Bloomberg Daybreak: May 24, 2022 - Hour 2 (Radio)

is needed to stop the flow of migrants. I'm Michael Barre. More ahead, ib Scott Edinburg. The Yankees shopped their third scrape. That Mets win big outrest, I'll have that in more coming up in sports. That's all training Ahead on Bloomberg Daybreak on Bloomberg eleven three on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixty, San Francisco, Sirius x M one nineteen and around the world. Old on Bloomberg Radio dot Com and via the Bloomberg

Business App. And good Morning. I'm Kared Moscow Gim, John Tucker Bloomberg Day Break being brought to you by B N Y Melon Pershing's Inside Conference back in person June fifteenth through the seventeenth at the Gaylord Resort in Grapevine, Texas. Don't miss it. Register now at Insight dot B and y Melon dot com. And futures are lower this morning six o one on Wall Street. We check the markets every fifteen minutes throughout the trading day on Bloomberg. Right now,

SNP futures are down forty eight points down. Futures down two hundred sixty five. Nasday futures down two hundred and eleven. The ten year treasury up thirteen thirty seconds, the Yale two point eight zero percent, and they yield on the two year two point five seven percent. NIMEX Screwede oil is down a third or thirty nine cents at a hundred nine dollars ninety cents of barrel and Bitcoin this morning is little change at twenty nine thousand, three hundred dollars,

John Karen. The decline in futures follows yesterday's rally to start at the week, the down lead the gains advancing two and it looks like we still haven't hit up bottom. That's according to David Stubbs, the global head of Cross as a Thematic Strategy at JP Morgan Private Bank Bank. What the market has been fearing in the last couple of weeks is that the growth la outlook maybe weakening, and therefore earnings trends going forward may also start to weaken.

We'll see this this week. This riley can absolutely continue from here because of where however, so old markets worth, the data is is supportive, but that doesn't mean that we've met We've reached an important bottom in the markets now. JP Morgan's David Stubbs says he needs to see easing inflation and clarently about where interest rates will peak. That

he says, goods bottom to the stock market. Well John, Today's market direction is being influenced by disappointing earnings from Snap, and we get the details line from Bloomberg's Real Needy Young good morning, Ready to good morning Karen. When markets closed yesterday, Snap warned that it would miss second quarter profit and revenue forecasts and needs to slow hiring. CEO Evans b built sites the economic environment, and that sent shares tumbling around thirty, which appears to be holding in

pre market trading. If that loss holds, it would be Snap's biggest daily drop on record, making the company lose some eleven billion dollars in market value. Snaps dragging down other tech naumes In pre market trading, Twitter, Meta, Pinterest, and Alphabet are all lower and they may collectively see a one billion dollar wipeout. Live in New York, I'm gonna need a young Bloomberg day break needed things. On the flip side, shares of Zoom up almost six percent

in early trading. The company is signaling it can expand beyond its consumer friendly video software that made it a pandemic Darling Zoom projected sales and profit for the current quarter. The topp to estimates well. Turning to the economy now, John Kansas City Fed President Esther George expects the Central Bank to raise interest rates to two percent by August. After that, she says more tightening will be guided by

how fast inflation cools off. George has been known as a longtime let's see how kum Or recently moved to the center and monetary policy also a major focus in Europe. This morning, a day after Christine Lagard said higher interest rates are coming in July. The ECB presidents out down for her first interview with the world the economic form of Davos. She spoke with Bloomberg's Francine Lacroix. We are the turning point. We have all the components in place

for that. We are turning our back to negative interest rates. We are moving very likely into positive territory at the end of the third quarter, and then of course we will calibrate, we will stablish exactly by how much we want to do that. Christy Lagard also rejecting the idea that the euro Area is headed for recession. Stay tuned for more of our conversation with the ECB president coming up shortly, and we also invite you to join us this morning when we continue our global coverage from Davos.

