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

Eyes aren Ohio for today's important GOP Senate primary race. I'm Michael Barr. More ahead, I'm John stash Award Sports making ten straight win for the Yankees, the Mets lost. The Rangers begin their playoff series with Pittsburgh tonight. That's all straining 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 nineteen and around the world on Bloomberg

Radio dot Com and via The Bloomberg Business. Good Morning, I'm Nathan Hager, and I'm Karen Moscow and US stock index futures are little change 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 Guess and P Futures again little change. The decks in Germany is up six ten sive Upper sent the ten year treasury up one thirty second ye two point nine seven percent, in the yield of the two year two point seven six percent, and nim X screwed oil is down one point to percent. Nathan Karen, we'll have more on markets in a minute. First, though, protesters gathered outside the Supreme Court overnight in response to a leaked draft opinion published in Politico. It suggests the High Court

is preparing to overturn Roe v. Wade. Amy Morris begins our team coverage from our Bloomberg ninety nine one newsroom in Washington. Barricades went up as demonstrators came out to protest the opinion, and then i'd eight page draft. Justice Samuel Alito writes Roe was egregiously wrong from the start. It also references Planned Parenthood v. Casey. Justice Alito writes, quote, we hold that Roe and Casey must be overruled. This woman says she joined the demonstrations when she heard the

High Court may plan to overturn Roe v. Wade. You know, it really just feels like every all the work we put into was just torn up and thrown in the garbage. And it's honestly ridiculous to me because of how far we've come forrit to just be set back in the time.

Senate Majority Leader Chuck Schumer and how Speaker Nancy Pelosi issued a joint statement referencing justices like Brett Kavanaugh and Neil Gorst who have said that Roe is settled law, writing, the conservative justices quote, have lied to the U. S. Senate and ripped up the constitution. In Washington, I'm Amy Morris,

Bloomberg Daybreak. All right, Amy, thank you. Al Abortion rights is now an issue that could reshape the mid term elections, and Bloomberg Law reporter Jun Gruns continues our team coverage in New York. It would become a huge issue for

the mid term. People say that it would for perhaps invigorate the Democratic base to get out there, because this is really one of the social issues of our time, and you know, women fought for so long to get the right to an abortion, and now, in pretty short measure in the history of our rights, it's being overturned. Bloomberg's durn Grosso says the leaking of the Supreme Court draft decision is perhaps more surprising than the apparent ruling.

And we'll have more details and analysis carrying on that apparent Supreme Court decision coming up shortly. First, we want to get you the latest on the war in Eastern Europe. Boris Johnson weighs in on the conflict. Today, the British Prime Minister will evoke his own country's wartime history in a virtual address to Ukraine's parliament. Let's get the latest from Bloomberg's You and Potts in London. Good morning, Good morning,

Nathan and Karen. Brother Johnson is addressing Ukraine's parliament today, becoming the first world leader to do so. He's expected to say that the bravery demonstrated by Ukrainian fighters means the war will come to be known as the country's finest our, echoing the words of British leader Winston Churchill. In addition, the UK has announced the new package of some three hundred and seventy five million dollars in military eight for Ukraine. In London, Immu and pots Big Daybreak,

y do and thank you well in Ukraine. Today, more civilian evacuations are expected from Maria, pol and other cities in Russian hands as the conflict drags on. Former CIA director David Petrea says it's slowly grinding Russia down. The Russians are running out of troops and material. They cannot replace what has been lost, at least not in the short term. It's possible that Flatter and Putin on nine May during the World War two Victory Day celebration in

Moscow could announce general mobilization or something like that. Retired General David Petrayus is now chairman of the KKR Global Institute. He spoke with David Weston on Bloomberg's Balance of Power. Catch the show weekdays at noon Eastern on Bloomberg Radio and television many time. Karen's City Group is still seeking

potential buyer sports operations in Russia. We spoke with CEO Jane Fraser about the effort we're selling our consumer and our commercial banking franchise on ground there and we're in active dialogue around that um and then what we've also been doing is focusing on helping the multinationals on the ground because a lot of our client base of the fortune and five hundred um their names that we all know, and some of many of those are looking at exiting.

