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

Plus Supreme Court nominee Brown Jackson is making the rounds on Capitol Hill. On Michael Blarm, We're ahead of John Stay Sharon Sports, the Nick Lawston Philadelphia, The Rangers beat the Blues College who wins for St? John's, Seaton Hall

and Rutger. That's all straight ahead on Bloomberg day Break on Bloomberg Elementary on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, Sirius x M one nine Team and around the world Old on Bloomberg Radio dot Com and via the Bloomberg Business good morning. I'm Karen Moscow. I'm Nathan Hagar. Bloomberg Daybreak, 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 and US futures are lower this morning six o one on Wall Street. We checked the markets every fifteen minutes throughout the trading day. On Bloomberg, SNP future is down ten points down, futures down forty eight, NASTAG futures down fifty eight, and the

tenure treasury up six thirty seconds. The yeld one point eight five percent, yield on the two year one point for eight percent. NIMEX screwed oil is up two point four percent at a hundred thirteen dollars twenty eight cents a barrel. Nathan Karen will have more on the markets in a minute, but first, the war in Ukraine is entering its second week. Russian forces are pressing ahead with

their offensive, firing missiles at the capital of Kiev. Moscow's also stepped up a campaign to take cities in the south. Ukraine's President Vladimir Zolinsky says Russian troops will be met with force wherever they go. They will be destroyed. They will not have common they will not have food, they will not have one quiet moment. The occupied receive only one thing for the Ukrainian resistance. Fifth President Vladimir Zelinski is telling Russian troops to go home. Ukraine is set

for a second round of talks with Moscow today. Meantime, Nathan the United Nations is ramping up its rhetoric on Russia. The U n Secretary General is demanding Moscow removed troops from Ukraine, and Bloomberry's Ed Bachelor has the story. An overwhelming majority of the General Assembly back Russian condemnation forty one four five against thirty five Abstained. Secretary General Antonio

Guterres says the world demands peace. People in Ukraine desperately needed peaces, and people demanded this as representatives from Ukraine and Russia are headed to the Belarus Poland border today for a second round of talks, and Secretary of State Anthony blink And has headed to Europe for talks with NATO. Allies in San Francisco. I'm at Bachelor Bloomberg daybreak. Okay and thank you. Russian finances are feeling more pain this morning. The country's credit rating has been cut to junk by

both Moodies and Fitch Ratings. Both worn that sanctions can undermine Russia's capability and willingness to service debt. Well. Nathan Oil continues, It's march higher this morning, hitting levels we haven't seen in fourteen years. We get the latest lie from Bloomberg's John Tucker, John Karen. Buyers continue to shun Russian crude and traders are betting the prices will keep rising.

Don't expect any help from OPEC plus. After thirteen minute meeting, they stuck to just a mild increase in production and don't expect help from US shell producers. They say labor and material shortages are hurting their production. It's not just oil, commodities rising across the board. Bloomberg's gage of raw materials is closing in on the biggest weekly gain in sixty years, Aluminum hit a record, and wheat prices extended their meteoric rally.

These commodities are not subject as sanctions, but surging freight and insurance costs are keeping buyers away. Live in New York. I'm John Tucker, Bloomberg Daybreak. Okay, John, thank you. Despite risks from Russia's invasion of Ukraine, J Powell is making the fight against inflation his top priority. The FED chair testified before ours panel yesterday, saying he supports a rate

hike later this month. I do think it will be appropriate to raise our target ranch for their fellow funds rate at the March meeting in a couple of weeks, and I'm inclined to propose and support a twenty five basis point rate hike. And to the extent inflation comes in higher or is more persistently high than that, then we would be prepared to move more aggressively by by raising the fellow funds rate by more than twenty five basis point. FED Chair J. Powell testifies before Congress again today,

this time to the Senate Banking Committee, Well, Nathan. The next major event for J. Powell and the Fed is Friday's jobs report of the past year. Rapid wage growth has left business as scrambling to keep up, and it looks like that trend will continue Bloomber's rind to Young joins us now at the details. Good morning Renda, Good

morning Karen. The February jobs report is expected to show average hourly earnings rose a half a percent last month, pushing year over year games close to six percent, and if you exclude two pandemic distorted prints in the annual increase would be the strongest in data going back fifteen years. Some slowing is expected, but wage growth is poised to

