Bloomberg Daybreak: May 10, 2022 - Hour 2 (Radio)

to deliver a speech on combatic inflation. Connecticut's governors signs a budget with hundreds of millions and tax cuts, plus the man hunt for a murder suspected and Alabama Corrections officer is over. I'm Michael war More ahead, I'm John dash Down forwards. Nightmare night for the Rangers. They lost

Game four in Pittsburgh seven to two. The Yankees top Texas one, the nupping that's all's turning ahead on Bloomberg Daybreak on Bloomberg Eliving three on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius x M one nineteen and around the world. Old on Bloomberg Radio dot Com and by other Bloomberg Business and Good Morning. I'm Karen Moscow. I'm Nathan Hegar Bloomberg Day Break Gronto You by b and

Y Melons. Pershing learned why the world's most sophisticated wealth management and institutional firms rely on Pershing to help them improve profitability, create efficiency, attract talent, and mantage risk at Pershing dot Com and US futures are higher this morning. It is six o one on Wall Street and we check the markets every fifteen minutes throughout the trading day. On Bloomberg S and P futures at thirty two points down,

futures up two hundred sixteen. NASDACK futures have one hundred sixty ten year treasury of eight thirty seconds yield three percent, the yield on the two year two point five eight percent, and nine nex screwde oil is down one point six percent Nathan mccaren. The rise in futures follows the lowest close for US stocks in thirteen months. Hardest hit continues to be the tech heavy NASDAC. The index slid another

four point three percent. The Nasdaq one hundred has a three point four trillion dollars since the start of April. Aaron Kennon is CEO at Clear Harbor Asset Management, you know, we're continuing to see a dramatic sort of leakage of liquidity from the capital market system, as the Fed uh titans policy and as the fiscal weavers very much close off and inflation is a huge concern pure Harbor as said. Management Saron Kennon says tomorrow's inflation report, the consumer price

index will be important for market sentiment. Well, Nathan, before we get that data, we're seeing hard evidence of price pressures at the gas pump. The average retail price at gasoline has hit a record four dollars and thirty seven cents per gallon. President Biden will have more to say about his efforts to combat rising prices in a speech today being a preview from Amy Morris in our Bloomberg

newsroom in Washington. President Biden is expected to detail the differences between his plan and a GOP proposal by Florida Senator Rick Scott that would raise taxes while allowing Social Security and Medicare to expire. Consume reprises rose in March at the fastest pace since nine one, and of Americans increasingly pessimistic about their finances despite strong job growth. It's the biggest worry for voters ahead of the November midterms.

A CNN poll out last week found eight in ten Americans don't believe the government is doing enough to fight inflation. In Washington, I maybe Morris Bloomberg Daybreak, Amy, thank you, and President Biden will deliver that speech around eleven thirty a m. Wall Street Time. Catch it right here on Bloomberg Radio. I meantime caring. The Federal Reserve is warning a deteriorating liquidity conditions across key financial markets. We get

the details from Bloomberg's Charlie Pellet. In its semi annual report, the FED sites rising risks from the war in Ukraine, monetary tightening, and high inflation. The FED said, according to some measures, market liquidity has declined since late one in the markets for recently issued US cash treasury securities and

for equity index futures. FED Governor Lyle Brainard said the war hast spar large price movements and margin calls in commodities markets, and highlights of potential channel through which large financial institutions could be exposed to contagion. In New York, Charlie Pellett Bloomberg Daybreak, All right, Charlie, thank you, We'll have much more from the Fed later this morning. We're going to be speaking live with Cleveland Fed President Loretta Master.

That's coming up at eleven am Wall Street Time on Bloomberg Radio and Television. Well, Nathan, we saw selling in Asia overnight. Stocks fell for a seventh straight session, but did pair earlier losses. We get the recap from Bloomberg's Juliette Sally in Singapore. Good morning, Juliette, Good morning, Nathan and Karen. The losses on the m c I Asia Pacific Index mirrored the longest losing streaks since March twenty twenties,

stokes remaining at July twenty twenty lows. Hong Kong tech shares took a dive on growth concerns and as the city resumed trade after a long weekend. Mainland Chinese has rebounded, but Black Roake abandoned its bullish stance on China, now recommending a neutral stance on Chinese stocks and bonds as the country's response to the pandemic takes a home in Singapore. Juliet Sally, Bloomberg Daybreak. All right, Juliet, Thanks, Let's head

over to Europe. Now. We are seeing some stabilization in markets. This morning, Bloomberg's Max Ramsey joins us live from London. Good morning, Max, morning to you, Nathan and Karen. Yes, seeing some gains in Europe. Not catching up with the steep losses that we saw yesterday. But right now the foot see up six tenths of eight percent, the dacks up one point three percent, so really some steady gains. Energy has been one of the worst performing sectors this morning,

