Bloomberg Daybreak: May 12, 2022 - Hour 2 (Radio)

Plus reaction for the US send its vote to block abortion rights. I'm Michael bar More Ahead, I'm down stage and sports. The Rangers survived. They beat the Penguins to force the Game six in Pittsburgh. The Mets lost another win for the Yankees. That's All's train ahead on Bloomberg Daybreak on Bloomberg eleven three on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius x M one nine team and

around the world. Old on Bloomberg Radio dot Com and via the Bloomberg Business app. And Good Thursday Morning. I'm Karen Moscow. I'm Nathan Hagar. Bloomberg Daybreak is brought to you by B and Y Melon's 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 manage risk at pershing dot com. Well US futures are extending yesterday sell off at six oh one on Wall Street, and we check the markets every fifteen minutes throughout the trading day. On Bloomberg. SNP futures down thirty points this morning, DAL futures down two hundred and Nasdaq futures are down one hundred thirty six. That's down one point one percent. Ten year Treasury of twenty thirty seconds yield two point one percent, and the yield on the

two years two point five six percent. Nathan Karen, it's inflation worries that have US stock starting this session at their lowest level since March of last year. The hotter than expected print we got from consumer prices yesterday's sparking years that the Federal Reserve may unleash further tightening and tip the economy into recession. Michael Darta is Chief Economists

and macro strategist at m CAM Partners. That's still a major problem for this bond market, a major problem for this federal reserve, and as we're seeing a major problem for the valuations that support the S and P five hundred. Michael Darta and m CAM Partner says the Fed missed the boat on inflation. The tech heavy NASDAC humbled more than three percent yesterday. It has now lost more than

a quarter of its value this year. Austin Graf, as a portfolio manager at Truemark Investments, you're seeing a continuation of kind of what we've seen throughout the entire year so far, where you're seeing some of the high flyers the last few years and the growth names training off the Speaking of of high flyers, Austin Graff at Truemark says, Apple is down about from its recent high. In fact, the iPhone makers now second to Saudi a Ramco as

the world's most valuable company. Well, Nathan, yesterday, sell office spreading overseas and you begin our global team coverage now with the Bloomberg's You and Parts in London. Good morning You, and good morning Karen and Nathan. Plenty of red on traders bloom Bow screens this morning in Europe, investors taking fright at that stubborn US inflation. The stocks is hundred down two point one. Mining stocks the worst performing sector, down more than four percent, but real estate and carmakers

also near the bottom of the table. All twenty industry groups lower this morning. As to the markets, the foots are here in London, one of the worst performing down two point three percent. Live in London. I'mun parts all right you and thanks. We saw the same selling pressure overnight in Asia. Let's continue our team coverage now. Bloomberg's Juliette Sally joins us from Singapore. Good morning, Juliet, Good morning, Nathan and Karen. The MSCI Asia Pacific Index fell to

June twenty twenty. Low's is new COVID cases in Shanghai damp and prospects for reopening. Investors also appearing to be unimpressed by Premier Leese comments urging officials to use fiscal and monetary policies to stabilize employment and the economy. Hong Kong shares came under pressure as the city and defened defend its currency for the first time since twenty In Singapore, Juliette Sale bloom Bag daybreak. All right, Juliette, thank you.

We're also seeing cryptocurrencies continue their sell off this morning, and we get the latest on that Live with Bloomberg's re need a Young in New York. Good morning, Renown, Good morning, Karen. The crypto market has lost more than two hundred billion dollars in wealth over the past twenty four hours. Bitcoins trading at its lowest level since twenty twenty. At one point this morning, it touched just over twenty five thousand. Right now, it's trading at close to twenty

eight thousand. It's been falling in conjunction with the regular market, but the collapse of the terra usd stable coin is triggering a flight from many of the large digital tokens, and backers of the coin are trying to raise about one point five billion dollars to shore it up. Stable Coins are key elements of the crypto markets. There were traders park funds as they move in and out of other tokens. The total total value of all stable coins

is beyond one hundred billion dollars. Live in New York. I'm renned a Young. Bloomberg Daybreak, All right, Rena. Thanks, Let's turn to corporate. He's on Wall Street now. We've been watching shares of Disney this morning. The down more than five percent in early trading after the company reported subscriber gains for its flagship streaming service that beat estimates, but it's also tempering its outlook for the year. We get the details from Bloomberg's Charlie Pellett. Disney said it

will trim spending on movies and TV shows. On the conference call, CEO Bob Jpeck said Disney is lowering its projection for overall film and TV spending by one billion dollars to thirty two billion this year. Disney did report that on an expected growth in its flagship Disney Plus screaming service, while saying half of Disney Plus subscribers are adults without kids in New York. Charlie Pellett Bloomberg day Break. All right, Charlie, thank you all. On the economic front today,

we'll get another key reading on inflation. The Producer Price Index comes out at eight thirty am Wall Street time, and we get a preview from bloomberg S Michael McKee. Inflation isn't going away soon, but it may ease a bit producer prices are forecast to have increased more slowly in April, following a stronger than expected gained the previous month. While food prices continued to accelerate, oil prices retreated in April.