remain exceptionally strong this year. High labor costs are yet another factor the Fed will have to contend with as it works to cool the hottest inflation in a generation. In New York, I'm renneda young Bloomberg daybreak, Rina. Thanks. Turning to politics now, we have new developments involving the January six attack on the Capitol. The Congressional committee investigating the incident says it may have evidence former President Trump was part of a criminal conspiracy. Amy Morris reports from

our Bloomberg newsroom in Washington. The committee says Trump advisor John Eastman's emails device President Mike Pence's lawyer show evidence of obstruction of an official proceeding, a felony that carries a maximum of twenty years in prison, and the emails, he blames Pence for the riot and says, quote, I implore you to consider one more relatively minor violation of the Electoral count Act and adjourned for ten days and

a court filing. The committee says Eastman knew what he was proposing would violate the law, but pushed the Vice President to do it anyway. In Washington, I'm Amy Morris, Bloomberg Daybreak, Amy, thank you. Let's turn back to the markets now. As some corporate items of note this morning shares a Snowflaker plunging their down more than after the software company projected a slowing sales growth. It's expected to fall from a previous triple digit percentage pace, and Tesla

is back in the news. Karen CEO Elon Musk is challenging the United Auto Workers union to hold a vote at its California factory. Musk says Tesla will do nothing to stop union organizers. The challenge comes after President Biden again failed to mention Tesla while promoting elect vehicles in his State of the Union address. The White House is a big supporter of labor unions SSP futures down down eight points, STAPH futures down thirty nine, NASTAC futures lower

by forty nine points. The Tanger Treasury is up five thirty seconds. The yield one point eight five. Straight ahead, your latest local headlines and a check of sports. This is Bloomberg now six o seven on Wall Street. Showers forty three degrees in Central Park northbound, Route one and nine closed in Elizabeth Details 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.

People in New York are coming together to show support for Ukraine as the Russian invasion continues. Hundreds of people gathered at St. George, Ukrainian Catholic Church in the East Village last night to sing and pray. The church has become a focal point for the humanitarian effort by raising funds for everything from food and clothing to medical supplies. Among the worshippers. New York Governor Kathy hokeleba we stand. New York City has the large is Ukrainian population in

the US. President Biden's picked to replace Supreme Court Justice Stephen Bryer is making the rounds on Capitol Hill. Judge Kaitanji Brown Jackson met with lawmakers her confirmation hearings could begin soon. Japanese scientists say the omicron strain of COVID nineteen is at least more lethal than seasonal flu. Countries around the world have been relaxing mask mandates and testing requirements,

visibly annoyed Florida government. Around the Santis admonished a group of students for wearing face masks at an indoor news conference that happened before he spoke about cybersecurity and education at the University of South Florida in Tampak and we got a spot this code of theater. Want to wear fine, but this is this is ridiculous. Some of the students took their masks off before Governor de Santists took the podium. New Jersey Governor Phil Murphy received some good news about

the state a credit rating upgrade. The story from Bloomberg's Charlie Pellett. Moody's Investors Service raised New Jersey's credit rating, giving the state its first upgrade since two thousand five after years of pension under funding and benefit increases. An upgrade can lead to reduce borrowing costs for states, as bond investors are willing to accept lower yields from issuers

considered less likely to default. In New York, Charlie Pellett Bloomberg PayBreak, New York City Schools Chancellor David Banks pledged to bring a new normal to the U S's largest school system. The outline a plan to reverse an exodus of students by improving digital learning, reducing bureaucracy, and expanding gifted programs. 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 Barr, This is Bloomberg. Thanks Michael. Coming up to six ten on Wall Street. Time for the Bloomberg Sports Update with John Stenshower. All right, Nathan, familiar script for the next good start, not a good finished. Another loss, now sixteen losses in the last nineteen games. In Philadelphia, Nicks tin trail into the third quarter, but the Sixers pulled away one to one oh eight and they sweep to home at home. Joe l MB twenty

seven points. He took thirteen free throws. That's down from the twenty seven that he took in Sunday's game at the Garden. James Harden and his home debut in Philly twenty six points and near triple double. R J. Barrett of the Knicks with thirty A, Julius Randon at twenty four but Alec Perks and even four together shot three of nineteen nets. Home tonight from Miami, Kevin Durant makes his return from the knee injury that's kept out for more than six weeks. The East leading heat last night