though still holding steady or just about gaining. And of course we have had wrangling over energy to do with the U sanctions on Russia, and so that has been bouncing up and down, but still managing to eke out some gains. Live in London, Max Ramsey, boom Bag daybreak. All right, Max, thank you well. Bitcoin trading higher this morning after briefly falling below the thirty thousand level. The recent plunges taken the digital token to of us last seen in the middle of last year. Mcnova Grass is

founder and CEO of Galaxy Digital. I still think thirty thousand should hold, right, We'll see if twelve thousand holds the NASDAC and we bounce in the next few days, um, then I think you'll see bitcoin thirty thirty thousand. Hold, if the NASDAC falls and we head towards eleven thousand, you know there's a shot that thirty thousand goes. Galaxy Digital founder mcnova Grat says trading will be volatile for

at least the next few quarters. And turning to the war in Europe, now, Karen president invited meets with Italian Prime Minister Mario Draggy today as aid to Ukraine moves forward on a couple of fronts. Bloomberg's Ed Baxter has the story Congressional Democrats have drafted an aid package worth almost forty billion dollars and plan on voting this week without attaching COVID pandemic funding. This tops the president's ask

of thirty three billion. Biden meanwhile signed a World War two era provision sending money to Ukraine across to the fight is not chief but caving aggression. Even this provision was enacted in one to help Europe fight off Hitler. Congress could act as early as today. In San Francisco, I'm at backster Bloomberg Daybreak. Alright, Ed, thank you, straight ahead, we'll bring you your latest local headlines plus a check

of sports. This is Bloomberg. It sounds six oh seven on Wall Street where fifty three degrees in Central Park. Still dealing with an accident on the northbound FDR Drive at ninety six. More coming up in traffic. First Michael Barr with what else is going on in New York and around the world. Michael, thank you very much. Nathan. Connecticut tax payers, we'll see six hundred million dollars in tax relief following the signing of the fiscal year twenty

three budget. Democratic Governor Need Lamont. The law extends a gas tax holiday and child tax credit, as well as increasing a property tax credit. Lamont described it as the largest tax cut in state history. Voters in Newark, New Jersey, are choosing a mayor today. Incumbent ros Baraka will face a challenge from Sheila Montage. The Alabama corrections employee who was on the run with an escaped inmate, is now dead. Authorities in Indiana's say Vicky White shot herself as U

S Marshals closed in. Officers rammed the vehicle Vicky White and Casey White were in, which then crashed. Alabama Sheriff Rick Singleton says that Casey White is never getting out again. We've got a dangerous man off the streak today. Uh he is never going to see the lot of day again. And uh, you know, that's a good thing for not just our community, but that's a good thing for this country. Sheriff Singleton says this has ended a very stressful week

and a half. New York's Attorney General says her state will safeguard the right to abortion if the Supreme Court overturns Roe v. Wade. Flatisia James says about thirty thousand women just from Pennsylvania and Ohio alone could come to New York seeking reproductive care. So a fund will be established that James says, will help those women. James also asked doubt on why anti abortion activists support bans on abortion. What they should do is expand the childcare tax credit.

What they should do is expand universal school lunch. What they should do is provide more funding for education and childcare and daycare and prenatal care, and the list goes on and on. If you truly care about children, A. G. Latitia James, Andy Warhol's shot Sage Blue Maryland is sold for a million dollars. That makes the iconic portrait of actors Marilyn Monroe, the most expensive artwork by a US artist ever sold at auction. Christie's Auction House in New

York held the sale. Alex rotteri's chairman of Christie's Century Art Department, century Um Works of Art, American Works of Art. It's the highest price ever paid, close to two hundred million dollars. Uh, let it sink in. It's quite something, Ruder says. The buyer is unknown. Global News twenty four hours a day on airand on Bloomberg Quick Take, powered by more than journalists. The list more than twenty countries. Michael Barr, this is Bloomberg Naked. Thank you, Michael Kind

up to the six ten on Wall Street. Time for the Bloomberg Sports that date with John Share. Thanks dayan. The Rangers in Pittsburgh with hopes of winning Game four to tie the series of two, instead of the Penguins with a five goal on slaught in the second period. They scored goals twenty four seconds apart. Later scored goals thirty five seconds apart. They won seven to two. They leave the series three to one. Game five tomorrow at