Supply chain snarls could worsen amid China's COVID lockdowns, suggesting wholesale inflation will be slow to recede. Coming after a firm April CPI, the p p I is unlikely to add much to market thinking about inflation or the Fed's plans for raising rates. Michael McKee, Bloomberg Daybreak, Naren Mike Thanks. As the Fed fights inflation, it's adding another new member to its ranks. The Senates added a third nominee of

President Biden's to the FED Board. Lawmakers confirmed economist Philip Jefferson as FED governor yesterday Today, Senate Democrats expect to vote to confirm Jerome Powell to a second term as FED chair. And in the markets this morning, Nathan worsening the impact of the recent bonds sell off. Pimco saw clients pull more than fourteen billion dollars from its fawn's last quarter as investors fled fixed income securities amid rising interest rates well, stocks are what investors are fleeing from

this morning. Karen right now is in p futures are down twenty nine points down. Futures down eighty seven. NASDAC futures are lower by a hundred thirty one points. The tenure treasury is up twenty five thirty seconds now, the yield two point eight two and the yield on the two year almost two point five seven percent. Just had your latest local headlines into check of sports. This is Bloomberg. It's six o seven on Wall Street. Now, where's sixty

degrees in Central Park? On an accident on eastbound three. It's on the on ramp to the Lincoln Tunnel. 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. New Jersey Governor Phil Murphy says he's back in legislation to protect and expand abortion access in the state. Murphy says that includes a

requirement that insurers cover costs of the procedure. Abortion is healthcare, and healthcare decisions should be left up to the individual. Your body belongs to you. Governor Murphy made his comments after a Laite opinion indicated the U. S. Supreme Court will overturned the landmark Roe v. Wade decision. The High Court will meet today. The Democratic leadership in the U. S. Senate failed in its attempt to codify abortion rights into law.

Bloomberg's at Boxter reports the vote to move the bill to the floor needed sixty eyes, it got forty nine. Vice President Kamala Harris immediately made it a campaign issue, and let's be clear, at the majority of the American people believe in defending a woman's right, her choice to decide what happens to her own body and send a minority leader. Mitch McConnell, though says he doesn't understand the uproar.

Democrats are melting down because of Supreme Court may may uphold of Mississippi law that would limit abortion after fifteen weeks. The final Supreme Court opinion and ruling is due, most probably in June. In San Francisco, I'm at Baxter Bloomberg Gay Break Finished leaders have announced Finland must join NATO without delay given Russia's invasion in Ukraine. Neighboring Sweden is

expected to decide on joining NATO in coming days. New York City Mayor Eric Adams and the n y p D want the federal government to provoke the business license of a big gun manufacturer they blame for the increase of ghost guns in the city. Adam says the company Polymer eight, sells untraceable ready to assemble gun parts online. It comes as crime is on the rise in New York. Former New York Congressman Joe Crowley says the economic impact

of the pandemic is partly to blame. I think this is all related in many respects to what's happened in terms of coming out of this virus that you know, the code by TV impact that has had on the overall economy. Former Democratic Congressman Joe Crowley spoke on Bloomberg's Balance of Power with David weston South Korea. Says North Korea fire to ballistic missile off its eastern coast. The

missile was launched last night towards the sea. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than hundred journalists and analysts more than a hundred twenty countries, and Michael bar this is Bloomberg Naked. Thank you Michael six O nine on Wall Street time for the Bloomberg Sports Update with John Stanshall Dathan. The Rangers, had they lost last night, would have been playing golf today. Instead, they're traveling back to

Pittsburgh for Game six tomorrow. At the Guard, they trailed the Penguins to nothing late second period. They came alive the house at the right, Quart saw traps, Carter tru again, Trump back at Scars three two Rangers ESPN three Ranger goals in two minutes forty two seconds, but thirteen seconds after the Rangers took the lead, the Penguins tied it on Jake Densel's second goal the night, seventh of the series.