in Milwaukee. Led by fourteen with six minutes to go, the Bucks rallied to win by one. At the Garden, Rangers led St. Louis to nothing and then trailed three two and the third two off on here Harris Hawk towards that girl throw a little too deep and he puts it on call stop right off six store. Patrick Nevereth from the point bite set it off barbershop. Patrick Nevereth. That's tied the game at three. Piana. They called Chris Crider would have a power play goals thirty fifth goal

the season. The Rangers beat the Blues five to three, Big forty eight point second half for St. John's The Red Storm beat Zavi eight one sixty six. Also the Big East, Seaton Hall down Georgetown seventy three to sixty eight. The joyas r o N eighteen in the Big East. And yet the school says it is committed to its coach, who happens to be the greatest player in school history.

Patrick Ewing Rutgers helped at TENNC double a hope for the win at Indiana, the Giants shed some payroll, they cut running back DeVante Booker and tight end Kyle Rudeau, John Stash Howard, Bloomberg Sports, Nathan John thanks SMP futures down down eight and a half point, staff futures down forty seven, NASTAC futures lower by forty six points, and the ten year treasury is up six thirty seconds, the yield one point eight percent. You're listening to Bloomberg Gay

Brael coming up to 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 Audie dealer to get behind the wheel of yours. Today, Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg Quick Tape. This is a Bloomberg Business lash. Hi, good morning, I'm Karen. Moscow futures are

little change to lower this morning. European stocks are lower as the war in Ukraine enters its second week, and investors way the impact of surging commodity prices on inflation and economic growth. Check the markets every fifteen minutes throughout the trading day. On Bloomberg s and P futures. They're down about four points right now. Dow futures are little change now today. Future is down thirty six. The decks in Germany is down eight tenths of upper cent ten.

Your treasury up six thirty seconds. He had one point eight five percent. The yield on the two year one point for nine percent. Nine neck Screwed oil is up two point seven percent, up two dollars ninety eight cents at a hundred thirteen dollars fifty five cents of barrel. Comic School is up seven tenths per cent, or fourteen dollars at nineteen thirty six thirty an ounce. The Euro

one point one zero eight zero against the dollar. British found one point three three seven five, the yen is at one fifteen point seven five and Bitcoin this morning moving lower down more than when a quarter percent at forty three thousand, five hundred dollars. Today we do get the weekly report on initial jobless claims at an eight thirty Wall Street time at tennis factory orders and durable goods orders, as well as a look at service industries.

That's a Bloomberg business flash. Now here's Michael Barrow with more on what's going on around the world. Uncle Clarin, thank you very much. The UN Refugee Agency says one million people have fled Ukraine since Russian invaded the country a week ago. Meanwhile, Russia fired missiles at Key Eve overnight and stepped up their campaign to take cities in the coastal south in the reversal. Russian and Belarusian athletes have been banned from the Paralympics for their country's roles

in the war in Ukraine. The International Paralympic Committee announced the about face less than twenty four hours after saying it would allow Russian and bellersi and athletes to compete when the game's open tomorrow in the NBA, the Knicks lost in the NHL, The Rangers won. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven under journalists and analysts in more than one twenty countries. Michael barn This is Bloomberg.

This is the Big Take, the best of Bloomberg's in depth, original reporting from around the globe. We're running on a financial system that's running on old technology. We're seeing host places which fresh recortize what unfolds in mid terms. We will no doubt see again in the next presidential election. The Big Take on Bloomberg Radio coming up to six Street Line from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and our big take this morning is on

the financial war against Russia. The US and its allies are going after the country's wealthiest businessmen with punishing sanctions over the invasion of Ukraine. Could it spell the end of Vladimir Putin's decades in power, the end of the oligarch era in Russia? Here with more on the Big Take is the reporter who wrote it Bloomberg. Stephanie Baker is with us this morning, Stephanie, good to have you

with us. We heard the President in the State of the Union with a big applause line saying they're going after the luxury apartments, the yachts of the oligarchs, and just this morning France said that it sees the yacht owned by Rosneft CEO igor Secheon isn't having an impact, it is UM and you know, time will tell if they really follow through on some of this big talk and sees more assets. But as you said, UM, the French have seized eager Sechon Uh. This the the head

of Rosneft his yacht UM. And I think this is just the beginning UH. And this will inflict pain uh and have a huge impact on you know, wealthy Russians who have gotten used to UM, you know, keeping their yachts, having their mansions in the South of France, their London

Mayfair town houses and their New York pent houses. UM. I think it will have an effect, and it already is as we've seen from UM, even wealthy Russians who have not been sanctioned moving to dump their assets, like Roman Abramovich with Chelsea putting it up for sale as he did yesterday you mentioned the lineup of French yachts along the Riviera owned by Russians. It sort of speaks to the entrenchment of Russian money in the European economy.