the Garden. Rangers coach Gerard Galanta has already said. Igor says Durkin will stay in the Ranger goal A little surprise he considering how poorly, says Durkin played in the two games in Pittsburgh and three periods he gave up ten goals. Alex Gorgi have relieved him in both games and three periods he allowed two goals. But Galans last night to Surkin is the best goalie in the NHL. Colorado won at Nashville to complete a sweep Florida be Washington,

and overtime Calgary be Dallas. Those series are tied at two. The Islander is in a surprise fired coach Barry Trot's NBA Playoffs Boston rally to win. In Milwaukee, Golden State beat Memphis. Far as crowd at the stadium for a Yankee Mattenee makeup of a rain ap. Those that were there saw near no hit or Esther Cortez lost it with one out the eighth inning, kind of like fifth going into six. I kept la Gampus scoreboard, Uh, I

see where my pitchcount was and stuff like that. So and he was in a good spot, and and you know, noticed that I hadn't get up at his so uh you know it was. It was special Equal scored the game's only run bottom of the eighth and ain't driven in by Anthony Rizzo. They top text has one d up and they had not one thirteen their last fifteen. The Giants had to release one of their best players, cornerback James Bradberry. Had to do it for salary cap reasons.

Tried to trade him, couldn't find a trade partner. John stash Award Bloomberg Sports. Nathan, all right, John, thank you. Right now, S and P futures are moving higher, up thirty two points, Dow futures up two SIS that features up a hundred sixty one points, the tenuere treasury up seven thirty seconds, the yield three per cent more on this market. Next, we'll be speaking with Patrick Armstrong of Plurimi Wealth. You're listening to Bloomberg Day Brin Bloomberg eleven

three oh weather sunny, breezy, up for sixties today. We'll get up to your seventy on a rossly sunny sky tomorrow to be mostly sunny. Him in your seventy five on Thursday. Our current temperature is fifty three degrees Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business a and at Bloomberg Quick Tape This is a Bloomberg Business flash and I'm

camerin Moscow. US Dock Index futures are rising. They are rallying along with European shares as if buyers emerged following yesterday's sell off, although sentiment does remain fragile over concerns about inflation and economic growth. We check the markets every fifteen minutes throughout the trading day on Bloomberg Guess and P futures up thirty points now futures up two hundred eight and nasday futures have one five. The decks in Germany's at one point to percent, the ten year treasury

of seven thirty seconds yell three percent. They yelled at a two year two point five nine percent. Dimex Screwed oil is down two per cent or two dollars eight cents at a hundred one dollars three cents of barrel comics gold is down a tenth of a percent or two dollars fifty cents at eighteen fifty six ten announce. The euro one point oh five four one against the dollar. British found one point to three to three, the unit

one thirty point oh nine and bitcoin this morning. I've wanted a half percent at thirty one thousand, four hundred thirty dollars. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael, thank you very much. Karen. Ukrainian officials say Russia is founding the way at Ukraine's vital southern port of Odessa. Meanwhile, President Biden says he's worried that Russian President Putin does not have a way out right now of his war

in Ukraine. Biden signed a measure making it easier for Washington to send weapons to keep. In the NBA playoffs, the Celtics beat the Bucks to even their series at two games apiece. The war Years beat the Grizzlies. However, Warriors coach Steve Kerr tested positive for COVID before tip off. In the NHL playoffs, the Rangers lost to the Penguins to fall behind three games the one. The Capital's lost to the Panthers. In baseball, the Yankees Orioles Giants and

A's all one. Global News twenty four hours a day on air and on Bloomberg Quick Take Power by more than twenty seven hundred journalists analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg, Nathan, Thanks Michael. At six nineteen on Wall Street Live from the Bloomberg

Interactive Broker Studios. This is Bloomberg Daybreak and we're joined now by Patrick Armstrong, chief investment officer at Plurimi Wealth, with a relief rally underway on this Tuesday morning, Patrick, are you buying this dept um? I'm sticking with what I've got, so I'm pretty neutral equities right now. I'm

comfortable with the ones I've got to. I owned the companies that are producing earnings in castle today, where I've got my short swilled with those because I'm short the kind of companies that don't have earnings jets and have business models that I don't think have a path to profitability. But it's a day. If you've not been overleveraged, you can sit back and enjoy the recovery. But if you've been leveraged, it's been a pretty couple of painful days

for markets. So where do you see markets. Going from here, is there further for the stocks to fall? I think there's further for stocks to fall because we've still not got rid of the speculative excesses at the extreme end of things. So the naz back one hunt came into the year trading at five point six times price to sales. That's fallen all the way down to three point eight times priced to sales, which is a big move in

a multiple. But prior to twenty when multiples really started shooting higher, the nasacs never traded at that multiple, so we're still in elevated territory. UM. I think there's still excesses in some of the the no earnings types of companies. But if you're buying companies that are producing cash flow today, I do think there's a If you do have dry powder, you're in a good position because everything got thorn out yesterday.