So Game five was tied. Walst ball the puck down comes the Heatler shoot starts well of title gives the Rangers the lead with a power play goal early at Bury at three empty at the end, the Rangers won five three, but can they went in Pittsburgh where they just lost seven four and seven to Will. The Penguins have Sydney Crosby. He left last night with an injury. Florida was down three nothing. He came back to be Washington.

Calgary beat Dallas. They're both up three two. NBA Milwaukee came from fourteen down on the fourth quarter to win. In Boston. Memphis beat Golden State by thirty nine. The Bucks and Warriors have the three too series leads at the stadium. Another win for the red Hot Yankees made it fifteen or last seventeen beat Toronto five to three.

Labor Tours driven all five. That's at a three nothing first inning lead in Washington Peter Alonso Homer, but the Nashals with five and the bottom of the first and three more in the second. No more scoring after that, and then that's one eight to three. Tyler McGill got only four outs. He gave up eight runs on eight hits. John Stash Thatward Bloomberg Sports, Nathan all Right, John thanks SMP futures are given up twenty six points right now.

DALN future is down a hundred sixty four. Nastack futures are lowered by a hundred twenty two points, leading to declines by one percent on the Nastack futures. The tenure treasury is now up twenty four thirty seconds yield two point eight to per cent more on the market. Sell off next will be making with Michael Howson of CMC Markets. This is Bloomberg. Bloomberg Day Break is brought to you by the Jewish Communal Fund j c F S Donor Advice Fund is the smart choice to manage your philanthropy,

especially in times of crisis. Make your giving impactful. Visit j c F n Y dot org, markets headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business at and at Bloomberg Quick Tape. This is a Bloomberg Business Flash and I'm Cameron Moscow Global stocks and you want to stock index futures are falling this morning as stubborn inflation in the world's biggest economy asked the case for more aggressive monetary timing by the FED.

If you check the markets every fifteen minutes throughout the trading day on Bloomberg right now, is in Key futures down twenty nine points to Dow futures down what every nastagg futures down on the decks in Germany's down two point four percent, ten year treasury up twenty five thirty seconds,

the yield at two point eight two percent. They yield on the two year two point five seven percent, Nimex screwed oil down one and a half percent, down a dollar fifty seven at a hundred four dollars, eighteen cents of Barrel Comic School down a quarter percent or four dollars ninety cents at eighteen eighty announced the euro one point oh four three six against the dollar, British round one point to two oh six, and they yet at one twenty eight point seven seven and bitcoins falling down

almost three and a half percent at twenty seven thousand, four hundred dollars. That's a Bloomberg business flashdown. Here's Muchael Barre with more on what's going on around the world. Muchael Karen, thank you very much. Ukraine's military says Russian forces are continuing air strikes on the Steel plan in Merry Yupol. It comes on day seventy eight of the ward. Finland's president and prime ministers say that vary in favor of applying for NATO membership. Neighboring Sweden is expected to

decide on joining NATO in the coming days. In the NHL playoffs, Rangers stay alive after beating the Penguin in Game five. The Capitols lost to the path there's the fall behind in that series three games to two NBA Playoffs, the Celtics lost to the Bucks and are now on the brink of elimination. The Warriors lost to the grizzly Golden State still leads that series three two. In baseball, Yankees one, Mets lost to the Nationals, Red Sox and

Orioles lost the Giants. And A's one Global News twenty four hours a day on air and on Bloomberg Quicktanch, powered by more than twenty seven hundred journalists analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg, Nathan, Okay, Michael, Thanks six nineteen now on Wall Street Life from the Bloomberg Intractive Broker Studios. This is Bloomberg Daybreak. Want to go now right to Michael Houston, chief market analyst at

CMC Markets. As we watched the sell off continuing equities, Michael, it seems like markets find further ways to move lower. How much further do you think this could run? Yeah? Lost last week. I think you asked me the question, um, are we in a bad market? And I saw on the fence a little bit. I said, you know, if we break four thousand, one hundred on the SMP and and around about twelve thousand, nine hundred on the Nasdack. Then yeah, absolutely, I think we would be, and I

think we do have significantly further to run. I think the market reaction to those breaks that I highlighted last week suggests that we can see three thousand, eight hundred on the SMP initially on the move to three and a half thousand, and eleven thousand, seven hundred on the Nasdack on the way to potentially ten and a half thousand over the course of the next few weeks and months. Now we're not too far from either of those levels now at the SMP closing at five yesterday, do you