Were speaking live with the Bank of American CEO Brian moynihan, and that conversation is coming up live at a levin am Wall Street time on both Bloomberg Radio and television. And turning to politics now, President Blyden wrapping up his trip to Asia. He spoke earlier today at the opening of the Leaders Someone in Tokyo and address the ongoing war in Ukraine. Were navigating in a dark hour in

our shared history. The Russian brutal and unprovoked war against Ukraine has triggered a humanitarian catastrophe and innocent civilians have killed in the streets and millions of refugees are internally displaced as well as exile. President Biden is urging Indo Pacific leaders, including India's Norrender emoti to make a greater effort to stop Vladimir Putin's aggression. Well John. The discussion of tariffs on China has also been a focal point

at President Biden's trip to Asia. Biden says he will review Trump era levies as consumer prices surge. They caught up with Trade Representative Catherine Tye, who also awaited on the matter with respect of the terrorists. Are approach, as with everything in this relationship, is to be strategic. We have to keep our eye on the ball in terms of how to effectively realign the U S China trade

and economic relationship. Trade Representative Catherine Tye would not say whether the administration would remove tarriffs on China or give a time frame for making a decision. And back here in the US today, marks another test of Donald Trump's influence on Republican voters this primary season. Bloomberg's Joe Matthew

tells us all eyes are on voters in Georgia. Trump's endorsement of former Senator David Purdue and the Republican gubernatorial primary has failed to make a serious threat to Governor Brian Kemp, who is currently leading Perdue by more than twenty percentage points. The incumbent being supported by establishment Republicans,

including former Vice President Mike Pence. The outcome of this race and another for Secretary of State is considered personal for Trump after Georgia's Republican leaders did not overturn the election. One bright spot for Trump has picked for Senate football legend herschel Walker, widely expected to win his primary. Joe Matthew, Bloomberg, Daybreak right, Joe, thank you, and futures are lower this morning.

S and P futures down forty eight points down, futures down two hundred sixty seven and Nasdaq futures down two hundred six. Ten year treasury up twelve thirty seconds. He on two point eight zero percent. Straight to hand your latest local headlines plus the check of sports and this is Bloomberg, alright, Thanks Karen six of us on Wall Street Sound to bring in Michael barn to find out what else is going on in New York. Hands around

the world, John, thank you very much, sir. Mayor Eric Adams says investigators have a fatal shooting on a New York subway train a few leads. Police say forty eight year old Daniel and Enriquez was killed without provocation. Adams said that the shooting was unimaginable and the worst nightmare. I have to make sure the city is safe and I want that obligation. I thank god I'm the mayor right now and not those that don't understand the urgency of this moment. Mayor Adams says there were no police

officers on the train car where a shooting occurred. He says the city will evaluate how it is deploying officers across the sprawling subway system. The NYPD says there's a second arrest and the deadly shooting of an eleven year old girl last week in the Bronx. What He's say and alleged accomplice, Eighteen year old Omar Bojang turned himself in. He is accused of driving the scooter that a fifteen year old was allegedly riding on when he opened fire.

The intended target is believed to have been another team who was not hit, but instead a bullet struck and killed eleven year old Kirata. Bronx District Attorney Darcel Clark spoke outside the girl's funeral, eleven year old, you know, can't even be outside. You know, she's getting a fingernails done and just you know, without knowing, bullets are flying five o'clock in the afternoon, incomprehensible. But this is what we've been dealing within the Bronx t A. NARSL. Clark.

Texas Governor Greg Abbott was at the US southern border, where he praised the continuation of an immigration policy known as Title forty two. The pandemic era policy allows officials to turn away migrants at the border. President Biden tried to have Title forty two lifted, but Governor Abbott praised the federal judge's ruling that it must remain in place

for now. The Biden administration seems to be letting in people, whether they're crossing through the port of entry or across the river and there's been so many people allowed him because of that. Governor Rabbit made his comments at the Eagle Pass border crossing yesterday. Washington State health officials in Seattle and King County say they are investigating a presumptive case of monkey pots. The patient recently came back from

a country with confirmed cases of the disease. Global News twenty four hours a day on air and on Bloomberg Quittake, powered by more than twenty seven hundred journalists and analysts more than one twenty countries. Him Michael Barr, and this is Bloomberg, John, Michael, thank you. It's coming up at sixteen of Wall Street. That is signed for the Bloomberg Sports Update. Here's Scott Suttenberg. Good morning, John. The Yankees fell to the Orioles six four, suffering their season high

third straight loss. Ramon Rias hit a tie breaking home run in the sixth inning off of Garrett Cole, and the O's overcame two Aaron Judge Homers to pull off the upset. For Coal, he allowed five runs on seven hits and eight innings, taking his first loss of the season. There's manager Aaron Boone. A weird night tonight where Garrett was really for the most part dominant, you know, except that strain there for five to seven minutes in that

