Bloomberg Daybreak: May 9, 2022 - Hour 2 (Radio)

rights protections. I'm Michael barn More Ahead, I'm John stash Our in sports Mets and Yankees with doubleheader splits, NBA playoff wins for Dallas and Philadelphia, the Rangers at Game

boor in Pittsburgh tonight. 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, San Francisco, Syrius XM one nineteen and around the world Old on Bloomberg Radio dot Com and via the Bloomberg Business App and good morning. I'm Karen Moscow, I'm Nathan Hagar.

Bloomberg Daybreak 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. And futures are lower this morning. It is six oh one on Wall Street, and we check the markets every

fifteen minutes throughout the trading day. On Bloomberg Guess and P futures down sixty four points down, futures down four hundred nine and as day futures down two D three ten year Treasury down sixty and thirty seconds. He had three point one nine percent and they yield on the two year two point seven zero percent and nim Ex

screwed oil is falling down one point eight percent. Nathan, Yeah, Karen, looks like more of the same as we enter this new trading week stock slumping in the dollar is trading at a two year high as the feds aggressive tightening path and China's COVID lockdowns hit the economic outlook. Steve Brown,

his senior portfolio manager at American Century Investment Management. The fan's gonna continue to raise rates untill they get the results they want, and I think one of the after effects of their rate hikes will be a slowdown in GDP in the second half of the year in the United States, as well as the reduction and earned mids for many companies within the SMP five hundred. American Century. Steve Brown notes the SMP five hundreds coming off it's

fifth straight weekly dropped. That's the longest losing streak since Well Nathan. There was heavy selling in Asia over night. Japan's NK dropped two and a half percent, while stocks

in Hong Kong plunged three point eight percent. To get the recap from Bloomberg's Juliets Sally and Singapore Good Morning, Juliet, Good Morning car and China's on shore you on slid past six pot seven to the dollar for the first time since twenty twenty a mid data showing stagnating imports in the slowest export growth in dollar terms since the pandemic.

Premier Li Ka Chung warned about the employment situation as Beijing and Shanghai tiight and virus curbs, sending Stokes lo Um Australia's dollar slaw against the green back, testing seventy US since. Indonesian stocks felm the most since in November twenty twenty as markets reopened after the week long id holiday in Singapore. Juliette Sally Bloomberg Daybreak, All right, Juliette, thank you. We now turned to the war in Europe.

As Russia's invasion of Ukraine enters its tenth week, President Vladimir Putin is presiding over his annual display of military mate on Moscow's Red Square. Let's get the very latest from Bloomberg's un Parts. Good morning, Good morning, cond Nathan, Russia's president has justified his war in Ukraine as a

battle comparable to the fight against Nazi Germany. As Putin's faltering ten week old military action rumbles on, He's been speaking at Russia's annual Victory Day celebration on Moscow's Red Square. This year's display included eleven thousand troops and weaponry, including tanks, air defense systems, and nuclear missile launches, but this year

foreign leaders were not invited. In London, I'm you and Parts Bloomberg Daybreak, All right, new and thank you all back here, in the UN, the government is adding more sanctions on Russia, including a band at American accounting and consulting firms, and Bloomberg states Baxter has the story. The measures also include new export controls on industrial goods, limits on three of Russia's top state controlled TV stations, and additional visa restrictions. Now, the accounting part imposes the first

sanctions on gas Prom Bank, encompassing twenty seven sanctions. It is a first there because the US was afraid of disrupting oil shipments, but now that the G seven has approved cutting those shipments, it decided to go ahead. In San Francisco, I'm at Baxter Bloomberg, Gay break all right, and thank you. President Biden is also working on his political agenda back home. He is about to make high speed internet more widely available across the United States, even

for households that normally can't afford it. Amy Morris has details from our Bloomberg newsroom in Washington. It is part of the infrastructure law that passed last year. Twenty internet providers, including A T and T, Comcast, and Verizon, agreed to offer high speed connections at essentially no cost to millions of low income households. Sources tell Bloomberg News some company these will drop the prices of existing plans, others will

raise their speed. The companies word offered anything, and they won't get additional government funding. The government is also launching a website called get Internet dot gov to get more people involved in the program. President Biden will formally announce the plan today in Washington. I maybe more as Bloomberg Daybreak. All right, Amy, thank you Abhout staying in Washington. Now. It looks like the US government had a record tax hall of this spring. Some of the credit goes to

