slash I M s u S dot Index. Future is on the rise this morning and European stocks erased their losses after the Kremlin said Russia is ready to resume talks with Ukraine tonight.

We check the markets every fifteen minutes throughout the trading day. On bloomberg S and P Future is up twenty three points down. Future is up one hundred seventy one Nastack futures of ninety five. The decks in Germany is little change now. The Tenuere treasury down seven thirty seconds. You had one point seven five percent. They yield on the

two year one point four zero percent. NIMEX Screwed oil is at four point eight percent, up four dollars ninety seven cents at a hundred eight dollars thirty six cents of barrel. Brent is up five percent at a hundred

ten dollars fifteen cents. Call my school, there's down seven ten percent or thirteen dollars fifty cents at nineteen thirty thirty announced the euro one point one zero nine zero against the dollar, British pound one point three three oh eight, and the n has at one fifteen point to six and Bitcoin this morning is higher. It's at forty four thousand, one hundred ninety dollars. That's a Bloomberg Business flashdown. Here's Michael Barrow with more on what's going on around the world.

Munchael Karen, thank you very much. President Joe Biden gave his first State of the Union address from the Capitol last night. The President opening with a message of globe old unity against Russia President Vladimir Putin. Putin is now isolated from the world more than he has ever been I was. Republican Governor Kim Reynolds offered up the GOP response the President Biden's address. Reynolds portrayed the GOP as

the Party of Freedom and Choice. Because you know, you've shown that the soul of America isn't about who lives in the White House. Reynolds asked people to think about the last year of democratic policies coming from the White House. The scheduled opening day from Major League Baseball has been canceled. No deal was reached between the players and teams yesterday to in the lockout. In the NBA, the Nets and Warriors lost, the Celtics and Wizards won. In the NHL,

the Devil's Islanders and Bruins lost. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than journalists, analysts, more than a hundred twenty countries and Michael Bard. This is Bloomberg, Nathan, Thank you, Michael. We are coming up to six twenty on Wall Street Live from the Bloomberg Interract and Brokers Studios. This is Bloomberg Daybreak and with the war in Ukraine now into a seventh day, were joined live by Bloomberg News Executive

editor for International Government, Rosalind Matheson. Good morning, get us up to speed on the latest development on the ground. Again, apparently Russia's reporting it's taken a key port city in Ukraine. That's right, that's the city of Kesson in the south, which is one of the biggest cities in Ukraine and obviously on the port which makes it an important conduit for trading commodities in the region. Russians, Russia's Defense Ministry

is saying that its forces have taken that city. There's not been a confirmation from Ukraine, although they did acknowledge that there were Russian troops moving into the city overnight. There are also reports of heavy fighting in Ukraine's second biggest city of Kiev, that paratroopers from Russia moved in

there overnight, alongside heavy shelling. Of course, the big one, the big question here is at what point troops moved properly into the capital Kiev, with that very long convoy that's been inching its way along difficult road conditions towards the capital and meeting first resistance along the way from Ukrainian fighters. Of course, there was bombing of the city through the day yesterday and again overnight, just showing how much Russia is ramping up. It's an aerial bombardment campaign

to try and accelerate progress here inside Ukraine. And even as we are seeing these signs of heavy resistance from Ukrainian forces, we're also hearing calls from Ukraine for allies to do more, calls for even an fly zone. I mean, that's a pretty big ask for the allies of the US and Europe, isn't it. That's right. In fact, we just published a story on there's a very short a few minutes ago show why a NATO no fly zone

it's very difficult to get off the ground. Of course, doing so would require NATO planes to be policing the airspace and to be trying to stop Russian aircraft from entering. So at that point you're putting NATO aircraft in direct

conflict with Russian aircraft, and that just risks. Of course, there's conflict spiraling from what it is already, which is a terrible war inside Ukraine, to being a full on conflict between NATO and Russia, and that then that scenario, then you're bringing the entirety of Europe into a potential war. Because no fire zones have been used very sparingly over

the years. They were used over Bosnia, they were used over Iraq, I believe over Libya as well, but setting one up over Ukraine in this moment would be very fought for NATO, and so that's been a very fair no so far from the military Alliance. So it seems as though the response from the Alliance has been to provide more military support for Ukraine in terms of equipment and sanctions. Pressure on Russia we've seen a growing number of companies cutting ties to the Russian economy as well.