Has that been what's kind of held the US and the European Union back in the past when it comes to punishing Russia over some of its many UH infractions in the past, like poisoning opponents of Vladimir Putin annexing Crimea. You know, sure there there there there were plenty of warning signs and alarm bells going off, you know, from the poisoning of Alexander Litvinenko to the poisoning of Sergey

screep Paul in the annexation of Crimea. And in each case there were actions taken that in retrospect look pretty feeble compared to what we're seeing now. UH. You know, this time, this is an unprecedented coordinated round of sanctions. Some you know, the EU has moved much more aggressively

than say the UK. UM. The US has talked about UM further UH targeting of individuals UM so that the idea behind it is to starve UH Putin's regime from the funds to finance this war, but short of an embargo on Russian oil and gas, it will it will have an effect, but a limited effect. That he still has a means of financing this war through um oil and gas sales to the West. There has been some talk lately about the idea of that business leaders in

Russia are there because Putin has put them there. In terms of the sanctions we're seeing so far against oligarchs, how much impact how much influence do these billionaires really have on Putin as far as we can tell, Well, you know, in the ninety nineties, UM, the oligarchs really did control the Kremlin, and when Putin came to power, he kind of turned it upside down and uh, you know changed the game and put and in some respects he um demanded fealty and loyalty from those oligarchs, and

if they did not comply, he hit back. So I think the balance of power had has indeed changed. That does not mean that sanctioning the oligarchs will not have an effect, because the amount of losses from these sanctions is just staggering. Um. The country and most of the big businesses have been bankrupt as a result of these and you know this will take time to filter through. Um, but indeed, having the entire elite class lose so much wealth overnight is bound to have an impact on Putin.

How this all plays out is too difficult to tell right now. Um, but indeed I think it The idea is to isolate and starve him of funds to make it more costly for him to wage this war. Bloomberg Stephanie Baker with the Big Take this morning on the potential end of the Oligarch era in Russia. You can read much more Bloomberg dot Com, Slash Big Take or and I Big Take go on the Bloomberg terminal. Future

is moving lower. Stay with us. You're listening to Bloomberg day Break Bloomberg eleven three oh weather rain ending this morning, clearing, breezy, low forties. Today, will be in the upper thirties, mostly sunny, Tomorrow mostly cloudy mid forties by Saturday. Right now forty and Central Park broadcasting live from the Bloomberg Interactive Broker

Studio in New York. Bloomberg E Living freed on to Washington, d C. Bloomberg to Boston, Bloomberg one O six one to San Francisco, Bloomberg sixt to the country, Sirius XM to the one nine team, and around the globe, the Bloomberg Business APT and Bloomberg Radio dot com. This is Bloomberg Daybreak six thirty on Wall Street. Good morning, I'm Nathan Hagar and I'm Faren Mosta. We're about three hours

away from the open of US trading. It's time for the five things you need to know to start your day. Bronti you buy interactive brokers trade crypto for less coin with commissions just twelve to eighteen basis points and no hidden spreads or markups. Learn more at ib k R dot com slash cryptow First, the war in Ukraine is entering a second week. Russian forces are pressing ahead, firing missiles at the capital city of Kiev. They're also stepping

up campaigns it takes cities in the south. Ukraine's President Vladimir z Lenski says Russian troops are being met with force. I don't see our army is doing everything to fully break the enemy. Nearly nine thousand Russians have been killed in one week. President vladimir's Lenski is telling Russian troops to go home and Karen, we're seeing this war continue to have a massive impact on commodities. Let's get the

latest on that line from Bloomberg's John Tucker. John Nathan Bloomberg's gage of raw materials is closing in on the biggest weekly game in sixty years, as banks, importers, and shippers all steer clear of Russian exports. Frank cruzz Sword near one dollars of barrel illuminum hit a record at wheat rallied at the highest level since two thousand and eight. The decision by OPEC plus to leave out plans of their output plans on change adds to the risk that