the surge in individual stock trading by Americans. According to Treasury Department data, tax collections since the start of the fiscal year in October are running at a record high up some of this same period in nat Star past Wall Street and is helping to shrink the budget deficit. Well, tax collections go up, Karen, so does the price of gas. In fact, the average price of regular grade gasoline jumped fifteen cents over the past two weeks to four dollars

and thirty eight cents per gallon. Industry analyst Trophy Lendbergh says that's a dollar thirty six higher than it was a year ago. Nationwide, the average the highest average price for regular grade is in the San Francisco Bay area five eight five a gallon. Alright, Nathan Well, another former Trump administration official, is telling all about the inner workings of the wine house. Former Defense Secretary Mark Esper said he prevented dangerous things from happening during his time at

the Pentagon, like attacking Venezuela and blockading Cuba Aspersa. As President, Trump even suggested military action closer to home. The President pulls me aside on at least a couple occasions and suggests that maybe we have the US military shoot missiles into Mexico, shoot missiles into Mexico. For what he would say to go after the cartel's. Former Defense Secretary Mark Esper tells CBS is sixty minutes. The former president told him no one would know the attack came from the US.

Trump responded to Esper's claim and a statement, writing, quote no comment. Listeners in the Washington area can hear sixty minutes every Sunday night at ten on Bloomberg and the programming not this morning, Karen, please join us on Bloomberg Surveillance when we speak live with Atlanta Fed President Raphael Bost. That's coming up at eight am Wall Street time on

both Bloomberg Radio and Bloomberg Television. Right now, SMP futures are down sixty three points, STOW futures down fourdered four, NASTAC futures are lower by two un A thirty seven points. Straight ahead, your latest local headlines plus a check of sports. This is Bloomberg and it's now six oh seven on Wall Street where forty seven degrees in Central Park got an accident investigation in Nassau County. Westbound Southern States closed

at Central Avenue. More coming up in traffic. 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 Governor Kathy Hokel has tested positive for COVID nineteen. The governor made the announcement in a tweet yesterday afternoon. Governor Hokel says she is vaccinated and boosted against the virus and is feeling a symptomatic due to the positive test results. You will isolate and work remotely this week.

Democrats are working to force a vote codify abortion rights for women, but X it's believed that vote will likely be blocked and the court's ruling will stand. Senator Amy Clobachar Minnesota says that if the Democrats are unable to successfully pass this legislation, the voters will respond. If we are not successful, then we go to the ballot box. We march straight to the ballot box, and the women of this country and the men who stand with them

will vote like they've never voted before. Lawmakers in several states are already beginning to put in place their legislations restricting abortions. In Arkansas, Governor Asa Hutchinson signed a bill last year that prohibits abortion in all cases except to save the life of the mother. We wanted the reversus wade reversed and the authority to return to the states, and and so as a matter of principle, that's where

it should be. Governor Hutchinson and Senator Clobachar spoke on ABC's This Week, which can be here at Sundays on Bloomberg. Dangerous gusty winds are expected to continue across northeast New Mexico today. That's likely to complicate the flight against wildfires that threatened thousands of homes in mountainous rural communities. A growing number of parents nationwide face a shortage of baby formula due to supply chain issues, and a February recall

of three popular brands made by Abbot. Dr A Lock Betel is with Stanford Children's Health. For parents out there right now who are struggling to find a formula, one easy thing you can do is trying to switch formulas. See if your child can tolerate that. Dr Patel spoke to ABC. An earthquake centered northeast of South Carolina's capital city jolted large numbers of state residents awake. Authorities say the quake overnight had a preliminary three point three magnitude.

Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analyst more than a hundred twenty countries. Michael Barr and this is Bloomberg, Nathan, Thank you, Michael six o nine on Wall Street Time for the Bloomberg Sports Update with john Sen shown all right, Athan, Yankees and Mets, Let's play to do all the rain at the stadium.