Are we getting a sense at this point that that's actually having any effect on Russia's strategy, Not that we can discern on the ground. Given the acceleration and if anything, of the campaign, it seems that the Russian president is determined the way to push on with his goals for that country, which seemed to be to achieve total regime change. The way he's laying siege. Of course, to hear then, particularly to the government of the President Zlynsky, shows that

so there's no sign that this is deterring him. Of Course, some of these sanctions, it's worth noting, especially in the swift financial sector, do not kick in at least for another ten days, so by the time they kick in, it's very difficult to know what the situation on the ground might look like by then. But certainly right now there's no great incentive for him to de escalate. I think about a minute left here, rise it's seen some headlines that Russia is talking about another round of talks

with Ukrainian delegates. What more do we know about that? We've know there's been another a couple of rounds of negotiations over the last couple of days so so far, there was a round of talks from the Yelo Roost border between ministerial level negotiators from the two countries that came away a pensibly with nothing as far as we could see. They returned to their capitals for discussions. Russia

has set its sending some negotiators back. There's been no confirmation from Ukraine that it's doing the same and that further talks will indeed happen. Of course, with Ukraine now calling to become a member of the European Union, the very idea of Ukraine neutrality has to be completely off the table. So what those talks, if anything, could achieve.

It's very difficult to see. If anything. There possibly an effort by Russia simply to buy time to sort of suggest they're talking, even though there's no possibility of an agreement. Thanks as always for keeping us up to speed. Rosalind Matheson is our executive editor for International Government for Bloomberg News. Right now, SMP futures are up twenty three points down futures up a hundred sixty seven. NASDAK futures highed by

ninety nine points. The tenure Treasury down seven thirty seconds yield one point seven five Just ahead, how the United Nations is responding to the war and the oil market reels at the risk of supply disruptions. Five things you need to know to start your day. Coming up on Bloomberg Daybreak Bloomberg eleven three oh weather mostly sunny, upper forties today, chance for a shower tonight. We have a mix of sun and clouds. Tomorrow breezing low forties for

highs only upper thirties by Friday. Right now forty two in Central Park. Broadcasting live from the Bloomberg Interactive Broker Studio in New York. Bloomberg E Living Freedom to Washington, d C. Bloomberg to Boston, Bloomberg one oh six one does San Francisco, Bloomberg No. Sixty to the country, Sirius XM to A one ninet 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. Where are just about three hours away from the open of US trading time? For the five things you need to notice start your day. Bront to you by Interactive Brokers. Trade crypto for a less coin with commission says twelve to eighteen basis points and no hidden spreads or markups. Learn more at ibk r dot com slash crypto first. The fighting is intensifying in Eastern Europe. According to inter Facts, Russia's defense ministry

says it is captured the Ukrainian port of Curson. Moscow is pressing ahead with attacks. Meantime, the United Nations is sounding the alarm and the humanitarian crisis in Ukraine. Bloomberg's ad Baxter has the latest. The body says almost seven hundred thousand people have already fled Ukraine and say as many as four million may leave. US Secretary of State Anthony Blincoln says Russia should not be on the Humanitarian Council. These are the human rights abuses this council was created

to stop. If we cannot come together now, when will we come together? A U N forecast Russia to step up attacks from targeted to more widespread and more brutal. In San Francisco, I'm at Baxter Bloomberg Daybreak. All right, and thanks for coming off President Biden's first State of the Union address last night. The President says Vladimir Putin has no idea what's coming. He used his speech to rally support for Ukraine and to confront the challenges here

at home. We'll meet the test, protect freedom and liberty, expand fairness and opportunity, and we will save democracy. President said getting prices under control will be his top priority. He touted his bipartisan infrastructure law and called for more action on domestic manufacturing and increasing competition. Well, speaking of gas prices here, Nathan, we're seeing crew is searge again this morning, and we get the latest live with the

Bloomberg's John Tucker, John Karen. Brent oil has topped one dollars of barrel. The International Energy Agency warns this situation is serious now. All sanctions haven't targeted russ and crude. Banks won't finance, and shipperds no want to touch it about runs and crewed trade is currently frozen. A strategic

oil reserve release has done little detained prices. Dopek plus meets today, but it's only e spented the increased production by a trickle Live in New York on John Tucker Bloomberg Daybreak, John, Thanks, how will the war in Ukraine effect? The Fed will be looking for answers on that, plus the outlook for inflation when Fed Chair J. Powell begins two days of testimony to Congress. Listen for that live on Bloomberg Radio and television beginning today at ten am Eastern.