UM energy stocks, where the worst performing sector, actually would be adding to some oil stocks if I was buying equities today. So uh, In terms of what we could get from the inflation data coming out tomorrow, obviously inflation has been a serious point of worry for investors. Are we looking for signs of peak inflation? Do you see

that in the offing? It makes sense. Yeah, So the consensus is expecting about eight point one percent inflation UM, and that's down from where it was the previous month a d eight and a half percent, So inflation is rolling over. And see lower oil prices, lower commodity prices in recent days, and the market's gone from a stagflationary backdrop to pricing in more risks of recession. So there has been demand destruction already on the higher prices UM.

China's policies are also creating recessionary forces as well. So I do think we're at a local peak and inflation where we're going to have extended period of many months ahead of us with very high inflation, but we may have seen the peak in it for this year now. So are you thinking that that leaves room for even more of a defensive trade. Do you see defensive names moving higher in this environment? They could be an attraction

out of some of the more expensive steglative names. People aren't looking for massive returns, they're looking for a relative safety. So the consumer staples utilities were strong performers yesterday. The valuation still don't excite me there, So the consumer stocks are still trading at twenty eight times earnings, which isn't

cheap by any measure. But as you do get the stability of the castles and the earnings there, I can see those sectors attracting some capital while markets are sooballs out. So where are you looking for opportunity at this point? Is there opportunity in stocks? I would be buying semiconductors in tech, so they've been hit double digits yesterday. Um. Those are companies that are going to have pricing power and revenue growth and traded understandable valuations to MEUM, So

within there, I think that makes sense. Energy stocks were down seven to twelve percent yesterday. I think EU does get to the point where they're putting restrictions on Russian oil and that's going to be a support for all prices. So those would the sectors I've been looking at today. Are you on the outlook for a recession this year? Do you see that happening and is there anything the FED can do about it? Um? In Europe, I expect a recession. I don't think the US will fall into

a recession. So the Fed's gonna keep hiking, but I don't think they're going to want to provoke the recession. And while unemployments so low wage, built is still feast strong US consumers of the U S economy, and while people have jobs and earnings growth, um, I think that will prevent the recession of the United States. All right, as always, drink good to get your thoughts. Patrick Armstrong

is the chief investment officer at Plurimi Wealth. As we take a look at a market that is of seeing some relief this morning after all the losses over the last several weeks. We have a pick up in futures, with SMP futures higher by thirty seven points right now, DAL futures a two undred fifty five, Nasdaq futures on the rise by a hundred seventy five points. The docks in Germany is up one point four percent, while the CAC in Paris is higher by almost nine tenths of

one percent. Looking at treasuries, the ten year is higher by six thirty seconds now with the yield right at three percent. Yield on the two year is two point five nine percent. NIMEX Screwed is following by two percent, down two dollars nine cents at a hundred one dollars even a barrel and comics gold right now down a tenth percent, down two dollars forty cents at eighteen fifty

six twenty for the ounce. Just ahead, we'll have more on the recent stock volatility and President Biden's focus on inflation. Five things you need to know to start your day On Bloomberg Game Bloomberg eleven three oh weather sunny, breezy, upper sixties Today, will be mostly sunny with a high in year seventy tomorrow and mid seventies. Mostly sunny sky by Thursday. Right now fifty three degrees in Central Park. 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 oh six one to San Francisco, Bloomberg sixt to the country, Sirius XM chandle one nine and around the globe the Bloomberg Business APT and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's six thirty on Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow, and we're just about three hours away from the open of US trading time for the five things you need to notice start your day. Brought to you

by Interactive Brokers Global Analysts. It helps you find you global investment opportunities to diversify your portfolio and discover undervalued companies then they have greater growth potential. Try i v k our Global analysts today at ibkr dot com. Slash g a first, US futures higher a day after songs closed at their lowest level and over a year. Then as DAK slumped yesterday and as E raised over three

trillion dollars since the start of April. Dan I've, senior equity analysts at Wedbush Securities, believes the Tech Heavy index is adjusting as we move past the pandemic. Long term, it's healthy, it's painful in the near term. You guys separate the work from home Thomas profit lists tact that's down se versus rid view is more the high quality stalwarts. Where we continue in terms of cloud software cyber security

exposed means, Dan I've said. Wedbush Security says there could be more pain ahead for tech despite a strong long term outlook. Well meantime, carrying the federal serve as warning of deteriorating liquidity conditions across several markets. For more in the central banks, stay tuned for an interview with Cleveland Fed President Lauretta Mester live at eleven am Wall Street