see this market move as overdone? Is it the right reaction to what could come from the Federal Reserve? I think it is. I think if you look at it in the context of the growth outlook. We got GDP numbers out of the UK this morning. We saw a march in traction, which means the UK economy has only really expanded in January this year, with inflation repressure is expected to grow over the course of the rest of

the year. You've got a cost of living crisis. Certainly, those CPI numbers yesterday that we saw from the US suggests that the U. S consumer is starting to or is going to start feeling the pressure. Certainly, the consumer credit numbers out of the US over the past two

months worry me immensely. We've been We've seen massive growth there, and I would argue that the excess savings that the U. S. Consumer had over the course of the past twelve months has gone because why would you borrow on a credit card when rates are going up? Because your repayments are going to be inordinately expensive. So I think a big test next week will be US retail sales for April,

but also the numbers from Walmart and Target. What will they tell us about the U. S. Conshumor, well, what kind of test do you think we could see from producer prices later this morning? Are you looking for further signs of stickiness and inflation on the producer side? I am simply because I think we saw a bigger than expected rise in the numbers for March. They went up to eleven. They went up to eleven. Now we are

expecting a small moderation to ten point seven. But I don't think it's going to be as big a moderation as perhaps markets pricing in look at prices play components on the I s M. They actually spiked up in April, so why would we expect a decline or a significant decline? And producer prices and they generally tend to be fairly decent forward looking indicators. So I think there is a concern about stagflation going forward. And you can look at the US labor market and say, well, yes, there are

significant amount of vacancies. I'll be interested to see how quickly those eleven million vacancies disappear as the economy continues to slow. If we can do need to see financial conditions taking like they are right now. What does that mean for the FED? I think it makes it very

very difficult for them. I mean they can be at the moment they seem very very focused on getting inflation under control, and I don't think they've seen that bothered about causing a recession because potentially, I think they see the alternatives as far worse. Um So, the U s economy is in much better shapes, and say, for example, the economy here in the UK or Europe. But I think Ultimately they are going to have to force a

significant slowdown in order to get inflation under control. The bigger question is whether that's the price they're willing to pay. So in our last thirty seconds here, Michael, or do you expect that the US reaches a recession this year? Uh? Putting me on the spot. Timing is always very very difficult. I think it's very very difficult. I mean, obviously we've

seen a first quarter contraction. I'll be prebady surprised if we see a significant pickup in Q two, but who knows, we could well see one towards the end of the mightbe Q full beginning of Q one. Al right, well, as as always, Michael, good to get your thoughts. Thanks for this. Michael Houston is a Chief market analyst at

CMC Markets. As we watch equity markets fall, SMP futures right now down twenty eight points, STAFF futures down a hundred eighty five NASDAC futures down a hundred thirty two points, a drop of one point one percent. Even more bleeding in Europe, with the decks in Germany down to in a third percent, to cat in Paris down two point

seven percent. The tenure Treasury right now up twenty three thirty seconds, the yield just shy of two point three percent yield on the two year two point five eight, and the thirty year yield below three percent at two point nine six almost two point nine seven on the long term. Note just to head more on the market sell off and Disney's dim outlook. Five things you need

to notice start the day next. I'm Bloomberg day Break, Bloomberg eleven three oh weather, partly sunny, low seventies today, Scattered showers possible tomorrow with a high in year seventy, and we bring the showers back possibly on Saturday as well, with highest and the low seventies currently sixty in Central Park. Broadcasting live from the Bloomberg Interacted Broker Studio in New York.

Bloomberg Eloving Freo to Washington, d C, Bloomberg one to Boston, Bloomberg one O six one to San Francisco, Bloomberg Nong sixteen to the country, Sirius XM to the one nine teen and around the globe the Bloomberg Business app in Bloomberg Radio dot com. This is Bloomberg Daybreak in a six thirty on Wall Street Good morning. I'm Nathan Hagar and I'm kerin Moscow. We're just about three hours away from the open of US trading. Time to the five

things you need to notice start your day. Brought to you I I b KR Investment Advisers switched to Interactive Brokers for lowest cost global trading and turnkey custody solutions no ticket charges and no conflicts of your interests at ib k R dot com slash r I A first, Yesterday's hot inflation reading is sending markets downward. Stocks begin the session at their lowest level since March of one.