inflation will slow the global economy. Even before the invasion, US retail gasoline was at its highest level since two thousand fourteen. Live in New York. I'm John Tucker, Bloomberg Day break. All right, John, thank you for speaking of inflation. J Powell addresses that topic today and another round of congressional testimony. The fat share is making the fight against prices his top priority, saying he supports a rate high later this month. Well next to the Fedcaren is Tomorrow's

jobs report. Rapid wage growth has left businesses scrambling to keep up, and it looks like that trend will continue. Bloomberg's you need a young joins us with the details on that. Nina, Good morning. The February jobs report is expected to show average hourly earnings rose a half a percent last month, pushing year over year gains close to six percent, and if you exclude two pandemic distorted prints in the annual increase would be the strongest in data

going back fifteen years. Some slowing is expected, but wage growth is poised to remain exceptionally strong this year. In New York, I'm we need a young Bloomberg debris all right, reay to thank you. And in politics this morning, the January six Congressional panel says evidence suggests crimes were committed by former President Trump. The panel says emails from Trump advisor John Eastman may contain evidence of obstruction of an

official proceeding. Eastman is sued to block release of the emails. And that's the five things you need to notice start your day, Brought to you by Interactive Brokers, straight Ahead, your latest local headlines, plus a check of sports. And this is Bloomberg. Karen Thanks sixty three on Wall Street thirty nine degrees in Central Park still got problems on northbound Route one and nine and Elizabeth Michael bars here with more on what's going on in New York and

around the world. Good morning, Michael, Good morning Nathan. People around the world are coming together to show support for Ukraine as the Russian invasion continues. In New York City, which has the largest Ukrainian population in the US, hundreds of bill gathered at St. George Ukrainian Catholic Church in the East Village last night to sing and pray. I will try home. I will cry when I pray, but

not now, because this is my battle. I'm fighting. Everyone is trained right now and soldier, and I'm soldier and sold That's not the place to cry. I'sh Another one of the worshippers at the church was New York Governor Kathy Hokel. The church has become a focal point for the humanitarian effort by raising funds for everything from food and clothing to medical supplies. Supreme Court Dominique Tangi Brown Jackson has begun courting Senators on Capitol Hill making your

case for confirmation in private meetings. Senate Majority Leader Chuck Schumer I am just so pleased that the President has nominated someone amazing qualification and breadth of experience. Democrats are working to move our nomination through the Senate within weeks. The American Civil Liberties Union has filed a lawsuit against the Texas Department for Family and Protective Services and Governor A. Gabbot for implementing a directive to investigate parents that provide

gender affirming care to transgender children. Meanwhile, a state district judge issued a temporary order halting the child abuse investigation of the family of a sixteen year old receiving gender affirming care. The family's attorney, Shelly Skein. Every major medical association says the gender affirming care is medically necessary. Attorney Shelly Skein. A Jet Blue pilot was removed from the cockpit by police in Buffalo, New York after a t

s a officer noticed he appeared drunk. He was taken into custody after police say he was more than four times the legal limit for pilots. A police report says the fifty two year old pilot was heard saying he consumed ten twenty two ounce Tall Boys and left the restaurant around midnight. Blue says he has been relieved of

his duty. Global news twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and vandalists more than a hundred twenty countries. Michael Bart, this is Bloomberg and is too many tall boys. Thank you, Michael five on wall Stree. Let's get the Bloomberg sports update. Now here's John Stash all right, Nathan. Last six seven weeks have been rough for the two New York City NBA teams. The Nets led the East

until Kevin Duran's knee injury. Without him, they lost fifteen of eighteen. Good news Durant returns tonight in Brooklyn against the East need in Miami heat. Nixon mid January were over five hundreds, looking like a playoff team. They've now lost sixteen of their last nineteen. In Philadelphia's Sixers took the lead third quarter, pulled away on one oh a. James Harden twenty six points in New York triple double at his home debut in Philly. Seamless adjustment to Harden.

