Bloomberg Daybreak: May 11, 2022 - Hour 2 (Radio)

votes today on an abortion rights bill. I'm Michael Blarner. More ahead, I'm John Stash, Aaron Sports, Aaron Judge, the ninth Inning Hero and a thrilling Yankee win over the Blue Jays the Mets one in Washington. That's all trended ahead on Bloomberg Daybreak on Bloomberg eleven, Free on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, Syrius Exam one nineteen and around the world. Old on Bloomberg Radio dot Com and

via the Bloomberg Business App. Good Morning, I'm Nathan Hager, and I'm Karin Moscow. US DOT Index future is on the rise this morning. We're coming up to six o one on Wall Street, and we check the markets every fifteen minutes throughout the trading day. On Bloomberg. Right now, SNP futures are at forty four points down futures have two hundred eighty eight and Nastack futures have one hundred

sixty two. The decks in Germany's have one percent. The ten year treasury of fourteen thirty seconds held two point nine three percent. That yield on a two year two point five nine percent. Nine X Screwed oil is up three and a quarter percent of three dollars twenty five cents at a hundred two dollars ninety six cents a barrel call makes gold up half percent or ten dollars at eighteen fifty one and ounce. The euro one point oh five six one against the dollar, and the British

pound is at one point to three seven four. Nathan Countdown is on Karen for the latest reading on inflation. In less than two and a half hours, the government issues the consumer price index for April, with inflation running at its fastest pace in decades, and Kates has a

preview from our Bloomberg newsroom in Washington. In March, the CPI rose eight point five percent year over year, the most since nineteen eighty and yet Bloomberg Economics says the run up probably slowed in April, reflecting a drop and seasonally adjusted gasoline prices, but the climb down from the forty year high inflation will be stubbornly slow. Bloomberg says the inflation rate won't dip below seven percent until late in the year, keeping the Federal Reserve committed to higher

interest rates. In Washington and Kate's Bloomberg Daybreak, right and thank you all, That inflation report could have a major impact on Fed policy, but for now, Cleveland FED President Larettamester says she favors steady fifty basis point rate increases. We don't go out seven five forever, right. I mean, what I'm gonna do is I think fifty the caves

were going now seems about right to me. We're going to have to assess whether inflation is actually moving down, and then we'll be able to get more information after we do a couple of those to see. Cleveland Fed President Loretta Master made the comments in an interview with Bloomberg's Michael McKee and Karen Mester is soon going to have help in the battle against inflation. The Fed is now welcoming its first black woman to the Board of Governors.

We get more on that from Bloomberg Stug Prisoner economist Lisa Cook. One Senate confirmation by the narrowest possible margin vote reflects a tie breaking appearance by Vice President Kamala Harris. The vote had been delayed by virus cases among Democrats.

Cook had faced a United Gop campaign against her. The top Republican on the Senate Banking Committee, Pat Toomey of Pennsylvania, dismissed her record as thin on monetary policy, and he charged her withholding far left political views that risk politicizing the Central Bank. In New York Time, Doug Prisoner Bloomberg day break. All right, Doug, thank you all at the White House today, new measures are coming to help cut costs, specifically for farmers and Bloombergs. Amy Morris explains from our

newsroom in Washington. President Biden wants to undercut the rising cost of food. Ukraine has twenty million tons of grain in stories and silos right now to try and figure out how to get out of the country into market, which would reduce prices around the world. Among the new initiatives double cropping insurance, which gives farmers more coverage if

they plant more than one crop. The US will double its investment and domestic fertilizer production to a half billion dollars, and tools used by the USDA to reduce the use of fertilizer will be extended to more farms In Washington, I'm anymore as Bloomberg Daybreak, All right, Amy, thanks, Let's turn to Asia now. Our inflation is also in focus.

China's factory gate prices rose faster than expected in April, and factory prices aren't the only ones on the rise, as we hear from Bloomberg Daybreak Asia anchor Brian Curtis, and consumer prices rose again. The CPI accelerated two point one percent, faster than a projected one point eight percent gain. The COVID lockdowns drove food and fuel costs higher. In the meantime, producer prices gained eight percent from a year earlier, compared to eight point three percent in March. It two

was a little hotter than the estimate. Brian Curtis, Bloomberg Daybreak, Hey Brian, thank you all back here in the US. Earnings will also be in the spotlight when Disney reports this afternoon, and we get a preview from Bloombery's Tom Busby. Although the Entertainment Giants theme park division has been firing on all cylinders, along with most of its media businesses, analysts are a little concerned that the just completed second quarter maybe the slowest of the year for subscriber growth