one inning. Meanwhile, Yankees third baseman Josh Donaldson has been suspended one game by Major League Baseball after referring to White Sox shortstop Tim Anderson as Jackie, referencing Jackie Robinson. Donaldson is appealing the suspension, saying the reference stems from comments made by Anderson back in the interview when he compared himself to Robinson. Donaldson was placed on the COVID nineteen injury list yesterday prior to the game. The Mets

last night beat the Giants thirteen three. Pete Alonso hit a three run homer. Jeff McNeil and Mark Canna also went deep as the Mets one for the fifth time in six schemes. David Peterson picked up the win, allowing two runs in six innings. Tonight, the Rangers looked even up their series with the Hurricanes at two games. A piece puck drop from the garden at seven o'clock tennis

at the French Open. Several top players are out, including defending women's champ Barbara Kretchikova, the women's number to see losing to French teenager Diane Perry. Elsewhere, Naomi Osaka is out losing to Amanda Anissimova. Osaka says she's not a

sure show compete at Wimbledon. I'm Scott Zedinberg with Bloomberg Sports. John, Thanks on Scott and hand of the can showupen on the Wall Street futures right now in the rad AMFPY yesterday's rally down futures down two hundred thirty two points, pairing some of the earlier losses down right now about seven tenths of eight percent, and SMP futures forty four points slower. That's down one point one percent, and the tech heavy nasday futures right now two hundred and two

points lower, down one point seven percent. Among the most actively traded shares, the most actively traded in the pre markets of Snap. You're listening to Bloomberg tay Break and just Ahead. Recession for Europe forget it Francine laquis Her chat with Christine Legard Just Ahead. You're listening to Bloomberg tay Break, Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com. The Bloomberg Business Outland at Bloomberg Quicktap. He's a Bloomberg business flash and I'm

Karen Moscow and futures are lower this morning. SMP futures down forty three points down, features down to what six nasdag features down two hundred and a ten year treasury of eleven thirty seconds yield two point eight zero percent, yield on the two year two point five eight percent. It is six seventeen on Wall Street Time for our daily crypto update, brought to you by in Geracted Brokers.

It charges margin loan rates from one point three three percent to two point three three percent, rates subject to change. Learn more at ib k R dot com slash compare Now with the latest and crypto news. Here's Bloomberg's Ran need a young Ran, need a good morning, Good morning Karen. Right now, Bitcoin is trading just below thirty tho. It's been hovering around this level since the collapse of the Terra USD stable coin trigger to sell off in cryptocurrencies now.

Bitcoin has also been struggling in recent weeks as inflation remains elevated, central banks going to rate hiking mode, and regulators call for stricter oversight of cryptos following that Terry USD stable collapse. Now, by the way, data from the crypto industry tracker defy Lama show the fallout from the terror USD and its sister token Luna has triggered an eighty three billion dollars slump in the decentralized finance sector, and Bloomberg Index of Digital coins is down about thirty

percent this month so far. Meantime, crypto minor bit Nile is swinging between games and losses this morning, and it's after reporting first quarter results after the bell yesterday with revenue coming in higher than expected. That's your Bloomberg Crypto Update live in New York. I'm gonna need a young Bloomberg daybreak, Karen, I need to thank you. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael Darren, thank you,

President Joe Biden. As Warren fellow leaders of the informal Indo Pacific Security Coalition known as the CLAUDE, they are navigating through a dark hour in our shared history as Russia continues of brutal war on Ukraine. Doctors in Washington State are at the latest to announce the treating a patient with a suspected case of monkey box, ringing the number of states investigating cases to five NBA playoffs. The Celtics beat the Heat to even the series of two

games apiece. Baseball, Yankees lost to the Orioles Mets be the Giants, Nationals, and He's lost. Global News twenty four hours a day on here and on Bloomberg quick Take, powered by more than twenty seven hundred journalists analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg. John Sex twenty on Wall Street Line for the Bloomberg in Guranto Broker Studios. This is Bloomberg Daybreak. Christine Lagarance is the European Central Bank won't be rise to into

withdrawing monetary stimulus as officials act to contain inflation. The easyb president sat down for an interview with Bloomberg's Francy Laqua the World Economic Forum in Daubles. The conversation comes just the day after Lagrant said higher interest rates are coming in July. Let's hear what she had to say about that. Listen to the interview right now. I think it was it was good to set out the terms under which we are going to turn the corner of

negative interest rates. So was this more a message to the markets or is it more to a message to