Former New York Fed Governor Bill Dudley says Fetchier J. Powell may have to tighten monetary policy more than he's planning to. I think he's four to five or higher. Um, you know I was three or four maybe six months ago. From four to five shocked me if I'm you know, five to six a few months from now. Former New York Fed Governor Bill Dudley said the Federal Reserve must forcefully state how it will hate its inflation target. We'll get another key reading on inflation this morning when the

Preucer Price Index is released. You were watching markets in Europe and Asia fall as well. Care in European stocks are poised for their fifth straight week of declines, and crypto assets also tumbling. Here, Nathan Bloomberg's or Nita Young joins US Live with more. Good morning, Renida, Good morning Karen. The crypto market has lost more than two hundred billion dollars in wealth over the past twenty four hours. Bitcoins trading at its lowest level since twenty At one point

this morning, it touched just over twenty five thousand. Now it's close to twenty eight thousand. It's falling in conjunction with the regular market, but the collapse of the terror U s D stable coin is triggering a flight from many of the large digital tokens. Backers of the coin are trying to raise about one point five billion dollars to shore up the token. And stable coins are key elements of the crypto market. It's where traders park funds as they move in and out of other tokens. Live

in New York. I'm Nida Young Bloomberg. Daybreak, Okay, Renita. Thanks training to corporate earnings, Disney shares are down about five percent in early trading after a temperate its outlook. Gerber Kawasanki, CEO Ross Gerber, thanks strong subscriber growth in

the streaming service reflects overall positive signs for Disney. Disney had very good results for their streaming businesses and and much better than we expected because obviously we thought they had a tough comparison to the COVID era and you know, quite frankly, all their businesses are starting to improve now. Gerbert Kawasaki, CEO Ros Gerber spoke with Emily Chang on Bloomberg Technology, which Hair's weekdays at five pm Eastern on

Bloomberg Television. And in Washington, Nathan the SEC is reportedly probing whether Elon Musk broke rules when he just flows a large steak and Twitter Musk is also facing FDC inquiries over taking Twitter private. 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

the check of sports. And this is Bloomberg. Thanks Karen six thirty three on Wall Street, sixty one degrees in Central Park, still watching the accident eastbound three on the off ramp to UH Route Corner, A five on ramp actually we'll get the details in traffic. Michael Bars here with Morrow. What's going on in New York and around the world. Good morning, Michael, Good morning Nathan. New Jersey Governor Phil Murphy is taking additional steps to protect abortion rights.

The Democratic governor wants his state to make Midweis advanced practice, nurses and physician assistants cleared to provide abortions. We remained steadfast in our commitment to ensuring that all New Jerseyans have access to reproductive healthcare, including abortion, and we stand with women across the nation who are facing inevitable hardships on the horizon. Governor Murphy also wants in state insurance

companies to cover abortions. Senate Republicans, along with the Democratic Senator Joe Manin, have blocked a build a turn abortion rights in the federal law. This as Supreme Court justices are set to meet today for the first time since a draft opinion that would overturn Roe v. Wade was leaked to the media. Finish leaders have announced Finland must

join NATO without delay given Russia's invasion in Ukraine. Finland's Foreign Minister Panca Havisto addressed the EU Committee on foreign affairs and Brussels this morning and its must be held accountable for the consequencies and effects of the illegal war of a Christian. Foreign minister of Visto says a few

months have changed everything. Mandatory evacuations are underway in parts of Orange County, southern California, as a wind driven wildfire moves through the so called Coastal Fire is destroyed nearly two dozen homes. South Korea says North Korea fired a ballistic missile last night towards the sea of its east coast. Meanwhile, in a rare admission, North Korea imposed a nationwide lockdown today to control its first acknowledged COVID nineteen outbreak. The

country has a poor healthcare system. In its twenty six million people are believed to be mostly unvaccinated. Pro tip if you're going to see Broadway star Patty Lapone, where you're mask in the theater. The company's star called out an uncovered audience member during a Q and A panel at New York's American Theater. Wing Lapone then used an expletive to tell the offender what they could do if they didn't follow the rule. Dear Lapone, who is seventy three.

She tested positive for COVID in late February. Remember that, Yeah, Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than journalists analysts, more than a hundred twenty countries. Michael Barr, this is Bloomberg. Yeah, I know, Michael. That was about all that you could play from that clip on the radio. So thank you

for that. Alright, six thirty six on Wall Street, time to check Bloomberg Sports that John Stesshops and the Rangers facing elimination, trailing the Penguins three games to one, and

trail in Game five of the Garden to nothing. But after no goals in thirty five minutes, three goals in two minutes and forty two seconds Adam Fox, Alexis La Frontier Jacob Truba, then third period of range of power play in the first playoff goal for Philiphito Rangers with an empty net at the end, they beat the Penguins five to three, and they still trailed the series three to two. The Ranger concern is whether they can now