at the Disney Plus TV streaming service. Still forecast call for a solid one hundred thirty four point four million subscribers. Bloomberg consensus goals were just at earnings per share of a dollar eighteen revenues of just over twenty point one billion dollars. Tom Busby, Bloomberg Daybreak, All right, Tom, Thanks. Let's take a look at some stocks on the move following yesterday's earning. Shares of coin Base are down seventeen

percent in early trading. Revenue at the cryptocurrency exchange missed estimates, and coin Bases also warning trading volume in the current quarter will be lower. Roadblocks shares are now a little changed. They did fall as much as four percent earlier. The video game platform aimed at preteens and teenagers that surged

during the pandemic reported bookings that missed estimates well. Twitter also front and center Nathan Afer comments from Elon Musk, the world's richest man, says he would reverse former President Donald Trump's permanent ban if he takes control of the company.

Panning Trump from Twitter didn't end Trump Voice, it will amplify it among the rights and this is why it is morally wrung and flat out stupid, Elon Musk said, as he believes Twitter has overstepped policing users speech and wants to push it toward a more free speech focused approach. And finally, Karen, let's fill you in on the latest on the war in Ukraine. The fighting is now starting

to affect physical gas supplies. Ukraine's gas network operator says it will stop receiving fuel at one of its main metering stations because it can't control the infrastructure and territories occupied by Russia. Meantime, in Washington, the House has passed more than forty billion dollars in emergency aid to Ukraine. The Senate is likely to approve the measure next week.

Looking ahead to the market. Open futures are moving higher, with SMP futures up thirty eight points, Staff futures up tun in fifty five, NASTAC futures higher by a hundred forty points again at one point one percent. The tenure Treasury is up fourteen thirty seconds. Yield on the tenure two point nine Straight ahead your latest local headlines, plus a check of sports. This is Bloomberg. That's now six oh seven on Wall Street. Were fifty five degrees in

Central Park. Got an accident on the eastbound belt Parkway at Springfield Road. To keep that in mind if you're headed to Kennedy Airport. Michael Barr has more on what's going on in New York and around the world. Good morning, Michael, Good morning Nathan. The Senate is expected to vote on protecting abortion rights. It comes in the wake of elite Supreme Court opinion suggesting the majority would overturn Roe v. Wade.

Today's vote is almost certain to fail, but Majority Leader Chuck Schumer wants to put senators on the record about it. Senate Minority Leader Mitch McConnell, Mr. Preme Court. If this becomes the decision, as obviously said, this is ripe for discussion in democratic bodies. We happen to be a democratic body. Shumer is proving that by having us quote on it. Senator Mitch McConnell. Governor Kathy Local has announced that New York will make thirty five million dollars available to help

abortion providers boost services and security. In Connecticut, Governor Ed Lamont signed a new abortion bill into law that he says expands abortion access. When you're ready to be pregnant, whether you're ready to have that baby, we're doing everything we can to support you. That means we're providing pre natal support and support after birth. Governor Lamont called it a fundamental freedom issue that is being challenged by the

Supreme Court. It's a split for Donald Trump. Back to candidates and yesterday's primaries, Representative Alex Mooney, endorsed by Trump, defeated Representative David McKinley in the GLP primary for West Virginia's second congressional district. When he spoke to his supporters in Charleston, Donald trumps West Virginia and West Virginia loves Mooney one to thirty eight percent. Republican voters in Nebraska

picked Jim Pillen as their nominee for governor. Pilling beat eight other rivals, including businessman Charles Herbster, who faced groping allegations from several women. An NYPD officer was released from the hospital after he was shot last night in the Claremont section of the Bronx. The suspected gunman was killed. New York City subway writers will see more uniform police officers on the trains overnight and for longer stretches of

time to find an increase in crime. Police say seventy percent of subway crimes are happening on trains and platforms. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts and more than one hundred twenty countries. I'm Michael Barren. This is Bloomberg, Nathan. Thanks Michael. Six o nine on Wall Street. Time for the Bloomberg Sports Update with Johns A shower, All right, Nathan, High drama

and the Bronx. Yankees had to come from behind twice. They trailed the Blue Jay's three nothing. In the sixth Todaint John Carlos Stanton tied the game of the three run homer down the line in right field, Toronto went back ahead five three Yanks had two on one out. Bottom of the night. Here's a hit here to deep glintfield. C goes high. It is far, it is gone. It's a game. Winnings book up three run home run by