Yankees won the opener with Texas to one on the Labor Toria his home run leading off the bottle of ninth and it went to right center field. Chris Woodward, the Rangers manager, said it would not have been a homer in any other ballpark, and he called Yankee Stadium a little league ballpark. Tore As was asked about that, I feel like both team play in the symbol par

and he's a sentimation. Uh. I think I feel good to to his walk off homer in the little liberal par and I mean happy to one first tour as the second welk off head of the season, Yanks denied the sweet They led to nothing with a John Carlos Stanton home run, but Brad Miller to run shot off Michael Kings seventh and the Rangers went four to two. King took the loss. He came in having not allowed to run in thirteen straight innings. In Philadelphia, the Mets

lost three to two. Max Jerger struck out ten but suffered his first Met loss. He's now four and one. Chris Bassett then got his fourth win and the Mets took the nightcap six to one, thanks to Pete Alonso to run over in the first to name three run shot in the fifth NBA and NHL Playoffs. There were six games played Sunday and all were Game four's, and all six or one by the home team, and all

six series and outside to two. That's after Dallas beat Phoenix in the NBA and Philadelphia top Miami and Stanley Cup playoff wins for Boston, Tampa, Bay St. Louis in l A. The Rangers hoping to be too two with the Penguins after tonight's Game four in Pittsburgh. The Rangers two losses have been tough ones, first to triple overtime loss in Game one of them Saturday. They fell after

coming from three goals down to tie things up. John Stash, they were Bloomberg Sports Nathan all Right, John, thank you. SMP futures down down sixty seven points, a drop of one point six percent. Now, DOWT futures down four thirty one. NASCAC futures are lower by nearly two percent, down two hundred forty five points. The dollar training at at two year high. Talk about dollar strength. Next to Jane Foley,

head of f X strategy at Robbo Bank. You're listening to Bloomberg Daybreak, Bloomberg Day break brought to you by the Jewish Communal Fund j c F S don'tor advised fund is the smart choice to manage a 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 app, and at Bloomberg Quicktake. He's a

Bloomberg Business lash and I'm Karen Moscow. Investors rushing to the safety of the US dollar about global stock slide every closer to a bear market as the Federal Reserve's aggressive tightening path in China's COVID mockdowns worse in the outlook for economic growth, the dollar extending a two year high, rising against all of its major peers. We checked the markets every fifteen minutes throughout the trading day. On Bloomberg

Guess and P Future is down sixty eight points. Out futures down four hundred forty three and as DAG futures down two hundred fifty one. That's down two percent. The decks in Germany is down one percent. The tend your treasury down eighteen thirty seconds. You'll three point zero percent. They yield on a two year two point seven one percent.

Nimex Screude oil is down one point seven percent on a dollar eighties six and a hundred seven dollars eighty nine cents of barrel Comic schoold is down one point two percent or twenty two dollars nineties cents at eighteen fifty nine ninety announce. The euro one point oh five three eight against the dollar British found one point to three one eight and the end is at one thirty one point one seven. Bitcoin this morning lower down two and a half percent at thirty three thousand and three

hundred sixty dollars. And that's at Bloomberg Business Flash. Now here's Michael Barr with more on what's going on around the world. Michael, thank you very much, Cameron. Russia commemorated Victory Day with a military parade. Russia's Victory Day marks the end of World War Two. President Vladimir Putin addressed the parade in Red Square as Ukraine's military warns of a high probability of missile strikes ahead of the expected Senate vote this week on an abortion rights bill. Catholic

churches in cities across the country are increasing security. In baseball, the Yankees split a double header with the Rangers. The Mets split a double header with the Phillies. The Orioles swept a double header against the Royals. The Red Sox, Nationals and A's lost. The Giants won n NHL Playoffs. The Bruins beat the Hurricanes that even the series at

two games. Apiece Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists, and that list for more than a hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan, Okay, Michael, thank you, at six nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios.

This is Bloomberg Daybreak, and let's talk more now about this strengthening dollar, the greenbacks about the only thing in the green this morning, as US stocks look poised for a sixth straight week of losses. For more, We're joined by Jane Foley, head of f X Strategy at Bravo Bank. Jane, it's good to have you back with us this morning. Is this a case of there is no alternative when it comes to safety the US dollar. Yeah, you know what,

I think that's what it is. I mean, we could talk about the FED, but certainly I think this is part of a bigger picture. So we have an environment here where China is slowing. Certainly, we have an environment where there's lots of concerns about energy security in the Eurozone, and certainly if the EU do go ahead and have an oil embargo on Russia, that will not be without paying for big industrialized economies such as Germany. And so we are now talking about the possibility of of no

growth maybe next year in the Eurozone. Some people talking about the possibility of a recession, and that is very much linked to the energy story. So slower growth certainly in Neurozone, slow growth now in in China, link with the COVID stories. We have an environment where emerging markets are looking pretty risky, perhaps unless they are big exporters of energy. Certainly in emerging markets don't look too good.