You can't exit if you don't have your bank on the ground there. City Group CEO Jane Fraser made the comments in an interview with Bloomberg at the Milk and Institute Global Conference in California. Let's turn to the Fed now, Nathan, we're central bankers begin their two day policy meeting today. They're widely expected to raise rates by fifty basis points at tomorrow's decision, and we get the very latest life with Bloomberg's John Tucker, John and Karrently. It would be

the biggest US rate hikes since two thousand. Bloomberg Economics says what happens after that is highly uncertain, and Citadel founder Ken Griffin says FED cheer j pal will actually be able to ease off monetary tightening if inflation drops quickly, if the inflation is transitory, If we are heading towards a four percent rate by the end of the year, here's a lot more room to maneuver rates in Ken Griffin spoke to Bloomberg at the Milk and Global Conference

in Beverly Hills. He added, if inflation doesn't break soon, the federill then have to hit the brakes pretty hard. At that will put us into recession. Live in New York on John Tucker Bloomberg Daybreak, I think John, let's turn to Amazon now and a labor victory in the company's favor in New York. Bloomberg's Rinia Young joins us live at that. Good Morning, Nina, Good morning, Nathan. Workers at a Staten Island Amazon facility voted not to join

an upstart union. This comes just weeks after the group won a resounding victory had a warehouse across the street. The most recent election at a sorting center was not even close. The Amazon labor union got just three and eight yes votes to six eighteen knows. It's welcome news for Amazon, which reported online sales slowed and acknowledged it has too many workers. Live in New York. I'm Nita Young,

Bloomberg Daybreak. Al Right, Nita, thank you, and burg day Break is brought to you by b n 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. Straight Ahead, your latest local headlines and a check of sports. This is Bloomberg six o seven on Wall Street, fifty two degrees in Central Park. Still dealing with an accident

on the northbound FDR Drive at seventy nights. Details coming up in traffic. First Michael bar with more on what's going on in New York and around the world. Good morning, Michael, Good morning Nathan. The spread of the ovid O macron variant has pushed up infection rates in New York City. It has now moved into the medium risk alert level and that means masking in public indoor areas is recommended.

New York City Health Commissioner Dr Ashwin Vassan on hospitalizations, we see a slight increase on that occupancy were relatively stable. Both of those would have to jump up to a higher a significantly higher level for us to move into a higher risk category. New York Mayor Eric Adams agreed with the doctor of a son, We're gonna pivot this

ship and be honest when New Yorkers. As we move forward, we're not there yet, um of a based on what evident analysis with the medical team, we're gonna make the decision to keep our sitting up and operated. Mayor Adams recently recovered from COVID and said his symptoms were very mild because he was vaccinated. Meanwhile, Mayor Adams channeled AOC at this year's met Galla in a tuxedo jacket that

read end gun Violence. The jacket featured icons like the Brooklyn Bridge, as well as a large handgun with a red slash through it. The mayor was asked what message he was sending attending the met Galla. The division between affluent New Yorker is and those who are low wage employees. It should not be a division. We're all part of the same ecosystem. We need at fluent New Yorkers, we need our low wage employees. Together, we can celebrate each other. Mayor Adams also says the goal is to end gun

violence and save our children. Lawyers for Donald Trump say it is unconscionable and indefensible for the acts President to be held in contempt and find ten thousand dollars a day for failing to turn over documents he doesn't possess.

The lawyers made the argument and a submission to a New York State appeals court came a week after a state Supreme Court judge said Trump and his lawyers failed to show they conducted a proper search for records sought by the state's attorney general in a civil probe of his business dealings. Voters in Ohio head to the polls today, and the state's hotly contested Senate primary Jade Vans, endorsed by Trump, is surging, but he faces stiff competition, including

Trump allied Josh Mandel and Trump critic Matt Dolan. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven under journalist and analyist more than twenty countries. Michael bar This is Bloomberg. Thank you, Michael. Almost six ten on Wall Street time for the Bloomberg Sports Update with John Sanschallen. Thanks day. Another night, another Yankee victory, this one in Toronto or Glabor.

Torres gave the Yanks to leave with a two on Homer and then Torres broke it two to tie with the run scoring hit of the ninth inning. Aaron Boone's team won three to two, and I won ten games in a row. Big night for Glabor the homer and and a a clutch hit there with two outs. Um you know, big steel off the bench from Locastro pitching

did their thing to limit them enough. Um defense. Once again, they're hard to find anything not going well right now for the team with the best record the Major seventh seen and six Yankees best start since two thousand three. Met said at too not the lead at City Field, Mark Canna hit a home run, but Atlanta came back to win five to two. The X met Travis Darnel with a big two un double light in the game.