the members of the Governing Council. It was a message to anybody who is interested in monetary policy, really, because we have been going through eight years of negative interest rates, special accommodation and we are clearly now at the turning point, and I thought it was appropriate at this point to explain what the journey is, what the direction of travel is, what the destination is in the relatively short term, and what is our aim point as well. If you're hiking,

you want to hike, why wait for July. We are not in in a panic mode and we've started that journey thinking about it very carefully back in December, with steps along the way, and we are not at a stage where there is every certainty that we will stop NETA said purchases very early in in July, deciding so in June, which will then clear the way for a

rate hikes that will come reasonably shortly after that. Is there a danger that because of the timetable, which of course you know, goes to the credibility of the d c D, which is we do que first to re unwind that and then going to interest rates, that you

miss a curve of inflation. I don't think so. I think that's you know, anybody who's very careful about analyzing really realizes that we are in a situation which is vastly different from that of the United States, and we are actually perfectly on time and not behind the curve. I think there is also great value in being steady predictable.

And we said all along in our forward guidance that we would stop quantitative easing in terms of net asset purchases because we will continue reinvesting as as we go, and that then we look at at the interest rate, which will be the main tool further on. And then how difficult is it to actually give so much forward guidance, I guess as a message also to markets when you don't really know how Russia reacts. We could have a gas embargo, we could have an oil embargo that would

really make the inflation ra issue out. You know, our mission is to um guarantee procure reinforced price stability defined as the two percent inflation. So we might be regarded as a bit stubborn in that respect, but that's the job we have to do. But of course we are data and we look at developments, we look at what it's going to influence inflation and inflation expectations. So we

look very carefully at wages. At the moment wage negotiations, we're looking very carefully at all inflation expectations, and we believe that it is time to act as indicated, under what circumstances do you think a fifty basis point hike would be warranted? Look what I said is we are at the turning point. We have all the components in place for that. We are turning our back to negative

interest rates. We are moving very likely into positive territory at the end of the third quarter, and then of course we will calibrate, we will stablish exactly by how much we want to do that. When you talk about, of course no longer negative rates, has a market quite understood that this could mean also positive rates. Well, you know, when you are out of negative, you can be at zero, you can be slightly above zero. This is something that we will determine on the basis of our projections, on

the basis of our forward guidance. I think that there are good reasons to believe that all three conditions will be satisfied in June and further on during the summer. Where are we in the third quarter? Could we be you know, above zero in terms of interest rates? Is that kind of listen lectures, is what I'm saying. I stick to. We will be out of negative interest rates most likely before the end of the third quarter. And that was easyb President Christie in the garden speaking with

Bloomberg's Francine Laquen from the World Economic Forum. Yet down those Switzerland. Catch more the interview online at Bloomberg dot com and ahead of the can show down on Wall Street. Futures are lower than our futures after yesterday's rally two hundred sixteen points lower, SMP futures down forty two and the nansday futures one ninety eight points lower. Seeing some strengthen the euro euro dollar one oh seven. Team. You're

listening to Bloomberg Daybreak. Bloomberg Weather from meteorologist Rob Carolin. Mostly cloudy, passing shower, sprinkledle possible this morning. The high temperature about seven degrees so I mostly cloudy. Blows in the mid fifties, broadcasting live from the Bloomberg Interactive Broker

Studio in New York. Bloomberg E living three on to Washington, d C, Bloomberg on to Boston, Bloomberg one O six one to San Francisco, Bloomberg nine sixteen to the country Sirius XM che A one nineteen and around the globe the Bloomberg Business app and Bloomberg Radio dot com. This is Bloomberg Daybreak. He has six thirty on Wall Street. Good morning, I'm John Tucker and I'm Karen Moscow. We are 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 i b KR Investment Advisors switched to Interactive Brokers for lowest cost global trading and turnkey custody solutions, no ticket charges and no conflicts of your interests at IBKR dot com slash r i A first Futures are declining following yesterday's rally to start the trading week. CEO of Goldman Sax International, Richard Nod says he expects swings and markets to continue as the FED attempts as off landing everybody wants to

talk about procession. Yes, So there's a lot of data coming out and if you just think what we've come through, you know, the last two years, the pandemic, in the massive interventions. How do we find a steady path forward. It's not surprising this volatility bringing supplied them on into balance again. This is going to be a tricky journey. Goldman Sax International CEO Richard Knowledge spoke at the Bloomberg's Francy Laca. Laca at the World Economic Forum in Davos.