Time on Bloomberg Radio and Television. Well, Nathan, turning to the pump Now, the average retail price at gasoline hitting a record high four dollars and thirty seven cents a gallon. President Biden will address a rising prices later this morning. Tune into Bloomberg Radio at eleven thirty Wall Street Time to hear the president's full speech. Overseas, Karen, European stocks are higher, will shares in Hong Kong, Japan, and South

Korea slumped. Mainland Chinese shares rebounded, but black Rock abandoned its bullish China coll a mid COVID lockdowns and as a dollar halts three day rally. This morning, Nathan. Bitcoin is rebounding after it fell below thirty thousand dollars. Billionaire crypto investor Michael nova Grats remains bullish on the token, but warn't it more volatility. Well, the short term, you know, outlook is painful and it's and it's gonna be, Like I said, voluble with the rest of assets as the

FED adjusts from free money to normalized conditions. I'm really do still see this as a very exciting asset class and Galaxy Digital founder Michael Novegrad says Bitcoin could dip further if an ASDAC continues to slide and bitcoin currently trading at one thousand four really. Turning to the war in Ukraine, Karen, Congress is drafted an aid package worth close to forty billion dollars. At the same time, President Biden has signed a measure making it easier for Washington

to send weapons to Ukraine. And as the five things you need to notice start your day, brought to you by Interactive Brokers and straight Ahead your latest local headlines plus a check of sports, and this is Bloomberg. Thank you, Karen. Six thirty three on Wall Street, fifty three degrees in Central Park. Still dealing with the accident in northbound FDR Drive at ninety details coming up in traffic. First Michael Barr with what else is going on in New York

and around the world. Good morning, Michael, Good morning Nathan. Connecticut Governor Ed Lamont calls at the largest tax cut in state history. Connecticut taxpayers will see six hundred million dollars in tax relief. Following Governor Lamont signing of the fiscal year three budget, Leman says the law increases a property tax credit from two hundred to three hundred dollars.

What we've done in terms of the car tax and the property tax, all the middle class taxes, is a way to tell the people in Connecticut, we get it. It's a tough inflationary environment or doing everything you can to make this state more affordable, and um, that's what we meant to do today. Lamont says. The law also extends a gas tax holiday and child tax credit. Attorney General Letitia James says New York State will safeguard the right to abortion if the Supreme Court moves forward with

overturning Roe v. Wade. James says that women in state will be protected. New York obviously is a compassionate state, a state that cares about others in a state that recognize recognizes that if one individual um is not free, than all of us are not free. A g. James also says some thirty thousand women just from Pennsylvania and Ohio could come to New York seeking reproductive care, so a fund will be establ Blish that James says will

help women from out of state. Authorities say. A former Alabama jail official has died and the murder suspect she is accused of helping to escape has been apprehended. In Evansville, Indiana. The two fugitives were on the run for more than a week. They were caught after U. S. Marshals pursued their vehicle and then crashed into it. Officials say Casey White surrendered and Vicky White shot herself. She died from her injuries. Lauderdale, Alabama County Sheriff Rick Singleton on Casey White,

he wore a fan, hand cuff and cackles. He's in there. He wills to sue me for dialing. He said, well, right, so be it. He's not getting out of this jail again. Sheriff Singleton says they got a dangerous man off the street. South Korea's new president has used his inauguration speech to push for a solution with North Korea. June Skio plans to help transform the North's economy if it genuinely begins complete de nuclearization. Ferdinand Marcos Jr. Won a landslide victory

and Philippines presidential election. It brings his family back to power in Manila, thirty six years after his dictator father fled the country. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists analysts in more than one twenty countries. So, Michael mar this is Bloomberg, Nathan, Thank you, Michael, almost six thirty six on Wall Street. Here's John stash Areta

Bloomberg Sports upthing. All right, Nathan, what's happening to the Rangers? After a fifty to win regular season? They played the Penguins three times in a two week span late in the year, and they won all three. But they've lost three or four in the playoffs. And it was seven to two last night. The Penguins, with seven different goal scorer, scored five times in the second period twice they scored twice in a span of less than a minute. Rangers

are a young team. Coach Gerard Glenn asked if that's the reason for the postseason scul I wouldn't use the word in experience, I'd used the word not committed to playing the right way. You know. I mean we played the right way in uh in New York. You know we can want to get way play the right way tonight. And it's not from the nacourage guy either. I mean they're they're part of our group. But tonight you've seen a lot of a lot of stuth bad played by