The new teams very comfortable with a lot of a lot of situations where there's basketball artists in life. Um I feel like I'm you can put me anywhere in the room and in um so here is no different. You know. She surveying room, see who's in, you know, see what you have and uh, you know, try your bestefit. It's not gonna get any easier for the nixt the

road trip to twties. Tomorrow night in Phoenix, the Sons of the best record in the NBA Rangers, with three goals in third periods, beat St. Louis at the Garden five to three. Chris Crieder. The go ahead goal is thirty fifth of the year three assists for Adam Fox. He's now got forty six assist Biggy's Tournament is next week at the Garden. Last night St. John's beat Xavier eighty one sixty six and Seaton Hall down Georgetown seventy three sixty eight. Patrick Ewing's Hyat's o n eighteen in

the Big East. Looks like Seaton Hall will be in the n C Double A tournament. Rutgers said to be on the bubble. Scarlett Knights helped their cause the sixty six sixty three win at Indiana Ron Harpards for the nineteen Fordham Back under five hundred of losing a U MASK Northeast Conference Tournament quarterfinal wins for Wagner and l i U, but St. Francis lost by thirty or seasons over Tom stash Ellen Boomberg's forts All right, John, thank you.

It his six thirty seven on Wall Street Time. Now to take a look at stocks, some of the names moving in the pre market. Bloomberg Radio on TV. Markets correspondent Pretty Gupta is with us again this morning as we watched the impact of the war in Ukraine on individual stocks. Pretty good morning, Good morning. We have to talk about simply the read through. I mean every morning I come in here, Nathan, and I come here and I say, hey, look at oil. It's so high Brent

now per barrel. But there is a read through into the stock market. We know that this is going into a lot of those energy stocks, and those are really the ones that have been the outperformers, not just this past week, but in the last few weeks as well, as they kind of gear up for this geopolitical premium baked into oil prices. But underneath the hood, Nathan, it

gets a little wonky. Stick with me here. Some of these oil companies have a lot of exposure to the United States, and that's great for people looking to get away from some of that Russian read through. So, for example, Devon Energy, which has been an outperformer lately. DVN is your ticker up one point three percent in the pre market. Occidental is another one. Oh x Y is your taker

up one and a half percent. About eighty percent of their revenue is right here in the United States, UM another one, slumber j s LB up over one percent, Haliburton as well, h A L up five tenths of one percent. And then in the mix kind of secretly, is Chevron c v X as your taker up nine tenths of a percent. And I remember they did just increase their guidance for buy back thing. It would go from two to five billion dollars in buybacks to five to ten billion. Is there range thing that there is

room for more? But when we're talking about the Russian bread through, they are still exposed. Actually, one of the companies that has actually bought Russian oil in the past year one, they imported four million barrels to California refineries, and they're saying that they're still monitoring developments. They have not percent pulled out of Russia and their investments there. But nevertheless, it's that buy back news that seems to be keeping it bid cv X up nine tenths of

one percent. Nathan, Well, despite our besides the energy companies creating we've been talking a lot this morning about Snowflake. It is getting hammered after earnings. Hammered absolutely, s n o W. That is your acer for essentially the securities the software company. However, you want to kind of understand

what they do. But basically this pre market shares slumping twenty two after they projected products sales growth would slow from his previous triple digit percentage pace in the fiscal year. That being said, analysts are still positive on the software form for Morgan Stanley, even saying that the company would see some pain in the short term but eventually see a longer term gain. And it's not alone when it comes to kind of some of the pain that you're

seeing in the text based intel. For example, i NTC down just drive three percent in the pre market after getting cut to underweight over at Morgan Stanley. A price target there of forty seven dollars is at fifty right now. Nathan okay. Bloomberg Radio and TV Markets correspondent Pretty Gupta with us this morning. As we take a look at the broader market ahead of the Thursday morning open. Futures

are moving a bit lower. We have SMP futures down eight points now down futures down forty two, NASTAC futures lower by forty four points. Tan. Your treasury is seven thirty seconds now with the yield one point yield on the two year one point for nine nime x screwed up too, and two thirds percent of two dollars nine cents a hundred thirteen dollars fifty six cents of barrel.