The Mets, like all teams that had Depair, their roster down at twenty six, so they released Robinson Canoe despite still owing him about forty million dollars. Cano is now thirty nine years old, nowhere near the player he was back in his days with a Yankees served a year

long pe D suspension. One. There was such an impressive regular season for the Rangers, fifty two wins, great productions and the likes of Chris Pryder are Timmy Panair and the goalie Egors histeric, and we'll see if it translates to the postseason Rangers in Pittsburgh tonight Game one at the Garden. The Rangers played the Penguins three times in a fairly recent two weeks stretch, and the Rangers won

all three game one wins. Last night for Toronto, Carolina St. Louis and Los Angeles, and in the NBA Miami beat Philadelphia Sixers had to play without the injured Joel Mbid. Phoenix took Game one from Dallas despite forty five point by the Madais Luca Dunson's John Stashloomberg Sports Nathan all Right, John, Thanks, Futures little changed ahead of the FEDS to day May meeting.

We have SMP futures up almost to point down, futures down four point, Stan Stack futures up one ten, your treasury up one thirty second, the yield two point nine seven per cent. You're listing to Bloomberg Daybreak. Bloomberg Daybreak brought to you by the Jewish Communal Fund j c F. S Downer Advised 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. F Bloomberg dot com, the Bloomberg Business at and at Bloomberg quicktape is a Bloomberg Business flash. And I'm Karen Moscow and futures this morning are little changed. Investors racing for the biggest US rate high since two thousand and a wave

of policy tightening by other central banks. Again, futures that will change the acts in Germany's up four tents of upper cent ten your treasury, that'll change yield two point on eight percent, yield on the two year two point seven seven percent. And I'm ex Scrude oil is down seven tenths per cent, or seventy six cents at a hundred four dollars forty one cents a barrel. And Bitcoin this morning is up four ten percent at thirty eight thousand,

four hundred sixty dollars. 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. A draft opinions suggests the U s Supreme Court could be poised overturn the landmark seventy three Roe v. Wade case that legalized abortion nationwide. That's according to a political report, a mass of fire is burning at that steel plan in Maryupol. Potentially hundreds of people remain trapped there as the Russians

bombard the area. Baseball, the Yankees one, the Mats lost, along with the Orioles and A's that the NHL Playoffs, the Urricanes skated past the Bruins and game one of their Series five one. Global News twenty four hours a day on air and on Bloomberg Quickday, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael Barn this is Bloomberg, Nathan. Thanks Michael. We're coming up to six nineteen on Wall Street Life

from the Bloomberg Interacted Broker Studios. This is Bloomberg Daybreak and bloom and Bloomberg's June Grosso is with us, host of Bloomberg Law here on Bloomberg Radio, as we continue our coverage of this leaked draft opinion on the Supreme Court obtained by Politico that appears to show the High Court is poised to overturn Roe v. Wade. June, Good morning.

This is not something we have seen from a Supreme Court in I can't think of a time where you've seen a leak like this this soon before we were expecting the decision. It is so shocking that I've been getting texts all night as soon as it happened, because people are aware that the Supreme Court is an institution that is very guarded about about its inner workings, that we really rarely find out what happened until after a justice dies and their papers are published. So to have

a leak like this is just extraordinary. And you have to think that the justices, and particularly Chief Justice Roberts, are outraged that this has happened and wondering just how. And I, of course I have no idea except I would say that the political nature of this decision, you know, the overturning of Road Wade, may be one reason why

it was leaked from someone inside the court. What what does this due June to the integrity of the Supreme Court, not just for a decision like this to come to light before it's official, but for the overall politicization of this court. I think it's safe to say that the Supreme Court has become much more politicized in recent years. I think it has, and particularly of late with the

six very conservative justices on the Court. You know, I think you have to go back to what Justice Cilia so To Mayor said during the oral arguments in this case, and she said that if this happened, the Court will be seen as political. She said, how will this stitution survives the stench that this creates in the public perception that the Constitution and its readings are just political acts. She said, if people actually believe this is all political,

how will we survive? And we've seen more and more politics in some of the Supreme Court's decisions. This really, I think, would you know, would take it over the top,