Will speak live with Bank of America CEO Brian moynihan and Davos later this morning. Tune into Bloomberg Radio and Television at eleven am straight time to hear the full interview and Karen. Today's market ranction being influenced by disappointing earnings from Snap. Bloomberg's Nita Young joins us live with details. We need a good morning, Good morning John. When markets closed yesterday, Snap warned that it would miss second quarter

profit and revenue forecasts and needs to slow hiring. CEO Evan Spiegel cites the economic environment and that sent shares tumbling around thirty, which appears to be holding in pre market trading. If that loss holds, it would be Snap's biggest daily drop on record, making the company lose some eleven billion dollars in market value. Snaps dragging down other tech names in pre market trading, Twitter, Meta, Pinterest, and Alphabet all lower. Live in New York, I'm goned a

young Bloomberg day break. All right, Granita, thank you. Turning to monetary policy, Kansas City Fed President Esther George expects the Federal Reserve to raise interest rates to two per sent by August. She says tightening afterwards will be guided by how fast inflation cools off. And Overseas, Prinsident Biden wrapping up his trip to Asia, the press an urging fellow Indo Pacific leaders to make a greater effort to

stop Vladimir Putin's aggression in Ukraine. And back at home, John, there are key primary elections today in Georgia, Texas, Alabama, Minnesota, and Arkansas. And that's the five things you need to know to start your day. Brought to you by Interactive Brokers. S ANDP. Futures down forty one point this morning. Down, futures down two hundred seven NASDAG futures down one ninety two. That is off the lows of the morning and straight ahead your latest local headlines plus a check of sports.

And this is Bloomberg. Thanks Karen sixty three Wall Street. It's time to bring in Michael Barr and it tell us what else is going on in New York and around the world. Bag very much, John. Police continue to search for the gunmen in Sunday's fatal shooting on a New York subway train. Mayor Eric Adams says there were no police officers on the train car where the shooting occurred. He says the city will evaluate howid deploying officers across

the subway system. Police. A forty eight year old Daniel Enriquez of Brooklyn, was killed without provocation. The Biden administration continues to clean up the president's comments about Taiwan and China, Bloomberg said Baxter as the story Biden's response in the Affirmative to the question about whether the US would militarily step in of China invaded Taiwan is being interpreted in some circles as misspeak and in others a deliberate move

to try to see how China would react. Well. Defense Secretary Lloyd Austin says, in any case, nothing has changed. As the President said, our one one China policy has not changed, and Austin says the US is and always has been working towards stability in the region. In San Francisco, I'm at Baxter Bloomberg Radio, Texas Republican Governor Greg Abbott is praising a federal judges ruling late Friday that keeps the COVID era immigration ordered Title forty two in place

for now. Govern a rabbit tour at an area beneath the will Pass International border crossing in southwest Texas. He accused the Biden administration of not doing enough to stem the flow of illegal crossings at the border. We don't want communities like Eagle Pass to the overrun with large number of bigrounds who are milling around in the strees. Critics of Governor Abbots say Title forty two uses COVID

as an excuse the block refugees and asylum seekers. Doctors in Washington State are the latest to announce they're treating a patient with a suspected case of monkey pots, bringing the number of states investigating cases to five. Dr Jennifer mcquisten is with the CDC. People can become infected with monkey pots through close sustained skin to skin contact with someone who has an active rash, or through respiratory droplets in someone who has lesions in their mouths and they're

around another person for an extended period of time. Dr McQuiston says most patients with monkey pox will recover on their own within two to four weeks. Another shipment of baby formulas scheduled to a run than Washington tomorrow. The head of the U s d A says the formula shortage crisis could ease in the next thirty days. Global News twenty four hours a day on air and on Bloomberg Quickdache, powered by more than seven hundred journalists and

analysts more than twenty countries. Michael barn this is Bloomberg, John, Michael, thank you. He is coming down on six thirties six on Long Street Time down for the Bloomberg Sports update. Here's Scott Sidenberg. Thanks John Garrett Cole allowed five runs on seven hits in eight innings as the Yankees fell to the Orioles six four, suffering their season high third

straight loss. Aaron Judge homer twice in defeat. Before the game, Yankees third baseman Josh Donaldson was suspended one game by Major League Baseball after referring to White Sox shortstop Tim Anderson is Jackie, referencing Jackie Robinson. Donaldson is appealing the suspension, saying that the reference stems from comments made by Anderson back in a twenty nineteen interview where he compared himself to Jackie Robinson. Thoaldson was played on the COVID nineteen