a lot of people. Igorge sisterk in the regular season allowed an average of just over two goals per game played three periods in Pittsburgh, gave up ten goals, and yet Galan says he is sticky wishes Sterkin for Game five tomorrow with the Garden and the Range in space elimination. When Lou Lamorello ran the Devils, he had a history of making coaching changes, and that runs the Islanders. He just fired Barry Trots, who wanted Stanley Cup and Washington

had playoffs success with the Aisles. They missed the playoffs this past season. Lamarello said the team needs a new voice. NBA Golden State was without its coach. Steve Kirk tested positive. Mike Brown just named the new coach in Sacramento. Coached the Warriors, who win over Memphis. Boston wanted Milwaukee Yankee bats for quiet for Nestor Cortez was nasty. Five outs from a no hitter. Yanks finally broke up a scoreless

game eighteen naing be Texas one do nothing. Cortez is the r as one point four one the Giants for salary cap. Reasons for US to release cornerback James Bradberry, John Stash, Bloomberg Sports Nathan all Right, John, thank you sixty seven on Wall Street. Time to take a look at stocks, some of the names moving in the pre market on a turnaround Tuesday. Here's Bloomberg Radio on TV

Markets correspondent Credy Gupta. What's got your eye? Crety? Nathan, You couldn't have said it better, I think, and go home now because it's really all you need to know. It's a complete bounce back from what you saw yesterday. No real fundamental drivers here. Just when you sell off as much as we did over the past couple of days, remember when you have such a major self on Friday, chances are you going to have a pretty bad one

on Monday. And that's exactly what we saw. So it's totally normal to see this bounce back, and a lot of it is led by big tech right off the bat in the pre market. Apple shares, for example, A A P L is your ticker up one percent, Microsoft as well, M s FT up one and a half percent. If you have those two stocks on your side, chances are you're going to have a positive day for the SMP five hundred. But it's not just the big Tex

stocks you have to keep an eye on. It really trickles down to all tech, including to some of those e V makers. Tesla we know, is that major heavyweight as well. T s l A up too point seven percent this morning, and taking with some of the other evening makers as well, RIV and R I v N up three percent. Lucid as well, l C i D also up about two point seven percent. So very quickly you can see that this all yesterday, at least in the pre market, is not today's story. Nathan, Yes, so

some pandemic favorites included in the rally as well. Are we seeing it play out in some of the meme names? We are, But you know what I have to say, I think this one might be a fundamental driver. Um, this would stand all the horror I know. A M C is the one I've got my eye on, and we all know it as you said the meme name, but it's actually up four percent on an earnings beat thanks to hits like Spider Man No Way Home, Nathan. Have you seen Spider Man? I have, of course I haven't.

It's not but it's a Marvel Cinematic University. I you know, I just I can't get over Tobey Maguire not being my man, so I'll never go back, sort of sort of whatever. Anyways, throwing on some video game stocks, so you are seeing some mixed action here. I think this is really where you're going to see the divergence. Sony's earnings fell short of estimates amidst supply constraints and component shortages overnight, so you do see some mixed action in

those video game stocks act division. For example, A t V I is your ticker up one percent, but then E A Sports or EA Entertainer E rts I should say UH is down one percent. The tickers just E A, and then if you look at take T T t w O, it's up one point seven percent. So if you're not looking for a very clear turnaround Tuesday kind of pattern, check out those video game stocks because looks like they're going to be due for some volatility in

the session. I'm gonna wrap it up and they go with some down stocks though, because there's a lot of carrying on the screen. Novavax n v a X as your ticker down. They reported their first profitable quarter but missed their expectations. So bittersweet there and a lot of that has to come, of course, with a little bit scrutiny. Do we need that fourth shot? How does that play into the vaccine maker's bottom line? Now? Not everything rallies

on a turnaround. Tuesday, Bloomberg Radio TV Markets correspondent Crety Gupta with us in the pre market and looking at stocks as a whole. They are moving or we have SMP futures up up one percent, up forty points, DAL futures up. Tune to eighty two points. Dance at futures leading the way this morning, higher by a hundred seventy seven points. That's a gain of one point four percent. In the tenure treasury up four thirty seconds now the

yield three point zero one. You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather, sunny, breeze, upper sixties today will be mostly sunny with a high near seventy tomorrow, mostly sunny mid seventies by Thursday, currently fifty three degrees in Central Park Markets. Headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quicktape. This is a Bloomberg Business