And especially if you look at the draft. I mean, it's so caustically written, um, and you know, the it's just I have to remind you that when we listen to the justices in a confirmation hearings, you hear over and over again Roe v. Wade accepted precedent from every one of them that has that is obviously that's signed on to this draft allegedly, and even Justice Alito, And now we're hearing them say that from the beginning, this was bad law. It's not. It's not established precedent, or

but its established. President, we're going to overturn it. So I can't imagine the kind of implication just will have. Well, I want to ask what kind of implications could this have for future Supreme Court confirmations when presidents nominate judges to become justices and they go before the Senators to face questions about case law and Supreme Court precedent. How

does this affect that? Well, I have to say I haven't put much stock in Supreme Court confirmation hearings in sometime because the justices will go there and talk about how precedent is so important. And then lately we've seen them undoing a lot of cases where they're president. I mean a few years ago we had them undo a

thirty year old precedent about union rights. It's it's happening more and more, and I think that a lot of the justices, particularly Lena Kagan, have expressed, you know, distress about this happening, about precedent not really being president anymore. Know, when Justice Amy Cody Barrett had her confirmation here and since she was asked a lot of questions about Roe v. Waite. She had something that she calls super precedent, which I've

never heard of. Uh, certainly didn't teach it in law school. Super president were cases that were really well established, but other cases like Roe v. Wade, she said, we're not super precedent because it wasn't clearly established that everyone was on board with them, which sounded very political to me. And so you know, now we have this where many of the justices who said that Roe was precedent, and of course you think about Justice Kavanaugh, he said it

over and over again. Roe was president, Roe was established law are now saying that no was wrong from the beginning, and we're going to overturn it. We're not going to We're not going to respect precedent. So the question becomes, which precedent are they going to respect once they're sworn in? Which aren't they? I think it really leaves us with questions about the court. Well, we should note that this

is a draft opinion apparently written by Justice Alito. We don't know at this point who, if any justices will sign on in support of this decision, which begs the question. June with a leak like this coming out what nearly two months or so before this decision was expected to become official. Does this cause justices to think about where they stand on this issue when we start to see the reaction among voters in this country to the draft Well, I think that the justices say or pretend that they're

not influenced by what the public says. That they're on the court to to to uh analyze the law, to figure out what the constitution says and to bye by it. However, I think that some of them are affected by what the public says. I just want to point out one thing, Nathan. This is a draft opinion. It's being circulated among the justices. This is not the final opinion. So once it gets circulated among the justices, the justices make comments. Currency and

trade stocks in the US, Europe and Asia. Start your free trial at ibkr dot com slash Global Trader up. First, we go to Washington protesters outside the Supreme Court overnight reacting to that elite draft opinion published by Politico that we've been reporting on all morning and suggests the High Court is preparing to overturn Roe v. Wade and Bloomberg Law reporter During Grosso is saying the leak itself is unprecedented.

Anyone who listened to the oral arguments knew that Roe v. Wade was either going to be severely limited or overturned. So it's not so shocking what Justice Alito is say here. What is shocking is that this was this draft was reliefed. This has never happened in the history of the Court, despite so many, you know, different opinions that were really politically can you with and Bloomberry Staron Grasso says this could become a major issue for the mid term elections.

And turning overseas now, Karen French. President Emmanuel mccron's office says McCrone will speak today with Russian President Vladimir Putin by phone. It will be their first conversation since late March, while British Prime Minister Boris Johnson plans to address Ukraine's parliament. That's as the UK announces more military aid to Ukraine, and on Wall Street City Group says it is an

active dialogue to sell its banking operations in Russia. Right, Nathan, Let's turn to the Fed now, which begins it's today policy meeting. Today, the Central Bank is widely expected to hike interest rates at tomorrow's decision, and Bloomberry Shahn Tucker joins us live with the latest. Good morning, John Karen. The Central Banks at the hike half a percentage point.

What happens after that is highly uncertain. Bloomberg Economics says, recently we have seen glimmers of disinflationary forces working through the economy, and if they accelerate, we could see the Fed making only a few more measured hikes. Tomorrow's guidance from chair J. Powe will be key for global rates. Live in New York, I'm John Tucker, Bloomberg Daybreak, John, Thanks in New York this morning. A labor victory for Amazon. Let's get the latest on that. Live from Bloomberg's You

Need a Young Good morning, Good morning, Nathan. Workers at a Staten Island Amazon facility voted not to join an upstart union, just weeks after the group won a resounding victory had a warehouse across the street. In its most recent election, the Amazon labor union got just three yes votes to six hundred and eighteen knows. It's welcome news for Amazon, which just reported slowed online sales and acknowledged it has too many workers. Live in New York. I'm

Ranita Young Bloomberg daybreak. All right, rand to thank you, and futures this morning are now moving lower. SNP futures down fourteen points now futures down one ten and NASDAG futures down fifty ten year treasury up one thirty second yeld two point nine seven percent, and they yield on the two year two point seven six percent. Ninemex screwed oil is down nine ten percent, or ninety three cents at a hundred four dollars twenty five cents of barrel.