injury list yesterday prior to the lost against the Orioles. Elsewhere, the Mets with a big night in the Bay Area, Cantas over for three tonight, and he launches one of the deep left center headed back to o the wall. It's out of hair. Cada makes it back to back home runs McNeil and now Cattle. It has fourth of

the year and it's nine to two. New York call on s n Y. Peter Alonso homered as well as the Mets route the Giants thirteen three hockey Tonight, the Rangers looked even up their series at two games apiece against the Hurricanes. The Oilers take on the Flames in Game five. They lead two games to one. Tennis at the French Open, Several top players are out, including defending women's champ Barbara Kretchikova, the women's number to see, losing

to French teenager Diane Perry. Elsewhere, Naomi Osaka is out, losing to Amanda Anissamova. Osaka says she's not a sure show compete at Wimbledon. I'm Scott Edinburg with Bloomberg Sports. John Scott, thanks very much. It is now sixty seven Wall Street time to take a look at stocks and some of the names that are moving in the premarket. For that, we're joined by Bloomberg Radio and TV Markets corresponding, Pretty Gupta. I had to get somebody to explain what

snap snapchat does. Um let me. I'm embarrassed that you don't know what snapchat does. It's okay, I was born, you know, a long time ago snap But even even for for the youth, I feel like Snapchat is fairly recent relatively speaking. You're casting yourself as a representative for the youth of America. I mean everyone else does. They might as well hop on board. Let's talk with a

snapchat do. Snapchat is a social media company. They are also known for their location services, it really becomes a story similar to that one you have of uh Facebook now known as meta Twitter, Pinchust. Essentially, all of their revenue comes from ad revenue, and a lot of what Snapchat has done is they've created their location services to kind of advertise events going um around kind of where you are. You can find your friends, you can send um well snaps of yourself to your friends. But the

point is basically becomes an ad revenue story. And this morning that story is not looking well. Snapchat shares s n a P down thirty percent in the pre market. This comes after they cut their revenue and profit forecast beneath the low end of its previous guidance. This is a big deal because they say they're concerned about the macroeconomic UH situation in the macro economic backdrop that we're at, and everyone says that stuff. But he has a point.

He has a point in mercury and venus. You know what he It sounds like a very vague thing to say, I'll give you that, but it's that he has a point in that if a lot of these social media companies are based on ad spend, and you have a sphere where the average consumer confidence is that decade lows uh, and they are concerned about recession. Well, what is the point of marketing? What is the point of advertising if

your end consumer isn't going to buy? It? Is now a bell weather for tech or I'm saying social media broad ly is because advertising is at the end of the day, very very subjective to the growth picture in a booming Contex section my chart of the day, folks, You guys should tune in later in radio because I will explain this. But basically it is a bell weather for ad spends um or for for economic growth broadly.

If you are spending more in advertising, it means you have more to spend and you're expecting the consumer to spend as well. Nevertheless, and it's not just Snapchat that is down this morning, it's Facebook as well, FB also now know as meta tacker still FB down, Twitter as well, t W t R down three and a half percent, and pinterest p I n S down twelve percent. John Wells the pleasure, Thank you bringing the doomsday wherever wherever I can. Okay, no, we appreciate it. Bloomberg Radio on

TV markets score pretty Goopta, thank you so much. And looking at the broader market. Right now, we are setting ourselves up for a lower open, at least for the cash open. Down futures right now down two nine points. That is a decline of seven tenths of a percent, SMP futures, the EMNI futures forty three points lower, one percent lower, and the nmesday futures right now down two hundred points, down one point seven. We do uh tenure yield right now to eight one, down three basis points.

This is Bloomberg Day Break. The Bloomberg weather from Rob Carolin. Mostly cloudy day, passion shower sprinkle possible this morning. The height temperature about seventy anti mostly quality lows in the mid fifties. Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg Quick Tape. This is a Bloomberg Business flash and I'm fair in Moscow. Futures are lower this morning. We get to the first word breaking news. Das for

today's morning call, and here's Bill Maloney. Bill, go morning, Good morning, Karen. That's right. US futures are under pressure right now, helped by the plunge in snap doubt futures currently down two twenty three point says if you dropped forty four, astic futures are lower by two seven. The US ten year old at two point eight one percent, Gold Oil and Big Cooin are all trading little change, and Shanghai felt two point four percent overnight, where up