Brent is at one eight. You're listening to Bloomberg Day Brain Bloomberg eleven three oh Weather clearing, breezy, low forties today, mostly sunny, chillier tomorrow, upper thirties, will be in the mid forties, mostly cloudy by Saturday. Right now, it's cloudy thirty nine degrees in Central Park. Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg Quick Tape. This is

a Bloomberg business lash. But I'm Karen Moscow. This update brought to you by Interactive Brokers Global Analyst. It helps you find new global investment opportunities to diversity your portfolio and discover undervalued companies that may have greater growth potential. Try I pk R Global Analysts today at i b k R dot com slash g A. Futures are lower this morning. We get to the first word breaking newsdesk for today's morning call, and here's Bill Maloney. Bill, good

morning and good morning. Can That's right. US futures are in the red right now at Death futures down eighty two point says to be dropped fourteen, while Nest that futures dropped by six five. The US ten year old at one five percent. Gold is up nine, up nine. Oil is trading higher, hitting the highest level since two thousand and eight. Bitcoin is down by one percent in Japan rose overnight, while up markets are mostly in the

red this morning. Back in the US on the economic Frinday thirty initial jobas claims at nine services and composite pms than at ten o'clock. Factory orders and durable goods orders after the belast night snowflake revenue growth outlook disappointed shows it out two in the pre market and another news. Moodies and Fitch both cut Rush at a junk and all Icon cut his stake in Oxeno Petroleum in half.

Rabbi things up, City Group cut to market perform at KBW, and Into was cut to underweight over at Morgan Stanley Live from the first breaking newsscombo. Maloney Karen, all right, Bill, thank you and to hear live breaking news of her Bloomberg type squawk on your terminal s q U a w K. 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. A Hercules C one thirty transport aircraft with about two thousand anti tank missiles for Ukraine has taken off from Oslo. The weapons are to help Ukrainian forces resist Russia's invasion, which began last week. Meanwhile, French customs officials have immobilized a yacht owned by Ross chief executive officer Igor Sechion as part of EU sanctions

against Russia. The House panel investigating the January six riot at the US Capital said it's evidence of justest crimes may have been committed by former President Trump and his associates in the failed effort to turn the outcome of the presidential election in the NBA. The next lost in the NHL. The Rangers won Global news twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists an analysts in more

than one twenty countries on Michael Barr. This is Bloomberg. The following commentary is from Bloomberg Opinion. Speech. I'm Jonathan Bernstein, a columnist for Bloomberg Opinion. The State of the Union, more than any other presidential address, is a heavily negotiated speech. Presidents are always speaking to multiple audiences, but never more than on these occasions. World events frequently forced the president

to address an international audience. Party actors and interest groups fight to get mentions of their causes, as do those within the administration. Members of Congress want their issues mentioned too. Political aids want the president to focus on popular achievements and proposals. Then there are the policy areas that pundits consider important. Skip any mention of them and the speech may get bad reviews. And white has speechwriters want the whole thing to sound good, to have a theme, and

to have memorable lines. The result is always a laundry list that hops from one item to the next, rarely impressing anyone. Joe Biden's first State of Union Tuesday night checked off each of these boxes. It was fine, most of it wasn't memorable. It will neither help him nor hurt him politically. I'm Jonathan Bernstein from more opinion, Please go to Bloomberg dot com, Slash Opinion or OPI n

go on Bloomberg Terminal. These has been Bloomberg Opinion and Bloomberg Opinion commentaries can be heard every weekday at this time and terminal customers can read more at O p I n go. It is six forty on Wall Street. We turned to news and science and technology now with a Bloomberg and j I T STEM report. It is 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 as I knew study underscores the potential danger of lifting pandemic herbs too quickly. Japanese scientists say that the omicron strain of the coronavirus is at least more lethal than seasonal flu Homcron's fatality rate is still much lower than the fatality rates seen earlier in the outbreak.

Researchers say that could reflect the benefits of vaccination. Bloomberg News has learned that the Security Is and Exchange Commission is scrutinizing creators of non fungible tokens and the crypto exchanges where they trade. Investigators are trying to determine if some of the assets run a foul of the agency's rules. A focus is on whether certain and f t s are being used to raise money like traditional securities. And Apple has announced plans to hold its first product unveiling

of the year. It will take place on March a Pappy event. The company is expected to announce its first low cost iPhone se with five G capabilities, I knew iPad Air and updated Max with Apple made ships and as a Bloomberg n j I T STEM report. Nathan, Thanks Karen. We're from the Bloomberg Attractive Broker Studios where

It's six fifty two on Wall Street. Time out to check what's going on in d C. Some of the top stories in our nation's capital include President Biden seeking to press Putin without sparking a wider war in Ukraine, the January six panel claiming evidence of crimes committed by former President Donald Trump, and a date set for confirmation hearings for Supreme Court nominee Kaitanji Brown Jackson. For more,

we're joined by Bloomberg Government congressional reporter Jack Fitzpatrick. So, Jack, when it comes to the financial war that the US and Europe are mounting on Russia, it really does seem like the focus is on sanctions and not what you

might call a kinetic response. Yeah, and the President tried to make that clear in his State of the Union, saying that the US is not looking to get involved militarily, drawing the line at obviously if if Russia were to attack a NATO country, then the US would defend NATO. The focus has been sanctions, that, you know, according to some outset observers, raises some questions about how exactly this ends, what is the opportunity for Putin to back out of this?