And certainly when you have a backdrop of higher US interest rates, well that's something which generally speaking will be detrimental to quite a fair view of emerging markets. So in that environment, what do you buy or you buy safe haven. But the end right now is not really a safe haven. It's it's current account position has really been quashed by the higher commodity prices. And you've got

that intrastrate differential issue going on in Japan. Two. So it is the dollar and in our view the factors that are coming together right now. Do you suggest that we could have a stronger, for longer US dollar? So do you think that we could be headed to a point where the euro reaches parody with the dollar? Is

that where we could be headed? Yeah? You know what, how do you ask me that a couple of months ago, I just said, you know, I hope not, because if we see parity for the euro dollar, then it suggests a combination of some nasty fundamentals for the Eurozone. But that that combination of nasty fundamentals does seem a little bit more realistic now. And again this comes back to this energy security issue. A couple of months ago that the market knew that this was a risk, but it

wasn't so focused on it. And and now it seems there's a lot of pressure, of course on Germany to to sign up for this embargo against Russian or we all understand the reasons why. But nearly we know that this will be very painful for Germany's large and industrialized economy, and and that does mean lower growth possibility and therefore a week of Europe potentially. If we do see a stronger dollar for longer, what does that mean for the Fed?

Does that have an impact on financial conditions that could affect the Fed's policy path going forward? Well, it fits in quite nicely with the Fed's policy path. And now if we go back a couple of years, when everybody was in a weak inflationary backtop, we were then talk about the the race to the bottom. Everybody wanted a weak exchange rate, and that was the case when you want when you have weak when you have soft inflation.

Now the coin has flipped when an environment where it is a strong inflation and of course see the opposite is true. A stronger currency will help you with your imported prices. So if commodities or other imports go I comprice, if you've got a strong currency, it helps negate some of those price increases. And so now people want a stronger currency. The higher interest rates of a course conducive to a stronger currency. And again we have this interstructor

frencial pulling towards the dollar. At the same time, we have higher interest rates pushing against economies that, for instance, have emerging market economies that have a high level of dollar denominated debts, and when emerging markets are out of favor, we generally see that the dollar doing well about thirty seconds, Jane, do you see a dollar strengthening as a recession risk indicator? Quite possibly, and again it would be very concur in

the US. There is a possibility for a session in the US in the second half of next year that certainly we see that, but for now the safe haven element of dollar demand could certainly outweigh that for the US. Thank you as always, Jane, great having you back on with us. Jane Foley, head of FX Strategy at Robbo Bank. And just looking at the Bloomberg Dollar Spot Index on this session, it is higher by four tenths of one percent.

Futures moving sharply lower now with SMP future is now down sixty seven points, the decline of one point six percent. Down futures down forty four that's a drop of one point four percent, and NASTAC futures are lower by two percent, now down two hundred fifty points, and the tenure Treasury is down sixteen thirty seconds with a yield three point one nine percent. Just ahead. More on the global stock slide and Vladimir Putin justifies war in Ukraine on Russia's

victory day. Five things you need to notice start your day. Coming up on Bloomberg day Break Bloomberg eleven three oh weather partly the mostly sunny, breezy with a high near sixty five today, sunshine in a breeze tomorrow with a high near seventy. We'll keep it sunny with a high near seventy on Wednesday. Right now forty seven in Central Park. Broadcasting live from the Bloomberg Interactive Broker Studio in New York.

Bloomberg E Living Freedom to Washington, d C. Bloomberg to Boston, Bloomberg one O six one does San Francisco, Bloomberg nine sixty to the country, Sirius XM to the one nine and around the globe the Bloomberg Business app in Bloomberg Radio dot com. This is Bloomberg Daybreak six thirty on Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow. We're just about three hours away from the open of US trading time for the five things you need to

Notice start your day to you by Interactive Brokers. Interactive Brokers charges margin loan rates from zero point eight three percent to one point three percent rate centject to change. Learn more at ib k R dot com slash compare First. Stocks are down as the dollar trades at a two year high to begin the week. The S and P has dropped for five a straight weeks, and global stocks continue their downward trend. It's all comes as rising interest

rates in China's COVID to lockdowns pressure markets. Katrina L, senior economists with Moody's Analytics, says lockdowns are significantly impacting exports from China and economies across the globe. It is disrupting the pots, it is disrupting manufacturing it and more broadly, it's really hurting China's economic recovery because consumers and businesses, you know, a force basically back into hibernation, and that's