And on the corporate front, this morning, Nathan Shares of Nordstroom are searching the department store operator up more than thirty percent after earnings in the forecast that toped estimates. And that's the five things you need to notice start your day. Brought to you by Interactive Brokers and futures this morning are moving higher. Straight ahead your latest local headlines, plus a check of sports. And this is Bloomberg. Thanks hearing six Wall Street, forty one degrees in Central Park.

Still dealing with that crash in the westbound l I at Maurice Avenue. Michael Barr has more on what's going on in New York and around the world. Good morning, Michael, Good morning Nathan. New Jersey drivers may soon have to pump their own gas. The New Jersey legislature introduce some measure that would allow residents the option to pump their own gas or continue with old service from an attendant. New Jersey doesn't allow drivers to pump their own gas

by law. Many drivers love the full service law, but station owners say changing it would help offset rising gas prices and workers shortages. A mask mandate for students in schools ends in New York State starting today. Governor Kathy Hokel says that new cases have dropped. The mandate is still in place for New York City students for now. It's a milestone Hong Kong does not want. According to local media, the city will report more than fifty thousand

confirmed COVID cases today. Hong Kong's spiraling outbreak has seen thousands of residents flee, while those remaining strip shelves of food and medicine. There were demonstrations about the controversial bill in Florida. Protests were held outside city Hall in Miami Beach as Florida so called Don't Say Gay Bill advances. The measure aims demands speaking about sexual orientation or gender

identity in schools. It's extremely harmful to year. Respective. Supporters of the bill say it's not to demonize certain groups. Just says that we don't talk about these sorts of things till the kids are out of third grade. The measure is officially known as the Parental Rights and Education Bill. Democratic challenger Jessica ss Narrows has forced the primary runoff in South Texas against conservative Democrat Representative Henry quay Are.

Neither candidate last night got more than fifty of the vote needed to win out right. The race was among the most heated in Texas is first in the nation primary. Meanwhile, Democrat Beta O Rourke had a good night in the Texas gubernatorial primary. I feel extraordinarily lucky to be here with you tonight. It looks like from the early returns, I will be your nominee for governor. He held a

rally and ford Worth. Rourke will face incumbent Governor Greg Abbott, who also had a good night winning the Republican gubernatorial primary. Will not let them win this state Governor. Rabbit spoke to his supporters in porpos Christie Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalist and antalists more than twenty countries. Michael bar this is Bloomberg. Nathan okay, Michael,

thank you. Almost six thirty six on Wall Street and John stash Our has the Bloomberg Sports Update. Thanks Nathan. Opening day was to be March thirty one, Yankees in Texas met at home against Washington. Those games and all of the first two series canceled. The Baseball lockout ninth work stoppage and MLB history continues. You can't help but get the feeling this might last a while, both sides

blaming the other. The commissioner is Rob Manfred. From the perspective of the Commissioner's office in the clubs um, we are doing our very very best to try to reach an agreement. Unfortunately, it's not something that's solely within our Controlers two parties to reach an agreement, and we will continue to be committed to that process. Flayers Association put out a statement. They call this the culmination of a decade's long attempt to break the union. It's chief Tony

clarks as the players have never been so united. The biggest issue the competitive balanced tax that helped smaller market teams and what a team's payroll would be yet to start paying into that tax. Nets went to Toronto, the unvaccinated Kyrie Irvy normally plays road games, not this one. He's not allowed to cross the border. Raptors one one O nine, one O eight to sweep the Home at home.