markets are also in the red this morning. Back in the US on the economic front, at night, forty five U s May p M S and at ten o'clock New Home Sales and Richmond fed. After the LS night Zoom Sales forecast beat US mits, but Snap did cut its forecast shares it down thirty percent in the pre market. Regarding earnings this morning, look for AutoZone and best Buy to report in the pre market, and a deal news. Dex Com is said to be in talks to choir

device firm Insulate Wrapping things up. Eaton was cut to underweight over at Barclay's Live from the first to breaking news ascomb Doll Malone account. All right, Bill, thank you and your live breaking news over your Bloombery time, squawk on your terminal s U A w K. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world, Michael Karen, thank you very much. With mid term primaries well underway, voters had

to the polls in five states today and Georgia. Former President Trump's hold on the Republican Party will be tested in the governor's race, with Trump backing David Pudu, while former Vice President Mike Pence sides with the other man in the race, incumbent governor Brian Kemp. The United States and Britain are accusing Russia of spreading disinformation online and

manipulating public opinion about the war in Ukraine. The two countries vehemently rejecting Russia's claims that the West is aiming to control all information flows and to find what is true or untrue. In the NBA Playoffs, the Celtics beat the Heat one or two eighty two to even the series at two games apiece. In baseball, the Yankees lost to the Oriole six four, The Mets beat the Giants

thirteen three. The Nationals and A's lost. Global News twenty four hours a day on air and on Bloomberg quick Take, powered by more than seven hundred journalists and analysts, more than a hundred twenty countries. Michael bar this is Bloomberg Cameron. All right, thank you, Michael Barb. But a six forty

nine on Wall Street. We turned to news and science and technology now with the Bloomberg and j I T STEM Report, brought to you by New Jersey Institute of Technology, one of the nation's leading polytechnic universities and a top military friendly school. Learn more at n j I T DOT E d U slash Veterans now Here's les making news and science, technology, engineering, and math. FISER says three doses of its COVID nineteen vaccine offers strong protection for

children younger than five. Fiser plans to give the data to US regulators later this week. In a step toward letting the littlest kids get the shots, The Food and Drug Administration has begun evaluating data from rival Maderna, which hopes to begin offering two kids sized shots by summer. The head of the u n's World Food Program is telling billionaires it's time to step up as the global threat of food insecurity rises with Russia's war in Ukraine.

Ukraine and Russia together export a third of the world's wheat and barley and half of its sunflower oil, but Russia is a top supplier of fertilizer that has searched in price, and Walmart and partner Drone Up planned to expand their drone delivery hubs to thirty four locations in six states by year end. Walmart says deliveries will cost three dollars ninety cents and orders can weigh up to

ten pounds. They expanded network has the potential to reach four million US households and give Walmart the capacity to deliver one million packages by air in a year. But attaining those goals depends on changes to US rules that now require flights to remain within a drone operator's line of sight. And that's a Bloomberg and j a t Stem report. John, all right, thanks Karen. We are live from the Bloomberg in Jurand to Broker Studios where it

is now six fifty one on Wall Street. Time to check what's going on in d C. Some of the top stories in our nation's camp will include Georgia, Texas incumbents at risk in primaries to watch today, President Biden's lightest, the latest Taiwan gaff stokes tensions with Beijing, and the Ukraine latest. The President says Vladimir Putin is trying to erase Ukraine culture and also US consumers facing a summer of power bill pain as heat and gas surge. Just

who owns these issues? Let's take a deeper deef deeeper dive into some of these stories this morning with Joe Matthew with the host Boomberg's sound on what is it? Pleasure? Joe, thanks for being with us. All right, So we've got Georgia on our mind. Yes, apologize to right, Charles Um. What what's the what are the big races there? Well, we've got three states voting today. Georgia is one of

the Arkansas, Alabama the others here. Uh, the big one is Georgia, though, if only because it became the center of Donald Trump's effort to overturn the election. Right, the big race, as we were just hearing, the Republican primary for governor may not end well for Trump. You know, he has had some wins and some losses in the cycle so far. This one just could be impossible to win.

Governor Brian Kemp, very popular in Georgia, is leading former Senator David Purdue, who Trump hand picked for this to unseat Brian Kemp. He's leading Purdue by about thirty points. John. I mean, you just don't see a spread like that. It's a commanding lead and likely not possible for Purdue to overturn this. This, of course goes back to remember Brian Kemp would not help Donald Trump overturned the election, and that spills over to the race for secretary of state.