in stock contrast to the rest of the world. Moody's Analytics senior economist Katrina L says economic prospects for China are dim due to lockdowns. Quick programming out Karen will speak live this morning with it n A FED President Raphael Bostick about the economy. So please join us at eight am all Street time for that on both Bloomberg Radio and television. Well at turning to Russia now, Nathan, where President Vladimir Putin is attempting to justify his invasion

of Ukraine. He spoke of the country's annual victory de parade in Moscow. Native started capturing the territories of which are so I'm a planned basis. There was a thrit which was taken unacceptable to US. Russia. President Vladimir Putin said the invasion is comparable to Russia's fight against Nazi Germany. Back in the US, Karen, President Biden is about to make high speed internet more widely available as part of his infrastructure law the past last year. The President will

discuss the plan later today. And President Trump's Forward Defense Secretary Mark Esper is revealing conversations that who had about possible military action the US colintake in Mexico ASP, saying President Trump wanted to launch missiles to attack drug cartels. We would have this private discussion, right say Mr President, You know I understand the motive because he was very serious about dealing with drugs in America. I get that, we we all understand, but I had explained to him,

we can't do that. It would violate their national law. Former Defense Secretary Mark Esper tells CBS is sixty minutes he persuaded President Trump and not to take those actions. Trump has not commented on Esper's claim, and listeners in the Washington area can hear sixty minutes every Sunday night at ten on Bloomberg one. That's the five things that you need to notice start your day, brought to you by Interactive Brokers, straight to hand, your local headlines, plus

the check of sports. This is Bloomberg. Karen sixty three on Wall Street, forty eight degrees in Central Park. I have an accident on the southbound Harlem River Drive at a hundred fifty five. Details coming up in traffic. First Michael Barr with more on what's going on in New York and around the world. Michael, thank you very much. Nathan. New York Governor Kathy hockle Let's tested positive for COVID nineteen. The governor made the announcement in its week yesterday afternoon.

Governor Hokel says she is vaccinated and boosted against the virus and is feeling a symptomatic due to the positive test results. You will isolate and work remotely. This week. A new CBS News poll shows a majority six of those survey do not want the Supreme Court to overturn Roe v. Wade. It comes in the wake of elite draft opinion from the High Courts majority calling for reversing Row.

Democrats are now working to force a vote to comify abortion rights for women nationwide next week, but experts believe that vote will likely be blocked and the Court's ruling will stand. Senator Geority Leader Chuck Schumer of New York says every Senator will have to go on record and vow to keep fighting not on our watch. Will you take away women's rights? Will you take away the right to choose? Will you dismantle women's rights after fifty years

fifty years of president? Senator Schumer says if Republicans vote the bill down, it will backfire. In Arkansas, Governor Asa Hutchinson signed a bill last year the prohibits abortion in all cases except to save the life of the mother. Hutchinson says he doesn't agree with some of his GOP colleagues calling for a nationwide abortion ban, and states are

gonna make different determinations of it. But the people are going to express to their representative exactly the direction they want to go, and to me, that makes sense, and I think it makes sense under our constitution. Governor Hutchinson made his comments on ABC's This Week, which can be heard Sundays on Bloomberg. Italy's Capitalist Banned outdoor picnics. A woman in a Rome park recently tried to scare off

a wild board that was charging your dog. Another woman was recently knocked over by one while throwing a garbage in the street bin. There are about twenty three thousand wild boards that live in and around Rome, often seen munching on garbage and overflowing street bins. We've got our own problems here in New York City, rats eating garbage in the streets. According to the city, the rat population

has hit a decade high. Global news twenty four hours a day on air and on Bloomberg Quittake, powered by more than seven hundred journalists, analysts, and more than a hundred twenty countries. I'm Michael bar this is Bloomberg Nathan, Something's never changed. Thank you, Michael on Wall Street. Time for the Bloomberg Sports something with John Sesshawer. Thanks nay Fan. Yankees and Mets both right now twice finally took the field with double headers. The Yanks first game since last Wednesday.

They beat the Rangers two to one on the Labor Touria's home run leading off the bottom of nine then and that made it twelve wins in thirteen games. They had a two nothing lead in the nightcap, but Texas came back to win four to two, and the two teams will finish the series with a makeup game this afternoon at the Stadium. The Mets with a pair in Philadelphia.