Flash and good morning. I'm Karen Moscow future is wimming higher this morning. A week. Go to the First Word Breaking news desk for today's morning call, and here's Bill Maloney. Bill, good morning, and good morning Karen. Us features are bouncing fter yesterday's sell off without futures of two hundred and sixty four points, says if he's gained thirty seven Nasdack futures are higher by one sixty nine. The US ten

year old drops to three point two percent. Gold is up for oil is trading lower, but Bitcoin is trading higher by one point five percent. Hong Kong dropped one percent overnight, while up markets are in the green, led by gains in France and Germany. Back in the US. On the economic front, at eleven thirty Biden, we'll speak on inflation after the bells night. Up Start reported is down forty eight percent in the pre market and regarding earnings this morning, look for pellets Onto report in the

pre market and on the news. Tesla denied a Rotors report that it halted output in Shanghai and wrapping things up Upstart was cut to neutral over Red Piper Live from the first breaking newsscom by Maloney k all Right, Bill, thank you and to hear live breaking news over her Bloomberg type squawk on your terminal s q U A w K and we are watching this headline and crossed the Bloomberg fiser to buy bio Haven Pharmaceuticals in a

cash and stock deal. That's a Bloomberg business flash. Now here's Michael Barrow with more on what's going on around the world. Michael Darren, thank you very much. President Joe Biden signed into the law and as you're designed to make it easier for the US to send weapons and supplies to Ukraine as the country continues to find off the Russian invasion that began in February. For the first time in more than sixty years, Queen Elizabeth will not

attend the opening of Parliament. In the NBA Playoffs, the Celtics beat the Bucks to even their series at two. Games apiece. The Warriors beat the Grizzlies. Warriors coach Steve Kerr tested positive for COVID before tip off. In the NHL playoffs, the Rangers lost to the Penguins to fall behind three games to one. The Capitol's lost to the Panthers.

Baseball the Yankees Orioles Giant. Today's all one Global News twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than twenty seven hundred journalists and analysts in more than a hundred twenty countries. And Michael bar this is Bloomberg. Cameron, all right, Michael, thank you,

says forty nine on Wall Street. We turned to news and science and technology now at the Bloomberg and j I T STEM Report brought to you by New Jersey Institute of Technology, ranking top fifty national public university by US News and World Report. And j I T is Future in the Making. Learn more at n j I T dot E d U and now Here's US making News and science, Technology, engineering and math. China's tightening pandemic restrictions in Shanghai and expanding a mass testing sweep in Beijing.

More people are being shipped off to government run isolation centers under a new definition of what it means to be a close contact. The country just reported the lowest daily infections in almost two months. Global banks are now pulling away from the gargantuan market they helped create for blank check companies. Bloomberg News has learned that Goldman Sachs is ending its involvement with most of the special purpose acquisition companies it took public. Meanwhile, Bank of America scale

back work with some specs. And how much would you pay for ACE space rod On Jeff Bezos is Blue Origin New Shepherd capsule. It went for eight million dollars last night in an event in Manhattan's Javits Center. The winning bid came from Ken Griffin, a billionaire founder of hedge fund Citadel. Griffin will donate the spot to a New York City school teacher, whose selection will be organized by the Robin Hood Foundation. Another school teacher from the city will also be on that flight. And that's a

Bloomberg n j I t Stem report. Nathan Okay, Karen, thank you. We're live from the Bloomberg Interactive Brokers studios where it's six fifty 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 Democrats weighing even more aid to Ukraine than President Biden asked for, Mitch McConnell vowing Republicans will not scrap the filibuster to pass an abortion ban, and Senate Democrats planning a vote today

to confirm Lisa Cook is the next Fed governor. Also making news, President Biden getting ready to highlight his efforts against inflation in a speech later this morning. And Bloomberg Washington correspondent Joe Matthew is back with us host of Sound On here on Bloomberg Radio. Joe, I guess the President is going to contrast his plans with Republicans, but we're really seeing hard evidence of just what a challenge

this is going to be for the president. With gas prices now at a record high across the country, that's an ugly number four thirty seven, although some folks have paid a lot more than that, it's pretty incredible to see that new highs are still being reached. And the President will be speaking today about prices across the board, not just energy but food and all of the other inflationary impacts that we've been talking about that the administration

has really struggled with. To your point, though, it's not just talking about what's been done, and I'm sure that we'll hear a cataloging of efforts that the administration is made. He's going to talk about some of the components from last year's Build Back Better that never became law that he says need to happen, like lowering prescription drug prices,

extending the child tax credit. But he's gonna spend time like he did last week, kind of cracked the door on this last week in a speech about deficit reduction. He will call out what he what he likes to refer to as the Ultra Maga Agenda, which is a series of economic proposals that have been forwarded by Republican Senator Rick Scott. The White House says they'll raise taxes on seventy five million Americans. It will also sunset programs