Aaron Judge. He hitted a mile and a half in the look field seat on w f A n Yanks one six spots and they go to twenty one and eight, just as the Mets and proved of twenty one and ten. They trailed sixty. The Washington scored three times, beat the Nationals for to two, the Angels with their twenty one when there was a no hitter by twenty two year old rookie Read Debtoner's against Tampa Bay just is eleventh

career start his career e r A entry. The game was over six and a near no hitter for thirty nine year old Justin Verland if he lost it with one out. In the eighth blowout to the NBA, Phoenix beat Dallas by thirty Miami be in Philadelphia by thirty five. Both teams go up three to Both series has seen the home team win every game NBA Hall of Famer Bob Lanier has died at seventy three and eight time

All Star with the Detroit Pistons goors. Just Durkin named a finalist for the Vesana Trophy that goes to the NHL's best goalie. He may very well win the award, but will he play like a Bezana winner tonight at the Garden. Just played three periods in Pittsburgh and gave up ten goals as Durkin and the Rangers now faced elimination, trailing the Penguins three to one. Gave five wins last

night for Carolina, Toronto, St. Louis and Los Angeles. John stash Award Bloomberg Sports, Nathan all Right, John Thanks p future is now up thirty eight points, Staff futures up two undred fifty seven, nastack futures higher by one thirty seven points. The tenure Treasury's up fourteen thirty seconds, the yield two point nine three per cent. As we await the release of the April Consumer Price Index, it's expected

to show us slow down in inflation. We have a Bloomberg big take coming up on the city in the US that is dealing with double agent inflation. Right now, you're listening to Bloomberg day Break Bloomberg eleven three oh weather sunny, upper sixties today, mostly sunny with a high near seventy tomorrow will be near seventy by Friday with a chance for showers. Right now fifty five degrees in

Central Park. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business apt and at Bloomberg Quick Take. He's a Bloomberg Business Flash and I'm Karen Moscow. US stock index futures and European shares are rising as investors a way to key inflation or for engage whether the Fed's efforts attainment inflation and the world's largest economy are working. We check the markets

every fifteen minutes throughout the trading day. On Bloomberg SMP future is up thirty eight points down futures of two hundred forty seven nodsday futures of one forty one The decks in Germany's up eight tenths of percent. To tend your treasury up thirteen thirty seconds, yield two point nine

three percent. Yield on a two year two point five nine percent, nine x screwed oil is up three point one percent of three dollars thirteen cents and a hundred two dollars eighty nine cents of barrel callmics gold up six cents per cent or ten dollars fifty cents at eighteen fifty one fifty announced. The Euro one point five seven against the dollar, British pound one point to three six five, the n is at one point eight five, and Bigcoin this morning of three percent at thirty one thousand,

nine hundred dollars. Today we are watching for the consumer press and nex is at eight thirty Wall Street time, and disease among companies go to report earnings today. 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. It's a split decision for Trump backed candidates and two GOP primaries. Yesterday, Representative Alex Mooney, endorsed by the former president, won the primary to represent West

Virginia's second district for Congress. In Nebraska, Jim pill And beat eight other candidates in the Republican Mary for governor. Pilling beat Trump candidate Charles Herbster who is accused of groping several women. In a rare bipartisan moment, the House has passed a nearly forty billion dollar military and humanitarian aid package for Ukraine. In baseball, the Yankees, Red Sox, Orioles and Giants won. The Mets beat the Nationals. The A split a double header with the Tigers. Angels. Rookie

Read Detmer's pitched a no hitter. In the NHL Playoffs, the Bruins lost to the Hurricanes. Now Boston is behind in that series three games to two. Global News twenty four hours a day on airand on Bloomberg Quick Take Power by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael bar this is Bloomberg. This is the Big Take, the best of Bloomberg's in

depth original reporting from around the globe. This is a really fascinating story that has caused a lot of outrage among investors. This is so fascinating. A market shutdown in a way it's never done before. That's gonna have consequences for years to come. The Big Take on Bloomberg Radio, Oh It's next twenty On Wall Street Life from the