They lost three to two, but then one six to one, with Petter Alonso doing the damage to run Homer then a three run shot, so the Mets win the series. They have yet to lose the series this season. In Seattle's win over Tampa Bay, George Kirby started for the Mariners. He's a top prospect. In his big league debut six

scoreless innings. Kirby grew up in Westchester. NBA playoffs Dallas beat Phoenix and Philadelphia beat Miami, so both series are tied at two, with the home team winning every game, and the home teams also won in the NHL Boston, Tampa, Bay St. Louis, and Los Angeles. All four of those first round series are tied at two, and the Rangers

are hoping to be too too with the Penguins. After tonight's Game four in Pittsburgh, Igor sister Kin, we'll be back in the Ranger goal after coach Gerard Galad pulled him after a shaky first period Saturday, expecting to be expanding. You know, he's you know, it's a it's a one off for me that that stuff happens like that. And again, nobody's blaming him, you know when I mean other team. We've dominated the borg period, like we said last night,

so it's nothing on ego. It was two lucky goal of the first two when the way we go to the Rangers two losses in the series. They have not scored a goal after the second period. That includes the three overtime periods they played in Game one. John Stashward Bloomberg Sports Steven all right, John, thank you sixty seven on Wall Street. Time now to take a look at st some of the names moving in the pre market. Though maybe a little tough to look under the hood

this morning. We're gonna do it, though. Bloomberg Radio TV Markets correspondent Credy Gufta is with us. Someone looks like another down day, cred I'm up for the challenge, Nathan. But you know what, I think you're a percent right. This is I mean, this is a macro story. This is also even a sector story. When you look at the stock market right now, a lot of pain in those tech stocks. Remember it's the tech stocks that have led the SMP record highs that are getting hit the hardest.

For example, a A p L's ear ticker for Apple down two point two percent this morning, and the volume just extremely heavy in Apple shares. And now, of course some of that simply is because it's a heavyweight. But keep in mind the research suggesting that any time you have a Friday sell off that was as bad as we saw it, and of course Thursday as well that proceeded at the biggest drop going back to September, the Monday that follows tends to be pretty brutal as well,

and today is really no exception. You are seeing that pain right off the bat. Something else to keep in mind is micros. For example, M s f T is another ticker that you want to keep your eye on, down two point three percent. If you don't have Apple and Microsoft on your side, the S and P five hundred unlikely to rally, at least in the short terms.

That's got something to keep your eye on. Let's talk about energy stocks though, because as we talk about growth and inflation, the theory is the energy stocks would actually do much much better because the higher prices would end up feeding into their bottom line and not being said, even though we have seen higher commodity prices, although today you do see a little bit of pain, and Crewed still over a hundred dollar oil is nothing to scoff at. You are seeing a little bit more pain than we've

seen in the oil names this morning. So for example, Occidental o x Y is your ticker down two point three percent. Slumberge as well, down two point four percent. What's interesting is that the ones that are performing the worst this morning, Nathan, are the ones to have more American exposure. That used to be a good thing, that used to be a defensive hedge idea of the idea that less of less supply from Russia would be needed.

Therefore Americans could kind of make up the gap. But as we see this hesitation to hop back into the market, these names that were the hedge not really serving that purpose anymore. Well, it looks like investors, at least as a whole, or running for the exits. Is there anything in the green this morning? There is. You have to look very closely, but there is, and there's even a theme to it, a little bit of a bonus. Tyson T. S n As your taker is reporting earnings after the bell.

Of course we know this as the meat company, um. But we also have to keep in mind that food inflation is very much a concept. If you're seeing a little bit of down pressure and commodities broadly, food prices remain at record highs, record in history. How much of that feeds into some of these food names. So Tyson T. S n Up one point three percent, like I said, ahead of earnings after the bell, General Mills is another one g I s as your taker of four tenths

of one percent. And you're also seeing Kellogg just the letter k about Flatten the session. That's a big deal given that everything else is dropping. Nathan, Yeah, certainly seeing that a Bloomberg Gradi and TV Markets correspondent Creed Gupta with us this morning, as futures add to their declines. Right, USMP futures are down seventy nine points, that's a drop of one point nine percent. Now DAL Future is lower by five five points. Nasdaq futures down two point four percent,

a decline of three hundred three points. Tenure Treasury down fourteen thirty seconds, yield three point one eight percent. This is Bloomberg, Bloomberg eleven three oh weather temperatures are going up, will be in the mid sixties today with sunshine and debreez seventy four highs tomorrow and Wednesday. Right now in Central Park markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business app