like Social Security. The President speaks very passionately about this, and you get a sense right now, Nathan, that they're kind of floating a balloon. This This really could be a major talking point, Ultra Maga Agenda that will last the next six months to the mid terms, they're gonna give it a good run today. Yeah, and coming after another talking point that we heard just about a month

ago Putin's price high. It is interesting to sort of hear the messaging shifting here a little bit of printing those yeah, exactly, and it sort of points to the challenge for a president who is facing record uh inflation pressures in terms of you know, historically high prices, and the challenge only six months out before a mid term show. Well,

that's true. That's why you know, he will call on Congress to pass some of the items that I mentioned, more renewable energy sources, incentives to that end, which was all part of that massive social spending bill that never quite got through Congress last year. The problem is, it remains unclear if if these could get past even through a reconciliation bill, which would, as you might remember from

last year's exercise, would only require Democrats. But a lot of these items are not terribly popular and and might not get the full throat at support they would otherwise. Because we're in the middle of this primary season and really getting underway, we've got one today. Of course, West Virginia and Nebraska. Things get serious next week with Pennsylvania, and the job's only going to get more difficult as

we get closer to November. Here um I will mention as well, the Ukraine funding that President Biden requested looks like it would not be able to pass with COVID funding attached to the bill, which is what Democrats were hoping to do. So the President issued a statement late yesterday saying that he he understands the reality of the situation. It will be a clean bill, even bigger than what they thought for Ukraine. The question is will they be able to come back and pass COVID funding as a

standalone bill, and that's not looking great right now. Is there a question as to whether even more funding than the President asked for would be able to pass the Senate? Is this going to move quickly? Likely? Will if it stays clean? Right? They were talking about attaching COVID funding, then Republicans came back and said, well, we want more funding for the border and we want new language for Title forty two. Uh So it looks like this will be only money for Ukraine. It's not just weapons, it's

also humanitarian aid. Democrats in uh in the Senate and the House have upped the anti here. The President asked for thirty or three billion dollars. Who might remember, Nathan, this is now a forty billion dollar bill. Uh. They've added money for weapons as well as humanitarian aid about three and a half billion dollars each, and it has wide bipartisan support. Well, what does this mean for the covid ai joe because that was something that the President

had been pushing forth. More are funding for testing, more funding for vaccine distribution. Does that fall by the wayside now? Well, it's not going to happen as part of this bill, and it's really it's unclear what Democrats will have to give up to get this, even though you would think it was largely bipartisan, remembering the criticism of the administration took months ago when Omicron showed up and there weren't enough tests to go around, enough enough testing kits. This

could happen again. It's not just testing its therapeutics. To your point, it's vaccines, but it may not see the light of day unless they're again it's some Title forty two money or something else that Republicans can get for that. The President first asked for twenty two billion dollars it got whittled down to ten billion dollars. As of today, it's zero. Let's turn to the other issue that's been bubbling up big time on the last week or so,

the abortion debate. What's happening with that vote in the Senate on a national abortion rights codification. Well, the vote is moving forward. We expect it tomorrow. And Senator Chuck Schumer has been already clear about this, knowing UH that he doesn't have the votes to make this happen. This appears to be an exercising getting people on the record,

getting senators on the record. Uh. It's not likely that a Republican is going to vote yes on this bill, but we could see you know, we're still waiting to hear from Susan Collins maybe Leasa Rakowski to see if they come over to the Democrats side on this. But it's not likely that this is going to pass. It will, however, armed Democrats UH with a lot of fodder for the campaign season to say, you know, number one, Uh, Republicans voted against this, and if they do pass it, they

could say we did this all on our own. But it is not expected to go that way. In fact, they're already talking in the Democratic leadership about the plan b the plans see they're saying that they are not going to let this drop, essentially keeping it as a conversation item, a debate item. As we work our way through the mid terms. It's possible we will not see legislation on this at all, as if there weren't enough

conversation items happening in Washing. Bloomberg's Joe Matthew very busy man keeping on top of all of it for us from the nation's capital, where we will be hearing from President Biden and his remarks on inflation, his efforts to tamp down forty year price pressures. Will bring you those remarks live here on Bloomberg Radio. They're scheduled at around eleven thirty Wall Street time, and you can catch more of Joe on Bloomberg Sound on every weekday at five

pm Eastern. Right here on Bloomberg Radio, looking ahead to the market open, we have futures higher right now. S and P futures are up thirty points down, futures up Tunic seventeen, Nasty futures up one fifty points. Bloomberg Surveillance is up next for Karen Moscow I'm Nathan Hager, and this is Bloomberger.