James Johnson led Brooklyn with nine team but he missed a game winning shot at the M and Nets have now lost fifteen of eighteen, just like the Knicks have. Islanders lost to Colorado five to three and the Devil's lost in Columbus four to three. Rangers host St. Louis tonight. NFL scouting combined underway in Indianapolis and New Giants GM Joe Shane admitted to reporters the Giants are not in good salary Cap helped Shane needs to shed about forty

million dollars. He admitted he'd listened the trade offers for sake on Barkley John Spanish were Bloomberg spores, Nathan John, thank you sixty seven On Wall Street, time to take a look at stocks, some of the names moving in the pre market. Bloomberg Radio and TV Markets correspondent Credy Gupta is with us on a morning where we're seeing stocks rise for a change. But I think the real story this morning, Creedy is the surge continuing in commodities,

what's got your eye this morning? Yeah, it absolutely is. I think you nailed it on both fronts. First off, coming into the office this morning and seeing green on the screen, strange thing. Yeah, it was weird. Um. And underneath the hood, one of the major movers is to your point, those commodities and specifically the commodity complex and those stocks. I mean, take a look at what's moving here. Occidental o x Y is your taker, up three percent

in the pre market. Cotera Energy is another one c t r A up six point two percent, Baker Hughes b k rs to take her up two point two percent, Haliburton as well, h A L up two point two percent as well. The common theme between all these, and I've been saying this over and over over against these are the companies that have way more domestic exposure than

a broad exposure. If you're looking at the commandity complex right now, looking at whether or not you want to get not only Russian oil supply, but oils supply from any part of the world, the biggest bid from essentially oil consuming nations like the United States, China, India is to find the sources kind of domestically to look inward rather than um globally, and that of course it's going to be an inflationary practice, driving prices even higher, but

also driving the energy stocks higher as well. But with that, you're also seeing a reversal in yields, which is a pretty big move. The tenure yield now up three basis point. It was actually down like think a ten basis points at its lowest point yesterday, So you are seeing a lot of volatility in the bond market. But today with a rise and yield you are seeing it takes some

of those bank stocks higher as well. Bank of America b A, C S R Taker up one point three percent, City a similar story, up nine tenths of one percent. UH Wells Fargo w FCS taker their up eight tenths of one percent. So really once again those value trades coming back, but not necessarily because of a recovery, but more because um this kind of reversal of what you saw yesterday. Are we seeing changes in volume with this rally?

We are seeing changes in volume, But remember, as you start to see UH selling selling will always have more volume than am buying will. So if you see less volume today, that's just because we've had such a aggressive couple of weeks and I should say starts since the start of the year of selling, where you have seen that elevated volume. But today it'll be interesting to see if we keep that same amount of volume, but perhaps in the other direction, that might signal a little bit

of a more sustainable turnaround. All right, Boomberg Radio and TV Markets correspondent create Goopta, keeping us on top of the pre market action, and let's take a look at stocks as a whole ahead of the open. Yes, we are seeing futures move higher, with SMP futures up thirty one point, staff features up two or thirty two points, and NASTACK futures are higher right now by a hundred

ten points. The tenure treasury is now down nine thirty seconds, the yield one point seven five percent yield on the two year one point four year o percent, and a lot of the action still is in the commodity space, with nime x crewed up four five dollars eleven cents a hundred eight dollars fifty five cents of barrel brent above one ten at a hundred ten dollars fifty two

cents stay with us. You're listening to Bloomberg day Break Bloomberg eleven three oh weather, sunshine up or forties today, chance for a shower tonight, but we'll have a mix of sunny clouds tomorrow breezy, low forties, upper thirties for highest partly sunny by Friday. Currently forty one in Central Park Markets. Headlines and breaking news twenty four hours a day at Bloomberg dot com, bloo Boomberg Business at and at Bloomberg Quick Tape. He's a Bloomberg Business lash and

I'm Karen Moscow. Future is higher this morning, wet to the first word breaking news desk for today's morning call. Here's Bill Maloney. Bill, good morning, and good morning Karen. That's right. US features are in the green, helped by reports that Russias said it's ready to resume talks. Doubt you just currently up two hundred twelve points, Simes gained

thirty nedase features up a hundred and thirteen. The US ten year old at one point seven five percent, Gold is down seventeen, oil is surging again, and bitcoin is up by half a percent. Japan fell one point seven percent overnight, while Europa markets are trading mostly in the green this morning, and back in the US on the economic front, DP employment change, and at two o'clock the