and at Bloomberg Quicktake. He's a Bloomberg Business lash and I'm car in Moscow. Future is following this morning, we got the first word breaking news desk for today's morning call. And here's Bill Maloney. Bill, good morning, Hey, good morning, Karen. That's right. US features are plunging right now, trading on the pre market lows of doubt futures down five hundred and fifty seven points says to be dropped eighty three. Nasdek futures are lower by three seventeen. The US ten

year old now at three point when a percent. Gold is down twenty four, oil isn't red, and bitcoin is down by three percent. Japan dropped to a half percent overnight, while up markets are also under pressure and back in the US on the economic front. At ten o'clock, sale inventories regarding some of the earnings this morning, look for a pounds here. Duke Energy and Tyson to report in the pre market and other news. Third Point expanded its steak in shell rapid Things up. Dish was cut to

neutral over at JP. Morgan Live from the first breaking news scam. Bill Maloney, Karen, all right, Bill, thank you to hear live breaking news over here. Bloomberg types squawk on your terminal squ a w K and that's a Bloomberg business flash. Now here's Michael bar with more on what's going on around the world. Mchael, Karen, thank you very much. Russian forces pushed forward and they're assault on Ukraine seeking the cap. You're the crucial southern port city

of Mariupol As Moscow's celebrated its Victory Day holiday. Russian troops pumble a steel mill where an estimated two thousand Ukrainian fighters are still making their last stand. Speaking today, and the military parade marking the holiday, Russian President Vladimir Putin sought to justify his invasion. In baseball, the Yankees split a double header with Rangers. The Mets split a double header with the Phillies. The Orioles won a double

header against the Royals. The Red Sox, Nationals and A's lost. The Giants won. In the NHL playoffs, the Bruins beat the Hurricanes to even the series at two games. Apiece Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than seven hundred journalists and analysts in more than a hundred twenty countries. I'm Michael Barr. This is Bloomberg. The following commentary is from Bloomberg Opinion. California versus Florida a COVID reckoning. I'm Justin Fox,

a columnist for Bloomberg Opinion. California and Florida are widely seen as represents opposite polls of COVID nineteen policy with reason. Both states shut down similarly in spring, and both had similar success last year in vaccinating elderly residents, but on in person schooling, indoor dying, mask mandates, and other policies. They followed different courses from much of the pandemic, with California tending towards strictness and Florida not. How have they

fared in saving lives? Adjusted for population, Florida has had thirty four percent more COVID deaths than California, but old people are at the highest risk from the disease and Florida has lots. Adjust for age, and Florida's COVID mortality rate is only three percent higher. Those seventy and up actually fared slightly better there. Mortality among the young has been much higher in Florida than California, but the absolute

numbers are quite low. I'm justin Fox. For more opinion, please go to Bloomberg dot Com Slash Opinion, r O p ion go on. The Bloomberg terminal 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 a Bloomberg and j I T STEM report brought to you by 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 you now Here's this making News and science, Technology, engineering, and math.

Shanghai strict COVID curves are disrupting healthcare services halfway across the world, with hospitals in New York suffering a shortage of chemicals used in imaging tests. The Greater New York Hospital Association set healthcare facilities have seen shortages of an IO donated contrast medium that's produced at a GE healthcare facility in Shanghai. The chemical agent is widely used in

X rays, radiography, and CT scans. Twenty u S Internet providers will offer high speed connections at essential no cost to millions of low income households. It's part of a

program funded by the Infrastructure law passed last year. A T and T, Comcast, and Verizon or among the companies taking part, and Microsoft has an initial one point three billion dollars at stake in a test beginning later this month on whether it's hallow lens augmented reality Google Goggles can be turned into an effective combat system for the U. S. Army. The month long test will be evaluated by the Pentagon's Testing Office to determine whether the headset is ready for

full production and initial deployment. The Integrated Visual Augmentation System would let commanders project information onto a visor in front of a soldier's face and and include features such as night vision. That's a Bloomberg n j I t STEM report.

Nathan all right, Karen, thank you. We're live from the Bloomberg Interactive Brokers studios where it's six fifty two on Wall Street Time now to check what's going on in d C. Some of the top stories in our nation's capital include the US adding even further sanctions on Russia as President Vladimir Putin Mark's victory day in Mosque. On Capitol Hill, how Speaker Nancy Pelosi says there is urgency for Congress to pass the next thirty three billion dollars

in Ukraine aid this month. We have a recognition of the need for weapons for sanctions, more weapons, more sanctions, more economic assistance, and more humanitarian Assistant Speaker Pelosi was on CBS's Face the Nation. Also making news a revived debate over abortion rights six months before the midterms. Democratic Senator Amy Klobscher was on ABC's This Week. The question that voters are going to be asking when seventy people are with us on this is who should make this decision.