Bloomberg Interacted Broker Studios. This is Bloomberg Daybreak, and our big Take story this morning is on inflation, not just the Consumer Price Index coming out in just about two hours. But even if cp I falls, it's going to be cold comfort for the residents of the city with the highest inflation in the country, Midland, Texas. Catcha. Dmitrieva is with us now for more on this big Take story. She wrote it on the Bloomberg Terminal, US economics reporter

for Bloomberg News. Catchya, good morning. I think a lot of listeners might remember Midland, Texas best as a former president George W. Bush's hometown, but the people who live there now are dealing with price pressures the likes of which the rest of the country doesn't even know why. That's right. I think the big takeaway here is that Midland is quite remote, so it's about a four hour drive to Dallas, for example, or the next major city, and so because of them more remote nature, it's just

harder to get stuff. It's harder to get goods, there are fewer options to get those goods, and so all of these issues that you know across the country, and really the globe have contributed to inflation. Supply chain shortages, UH, factory closures and just um a kind of shortage of workers and key industries. All of those things are just exacerbated in Midland. And so you have situation where Midland has had around ten percent sometimes higher UH consumer price

index locally every month. That's compared to about eight percent and eight point one percent according to the data we're going to get today UM for April. So this is UH. This is a town that has really been living with this high inflation for the past two years. UM, not just the past two months, not just the past year or since the economy starts to reopen post pandemic UM. It really has experienced it for the past two years.

And that everything from groceries to UM electricity bills. I spoke with some folks who had their uptrust see bill either double or triple. Grocery bills are are more expensive no matter where you go, no matter the grocery store, UM, you know, at the gas station. Things are more expensive. So it really hits them in all all all parts of their lives. Yeah, it really hits home. In the story.

When you talk about sticky notes getting put up at grocery store aisles because the prices changed seemingly from day to day. I mean, what is it like for the people, not just who are living under these kind of price pressures, but the businesses that have to deal with it. I know you talked with some business owners as well. Yeah, it's um, it's sort of like the sticky note in the menu, but just with a lot more zeros out

of do it Jesus. So you know, I spoke with one UM one business owner, Bo Garrison, who owns the dirt works companies, so he basically relies on big equipment trucks. UM, and he talked to his representative from Caterpillar. They said, listen, this one type of equipment you need, we're not going to have it. We can put you on a waiting list, and we're making a wish list for our top clients,

but we're sorry, we just can't get to you. UM. And then you talked to another rep and at a Mexican restaurant, of course, and you know they were talking about how they don't have any four DUP two fifties for him until three So these are things that will contribute to higher costs, you know. Now he has to rent equipment. If it breaks down, he needs to maybe buy a second hand somewhere else and get it, get

it trucked in or something like. These are things that businesses are dealing with on a constant, moving daily basis, having these conversations, and that sometimes means passing on contract. So you're presented with a piece of work and if a tall Ot oil company or the company you're working with, no, I'm sorry, I can't because you know what, either don't have the people, no matter how high my wages are, or I just don't have the equipment to do it.

We only were about thirty seconds left here caught you. But I guess this points to the limitations of FED policy to turn these kinds of pressures around. And that's exactly it. There's a there's a huge disconnect. I mean, the FED has high interest rates, they are planning on continuing on that pace for future meetings, but that is not going to do very much for supply chain shortages um And it's really enough to address the underlying causes UM and it's not going to change prices, most likely

for places like Midlands. Well, it's good to have you on to talk more about this thanks for coming on with us. Cotta Dmitrieva, us economics reporter for Bloomberg News, with the Big Take story on Midland, Texas, the hardest hit town when it comes to inflation, dealing with nearly ten percent. You're over your inflation over the last six months. Read much more about it at Bloomberg Big Take. It's a Bloomberg dot Com slash, Big Take Online or NI

Big Take go on the Bloomberg terminal. S ANDP futures right now are up thirty eight points, Staff futures up two forty four and nastac features highed by a hundred forty points. This is Bloomberg. Bloomberg eleven three oh weather sunny, upper sixties today, mostly sunny with a high near seventy tomorrow, will be near seventy on Friday with a chance for showers. Right now, it's fifty five and clear in Central Park. Broadcasting live from the Bloomberg Interactive Broker Studio in New York.