Federal Reserve releases it's beige book. After Vellis nights Salesforce got into beat estimates, and Northster reported is trading higher by thirty four percent in the pre market. Wrapping things up, Chevron raised to buy over at DZ bank, All State was raised by a Goldman Sachs, and C three AI

was raised to neutral over at JP. Morgan live from the first breaking news descom Bill Maloney, care all right, Bill, thank you, and to hear live breaking news over your bloombergy tips, squawk on your termin I'll ascue you a w UK and that's a Bloomberg business flash. Now here's Michael Barrow with more on what's going on around the world. Michael Karen, thank you very much. Day seven of the Russia Ukraine conflict dawned with Russia continuing its attacks on

crowded Ukrainian cities. Last night, President Joe Biden, in a State of the Union speech, gave his support to Ukraine. We're giving more than a billion dollars of direct assistant Ukraine and will continue to aid Ukrainian people as they defend their country and help ease their suffering. Hiawa Governor Kim Reynolds gave the GOP response to Biden's address. The President tried to paint a different picture tonight, but his actions over the last twelve months don't match the rhetoric.

It's not what he promised when he took office. Governor Reynolds did say all Americans must stand united in solidarity with the people of Ukraine. The scheduled opening day for Major League Baseball has been canceled. No deal was reached between the players and owners. In the NBA, the Nets and Warriors lost, the Celtics and whiz It's one. In

the NHL, the Devil's Island News and Bruins lost. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven under journalists and analysts more than twenty countries. Michael bar this is Bloomberg,

Karen Ry, Michael, thank you. Sixty nine. On Wall Street, we turned to news and science and technology Now with the Bloomberg and j I t STEM Report, brought to you buy New Jersey Institute of Technology and j I T makes infrastructure ready graduates from civil engineers to transportations specialists. If it's infrastructure and j I T grads are building it. More at n j I T DOT E DU now here's just making news and science, technology, engineering, and math.

Hong Kong is set to report a record of more than fifty thousand new coronavirus infections today as according to local media, the city's spiraling outbreak has led thousands of residents to flee. Meanwhile, those who stay are stocking up on food in medicine. Although Africa has contributed relatively little to the planet's greenhouse gas emissions, the continent has suffered some of the world's heaviest impacts of climate change, from

famine to flooding. According to a new United Nations report, the reverberations of human cause global warming will only get worse. It predicted that saherin flooding, heat and drought will increase, Africa's rich array of wildlife and plants will decline, and glaciers on its most iconic mountains will disappear in coming decades. And the Moon is about to get walloped by three tons of space junk, a punch that will carve out

a crater that could fit several semi tractor trailers. The leftover rocket will smash into the far side of the Moon at fifty eight hundred miles per hour on Friday, away from telescopes prying eyes. It's been tumbling haphazardly throughout space, experts belief since China launched it nearly a decade ago. And that's a Bloomberg n j I t Stem report.

Nathan all right, Karen, thank you. We are live from the Bloomberg Interactive Broker Studios where it's sixty one on Wall Street Time now to check what's going on in d C. The morning after a State of the Union address which President Biden vowed to confront tyranny in the war in Ukraine, President calling his top priority getting prices under control, and his plea for unity colliding with the

reality of a still bitterly divided America. Let's bring in Bloomberg government reporter Emily Wilkins, now part of our team covering President Biden's first State of the Union address. Emily, good morning, It's good to have you with us. We saw lots of bipartisan applause when it comes to the President rallying support for Ukraine, but when it comes to

the domestic agenda, maybe not so much in terms of bipartisanship. Yeah, they didn't really seem to be a lot of of lines that really got both Democrats and Republicans on their feet that weren't about Ukraine. Why didn't you know? He talked a little bit about the Build Back Better plan without ever saying build back better, But he went through the components lowering drug prices, elder care, home care, childcare, um,

climate change. But at the same point he didn't really pick out any of those particular elements and really kind of hold them up as sort of telling Congress, this is the priority, this is the piece that needs to get done. And after the speech, we heard from Senator Joe Mansion, who didn't seem swayed at all by by

Biden's calls to do anything on that front. Mansion is still very concerned about inflation, about bringing costs down for Americans, and Walt Biden tried to argue that policies like will ring the cost of prescription drugs or helping Americans with childcare would help Americans families by bringing costs down. That argument just didn't seem to hold sway with one of the most important people uh in getting this legislation passed.