win in Pittsburgh in six tomorrow. The Penguins concern is an injury suffered the last night to Sydney Crosby Florida rally to be Washington. Calgary met Dallas NBA. Memphis at one point led Golden State by fifty five. The Grizzlies won by thirty nine to stay alive. Forty points for Janie went to the Kumpo. Milwaukee rallied late to win. In Boston, the Celtics took out the nets in round one. That's GM. Shawn Marks met the media in Brooklyn to

talk about how to get better. We have prided ourselves on the past with finding players with a chip on his shoulder, with the resilience, was suthing to prof um. We're gonna have to go back to that. We're gonna have to go back to looking a little bit more development, looking more at finding the right characteristics of the player that fits here, and when after that locking up Kyrie Irving with a new long term deal, Mark said he's

not committing to that. In d C, National's Got to Tyler McGill beat the Mets eight to three, with all the scoring coming in the first two winnings. McGill got only four outs, gave up eight runs eight hits. The series ends this afternoon and the Yankees will visit the

White Sox tonight. They just beat Toronto five the three labor Torres Drive In all five Yanks had net one fifteen of their last seven team John Stashwer, Bloomberg Sports Nathan all Right, John six thirty seven on Wall Street Time Now to take a look at stock, some of the names moving in the pre market. Bloomberg Radio and TV Markets correspondent Created Gupta looking for any hints of green this morning. I imagine it is a tough job on that front this morning, Crety. But I know you're

keeping an eye on earnings as well. Yeah, well it's been a tough job for the past couple of months as well. We've got some of these downside stories because it's not just about selling out of these positions. Some of them are based on fundamentals, which to your point, Nathan, brings me to earnings. Let's start off with Disney here. That's gotta be the big story overnight. D I S is your taker down about five percent? Now they did

beat subscriber estimates. I don't know if you're a Disney Plus subscriber, Nathan, So you're one of the one thirty seven point seven million that I feel so special. Now, yeah, it's it's a it's a good spot to be in. I am as well. By the way, the estimate there is one hundred and thirty four point four million, so they did come out with some pretty big numbers. Here's the downside though, they warned about the rest of the year.

They're trimming someone that's spending on movies and TV shows, so for fans like you and myself, it means perhaps a little less content. But they did say their theme park business was strong. And when you're talking about what kind of parts of their business, that makes about the revenue come from the media, from the streaming business, um, but obviously their media and that includes you know when you go to a Disney store and buy a Disney hat or whatever that maybe it includes all of that

their content, their Disney channels, etcetera. The other comes from theme parks, from cruise lines. Remember that was the part that was shut down during the COVID pandemic that really amplified the switch to streaming. So but they said the both sides were actually very strong. It's simply the issue of what's going to happen in the rest of the year. The growth won't be as strong as it has been

in the past two quarters. Executive on the call, also saying that the company plans to introduce Disney Plus to fifty three new markets that include South Africa as soon as next week and then will perhaps offset some of the disruptions are seeing in the likes of Poland and Ukraine of course up from the war. They're Maathon, And just for more full disclosure here, I'm also an iPhone owner and Apple shares aren't doing so high this morning either.

Well did you see that story about how they're retiring the iPod touch over that one? Yeah, I was in the fifth grade and I was the only one who had it with my my my pride and joy um. But to your point, Apple is also I know, I know, my dad just did this like a show off. He's a good A A p L is your taker. It is down one pot this morning, and remember this was them on course to open more than twenty percent below their January peak. So Apple shares hitting a bear market.

The other one you want to talk about here is Beyond Meat also taking quite a hit this morning. B y n d R Taker down twenty five. It dropped below its I P O price This is huge because of course they did report earnings. They weren't that great. Animals slashing their targets on the plant based food company across the board, Nathan, So even on the tech side, the consumer staple side, arguably, beyond meat is a consumer staple.

A lot of red on the screen wherever you look. Yeah, a little bit of both of her, beyond meat for sure. Thanks Creedy as always, Bloomberg Grady on TV. Markets correspondent Creedy Gupta with us as we continue to watch the cell off SMP futures down twenty four points down down, futures down a hundred fifty six and NANSDAC future is lower by a hundred twenty four points. Tenure treasury up twenty two thirty seconds. The yield there two point eight three percent, and the yield on the two year two

point five nine. On the nose, this is Bloomberg Bloomberg eleven three oh weather, partly sunny, low seventies today, scattered showers possible tomorrow with a high near seventy, and we've got another chance of shower Saturday with highs and the low seventies sixty Right now in Central Park markets headlines and breaking new ones twenty four hours a day at Bloomberg dot com, the Bloomberg Business at Land. At Bloomberg Quick Tape, He's a Bloomberg Business Flash and I'm Karen Moscow.