Bloomberg E Living Freedom to Washington, d C. Bloomberg ninety nine one to Boston, Bloomberg one O six one to San Francisco, Bloomberg nine sixteen to the Country, Sirius XM Chento one nineteen and around the globe, the Bloomberg Business 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, and we are about three hours away from the open of US trading time for the five things you need to know to start your day. Out to you by Interactive Brokers. Global Analysts helps you find you global investment opportunities to diversify your portfolio and

discover undervalued companies that they have greater growth potential. Try ibk our Global Analysts today at ibkr dot com slash g A. First, we soon get the latest reading on inflation. The April Consumer Price Index will be released at eight thirty Wall Street time. Nathan Sheets, chief Global Economists with City Group, says high commodity prices and supply chain pressures could lead to more persistent inflation. Looking under the hood

is going to be critical. We're expecting a zero point four percent month to month read for core, somewhat lower for headline, but when I look at underlying components, I just have a hard time being too optimistic about the inflation outlook. City Group Chief Global Economists Nathan Sheets expects inflation to gradually decline this year, even if it hasn't peaked yet. Well April CPI numbers caring to likely to

affect how the Fed titans monetary policy. Cleveland FED President Loretta Mester says the path to two percent inflation will be painful, that unemploying may have to rise. We make it another quarter of or two of negative growth, but that has to happen in order to get inflation down. So we are tightening financial conditions and we're going to continue doing that until we see inflation moving back down.

Cleveland FED President Loretta Mester tells Bloomberg's Michael McKee she would not rule out a hike of seventy five basis points this year. Well. In Asia, Nathan, inflation is also in focus. China's factory gate prices rose faster than expected in April and cp I exceeded projections. COVID lockdowns are blamed for higher food and fuel prices, and earning season is and over just Jet Karen Disney reports this afternoon.

Bloomberg Intelligence expects streaming subscriber growth will slow, but it also expects strong performance from Disney's domestic parks well Now, turning to Twitter and Elon Musk, speaking at a conference yesterday, the world's richest man says he would reverse for President Donald Trump's permanent ban if he takes control of a company. Musk also said he is not sure Trump would even

return to the platform. He has publicly stated that he will not be coming back to Twitter um and that he will only be on truth Social and Elon Musk called Trump's band morally wrong and quote flat out stupid and as the five things you need to notice start your day. Brought to you by Interactive Brokers. Future is Higher this morning, s and P futures at forty four points and straight ahead your latest local headlines plus a check of sports and this is Bloomberg. Thanks Karen. Six

Wall Street fifty five degrees in Central Park. Still dealing with the accident on the eastbound Belt Parkway at Springfield Boulevard. Heads up if you're heading to JFK. Michael Barr has more on what's going on in New York and around the world. Michael, Good morning, Good morning, Nathan. The Senate is expected to vote today on a bill that would qunify abortion rights into federal law. Bloomberg's and Baxter as the story. Passage is a long shot, but sent up.

Majority Leader Chuck Schumer says he wants every Senator on the record for all to see. Sent up. Minority Leader Mitch McConnell says, actually, that's exactly what the leak Supreme Court opinion suggested a vote. But historically there have been abortion votes on the floor of the Senate, none of them have achieved six vote. McConnell says, go ahead, take

the vote. Schumer says, if by some chance Republicans take control of the Congress, it could mean a total federal ban on the table in San Francisco, I'm at Baxter Bloomberg day Break. New York Governor Kathy Okol has announced that the state will make thirty five million dollars available to help abortion providers boost services and security. In Connecticut, Governor Need Lamott signed a new abortion building the law that he says expands abortion access. Everybody talking about freedom.

This is a fundamental freedom issue is being challenged by the Supreme Court. Fundamental Governor Lamont also says the state is providing pre native will support and support after birth. It's a split decision for Donald Trump candidates and to GOP primaries. Yesterday, Representative Alex Mooney endorsed by the former president one over fellow Representative David McKinley in West Virginia. Mooney is now poised to represent the state's second district

in the next Congress. Republican voters in Nebraska picked Jim Pillin as their nominee for governor. Pillin beat eight rivals, including Charles Herbster, who was supported by former President Trump and accused of groping multiple women. New York Congressman Tom Reid is resigning, leaving an office more than seven months

before the end of his term. Reid said last year that he would not seek re election after he was accused of sexual misconduct, but he announced in a speech on the floor of the U. S House yesterday and that he was stepping down. New Yorkers will have to wait until August of vote in the primary elections for US representatives rather than June. A federal judge proved it.

The congressional primaries being put back after new Democrat drawn district maps were deemed unconstitutional by New York High Court and look for more police officers in New York City subways overnight and for longer stretchers of time to find crime. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists analysts more than a hundred twenty countries. I'm Michael Barb. This is Bloomberg, Nathan. Thanks Michael. Almost six

thirty six on Wall Street. Time for the Bloomberg Sports Day with John Stashow. All right, Nathan. The Yankees keith winning. They made it fourteen the last sixteen, even when trailing by two runs and down to their last two outs. Aaron Judge with a game winning walk off three run homer a bottom of the night, the thrilling six five win over the Blue Jays at Stadium. John Carlos Stanton had hit a three run shot in the sixth. Then the Yankster now a Major League best twenty one and eighth.