But on Capitol Hill. Really the focus is on adding more sanctions, adding more pressure. We've heard from a number of Republicans UH, Senator Joe Mansion and I think a little surprisingly even Ed Markey on the progressive end of the spectrum, talking about further sanctions limiting us UH purchases of oil and gas from Russia. So we may see a real push from Congress UH to try to extend those sanctions and and focus more on the energy sector. So we've really seen a push to to ratchet up

the pressure lately in terms of sanctions. Now, we just heard this morning from the White House of the President is going to be meeting virtually with fellow leaders of the Quad countries including Australia and India's will be watching that as well. Meantime, Jack, we've heard from the January sixth Committee a pretty significant court filing talking about evidence

of crimes committed by the former president. Yeah. They they have put in writing in a significant way in their words, that what they've seen establishes a good faith belief that former President Donald Trump and others in quote may have engaged in criminal and or fraudulent acts. UH. The details center center around John Eastman's emails. Eastman was one of the people who advised the president on different ways that he viewed legally, they could slow down or try to

stop the confirmation of the presidential election results. Uh. So you know, there there's plenty of room for them to continue to carry this forward. But they have put in writing in a court filing for a federal court in California that they do think people at least in Trump's circle may have committed crimes. And finally, jack as Judge Brown Jackson, the Supreme Court nominee, makes the rounds on Capitol Hill. We have a date set for the start

of her confirmation hearing in the Senate. Yes, March twenty one is going to be the beginning of that process. I would remind you that the Majority Leader, Chuck Schumer, has said he wants this to move along fairly quickly. There is a lot that Congress wants to accomplish. Uh this spring heading into the summer. So March twenty one may really be the starting gun of a bit of a race to move forward on her confirmation. I would be particularly interested to see where somebody like Lindsay Graham

comes down on this. He voted for her. Was one of the Republicans who voted for her for the district Court the Circuit court confirmation, but he was pushing for Michelle Childs from South Carolina. So I'm curious where the moderates come in and where Lindsay Graham, who is a senior member of the Judiciary Committee, comes down on her nomination. Yeah, talking about all that's on the congressional plate, of course,

they're still working on appropriations bills. The activity that has to get done before this year is that we'll leave it there for now. Jack, thanks for being with us. Bloomberg Government Congressional reporter Jack Fitzpatrick from our Bloomberg nine one studios in the nation's capital. Read much more about what's happening in d C, Bloomberg dot Com or on the Bloomberg terminal. Of course, you can listen to Bloomberg Radio in Washington Bloomberg and one oh five point seven

F M H D two. Karen, all right, Nathan, thank you At A sixty six on Wall Street. This is Bloomberg Daybreak and Marches Women's History Month, and every day this month we're celebrating significant moments in women's history. Now with your installment for March third. Here is Bloomberg's or

need a Young on this stay in Women's History. In ninet thirteen, the first major parade for women's suffrage took over Washington, d C. Thousands of women gathered to call for a constitutional amendment guaranteeing women the right to vote. Women had been fighting hard for suffrage for more than sixty years by that time, but this marked the first major national event for the movement. The huge parade was spearheaded by Alice paul Land, the National American Women Suffrage Association.

Parade organizers maximized attention on the event by strategically hosting it just one day before the inauguration of President elect Woodrow Wilson. This tactic worked. That's today in women's history. I'm nia young, Bloomberg Radio A right Native, Thank you. SMP Future is down about ten points this morning. Down Future is down forty five and NASDAG futures are down

fifty and Comex school is woming higher. It's up seven ten percent thirteen dollars ninety cents at nineteen thirty six twenty unnounced Nimex screwed oil up almost two percent at a hundred twelve dollars seventy two cents a barrel. Bloomber's surveillance is straight ahead. And for Nathan hagar on Karin Moscow, and this is Bloomberg