Can you imagine here we are on Bloomberg talking about a secretary of state race in Georgia. But it's that pivotal here because Trump is backing a congressman named Jody heis to basically step down to to kind of demote oneself to run for state office and try to beat Brad Raffinsburger. You might remember that name, John, because Donald Trump was caught on tape, remember calling him for help been finding a few thousand extra votes in Georgia. These

are conservative, popular incumbents. They have got the good numbers on the economy, on a number of issues here. Uh, And it's really it has not helped Donald Trump to go up against them here. Those both could be losses for the Trump brand. Both of those incumbents could keep their jobs tonight. Certainly the race for governor. We'll see what happens with the Secretary of State, but those are the two that will probably get the most national attention.

How much does this mirror divisions within the GOP and how much of the at least the governor's race is a Mike Pence story. It's a great question. This has turned into a bit of a proxy battle between Donald Trump and and if we can call them establishment Republicans. I'm kind of running out of terms here for the various fractures in these parties. But you're right, Mike Pence actually came out of nowhere to campaign in person for Brian Camp, leading many to wonder about what his greater

ambitions could be. But you've got basically the republic Can Party, the Republican Governors Association backing Brian Kemp, the incumbent. They don't want any part of this conversation with Donald Trump. There's endless fodder for late night hosts and comedians. A member of Congress, well you know where your love her? Maybe a hater Marjorie Taylor Green. What's going on in that run into serious opposition. We'll see if it runs

into a runoff. That's the question. Marjorie Taylor Green facing five Republicans, all basically there to try to pull her into a runoff. It's not likely any of them could be her outright. Uh. There is the candidate doing the best here, a healthcare executive named Jennifer Strahan who has received donations from all over the spectrum here including Senator Romney not a fan of Marjorie Taylor Green, and the Republican Jewish Coalition. So stay tuned on that one. That

one's a little bit different. Uh. And we have a couple of other incumbents across the spectrum. In Texas is one that we'll be watching. And as I mentioned, Alabama is going to have a good race. Arkansas brings Sarah Huckabee Sanders. You might remember Donald Trump's press secretary. She's expected to win the Republican primary for governor in Arkansas,

of course, the daughter of Mike Huckabee. Surprisingly, just because of all the controversy in the air right now, John, this one hasn't received as much of attention as it normally would. But that's gonna be a national story to watch too. I'm gonna pick your brain. We're gonna skip ahead to Uh. I was thinking whether I should actually include this in the rundown because it's not really a political story but consumers facing a summer of power bill surge. Yeah,

it's an inflation story. And uh, who owns all this as we look forward to the the mid term elections come to Ober, I think the answer is probably the Biden administration. Fair or not. This is just an extension of the energy price story that we've been talking about for months here, John. People think they plug that thing into the wall and electricity magically comes out and keeps

the environment safe. That electricity has to come from somewhere, though, when it typically comes from burning fossil fuels liquefied natural gas and coal. Well, guess what those are both really

expensive right now, as you know. And I don't think we have to tell our listeners on Bloomberg why at this point it's been one of the biggest stories in the world that that price inflation we're seeing an energy is going to come through, uh, through your socket in the wall, and my god, we're looking at great story

on the terminal today. Uh, John, that you point out here, we're gonna be seeing bills up as much as in parts of the country, particularly in the Western US, where drought is going to be an issue, where extreme heat will be an issue. This is gonna be walking right up to the mid term election cycle, and these are the stories that cause people to vote. All right, Chel always a pleasure Joe Matthew host a Bloomberg sound on the end. You could read more about these stories on

Bloomberg dot com or the Bloomberg term reminder. You can follow all the latest on Bloomberg already on Washington. That's Bloomberg at one oh five point seven FM HD two at ahead of the cash open on Wallsbreed futures lower, SMP futures right now down forty three points at the decline of one percent, the Dow futures two hundred, twenty two points lower, that's down seven tenths of a percent, but ANENTIC futures down two hundred, that is a one

point seven percent lower for that index right now. The Euro one oh seven O nine, and the tenure treasurer in the US two point eight one percent, that is down right now three basis points. And just ahead, we are live from the World Economic Forum in Davos, Switzerland with the Tom King at Lisa Bramwitz and Forkaren Moscow. I'm John Tucker. You've been listening to Bloomberg Daybreak