They've got a twelve thirties start with the Blue Jays today. The Mets are National League best one and ten. They trailed in Washington Rally. They went for to two behind Carlos Carrasco. The Mets may needed five pitchers for their no hitter last month, and Angels rookie last night it had all by himself. And here's the next delivery. It's chapter short. This should do it. The throw the first no hitter. It's a no hitter. Thread divers in justice.

You haven't major league start. It's is a new hitter. That's the third chief in Angels history. He la Hey Toy called twelve nothing over Tampa Bay. The Angels out hit the Raise eighteen to nothing. Debt verses twenty two, youngest to throw a no hitter since two thousand six. Home Cooking in the NBA To Series, where the home teams won every game and the game five were blowouts. Phoenix bet Dallas by thirty Miami be Philadelphia by thirty five.

The winners go up three to four game fives. In the NHL Carolina B Foston home teams won every game there Toronto in the late Austin Matthews go rallied past Tampa Bay St. Louis three and the third to win in Minnesota in l a and overtime at Edmonton. The winning teams all up three to two. The Penguins lead the Rangers three one game five tonight at the Garden. Does the Ranger season end or can they at least force the game six? Back in pitch arter John stashually

were bloombirds are? John thinks sixty seven on Wall Street Time to take a look at stocks and some of the names moving in the pre market. Bloomberg Radio and TV Markets correspondent Crety Gupta is with us this morning taking a look at stocks on the move on earnings, creating, Yeah, it's been a pretty rough couple of months, but earnings do still matter, Nathan in. A great example of that is coin Based. This morning, CEO I n is your

taker down a whopping almost fifteen percent. It was actually down way more earlier in the in the pre market trading session. This is important to keep in mind because coin base actually warned that the total trading volume in the current quarter would be lower than in the first quarter. And this is important because they also missed their first quarter revenue estimate. So they're saying not only did they have a bad quarter, but they're also expecting this to

be a bad quarter as well. And now put this into context with what you're seeing in terms of Bitcoin, for example, and you are starting to see a lot of people say, well, we're not actually needed uh to uh, you're not actually needing a lot or seeing a lot of open interest excuse me in some of these cryptocurrencies, at least to the extent that we saw in one, and that's really leading to perhaps the collapse. It's a

similar dynamic we're seeing in commodity markets. In stock markets, the volatility is so intense, Nathan, that a lot of people are saying there's just no uh, there's just no way that they want to have that exposure and really create that those trades, and that's really hitting coin bases at bottom line. C O I n is your taker. The CEO also, by the way, say that there's no risk of bankruptcy amid the black Swan event, of course, referring to some of the stuff that's going on with

the stable coins over the last couple of days. Speaking of earnings, we should also talk about Occidental O x Y is your tiger. They actually beat earnings this morning. And it's really important to talk about oil companies because we know Nathan have come on over and over again onto the show and said oil is the new defensive stock, and it kind of is, and it looks like the earnings are coming in pretty strong as well. They did

beat their estimates. O x y s R taker up one. Yeah, it certainly seems that way given how commodity price is have gone. But on the complete other side of the coin, you can't call Peloton defensive, not by any stretch. No, you really can't. But you know it's ironic because there was an air about two years ago when we could call them a total defensive stock, back in pandemic days. Yeah, back in back in the day. Um, now you certainly can.

The Peloton is having a little bit of a rebounded, did drop to its lowest level since I p O ng um and yesterday. But now because of that extreme move you are seeing now bounds a little bit up too and a half percent. No real reason, they're really just becomes a matter of technicals. If you have an over sold stock, it will bounce back. The p t O N up about two and a half percent. And Nathan, let's spend this forward Disney earnings after the well d

I S is your ticker. They're actually up one point two percent in the pre market a lot. When it comes to a gauge there the text there they're tech player in terms of streaming. They're also a park and cruise lines. Um, they have both sides of the coin. Yeah,

they're right, broad based entertainment giant. Thanks as always Boom Regrade and TV Markets corresponding Creedy Gupta with us this morning, looking ahead to the open, futures are moving higher ahead the CPI data have SMP futures right now forty six points, TOW futures up to eight, and NASDAC futures higher by one eighty two points tenor Treasury yield two. You're listening

to Bloomberg day Break Bloomber eleven, three oh Weather. Sunshine, upper sixties today, mostly sunny with a high near seventy tomorrow, and we can see showers by Friday with a high still near seventy degrees. The current temperature in Central Park fifty five degrees. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quick Tape. He's a Bloomberg Business Flash and I'm Karen Moscow. And futures are on the rise.