So it seemed as though the President wanted to sort of reset his agenda with the calls for Congress to do more uncertain pieces of the economic policy agenda. He also needed to boost his own standing. Did the President do that last night with this each How was it received? We we'll have to see exactly what the polls say. UM. As far as how President Biden was viewed, I think

there were a couple of major components there. I mean, obviously President Biden's approval ratings, UH, they've been down, but I think when I checked yesterday, I saw that only of Americans prove on how he's doing, according to an

average of polls from five thirty eight. UH. One area that Biden's kind of been focused on a lot where we saw that bipartisan's apart last night was on Ukraine UM taking a really strong home saying that the Justice Department was going to go after the hold arts and sees, their planes and their luxury apartments, and that was a pretty big applause line. UM. As well as announcing that the US would not permit Russian planes to use US airspace, So sort of two big components there and sort of

a continuing crackdown on Russia and on Putin. Beyond that, one of the things that really caught my ear last night was President by Iden talking about the police. H He specifically said that they're needed to fund the police, not defund the police, which has become a bit of a catchphrase that's been used against a number of Democrats. Um,

and that was actually an applause line. I saw Republican House Leader Kevin McCarthy, S C. Schulee is standing up applauding that, and I think that really speaks to the fact that Democrats know that Republicans are going to make crime a big piece of the upcoming midterm elections, and this is a way for President Biden to kind of get out in front of some of those attacks and give some of his more vulnerable Democrats the cover that they need to be able to go back to their

constituents and say, you know, Democrats are supportive of the police and our supportive of lowering rising crime rates. And typically after a State of the Union address, the president goes out and starts to campaign on the agenda to some extent hitting the road. Is the President going to be doing that today? Yeah, we're gonna see President Biden go to Minnesota. We're going to see a vice president

Kamala Harris head to North Carolina. You know, one thing that Biden has said is that he wants to get out more this year, that he wants to um talk to Americans more than he wants to get outside of Washington more. And strategist, what I've talked to you said, this is Biden's strength to really get up there and be talking to the American people. Um. He's someone who even though his approval ratings are low, that a lot

of Americans still like. And you see that with Democrats who are going to be facing tough races this November, is still being happy to be seen with the president. I'm you know, welcoming the president, hugging the president. That doesn't happen if you have a very unlikable figure in the White House. Only about thirty seconds left here. Unity agenda was something that stood out to me. How's that being received? The idea of a unity agenda? I think there's a little do of reality to go in there.

I mean, yes, Um, definitely there's an acknowledgement that there needs to be by partisanship, and if you look closely at what the House and Senate have been focusing on, you can actually see that they have focused on a number of bipartisan bills and have put those forward in the recent weeks. But I think there's also a timing element we have to be aware of. Nathan. The first primary of the mid term was last night in Texas.

The mid terms are are here, and that means that it's going to be more difficult to pass any legislation going forward. Uh, it's just sort of the time of the clock is is quickly running out. Nine Bloomberg Government reporter Emily Wilkins this morning after the State of the Union. Thanks Emily, Karen Nathan, it is sixty six on Wall Street. This is Bloomberg day Break. March is Women's History Month, and every day this month we're celebrating significant moments in

women's history. Now with your installment for March second, here's Bloomberg's reny to Young on this day in women's history. In nineteen o three, the Martha Washington Hotel opens in New York City on East twenty ninth Street, making it the first hotel in the area exclusively for women. All the employees were women, with chaperones and a hostess on site at all times. Men, even doctors and priests, were

only allowed on the first floor restaurant. The opening of the Martha Washington Hotel was the peak of more than fifty years of poor treatment of women travelers in the United States. Prior to the Civil War and during the nineteenth century, people looked at female guests who traveled alone with suspicion. So the Martha Washington Hotel marketed itself as a venue catering especially to women traveling or visiting New York alone. That's today in women's history. I'm Rinita Young

Bloomberg Radio. All right, Nita, thank you, and futures this morning are on the rise. And Bloomberg Surveillance with Tom King, Jonathan Farrell and Lisa Bramos is straight ahead for Nathan Hagar. I'm Karen Moscow. This is Woomberg