COMEX school down the third of upper cent or six dollars twenty cents at eighteen fifty seven forty announce. And that's the five things you need to notice start your day. Brought to you by Interactive Brokers, and this is Bloomberg. Thank you. Karen. Six thirty three on Wall Street, fifty two degrees in Central Park. I've been dealing with an accent this morning, northbound FDR Drive at seventy nine. We'll get the details the latest for you in traffic shortly.

First Michael Barr with more on what's going on in New York and around the world. Good morning, Michael, Good morning, Nathan. New York City has now moved into the medium risk alert level for COVID nineteen. That means masking in public indoor areas is commended, though not required. New York Governor Kathy Huckles had despite the city moving to medium, there are no plans for shutdowns. I'm not here to stand

here and say we're looking at shutdowns. I have said I'm going to protect the health of New Yorkers partly, get vaccinated, could boosting, get lots of test supplies. New York Mayor Eric Adams agrees with Governor Hunkle. Let's stay necessary precaution every step when you're mask of, get vaccinated, get boosted, and we can weather it is storm later. Mayor Eric Adams attended last night's met galen the tuxedo

jacket that read end gun Violence. The jacket featured architectural icons like to Brooklyn Bridge and Chrysler Building along with the M t A logo, as well as a large handgun with a red slash through it. And I want to say as we celebrate tonight, to stay focused that we have a lot of rook to do tomorrow. Today to celebrate, but tomorrow we get together and fill out returning our city to the prosperity. That this that's my role as a city mayor. Adam says, our goal is

to end gun violence and save our children. Ohio Republicans will vote today and one of the most closely watched Senate primaries in the nation. Author and venture capitalist Jade Vance is seen as the GOP front runner in the race to replace retiring Senator Rob Portman after receiving former President Donald Trump's endorsement. The winner is likely to face ten term Democratic Congressman Tim Ryan in November. And Alabama corrections officer fifty six year old Vicky White is wanted

for allegedly helping a convicted murderer, Casey White escape. The two were not related. Her mother says Vicky White called her that morning to check on her dog. I doubt she did, making head a spading ticket, but I mean she's always been what i'd say, a good person, and like I said, this is all a shock. Pat Davis later learned her daughter had disappeared. Vicky White was a

seventeen year Corrections Department of veteran. The nation's Transportation Secretary will answer question from Congress today about supply chain disruptions still slowing delivery of products in some cities. Secretary Pete Boutigi will testify before the Senate Commerce Committee. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than journalists and analysts more than a hundred twenty countries. Michael Barr, this is Bloomberg. Nathan.

All right, Michael, thank you. Come up to six thirty six on Wall Street. Time for the Bloomberg Sports Update. Here again is John Stann shown. All right. It in ten straight wins with the Yankees, and while the first nine were against somewhat subpart teams, Toronto again this series right on the Yanks heels this game and a half behind the Yanks able to beat the Blue Jays three

to two. Labor Torres the hero to run homer and then a tie breaking RBI single with two outs of the ninth that named the bullpen again outstanding and the Yanks seventeen and six record is the best of the majors. It's their best start since two thousand three. Mets lost

in City field of Atlanta five to two. They made the decision to release Robinson Canoe despite having two years and about forty million dollars left on that ten year contract that cannot signed with Seattle when he left the Yankees. Brody van Wagen negotiated that contract as Keno's agent, and then he brought him to New York when he was the Mets general manager. Now he's back as Cano's agent, and we'll try to get Canoe another job. A team that claims him only has to pay him the minimum salary.