This morning, we get to the first word breaking news. Dask 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 green right now at Down futures up nine points, Supes gained forty six well, Nastick futures are up by seven. The US ten year old at two point nine four percent, Gold is up fourteen. Oil is also climbing, and Bigcoin is hired by two point four percent.

Japan was a little changed overnight, while Up and markets are in the green this morning and back in the US on the economic Frinday thirty, the Consumer Price Index after the bellis night Coin based missed on revenue and trading volume, shares it on fourteen percent in the pre market, and Unity Software revenue forecast missedestimates, those shares plunging twenty two percent pre market. Regarding earnings today, Disney reports after the Bell and A deal lose, Philip Morris agrees to

buy Swedish Match for sixteen billion. Rapid Things up. Corning was cut to equate at Barkley's Carbon and cut to hold over at Stifold Live from the First Breaking News Desk on Bill Maloney, care all right, Bill, thank you, and to hear live breaking news of your Bloomberg type squawk on your terminal s q U A w K. That's a Bloomberg business faction. Now here's Michael Barrow with more on what's going on around the world. Michael Karen,

thank you very much. It was a split primary decision yesterday for former President Trump supported candidates in West Virginia. Representative Alex Mooney, endorsed by Trump, won over fellow Representative David McKinley for the state second congressional district. Republican voters in Nebraska picked Jim Pillen as their nominee for governor. He beat eight rivals, including Trump supported Charles Herbster, who was accused of groping multiple women. In baseball, the Yankees,

Red Sox, Orioles and Giants one. The Mets beat the Nationals four to the a split a doubleheader with the Tigers. Angels. Rookie Reid Detmer's pitched a no hitter. In the NHL Playoffs, the Bruins lost to the Hurricanes and are now behind in the series three games to two. Global News twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than twenty seven hundred journalists and analysts are more than a hundred twenty countries. I'm Michael Barr,

and this is Bloomberg. Cameron, all right, Michael, thank you. Sixty nine on Wall Street returned to news and science and Technology Now. But the Bloomberg and j I T STEM Report brought to you by New Jersey Institute of Technology, ranked a top fifty national public university by u S 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 It's making News and science, Technology, engineering, and math Researchers in Shanghai State, China faces a tsunami of coronavirus infections if the government abandons its long held COVID zero policy. They were and that could lead to one point six million deaths to study published in the journal Nature Medicine says that China's vaccination campaign would be insufficient to prevent an omicron wave

that would swamp hospitals. Disappointing earnings from the largest US cryptocurrency exchange coin Bases first quarter revenue missed analysts estimates. The company also warned that total trading volume in the current quarter will be lower than in the first competitive pressure and the crypto market are growing. Blockchain dot Com they consider going public as early as this year. And

it's the end of an era. Apple's iPod, a groundbreaking device that upended the music and electronics industries more than two decades ago, is no more. The company said it will discontinue the iPod touch the touchscreen model, or remain on sale until supplies run out. And as a Bloomberg and j I t Stem report naked as long as we still have our walkman's thank you, Karen, you're really from the Bloomberg Interactive Brokers studios or at six fifty

on Wall Street. I'm now to check what's going on in d C. Some of the top stories in our nation's capital include the House approving forty billion dollars in Ukraine aid, President Biden seeking to ease rising food inflation with a new program for farmers, and the Senate holding a vote to codify abortion rights that is likely to go down in defeat. Let's get more on all these stories, Bloomberg government reporter Emily Wilkins joins us. Now, Emily, let's

start with the Ukraine Aid. This past with overwhelming support in the House it did. Um. Not everyone voted for this aid because there were some concerns about how large it was, as well as other language on provisions dealing with refugees from Ukraine. But this didn't really get a lot of bipartisan support. This is the message that leaders were hoping to send that the US and law makers

are still really united on this issue. And Nathan, this is the four billion dollar package, absolutely huge compared to what we've seen before, and a real signal of both from the Biden administration that requested it that they expect this war to go on for some time, and by Congress or of showing that yes, they are willing to continue to support Ukraine, UM, even as this war continues

to stretch out. You also saw UH Ukrainian a ambassador meeting yesterday with senators over their lunch, talking with them a little bit about what they were using this funding for, what they needed to do, how was helping them in this war against Russia. And you had Senator Rob Portman read leave the lunch UH and say that he really felt like it was well explained as far as how Ukraine was spending that funding. So we're gonna see this UH.