This update brought to you by d n 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 manage risk at Pershing dot Com. Future is lower this morning because of the first word breaking news desk for today's morning call. And here's fail maloney build. Good morning, Hey, good morning, Karen. That's right.

US features are in the red right now at deat features down a hundred and seventy eight point says if he's dropped twenty eight asday. Features are lower by one the US ten yeld at two point eight three percent, Gold is down three Oil is also in the red, and bitcoin is down by two point two percent. It fell below twenty five thousand, five hundred at one point. Japan dropped one point eight percent overnight, while Europan markets are also under pressure, led by two percent losses in

the UK, France and Germany. Back in the US on the economic Fronday thirty initial jobs claims and April p p I. After develous night, Disney warrant subscriber growth in the second half may miss expectations and regarding earnings. This morning, cyber arks software boosted fistally your revenue forecast rapid Things up Planes All American was raised to outperform at kred, Sweez beyond Meat was cut to equate to Barkley's, and fort and GM were cut as well. Spargo sees ev

costs rising massively. Live from the first breaking news deskm Bill Malona can great gil. Thank you to hear live breaking news of your bloombergy type squawk on your terminal scu A w u K, that's a Bloomberg business flash. Now here's Michael bar with more on what's going on around the world, matal, Thank you very much. The U. S. Supreme Court will gather today for the first time since the leak of a majority draft opinion. That's just the

court will overturn Roe v. Wade. Yesterday, the U. S. Senate failed to pass a measure to enshrine abortion rights in federal law. Ukraine's military says Russian forces unleashed air strikes on the last pocket of Ukrainian resistance in the besieged city of Mariouple, South Korea says North Korea fire a ballistic missile last night off its eastern coast. In the NHL Playoffs, the Rangers stay alive after beating the Penguins.

The Capital's lost to the Panthers. In the NBA Playoffs, the Celtics lost to the Bucks Center now on the brink of al nation. The Warriors lost to the Grizzlies. Baseball, the Yankees one, the Mets loss to the Nationals, the Red Sox and Orioles lost the Giants, and as one global news twenty four hours a day on air and on Bloomberg Quick Take, powered by more than journalists analysts more than a hundred twenty countries. I'm Michael Barr. This

is Bloomberg. The following commentary is from Bloomberg Opinion. I'm Jonathan Bernstein, a columnist for Bloomberg Opinion. In the continuing story of Donald Trump's perceived influence within the Republican Party, this week delivered a mixed verdict. His endorsed candidate won a high profile House primary in West Virginia, but the Trump back candidate for governor in Nebraska fell short. What matters for Trump's influence within the party is his perceived cloud.

How well that reflects Trump's actual suave of voters is harder to assess. In multi candidate races in Ohio last week. In Nebraska this week, Trump's candidates got about a third of the primary vote. If Trump's backing is worth at best thirty three percent of the Republican vote, that's really not that impressive. It's also true that a lot of candidates Trump didn't indors, even something we're running against, candidates

E supports sound a lot like the former president. But whether that's a question of Trump's influence or not is complicated. It's possible that what's really going on here is Republican aligned media dominating Republican primaries, and that's a very big story in US politics right now. I'm Jonathan Bernstein. For more opinion, please go to Bloomberg dot com, Slash Opinion or O P I N go on the Bloomberg terminal.

This 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 fifty on Wall Street. Returned to News and Science and Technology now with the Bloomberg and j I. T. Stammer Report brought to U buy New Jersey Institute of Technology ranked a 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 DU now Here's its Making News and Science, Technology, Engineering and Math. North Korea has imposed in nationwide to lockdown to control its first acknowledged COVID outbreak, after holding for more than two years to a widely doubted claim of a perfect record keeping out the virus. A failure to slow infections could have serious consequences because the country has a poor healthcare system and its twenty six million

people are believed to be mostly unvaccinated. Saudi Aramco has overtaken Apple as the world's most valuable company on searching oil prices and ongoing weakness and tex stalks. Earlier this year, Apple boasted a market value of three trillion dollars, but

has since fallen. Nearly and another honor for Frank will Check the Nobel Prize winning theoretical physicist renowned for his boundary pushing investigations into the fundamental laws of nature, has been given this year's prestigious Templeton Prize as a word of to individuals whose life's work embodies a fusion of

science and spirituality. Established in nineteen seventy two by the late philanthropist Sir John Templeton, the prize is one of the world's most lucrative individual awards currently and more than one point three million dollars and as a Bloomberg n j I T STEM report. Nathan Okay, Karen, Thanks. We're live from the Bloomberg Interactive Broker Studios where it's six

fifty two on Wall Street. Now it's time to check what's going on in d C. Who are Some of the top stories include the abortion rights bill getting blocked in the Senate, President Biden warning Democrats of voter anger over inflation, and senators warning of the tech threat from China as a competition bill awaits also making news. Just this morning, President Biden marking a million lives lost to