Opening night in the Stanley Cup Playoffs, Tampa Bay has won the last two Cups, but lost Game one in Toronto five nothing. Carolina beat bostonim St. Louis shut out Minnesota l A with a late goal one In Edmonton Rangers and Penguins Game one tonight at the Garden, Rangers coach Gerard Gallant asked about Pittsburgh star players. We don't know what kind of player he is, but we're gonna worry about Cindy that Sydney, then we're gonna have a tough time. I mean, Sydney is gonna be a great

player's gonna do his thing. But they got a good team over there, so there's a lot more than Sydney Closby and we don't look at one one one player and identify that. Maybe we'll look at the line and identify that as a really important line. But uh, you know, they're a good team, and I want us to keep playing the way the New York Rangers play the Rangers, and not one a playoff series or even games. It's two past in seventeen and a playoff wins at home

from Miami and Phoenix. John Bloomberg Sports, Right, John, thank you. It is six thirty seven on Wall Street. Time to take a look at stock, some of the names moving in the pre market. Bloomberg Radio and TV Markets correspondent Krety Gupta is with me this morning. Crety looks like stocks as a whole or moving a bit lower. On's scot your eye this morning, moving a bit lower, But Nathan remembers this is totally normal. The day before the FMC meeting, investors tend to go risk off into those

FED meetings. At least that's been the trend in the last two years or so. And that's just an impact of simply the expectation of the removal of stimulus. So we'll see if that continues. That makes it underneath the hood, there is some action here. Kellogg for example, the letter or the ticker is just the letter K is moving down one point two percent. Tyson tc T s N excuse me, is the other ticker up one point four percent.

Both stocks cut to underweight from a neutral overt Piper Sandler uh the analyst sighting shifting consumer habits caused by inflation pressures and valuations ahead of their historical which is nevertheless, you are seeing a divergence in those two stocks this morning. Nathan Kellogg, like I said, down about one point two percent and Tyson up one point four percent. I'm gonna stick with this kind of spending theme here and look

at an earning story this morning. MGM Resorts. The ticker is MGM up three point six percent this morning and earnings beat. Analysts have been expecting the company to report an adjusted loss per share for the period. Instead they reported a beat, So good news there for MGM. Remember

we've been talking about the travel space a lot. Even airlines have come in and said, well, there are seeing a lot of demand resumption, but also that they're able to turn that and turn it into profit, turn it into margin, and those that those hotels aren't exempt from that theme. As speaking of earnings, we're talking about Clorox

here and very quickly see LX unchanged this morning. But keep an eye on this because the company lowered its outlook for full year earnings amid stubbornly rise and costs. So once again we're coming down to the margin story showing up in Chlorox earnings. Yeah, I see created the analysts are keeping an eye on a major tech name as well, and video the heavyweight down three tenths of one percent n v d A. Keep an eye on this one as well, because, like I said, it is

a heavyweight, so we can move the market. Morgan Stanley resuming their coverage with the recommendation of equal weight. That isn't exactly the vote of confidence that you might be looking more from a major bank decided concerns about a deceleration in gaming and the company's high valuation. And Nathan, we should mention when we're talking about valuations for these

tech names, they're actually back to pre pandemic level. So that is for the bulls out there, that is the case to say, well, maybe the sell off is overdone. But for the bears out there, what were the conversations we were having in early overdone tech? Uh? Stimulus, UH growth slow down. A lot of the same concerns that but right now, so is the sell off enough? Is going to be the question for a lot of the bears. Yeah, it has been a huge debate in recent days. Bloomberg

Radio on TV. Markets correspondent Pretty Coopta with us this morning, and as we take a look at stocks as a whole before the open and before the Fed meets in May, futures taking a leg lower. We got us some P futures down twelve points down, futures down down a hundred four. NASTAC futures are lower by forty two points ten. Your treasury with a bid up to thirty seconds, you'ld two point nine seven percent. You'ld on the two year right

now to seven five. You're listening to Bloomberg day Break, Bloomberg eleven three oh other party and mostly cloudy mid sixties today, periods of rain tomorrow with the high your sixty five and it will be mostly sunny again by Thursday with a high near seventy. Right now fifty two in Central Park 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 US DOT Index futures are following this morning, we got at the First Word breaking news desk for today's morning call and is Bill Maloney and Bill, good morning and good morning can that's right. US features are in the red right now at DOWN futures down a hundred and fifty five point dropped twenty one. NASA futures are lower by sixties six the US ten year old at two point nine seven percent. Gold is

down five. Oil is also in the red, but bitcoin is trading higher by point three percent. Japan was a little changed overnight, while your markets are mostly in the green this morning and back in the US. On the economic front, a tentaclog droble goods orders and factory orders after develous night Clorox. But it's fiscally your adjust EPs forecast and regarding some of the earnings this morning, Eaton Corp boosted fiscally, you're adjust at EPs forecast and fiser