This legislation head over to the Senate. We're looking for a vote what next week. What's the likelihood of this moving forward in the Senate. Well, definitely seems to have the support in the Senate. Said, of course, things usually do take a little bit longer, just because often you're not able to get everyone to consent to moving a spending package of this size quickly. So I think at this point people are thinking about moving that bill early

next week. Although there seems to be less of a question whether it will pass, there definitely seems to be the sixty votes here needed to get it through. Now. President Biden, at least in the last couple of days, particularly with the CPI data coming out this morning, has been focused on inflation, sort of positioning his policies against Republicans, and now he's coming out with this new program aimed

at farmers. Tell us more about that. Yeah, So Biden is going to be um actually heading to Illinois, uh and talking about ways that he's going to be helping farmers with food initiatives. The idea is that if you help out farmers, you might lower the cost of food. So it's different things. Uh, some of them is into involving insurance kind of giving coverage to lawmakers who grow

more than one crop. US investment in domestic fertilizer production is also going to be double to five hundred million, and usb A programs that use technology other tools to reduce the use of fertilizer are going to be extended to more farms. So lots of different components out there really trying to assist farmers here. How does this feed into what the President had to say yesterday about his inflation approach, to this idea that Republicans are pursuing what

he calls an ultra mega agenda. I mean, this is a replay and that's really hurt the Biden administration. That's high inflation numbers. It's something they have trying to address in a number of ways. Um, the numbers so far have remained high at this point, and they are expecting to really remain high at least into the summer, if

not longer. And Biden is sort of stuck in this position of trying to assure Americans that he is doing things on this particular particular area while also trying to empathize with the pain Americans are feeling, while also you know, having to take the front of it. He is the president, and that means that he is the one who is getting blamed for the inflation and the economics in the US. So I think this effort that we are seeing with farmers, um, I imagine to other efforts that we're going to be

seen with upcoming legislation on US manufacturing and development. Those are all things the administration is going to point to and try and say we are addressed in this issue. We do know it's important. Um. You know, we are working trying to lower prices for Americans using though to hear the President focusing on the economic challenges while on

Capitol Hill. We're waiting for this vote later today in the Senate on the other big politically fraught issue that's come to the four over the last week or so, abortion rights. Yeah, the vote on that is expected today. UM. It'll be a procedural vote because that's kind of how the Senate works. Got to get the process through before you actually vote on the bill. It's gonna need sixty votes and and Nathan, and it's all but guaranteed to fail.

We've seen a very similar vote, UM back in February that not only was unable to clear the sixty vote threshold. It didn't clear the fifty vote threshold because he had senators like Joe Manchin who voted against it. UM. And so even some senators Republicans who you know are more open to the idea of abortion rights, like Lisa Marikowski and Susan Collins, there are just they haven't voted for these measures on the recent past UM. And there's certainly

not ten Republicans at this point to join Democrats. UM. So this is very much a vote about messaging. It's very much a vote about getting people on the record before this November UM. It's a it's kind of a vote that signals just how important Democrats expect this issue to be UH as we get more and more into election season. UM, and just sort of showing that, you know that they're not able with their current majorities to

do anything. And only about thirty seconds left here. Speaking of UH election season, we had a couple of key Republican primaries last night. Yeah, I would say that to highlight one, we had a two of Republican incumbents in the House go a head to head. This is Alex Mooney and David McKinley in West Virginia. This was a big race because Trump head backed Mooney. He'd really use that endorsement, has a centerpiece of his campaign, and it was kind of seen as a test of how powerful

Trump's endorsement is. And the answer from last night is it's still pretty powerful. Uh. Mooney was emerged pretty early on in the evening as the clear winner of the race. I've gotten a ton of support. I mean this, McKinley had a number of items he was running on and it seems like Trump's endorsement has just overpowered them all

in terms of voters minds. And just to note, of course, this is a deep red district, so obviously things might played differently in some of the more swing districts, just like we saw in the West Virginia governor's race last year. All right, thanks as always, Bloomberg. Government reporter Emily Wilkins with us from Washington, v C. Right now, SMP futures are up forty five point, staff futures up tune to eighty two. NASTAC futures up a hundred eighty six points.

Ahead of the release of April CPI coming out in just about an hour and a half. Much more to come on Bloomberg Surveillance Straight Ahead for Karen Moscow. I'm Nathan Hagar, and this is Bloomberg