Should it be a woman and her doctor or a politician. Should it be Ted Cruz making this decision? Or a woman and her family. While some pro life Republicans look ahead to the next phase of their movement, Mississippi Governor Tate Reeves was on NBC's Meet the Press. What we're trying to do is stand up for the rights of those unborn children, stand up for those who absolutely cannot stand up for themselves. That's why this this decision is

is so important. Meet the Press this Week and Face the Nation can be heard every Sunday right here on Bloomberg Radio. Bloomberg Government reporter Emily Wilkins is joining us now from the nation's capital. Let's start off with what's happening in the war in Ukraine. Emily, I know the White House had been watching very closely for what the

President Putin would say at the Victory Day parade in Moscow. Today, while we wait for that response, what stood out to you from what the Russian president had to say, Well, I think it's more of what the Russian president didn't say. You know. One of the things that some Western officials thought might happen is that Klutin might actually declare the evasion into Ukraine a war. Now right now, he's just

called it a special military offer operation. But calling the war would really help Russia with a mass mobilization to assist troops already in Ukraine. It would also force Russians to face the reality of the conflict. I mean, I think here in the US, elsewhere in the world, everyone is absolutely calling this invasion from Russia into Ukraine a war. And it's been interesting to see how Russia has really controlled that that message among its own people. But we

didn't hear that today. What we did here was putin compare the current fighting in Ukraine to the Soviet Union fighting Nazis in nineteen You did also see that the annual event, that annual parade, but it was a little smaller. This year. I mean in part because you know, they have so many military operations now deployed in Ukraine. A planned fly over of military jets and helicopters was also canceled today. State media said that was due to cloudy weather.

And you have to wonder Emily as well, whether this smaller show of force in Moscow is a sign that sanctions are starting to have a bite on Russia. And that is absolutely something that people are watching for, Nathan, just to see how sanctions are influencing things. It's also additional U S sanctions over the weekend as well, uh the US is and American accounting and consulting firms from

working with Russia. They've also targeted Russia State TV. Additional these are restrictions export controls on industrial goods, and Biden in the Group of Seven Leaders met and they pledged they would phase out or ban Russian oil. Obviously, the US has already gone through with that fan but some of the European nations have indicated they they're going to be working towards that. It's probably going to take until the end of the year. So the US is continuing

to use sanctions at this point. Um although I think there are a lot of question marks about exactly how effective they are being. Obviously, we haven't seen um, the invasion into Ukraine let up at this point, uh, and we're still seeing a lot of really heavy losses there al. I'm moving from the geopolitics to domestic politics. Obviously, the abortion debate is really heating up, at least inside the Beltway, and I guess the ongoing question is whether it's going

to resonate outside. That's a huge question, Nathan. I think that's some think we're gonna be looking at for a couple of the upcoming midterm races that really do pit uh Democrats who are still anti abortion against more progressive, progressive Democrats who who support abortion rights. We know that the White House, though this is an issue that they are seeking to really dig into ahead of the mid terms.

They know this is something uh, that the American people are on their side, that a majority of Americans think that abortion should be legal in all or most cases. We're also going to see the White House potentially engage in a number of different ways on this. They're planning to stage events with advocates, with healthcare providers, state officials

to really highlight the issue. According to a Biden advisor, UH, they're also looking at the possibility of providing a for women who wanted to travel between states if this ROW ruling does come down, or if this ruling does come down that eliminates ROW, it gives it back to the states to choose. It means that men who are in states UH that ban abortion, it doesn't mean they can't get abortion. It just means they're going to have to travel, on some cases the hundreds of miles to receive this

kind of care. And so the White House is looking into ways to see if they can help with that process of women who want to getting to other states square abortions legal. Thanks as always, Bloomberg. Government reporter Emily Wilkins with us from Washington, d C. Looking ahead to the market open, looks like another down day with SMP futures lower by eighty two points down, futures down five thirty six. NASDAC futures are lower by three eighteen points,

a drop now of two and a half percent. Bloomberg Surveillance is straight ahead for Karen Moscow. I'm Nathan Hagar, and this is Bloomberg