revenue FEAT estimates. Wrapping things up, Vertex was raised to equate at Morgan Stanley Cott had cut the underweight it wills Fargo and Kellog was cut to underweight. Overhead Piper Live from the first to Breaking News doscom Bill Maloney can all right, Bill, thank you, and we're watching Fiser shares in the early trade. They are moving lower. They're down almost seven percent right now. And to hear line Breaking News, are your Bloomberg have squawk on your terminal

squ a w K. That's a Bloomberg business flash. Now here's Michael Barrow with more on what's going on around the world. Michael Karen, thank you very much. Barricades are up in Protesters have been gathering outside the U. S. Supreme Court. It is in response to elite draft opinion published by Politico s adjusting the conservative leaning court is ready to overturn a Roe v. Way, the landmark ruling that legalized abortion overnight planned parenthood, tweeting, Let's be clear,

this is a draft opinion. It's outrageous, it's unprecedented, but it is not final. Abortion is your right and it is still legal. But the anti abortion rights group Susan B. Anthony List wrote, if the draft opinion made public tonight is the final opinion of the court, we wholeheartedly applaud the decision. In baseball, the Yankees one, the Mets lost along with the Orioles and A's and the NHL playoffs. The Hurricanes skated past the Bruins and game one of

their Series five one. Global News twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than seven hundred journalist and analysts more than a hundred twenty countries. Michael bar this is Bloomberg hereing all right, Michael, thank you. While at six forty nine on Wall Street returned to news and science and Technology now with a

Bloomberg and j I T Stem report. Ronzi U Bain, New Jersey Institute of Technology and j I T is dedicated to bolstering support for female and minority students pursuing careers and high paying STEM industries. Learn more at n j I T dot E d U and now Here's just making news and science, Technology, engineering and math. Beijing is going to extreme lengths to avoid the coronavirus woes

suffered by Beijing. China's capital has ordered repeated testing of most residents, halted dining in at restaurants, and barred access to public clovs without a negative result. I would say that was public places without a negative result. Authorities are trying to avoid the lockdowns that have led to chaos in Shanghai, and unusually early and brutal heat wave is scorching parts of India with acute power shortages affecting millions.

As demand for electricity surges direct levels, supplies of coal and many thermal power plants are running perilously low, spawning daily power outages in several states. The shortages are sparking scrutiny of India's long reliance on coal, which produces seventy of the country's electricity, and bipartisan group of Senators wants

to loosen Google's grip on the digital ad market. Bloomberger has learned they plan to introduce legislation that would force Google to sell off parts of it's a lucrative advertising technology business. The measure could also have implications for Amazon and Facebook parent meta platforms. That's the Bloomberg and j

I t Stem Report. Nathan, Thanks Karen. We are live from the Bloomberg Interactive Brokers studios, where it's coming up to six fifty one on Wall Street Time Now to check what's going on in d C, where some of the top stories include a leaked Supreme Court ruling obtained by Politico, a draft opinion that threatens to overturn abortion rights, former President Donald Trump's grip on the GOP tested today in Ohio, and President Biden planning to tout Javelins on

a trip today to Alabama. Joe Matthew is back with US now Bloomberg Washington correspondent, host of Sound On Here on Bloomberg Radio. Obviously, Joe the big story overnight into this morning and probably for the days and maybe weeks to come. This draft opinion obtained by Politico on Roe v. Wade. It is pretty remarkable here, and and we do want to remind our listeners that it is a draft opinion, it's not a ruling. Uh And and typically you do

see significant changes from the draft to a final ruling. Here, Justices can change their votes, although with something uh so significant, so stark, something they're questioned about in every confirmation hearing. We don't think that justices are undecided when it comes to Roe v. Wade. Nathan, No, certainly not. We've heard a number of justices in their confirmation hearing is way in on the Roe v. Wade decision. Many of them

have said it's settled precedent. But if a number of justices, if enough justices signed on to this ruling, if it us become the official opinion of the Supreme Court, that changes things. Well, it's your I mean, would effectively ban abortion in about half the country. Twenty six states would be expected UH to follow UH, And we've this is also why we've seen a number of states, sixteen go to the extent of passing preemptive laws, if you will,

to protect the right to an abortion. Sixteen states, UH. Even though we tend to hear more about the Florida's, the Oklahoma's, the Texas is. Six states this year have enacted abortion bands. And it's it's really something to imagine the divide that we're gonna see here, states like Connecticut approving a bill that would actually expand the pool of people who can perform some abortions. Vermont is moving on an amendment to its state constitution to guarantee the right