COVID nineteen. Bloomberg Government Congressional reporter Jack Fitzpatrick is here with us now from more in all these stories, Jack, we are likely to reach that milestone sometime today. The official numbers are just shy of a million right now. But we did get a statement from the President this morning. Yes, we did get a statement from the President acknowledging that, and the plan is to have the flags at half massed today in order to uh knowledge the milestone that

is expected today. We may also hear more because the President is supposed to participate in this international COVID Virtual Summit today. Obviously the us IS milestone is not the only thing on the docket, but after about fifteen million deaths internationally, uh, I wonder if the President might raise that in his comments to kick off that summit. Uh as he also, of course pushes for a bill from

Congress for COVID resources. Yeah, it is very interesting for this milestone to come just now when the COVID AID that had been part of the Ukraine package was stripped out. So where do things stand now with ongoing COVID relief. It's very stalled, uh, And especially it'll be interesting to see how the President sort of acknowledges the lack of progress on that in an international forum in which he's taking part in today, given that there was a bipartis

an agreement initially on a domestic package. The president asked had asked for twenty two and a half billion dollars overall, there is an agreement to give him ten billion on the domestic needs. Then the Title forty two immigration debate got that locked up. Uh, And now we're hearing from lawmakers. You know, we eventually will need to do uh, the the funding for global vaccination, global therapeutics, that kind of thing.

But that immigration debate that tripped things up, and the decision to not include that in the Ukraine Aid bill really stalled things. Uh. So we don't exactly have a schedule going forward other than that talks are are ongoing on a COVID bill. Uh. And it's very difficult without an agreement on the immigration side of that policy that allowed under pandemic authorities allowed officials to expel people from

the border. More quickly, let's turn to the abortion debate. Now, we had that testout in the Senate yesterday on starting debate on codifying abortion rights, but it didn't even get every Democrat on board. Right, Joe Mansion did not side with them on that, and I think test vote is the right word to use for this. It was very much a vote with an eye toward November. Um, they really could have gotten more support if it were a narrower bill. Hearing from uh Senator Mansion, Senator Susan Collins,

Lisa Murkowski. They could get a simple majority, very likely on something narrowly tailored to codify the Roe v. Wade right to have an abortion. But there are some some provisions in this bill that go a bit further limiting what states can do to to place limits on that right. Uh, so Mansion is against it. They didn't get Republicans support. It's something Democrats put up essentially as a show vote

to put Republicans on the record. And of course, even if they could get a few more votes on something narrowly tailored, that wouldn't get them to sixty notes. So really this has become a political issue with the mid terms in mind. Yeah, it is gonna be interesting to see if this does resonate into November. But if you hear some of the president's latest comments, Jack, it sounds like he's really focused on the potential political Achilles heal

of inflation. Yes, he has called that his top domestic priority. He has really responded to the negative feedback on on the just what an issue that is, and he he spoke uh yesterday at a d n C event saying it's it's a very tough issue heading toward November. He's essentially warning Democrats that is a major weight on them. He's tried to, on one hand, point to the FED

and say this is the federal reserves job. On the other hand, he's pointed to some of the legislative outlook pushing for some tax increases on the wealthy under the Build Back Better plan that I guess will be renamed at some point that is also still stalled. But really ultimate Lee, he clearly has come to the recognition that this is a very difficult issue for Democrats in the midterms. That's not going away. Bloomberg Government Congressional reporter Jack Fitzpatrick

with us this morning. Read more about all these stories at Bloomberg dot com or on the Bloomberg terminal, and listen to Bloomberg Radio in Washington at Bloomberg and one oh five point seven FM HD two. The prospect of stickier inflation and potential further FED tightening is definitely what's

on markets minds. This morning, we got SNP futures down down sixteen points, DAL futures down ninety six NASTAC futures lower by a hundred two points, the tenure Treasury up twenty thirty seconds, the yield two point eight four percent as we await the latest read on inflation in the producer Price Index. Much more to come on Bloomberg Surveillance Next for Karen Moscow. I'm Nathan Hagar. This is Bloomberg