to an abortion. So when you consider stories like these California UH seeking to make it a refuge for women seeking abortions from other states, we're driving in two different directions here, Nathan. It's not just about the split, the fracture in this country, but the fact that it is continuing to get wider, and something else we've seen overnight Joe barricade set up outside the Supreme Court, hundreds if

not thousands of protesters for and against abortion rights. How does this potentially change the political landscape heading into a mid term election with primary of votes happening at least two states today, that's right, You've got Ohio and Indiana with primaries. I can't imagine that this will in fact have a huge role in that because people have largely made up their minds and these are primaries, right, this will likely impact general election votes. Uh and and it

could impact them on a significant level. It's very difficult to gauge that exactly this morning, but this is clearly a huge motivator and could have a major impact on democratic turnout. You know, before we had this leak, before we were even aware of this, Senator Elizabeth Warren had said, you want to see a red volution overturn Roe v. Wade, and there is some truth to that. I would expect to see a massive march on Washington. This is going to be a motivator with not just people voting, but

also with dollars campaign contributions. We know the wide majority of Americans opposed revoking Roe v. Wade. Only one in five voters support making abortion illegal in any circumstances, and this is why it's the third rail and politics, Nathan uh. It may challenge issues like inflation, jobs, COVID everything at the polls this year. I wanted to ask about that that does this turn into a base election in November

or does this supersede other issues for swing voters, particularly inflation. Yeah, it's a great question, and it's very hard for us to know now where we will be. Then. Of course, we expect an actual ruling by July, so we will know along in advance of November where we stand here. But it could put more attention. It's not just you know,

the kind of headline that you're imagining here. It could put more attention on gubernatorial races, on state legislative races as abortion rights returns to the states in this case, and he could have a big impact in suburban congressional districts, particularly in the battleground states that we're already looking at, like Pennsylvania, Georgia, Arizona. That will help the side control of the Senate and the time we have left Joe.

Let's talk about the races that are happening today, the votes happening, particularly in Ohio, where the Trump endorsement is as much on the ballot as the candidates themselves. Yeah. I don't know if Donald Trump ever read the Hillbilly Elegy by J. D Vance, But that's the man he has taken from the back of the pack, uh, to turn him into the front run of the venture capitalist who at one time didn't always have a lot of

nice things to say about Donald Trump. But when we saw Donald Trump on Saturday at a rally there, he actually couldn't get J. D Vance his name out quite right. He called him JP. Vans were said, JP Mandel is referring to Josh Mandel, who is uh likely Uh. J d Vance is most significant opponent here. They've been within a couple the points of each other, and he's also

wrapping himself in Trump. The potential for confusion has been remarkable here, not only with Trump kind of biff in the name at the podium over the weekend, but Josh Mandel in every reference has a picture of himself with Trump and his literature, he says he's the only candidate in the race who believes that Trump won the presidential election. Uh, and that Joe Biden lost, even though that's not really true based on what we've heard. Uh and I think

a lot of Uh. If you ask a lot of voters there, they might not be sure who is closer to Trump, the one that Trump nominated or the others who are trying to get closer to him. In the thirty seconds, Joe, get us ready for President Biden's trip to Alabama today. He's going to a Lockheed plant where they make the Javelin anti tank missile. You might remember the President saying speak softly and carry along Javelin when

he was announcing the most recent shipment of weapons. This is the anti tank system that has been pivotal to the battle in Ukraine for for the Ukrainian military to hold off Russian forces picunally an urban warfare. Uh. This is gonna be an opportunity for the President to say thank you to the plants employees, two hundred and sixty five of them support this anti tank system. That facility

cranks out about two thousand of them a year. And Nathan, we need more, not just for Ukraine, but to replenish our stocks here. Thanks as always, Joe Matthew, Bloomberg Washington correspondent, host of Sound On much more on all these stories five pm. Wall Street Time here on Bloomberg Radio. Meantime, you can read more Bloomberg dot com or on the Bloomberg Terminal. Listen to Bloomberg Radio in Washington and Bloomberg one oh five point seven FM, HD two SMP Future

is now lower by sixteen points. Staff futures down a hundred forty one, Nastack futures down fifty two points. Bloomberg Surveillance is next for Karen Moscow. I'm Nathan Hager. This is Bloomberg